2025-07-31-accounts

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

16/12/2025

Richmond and Hillcroft Adult and Community College

Annual Report and Financial Statements

31 July 2025

Company Limited by Guarantee Registration Number 00201528 (England and Wales)

Charity Registration Number 312825

Reports
Legal and administrative information	1
Key management personnel, and professional advisors	2
Strategic Report	3
Statement of corporate governance and internal control	20
Statement of regularity, propriety and compliance	27
Statement of the responsibilities of the members of the Board	28
Independent auditor’s report to the members of the Board of Richmond and
Hillcroft Adult and Community College	30
Reporting accountant’s assurance report on regularity	35
Financial Statements
Statement of comprehensive income and expenditure	37
Statement of changes in reserves	38
Balance sheet	39
Statement of cash flows	40
Principal accounting policies	41
Notes to the financial statements	48

Richmond and Hillcroft Adult and Community College

Legal and administrative information

Members of the Board Sharon Raj (Chair) (as at date of approval of Gabrielle Flint (Principal) the financial statements) David Blaikley Claire O’Donnell Carolyn Pepper Matthew Pope Sue Preston John Riglin Dr Siu Wo Im Robert Dykes Emily Frank Manoj Nanda (Staff Governor) Graham Tharp (Staff Governor)

Principal and Gabrielle Flint Accounting Officer of the College

Clerk to the Board Laura Morgan

Principal and Registered Parkshot office Richmond Surrey TW9 2RE

Company registration 00201528 (England and Wales) number Charity registration 312825 number

Richmond and Hillcroft Adult and Community College

Key management personnel, and professional advisors

Key management personnel

Key management personnel are defined as members of the Executive Team and were represented by the following in 2024/25:

Gabrielle Flint, Principal

Haifa Abdul Amir, Vice Principal Quality & Curriculum

Neil Wallbank, Vice Principal Finance and Resources

The College’s solicitors

Stone King Bateman House 82–88 Hills Road Cambridge CB2 1LQ

Financial statements auditor and Buzzacott Audit LLP reporting accountants 130 Wood Street London EC2V 6DL

Internal auditors

RSM Risk Assurance Services LLP 25 Farringdon Street London EC4A 4AB

Bankers

HSBC Plc South West London Commercial Centre Hampton Wick Kingston upon Thames, Surrey

Barclays Bank plc Level 27 1 Churchill Place London E14 5HP

Richmond and Hillcroft Adult and Community College

Strategic Report 31 July 2025

STRATEGIC REPORT

1 Objectives and Strategy

The members of the Board (governors) present their report and the audited financial statements for Richmond and Hillcroft Adult and Community College (‘the College’) for the year ended 31 July 2025.

The charitable objects of the College are as follows:

“The objects for which the College is established are to provide education for the public benefit.

Legal status

Richmond and Hillcroft Adult and Community College is a company limited by guarantee (registration number 00201528) incorporated in 1924 and a registered charity (registration number 312825). It is designated for funding by the Department of Education (DfE).

1.1 Mission

The College’s mission statement, as approved by the members of the Board in December 2021 is:

Enabling adults and communities to thrive through education.

1.3 Strategic plan

The Board approved the strategic plan at its meeting in December 2021.

The three key strategic goals for 2022 2025 are:

To provide an outstanding customer experience that supports learners to achieve high standards, take pride in their achievements and enjoy learning;
To increase our reach to enable more adults to benefit from learning; and
To achieve the long term financial sustainability to meet adult learner needs.

We will achieve our goals through our plans to develop:

Our People the RHACC staff team;
Technology;
The RHACC Estate;
The Curriculum; and
Partnerships

Richmond and Hillcroft Adult and Community College

Strategic Report 31 July 2025

STRATEGIC REPORT (continued)

The following strategic priorities were identified in the Strategic Plan 2022 2025 for implementation during this period.

Our People
We will invest in training for our sector expert staff to ensure they have the skills and knowledge to stay at the top of their game in the classroom and workplace.
We will recruit, engage and support staff to ensure that we have a committed team of adult learning practitioners who share our values and the capacity to support growth and excellence.
We will provide employment opportunities for those adults who face barriers to employment and who are from disadvantaged or underrepresented backgrounds.
Technology
We have an ambitious digital strategy that will enable us to reach more learners online, work more efficiently and make information on learning and support more widely available.
We will develop the same sense of safe community space in our online campus as at our two terrestrial sites.
Estates
We will develop our Hillcroft site in Surbiton to provide an accessible adult learning and community hub for the Kingston upon Thames community and beyond. A safe and inclusive resource for the whole community.
We will support informal learning and business development by making our facilities available to partners and the community within a safety framework that takes account of best practice in Safeguarding.
Curriculum
We will further develop our curriculum to provide clear routes to work in Health, Care, Digital, Creative Industries and Professional Services.
We will expand the foundation skills of English, Maths, Digital and ‘soft skills’ to ensure that adults and employers have the skills they need for the workplace.
We will develop capacity building training to support the growth of small businesses and grass roots organisations with a social purpose.
We will continue to develop the wellbeing provision required to support personal and community resilience and enable adults to stay well, independent and active in the community.
We will further develop opportunities for people who have a disability and complex needs and those who care for them. We will use small enterprises to enable the most marginalised to take centre stage, achieve their potential and progress to work and greater independence.
We will further develop Hillcroft Women’s Education provision to ensure that it equips women with the skills to take control of their lives and achieve career and personal goals.

Richmond and Hillcroft Adult and Community College

Strategic Report 31 July 2025

STRATEGIC REPORT (continued)

We will make more modular and part time provision, guidance and support available online to widen access.
We will ensure that all provision is delivered as efficiently as possible to provide best value to the learner, funders and RHACC.
Partnerships
We will develop partnerships with community organisations, employers, education and care providers that enable us to create accessible and direct routes to work and community engagement. This network will ensure there is no wrong door for adult learners whatever their needs and interests.
We will use The Bridge, coworking centre as a forum for collaboration with SMEs and tailored support for business growth.

In July 2024 the Board took the decision to sell the Hillcroft site due to the rising costs of the proposed development and the difficulties in obtaining planning permission. From July 2025 the College has ceased to offer provision from there. However, the College is still committed to developing Women’s Education provision from its Richmond site.

1.4 Financial objectives

The College’s financial objectives that support the strategic objective of ensuring financial sustainability are to:

Implement a robust financial strategy over the period 2022 to 2025.
Review and continuously monitor the cost effectiveness of provision and back office support services.
Establish and monitor targets for contribution to central overheads from teaching departments.
Improve the efficiency of the College in order to generate funds available for investment in the curriculum and the estate.

2. RESOURCES

The College has various resources that it can deploy in pursuit of its strategic objectives.

2.1. Tangible

Tangible resources include the Parkshot site in Richmond and the Hillcroft site in Surbiton’ However, a decision was made by the Board in July 2024 to sell the Hillcroft site and the College ceased to offer provision from there in July 2025. The site is currently being marketed and sale proceeds will be used to make improvements to the Parkshot site.

2.2 Financial

At 31 July 2025 the College had £43,148,000 (2023/24: £43,587,000) of net assets and no external debt. The College had a cash balance of £631,000 at 31 July 2025 (2023/24 £596,000). The balance included £200,000 repayable to the DFE in respect of an overpayment of funding made to the College in 2018.

2.3 People

During the year ended 31 July 2025 the College employed 316 people (expressed as average head count), of whom 203 were teaching staff.

Richmond and Hillcroft Adult and Community College

Strategic Report 31 July 2025

STRATEGIC REPORT (continued)

2.4 Reputation

The College has a good reputation. Maintaining a quality brand and good reputation continues to be essential for the College’s success in attracting students and developing external relationships. An Ofsted inspection undertaken in December 2023 rated the College as ‘Good’.

3. STAKEHOLDER RELATIONSHIPS

In line with other colleges and with universities, the College has many stakeholders. These include:

Learners;
Education sector funding bodies;
FE commissioner;
Staff;
Partner referral organisations;
Local employers;
GLA and other Local authorities;
Local charities;
Government offices;
The local community;
Trade Unions;
Other FE institutions; and
Professional bodies.

The College recognises the importance of these relationships and engages in regular communication with them through face to face meetings, by email and letter contact, by staff newsletters, by press releases and through the College web site.

Feedback from learners is encouraged, to help the management team to judge performance and ensure areas of weakness are addressed.

3.1 Engagement with employees

The College consults with staff, providing employees with information on matters of concern to them. Key performance indicators are produced and shared with the College Management Team. Communication with staff takes a variety of forms, including open meetings on a termly basis for all staff, Staff Forum meetings, regular management meetings, and an ‘all staff’ email is produced weekly.

The College has adopted a Safer Recruitment and Selection Policy and Procedure that is in line with all relevant legislation. This includes a policy in respect of applications for employment from disabled persons.

Richmond and Hillcroft Adult and Community College

Strategic Report 31 July 2025

STRATEGIC REPORT (continued)

With respect to finance, budget holders are consulted during the budget setting process. The consultation is undertaken by the Vice Principal Finance and Resources and the Head of Finance.

3.2 Engagement with suppliers, customers and others in a business relationship with the College

The College continues to foster good working relations with suppliers by ensuring:

Payments are made to suppliers within required timescales;
Where payments are delayed a dialogue is maintained with the supplier;
Tender processes are clear and transparent; and
Clear escalation procedures are in place in case of a dispute with the College.

3.3. Promoting the success of the College to achieve its purposes

The College has its own website, which is kept updated with the latest news and events that are taking place. Social media is also used to promote the College and its activities. The launch of a new website, originally planned for 2024/25, is now scheduled for 2025/26

4. PUBLIC BENEFIT

RHACC is a company limited by guarantee and a registered charity. The members of the Board, who are directors of the charity for the purposes of company law, are disclosed on page 1.

In setting and reviewing the College’s strategic objectives, the Board has had due regard for the Charity Commission’s guidance on public benefit and particularly upon its supplementary guidance on the advancement of education. The guidance sets out the requirement that all organisations wishing to be recognised as charities must demonstrate, explicitly, that their aims are for the public benefit.

In delivering its mission, the College provides identifiable public benefit through the advancement of education to around 7,000 students.

The College provides courses without charge to young people and to those who are unemployed or on low income. The College also provides a number of concessions to learners. The College is committed to providing information, advice and guidance to the students it enrols and to finding suitable courses for as many students as possible regardless of their educational background.

5. DEVELOPMENT AND PERFORMANCE

5.1 Financial results The College incurred a deficit (deficit before other gains and losses) in the year of £80,000 (2023/24: deficit £1,090,000). This deficit is after charging depreciation of £896,000. Total Comprehensive Income for the year is a deficit of £439,000 (2023/24: deficit of £2,419,000) after capping an actuarial surplus on the pension scheme of £7,644,000 (2023/24: £4,911,000). The actual gain for the year on the pension scheme was £2,733,000 but for accounting purposes this is capped at the level which would move the fund into a surplus position. The fall in the Comprehensive Income deficit of £1,980,000 from the previous year is primarily accounted to the loss on disposal of £1,004,000 attributed to Asset under construction in 2023/2024.

Richmond and Hillcroft Adult and Community College

Strategic Report 31 July 2025

STRATEGIC REPORT (continued)

Income after interest and release of capital grants increased by £428,000. This was due to increased capital grant release by £123,000, other grants by £112,000 and donations by £87,000. The College overachieved the funding allocation from the GLA, which represents additional income of £164,000. The continued move by the GLA and the DfE to include more courses in funding continues to have an impact on depressing income derived from tuition fees. Without increases in allocations the College is having to fund a greater number of learners from cash limited allocations.

The College received income from ‘other income’ sources of £448,000 (2023/24 £430,000). Income generation from events and hires and from joint workspace facilities has shown a 6% decrease from the previous year.

The College has total net assets of £43,148,000 (2023/24 £43,587,000), including cash balances of £631,000 (2023/24 £596,000). The Local Government Pension Fund is now in surplus by £7,644,000 but this is not recognised on the balance sheet as it is not considered to be recoverable.

At 31 July 2025, the College had accumulated reserves of £43,148,000 (2023/24 £43,587,000). The Income and Expenditure Reserve has a surplus of £37,379,000 (2023/24 £37,772,000). The College continues to operate without the requirement of any external financing.

Tangible fixed asset additions during the year amounted to £177,000. This included equipment purchased of £163,000 and additions to land and building of £14,000.

The College has significant reliance on the education sector funding bodies, the DfE and GLA, for its principal funding source of recurrent grants. In 2024/25 the DfE and GLA recurrent grants provided 60% (2023/24: 63%) of the College’s total income.

The LGPS pension shows a surplus of assets over liabilities of £7,644,000 (2023/24: surplus £4,911,000). The Members of the Board have been advised that pension accounting surplus/deficits have no effect on the contribution rate, which is determined using long term funding assumptions based on the investment strategy of the pension fund, rather than solely on the yields of corporate bonds. However, in November 2024 the government made an announcement that it would guarantee a college pension deficit should a college cease to exist. It is expected that the triennial review, to be completed in late 2025 or early 2026, will account for this when establishing contribution rates for the period April 2026 – March 2029.

5.2 Cash flows and liquidity

There was an increase in cash at 31 July 2025 of £35,000 resulting from operating cash inflows of £208,000 and cash outflows from investment activities of £173,000. The College is aware of the need to maintain control of its cash resource to enable it to mitigate potential risks from falls in income and increased inflationary pressures.

Richmond and Hillcroft Adult and Community College

Strategic Report 31 July 2025

STRATEGIC REPORT (continued)

In 2017/18 the DfE erroneously paid to the College £1,799,485 in respect of its AEB grant. The College made the DfE aware of the error but were assured that the payment was correct. The College accounted for the overpayment on its balance sheet as a short term creditor and did not include the amount as income. In August 2021, the DfE acknowledged its error and requested that the College repays the funding. The College accepts that the funds are due to the DfE and agreed a three year repayment schedule with the DfE commencing in March 2022 of £50,000 per month. At the end of 2023/24 there was an amount outstanding of £350,000. Three monthly payments were made in 2024/25 totalling £150,000. A repayment pause for the remaining £200,000 was agreed with the DfE, on the basis that it would be repaid from the sale proceeds of the Hillcroft site by July 2025. As the site had not been sold at July 2025 it was agreed with the DfE that repayments would recommence in August 2025 at £50,000 per month. These monthly payments have been made to schedule with the final payment due in November 2025.

5.3 Taxation

As a registered charity for the purposes of the Charities Act 2011, the College’s activities do not fall to be charged to corporation tax.

5.4 Reserves

As at the balance sheet date, the Income and Expenditure Reserve is in surplus by £37,379,000 (2023/24: £37,772,000).

5.5 Streamlined Energy & Carbon Reporting

Under the Streamlined Energy and Carbon Reporting (SECR), as implemented by the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 the College is mandated to include energy consumption, related emissions, intensity metrics and energy efficiency improvements implemented during the financial year. The College is required to comply with these regulations as it meets two of the three criteria of a large company, as defined by the Companies Act 2006; the College employs more than 250 employees and has a balance sheet total of greater than £18 million.

This information is summarised below.

The total consumption (kWh) figures for energy supplies reportable are as follows:

Utility and Scope	2024/25 UK consumption	2023/24 UK consumption
	(kWh)	(kWh)
Natural gas (Scope 1)	1,108,032	1,255,391
Grid supplied electricity (Scope 2)	630,003	650,988
Total	1,738,035	1,906,379

Richmond and Hillcroft Adult and Community College

Strategic Report 31 July 2025

STRATEGIC REPORT (continued)

The total emissions (tCO2e) figures for energy supplies reportable are as follows:

Utility and Scope	2024/25 UK emission	2023/24 UK emission
	(tCO2e)	(tCO2e)
Natural gas (Scope 1)	202,316	229,146
Grid supplied electricity (Scope 2)	111,511	134,787
Total	313,827	363,933

An intensity metric of tCO2e per headcount number of employees for the annual UK consumption has been calculated as follows:

	2024/25	2023/24
Total tCO2e emissions	313,826	363,933
Average headcount employees for the year	316	315
Intensity metric	993	1,156

The reporting methodology is as follows: Scope 1 and Scope 2 consumption and Co2e emissions data has been calculated in line with the 2024 UK Government environmental reporting guidance. The Emission Factor Database 2024 has been used.

The intensity metric has been calculated utilising the annualised average employee numbers for the whole College, totalling 316 employees (315 2023/24), and has been applied to all the carbon emissions reported.

The above represents a 16% decrease in consumption and emissions. The College is in the process of developing a sustainability strategy with an intended net zero target. A first step in the process has been to implement some energy saving factors such as installation of LED lighting, purchase of energy efficient computer monitors.

Richmond and Hillcroft Adult and Community College

Strategic Report 31 July 2025

STRATEGIC REPORT (continued)

6. FUTURE PROSPECTS

6.1 Future developments

As noted above, at its meeting in July 2024, the Board made the decision to dispose of the Hillcroft site and consolidate provision on Richmond site. Although the Board recognises that this is not in line with the College’s Strategic Plan for the development of the estate, it will assist in meeting the strategic objective of ensuring the College’s financial sustainability. The College ceased to offer provision from the Hillcroft site in July 2025.

6.2 Financial Plan

The Board approved a budget in July 2025 that indicated a deficit of £436,000 and a positive EBITDA of £115,000 with a financial health grade of ‘Requires Improvement’. At that time, it was recognised that further work would be required in year to improve the cash position of the College. An action plan to improve the financial position will be kept under review by the Finance & Resources Committee.

6.3 Treasury policies and objectives

Treasury management is the management of the College’s cash flows, its banking, money market and capital market transactions; the effective control of the risks associated with those activities; and the pursuit of optimum performance consistent with those risks.

The College has a separate treasury management policy in place.

Following the re classification of Colleges in November 2022 any borrowings will now require the approval of the Department for Education (DfE). No borrowings, either short or long term were required in the year or are anticipated in 2025/26.

6.4 Reserves

The College has no formal Reserves Policy, but recognises the importance of reserves in the financial stability of an organisation, whilst ensuring that adequate resources are provided for the College’s core business. The Board is aware of the requirement to set and regularly review its Reserve Policy but due to the current financial constraints that it is operating under has not done so at the current time.

It is the intention of the College to increase reserves by the generation of annual operating surpluses. However, in the short term it is recognised that this will not be possible, but it still remains the medium to longer term goal. The Board members consider it of prime importance that the College is able to meet its on going commitments through its cash reserves and by the generation of annual operating surpluses to increase its ability to invest in the infrastructure.

Richmond and Hillcroft Adult and Community College

Strategic Report 31 July 2025

STRATEGIC REPORT (continued)

7. PRINCIPAL RISKS AND UNCERTAINTIES

The College has undertaken further work during the year to develop and embed the system of internal control, including financial, operational and risk management which is designed to protect the College’s assets and reputation.

Based on the strategic plan, the Executive Team undertakes a comprehensive review of the risks to which the College is exposed. It identifies systems and procedures, including specific actions which should mitigate any potential impact on the College. Additional internal controls are then implemented as necessary and subsequent appraisal will review their effectiveness and progress against risk mitigation actions.

In addition to the ongoing review, the Executive Team also considers any risks which may arise as a result of a new area of work being undertaken by the College. A risk register is maintained at the College level which is reviewed each term by the Audit Committee and the Board. Each sub committee also reviews the risks associated with its own area of responsibility.

The risk register identifies the key risks, controls, the likelihood of those risks occurring, their potential impact on the College and the actions being taken to reduce and mitigate the risks. Risks are ranked using a consistent scoring system. This is supported by a risk management communication programme to raise awareness of risk throughout the College.

Outlined below is a description of the principal risk factors that may affect the College. Not all the factors are within the College’s control. Other factors besides those listed below may also adversely affect the College.

7.1 Government funding

The College has had considerable reliance on continued funding from the GLA and the DfE. In 2024/25 the College received 60% (2023/24: 63%) of its funding from these two bodies. The GLA is the College’s largest single funder. Given the current economic climate and the likelihood of reductions in public sector spending there can be no assurance that government policy or practice will remain the same or that public funding will continue at the same levels or on the same terms.

The College is aware of the following issues which may impact future funding:

The move to fund more courses from funding allocations, while having a positive impact on the College’s ability to achieve its funding body targets, may also have an adverse impact on tuition fee income as more learners become eligible for government funding

Richmond and Hillcroft Adult and Community College

Strategic Report 31 July 2025

STRATEGIC REPORT (continued)

The rate of inflation has stagnated there still remains uncertainty around the future economic outlook for the UK. As the government re assesses its public sector spending plans and the impact of the budget in late November 2025 is unknown there is a significant risk that inflationary pressures on both pay, and non pay costs. A 3% cut in adult funding was announced earlier in the year and has impacted on RHACC’s funding allocations for 2025/26. Although additional funding for FE was announced, to supplement teacher pay awards, this was distributed through the 16-18 funding mechanism with providers such as RHACC, that receives the majority of its funding through the Adult Skills Fund, not receiving any of this increase. The impact of this is that there is a growing disparity between the salaries being offered at RHACC and those offered in GFE colleges and schools.
Funding for adult education in London has been devolved to the GLA since 2020/21. The College will continue to work with the GLA to ensure that the impact on funding is minimised.

This risk is mitigated in a number of ways:

By ensuring the College is rigorous in delivering high quality education and training.
Funding is derived through a number of direct and indirect contractual arrangements.
Considerable focus and investment are placed on maintaining and managing key relationships with the various funding bodies.
Ensuring the College is focused on those priority sectors which will continue to benefit from public funding.
Developing the range of quality level 3 programmes.
Further developing links and relationships with the local authority and community.

7.2 Income diversification

The College has been relatively successful in generating income from a number of non funding body sources. This has involved improving the utilisation of both sites by making them available for lettings and other income generating activities. The risk for the College is that the budget targets are not met.

This risk is mitigated in a number of ways:

By ensuring that the facilities available for income generating activities are of a standard expected by paying customers.
Close management of expenditure in relation to all income generating activities to ensure that they are self financing.
Appropriate and relevant marketing of facilities.

7.3 Learner engagement

The Board approved a revised curriculum strategy to ensure that the course offer continues to meet both learner and community needs and enables learners from all backgrounds to progress towards their individual goals.

Richmond and Hillcroft Adult and Community College

Strategic Report 31 July 2025

STRATEGIC REPORT (continued)

The risk of not achieving this objective will be mitigated in a number of ways:

By providing the foundation skills of English, Maths, Digital and problem solving skills that enable adults to become independent learners and progress to further study.
By Providing routes into good work and new careers.
By improving wellbeing and developing resilience and engaging those at risk of isolation.
By narrowing achievement gaps between the most and least advantaged residents by supporting e.g. people who have a disability and carers to learn, work and thrive.
By supporting older residents to return to work and/or make a contribution to their community.
By creating social capital through our employer and community partnerships in the Creative, Green, Digital and Business sectors.
The learner groups targeted are:
Adults facing social marginalisation due to age, gender, disability, poor mental health or caring commitments.
Adults seeking wellbeing and personal development.
The unemployed and adults seeking career change or development.
Adults who lack the basic skills of English, Maths and Digital Skills
Businesses, particularly ones that deliver a social outcome such as Health, Care, Green or Creative and Community sectors.
By providing financial support through bursaries to learners who are having difficulty accessing provision due to hardship.
By providing additional learning support to learners who require help to be able to undertake programmes of study.
By on going review of the marketing strategy of the College and how we recruit our learners.
By continuously improving learner achievement rates and teaching quality.

7.4 Long term financial sustainability

Achieving and maintaining at least ‘Good’ financial health and long term financial sustainability is a priority for the College. However, the College was unable to achieve this goal in 2024/25, with reduced tuition fee income having an impact on financial performance. The College continues to operate with no external borrowings, however, it is recognised that the low level of cash reserves requires close and careful monitoring.

This risk of not achieving financial sustainability is mitigated in a number of ways:

The implementation of a realistic financial action plan that is monitored by the Finance & Resources Committee.

Richmond and Hillcroft Adult and Community College

Strategic Report 31 July 2025

STRATEGIC REPORT (continued)

Planned deficit is manageable within the College’s cash reserves.
Efficiencies in staffing will be achieved to generate staff cost savings.
New sources of income generation are being explored.

8. KEY PERFORMANCE INDICATORS

The College is committed to observing the importance of sector measures and indicators. The College uses key performance indicators internally as well as external measures to assess its performance. These measures include learner retention, pass and achievement (success) rates, minimum standards, financial health, delivery against funding targets and Ofsted judgements.

At the most recent inspection by Ofsted in December 2023 the College was judged as ‘Good’ in all areas. This was the second inspection of the College following merger in October 2017.

The College is required to complete the annual Finance Record for the DfE. The Finance Record produces a financial health grading. The grade for 2023/24 was confirmed as ‘Requires Improvement’ by the DfE. The financial results for 2024/25 also indicate a financial health grade of ‘Requires Improvement’. It is anticipated that the College will also have a financial health grade of ‘Requires Improvement’ in 2025/26.

The Colleges key performance indicators are set out below.

Key Performance Indicator	Measure/Target	Actual for 2024/25
Financial Health	Good	Requires Improvement
Ofsted rating	Outstanding	Good
Student Achievement	87.3%	90.1%
Student Numbers	7,300	6,277
EBITDA as % of Income	-0.98%	0.67%

8.1 Payment performance

The Late Payment of Commercial Debts (Interest) Act 1998, which came into force on 1 November 1998, requires colleges, in the absence of agreement to the contrary, to make payments to suppliers within 30 days of either the provision of goods or services or the date on which the invoice was received. The target set by the Treasury for payment to suppliers within 30 days is 95%. During the year to 31 July 2025, the College paid 96% per cent of its invoices within 30 days. The College incurred no interest charges in respect of late payment for this period.

9. EQUALITY DIVERSITY & INCLUSION

The College is committed to providing a positive and supportive learning and working environment for all students and staff, consistent with an ethos of respect and tolerance. The College aims to promote best practice in the advancement of equality, diversity and inclusion and to fulfil its mission in such a way that promotes equality of opportunity, embraces diversity, eliminates unlawful discrimination and addresses disadvantage.

Richmond and Hillcroft Adult and Community College

Strategic Report 31 July 2025

STRATEGIC REPORT (continued)

The College is committed to eliminating discrimination and advancing equality, diversity and inclusion. The College seeks to ensure that students, staff, prospective students, visitors, governors, contractors and suppliers are treated with respect, dignity and equity regardless of their individual protected characteristics – age, disability, gender, gender reassignment, pregnancy or maternity, marriage or civil partnership status, race, religion or belief, or sexual orientation (as defined in the Equality Act 2010).

The College’s Equality, Diversity and Inclusion Policy is published on the College’s web site.

The College complies with its public duty under the Equality Act 2010 by having due regard when carrying out its functions. Specifically the College has:

Considered access to the College’s resources by giving assistance to applicants, staff and learners with learning disabilities or difficulties, making the appropriate reasonable adjustments where necessary.
Maintained its disability symbol employer status year on year through demonstrating its commitment to the principles and objectives of the Disability Confident Employer standards.
Implemented an updated Equality and Diversity training programme. Information and refresher training is carried out on an ongoing basis.
Allocated specific resource to providing information, guidance and a range of support where necessary to learners with learning difficulties and/or disabilities. There are also a number of learning support assistants who provide a range of support for learning.
Provided a continuing programme of staff development to ensure the provision of a high level of appropriate support for learners who have learning difficulties and/or disabilities.
• Provided a list of specialist equipment which the College makes available for learner use and a range of assistive technology is also available in the learning centres.
Highlighted its commitment to Equality and Diversity through staff and learner polices and information such as the Equality and Diversity policy and action plan. Specific reference to our commitment is made explicit in the staff and learner handbooks.
Offered specialist programmes in College prospectuses.
All staff of the College and its partners are expected to demonstrate a positive attitude towards diversity.
9.1 Disability statement
The College is a ‘Disability Confident’ employer and has committed to the principles and objectives of the Positive about Disabled People standard. The College considers all employment applications from disabled persons, bearing in mind the aptitudes of the individuals concerned, and guarantees an interview to any disabled applicant who meets the minimum criteria for the post. Where an existing employee becomes disabled, every effort is made to ensure that employment with the College continues. The College's policy is to provide training, career development and opportunities for promotion which, as far as possible, provide identical opportunities to those of non disabled employees.

Richmond and Hillcroft Adult and Community College

Strategic Report 31 July 2025

STRATEGIC REPORT (continued)

The College seeks to achieve the objectives set down in the Equality Act 2010 and takes appropriate account of the Special Education Needs and Disability (SEND) Code of Practice 2014 (updated in 2015) for young people up to the age of 25 years in the following ways:

Assessing the needs of individual students declaring a disability and providing tailored support for these students.
Providing Additional Learning Support (ALS) for students – particularly in relation to dyslexia, dyspraxia and dyscalculia.
Developing links with specialist support agencies and organisations and signposting students to these where appropriate.

10. ENVIRONMENTAL SUSTAINABILITY

The College acknowledges the importance of being responsible, sustainable and ethical in order to meet the needs of the present, and leave a better environment for future generations. The College recognises the need to reduce pollution and conserve energy, water and other natural resources and the urgent need to conserve the limited stock of fossil fuels.

It is therefore the intention of the College to minimise the usage, the disposal and consumption of resources commensurate with the need to provide the necessary utilities and well being for all students, staff, visitors and other stakeholders and to ensure their health and safety.

Through this strategy Richmond and Hillcroft Adult and Community College aims to:

Comply with all applicable legal requirements and other requirements to which the College subscribes;
Put in place appropriate controls to prevent pollution;
Reduce the College’s carbon dioxide emissions;
Encourage the adoption of sustainable travel practices by staff, students and visitors travelling to and from College;
Reduce the environmental impact of the College through conservation of its material resources;
Put in place measures to promote reduction, re use and recycling of waste;
Ensure new building developments take into account sustainable construction principles;
Take positive action to promote biodiversity on any site that the College owns or manages;
Engage with the wider community to promote environmental best practice and seek collaborative opportunities in order to facilitate developments in this area;
Develop an Environmental Sustainability Policy that is communicated to all students and individuals working for or on behalf of the College and to provide training and awareness for staff and students where appropriate;
Consider sustainability in the procurement of goods and services.

Richmond and Hillcroft Adult and Community College

Strategic Report 31 July 2025

STRATEGIC REPORT (continued)

11. TRADE UNION FACILITY TIME

The Trade Union (Facility Time Publication Requirements) Regulations 2017 require the College to publish information on facility time arrangements for trade union officials at the college. However, the College has no recognition agreements in place with any union and therefore no disclosure is necessary.

12. GOING CONCERN

RHACC incurred an operating deficit prior to other gains/losses of £80,000 during the year (2023/24 deficit of £1,090,000).

Although the College has net assets of £43,148,000 these are primarily tied up in tangible fixed assets and therefore are not easily realisable. The College has net current liabilities of £383,000. The College’s cash balance at 31 July 2025 was £631,000 which represented an in-year cash increase of £35,000 of which £471,000 relates to capital grant received in 2024/2025 and £150,000 relates to the part repayment to the DFE of an overpayment of £1,799,485 made in 2017/18. The College’s unrestricted cash balance at July 2025 was £160,000. The financial health score for the year 2024/2025 is 120 – Requires Improvement. Financial Health score for the year 2025/2026 is forecast to be 130 – Requires Improvement.

In the period to December 2026 the College is forecasting that the unrestricted cash balance will increase to £574,000 with the lowest point being in November 2025 with a forecast of unrestricted cash £166,000, which includes the last repayment of £50,000 to DfE. From that point onward unrestricted cash balance is anticipated to improve.

There is a risk that the cash balance could potentially be adversely affected through a reduction in tuition fee and commercial income, a stress test of the cash flow forecast indicates that the unrestricted cash balance remains in a positive position and will not fall below £100,000. However, the College is reviewing the extent to which it is overachieving on its GLA funding allocation and will reduce staffing costs further by the reduction of funded courses over the Spring and Summer terms to offset the potential reduced tuition fee income. This mitigation has not been accounted for in the cash flow forecast or the stress test.

In anticipation of another difficult year, primarily resulting from significant funding reductions from the DfE and the GLA, the Board recognised that the College would be facing a deficit position in 2025/26. The budget approved in July 2025, planned for a deficit of £436,000 and a positive EBITDA of £115,000, and an overall improvement in the unrestricted cash position.

The budget is based on the following key assumptions:

Certain level of tuition fee income
Delivery of the full adult skills allocation
Savings in staff costs

Richmond and Hillcroft Adult and Community College

Strategic Report 31 July 2025

STRATEGIC REPORT (continued)

The Board acknowledges the material uncertainties within the above assumptions. However, the following factors provide the Board with assurance that the College remains a going concern.

Funding body grants from the GLA and DfE have been confirmed for the year to 31 July 2026.
The College owns the freehold of its Parkshot and Hillcroft sites, the Hillcroft site is currently being marketed for sale.
Cash flows are reviewed and reforecast monthly and indicate that although working capital management will require on-going careful planning and monitoring the unrestricted cash balance remains in a positive position for a period of at least 12 months from the date of signing the financial statements.

13. EVENTS AFTER THE END OF THE REPORTING PERIOD

There were no significant events that occurred after the reporting period.

14. DISCLOSURE OF INFORMATION TO AUDITOR

The members of the Board (who are also directors of the company for the purpose of company law) who held office at the date of approval of this report confirm that:

so far as they are each aware, there is no relevant audit information of which the College’s auditor is unaware; and
each member has taken all the steps that he or she ought to have taken as a member in order to make himself or herself aware of any relevant audit information and to establish that the company’s auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

The report of the members of the Board, including the strategic report, has been approved by the members of the Board and signed on their behalf by:

Sharon Raj Chair Approved on:

Richmond and Hillcroft Adult and Community College

Statement of Corporate Governance and Internal Control 31 July 2025

STATEMENT OF CORPORATE GOVERNANCE AND INTERNAL CONTROL

The following statement is provided to enable readers of the annual report and financial statements of the College to obtain a better understanding of its governance and legal structure. This statement covers the year from 1 August 2024 to 31 July 2025 and up to the date of approval of the annual report and financial statements.

The College endeavours to conduct its business:

i) in accordance with the seven principles identified by the Committee on Standards in Public Life (selflessness, integrity, objectivity, accountability, openness, honesty and leadership); and
ii) in full accordance with the guidance to colleges from the Association of Colleges in the Code of Good Governance for English Colleges (‘the Code’).

The College is committed to exhibiting best practice in all aspects of corporate governance. We have not adopted and therefore do not apply the UK Corporate Governance Code. However, we have reported on our Corporate Governance arrangements by drawing upon the best practice available, including those aspects of the UK Corporate Governance Code we consider to be relevant to the further education sector.

In the opinion of the members of the Board, the College complies with all the provisions of the Code, and it has complied throughout the year ended 31 July 2025. This opinion is based on an external review reported to the Board on December 2022. This external review was undertaken by Ron Hill, Stone King Solicitors. The Board recognises that, as a body entrusted with both public and private funds, it has a particular duty to observe the highest standards of corporate governance at all times.

The members of the Board, who are also trustees for the purposes of the Charities Act 2011, confirm that they have had due regard for the Charity Commission’s guidance on public benefit and that the required statements appear elsewhere in these financial statements.

Richmond and Hillcroft Adult and Community College

Statement of Corporate Governance and Internal Control 31 July 2025

Members of the Board

The members of the Board who served during the year were as follows:

					Working
						Attendance
					Groups/
	Expiry of term		Date of	Status of		record for
		Term of office			Committees
	of office		resignation	appointment		period
					served
						concerned
					(2024/25)

MsEmilyFrank	28 02 2029	4years	n/a	Independent	Audit Committee	3 ofa possible 3
Ms Rosa Chu	04 04 2027	4years	10 07 2025	Independent	Audit Committee	7 of apossible 8
Ms Gabrielle Flint	n/a	n/a	n/a	Principal & Chief Executive (ex officio)	Search & Governance Committee, Quality & Standards Committee as member. All other Committees (not Audit) as ex officio	24 of a possible 24
Mr Nick Jones	13 03 2025	4 years	10 07 2025	Independent	Finance & Resources Committee, Capital Projects Steering Group Search & Governance Committee	13 of a possible 19
Ms Claire O’Donnell	23 03 2026	4 years	n/a	Independent	Quality & Standards Committee	9 of a possible 9
Ms Jane O’Shea	11 07 2024	1 year	10 07 2025	Independent	Search & Governance Committee Audit Committee	13 of a possible 13
Mr Dave Munby	13 03 2025	4years	21 11 2024	Independent	Audit Committee	1 of apossible 2
Mr Matthew Pope	13 07 2027	4 years	n/a	Independent	Finance & Resources Committee, Capital Project Steering Group	14 of a possible 14
Ms Sharon Raj	20 05 2028	4 years	n/a	Independent	Search & Governance Committee, Capital Project Steering Group	16 of a possible 16
Mr John Riglin	23 03 2026	4 years	n/a	Independent	Quality & Standards Committee, Search & Governance Committee	14 of a possible 14
Mr Graham Tharp	14 12 2025**	4 years	n/a	Staff	Finance & Resources Committee	7 of a possible 8
Dr Siu Wo Im	19 10 2027	4 years	n/a	Independent	Quality & Standards Committee	8 of a possible 9
Dr Elaine Hawkins	19 10 2027	4 years	n/a	Independent	Quality & Standards Committee	9 of a possible 9
Mr Robert Dykes	11 07 2028	4years	n/a	Independent	Audit Committee	8 of apossible 8

Richmond and Hillcroft Adult and Community College

Statement of Corporate Governance and Internal Control 31 July 2025

Ms Sue Preston	11 07 2028	4 years	n/a	Independent	Finance & Resources Committee	9 of a possible 9
Mr Nigel Ware	01 08 2027	4 years	n/a	Co opted	Capital Project SteeringGroup	6 of a possible 6
Mr Manoj Nanda	16 06 2029**	4 years	n/a	Staff	Finance & Resources Committee	1 of a possible 1
Mr David Blaikely	10 07 2029	4 years	n/a	Independent	Audit Committee	n/a – appointed at last meeting of theyear
Ms Carolyn Pepper	15 07 2029	4 years	n/a	Independent	Finance & Resources Committee	n/a – appointed at last meeting of theyear

Laura Morgan was Clerk to the Board during the period 1 August 2024 – 31 July 2025. ** Unless employment with the College ceases before the that date

It is the Board’s responsibility to bring independent judgement to bear on issues of strategy, performance, resources and standards of conduct.

The Board is provided with regular and timely information on the overall financial performance of the College together with other information such as performance against funding targets, proposed capital expenditure, quality matters and personnel related matters such as health and safety and environmental issues.

The Board

The Board conducted its business through a number of committees during the year ended 31 July 2025. Each committee has terms of reference, which have been approved by the Board. These committees are Quality and Standards, Audit, Finance and Resources, Search and Governance. In addition, there is a Capital Project Steering Group.

Full minutes of all meetings (except those deemed to be confidential by the Board) are available from the Clerk to the Board at the registered address. The Clerk to the Board maintains a register of financial and personal interests of the members. The register is available for inspection at the registered address and also on the College website.

All members are able to take independent professional advice in furtherance of their duties at the College’s expense and have access to the Clerk to the Board, who is responsible to the Board for ensuring that all applicable procedures and regulations are complied with. The appointment, evaluation and removal of the Clerk are matters for the Board as a whole.

Formal agendas, papers and reports are supplied to members in a timely manner, prior to Board meetings. Briefings are also provided on an ad hoc basis.

The Board has a strong and independent non executive element and no individual or group dominates its decision making process. The Board considers that each of its non executive members is independent of management and free from any business or other relationship which could materially interfere with the exercise of their independent judgement.

There is a clear division of responsibility in that the roles of the Chair and Accounting Officer are separate.

Richmond and Hillcroft Adult and Community College

Statement of Corporate Governance and Internal Control 31 July 2025

Appointments to the Board

Any new appointments to the Board are a matter for the consideration of the Board as a whole.

Members of the Board are appointed for a term of office not exceeding four years.

Board performance

During the course of the year Board members have considered the performance of the Board as a whole and this has been reported to a Board meeting. Governance is assessed in addition as part of the overall College Self Assessment Report which is completed annually.

The Board considered DfE guidance on board reviews and commissioned an external reviewer (Stone King) to carry out a formal review in 2022/23. An action plan to address the recommendations of the review has been developed.

Search and Governance Committee

The Board has a Search and Governance Committee, consisting of five members of the Board in 2024/25 to include the Chairs of each sub-committee, the Chair of the Board and the Principal, which reviews governance matters and is responsible for the selection and nomination of any new member for the Board’s consideration. The Remuneration Committee is a sub-committee of the Search and Governance Committee and comprises all members of Search and Governance aside from the Principal. Its responsibilities include making recommendations to the Board on the remuneration and benefits of the Principal and other senior post holders.

Details of remuneration of the Principal for the year ended 31 July 2025 are set out in note 7 to the financial statements.

Finance and Resources Committee

This Committee comprises Four members of the Board and has terms of reference approved by the Board. The Committee meets at least five times a year and reviews financial performance and items of expenditure requiring committee approval. The Committee also has responsibility for HR, IT, Estates and Health and Safety and Sustainability matters.

Audit Committee

The Audit Committee comprised three members of the Board. The Committee operates in accordance with written terms of reference approved by the Board.

The Audit Committee meets at least three times a year and provides a forum for reporting by the College’s internal and financial statements auditors, who have access to the Committee for independent discussion, without the presence of College management. The Committee also receives and considers reports from the main FE funding bodies as they affect the College’s business.

The College’s internal auditors or other assurance providers review the systems of internal control, risk management controls and governance processes in accordance with an agreed plan of input and report their findings to management and the Audit Committee.

Management is responsible for the implementation of agreed recommendations and internal audit undertake periodic follow up reviews to ensure such recommendations have been implemented.

Richmond and Hillcroft Adult and Community College

Statement of Corporate Governance and Internal Control 31 July 2025

The Audit Committee also advises the Board on the appointment of internal, regularity and financial statements auditors and their remuneration for both audit and non-audit work as well as reporting annually to the Board.

The Audit Committee met on three occasions during the year.

Quality and Standards Committee

The Quality and Standards Committee comprises five members of the Board. The Committee operates in accordance with written terms of reference approved by the Board. The Committee meets at least three times a year and provides a forum for reporting on teaching and learning matters including quality improvement, learner outcomes and self assessment.

Internal control

Scope of responsibility

The Board is ultimately responsible for the College’s system of internal control and for reviewing its effectiveness. However, such a system is designed to manage rather than eliminate the risk of failure to achieve business objectives and can provide only reasonable and not absolute assurance against material misstatement or loss.

The Board has delegated the day-to-day responsibility to the Principal as Accounting Officer, for maintaining a sound system of internal control that supports the achievement of the College's policies, aims and objectives, whilst safeguarding the public funds and assets for which she is personally responsible, in accordance with the responsibilities assigned to her in the Funding Agreement between the College and the funding bodies. She is also responsible for reporting to the Board any material weaknesses or break-downs in internal control.

The purpose of the system of internal control

The system of internal control is designed to manage risk to a reasonable level rather than to eliminate all risk of failure to achieve policies, aims and objectives; it can therefore only provide reasonable and not absolute assurance of effectiveness. The system of internal control is based on an ongoing process designed to identify and prioritise the risks to the achievement of College policies, aims and objectives, to evaluate the likelihood of those risks being realised and the impact should they be realised, and to manage them efficiently, effectively and economically. The system of internal control has been in place in the College for the year ended 31 July 2025 and up to the date of approval of the annual report and financial statements.

Capacity to handle risk

The Board has reviewed the key risks to which the College is exposed, together with the operating, financial and compliance controls that have been implemented to mitigate those risks. The Board is of the view that there is a formal ongoing process for identifying, evaluating and managing the College's significant risks that has been in place for the year ended 31 July 2025 and up to the date of approval of the annual report and financial statements. This process is regularly reviewed by the Board at least once every term.

The risk and control framework

The system of internal control is based on a framework of regular management information, administrative procedures including the segregation of duties, and a system of delegation and accountability. In particular, it includes:

Richmond and Hillcroft Adult and Community College

Statement of Corporate Governance and Internal Control 31 July 2025

Comprehensive budgeting systems with an annual budget, which is reviewed and agreed by the Board;
Regular reviews by the Board of periodic and annual financial reports which indicate financial performance against forecasts;
Setting targets to measure financial and other performance;
Clearly defined capital investment control guidelines; and
The adoption of formal project management disciplines, where appropriate.

The College has an internal audit service, which operates in accordance with the requirements of the DfE’s College Finance Handbook. The work of the internal audit service is informed by an analysis of the risks to which the College is exposed, and annual internal audit plans are based on this analysis. The analysis of risks and the internal audit plans are endorsed by the Board on the recommendation of the Audit Committee.

Risks faced by the Board

The College analysed the risks to which it was exposed and a programme of assurance was agreed with the Audit Committee. The Committee was provided with reports on this assurance activity in the College.

The College has a risk register that is reviewed by the Audit Committee, sections relevant to each subcommittee are also subject to scrutiny by those committees. The risk register is a regular item on the Board agenda. The register identifies the key risks faced by the College together with an impact and likelihood rating for each risk.

Control weaknesses identified

The reviews did not identify any significant internal control weaknesses or failures.

Responsibilities under funding agreements

The College maintains learner records in support of funding claims to the DfE and the GLA. Claims are made in accordance with the funding regulations in place at the time and are submitted in accordance with the timescale set out by the two funding bodies.

Statement from the Audit Committee

The Audit Committee has advised the Board that the College has an effective framework of governance and risk management in place. The Audit Committee believes that the Board has effective internal controls in place.

Review of effectiveness

As Accounting Officer, the Principal has responsibility for reviewing the effectiveness of the system of internal control. The Principal's review of the effectiveness of the system of internal control is informed by:

The work of the internal auditors.

Richmond and Hillcroft Adult and Community College

Statement of Corporate Governance and Internal Control 31 July 2025

The work of the executive managers within the College who have responsibility for the development and maintenance of the internal control framework; and
Comments made by the College's financial statements and reporting accountants for regularity assurance in their management letters and other reports.
The regularity self-assessment questionnaire.

The Accounting Officer has been advised on the implications of the results of her review of the effectiveness of the system of internal control by the Audit Committee which oversees the work of the internal auditor, and other sources of assurance and a plan to address weaknesses and ensure continuous improvement of the system is in place.

The Executive Team receives reports setting out key performance and risk indicators and considers possible control issues brought to their attention by early warning mechanisms, which are embedded within the departments and reinforced by risk awareness training. The Executive Team and the Audit Committee also receive regular reports from internal audit, and other sources of assurance which include recommendations for improvement. The Audit Committee's role in this area is confined to a high level review of the arrangements for internal control. The Board's agenda includes a regular item for consideration of risk and control and it receives reports thereon from the Executive Team and the Audit Committee. The emphasis is on obtaining the relevant degree of assurance and not merely reporting by exception. At its December 2025 meeting, the Board carried out the annual assessment for the year ended 31 July 2025 by considering documentation from the Executive Team and internal audit, and taking account of events since 31 July 2025.

Based on the advice of the Audit Committee and the Accounting Officer, the Board is of the opinion that the College has an adequate and effective framework for governance, risk management and control, and has fulfilled its statutory responsibility for “the effective and efficient use of resources, the solvency of the institution and the body and the safeguarding of their assets”.

Approved by order of the members of the Board and signed on its behalf by:

Gabrielle Flint Principal and Accounting Officer

Date:

Sharon Raj Chair

Date:

Richmond and Hillcroft Adult and Community College

Statement of regularity, propriety and compliance 31 July 2025

As accounting officer of the Richmond and Hillcroft Adult and Community College I confirm that I have had due regard to the framework of authorities governing regularity, propriety and compliance, including the college’s accountability agreement with DfE, and the requirements of the College Financial Handbook. I have also considered my responsibility to notify the corporation’s board of governors and DfE of material irregularity, impropriety and non-compliance with terms and conditions of all funding.

I confirm that I, and the board of governors, are able to identify any material irregular or improper use of all funds by the corporation, or material non-compliance with the framework of authorities.

I confirm that no instances of material irregularity, impropriety or non-compliance have been discovered to date. If any instances are identified after the date of this statement, these will be notified to the board of governors and DfE.

Signed: Gabrielle Flint Principal and Accounting Officer Date:

Richmond and Hillcroft Adult and Community College

Statement of the responsibilities of the members of the Board 31 July 2025

The members of the Board, as charity trustees, are required to present audited financial statements for each financial year.

Within the terms and conditions of the College’s grant funding agreements and contracts with the DFE and any other relevant funding bodies, the Board, through is required to prepare financial statements which give a true and fair view of the financial performance and position of the College for the relevant period. The Board must also prepare a strategic report which includes an operating and financial review for the year. The bases for the preparation of the financial statements and the strategic report are the Statement of Recommended Practice – Accounting for Further and Higher Education, DFE’s College Accounts Direction and the UK’s Generally Accepted Accounting Practice.

In preparing the financial statements, the Board is required to:

select suitable accounting policies and apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
assess whether the College is a going concern, noting the key supporting assumptions, qualifications or mitigating actions as appropriate; and
prepare the financial statements on the going concern basis unless it is inappropriate to assume that the College will continue in operation.

The Board is also required to prepare a strategic report, in accordance with paragraphs 3.23 to 3.27 of the FE and HE SORP that describes what it is trying to do and how it is going about it, including the legal and administrative status of the College.

The Board is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the College and to enable it to ensure that the financial statements are prepared in accordance with the Companies Act 2006, the relevant legislation of incorporation, including the Further and Higher Education Act 1992, the Charities Act 2011 and other relevant accounting standards. It is responsible for taking steps that are reasonably open to it to safeguard assets of the College and to prevent and detect fraud and other irregularities.

The Board is responsible for the maintenance and integrity of the College website; the work carried out by the auditor does not involve consideration of these matters and, accordingly, the auditor accepts no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the Board are responsible for ensuring that expenditure and income are applied for the purposes intended and that the financial transactions conform to the authorities that govern them. In addition, they are responsible for ensuring that funds from ESFA, DfE, and any other public funds, are used only in accordance with the accountability agreement, funding agreements and contracts and any other conditions, that may be prescribed from time to time by DfE, or any other public funder, including that any transactions entered into by the corporation are within the delegated authorities set out in the College Financial Handbook. On behalf of the Board, the Chair of the Board is responsible for

Richmond and Hillcroft Adult and Community College

Statement of the responsibilities of the members of the Board 31 July 2025

discussing the accounting officer’s statement of regularity, propriety and compliance with the accounting officer.

Members of the Board must ensure that there are appropriate financial and management controls in place to safeguard public and other funds and ensure they are used properly. In addition, members of the Board are responsible for securing economic, efficient and effective management of the Board’s resources and expenditure so that the benefits that should be derived from the application of public funds from DFE and other public bodies are not put at risk.

Approved by order of the members of the Board on 11 December 2025 and signed on its behalf by:

Sharon Raj Chair Date:

Richmond and Hillcroft Adult and Community College

Independent Auditor’s Report to the members of the Board of Richmond and Hillcroft Adult and Community College 31 July 2025

Opinion

We have audited the financial statements of Richmond and Hillcroft Adult and Community College (the ‘College’) for the year ended 31 July 2025 which comprise statement of comprehensive income and expenditure, the statement of changes in reserves, the balance sheet, the statement of cash flows, the principal accounting policies, and the notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice) and the College Accounts Direction 2024 to 2025 issued by the Department for Education (DfE).

In our opinion, the financial statements:

give a true and fair view of the state of the College’s affairs as at 31 July 2025 and of its financial performance and cash flows for the year then ended;
have been prepared in accordance with UK Generally Accepted Accounting Practice, the Statement of Recommended Practice: Accounting for Further and Higher Education and the College Accounts Direction 2024 to 2025 issued by the DfE;
have been prepared in accordance with the requirements of the Companies Act 2006;
In all material respects, funds from whatever source administered by the College for specific purposes have been properly applied to those purposes and managed in accordance with relevant legislation;

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the College in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainty related to going concern

We draw attention to the information contained in the Strategic report on pages 18 and 19 and to the principal accounting policies, “going concern” on pages 41 and 42 in the financial statements, which indicate a material uncertainty exists that may cast significant doubt on the College’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Richmond and Hillcroft Adult and Community College

Independent Auditor’s Report to the members of the Board of Richmond and Hillcroft Adult and Community College 31 July 2025

In auditing the financial statements, we have concluded that the members of the Board’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Our responsibilities and the responsibilities of the members of the Board with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, including the Report of the members of the Board, other than the financial statements and our auditor’s report thereon. The members of the Board are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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 statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the report of the Members of the Board, which is also the directors’ report for the purposes of company law and includes the strategic report, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the report of the Members of the Board, which is also the directors’ report for the purposes of company law and includes the strategic report, has 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 College and its environment obtained in the course of the audit, we have not identified material misstatements in the report of the Members of the Board including the strategic report.

Richmond and Hillcroft Adult and Community College

Independent Auditor’s Report to the members of the Board of Richmond and Hillcroft Adult and Community College 31 July 2025

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Framework and Guide for External Auditors and Reporting Accountants of colleges issued by the DfE requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us;
the financial statements are not in agreement with the accounting records and returns; or
all the information and explanations required for the audit were not received; or
certain disclosures of members’ remuneration specified by law are not made.

Responsibilities of the members of the Board

As explained more fully in the statement of responsibilities of members of the Board, the members of the Board are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members of the Board determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the members of the Board are responsible for assessing College’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members of the Board either intend to liquidate College or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but it is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Richmond and Hillcroft Adult and Community College

Independent Auditor’s Report to the members of the Board of Richmond and Hillcroft Adult and Community College 31 July 2025

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise noncompliance with applicable laws and regulations;
we identified the laws and regulations applicable to the College through discussions with management, and from our knowledge and experience of the Further Education sector;
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the College, including the College Accounts Direction 2024 to 2025 issued by the DfE, the Further and Higher Education Act 1992, funding agreements with the DFE and associated funding rules, DFE regulations, data protection legislation, anti-bribery, safeguarding, employment, health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the College’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions; and
assessed whether judgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias;

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;
reading the minutes of Board meetings;
enquiring of management as to actual and potential litigation and claims; and
reviewing any available correspondence with HMRC and the College’s legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the members of the Board and other management and the inspection of regulatory and legal correspondence, if any.

Richmond and Hillcroft Adult and Community College

Independent Auditor’s Report to the members of the Board of Richmond and Hillcroft Adult and Community College 31 July 2025

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Board, as a body, in accordance with the Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the members of the Board those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the College and the Board as a body, for our audit work, for this report, or for the opinions we have formed.

Catherine Biscoe (Senior Statutory Auditor) For and on behalf of Buzzacott Audit LLP, Statutory Auditor 130 Wood Street London EC2V 6DL

Date: 12 December 2025

Richmond and Hillcroft Adult and Community College

Independent Reporting Accountant’s Report on Regularity 31 July 2025

To: The members of the Board of Richmond and Hillcroft Adult and Community College and the Secretary of State for Education

In accordance with the terms of our engagement letter dated 17 June 2025 and further to the requirements of Department for Education (DfE) as included in the extant Framework and Guide for External Auditors and Reporting Accountants of Colleges, we have carried out an engagement to obtain limited assurance about whether anything has come to our attention that would suggest, in all material respects, the expenditure disbursed and income received by Richmond and Hillcroft Adult and Community College (the ‘College’) during the period 1 August 2024 to 31 July 2025 have not been applied to the purposes identified by Parliament and the financial transactions do not conform to the authorities which govern them.

This report is made solely to the members of the Board of Richmond and Hillcroft Adult and Community College and the Secretary of State for Education in accordance with the terms of our engagement letter. Our work has been undertaken so that we might state to the members of the Board of Richmond and Hillcroft Adult and Community College and the Secretary of State those matters we are required to state in a report and for no other purpose. To the fullest extent permitted by law, we do not accept, or assume, responsibility to anyone other than the members of the Board of Richmond and Hillcroft Adult and Community College and the Secretary of State for our work, for this report, or for the conclusion we have formed.

Respective responsibilities of the accounting officer of Richmond and Hillcroft Adult and Community College and the reporting accountant

The accounting officer is responsible, under the requirements of the members’ of the Board accountability agreement with the Secretary of State for Education and the College Financial Handbook, for ensuring that expenditure disbursed and income received is applied for the purposes intended by Parliament, and that the financial transactions conform to the authorities which govern them.

Our responsibilities for this engagement are established in the United Kingdom by our profession’s ethical guidance and are to obtain limited assurance and report in accordance with our engagement letter and the requirements of the extant Framework and Guide for External Auditors and Reporting Accountants of Colleges. We report to you whether anything has come to our attention in carrying out our work, which suggests that in all material respects, expenditure disbursed and income received during the period 1 August 2024 to 31 July 2025 have not been applied for the purposes intended by Parliament or that the financial transactions do not conform to the authorities which govern them.

Approach

We conducted our engagement in accordance with the Framework and Guide for External Auditors and Reporting Accountants of Colleges issued by DfE, which requires a limited assurance engagement, as set out in our engagement letter.

The objective of a limited assurance engagement is to perform such procedures as to obtain information and explanations in order to provide us with sufficient appropriate evidence to express a negative conclusion on regularity. A limited assurance engagement is more limited in scope than a reasonable assurance engagement and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be

Richmond and Hillcroft Adult and Community College

Independent Reporting Accountant’s Report on Regularity 31 July 2025

identified in a reasonable assurance engagement. Accordingly, we do not express a positive opinion.

Our engagement includes examination, on a test basis, of evidence relevant to the regularity and propriety of the members’ of the Board income and expenditure.

The work undertaken to draw to our conclusion includes:

An assessment of the risk of material irregularity and impropriety across all of the College’s activities;
Further testing and review of the areas identified through the risk assessment including enquiry, identification of control processes and examination of supporting evidence across all areas identified as well as additional verification work where considered necessary; and
Consideration of evidence obtained through the work detailed above and the work completed as part of our financial statements audit in order to support the regularity conclusion.

Conclusion

In the course of our work, nothing has come to our attention which suggests that in all material respects, the expenditure disbursed and income received during the period 1 August 2024 to 31 July 2025 has not been applied to purposes intended by Parliament, and the financial transactions do not conform to the authorities that govern them.

Buzzacott Audit LLP

Chartered Accountants

130 Wood Street

London

EC2V 6DL

12 December 2025

Richmond and Hillcroft Adult and Community College

Statement of comprehensive income and expenditure Year to 31 July 2025

Notes	2025 £’000	2024 £’000
Income Funding body grants 1 Tuition fees and education contracts 2 Other grants and contracts 3 Other income 4 Investment income 5 Donations and Endowments 6 Total income Expenditure Staff costs 7 Other operating expenses 8 Depreciation 10 Interest payable 16 Total expenditure Deficit before other gains and losses Loss on disposal of assets 10 Deficit before tax Taxation 9 Deficit for the year Actuarial (loss) gain in respect of pension schemes 16 Total Comprehensive Expenditure for the year Represented by: Unrestricted comprehensive expenditure	6,965 1,821 14 448 1,024 87	6,761 1,763 7 430 953 -
	10,359	9,914
	6,423 2,349 896 771	6,452 2,824 967 761
	10,439	11,004
	(80)	(1,090)
	-	(1,004)
	(80)	(2,094)
	-	-
	(80)	(2,094)
	(359)	(325)
	(439)	(2,419)
	(439)	(2,419)
	(439)	(2,419)

The Statement of Comprehensive Income and Expenditure items are in respect of continuing activities.

Richmond and Hillcroft Adult and Community College

Statement of changes in reserves Year to 31 July 2025

	Income and expend iture account £’000 40,102	Revalua tion reserve £’000 4,816	Restricted Benefac tion fund £’000	Restricted other funds £’000	Restricted Endow ment fund £’000	Total £’000
Balance at 1 August Deficit from the income and expenditure account Other comprehensive expenditure – Actuarial loss in respect of pension schemes Transfers between revaluation and income and expenditure reserves Total comprehensive expenditure for the year Balance at 31 July 2024 Deficit from the income and expenditure account Other comprehensive expenditure Actuarial loss in respect of pension schemes Transfers between revaluation and income and expenditure reserves Total comprehensive expenditure for the year Balance at 31 July 2025
			17	1,068	3	46,006
	(2,094) (325) 89 (2,330) 37,772 (80) (359) 46 (393) 37,379	- - (89) (89) 4,727 - - (46) (46) 4,681	- - -	- - -	- - -	(2,094) (325) -

			-	-	-	(2,419)

			17	1,068	3	43,587
			- - -	- - -	- - -	(80) (359) -
			-	-	-	(439)

			17	1,068	3	43,148

Richmond and Hillcroft Adult and Community College

Balance sheet 31 July 2025

Notes	2025 £’000	2025 £’000	2024 £’000	2024 £’000
Non-current assets Tangible fixed assets 10 Current assets Trade and other receivables 11 Cash and cash equivalents 15 Creditors amounts falling due within one year 12 Net current (liabilities) Total assets less current liabilities Creditors amounts falling due after more than one year 13 Provisions Net pension liability 16 Total net assets Restricted reserves Benefaction fund Endowment fund Other restricted funds Unrestricted reserves Income and expenditure reserve Revaluation reserve TOTAL RESERVES	803 631	49,850 (383)	670 596	50,569 (824)
	1,434 (1,817)		1,266 (2,090)

		49,467 (6,319) -		49,745 (6,158) -
		43,148		43,587
		17 3 1,068		17 3 1,068
		1,088 37,379 4,681		1,088 37,772 4,727
		43,148		43,587

The financial statements on pages 37 to 61 were approved by the Directors and signed on their behalf by:

Signed: Signed: Sharon Raj Gabrielle Flint Chair Principal & Accounting Officer Date: Date:

Company Limited by Guarantee Registration Number: 00201528 (England and Wales)

Richmond and Hillcroft Adult and Community College

Statement of cash flows 31 July 2025

Notes	2025 £’000	2024 £’000
Cash flow from operating activities Deficit for the year Adjustment for non-cash items Depreciation (Increase) in trade and other receivables Increase/(Decrease) in creditors due within one year (Decrease/increase in creditors due after one year Pensions costs less contributions payable Adjustment for investing or financing activities Investment income Loss on disposal of assets under construction Net cash flow from operating activities Cash flows from investing activities Investment income (excluding pension) Payments made to acquire fixed assets Decrease in cash and cash equivalents in the year Cash and cash equivalents at 1 August 2024 15 Cash and cash equivalents at 31 July 2025 15	(80) 896 (133) (273) 161 (359) (4) -	(2,094) 967 (140) 135 (554) (325) (15) 1,004
	208	(1,022)
	4 (177)	15 (379)
	(173)	(364)
	35	(1,386)

	2025 £’000	2024 £’000
	596	1,982
	631	596

Richmond and Hillcroft Adult and Community College

Principal accounting policies 31 July 2025

Statement of accounting policies and estimation techniques

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the financial statements.

Basis of preparation

These financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting for Further and Higher Education 2019 (the 2019 FE HE SORP), the College Accounts Direction for 2024 to 2025 and in accordance with Financial Reporting Standard 102 – “The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland” (FRS 102). The College is a public benefit entity and has therefore applied the higher relevant public benefit requirements of FRS 102.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the College's accounting policies.

Basis of accounting

The financial statements are prepared in accordance with the historical cost convention as modified by the use of previous valuations as deemed cost at transition for certain non current assets.

Business combinations are accounted for by applying the acquisition method of accounting and the assets and liabilities acquired are adjusted to fair values, using external professional advisers where appropriate.

Going concern

RHACC incurred an operating deficit prior to other gains/losses of £80,000 during the year (2023/24 deficit of £1,090,000).

Richmond and Hillcroft Adult and Community College

Principal accounting policies 31 July 2025

potential reduced tuition fee income. This mitigation has not been accounted for in the cash flow forecast or the stress test.

The budget is based on the following key assumptions:

Certain level of tuition fee income
Delivery of the full adult skills allocation
Savings in staff costs

The Board acknowledges the material uncertainties within the above assumptions. However, the following factors provide the Board with assurance that the College remains a going concern.

Funding body grants from the GLA and DfE have been confirmed for the year to 31 July 2026.
The College owns the freehold of its Parkshot and Hillcroft sites, the Hillcroft site is currently being marketed for sale.
Cash flows are reviewed and reforecast monthly and indicate that although working capital management will require on-going careful planning and monitoring the unrestricted cash balance remains in a positive position for a period of at least 12 months from the date of signing the financial statements.

Recognition of income

Funding body recurrent grants are recognised in line with best estimates for the period of what is receivable and depends on the particular income stream involved. Any under or over achievement for the adult learner responsive funding element is adjusted for and reflected in the level of recurrent grant recognised in the income and expenditure account. The final grant income is normally determined with the conclusion of the year end reconciliation process with the funding body at the end of October following the year end. Adult Skills grant income is recognised based on a year end reconciliation of income claimed and actual delivery. 16-18 learner-responsive funding is not normally subject to a reconciliation and is therefore not subject to contract adjustments.

Government capital grants are capitalised, held as deferred income and recognised in income over the expected useful life of the asset, under the accrual method as permitted by FRS 102.

Income from tuition fees is recognised in the period for which it is received and includes all fees payable by students or their sponsors, for example the National Health Service.

Income from grants, contracts and other services rendered is included to the extent the conditions of the funding have been met or the extent of the completion of the contract or service concerned.

All income from investment is credited to the income and expenditure account in the period in which it is earned. Income from restricted purpose endowment funds not expended in accordance with the Richmond and Hillcroft Adult and Community College 42

Principal accounting policies 31 July 2025

restrictions of the endowment in the period is transferred from the income and expenditure account to accumulated income within endowment funds.

Accounting for post employment benefits

Retirement benefits to employees of the College are provided by the Teachers’ Pension Scheme (TPS) and the Local Government Pension Scheme (LGPS). These are defined benefit schemes, which are externally funded and contracted out of the State Second Pension.

The TPS is an unfunded scheme. Contributions to the TPS are calculated so as to spread the cost of pensions over employees’ working lives with the College in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by qualified actuaries on the basis of quinquennial valuations using a prospective benefit method. As stated in Note 16, the TPS is a multi employer scheme and the College is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. The TPS is therefore treated as a defined contribution scheme and the contributions recognised as they are paid each year.

The LGPS is a funded scheme. The assets of the LGPS are measured using closing fair values. LGPS liabilities are measured using the projected unit credit method and discounted at the current rate of return on a high quality corporate bond of equivalent term and currency to the liabilities. The actuarial valuations are obtained at least triennially and are updated at each balance sheet date. The amounts charged to operating surplus are the current service costs and the costs of scheme introductions, benefit changes, settlements and curtailments. They are included as part of staff costs as incurred. Net interest on the net defined benefit liability/asset is also recognised in the Statement of Comprehensive Income and comprises the interest cost on the defined benefit obligation and interest income on the scheme assets, calculated by multiplying the fair value of the scheme assets at the beginning of the period by the rate used to discount the benefit obligations. The difference between the interest income on the scheme assets and the actual return on the scheme assets is recognised in interest and other finance costs.

Actuarial losses are recognised immediately in the Statement of comprehensive income. Recognition of the surplus has been restricted to £nil as the LGPS surplus is irrecoverable.

Short term employment benefits

Short term employment benefits such as salaries and compensated absences (holiday pay) are recognised as an expense in the year in which the employees render service to the College. Any unused benefits are accrued and measured as the additional amount the College expects to pay as a result of the unused entitlement.

Non-current Assets - Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation. Certain items of fixed assets that had been revalued to fair value on or prior to the date of transition to the FE HE SORP, are measured on the basis of deemed cost, being the revalued amount at the date of that revaluation.

Richmond and Hillcroft Adult and Community College

Principal accounting policies 31 July 2025

Land and buildings

Freehold buildings are depreciated over their expected useful economic life to the College of between 20 and 50 years. The College has a policy of depreciating major adaptations to buildings over the period of their useful economic life of between 20 and 50 years.

Where land and buildings are acquired with the aid of specific grants, they are capitalised and depreciated as above. The related grants are credited to a deferred income account within creditors and are released to the income and expenditure account over the expected useful economic life of the related asset on a systematic basis consistent with the depreciation policy. The deferred income is allocated between creditors due within one year and those due after more than one year.

Finance costs, which are directly attributable to the construction of land and buildings, are not capitalised as part of the cost of those assets.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying amount of any fixed asset may not be recoverable.

On adoption of FRS 102, the College followed the transitional provision to retain the book value of land and buildings, which were revalued in 1996, but not to adopt a policy of revaluations of these properties in the future.

Land and buildings acquired through merger but dealt with using acquisition accounting, are revalued to fair value, based on independent professional advice.

Assets under construction are accounted for at cost, based on direct costs in relation to planning permission and other professional fees, incurred to 31 July. They are not depreciated until they are brought into use.

Subsequent expenditure on existing fixed assets

Where significant expenditure is incurred on tangible fixed assets it is charged to the income and expenditure account in the period it is incurred, unless it meets one of the following criteria, in which case it is capitalised and depreciated on the relevant basis:

Market value of the fixed asset has subsequently improved
Asset capacity increases
Substantial improvement in the quality of output or reduction in operating costs
Significant extension of the asset’s life beyond that conferred by repairs and maintenance

Equipment

Equipment costing less than £3,000 per individual item is recognised as expenditure in the period of acquisition. All other equipment is capitalised at cost.

Capitalised equipment is depreciated on a straight line basis over its remaining useful economic life as follows:

Richmond and Hillcroft Adult and Community College

Principal accounting policies 31 July 2025

•	land and buildings	over life expectancy of asset up to 50 years
•	computer equipment	3 years
•	furniture, fixtures and fittings	3 -10 years (dependant on its life expectancy)

Where equipment is acquired with the aid of specific grants, it is capitalised and depreciated in accordance with the above policy, with the related grant being credited to a deferred capital grant account and released to the income and expenditure account over the expected useful economic life of the related equipment.

Leased assets

Costs in respect of operating leases are charged on a straight-line basis over the lease term to the Statement of Comprehensive Income

Leasing agreements which transfer to the College substantially all the benefits and risks of ownership of an asset are treated as if the asset had been purchased outright and are capitalised at their fair value at the inception of the lease and depreciated over the shorter of the lease term or the useful economic lives of equivalently owned assets. The capital element outstanding is shown as obligations under finance leases.

The finance charges are allocated over the period of the lease in proportion to the capital element outstanding. Where finance lease payments are funded in full from funding council capital equipment grants, the associated assets are designated as grant-funded assets.

Borrowing costs

Borrowing costs are recognised as expenditure in the period in which they are incurred.

Cash and cash equivalents

Cash includes cash in hand, deposits repayable on demand and overdrafts. Deposits are repayable on demand if they are in practice available within 24 hours without penalty.

Cash equivalents are short term, highly liquid investments that are readily convertible to known amounts of cash with insignificant risk of change in value. An investment qualifies as a cash equivalent when it has maturity of 3 months or less from the date of acquisition.

Taxation

The College is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the College is potentially exempt from taxation in respect of income or capital gains received within categories covered by sections 478-488 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

The College receives no exemption in respect of Value Added Tax.

Richmond and Hillcroft Adult and Community College

Principal accounting policies 31 July 2025

Provisions and contingent liabilities

Provisions are recognised when

the College has a present legal or constructive obligation as a result of a past event
it is probable that a transfer of economic benefit will be required to settle the obligation, and
a reliable estimate can be made of the amount of the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in the statement of comprehensive income in the period it arises A contingent liability arises from a past event that gives the College a possible obligation whose existence will only be confirmed by the occurrence or otherwise of uncertain future events not wholly within the control of the College. Contingent liabilities also arise in circumstances where a provision would otherwise be made but either it is not probable that an outflow of resources will be required or the amount of the obligation cannot be measured reliably.

Contingent liabilities are not recognised in the balance sheet but are disclosed in the notes to the financial statements.

Agency arrangements

The College acts as an agent in the collection and payment of the Advanced Learner Loans Bursary. Related payments received from the funding bodies and subsequent disbursements to students are excluded from the Income and Expenditure account and are shown separately in Note 18 except for: the 5 per cent of the grant received which is available to the College to cover administration costs relating to the grant; and unspent funds not reclaimed by the DFE.

Judgements in applying accounting policies

In preparing these financial statements, management have made the following judgements:

Determined whether leases entered into by the College either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.
Determined whether there are indicators of impairment of the College’s tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash generating unit, the viability and expected future performance of that unit.

Other key sources of estimation uncertainty

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation

Richmond and Hillcroft Adult and Community College

Principal accounting policies 31 July 2025

and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

• Local Government Pension Scheme

The present value of the Local Government Pension Scheme defined benefit liability depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost (income) for pensions include the discount rate. Any changes in these assumptions, which are disclosed in note 16, will impact the carrying amount of the pension liability. Furthermore, a roll forward approach which projects results from the latest full actuarial valuation performed at 31 March 2022 has been used by the actuary in valuing the pensions liability at 31 July 2025. Any differences between the figures derived from the roll forward approach and a full actuarial valuation would impact on the carrying amount of the pension liability.

Richmond and Hillcroft Adult and Community College

Notes to the financial statements 31 July 2025

1. Funding body grants

Funding body grants
	202 £’000 5 2025 £’000 683 51 5,463 394 36 301 37 6,965	2024 £’000 589 105 5,534 271 43 219 - 6,761
Recurrent grants DfE adult DfE 16 18 Greater London Authority Devolved Grant Specific grants Release of deferred capital grants Education and Skills Funding Agency – ALL Bursary Teachers’ Pension Scheme contribution grant Department of Education - National Insurance Contribution Grant
Tuition fees and education contracts		2024 £’000 1,476 136 - 1,612 151 1,763
Adult education fees Fees for loan supported courses International Student Fees Total tuition fees Education contracts Total	1,569 88 14
	1,671
	150
	1,821

2. Tuition fees and education contracts

3. Other grants and contracts

	2025 £’000 14 14	2024 £’000 7 7
Other grant and contracts

4. Other income

Other income
	2025 £’000	2024 £’000
Commercial income Other income generating activities	384	358
	64	72 430
	448

Richmond and Hillcroft Adult and Community College

Notes to the financial statements 31 July 2025

5. Investment income

Investment income
	2025 £’000	2024 £’000
Bank interest receivable Net return on pension scheme (note 16)	4 1,020	15 938
	1,024	953

6. Donations

Donations
	2025 £’000	2024 £’000
Unrestricted donations	87	-
	87	-

7. Staff costs

The average head count (including key management personnel) employed by the College during the year was:

	2025 No	2024 No
Teaching staff Non teaching staff	203 113	194 121
	316	315

Staff costs for the above persons:

	2025 £’000	2024 £’000 4,756 358 956 6,070
Wages and salaries Social security costs Other pension costs Payroll sub total Contracted out staffing services Restructuring costs – contractual Non-contractual Total staff costs	4,645 410 1,050
	6,105
	309 9 -	374 5 3 6,452
	6,423

Richmond and Hillcroft Adult and Community College

Notes to the financial statements 31 July 2025

7. Staff costs (continued)

Severance payments for all staff

"Severance payments" include contractual payments, statutory payments, and special staff severance payments. Special staff severance payments are amounts paid to employees outside of statutory and contractual requirements.

College must disclose all severance payments made by the College during the period of the financial statements, in the bands below.

The college paid 2 severance payments in the year, disclosed in the following bands:

0 £25,000 2

Key management personnel

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the College and are represented by the College Executive Team which comprises the Principal; the Vice Principal Teaching and Learning; Vice Principal Finance and Resources.

	2025 No	2024 No 3
The number of key management personnel including the Accounting Officer was:	3

The number of key management personnel and other staff who received annual emoluments, excluding pension contributions and employer’s national insurance but including benefits in kind, in the following ranges was:

£80,001 to £85,000 £85,001 to £90,000 £90,001 to £95,000 £100,001 to £105,000 £105,001 to £110,000	Key management personnel 2025 2024 - 1 1 1 1 - 1 - - 1 3 3	Other staff 2025 2024	Other staff 2025 2024
	- 1 1 1 -	- - - - -	- - - - -
	3	-	-

Richmond and Hillcroft Adult and Community College

Notes to the financial statements 31 July 2025

7 Staff costs (continued)

Key management personnel emoluments are made up as follows:

	2025 £’000 2024 £’000
Salaries Pension contributions National Insurance Employer’s contributions Total emoluments	281 279 74 37 65 35
	392 379

There were no amounts due to key management personnel that were waived in the year, nor any salary sacrifice arrangements in place.

The above emoluments include amounts payable to the Accounting Officer (who is also the highest paid officer) of:

	2025 £’000 103 30 133	2024 £’000
Salaries Pension contributions Total remuneration		108 25
		133

The Board adopted the AoC’s Senior Staff Remuneration Code in 2019 and assesses pay in line with its principles. The remuneration of the Accounting Officer is reviewed annually by the Remuneration Committee and is benchmarked, using the DFE benchmark tool and the AoC Senior Staff Salary Survey.

The members of the Corporation other than the Accounting Officer and the staff member did not receive any payment from the institution other than the reimbursement of travel and subsistence expenses incurred in the course of their duties.

Relationship of Principal/Chief Executive pay, and remuneration expressed as a multiple

	2025 £’000 2.60 2.59	2024 £’000
Principal's basic salary as a multiple of the median of all staff Principal’s total remuneration as a multiple of the median of all staff		2.74 2.81

Richmond and Hillcroft Adult and Community College

Notes to the financial statements 31 July 2025

8. Other operating expenses

Other operating expenses
	2025 £’000	2024 £’000
Teaching costs Non teaching costs Premises costs Total	799 757 793	736 1,041 1,047
	2,349	2,824

Other operating expenses include:

	2025 £’000	2024 £’000
Auditors’ remuneration • Financial statements audit • Other services provided by the financial statement’s auditor (Regularity and Teachers’ Pensions Audit) Internal audit Hire of assets under operatingleases	38 10 28 28	36 9 18 19

9. Taxation

Richmond and Hillcroft Adult and Community College is a charity with no additional trading activities. The Members of the Board of the College do not believe any corporation tax liability was incurred in 2024/25.

Richmond and Hillcroft Adult and Community College

Notes to the financial statements 31 July 2025

10. Tangible fixed assets

Tangible fixed assets
	Freehold land and buildings £’000	Equipment, fixturesand fittings £’000	Total £’000 56,696 177 56,873 6,127 896 7,023 49,850 50,568
Cost or valuation At 1 August 2024 Additions At 31 July 2025 Depreciation At 1 August 2024 Charge for the year At 31 July 2025 Net book value at 31 July 2025 Net book value at 31 July 2024	55,468 14	1,228 163 1,391 816 168 984 407 463
	55,482
	5,312 728
	6,040
	49,442
	50,105

The land and buildings owned by Hillcroft College prior the merger were revalued by the District Valuer based at Wimbledon at 31 July 2012. The Valuation conformed to Practice Statement 5 of the RICS Appraisal and Valuation Manual. The land was valued at £4,018,800 and the buildings at a depreciated replacement cost of £2,294,554. This value excludes VAT. The historical cost was £1,000 for the land and £126,240 for the buildings. The land and buildings at Hillcroft are currently being actively marketed for sale.

Land and buildings transferred on merger at 1 October 2017 from Richmond Adult and Community College were adjusted to fair value based on independent professional advice. The gain on the adjustment to fair value of these assets was £30,151,000 which was included in the Consolidated Statement of Comprehensive Income in 2017/18.

If fixed assets had not been revalued before being deemed as cost on transition, they would have been included at the following historical cost amounts:

		£
Cost Aggregate depreciation based on cost Net book value based on cost		127,240 (114,516)
		12,724
Capital and other commitments	2025 £’000	2024 £’000
Capital commitment contracted at 31 July2025	-	-

Richmond and Hillcroft Adult and Community College

Notes to the financial statements 31 July 2025

11. Trade and other receivables

Trade and other receivables
	2025 £’000	2024 £’000 209 279 182 670
Amounts falling due within one year Trade receivables Prepayments and accrued income Amounts owed by the DFE	236 389 178
	803

12. Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
	2025 £’000	2024 £’000 471 8 95 862 33 271 - 350 2,090
Trade payables Other payables Other taxation and social security Accruals and deferred income Holiday pay accruals Deferred income – government capital grants Deferred income – Other revenue grants Amounts owed to the Department of Education	437 1 107 792 34 225 11 210
	1,817

	2025 £’000	2024 £’000 428 (428) 518 518
Deferred income at 1 August Released from previous years Resources deferred during the year Deferred income at 31 July	518 (518) 540
	540

At the balance sheet date, the College was holding tuition fees £534,000 received in advance for courses starting or continuing in 2025/26, and £6,000 received as a deposit for the Hires and Events planned in 2025/26.

13. Creditors: amounts falling due after more than one year

Creditors: amounts falling due after more than one year
	2025 £’000	2024 £’000 6,158 - 6,158
Deferred income – government capital grants Deferred income	6,274 45
	6,319

Richmond and Hillcroft Adult and Community College

Notes to the financial statements 31 July 2025

14. Lease obligations

At 31 July the College had minimum lease payments under non cancellable operating leases as follows:

	2025 £’000	2024 £’000 19 - 19
Equipment Not later than one year Later than one year and not later than five	8 26
	34

15. Cash and cash equivalents and reconciliation of net debt

	At 1 August 2024 £’000	Cash flows £’000	At 31 July 2025 £’000
Unrestricted Cash and cash equivalents Restricted Cash and cash equivalents	596 -	(436) 471	160 471
	596	35	631

16. Defined benefit obligations

The College’s employees belong to two principal post employment benefit plans: the Teachers’ Pension Scheme England and Wales (TPS) for academic and related staff; and the Wandsworth Council Pension Fund (LGPS) for non teaching staff, which is managed by London Borough of Kingston upon Thames. Both are multi employer defined benefit plans. The pension costs are assessed in accordance with the advice of independent qualified actuaries. The latest formal actuarial valuation of the TPS was as at 31 March 2020 and of the LGPS 31 March 2022.

	2025 Total £’000	2024 Total £’000 617 492 (148) 344 961
Teachers’ Pension Scheme contributions paid Local Government Pension Scheme: . Contributions paid . FRS 102 (28) charge Charge to the Statement of Comprehensive Income Total pension cost for year within staff costs (note 7)	650 510 (110)
	400
	1,050

Richmond and Hillcroft Adult and Community College

Notes to the financial statements 31 July 2025

16 Defined benefit obligations (continued)

The pension costs are assessed in accordance with the advice of independent qualified actuaries. Prior to 31 August 2023, the latest actuarial valuation of the TPS was at 31 March 2016. A further valuation of the TPS, relating to the period ended 31 March 2020 was published in October 2023.

The Government Actuary is due to complete the TPS valuation by October 2023 with increases currently scheduled for April 2024 and with DfE promising to cover additional costs of any increase for colleges as well as schools above the amounts agreed in 2019.This valuation will report on TPS as at 31 March 2020.

There were no outstanding or prepaid contributions at either the beginning or the end of the financial year.

Teachers’ Pension Scheme

The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme, governed by the Teachers’ Pension Scheme Regulations 2014. These regulations apply to teachers in schools and other educational establishments, including colleges. Membership is automatic for teachers and lecturers at eligible institutions. Teachers and lecturers are able to opt out of the TPS.

The TPS is an unfunded scheme and members contribute on a ’pay as you go‘ basis – these contributions, along with those made by employers, are credited to the Exchequer under arrangements governed by the above Regulations. Retirement and other pension benefits are paid by public funds provided by Parliament.

Under the definitions set out in FRS 102 (28.11), the TPS is a multi employer pension plan. The College is unable to identify its share of the underlying assets and liabilities of the plan.

Accordingly, the College has taken advantage of the exemption in FRS 102 and has accounted for its contributions to the scheme as if it were a defined contribution plan. The College has set out above the information available on the plan and the implications for the College in terms of the anticipated contribution rates.

The valuation of the TPS is carried out in line with regulations made under the Public Service Pension Act 2013. Valuations credit the teachers’ pension account with a real rate of return assuming funds are invested in notional investments that produce that real rate of return.

The actuarial valuation that of the TPS which applied during the year ended 31 July 2024 was carried out as at 31 March 2020. The valuation report was published by the Department for Education (the Department) in October 2023. The valuation reported total scheme liabilities (pensions currently in payment and the estimated cost of future benefits) for service to the effective date of £262 billion, and notional assets (estimated future contributions together with the notional investments held at the valuation date) of £222 billion giving a notional past service deficit of £40 billion (compared to £22 billion in the 2016 valuation)

Richmond and Hillcroft Adult and Community College

Notes to the financial statements 31 July 2025

16 Defined benefit obligations (continued)

As a result of the valuation, new employer contribution rates were set at 28.68% of pensionable pay from April 2024 onwards (compared to 23.68% during 2018/9). DfE has agreed to pay a teacher pension employer contribution grant to cover the additional costs during the 2024/25 academic year.

A full copy of the valuation report and supporting documentation can be found on the Teachers’ Pension Scheme website.

The pension costs paid to TPS in the year amounted to £650,000 (2024: £617,000).

Local Government Pension Scheme

The LGPS is a funded defined benefit plan, with the assets held in separate funds administered by the Wandsworth Council Pension Fund. The total contributions made for the year ended 31 July 2025 were £636,000, of which employer’s contributions totalled £510,000 and employees’ contributions totalled £126,000. The agreed contribution rates for future years are 21.5% for employers and range from 5.5% to 12.5% for employees, depending on salary. To fund a deficit in a retirement benefit plan college has paid £60,000 in 2024/2025. College is due to pay £50,000 in the year 2025/2026.

Principal Actuarial Assumptions

The following information is based upon a full actuarial valuation of the fund at 31 March 2024 updated to 31 July 2025 by a qualified independent actuary.

	At 31 July 2025	At 31 July 2024
Rate of increase in salaries Future pension increases Discount rate for scheme liabilities Inflation assumption (CPI)	2.50% 2.80% 5.75% 3.10%	2.60% 2.90% 5.05% 3.20%

The current mortality assumptions include sufficient allowance for future improvements in mortality rates. The assumed life expectations on retirement age 65 are:

mortality rates. The assumed life expectations on retirement age	65 are:
	At 31 July 2025 Years 21.0 23.4 22.3 24.8	At 31 July 2024 Years
Retiring today Males Females Retiring in 20 years Males Females		20.7 23.3 22.0 24.7

Richmond and Hillcroft Adult and Community College

Notes to the financial statements 31 July 2025

16 Defined benefit obligations (continued)

Sensitivity analysis is provided below:	2025 Approx
	monetary
	amount
	(£’000’s)
Discount rate + 0.1%	14,011
Discount rate 0.1%	14,444
Mortality assumption – 1 year increase	14,669
Mortality assumption – 1 year decrease	13,796
CPI rate +0.1%	14,450
CPI rate 0.1%	14,005

The sensitivity analysis represents the present value of plan liabilities as a result of the change in each underlying assumption.

Local Government Pension Scheme

The College’s share of the assets in the plan at the balance sheet date were:

Equity instruments Bonds Property Cash Multi asset fund Total fair value of plan assets Actual return on plan assets	Value at 31 July 2025 £’000	Value at 31 July 2024 £’000
	13,191 3,049 2,777 690 2,162	11,669 2,933 2,578 905 2,048
	21,869	20,133
	1,627	2,239

The amount included in the balance sheet in respect of the defined benefit pension plan is as follows:

as follows:
	2025 Total £’000	2024 Total £’000
Fair value of plan assets Present value of plan liabilities Adjustment recognised in actuarial gains to cap Net pensions liability*	21,869 (14,225) (7,644)	20,133 (15,222) (4,911)
	-	-

Richmond and Hillcroft Adult and Community College

Notes to the financial statements 31 July 2025

16 Defined benefit obligations (continued)

*As the LGPS surplus is irrecoverable, recognition of the surplus on the balance sheet has been restricted to £Nill. The adjustment of £8,003K has been offset against the overall actuarial gain for the year .

Amounts recognised in the Statement of Comprehensive Income in respect of the plan are as follows:

	2025 Total £’000	2024 Total £’000 (344) (344) 938 (743) (18) 177 1,301 - 81 (332) (1,375) (325)
Amounts included in staff cost Current service cost Past service cost Total Amounts included in investment income Amounts included in interest costs Administration expenses Net interest cost Return on pension plan assets Other actuarial losses on assets Experience gains/losses arising on defined benefit obligations Changes in assumptions underlying the present value of plan liabilities Adjustment recognised in actuarial gains to cap Amount recognised in Other Comprehensive	(400)
	(400)
	1,020 (759) (12)
	249
	607 - (155) 1,922 (2,733)
	(359)

Local Government Pension Scheme

Movement in net defined benefit liability during year

*Movement in net defined benefit liability during year*
Net defined benefit liability in scheme at 1 August Movement in year: . Current service cost . Employer contributions . Net interest on the defined liability . Changes in impact of asset ceiling . Actuarial gain Net defined benefit liability at 31 July	2025 Total £’000	2024 Total £’000
	(400) 510 249 (7,644) 7,285	(344) 492 (5) (4,911) 4,768
	-	-

Richmond and Hillcroft Adult and Community College

Notes to the financial statements 31 July 2025

16 Defined benefit obligations (continued)

Asset and liability reconciliation

*Asset and liability reconciliation*
	2025 Total £’000	2024 Total £’000
Defined benefit obligations at 1 August Current service cost Interest cost Contributions by Scheme participants Change in demographic assumptions Experience losses on defined benefit obligations Changes in financial assumptions Estimated benefits paid Defined benefit obligations at 31 July	15,222 400 759 126 78 155 (2,000) (515)	14,962 344 743 114 (34) (81) 366 (1,192)
	14,225	15,222

Changes in fair value of plan assets

*Changes in fair value of plan assets*
	2025 Total £’000	2024 Total £’000
Fair value of plan assets at 1 August Interest on plan assets Return on plan assets Other actuarial losses Employer contributions Contributions by Scheme participants Estimated benefits paid Administration expenses Fair value ofplan assets at 31 July	20,133 1,020 607 - 510 126 (515) (12)	18,498 938 1,301 - 492 114 (1,192) (18)
	21,869	20,133

17. Related party transactions

Owing to the nature of the College’s operations and the composition of the Board being drawn from local public and private sector organisations, it is inevitable that transactions will take place with organisations in which a member of the Board may have an interest. All transactions involving such organisations are conducted in accordance with the College’s financial regulations and normal procurement procedures. Transactions with the DfE are detailed in note 1.

The total expenses paid to or on behalf of the members of the Board during the year was £nil (2024: £nil).

No Board member received any remuneration or waived payments from the College or its subsidiaries during the year (2024: £nil).

For the financial year ending 31 July 2025, income totalling £649.35 (2024: £1,051.50) was received from Brentford FC. A spouse of a board member is a director of Brentford FC. At the year-end, there were outstanding amounts of £0 (2024: £1,051.50) included within debtors. These transactions were conducted at standard rates and terms.

Richmond and Hillcroft Adult and Community College

Notes to the financial statements 31 July 2025

Tuition Fees payable by Board members are on the same basis as all learners, and therefore an exemption has been taken for a detailed disclosure.

18. Learner support funds

Learner support funds
*Learner Support Funds*	Year ended 31 July 2025 £’000	Year ended 31 July 2024 £’000
Other Learner Support Funds (Advanced Learner Loans Bursary) Grant received – current year Less: Disbursed to students Less: Administration fee Less: Retained income Underspend for theyear	50 (17) - (23)	55 (52) (1) -
	10	2

Funding body grants are available solely for students. In the majority of instances, the College only acts as a paying agent. In these circumstances, the grants and related disbursements are therefore excluded from the Statement of comprehensive income and expenditure.

Richmond and Hillcroft Adult and Community College

Contents

Legal and administrative information

Key management personnel, and professional advisors

Key management personnel

Gabrielle Flint, Principal

The College’s solicitors

Internal auditors

Bankers

Strategic Report 31 July 2025

STRATEGIC REPORT

1 Objectives and Strategy

Legal status

1.1 Mission

1.3 Strategic plan

Strategic Report 31 July 2025

STRATEGIC REPORT (continued)

Strategic Report 31 July 2025

STRATEGIC REPORT (continued)

1.4 Financial objectives

2. RESOURCES

2.1. Tangible

2.3 People

Strategic Report 31 July 2025

2.4 Reputation

3. STAKEHOLDER RELATIONSHIPS

3.1 Engagement with employees

Strategic Report 31 July 2025

STRATEGIC REPORT (continued)

3.2 Engagement with suppliers, customers and others in a business relationship with the College

3.3. Promoting the success of the College to achieve its purposes

4.

PUBLIC BENEFIT

5. DEVELOPMENT AND PERFORMANCE

Strategic Report 31 July 2025

STRATEGIC REPORT (continued)

5.2 Cash flows and liquidity

Strategic Report 31 July 2025

STRATEGIC REPORT (continued)

5.3 Taxation

5.4

Reserves

5.5 Streamlined Energy & Carbon Reporting

STRATEGIC REPORT (continued)

Strategic Report 31 July 2025

STRATEGIC REPORT (continued)

6. FUTURE PROSPECTS

6.1 Future developments

6.2 Financial Plan

6.3 Treasury policies and objectives

6.4

Reserves

Strategic Report 31 July 2025

STRATEGIC REPORT (continued)

7. PRINCIPAL RISKS AND UNCERTAINTIES

7.1 Government funding

Strategic Report 31 July 2025

STRATEGIC REPORT (continued)

7.2 Income diversification

7.3

Learner engagement

Strategic Report 31 July 2025

STRATEGIC REPORT (continued)

7.4 Long term financial sustainability

STRATEGIC REPORT (continued)

8. KEY PERFORMANCE INDICATORS

8.1 Payment performance

9. EQUALITY DIVERSITY & INCLUSION

Strategic Report 31 July 2025

STRATEGIC REPORT (continued)

The College’s Equality, Diversity and Inclusion Policy is published on the College’s web site.

Strategic Report 31 July 2025

STRATEGIC REPORT (continued)

10. ENVIRONMENTAL SUSTAINABILITY

Strategic Report 31 July 2025

STRATEGIC REPORT (continued)

11. TRADE UNION FACILITY TIME

12. GOING CONCERN

Strategic Report 31 July 2025

STRATEGIC REPORT (continued)