Whltelands College Annual Report and A¢¢ounts 31 July 2022 Ch8rfty Reg￿traI￿n Numb8r 312937 Conlonts R•ports Reference and admlnlstrallve dètails of thg ¢harity Report of the Governing Body Indep8nd&nt auditor's report 10 A¢¢ounts Statement of financlal acovitiès 14 Balance sheet 15 Sl8t•m8nl of cash flows 16 Principal accounting policies 18 Notes lo the accounts 22 Whilelands Collegg Referenu and administrative dotails of the charity Tho Colly Truslo• Whilelands Colkge Foundation (The) Go￿rnIng Body ot Whltelands College (Govemlng Body and directors of Tho ¥Vhlt¢land8 C¢trllege Foundatlon. tho Coll•g• Truste•} Dr P Chadwick Dr loannis Fronimos Mr C Hughes Ms J Munro Rev Dr M Parsons Dr D Muir Rev J Rey Mr MLA Coopor M5 L JaGkson Rev Dr D Eshun Mr P E Lockett Ms A Hassan Chi•f Executlv• Offlc•r Or D Muir Company Socrotary Dr G Turner Princlpal addr•ss Parkslead Housg Holybourng Avgnue London SW154JD Charlty ro9lstratlon number 312937 Auditor Goodman Jones LLP 29-30 Filzroy Square London W1T6LQ Bankers Allie(I Irish Bank plc 10 Berteley Squar8 London WIJ 6AA Whrtelands College Referon¢e and adminlstrative details of the charity Investment manage CCLA Invgsimant Manaygm8nl Limilad Senator Hous8 85 Quoon Victoria Street London EC4V 4ET WhTlelands College Report of the Govemlng Body Year lo 31 July 2022 The Govemors of Whtt8lands College, who are the directors of the Corporate Trustse, Whllelands College Foundallon, h8r8in after rofarrad to as the Colleg9 Trustee, pr98enl thelr slatulory raport together with Ihe accounts of Whlt8lands College (The Collogel for the year ended 31 July 2022. Whilelands College Foundalion, The College Trustee, is a company limited by guarantee and incorporated in England and Wales Ir8gisl8red number 009640441 whose regtstered office is at Whilelands Collep. The accA)unts have been prepared in accordance with the a¢counling poI￿leS sel out on pages 18 10 21 of the attached accounts and Comply wllh the charity's trust de8d, applicable laws and the requirements ol Accounting and Reporting by charfl￿s.. Slalemenl of Recommanded Practl¢e applKabla to charities preparing their accounts in ac￿rdance wilh the Financial Rèportin9 Standard applicable in the Unite¢J Kinglom and RÈwblic of Irèland {FRS 1021. Structurg. govgrnanco and managgmgnt Govemance and organlsatlon The Colleg8 was founded by a L6as8 dated 20 July 1849 and Is now gov8med by a Charity Commission Schemè made on 5 October 1978 as Var￿.. by an order of th8 Charity Commission mada on 15 March 2004,. by resolutions of the College Trustee dal8d 9 March 2020,. and by a scheme of the Chafity Commission datad 5 January 2021 (the "Governing D¢xumonl'l. Under the Gov8rning Documgnl, tho Colloge Trustae is appointod Charity Trustee ol the College. Revis&d Articles ol Association We￿ adL)Pted by Whilelands Foundation (The) (the College Trustèe) by special r8solution in November 2019. Whilelands College 15 a regi5tsred charity Icharily Registration Number 3129371 and is affiliated to Ro@hamplon University, Ilhe UnNersityl under a Deed of Adherence. The latest Deed of Adheren¢e is dated 26 Nov8mber 2012. Whilelands College Foundation IThel manages th8 affairs of Whitelands College by appolnling Individuals, collectively called the Goveming Body. lo act on ils bghalf. Whitelands College Report of the Goveming Body Year to 31 July 2022 Structure. governance. and manaymont Directors (Gov•rnors) of the Corporate Tru$t8e Th8 GOv6m￿S of the Corporate Trustee dunng thè year endèd 31 July 2022 wère as fc41ows: Th• Gov•rning Body Or P Ch8(Iwi¢k Dr loannis Fronlms Mr C Hughes Ms J Munro Rev Dr M Parsons Dr C Ross lunlil 1 August 2022) Dr D Muir Rev J Rey Mr MLA Cooper Ms L Jackson Mr J Patel Ifror77 1 Septèmbèr to 30 Junè 2022) Rev Dr D Eshun Isince l Docembor 20211 Ms A Hassan (since 1 July 20221 Mr P Lockett (sincè 1 Au9usI 20221 Governance Th8 Govèrning Body is responsible for ensuring the effective management of Wl)itolands College lo achievè and dèvèlop its strategic objèctiv•s and for planning ils future. Th8 Governor8 are nominated as set out in the Articles of Associab'on and initially appointed for a term of three years. A ￿tirIng Governor 15 eligible for re-no￿1nJtl0Th. No Govemor may servg mDre than three t8rms. Ms J Munro has served for three tsrm5 10 ènable the govemance review lo be completed. Apart from ils stalulory responsibililies as described below. ils primary resF)onsibiliti8s includo the following.. To apwove the mission and Strateg￿ vision of the College. • To delegate authority lo Ihe Principal or Head of Collèga, as chièf frxeculive, and lo keep under r8yular review the policies and procedures undertaken by Ihg Principal or Head of College. • To ensure thè Èstablishment and monitoring ol systems of control and accountsbility, including financi81 and op&r8tion81 risk assessmonts. To ensure p￿￿eSseS arg in place lo monitor and evaluatè perfom)ance and effectiveness against key perfomiance indicators. • To establish proG8ssas to monltor and gvaluate the perf0m￿nCe and effe¢tNengss of Ihg Goveming Body Ils81f. • To safeguard the good nama and values of Ihg College. Whiteland8 Coll￿8 Report of the Govemlng Body Year to 31 July 2022 • To appoint the Principal or Head of College and put in place suitable arrangements for monitoring hislher performance. • To appoint a cberk or secretary to thè Govaming Body and to ansur8, that If the person appointed has managerial responsibilities in the College, there is an approwiats Sgparation in the lines of accountsbility. • To be the College's legal authorrty and ensure that syslems ar8 in placè to meet the College's legal obligations. To ensur9 that the College's Gonslttution is followgd at all tim9s and that appropriatg advice is available lo enabl8 this lo happon. The Goveming Body is also required to nominate iwo individuals to serve as directors on the University Council. All nornin8es are given information on the College's conslilulion and up- l¢>dale information regarding ils perfom8n¢e and financial slalus and are iThJucted by the Chair of Governing Body and the Head ol College. The ind￿tIOn indudès provKling background on the College's history, purpose, and fi'nancès. Statomont of rgsponsibilities of thé Govèrnor$ The Governors (who are the diiectors of the College Trustee and act as the trustees of th9 charity under the Charities Act} are responsible for preparing the Annual Report and accounts in aceord8nce with applicable 18W 8nd United Kingdom Iknerally Accepted A¢¢ounting Practic8. Thg law applieabl8 to charities in England and Wales requlres the Goverr)ors lo pr8par8 accounts lor each financial year whKh give a true and fair view of Ihe slate of affairs of the charity and of the income and expenditur8 for that period. In proparing these a¢counls, the Governors are required lo.. • Sele¢l suitable accounting polic*s and then apply them consislenlly,. • Observe the methods and principles in Accounting and Reporting by Charilies: State￿ent of Recommendgd Practicg appli¢af)18 lo Charities preparing their accounts in accordance with the Financial Reporung Standard applicablg lo the United Klngdom and Republic of Ireland IFRS 102}'. • Make judgements and èstlmate8 that are ￿SOnable and prudent.. • Stale whether appli¢ablg Unitod Kingdom A¢wunling Standards have been followed. subject lo any material departures disclosed and explained in the accounts,. and • Prgparo the accounts on the going concern basis unless it is inappropriate lo presum that thè charity will continue in opèration. The Governors are responsiblè for ke8ping proper accounting re¢ord$ that disclose with roasonable accuracy al any lime the financial posillon of the charity and enab￿ them lo enSll￿ that the aecounts comply with the Charities Act 2011, the Charity (Accounts and Reports) 2008 Regulations and the provisions of the trust deed. They are also responsible for safeguarding tha assets of tho charity and hgnce for taking r8asonablg steps for th prevention and d@tectK>n of fraud and other iryegularilie$. Whll8lands College R¢port of th• Governing Body Year lo 31 July 2022 Kèy manag•ment personnel Th8 Governors consider that they comprlse the key management of the Coll8gg in tharge of dlredng and conlrolllng. running and operating the College. Rev Dr Davld Mulr was tha director of the Corporate Trustee and responsible for the day-to-day operations of the College during the financial year ending 31 July 2022. None DI the Governors of Vvhilelands College Foundalion. thè Colly Truslo8, received any remuneration or reimbursèd èxpanses in respeclollheirsetvices from the Whitelands Collego during the year12021 none). Risk management A framework lo manage strategi¢ risks is in place, which calegorises risks as Imgh, medium, or low ￿Ve1 covering the likelihood and impact of each identified rlsk. The Governing Body has assessed the major risk5 to which thè Co1￿9• is exposed. in particular those relating to thè spècific operational areas of the College, ils properties. ils investments. its loan covenants and finances generolly. Under th9 Il¢enca and managoment agreement with the Universlty, th8 Univ8rsity is r8quirod lo manage the risk of damage lo the property and or assets and the risk of breaching the loan covenants. The Governing Body receives conf1m)at￿n from the University that it has an appropriate risk register and systems in pla¢È to Ènsure that risks are managed, and these are revi8wed each year by the aLKlil committee and the loan ¢ovenant is reviewed al each mgeling of the College Trustee lo ensur9 that th6re is no brgach of the conditions attachlng lo the loans. Goveman¢o Risk managèment The Governing Body bèlièves that by monitoring reserve levels, by ensurtng controls exist over k8y financial systems. and by exafllining the opwational and trtjsiness risks faced by the College. they have established effective systom$ to mitigate those risk5, Public bonofit Thè Govèmors confimi Ihal they have releTred lo the guidance issued by the Charlty Commission public benefft when reviewing the aims and objectives of the College and planning future aclivilies. ObJ8ctlvos Th@ objact of Ihe College is the provision, C¢)nduct and development of a college for higher and furthèr education of man and women, including, in particular bul wilhoul projudlcg, th8 training ol persons intènding trj b8com81gach•rs. The College continues lo fulfil its chariiablè objec15. Whitelands Collège Report ofthe Governing Body Year to 31 July 2022 The Mission Statement of Whilekgnds Colleg& Foundalion, the Corporate Trustse, statas: Whitelands College Foundafvon Is an Anglican Foundation with a long Iradilion and is an integfdlp8rt of th& Unwersfy of Roehamp¢on. Itlhu& off8rs a distinctive expariencg of higher educ81ion 10 8 wide range of people pursuing a¢8demic excellence in a community where justlc9 and Ihe values of r&sp8cI, canng, Sèkvicg, oponn8ss, and p$rsonalinlogrily are fi￿lY upheld. Activities The main acbvty of the Collfjge since 2012 is the ownership of the land and buildings which are occupied by a constituted collo98 of the Universlty of Ro8hampton under a Ilcence lo occupy. The University continues lo train men and women for th8 leaching profossion and for a ran9e of degree couises validated by the UnTrvèrsily ol Ro8hampton. The Collegè fulfils ils charitable objects through such an occupation. The Charity Commission Schgmè of S October 1978 allows sums ol cash bèlorbging lo Whilelands College and not needed for immedlat8 working purposes to be Inv8Sted at any lime in the nam8 of Whilelands College Foundatlon unless the Charltles Comwlllssion8rs otherwise direct. However, it is the current intent￿n that Whilelands Colleg9 FoundatKin acts purely 8S the College Trusleo of Ihe College. Inv•$knont policy The charity has a portlolio of investments including cash hald by the investment managars of £1,832.017 {2021= £827.8791- Further details are provKled in Note 10 to th8 accounts. Thara ar8 no raslricts'ons on the College's tth¥er lo invest. The investment slratagy is sot by the Governing Body and takes into account income requirements and the risk profil&. The overall inveslmgnt prAicy is lo place investments in funds holding a mixed portfolio that have objeclives consistent with the Goveming Body s expectations. Investment poli¢y The Governing Body r8gularly reviews the invoslmonl strategy and the performance of the portfolio which achiev8d a total return of 1.72Vo on Ihg C8F Church of England Funds and cash balances. The Govgrning Body is satisfied that Iheir investment policy is being achieved in the longer-lerm. Financial rovi•w Flnan¢lal po$ftlon andperformance Those 8¢¢ounts show the financial posit￿￿ and parfomancfr of Whitelar)ds Colleg8. Whilelands Collegè has ended the year with net movement in funds, after inveslThenl gains and revaluations on h8ril¥ge assets of £799,98312021.. £361,948}. Income for the year lotallgd £695,945 I2021= £676,1571 and included £683,761 12021.. £667,000) from the Roehampltsn University as an annual payment for occupation of premises and inltsresl earned on investments and cash balancès of£12.184 {2021.' £9,157). Whitelands Collgg& Roport of the Governlng Body Year lo 31 July 2022 Expènditurè for tha year totalled £569,801 12021.. £592,252). Tangible fixed assels at the year-end tolallad £14,995.85612021.. £15,340,756) and heritsge assets lolalled £2,573,700 12021- £1,893.1801- Thè fixèd assal inv8stm8nts amounted to £1,832,01712021-. £827.6791 and indude investments with the Central Board of Finance of the Church of England ICBFI purchased several years ago for £30,000 which had a market valug at 31 July 2022 of £261,03012021= £267,711) and cash balances of £1.570,987 {2021- £559,968). RosafVOS Pollcy and Funds R￿#￿v0S policy The Governing Body's policy is lo relain sufficignl funds lo gnsure that Ihg charity's undertaking lo Allied Irish Bank plc in relation lo ils loan facFliliès arè not brè8ehed. In addition. the Goveming Body considers that it is prudent to relain sufficient liquid resources to servicè Ihg charlty's Obl￿atIonS under the loan agreemgnl for one year al £545.000 and also to rglain approxlm818ly £700.000 to maèt any capital inv8Stmènts. This gives a requirernent lo hold total funds of approximately £15.2 million. The reserve8. polw was m81 throughout the year and al the balance Sheet dale. Funds Total fund8 8131 July 2022 amountéd trj £16.385,923 12021.. £15,585,940) and include tangible fixed ass8ts fund of £11,134,774 12021.. £11,151,5811 and designat8d funds amounting to £2,573,70012021'. £1.893,1801. The designated fvnds are a heritage assetfund and arè dèlailed in notè 17. The tangibla fixed assol fund represents the r)et book value of langible fixed assets used in the day-to-day work of the College less the bank loans. The College Truslee has desyn8tèd thesè funds as they are not 8vailable for worklng capital.. Al 31 July 2022, the balance on General fund was £2.677,449 {2021.. £2.541,179}. In Ihg opinion of the Iruslees, these ar9 sufficienl lo cover any contiroencies. Th& loan covenants with A115ed Irish Bank fgquire total funds amounting lo a minimum of £14,000.OI>O and the ratio of gross cash flow from operating aclivities to debt service costs is al 1.2'.1 or above. Both covenants have bepn m8t in the financial year ended 31 July 2022. The Governing Body confirms that the funds are held in a¢¢ordance with Ihg fes9rv9$ policy and that the fLJnds availabl& lo the charity are ad8quale and not eX￿SsIve. Subsequant lo the year end. the Charity's loan facililles wllh Allled Irish Bank plG were Iransforrod lo Alllca Bank Llmiled undor a Dged of Novalion dated 10 October 2022. Fundraising policy Tho Colle90 do•s not currently subscribe to any fundraising standards or schemes but aims to achieve best practice in the way in which it communicates with donors and olher5UPPOrtèrs. Whllelands College Report of tho Governlng Body Year to 31 July 2022 11 lakes carè with both the tone of its communications and the accuracy of ils data to minimise the pressures on support8rs. It appll&s best practicg to protect supporters, data and never solls data, il n8v8r swaps data and gnsures that ¢ommunlcation praferencos can bo changed at any time. The College manages its own frjndraising actiVTiies and does not employ the seNiees of professional fundraisers. The charity un¢Jertakes lo rgacl lo and investigate any ¢>Jmplainls rogarding its fundraising activities and lo leam from them and improve ils service. During the year. the College did not carry on any fundraising activities and received r mplaints about its fvndraising activities. Plans lor future periods The College plans to continue lo provide the College premises foroccupation by Roehamplon Unni8rsty and to service the bank loans in ac¢ordance with tho terms agreed with the bank. Audilors Durtng the period. Goodman Jones LLP have indicated Iheir willingness to remain in tsfficè for the next financial period. Each of tho persons who are Iruslges atthe lime when this Ttuslees, Report is approved has confim)od that.. so far as that trustse is aware. there is no relevant audit infomalion of which the charitys auditOTS are unawaro, and that trustee has laken all slaps that ought lo have been taken as a trustee in older lo be aware of any relevant audit inform8tion and lo establish that the ¢hariVs audilors are aware of that infomiation. Approvad by the Governors and signed on Ihèlr behalf by.. Dr P Cha(Mlck Dirgctor of the Whttelands College Foundathjn (rho) and tho Trustee of Ihg Whilolands College. Approved by the Governing Body on.. 30-01-2023 Whrtglands College Independonl audltoes report Year to 31 July 2022 Ind•p•nd•nt #uditorfs r•port to tho Govornors of the Coll•gè Trust•0 of Whltelands College Ithe charltyl Opinlon We have audfted the acrKJunts financial statsmenls ot Whitelands College (the 'charity'l for the year ended 31 July 2022 wh￿h comprise Ihe statement of financial activr(￿s, the balance sheet, the 51atsment of castr flows and notes lo the finanrial slalgments. including a summary of significant accounb.ng policies. Thg financial reporting fra￿￿work that has been applied in their p￿paratiOn is applicable Lgw and United Kingdom Accounting Standards. including Financial Reporting Slandard 102'The Financial Reporting Stsndard applicabl8 in the UK and Republic of Irgland, Iunited lQn9dom Generally Awpted Accounting Practh"ce}. The financial stslemenls have been prepared in accoidancg with A¢￿￿ntIng and Reporting by Charitios proparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities.. Statament of Recommended Pra¢tice120051 which is referred lo in the oxtanl regulation5 bul has been wtthdrawn. This has been th)ne in order for the accounts to provide o true and fair view in act0rdar￿e with the Generally Accepted Accounting Practice effective for reporting periods beginning Dn or after 1 January 2015. In our opinion the financlal statements.. give a true and fair view ol the siata of the charitys affairs as al 31 Juty 2022 and of its incoming rèsources and application of ￿soLIrt8S for th& year then ended., have been property prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and havo bgen prepared in accordance with the requirements of the Charities Act 2011. In auditing the financial stalemeNs, we have concluded that tho Truslees. use of the going concern basis of accounting in the preparation ol the financial slatements 15 appToprial&. BasÈd on the work we have performed. w8 have not identified any material uncèrtainties r8181ing to 8venls or condition5 Ihal, individually or ¢olleclively. may cast sig[)if￿an1 doubt on the charitable ¢ompany's ability to continue as a going cone8m for a period of at least fv48lv8 months from when the financial statements are authorised for issue. Our rgsponsibilities and the responsibilities gf th9 Truste8s wth respect lo going concem are described in the relevant sections ol this report. Whitolands Colleg8 10 Ind8pgnd•nt auditor's report Year to 31 Juty 2022 Basls for oplnlon WÈ conducted our audit in accordan￿ with International Stand8rds on Auditing (UK) IISAS IUKII and appl￿able1sw. Our r8sponsibilities under those standards are further described in the auditor's responsibiliti&s for the audii of lh8 financial stalomgnls $•cb"on of our ￿pOrt. We are independent of the charity in accordance with the ethical requirements that are relevant lo our audit of Ihe accounts in the United Kingdom. including the Financial Repjrting Council's Elhtcal Standard, and w8 havo fvllilled our other ethical responsibilities in a¢cordan¢e with these requirements. We believe that the audit evidence we have obtained is sufficient an appropn8tè to provide 8 basis for our opinion. Conclusions r•latlng t¢ going ¢on¢*rn In auditing the financial stalemenls, wè have concludad Ihat the direclorfs use of the going concern basis of accounting in the preparation of the financlal ststsmgnts is appropriate. Based on the work we have performed, we have not idgnlifi¥d any material uncertainlie5 rèlating to èvents or conditions that, individually or collèctively. may cast significant doubt on the company's ability to contsnue as a going con¢em for a period of at least ￿e1ve months from when the financial statements are aulhorised for issue. r8sponsibilitEs and th8 responsibiliti8s of the directors with respact to going conc8rn are described in th& retevanl ￿tiOnS of this report. oth•f infomiation Thè other information comprises the infctrmallon Included in the Annual Report other than the fi'nan¢ial statemgnts and our Auditors, Report thereon. The Tiuslees are responsible for the ott)er information contained within the Annual Report. Our opinion on thè financFal slataments does not cover the tstber information and, except lo the exlenl otherwise èxplicitly stated in ur raport, we do not express any form of assuranc& conclusion Ihereon. Our responsibility is lo ￿ad the othèr information and, in doing so. consider whelhor Ihg olhgr infomiatrln is materially incon5151ent with tho financial statemènts or our knowledge oblained in the ctsursè ol the audit, or otherwise appears to be materially misstated. If we identify such material inconsislenci88 or 8ppar8nt material rnisstalemenls, we are required to delerming whether this gives rise to a material misslalemènt in the financial statements themselves. If, b8sÈd on the Work wè have perfomied, we conclude that there is a material misstatement of this other information, we arg required to report that fact. We have nothing to report in this regar(l. Whrtelands Collegè 11 Indopendont auditorfs report Year to 31 July 2022 Matt•rs on which we are requir•d to roport by excoption We have Mlhing to report In respecl of the following matters where the ChaTit*s (A¢￿Unts and Reports) Regulations 2W8 requi￿$ requir8s us Io TeFX)rt to you rf, in our opinion.. • the infomiation gNen in the report of the Gov8ming Bo(ty is inconsist8nt in any mal8rial resp￿1 with the financial stat6m8nts,' or sufficient accounting r8cords have nol been kept., or tho financial statements are not in agreement with tho accounting records and returns,. or + we have rKJt roc&lv8d all Ihe informalKJn and explanations we require for our audit. R•sp¢n$ibiliti•$ of the Gov•rnors As explained more bjlly in th6 Statsmenl of responsibilities of the Govemors, Ihe Govemors (who are the Govofnors of the College Trusleel are rgsponsible ft)r th* preparation of the financial slalèmènts and for being satisfied that they give a true and lalr view. and for suGh intem81 control 8s Ihè Governing Body determines is necessary lo enable the pr9paration of financial slalemenls that are free frE)m maierial mtsstal@menl, whether due lo fraud or èrror. In prep8ring the financial statements, the Governots are responsible for assessing th8 ¢harty's ability to continue as a going concern, disclosing, 8$ applicable, matters related lo going concern and using Ihg going concern basi5 01 accounting unle55 Ihg Governing Body and the College Trustee either intend to liquidate the Charity or lo cease operations. or have no rèalistic alternative bul to do $0. Audito on Investments Revaluation on heritage a5se15 Inte￿$t payable Investment income Decreas8 1 lincrèasel in debl¢ys (Decreasel l increase in creditors N•t ¢ash providod by op8r8ting •¢tivlth8 799.983 361,948 344,900 344.900 6.681 134,8631 1680,5201 1243.1801 213,665 182,T541 112.1841 19,1571 116,7611 55.600 123.7481 16,216 632,016 408,710 B Analysis of cash and ush equivalents 2022 2021 Cash al bank and in hand Cash hdd by investrnent managers Total cash and cash equlvaFents 853.791 1.570.987 2,424,778 1,762.367 559,968 2,322,335 Whitelands College 17 C N•t dèbt recon¢llatlo At1Aug 2021 ¢￿h Ilow At 31 July 2022 Mov•m•At Cash at bank and In hand 1.762.367 1908.5761 853,791 Cash hgld by Inv•stm•nt managorn 559.968 1,011,019 1,570.987 2.322.335 102,444 2,424,779 Loans tslling du• wlthin on• y• 1328.6131 13.860,5611 117,3191 345,412 1345.9321 13.515,1491 13,861,081) Loans falllng duD aft•r mor• than ong y•ar 14,189.1741 328.093 Total 11,866,839) 430,$37 11,436J021 Whilalands Colloge 18 Pilnclpal a¢¢ounling poli¢io$ 31 July 2022 Goneral Information Whilelands College is an Unincorporat￿ eharity registered wilh the Charity Commission in England and Wales under charity number 312937. The main a¢livilies of the charity are Ihe own8T8hip of lar￿ and buildi￿g$ occupied by a ¢on$liluled colloge of Roghamplon University as noted in the Trustees, Report on page 6. The College's principal address is Parkstead House, Hdyboumè Avenue. London. SW15 4JO. The principal aw)unling policies adopted, judgements and key SOUlGes of pstiwnation uncertainty in the preparation of the accounts are laid oul below. Bas1$ of a¢oountlng Th&se accounts have been prgpargd for the yaar to 31 July 2022 wilh comparatwe Informatlon provldad for Ihe yoar to 31 Jdy 2021. The accounts have been prepared under the historical cost convention with items re¢ognised at ¢ost or transaction value unless otherwise stated In the relgvant accounling poliGies below or the notes to the56 accounts. The accounts have bèèn pr8par8d in accordance with Accounting and Reporting by Charities.. Stat6￿nI of Recommen¢J8LI Practk8 applicable trj charities preparlng Ih8ir accounts in accordarbce wlth th8 Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP FRS 1021 effoclive 1 January 2019, the Financial Reportin9 Standard applicable in the UK and Republic of Ireland IFRS 102) and the Charities Act 2011. The College ¢onstriules a publlc benefit 8ntity as defined by FRS 102. The a￿ountS are presented in sterling. the functional currency of Ihe charity and amounls are rounded to the rne8￿$t pound. Crltlcal ac¢ountlng gstlmates and areas of ludgement The items in the a¢counts where a judgement and estimate have been made a￿ in estimating the useful economic life of tangible fixed assets used lo calculate the deprecialion charge and the value of heritage assets included in the balance sheet. Whrtelands College 19 Pfincipal accountlng pollcles 31 Juty 2022 A¥sè$smont of golng conc•rn Thè Gtsvèmors have assessed whether the use of thg going concern assumption is appropriatè in prÈp8rin9 th8s8 accounts. The Govemors have made this assessment in r95pacI lo a poriod of al least one year from *h8 dat8 of approval of these 8¢counl8. Thg Governors of the College have concluded that Ihèro are no material uncertainties related lo events or ￿nd￿tionS that may cast significant doubl on the ab￿Trty ol the College to continu8 as a going concem. The Govemors ar8 of the opinion that the College will have sufficient resourcgs to meet ib liabilities as they fall due. most significant areas of judgement that affect items in the acwunls are the continued abdity of Ihe University to make the annuAI payment to tha College and for thè College lo service th& loan facility P¥OVhled by Ajlied Irish 8ank pl¢ and megt the k)an covenants. As the annual paym9nl payablo by the Vnwersty is basèd on the Colloga's èslimat8d payments for the financial year, the risk of the College not being able lo meet ils liabililios as they fall due is reduced. With fegard5 to the next accounhng pèriod, the year ending 31 July 2023. the onty area that affects Ihe carrying value of the assgts hèld by the Collage Is the level of investm6nl relurrb and the performance of the investmenl markets. The value of the invèstmènts held in unitis8d funds is not significant lo the assossmenl of Ihg financial viability of thè College. Income r6cognltlon Income is recognised in the period in which Ihe ¢harty has enlillefnent lo tre income and the amount can be measured reliably and rt is probable thal the income wll be received. Income is deferred only wh8n the charity musl fulfil conditions before becoming enti11gd lo It or where th8 donor Of fvnder has spècifi8d that tha income is to be expended in a fijturè acetyjnting period. Income comprises an annual payment receivable from Roeharnplon University for occupation of the ¢0119ge premises. investment income from listed investmenls and interest re¢eivable. The annual payment is recognisod in accordance with the licence and management agreement with Roehampton University and lo the extent Ihat it is probable that the economic benefits will flow to the Collgge and the revenue can be meaSUTed Teliably. Incomo from Ilsled Invgstmenls is rgcognissd onc8 the dNid8nd has been d8clar8d and nolificalion has been recèNed of the dividend due. Ineome from all investments is acccNJnled for only when the receipt of such income is probable, and Ihe amount can be measur@d rgliably. Interest on fund5 held on dèposit is induded when receivable and the amount can be measured rellabty by the ¢harity: usually uporb notrfi¢atlon of the interest paid or payable by the bank. Expenditure recognltlon Liabilities are recognised as expénditure as Soon BS the￿ is a 18gal or tonstru¢twe oblig8lion committing the charity lo make a payment to 8 third parly,. it is probable that transfèr of economic b&nofits will be requir&J In Sottlemenl and th& amount of tho obligatb)n Whilelands Colleg8 20 Prlnclpal accounting pollcies 31 July 2022 can be mgasur8d rgliaiAy. l exppndilur8 is accounted for on an accrua15 basis and indud8s any attributable VAT which cannot be recovered. Expenditure on charitable activities includes all costs associated with furthering the charitable purposes of the charity through the provision of College premi$¢s for educational use. Such costs include the Costs of seryicing the bank loans, the deprociation of the freehold and leasehold premise5, gov8m8nc8 costs and other cosls. Tangible fixed assets AJI assets costing MO￿ than £250 and with an expectod use￿1 life exceeding one yèar arè capltallsgd. a. Freehold land and buildings Freehold properties used for the direct Gharitable work of the charity are induded in thes& accounts at cost al the dale of acqui51tion or conslruGlion 109ether with the cost of additions and improvements to dale. Freehold buildings ara depreciated from the dale they are brought into USÈ at 8 rata of 2Y• per annum on a straigh14ine basis In order to write the buildings off over their 8stim818d us8ful 6conomic1rf8 lo the charty. Frgohold land isn't d8pr8cial8d. b. Leasghold land and buildings Leasehold land and buildings have been included at cost less a provlsion for impairment and are amortised from dale they 8ra brought into use over a period of 50 years. Cost includès loan interest incurred lo fund construction prior to the assets being brought into use. Where tangible fixed assels are acqulred with tho aKI ol specifK grants they are eapttalised and depreciated as above. An impaimiènl reV￿W in respect lo a particular class of asset is carried oul if events, or changes in circumstances, indi¢ato that tha carrying amount of any tangible fixed asset may not bè rècoverable. Heritage a5s9ts Herila9e assets have hisknic. arb"stic, sclenlific, lechnological, geophysical or &nvironmentsl qualities are held and maintained principally for its contribution lo knowledge and culture. The College holds artefacts which h3v8 been classified as heritage assets, and th8se have been recognised in thè accounts at valuation using information, eviden¢È, 8rKI valuakn'ons obtained from professional expert5.. Whilglands Collegg 21 Principal accounllng pollclgs 31 July 2022 Llslgd inv8stm•nts Llst8d inveslmenls are a form of basic financial instrument and are inilkglly r8cognis8d al Iheirtransa¢lion value and subsequently maasured at their tsirvalue as at thè bal8n(* sh8è1 dat8 using th8 closing quoted market price. Unrgali$9d gains and losses are calculalgd as thg differgnog bghvgén the fair value at the year end and their Carrying value al that date. Realised and unrealised investment gains lor1055esl are combined in the statèmènt of financial activities and are credited (or debiledl in the year in which they aris81. Debto¥s Debtors are rec4)gnised at their settlement amounl, less any provision for non-recoverability. Prepayments are valued al the amount prepaid. They have been discounted to the present value of tho future cash receipt where such discounting Is materlal. Cash at bank and In hand Cash al bank and in hand represgnts such accounts and instruments that a￿ availabl& on demand or have a maturty of less than three months from the dale of acquisition. Cr•dltors and provisions Creditors and provisK)ns are fecognised when there 13 an obligation al the balance sheet date as a resull ol a past event, it is probable that a Iransfer of economic benefit will be reqUI￿d in settlement, and the amount ofthe settlement can be estimated ieli8bly. C￿￿￿torS and provisions are recognised at the amount the charity ant￿Ipate$ rt will pay lo setue the d9bl. Fund accounting Ttie designated funds are monies set aside out of unrestricted frJThl$ ar)d designated for Specif￿ purposes by Goverllors. General funds represent thosa unr?stricl•d monies which are freely avaiLable for applic8tiDn towards achieving any charrtable purpose that falls within the charity's charitable objects. Both the general fund and designated fvnds are un￿StriCted. Whilglands Collegg 22 Notes lo accounts 31 July 2022 Income from: charilablg 4¢tlvltig$ 2022 2021 Annual payment 683,761 667,IX)O The annual payment repr8sonts monies recelved from Roehampton Unlversty lor occupation of thg Collège prèmises. 2 Income from- Invostfflonts and Intor9St roceivable 2022 2021 Inve5tsnent I￿￿)Me- Th8 CBF Church of England Fund$ - Unit158d incom? fuwKIs . cash holdings 88nk Intorest 7.220 2,797 2.167 12,184 7,095 1,091 971 9.157 3 Exponditure on.. ¢haritabl¢ aclfvltlès- provlsion of C¢llogfr pr•misas for 8ducatlonal 2022 2021 D8preciation and arnortisation of buildings Loan interest Lègal and prolos$ion81 fe8S 344,900 213.665 1,800 560.365 344.￿)0 229.550 9.000 583,450 Support costs . Goveffhanc8 costs (note 4) . Bank charges 9,100 336 589,801 8,480 322 592,252 4 Govornan￿ cost$ 2022 2021 Auditorf5 fees linc1￿11r￿J VATI 9,100 8.480 5 Nel income I l•xp8nditurel and nel M0￿ment in funds This Is staled aft8r charging.. 2022 2021 Dep￿la￿On and amortl8gtiLKh charggs Inter85t on bank loans Auditorf5 remuneratlon lindLKllng VATI . Auéit services 344,900 213.665 344,900 229.550 9,100 8.480 Whilelands CoS18ge 23 Notes to accounts 31 July 2022 6 Employees and key manag•m•nt yrsonnel The College employs no staff. The Governors consider Ih8t they comprise the key managemènt of th8 College in charge of directing and conlrolling. running and operating the Col￿e. Dr D Muir was responsible for th6 day-to-day opewtions of the College. None of the Governors of Whilelands College FoundatKJn, the Cdlege Trustee, received any remuneration or relmbursed expenses in respect Df Ihgir 59rvi¢g$ during the year12021.. non91. 7 Taxation Whitolands College r& a registered charity and therefore is not liable to incomo tax or corporation lax on income derived from ils charitable activities, as il falls within the various exemptions available lo registered charititrs. 8 Tanglblg flx•d a$sots Freehold land and buildings Leas8hold land and buihjings Total At 1 August 2021 and at 31 July 2022 552,280 53,929,312 54,481.592 D•pr•¢latlon, amorfsatlon and knpalrment provi¥lon Al 1 Augusl 2021 Char9e year Al 31 July 2022 196.307 38.944.529 39.140.836 11,046 333,854 344,WO 207.352 39.278,384 39.48S.736 N•t book v8lu•s At 31 July 2022 At 31 July 2021 344.928 14,650,928 14.995.856 355.973 14.$84.783 15,340.756 Loas•hold land and bullding - Park$t•ad site On 1 May 2005 the acadèmic and residential leasehold sil&s w8r8 subigcl lo a professional impaimènt review by DTZ Debenham Tie Leung InlerriatK)nal Property Advisers. As a r8suIt of the rèstrictions on the use ol P8rkstè8d House, a value of £20 million on 8 reSIr￿ted lease basis was attributed lo the property resulting in a fall in value of £33,225,519 which was charged to expendllurg in 2005 and a further fall of £314.540 which was charyed to expenditure in 2006. Whilelands College 24 N¢)tes to acGounts 31 July 2022 9 H•r5tago assets Staingd glas5 windows Rer8dos ArtefaGts Tot•1 Valuation al 1 August 2021 Revaluation gains Valuation at 31 July 2022 200,000 300.000 500.000 950.￿0 254,000 1,204,000 743.180 126.520 869,700 1.893,180 680,520 2,$73,700 The Coll8ge Property. known as Parkstead House, incorporatès a number of Bume-Jones stsined gla>s wirKlows and the Cdlege also owns various rare artefacls which a ackno%￿@d9Èd to bè of historic importance an(1 which are rètained as part of Ihe College's heritage. Thè windows and artefaGts are deemed, therefore, lo be hgTitag8 assgts and havg bo•n included in the accounts al a valuation determined by the College Trustèe, with professional assistance. Such 8ss8ts ar8 not depr8ci8ted. Their value antl ¢onditvJn will be reviewed annually by the College Truste& who are satisfied Ihal their residual value is not less than their book value. 10 Flxod a$$el Inv8stmgnts 2022 2021 List•d Investments Market value 811 August 2021 Net unrealised investment Ilossesllgains Market value al 31 July 2022 267.711 16,6811 261.030 232.848 34,863 267,711 Cash held by imiostrnènt m*nag•rs 1.570.987 1,832,017 559,968 827,679 Cost of li5t8d inv8Stm•nts at 31 J￿Y 2022 30,490 30.49) Al investments are held in UK unilised funds and are dealt in on a recognised stock 8xchange. List8d inv8stm8nts comprise the following.. Markat valuo of holding Yo of total ptsrtfollo The CBF ChU￿h of England Fund$'. Inveslmenl Fund- Incorne shares Flxed In18rest Se¢uri1188 Fund- Income sharas 243,042 17,988 261.030 92¥, 8QA 100% Whilelands College 25 Nots$ to a¢¢ounts 31 July 2022 11 0ebt?rd 2022 2021 Amounts due from Roehampton Univewsty 16.761 12 Credllors: amounts falling duo vthhln on? yoar 2022 2021 Bank loarts (note 141 Accfuals University ol Roehampton Olher creditors 345,932 25.121 328,613 23,980 15,888 9,000 377,481 371,053 13 Crgdltors: amounts falling du• aftgr morg than one year 2022 2021 Bank loan (note 141 3.515.149 3,860.561 14 seCu￿d liabllltl•s- bank loans 2022 2021 Amounts falling duo as lollows". Within on8 y8ar Wilhin 2-5 y88rs . Aft8r 5 years 345,932 1.57T.872 1.937.276 3,515,149 3,861,081 328,613 1,497,857 2.362.704 3.860,561 4,189,174 The bank loans ara secured by way of flxed charges on the resKlentlal lar￿ and buildings of the College. The balance of £3,861,081 {2021.. £4.189,1741 includes three elemenls.. two fixed inloresl elements of £2.613,168 12021.. £2,831.6031 and £1,019,460 12021.. £1,104.1571, repayable by quarterly instslmenls. on which interest 18 chaiged at 5.5374 /. and 5.64740/D r98P8ctiv8ly,' and one variable interest olemenl of £228.45312021.. £253,4131, also repayable by quarterly inslalmenls, on which interest is chargèd at 8 rate of 0.6V. margin plus risk-adjustsd capital rate of 0.174%. Whllalands Collggo 26 Notes to accounts 31 July 2022 15 Vnrestrlcted funds The unrestricted funds indude the lollowing.. Net R&valuatKJn Al incom8 Transfers of herftage 1 August befor8 Inolès assets 2021 tran5f•rs 161171 (not8 91 un￿alISed gains and losses At 31 Juty 2022 Deslgnated (note 17 Tangibl• fixod assets fund {￿te 161 Generdl fijw 1,893.180 11.151.581 2,541.179 126.144 15,585,940 126.144 680.520 2.573,700 11,134,774 16.6811 2.677A99 16,6811 16.385.923 116,807 16.807 680.520 Net R8valuation At income Tcan6fers ol heritsge 1 August before Inoles assets 2020 transfers 161171 Unrealised gains and 10sse5 Al 31 July 2021 (note 91 Designated (note 171 Tangible fixed assets fund IrKJte 161 General lund 1.665.824 11,184,178 2,373,990 15,223,992 115,8241 132.5971 .48,421 243.180 1.893.180 11.151.581 2.541.179 15.585,940 83,905 83.9)5 34.863 34,863 243,180 16 Tanglblè flxèd ass•ts fund 2021 Al 1 August 2021 Transfer (note 151 At 31 July 2022 11,151,581 116.80n 11,1HYT4 2021 Al 7 August 2020 Transfvr {nole 15) Al 31 Jufy 2021 71,184.178 (32,597J 71. 151,581 The tangiblè fixed assets fvnd reprgsgnts the ng1 book value offreehold and leasehold land and buildings less related loans. The transfer ol funds rgpresents the net movement in Ihe yoar 8quating lo the depreciation charge less the eapilal element ol Ihe108ns rgpaid. Whitelands College 27 Notes to accounts 31 July 2022 17 Dosignatfjd fund The unrestrictÈd fvnds ol the college includé thè followw designated funds which have been sel aside by the Governing Body for specific purposes. At ut511￿dI R&allOCa￿On 1 August releasedl ol 2021 revaluation fund5 Al 31 July 2022 Heritage asset fund 1.893,180 1.893.180 680,520 680.520 2.573,700 2.573,700 At Ulllsedl Rèallocaknn 1 August relaasedl 2020 reVa￿ation At 31 July 2021 funds Herftage asset fund R8lo¢ation fund 1,650,000 15.824 243.180. 1,893.180 115,8241 115,8241 1,893,180 1,665,824 243,180 Hwitag# ass•t Aund Thg h8ritage asset fund reP￿sents the rbet book valua of h8rltsge assets. Rolo¢atlon fund The reloGation lund arose from the Sale of furnilure al the West Hill sile which the Goveming Body designated for the future enhancement of the PaTk8tead site. During 2021. the Governing Body reviewed purp0$9 of the rglocalion fvnd and agreed to transfer this back to gènèral funds. Whitelands Collegè 28 Notes to accounts 31 July 2022 18 Analysls of net assets bgtween funds Tangible fixed as50ts Doslgnatod fund funds Gengral funt1 Total Fund balane•s at 31 July 2022 ar• represented by: Tangible fixed a$s•l Hentsge assets Fixed asset invèstmants Current as8et$ Creditor5 fallw due within one year Crodilors fsllng du8 after ono y6ar 14.995,856 14.995.856 2,573.700 1,832,017 1,832.017 870,552 870.552 125,1201 {371,052 13,515,1501 2.877,449 16.385.923 2.573,700 1345.9321 13,515,150) 11,134.774 2.573,700 Tanglble Ixed assets D85ignaled fund funds General fund Total Fund balsncos at 31 July 2021 ar represented by.. Tangib18 fixgd &ss•ts Heril8ge assels Fixed assel inveslmerts Cuffonl assets Credltors falllng due wllhin one year Credjtors ff￿11ng due 8ft8r¢>ne year 15.340.756 15,340,756 1.893, 180 827.679 827,679 1.762,367 1,762.367 {48,867J (377.480) (3.86D,567) 2,54t.779 15,585,940 1.893. 180 1328,613) (3,860.567) 17. 157.581 7,693. 180 The total unrealised galns as at 31 July 2022 conslilules movemerrts or¢ revaluation and ar8 as follows.. 2022 2021 Unrealised gains included above: On inve5ttnents Total unr•alistd gains at 31 July 2022 230,532 230,532 237,213 237,213 Reconciliation of movwnents in unrtall$ed 9aln$ Unrealised gains at 1 August 2021 Add.. net 9ains arisin9 on ievaluatign arfsln9 In the ye8r Total unr•all$•il galns at 31 July 2022 237,213 16.6811 230,532 202.350 34,863 237.213 19 Related party tronsactlons Whilelands College Foundaliorh is the Corporalo Tfuslea of Whit8lands College. The relationship between Whitelands College and Roehampton UrbNersity, formedy the Univ&rsity of Surrey Roehampton, is that Whilelands College 1$ affiliatgd to Roehampton University, (the Universityl under a Deed of Adherenco. Details of transactions and balances with the University as at 31 July 2022 are given in the notes lo Ihesg aGwunts specltically al notes 1 and 11 as required under FRS 102. Whitelands Collegg 29 Notos to accounts 31 July 2022 20 Continggnt liability In the event of closure o¥ sale of certain properties owned by Whitelands College, in whole or in part. the College may bècome liable lo repay a capital grant recèived from Ihe Higher E¢Jucation Funding Council in England vi8 Roehampton Unwersity in the sum of £3 million which was received in 2004. Additionally, thè Colle99 may be liable lo repay a proportion ol any surplus on the sale of land and buildings acquired with the aid ol such grants. Because of this latter requirement. il is not possible to quantity the amount of the agsociate(I contingent liabilty. Whhelands Collggo 30