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2023-07-31-accounts

Whitelands College

Annual Report and Accounts

31 July 2023

Charity Registration Number 312937

Contents

Reports

Reference and administrative details
ofthe charity 1
Report ofthe Governing Body 3
Independentauditor'sreport 11

Accounts

Statement offinancial activities 16
Balance sheet 17
Statement of cash flows 18
Principal accounting policies 20
Notestotheaccounts 24

Whitelands College

Reference and administrative details of the charity

The College Trustee Whitelands College Foundation (The)

Governing Body of Whitelands College (Governing Body and directors of The Dr P Chadwick Whitelands College Foundation, the College Dr | Fronimos Trustee) Rev Dr M Parsons Dr D Muir Rev J Rey Ms L Jackson Rev Dr D Eshun Miss Y Mehrasa (from 1 July 2023) Dr S Akehurst (from 1 August 2023) Mr S Crabtree (from 13 September 2023) Rt Rev Dr M Gainsborough (from 25 September 2023) Mr A Demby (from 13 September 2023)

Chief Executive Officer Dr D Muir
Company Secretary DrG Turner
Principal address Parkstead House
Holybourne Avenue
London
SW15 4JD
Charity registration number 312937
Auditor Goodman Jones LLP
29-30 Fitzroy Square
London
W1T 6LQ
Bankers Natwest Bank
111-117 Putney High Street
LondonSW152LL

Whitelands College 1

Reference and administrative details of the charity

Investment managers CCLA Investment Management Limited Senator House 85 Queen Victoria Street London EC4V 4ET

Whitelands College

2

Report of the Governing Body Year to 31 July 2023

The Governors of Whitelands College, who are the directors of the Corporate Trustee, Whitelands College Foundation, herein after referred to as the College Trustee, present their statutory report together with the accounts of Whitelands College (The College) for the year ended 31 July 2023.

Whitelands College Foundation, The College Trustee, is a company limited by guarantee and incorporated in England and Wales (registered number 00964044) whose registered office is at Whitelands College. The accounts have been prepared in accordance with the accounting policies set out on pages 20 to 23 of the attached accounts and comply with the charity's trust deed, applicable laws and the requirements of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).

Structure, governance and management

Governance and organisation

The College was founded by a Lease dated 20 July 1849 and is now governed by a Charity Commission Scheme made on 5 October 1978 as varied: by an order of the Charity Commission made on 15 March 2004; by resolutions of the College Trustee dated 9 March 2020; and by a scheme of the Charity Commission dated 5 January 2021 (the "Governing Document"). Under the Governing Document, the College Trustee is appointed Charity Trustee of the College. Revised Articles of Association were adopted by Whitelands Foundation (The) (the College Trustee) by special resolution in November 2019.

Whitelands College is a registered charity (Charity Registration Number 312937) and is affiliated to Roehampton University, (the University) under a Deed of Adherence. The latest Deed of Adherence is dated 26 November 2012.

Whitelands College Foundation (The) manages the affairs of Whitelands College by appointing individuals, collectively called the Governing Body, to act on its behalf.

Whitelands College 3

Report of the Governing Body Year to 31 July 2023

Structure, governance, and management

Directors (Governors) of the Corporate Trustee

The Governors of the Corporate Trustee during the year ended 31 July 2023 were as follows:

The Governing Body

Dr P Chadwick Dr | Fronimos

Mr C Hughes (until 31 July 2023) Ms J Munro (until 31 July 2023) Rev Dr M Parsons Dr C Ross (until 1 August 2022) Dr D Muir

Rev J Rey Mr MLA Cooper (until 1 January 2023) Ms L Jackson Rev Dr D Eshun

Ms A Hassan (until 30 June 2023) Mr P Lockett (until 30 June 2023)

Miss Y Mehrasa (since 1 July 2023)

Governance

The Governing Body is responsible for ensuring the effective management of Whitelands College to achieve and develop its strategic objectives and for planning its future.

The Governors are nominated as set out in the Articles of Association and initially appointed for a term of three years. A retiring Governor is eligible for re-nomination. No Governor may serve more than three terms. Ms J Munro has served for three terms to enable the governance review to be completed.

Apart from its statutory responsibilities as described below, its primary responsibilities include the following:

Whitelands College

4

Report of the Governing Body Year to 31 July 2023

The Governing Body is also required to nominate two individuals to serve as directors on the University Council. All nominees are given information on the College's constitution and upto-date information regarding its performance and financial status and are inducted by the Chair of Governing Body and the Head of College. The induction includes providing background on the College’s history, purpose, and finances.

Statement of responsibilities of the Governors

The Governors (who are the directors of the College Trustee and act as the trustees of the charity under the Charities Act) are responsible for preparing the Annual Report and accounts in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.

The law applicable to charities in England and Wales requires the Governors to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure for that period. In preparing these accounts, the Governors are required to:

The Governors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the accounts 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 the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Whitelands College 5

Report of the Governing Body Year to 31 July 2023

Key management personnel

The Governors consider that they comprise the key management of the College in charge of directing and controlling, running and operating the College. Rev Dr David Muir was the director of the Corporate Trustee and responsible for the day-to-day operations of the College during the financial year ending 31 July 2023.

None ofthe[Governors][of][ Whitelands][College][Foundation,][the][College][Trustee,][received] any remuneration or reimbursed expenses in respect of their services from the Whitelands College during the year (2022 - none).

Risk management

A framework to manage strategic risks is in place, which categorises risks as high, medium, or low level covering the likelihood and impact of each identified risk. The Governing Body has assessed the major risks to which the College is exposed, in particular those relating to the specific operational areas of the College, its properties, its investments, its loan covenants and finances generally.

Under the licence and management agreement with the University, the University is required to manage the risk of damage to the property and or assets and the risk of breaching the loan covenants. The Governing Body receives confirmation from the University that it has an appropriate risk register and systems in place to ensure that risks are managed, and these are reviewed each year by the audit committee and the loan covenant is reviewed at each meeting of the College Trustee to ensure that there is no breach of the conditions attaching to the loans.

Governance

Risk management

The Governing Body believes that by monitoring reserve levels, by ensuring controls exist over key financial systems, and by examining the operational and business risks faced by the College, they have established effective systems to mitigate those risks.

Public benefit

The Governors confirm that they have referred to the guidance issued by the Charity Commission on public benefit when reviewing the aims and objectives of the College and planning future activities.

Objectives

The object of the College is the provision, conduct and development of a college for higher and further education of men and women, including, in particular but without prejudice, the training of persons intending to become teachers. The College continues to fulfil its charitable objects.

Whitelands College 6

Report of the Governing Body Year to 31 July 2023

The Mission Statement of Whitelands College Foundation, the Corporate Trustee, states:

Whitelands College Foundation is an Anglican Foundation with a long tradition and is an integral part of the University of Roehampton. It thus offers a distinctive experience of higher education to a wide range of people pursuing academic excellence in a community where justice and the values of respect, caring, service, openness, and personal integrity are firmly upheld.

Activities

The main activity of the College since 2012 is the ownership of the land and buildings which are occupied by a constituted college of the University of Roehampton under a licence to occupy. The University continues to train men and women for the teaching profession and for a range of degree courses validated by the University of Roehampton. The College fulfils its charitable objects through such an occupation.

The Charity Commission Scheme of 5 October 1978 allows sums of cash belonging to Whitelands College and not needed for immediate working purposes to be invested at any time in the name of Whitelands College Foundation unless the Charities Commissioners otherwise direct. However, it is the current intention that Whitelands College Foundation acts purely as the College Trustee of the College.

The College organises a range of activities and events to engage students and staff and to improve the student experience. In the reporting period these have included the following:

Arrival Sunday (18 September 2022)

The College gave a warm welcome to students and their parents/guardians throughout the day as they arrived on campus. There were a series of events and presentations by key leaders and staff in the William Morris Lecture theatre. This was followed by an informal social in the Sett bar, providing opportunities for freshers to get to know each other.

Whitelands Black History Month Night (29 October 2022)

As part of its contribution to the university's Black History Month (BHM), the College hosted an evening for students and staff to discuss the theme of “Making a positive difference in our communities: Policing as a career option and black experiences in the UK”. PC Rachel Cumberbatch and PC Daniel Bukenya from the Metropolitan Police Service (MPS) gave presentations, leading to a number of students enquiring about graduate entry into the MPS and placement opportunities.

Whitelands Carol Service (6th December 2022)

The traditional Carol Service took place in Whitelands reception. We were privileged to have the Roehampton Choir from the local church (Holy Trinity, Roehampton). Over one hundred people attended the event. The College providing cookies and mulled wine for guests.

Whitelands College 7

Report of the Governing Body Year to 31 July 2023

May Day 2023

On 13 May the College celebrated its 142nd May Day Festival. This is the premier event of the College. It was attended by senior staff and members of the university, including the Vice Chancellor, Professor Jean Noél Ezingeard, and Dr Priscilla Chadwick, chair of Governors for Whitelands Foundation. The Bishop of Southwark, The Rt Revd Christopher Chessun, gave the Address and inducted Queen Marcy Cottrell Claughan as the new May Monarch. During the service, the Acting Head of College, Simon Dorman, reminded Queen Marcy that she is called to “the work and service within the College”. The night before May Day, the College held its traditional Monarchs’ Supper for all returning May Monarchs and special guests. After the May Day inauguration ceremony, the attending monarchs and guests were invited on to the College grounds to watch the May Monarch procession, the Morris Dancers and Maypole Dancing, part of Whitelands’ historic traditions. Guests were served lunch and, to ensure the family atmosphere, there were three inflatable attractions for children and students to enjoy.

Investment policy

The charity has a portfolio of investments excluding cash held by the investment managers of £2,205,391 (2022: £1,832,017). Further details are provided in Note 10 to the accounts.

There are no restrictions on the College’s power to invest. The investment strategy is set by the Governing Body and takes into account income requirements and the risk profile. The overall investment policy is to place investments in funds holding a mixed portfolio that have objectives consistent with the Governing Body’s expectations.

Investment policy

The Governing Body regularly reviews the investment strategy and the performance of the portfolio which achieved a total return of 1.72% on the CBF Church of England Funds and cash balances. The Governing Body is satisfied that their investment policy is being achieved in the longer-term.

Financial review

Financial position and performance

These accounts show the financial position and performance of Whitelands College. Whitelands College has ended the year with net movement in funds, after investment gains and revaluations on heritage assets of £200,150 (2022: £799,983).

Whitelands College 8

Report of the Governing Body Year to 31 July 2023

Income for the year totalled £743,127 (2022: £695,945) and included £669,082 (2022: £683,761) from the Roehampton University as an annual payment for occupation of premises and interest earned on investments and cash balances of £74,045 (2022: £12,184).

Expenditure for the year totalled £557,568 (2022: £569,801).

Tangible fixed assets at the year-end totalled £14,650,956 (2022: £14,995,856) and heritage assets totalled £2,573,700 (2022: £2,573,700). The fixed asset investments amounted to £2,205,391 (2022: £1,832,017) and include investments with the Central Board of Finance of the Church of England (CBF) purchased several years ago for £30,000 and in June 2023 additional investment purchased for £1,736,580 which had a market value at 31 July 2023 of £2,012,202 (2022: £261,030) and cash balances of £193,187 (2022: £1,570,987).

Reserves Policy and Funds

Reserves policy

The Governing Body's policy is to retain sufficient funds to ensure that the charity's undertaking to Allica Bank Limited in relation to its loan facilities are not breached. In addition, the Governing Body considers that it is prudent to retain sufficient liquid resources to service the charity's obligations under the loan agreement for one year at £545,000 and also to retain approximately £700,000 to meet any capital investments. This gives a requirement to hold total funds of approximately £15.2 million. The reserves’ policy was met throughout the year and at the balance sheet date.

Funds

Total funds at 31 July 2023 amounted to £16,586,074 (2022: £16,385,923) and include a tangible fixed assets fund of £11,129,672 (2022: £11,134.774) and designated funds amounting to £2,573,700 (2022: £2,573,700). The designated funds are a heritage asset fund and are detailed in note 17. The tangible fixed asset fund represents the net book value of tangible fixed assets used in the day-to-day work of the College less the bank loans. The College Trustee has designated these funds as they are not available for working capital..

At 31 July 2023, the balance on General fund was £2,882,702 (2022: £2,677,449). In the opinion of the trustees, these are sufficient to cover any contingencies.

The loan covenants with Allica Bank Limited require total funds amounting to a minimum of £14,000,000 and the ratio of gross cash flow from operating activities to debt service costs is at 1.2:1 or above. Both covenants have been met in the financial year ended 31 July 2023.

The Governing Body confirms that the funds are held in accordance with the reserves policy and that the funds available to the charity are adequate and not excessive.

During the year the Charity’s loan facilities with Allied Irish Bank plc were transferred to Allica Bank Limited under a Deed of Novation dated 10 October 2022.

Fundraising policy

The College does 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 other supporters.

Whitelands College 9

Report of the Governing Body Year to 31 July 2023

It takes care with both the tone of its communications and the accuracy of its data to minimise the pressures on supporters. It applies best practice to protect supporters’ data and never sells data, it never swaps data and ensures that communication preferences can be changed at any time. The College manages its own fundraising activities and does not employ the services of professional fundraisers. The charity undertakes to react to and investigate any complaints regarding its fundraising activities and to learn from them and improve its service. During the year, the College did not carry on any fundraising activities and received no complaints about its fundraising activities.

Plans for future periods

The College plans to continue to provide the College premises for occupation by Roehampton University and to service the bank loans in accordance with the terms agreed with the bank.

Auditors

During the period, Goodman Jones LLP have indicated their willingness to remain in office for the next financial period. Each of the persons who are trustees at the time when this Trustees’ Report is approved has confirmed that:

¢ so far as that trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and

¢ that trustee has taken all the steps that ought to have been taken as a trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.

Approved by the Governors and signed on their behalf by:

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Dr P Chadwick

Director of the Whitelands College Foundation (The) and the Trustee of the Whitelands College.

Approved by the Governing Body on: 04-12-2023

Whitelands College 10

Independent auditor’s report Year to 31 July 2023

Independent auditor’s report to the Governors of the College Trustee of Whitelands College (the charity)

Opinion

We have audited the accounts financial statements of Whitelands College (the ‘charity’) for the year ended 31 July 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. 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).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice (2005) which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

In our opinion the financial statements:

. give a true and fair view of the state of the charity's affairs as at 31 July 2023 and of its incoming resources and application of resources for the year then ended;

° have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ° have been prepared in accordance with the requirements of the Charities Act 2011.

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Whitelands College 11

Independent auditor’s report Year to 31 July 2023

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 charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the United Kingdom, including the Financial Reporting Council'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.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors 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 other than the financial statements and our Auditors' Report thereon. The Trustees 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.

Whitelands College 12

Independent auditor’s report Year to 31 July 2023

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires requires us to report to you if, in our opinion:

Responsibilities of the Governors

As explained more fully in the statement of responsibilities of the Governors, the Governors (who are the Governors of the College Trustee) 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 Governing Body determines 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 Governors are responsible for assessing the charity’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 Governing Body and the College Trustee either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 145 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 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.

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:

Based on our understanding of the charity and sector, we identified that the principal risks of non-compliance with laws and regulations related to sector regulations and unethical and prohibited business practices, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and

Whitelands College 13

Independent auditor’s report Year to 31 July 2023

regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011, Charity Commission and sector regulations, and UK Tax Legislation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Appropriate audit procedures in response to these risks were carried out.

These procedures included:

¢ Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;

¢ Reading minutes of meetings of those charged with governance;

¢ Identifying and testing journal entries; and

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members; and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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

Whitelands College 14

Independent auditor’s report Year to 31 July 2023

Use of our report

This report is made solely to the charity’s Trustee, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the Governing Body and directors of the College Trustee 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 charity and the Governing Body and directors of the College Trustee as a body, for our audit work, for this report, or for the opinions we have formed.

Goodman Jones LLP Statutory Auditor 29-30 Fitzroy Square London W1T 6LQ

Date:

Goodman Jones LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

Whitelands College 15

Statement of Financial Activities 31 July 2023

Designated Designated
and tangible
General _ fixed assets		 Total General and tangible
fixed assets		 Total
fund funds 2023 fund funds 2022
Notes £ £ £ E £ £
Income from:
Charitable activities 1 669,082 _ 669,082 683,761 —_ 683,761
Investment income and
interest receivable 2 74,045 — 74,045 12,184 = 12,184
Total income 743,127 =_ 743,127 695,945 —_ 695,945
Expenditure on:
Charitable activities 3 557,568 _ 557,568 569,801 = 569,801
Net income before transfers 185,559 _ 185,559 126,144 —_ 126,144
Transfers between funds 15 5,102 (5,102) _ 16,807 (16,807) _—
Net income / (expenditure)
before investment and
revaluation gains /(losses) 190,661 (5,102) 185,559 142,951 (16,807) 126,144
Unrealised gains /(losses):
on investmentassets 10 14,592 — 14,592 (6,681) _ (6,681)
on revalued heritage assets _ — _ — 680,520 680,520
Net income /(expenditure)
and netmovement in funds 5 205,253 (5,102) 200,150 136,270 663,713 799,983
Reconciliation of funds:
Fund balances brought
forward at 1 August 2021 2,677,449 13,708,474 16,385,923 2,541,179 13,044,761 15,585,940
Fund balances carried
forwardat31July2022 2,882,702 13,703,372 16,586,074 2,677,449 13,708,474 16,385,923

All recognised gains and losses are included in the above statement of financial activities.

All of the charity’s activities derived from continuing operations during the above two financial periods

The notes on pages 20 to 31 form part of these financial statements.

Whitelands College 16

Balance Sheet 31 July 2023

2023 2023 2022 2022
Notes £ £ £ £
Fixed assets
Tangible assets 8 14,650,956 14,995,856
Heritage assets 9 2,573,700 2,573,700
Investments 10 2,205,391 1,832,017
19,430,047 19,401,573
Current assets
Debtors 11 74,443 16,761
Cash at bank and in hand 626,291 853,791
700,734 870,552
Liabilities
Creditors: amounts falling due
within one year 12 (387,230) (371,053)
Net current assets 313,504 499,499
Total assets less current 19,743,551 19,901,072
Liabilities
Creditors: amounts falling due
after one year 13 (3,157,476) (3,515,149)
Total net assets 16,586,074 16,385,923
Represented by:
Funds and reserves
Income funds
Unrestricted funds
. Designated funds 17
.. Heritage assets fund 2,573,700 2,573,700
2,573,700 2,573,700
. Tangible fixed assets fund 16 11,129,672 11,134,774
13,703,372 13,708,474
. General funds 15 2,882,702 2,677,449
Totalfunds 16,586,074 16,385,923

Approved by the Governing Body and directors of the College Trustee and signed on their behalf by:

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Dr P Chadwick

Director of the Whitelands College Foundation (The), the College Trustee

Approved on: 04-12-2023

Notes on pages 20 to 31 form part of these financial statements.

Whitelands College 17

Statement of Cash Flows 31 July 2023

2023 2022
Notes £ £
Cash flows from operating activities:
Net cash provided by operating activities A 599,687 632,016
Cash flows from investing activities:
Share purchased during the year (1,736,580) -
Investment income 74,045 12,184
Net cash provided by investing activities (1,662,805) 12,184
Cash outflowfrom financing activities:
Interest paid (202,653) (213,665)
Repayments of borrowing (339,798) (328,093)
Net cash used in financing activities (542,451) (541,758)
Change in cash and cash equivalents in the year (1,605,299) 102,444
Cash and cash equivalents at
1 August 2022		 B 2,424,776 2,322,334
Cash and cash equivalents at 31 July 2023 B 819,477 2,424,778
Notes to the statement ofcash flows fortheyearto 31 July2023
A Reconciliation of netmovement in funds to net cash provided by operating activities
2023 2022
EE
Net movement in funds (as per the statement of financial activities) 200,150 799,983
Adjustments for:
Depreciation charge 344,900 344,900
Losses/(gains) on investments (14,592) 6,681
Revaluation on heritage assets - (680,520)
Interest payable 202,653 213,665
Investment income (74,045) (12,184)
Decrease / (increase) in debtors (57,682) (16,761)
(Decrease) / increase in creditors (1,698) (23,748)
Net cash provided by operating activities 599,687 632,016
B_ Analysis ofcash and cash equivalents
2023 2022
a
Cash at bank and in hand 626,291 853,791
Cash held by investment managers 193,187 1,570,987
Totalcashandcashequivalents 819,478 2,424,778

Whitelands College 18

C_ Net debt reconciliation

||8)Sa
2022
£|Sa
Movement | At 31 July 2023
£
£|Sa
Movement | At 31 July 2023
£
£| |---|---|---|---| |Cash at bank and in hand|||| |Cash held by investmentmanagers|1,570,987 ||(1,377,800)|193,187| ||2,424,778|(1,605,300)|819,478| |Loans falling due within one year|||| |Loans falling due aftermorethan one year|(3,515,149)|357,673|(3,157,476)| ||(3,861,081)|339,798|(3,521,283)| |Total|(1,436,302)|(1,265,503)|(2,701,805)|

Whitelands College 19

Principal accounting policies 31 July 2023

General Information

Whitelands College is an unincorporated charity registered with the Charity Commission in England and Wales under charity number 312937. The main activities of the charity are the ownership of land and buildings occupied by a constituted college of Roehampton University as noted in the Trustees' Report on page 6. The College's principal address is Parkstead House, Holybourne Avenue, London, SW15 4JD.

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below.

Basis of accounting

These accounts have been prepared for the year to 31 July 2023 with comparative information provided for the year to 31 July 2022.

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts. The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (Charities SORP FRS 102) effective 1 January 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The College constitutes a public benefit entity as defined by FRS 102.

The accounts are presented in sterling, the functional currency of the charity and amounts are rounded to the nearest pound.

Critical accounting estimates and areas of judgement

The items in the accounts where a judgement and estimate have been made are in estimating the useful economic life of tangible fixed assets used to calculate the depreciation charge and the value of heritage assets included in the balance sheet.

Assessment of going concern

The Governors have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The Governors have made this assessment in respect to a period of at least one year from the date of approval of these accounts.

The Governors of the College have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the College to continue as a going concern. The Governors are of the opinion that the College will have sufficient resources to meet its liabilities as they fall due. The most significant areas of judgement that affect items in the accounts are the continued ability of the University to make the annual payment to the College and for the College to service the loan facility

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Whitelands College 20

Principal accounting policies 31 July 2023

provided by Allicia Bank Limited and meet the loan covenants.

As the annual payment payable by the University is based on the College’s estimated payments for the financial year, the risk of the College not being able to meet its liabilities as they fall due is reduced.

With regards to the next accounting period, the year ending 31 July 2024, the only area that affects the carrying value of the assets held by the College is the level of investment return and the performance of the investment markets. The value of the investments held in unitised funds is not significant to the assessment of the financial viability of the College.

Income recognition

Income is recognised in the period in which the charity has entitlement to the income and the amount can be measured reliably and it is probable that the income will be received. Income is deferred only when the charity must fulfil conditions before becoming entitled to it or where the donor or funder has specified that the income is to be expended in a future accounting period.

Income comprises an annual payment receivable from Roehampton University for occupation of the college premises, investment income from listed investments and interest receivable. The annual payment is recognised in accordance with the licence and management agreement with Roehampton University and to the extent that it is probable that the economic benefits will flow to the College and the revenue can be measured reliably.

Income from listed investments is recognised once the dividend has been declared and notification has been received of the dividend due. Income from all investments is accounted for only when the receipt of such income is probable, and the amount can be measured reliably. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; usually upon notification of the interest paid or payable by the bank.

Whitelands College 21

Principal accounting policies 31 July 2023

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis and includes 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 premises for educational use. Such costs include the costs of servicing the bank loans, the depreciation of the freehold and leasehold premises, governance costs and other costs.

Tangible fixed assets

All assets costing more than £250 and with an expected useful life exceeding one year are capitalised.

Freehold buildings are depreciated from the date they are brought into use at a rate of 2% per annum on a Straight-line basis in order to write the buildings off over their estimated useful economic life to the charity. Freehold land isn’t depreciated.

Where tangible fixed assets are acquired with the aid of specific grants they are capitalised and depreciated as above.

An impairment review in respect to a particular class of asset is carried out if events, or changes in circumstances, indicate that the carrying amount of any tangible fixed asset may not be recoverable.

Heritage assets

Heritage assets have historic, artistic, scientific, technological, geophysical or environmental qualities and are held and maintained principally for its contribution to knowledge and culture.

The College holds artefacts which have been classified as heritage assets, and these have been recognised in the accounts at valuation using information, evidence, and valuations obtained from professional experts.

Whitelands College 22

Principal accounting policies 31 July 2023

Listed investments

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.

Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise).

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt.

Fund accounting

The designated funds are monies set aside out of unrestricted funds and designated for specific purposes by Governors.

General funds represent those unrestricted monies which are freely available for application towards achieving any charitable purpose that falls within the charity's charitable objects.

Both the general fund and designated funds are unrestricted.

Whitelands College 23

Notes to accounts 31 July 2023

1 Income from: charitable activities Income from: charitable activities
2023 2022
aee
Annual payment 669,082 683,761
The
annual
payment		 represents monies received from Roehampton University
for
occupation ofthe College premises.
2 Income from: investments and interest receivable
2023 2022
eeae ae2
Investment income —The CBF Church of England Funds
. Unitised income funds 3,656 7,220
. cash holdings 55,126 2,797
Bank interest . 15,263 2,167
74,045 12,184
3 Expenditure on: charitable activities — provision ofCollege premises for educational Expenditure on: charitable activities — provision ofCollege premises for educational Expenditure on: charitable activities — provision ofCollege premises for educational
use
2023 2022
eeae2
Depreciation and amortisation of buildings 344,900 344,900
Loan interest 202,653 213,665
Legal and professional fees - 1,800
547,553 560,365
Support costs
. Governance costs (note 4) 9,770 9,100
. Bank charges 246 336
557,568 569,801
4 Governance costs
2023 2022
eeeo
Auditor’s fees (including VAT) 9,770 9,100
5 Net income/ (expenditure)and netmovement in funds
This is stated after charging:
2023 2022
peneceeeee eee
Depreciation and amortisation charges 344,900 344,900
Interest on bank loans 202,653 213,665
Auditor’s remuneration (including VAT)
.Auditservices 9,770 9,100

Whitelands College 24

‘

Notes to accounts 31 July 2023

6 Employees and key management personnel The College employs no staff.

The Governors consider that they comprise the key management of the College in charge of directing and controlling, running and operating the College. Dr D Muir was responsible for the day-to-day operations of the College.

None of the Governors of Whitelands College Foundation, the College Trustee, received any remuneration or reimbursed expenses in respect of their services during the year (2022: none).

7 Taxation

Whitelands College is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

8 Tangible fixed assets

Tangible fixed assets
Freehold Leasehold
land and land and
buildings buildings Total
£ £ £
Cost
At 1 August 2022 and at 31 July 2023 552,280 53,929,312 54,481,592
Depreciation, amortisation and impairment provision
At 1 August 2022 207,352 39,278,384 39,485,736
Charge foryear 11,046 333,854 344,900
At 31 July 2023 218,398 39,612,238 39,830,636
Net book values
At 31 July 2023 333,882 14,317,074 14,650,956
At31July2022 344,928 14,650,928 14,995,856

Leasehold land and building - Parkstead site

On 1 May 2005 the academic and residential leasehold sites were subject to a professional impairment review by DTZ Debenham Tie Leung International Property Advisers. As a result of the restrictions on the use of Parkstead House, a value of £20 million on a restricted lease basis was attributed to the property resulting in a fall in value of £33,225,519 which was charged to expenditure in 2005 and a further fall of £314,540 which was charged to expenditure in 2006.

Whitelands College 25

Notes to accounts 31 July 2023

9 Heritage assets

Stained
glass
Reredos windows Artefacts Total
FEEE
Valuation at 1 August 2022 500,000 1,204,000 869,700 2,573,700
Revaluation gains
Valuationat 31July2023 500,000 1,204,000 869,700 2,573,700

The College Property, known as Parkstead House, incorporates a number of Burne-Jones stained glass windows and the College also owns various rare artefacts which are acknowledged to be of historic importance and which are retained as part of the College’s heritage.

The windows and artefacts are deemed, therefore, to be heritage assets and have been included in the accounts at a valuation determined by the College Trustee, with professional assistance. Such assets are not depreciated. Their value and condition will be reviewed annually by the College Trustee who are satisfied that their residual value is not less than their book value.

10 Fixed asset investments

Fixed asset investments
2023 2022
—_
-
Listed Investments
Market value at
1 August 2022		 267,711 267,711
Additional Share purchased in the year 1,736,580
Net unrealised investment (losses)/gains 14,592 (6,681)
Market value at 31 July 2023 2,012,202 261,030
Cash held by investment managers 193,187 1,570,987
2,205,391 1,832,017
Costoflistedinvestmentsat31July2023 30,490 30,490

All investments are held in UK unitised funds and are dealt in on a recognised stock exchange.

Listed investments comprise the following:

Market
value of % oftotal
holding portfolio
ann. nn.
The CBF Church of England Funds:
. Investment Fund— Income shares 1,994,459 99%
. Fixed Interest Securities Fund — Income shares 17,745 1%
2,012,204 100%

Whitelands College 26

Notes to accounts 31 July 2023

11 Debtors
2023 2022
nn
Amounts due from Roehampton University 74,443 16,761
12 Creditors: amounts falling due within one year
2023 2022
£ a
Bank loans (note 14) 363,807 345,932
Accruals 23,423 25,121
University of Roehampton - -
Other creditors - -
387,230 371,053
13 Creditors: amounts falling due aftermorethan one year
2023 2022
aa
Bank loan (note 14) 3,157,476 3,515,149
14 Secured liabilities — bank loans
2023 2022
iies
Amounts falling due as follows:
. Within one year 363,807 345,932
. Within 2-5 years 1,662,651 1,577,872
. After 5 years 1,494,825 1,937,276
3,157,476 3,515,149
3,521,283 3,861,081

The bank loans are secured by way of fixed charges on the residential land and buildings of the College. The balance of £3,521 ,283 (2022: £3,861 ,081) includes three elements: two fixed interest elements of £2,382,468 (2022: £2,613,168) and £929,871 (2022: £1,019,460), repayable by quarterly instalments, on which interest is charged at 5.5374% and 5.6474% respectively; and one variable interest element of £208,944 (2022: £228,453), also repayable by quarterly instalments, on which interest is charged at a rate of 0.55% over the Bank of England’s base rate, currently 5.80% in total.

Whitelands College 27

Notes to accounts 31 July 2023

15 Unrestricted funds

The unrestricted funds include the following:

At Net
income		 Transfers Revaluation
ofheritage — Unrealised		 Revaluation
ofheritage — Unrealised		 At
1 August
2022		 before
‘transfers		 (notes
16/17)		 assets
(note 9)		 gains and
losses		 31 July
2023
aEEEEE EEE
Designated funds (note 17) 2,573,700 — —_— _ —_ 2,573,700
Tangible fixed assets fund (note 16) 11,134,774 —_ (5,102) —_ — 11,129,672
General fund 2,677,499 185,559 5,102 = 14,592 2,882,702
16,385,923 185,559 —_— 680,520 14,592 16,586,074
Net Revaluation
At income Transfers ofheritage Unrealised At
1 August
2021		 before
‘transfers		 (notes
16/17)		 assets
(note 9)		 gains and
losses		 31 July
2022
£ £ £ £ £ £
Designated funds (note 17) 1,893,180 — —_— 680,520 — 2,573,700
Tangible fixed assets fund (note 16) 11,151,581 — (16,807) _ — 11,134,774
General fund 2,541,179 126,144 16,807 — (6,681) 2,677,499
15,585,940 126,144 _— 680,520 (6,681) 16,385,923
16 Tangible fixed assets fund
2023
___£
At 1 August 2022 11,134,774
Transfer (note 15) (5,102)
At 31 July 2023 11,129,672
2022
_____£
At 1 August 2021 11,151,581
Transfer (note 15) (16,807)
At 31July2022 11,134,774

The tangible fixed assets fund represents the net book value of freehold and leasehold land and buildings less related loans. The transfer of funds represents the net movement in the year equating to the depreciation charge less the capital element of the loans repaid.

Whitelands College 28

Notes to accounts 31 July 2023

17 Designated fund

The unrestricted funds of the college include the following designated funds which have been set aside by the Governing Body for specific purposes.

At Utilised/ Reallocation At
1 August released/ of 31 July
2022 ~—revaluation funds 2023
£ £ £ £
Heritage asset fund 2,573,700 — — 2,573,700
2,573,700 _ — 2,573,700
At Utilised/ Reallocation At
1 August released/ of 31 July
2020 __—revaluation funds 2022
£ £ ¢ £
Heritage asset fund 1,893,180 680,520 — 2,573,700
1,893,180 680,520 — 2,573,700

Heritage asset fund

The heritage asset fund represents the net book value of heritage assets.

Whitelands College 29

Notes to accounts 31 July 2023

18 Analysis of net assets between funds

Tangible
fixed assets Designated General
fund funds fund Total
—
—EEE		 EEE
Fund balances at 31 July 2023 are
represented by:
Tangible fixed assets 14,650,956 —_ — 14,650,956
Heritage assets — 2,573,700 _— 2,573,700
Fixed asset investments —_— _— 2,205,391 2,205,391
Current assets — —_— 700,734 700,734
Creditors falling due within one year (363,807) — (23,423) (387,230)
Creditors falling due afterone year (3,157,476) —_— — (3,157,476)
11,129,673 2,573,700 2,882,702 16,586,074
Tangible
fixed assets Designated General
fund funds fund Total
neeeoe eeoea2
Fund balances at31 July2022 are
represented by:
Tangible fixed assets 14,995,856 —_ — 14,995,856
Heritage assets —_ 2,573,700 — 2,573,700
Fixed asset investments _— — 1,832,017 1,832,017
Current assets — _ 870,552 870,552
Creditors falling due within one year (345,932) — (25,120) (371,052)
Creditors falling due afteroneyear (3,515,150) — — (3,515,150)
11,134,774 2,573,700 2,677,449 16,385,923

The total unrealised gains as at 31 July 2023 constitutes movements on revaluation and are as follows:

2023 2022
—_
££iE		 iE
Unrealised gains included above:
On investments 245,124 230,532
Total unrealised gains at 31 July 2023 245,124 230,532
Reconciliation ofmovements in unrealised gains
Unrealised gains at
1 August2022		 230,532 237,213
Add: net gains arising on revaluation arising in the year 14,592 (6,681)
Totalunrealisedgainsat31July2023 245,124 230,532

19 Related party transactions

Whitelands College Foundation is the Corporate Trustee of Whitelands College.

The relationship between Whitelands College and Roehampton University, formerly the University of Surrey Roehampton, is that Whitelands College is affiliated to Roehampton University, (the University) under a Deed of Adherence.

Details of transactions and balances with the University as at 31 July 2023 are given in the notes to these accounts specifically at notes 1 and 11 as required under FRS 102.

Whitelands College 30

Notes to accounts 31 July 2023

20 Contingent liability

In the event of closure or sale of certain properties owned by Whitelands College, in whole or in part, the College may become liable to repay a capital grant received from the Higher Education Funding Council in England via Roehampton University in the sum of £3 million which was received in 2004. Additionally, the College may be liable to repay a proportion of any surplus on the sale of land and buildings acquired with the aid of such grants. Because of this latter requirement, it is not possible to quantify the amount of the associated contingent liability.

Whitelands College 31