Whitelands College Foundation (The) Annual Report and Financial statements 31 July 2024 Ccryany Llnjled by Gu0r8niee Rèjtstration Number [￿044 (Ewid 8nd W8*$1 Contents Rgport5 Legal and administratNe infomialion Report of the Directors (the Governing Body of the Foundali¢Jnl Accounts statement of income and retained eamings Slalemenl of financial position Notes lo Ihe accounts hf(eLands College Foundation (The) Legal and adrninistratlve Inforniation The Governlng Body of the Foundation Dr P cha￿l¢k Dr l Fronim05 Rev Dr M Parsons Dr Rev D Muir {r95vJned 30 June 20241 Rev J Rey Ms L Jackson Rev DrD Eshun Miss Y Mehrasa {resigned 30 June 20241 Dr S Akènhurst (from 1 August 20231 Mr S Crabtreo (from 25 September 20231 Rl Rev Dr M Gainsborough (from 25 September 20231 Mr A Demby (from 4 Decemb8r 2023) Chlof Exècutlva Offker Mr S Dorman Company rA¢retary Dr G Turner R¢gist8red office Whitelands Coll890 Hotyborne Avenue London SW1S4JD Company rryi5tration numhr 00964044 (England and Wales} Accountants Goodman Jones LLP lit Floor, Arthur Stanley HoLkse 40-50 Tottenham Strget London WIT 4RN Whitelands College Foundatw)n (The} Report of the Governlng Body 31 July 2024 The Governors, who are direc*ots under Company Law Ir8ferred lo as the Governing Body for Whilelands Colle9e Foundation} present their report and the audited financial slalemenls of Whilelands Colle98 Foundation (The) hereinafter referred lo as The Whilelands Co118ge Foun(Jation (thè company) (the Foundationl for the year ended 31 Juty 2024. Revised Articles of Association were adopted by Whitelands FoundatKJn (The) Ilhe College Trust*} by special res01￿10n in November 2019. prtncipal actlvltios The stated object of the Foundation is lo promote the advancement of education and for this purpose to acquire, maintain and carry on the Church of England College of Education kn¢ywn as whIte￿ndS col￿ge.. Parkstead House. During the year ended 31 July 2023 these aims Wgre pursued through the Foundation's role as Corporate Trustee of Whitelands College, a Charity registered with the Charity C¢ynmission, registration number 312937. Limitsd liability The Whf(elands College Foundation was regislefed in 1969 as a company limited by guarantee and not having a sharec8pital, Company Registration Number 00￿044 (England and Wales). The liabilrty of Goveming Body of the Foundation is limiied and each governor undertakes lo conlrib4Jte up lo a rnaxirnum of £110 the assets of the Found*ion in the event of it being wound up while he or she is a govemor. Financlal rosults The Foundat￿n,5 only actNty is that of acting as a Corporate Trustee of Whitelands College. The Foundation is dorniant and has not traded during this financial year. The wmpany own$ no assets in its own nght. Whitelands College Foundation (The) Report of the Governing Body 31 July 2024 The Govemlng Body The Govemots ofthe Foundation during tho yoar endod 31 July 2024 wgre as follows.. Dr P Chadwick Dr loannis Fronimos Rev Dr M Parsons Dr D Muir (until 30 June 2024) Rev J Rey Ms L J¥k$on Rev Dr D Eshun Miss Y Mehrasa (until 30 June 2024) Dr S Akenhufst {Irom 1 August 2023) Mr S Crabtree (from 25 September 20231 Rl Rev Dr M Gainsborough (from 25 September 20231 MrA Demby (from 4 Decen*er 2023) This report has been prepared in accordance with the provIs￿n$ applicable lo companiès entitled to the sm811 companw regime. Approved by the Govgrning Body and signed ￿ their behaff by.. DirectLYIGovemor Approved by the Governing Body on.. 02-12-2024 Company Registration Number OOW044 IEn9land and Wales) lfvThitelands College Foundation (The) ststement of incomo and rotalned earnings for the year ended 31 July 2024 The comparry has not traded during the year or the preceding financ￿1 year. During these years. the company receNed no income and incurred no expenditure and therefore made neflher profrt nor bss. The r￿e$ on pages &7 form part ol thege financial sl*èmants. Whitelands College Foundation lThe} Slatement of income and rètained earnings for the year ended 31 Juty 2024 ststoment of financlal posltlon 31 Juty 2024 2024 2023 Llabllitles Nll For the finanGkryl year ended 31 Juty 2024 the company w85 gnlilkd to exemptv)n from audit under section 477 of the Companies kt 20C6 relating to small companies. The directors acknowledge their responsibilty for ¢omplylng vAlh the requirem8nt8 of the Companies Act 2006 with respect to accounting records and the preparation of financ¢al statements. The Membe￿ have not yel required the company lo obtsin an audit of its financial statements for the year in question in accordance with section 476 of the Companies Act 2006. These financial statements have been prepared in accordance with the provtsions applicable to companies subject lo the small Cc￿PanieS regime. The financial sl*emenls were approved by the Goveming Body, the Board of Directors, and signed on their behalf by.. DirectorlGovemors Approved by the Goveming Body on.. 02-12-2024 Company Registration Number 00964044 (England and Wales) The notes on paoes 6-7 form part of these financaal st8tements. Whiteknds College Foundath)n (The) Notes to the accounts 31 July 2024 1 A¢¢ountlng pollclo8 1 General Informatio Whrtetantjs COl￿e Foundation IThe} is a company limited by guarantoe incorporated in England and Wales under company nurr&)er 00964044. The main aclivities of the Foundation 1$ lo promote the advancement of education and for this purpose lo acquire, maintain and carry on the Church of England College of Education known as "Whilelands College" Parkslead House. During the year ended 31 July 2024 these aim5 were pursued through the Foundation's rok as co￿orate Trustee of Whrtelands Colkge, a Charity rwJislered wth Ihe Charty Commissv)n, registration number 312937. The principal accounting policies adopted, judgements and key sources of estimation uncertainty in preparation of the 8ccounts are laid out below. Basls of accounting Those accounts have been prepared for the year to 31 July 2024 with comparative information provided for the year lo 31 July 2023. The accounts have been prepared under the histor￿81 cost convention with r(ems re¢ognised al cost or transaction value unless otherwise slated in the relevant accounting policies below or the notes to these accounts. The accounts are presented in sterling, the functional currency of the company, and amounts are rounded to the ne8re8t pound. The accounts have been prepared in accordance with FRS 102 'The Financial Reporting Stsndard appI￿able in the UK and Republic of Irgland" I'FRS 102.1 and the requirements of the Companies Act 20C6 as applicable to companies subject lo the small companies regime. The disclosure requirements of section IA of FRS 102 have been applied other than where addrtional disck)SUfe is required to show a true and fair vw. crftlcal accountlng eslimates and areas of judgement In the applution of the company's accounting policies, the directors are required to make judgements, estimates and assumptions ab04Jl the carrying amount of assets and liabilities th81 are not readity apparentfrom other sources. The estimates and associated assumptions are based on historical axperience and othw factors that are considered to be relevant. Actual results may drfler from these estimate8. The estimates and undertying a$$umptions are reviwed on an on90ing basis_ Revision$ to accounting oslimates are recognised in the period in which the estimate is revK8ed where the ￿Vision affects only that period, or in the period ofthe revisN)n and future periods where the revision affects both current and future periods. Assessment of going concern The Governors have assessed whether the use of the going concern assumption is appropriate in prepaiing these accounts. The Govemors have made this assessment in respect lo a period of * least ¢)ne year from the dat8 of approval of these accounts. ilelands College Foundation rfhe) Notes to th• accounts 31 July 2024 The Governors have concluded that there are no material uncertainties related to events or conditK)ns that may cast significant doubl on the abilty of the College to Continue as a going oncern. The company is not currently actNe, nor are there any pLans for the comparky to commence trading in the fore8eeabl8 futur8. The company has no income or expendbture, nor does il hold any assets or have any liabilrties. It &ts purely as the ¢orporate trustep of its subsKliary charity, VVhileland8 College. 8asls of conwlldatlon These accounts relect the income, expenditure, assets, liabilit￿s, and financial posrtion of the ￿MpanY alone. The company and group qualify as small and so consolidated finanual statenEnts are not required. The income, expenditure, resutt forlhe year, and balance sheet position of Ihg group are those as for the company's subsidiary charity, Whf(glands College la Charity registered with Ihe Charity Commission, rogislralion number 312937.1 Accounts for While18nds College afe available from the companls registered office as detailed on pagel. These poliues have been applied consistently. 2 Actlvltl68 The sole actNty of the company i% the administration, as corporate trustee, of ￿rtelands College. It did not undertake any IransaGtKJn5 on rt$ own acC￿nt during the year and it ha5 no assets or liabilit￿$ of ts own. 3 Dir•ctorJ' rnmuneratlon No emolumgnts have been paid to the Director$ of the company by thls or any other organisation for Ihwr serwces as DI[￿torS to thi8 company (2023- £nill. 4 Share capltallllablllty of the members The company is limited by guaranleg and ha5 no Share Capital. The liabilty of the membgrs is limrted to a sum not exceeding £1, being the amount that each member undertakes to contribute to the assets of the Foundath)n in the event of its bang wound up while he, she or rt is a member orwtthin one ye8r after he, she or rt ceases to be a member. hiteLgnds College F0uThjat￿n (The} Whitelands College Annual Report and Accounts 31 July 2024 ChaTity Rw$tratK)n Num 312937 Contents Reports Reference and adminislralive details of the charrty Report of the Goveming Body Independent audrtorfs report 11 Accounts Sl*ement of financial actmties 16 Balance sheet 17 Stslemenl of &1sh flows 18 Principal accounting pdicies 20 Notes lo the aGcounts 24 Whi(elands College Reference and adTr7lnistratiV0 d•taib of th? ¢hartty -Thg Colloge Trust00 )rtalands College FOundat￿n Tr} -Governlng Body of Whitelands College {Gov¢rnlng Body and directors of The Whltelafbds College Foundatlon. the Collfjge Trustee) Dr P ChadW￿k Dr loannis Fronimos Rev Dr M Parsons Dr D Muir (resigned 30 Jurte 20241 Rev J Rey Ms L J￿kSOn Rev DT D Eshun Miss Y Mghrasa (reS￿ned 30 June 20241 Dr S Akehurst (from 1 August 20231 Mr S Crabtree (from 25 September 20231 Rl Rev Dr M Gainsborough (from 25 September 2023} Mr A Demty (from 04 December 2023) Chid Ex8cutivo oificer Mr S Dommn Company Secretary Dr G Tumer Principal address Parkstead House Holybourne Avenue London SW154JD Chttrity reglstration number 312937 Audltor Gwjman Jones LLP 1* Floor, Arthur Stanley House 40-50 Tottenham Street London W1T 4RN Bankers Nalwest Bank 111-117 Pulney High Street L(x)donSW15 2LL Whf(elands Col*e Reference and administrative detalls of the charity Inveslment managers CCLA Investment Management Limited 1 Angel Lane London EC4R 3AB ilelands College Report of the Governlng Body Year to 31 July 2024 The Governors of Whitelands College, who are the directors of the Corporate Trustee. Whitelands College Foundation, herein after referred lo as the College Trustee, present their slalLrtory report together wf(h th9 accounts of ￿￿etrand$ College ffhe College) for the year ended 31 Juty 2024. Whilelands College Foundati)n, The College Tnjstee, is a company limfted by guarantee and incorporated in England and Wales {regislered number 009640441 whose registered office is at Whitdands Col￿e. The accounts have prepared in accordence with the accounting pol￿e$ set out on pages 20 10 23 of the attached accounts and conyty with the ¢haniy's trust deed, applicable laws and the requiremenls of Accounting and Reporting by Charities.. Statement of Recommended Pr￿1￿ applicable lo charities preparing their accounts in accordanc8 with the Financ￿1 Reporting Standard appIl￿ble in the United Kingdom and Republ￿ of Ireland {FRS 1021. StNcture, governance and manag•ment Govemance •nd oryanisation The College was founded by a Lease dated 20 July 1849 and is rtow govemed by a Charty 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 d*ed 9 March 2020", and by a scheme of the Charity Commission dated 5 January 2021 {Ihe "Goveming DoGument"). Under the Governing Document, the College Truslg9 is appointed Charity Trustee of the College. Revised Articles of Assockation were adopted by Vvhrtelands Foundation IThe} Ilhe College Trustee) by special resolution in Novembgr 2019. Whrtelands Colkge is a registered charty {Charity Registration Number 3129371 and is affili*ed to Roehampton Universty, Ilhe Unwer8ty1 under a Deed of Adherence. The latest Deed of Adherence is dated 26 November 2012. Whitelands College Foundation (The) manages the affairs of ￿￿elandS College by appointing individuals. collectively called the Goveming 8ody, to act on its behalf. Whilelands College Report of thè Governlng Body Year lo 31 ju￿ 2024 Structurop govornance. and manageM￿l DirnctOR5 (Govomors) of the Con)orate Trustee The Governors of the Corporate Trustee during the year ended 31 July 2024 were as folkAv8'. The Govemin Bod Dr P Chadwick Dr l Fronimos Rev Dr M Parsons Dr D Muir (resigned 30 June 20241 Rev J Rey Ms L j￿ksOn Rev Dr D Eshun Miss Y Mehrasa Ire$iqned 30 June 20241 Dr S Akehurst (from 1 August 2023} Mr S Crabtree (from 25 September 2023) Rl Rev Dr M Gainsborough {from 25 September 20231 Mr A Demby (from 4 December 20231 The Governing B¢)Jy is responsible for ensuring the effective management of Whrtelands College to achieve and develop its strategic objectNes and for planning ils future. The GoveTnors are nominated as set out in the Arti¢les of Association and initially appointed for a temi of three years. A retiring Govemor is eligible for re-nomination. No Govemor may seThe mcTr than three temis. Ms J Munro has 5eryed for three temis lo enable the govemane* ￿View10 be completed. Apart from its statutory responsibilities as described below, its primary responsibilities include the follt)wing'. • To approve the mission and strategic vision of the Coilege. To delegat8 authority to the Principal or Head of College, as chief executive, and to keep under regular review the policies and procedures undertaken by the Principal or He8d of College. To en$yrg the establishment and monitoring of systems of control and accounlabilty, including financial and operational risk assessments. • To ensure prctesses are in place lo moniloi and evaluate performance and eff￿tlYeness against key perfomance indicators. To establish processes lo monitor and evaluate the performance and effectiveness of the Governing Body ilsgff. To safeguard the good name and value8 of the College. WhileL4nds College Report of the Governing Body Yearto 31 Juty 2024 To appoint the Principal or Head of College and pul in place suitable arrangements for I￿￿11011n9 hislher performance. • To appoint a clerk or secretary to the Goveming Body and lo ensure. that rf th8 person appointed has managerial responsibilities in the College, there is an appropriatg soparation in the lines of accounlabilily. • To be the College's legal aulhonty and ensure th81 systems are in plaeè to meet the COl￿ge,8 legal obligations. To ensure that the College'g constitution is followed at all limey 8nd that appropriate adw'ce 15 avaiL4ble to enable this lo happen. The Governing Body is also required to nominate two indwiduals to S8tv8 as directors on the Unwersity Council_ All nominees ale given informali¢)n on the College's conslbtulion 8nd up- tfydae infomiation regarding ils perfomiance and finoncial status and are inductefj by the Chair of Governing Body and the Head of College. The induction includes providing background on the College's history, purpose. ar)d finances. Ststsment of rosponsibilities olthe Governors The Governors (who are the directors of the College Trustee and act as the trustees of the charity under the CharrtEs Act) 8Te responsible for preparing the Annual Report and accounts in accordance with applicable law and United Kingdom Generally Accepted AccounlirwJ Prathe. The law applicable to charities in England and W81es requires the Govemor5 to prepar8 acco(tnts for each financial year vthich give a Iw8 and fair Mow of the slate of affairs of the eharily and of the income and expendrture fe* that peric¥J. In preparing these accounts, ttr Governor8 are rw4uired lo". Sekcl suitable accounting Policw and then appty them consistenty., Observe the methods and prinCip￿S in Accounting and Reportj'ng by Charities.. Statement of Recommended Practice applicable lo charitigs preparing their accounts in accordance with the Financial Reporting Standard applicable lo the United Kingdom and Republic of Ireland IFRS 1021., + Make judgements and estimates that are reasonable and pwdenl., • Stste whether applicable United Kingdom Accounting Standards have been followed. subject to any malerial departuros disclosed and explained in the accounts,. and • Prepare the accounts on the going Gontsm basis unless it is inappropriate lo presume that the charrty will continue in rweralion. The Govemors are responsible for keeping proper ac￿￿nting records that disclose wrth reasonable accuracy al any time the financial position of the charity and enable them lo ensu￿ that the accounts ￿MplY with the CharilYè5 Act 2011, the Charty (A￿Ount$ and Reports} 2008 Regulations and the provisions ofthe trust deed. They are also responsib￿ for safeguarding the assets of the charity and hence for taking rea80nabl8 steps for the prevention and detection of fraud and other irregtjkrrties. Whilelands College Roport of tho Governing Body Year to 31 July 2024 Key managament peysonnol The Govemors cOns￿er that they comprise the key marbagement of the College in charge of directing and controlling, running and operating the College. Mr Sirnon Dormon was the director oflhe Corporate Trustee and responsible forlhe day404Jay Cperat￿n$ of the College during the financial year ending 31 July 2024. None of the Govemors cf Whileland$ College Foundation. the College Trustee, received any remuneration OT reimbursed expenses in respèct oftheir services fromthe Whf(elands College during the year12023- mng). Risk management A frameworf( lo manage strategic risks is in plac8, which calegorises risks as high, medium, or low level Covering the likelihood and impact of each identified risk. The Goveming Body has a$sesse(I the major risks to which the College is exposed, in Part￿Ular those r81*ing lo the spec[r￿ operational areas oflhe College, its propertie5. its investments, its loan covenants arKI financgs g8nerally. Under the licence and management agTeement with the University. the Universty is required to manage the iisk of damage lo the property and or assets and the risk of breaching Ihe loan covenants. The Governing Body recebves confirn1al￿n frc￿n the Universty that it has an appropriate risk register and systems in place to ertsure that risks are managed. and these are reviewed gach year by the audit commrttee and Ihe loan covenant is rewewed al each meeting of the Colkge Trustee to ensure that there is no breach of the condit￿$ attaching lo the loans. GoYeman¢o Risk manag9mgnt The Goveining Body believes that by monitoTing reseNe levels, by ensufing controls exist over key financial systems, and by examining the operational and business risk5 faced by Ihe College. they have established effective systems to mitigate those risks. Public benefrt The Govemors confirm that they have referred to the guidance issued by the Chanty Commission on public benefit when reviewing the aims and obiectNes of the Colkge and pL4nning future aclivilies. Oblectlvgs The obj'ect 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 wilhoul prejudice, the training of persons intending lo become teachers. The College ¢ontinues tofulfil f(s charf(able objects. Whtielands College Roport of the Govgrning Body Year to 31 July 2024 The Mission Slalemenl of Whitelands College Foundation, the Corporate Trustee, states." Whilelands Collegg Foundat￿ is an AngI￿an Foundation with a long tr8d11K￿ and is an integr8lp8rtofthe UnNeA3tyofRoehamplon. Itthus offe￿? dislinctwe experience of h￿her education to a w￿e range of peop￿ pursuing academ￿ excellonco in 8 communty where just￿e and the valu8s of respect, caring, servicg, openness, and personal integrity are fim7ty upheld. AcllvltSe$ The main activty of the College since 2012 FS the ownership of the land and buildings wthich are occupied by a conststuled college of the UnNersty of Roehampton under a IKence to occupy. The Universty conlinues lo train men and women lor the leaching profession and for range of degree courses validated by the University of Roehampton. The College fulfils rts charitab￿ objects through such an (KCupal￿￿. The Charity Commission Scheme of S October 1978 allows sums of cash belonging to Whrtelands College and not needed for immediate working purposes lo be invested al any lime in the name of Whitelands College Foundation unless the Charities Commissioners otherwise dired. However, it is the cu￿ent intention that Whitelands College Foundation acts purety as the College Trustee of the College. co1￿8 activilies 2023-24 From mug painting lo May Day, and from inductK)n week to outdoor summer events, INhitelands College celebmted another full year of student engagement and activities. Crafting proved to be a partieular hrt with students, drawing large numbers to participate in pumpkin carving in earfy Novwnber. wrth a free breakfast proving a popular Combinat￿n. Earlier in the autumn temi, a mug painting workshop was hosted by the chaplaincy and stLHlent wellbeing teams, supported by the college, to mark World Wellbeing Mental Hea￿h Day on 10 October. The event proved particularfy inwrtant during a year when demand for mental heatth sUPPOrt increased by 13 per cent, adding to the mix ol ways in which College ommunty life can support student wellbeing. Seasonal events included 8 number of feslNe activf(ies around Christmas. Building links wth the bcal community came lo the fore through Christmas tree decor81ing and the carol service, wth singers from Holy Trinity Church Roehampton, held in the reception area and augmented by mulw wine and mince pies. Christmas dinner itseff was celebrated on 9 December, an ever-populai event brir@ing together arcHJnd 100 student3 and $taff. As akvays the cenlrepiece of the college's calendar was the May Day event, attrxting around 200 alumni, stsff members and students. along with a range of dignitaries and college supporters. The service in which the new monarch was er¢ywned was led by the Rt Revd Martin Gain8borough. Area bishop of Kingston, and Revd Daniel Eshun. college chaplain. B￿ck History month was mattted ￿th the screening of tho film Moonlighl12016}, combined wrth a tslk under the Sam Sharpe Lecture series by ProfeSsC￿ Anthony Reddie from the Oxtsd Centre for Religion and Culluie, which drew nearty 1W attendees. Whilelands College Report of the Governlng Body Year to 31 Juty 2024 Movies were also part of the lffe of the college in other ways. with regular student film nights held once or ￿lce a week in lem Ilme, screened in the William Morris lecture theatre. Other regular events includod the Vvhitelands Wilders group, who met around threo limes each lemi lo take part in planting and tending activiti'es in the college grounds. led in part by the college president. A particularfy sombre occasion in the life of the college was a m8morial service held for Dr Catherine Gilvarry on 7 November. Tributes We￿ I￿ ty Dr Yannis Fronimos. Dean of the School of Psychology, with further input and readings from colleagues and students. A memorial book rewrding memories of Catherine was presented lo her partner Paul during the serV￿e, wh￿h was eonducted by the Whi(eiands and Digby Stuart college chaplains. In¥eslment policy The charity has a portfol￿ of investments excluding cash hdd by the investment managgrs of £18,65612023.. £2.012,2051. Further detsils provided in Note 10 lo the accounts. There are no restrictions on the College's power lo invest. The investment strategy is sel by the Goveming Body and takes into account income requirements and the risk profile. Th overall investment policy 1$ lo place investments in funds holding 8 mixed portFolio that have objectives consislenl with the Governing Body's expectations. Investment policy The Govorning Body regularly reviews the investment slralegy and the performance of the portfolio wh￿h achieveil a lotsl return of 1.720A on the CBF Church of England Fund8 and cash balances. The Governing Btxly is satisfvad that their investment policy is being achieved in the longer-lerm. Financial revlew Hnancial posltlon andwfonnance These accounts show the finan(#al positw)n and performance of Whi(eland8 College. ithr(elands College has ended the year with net movement in funds, after investment gain8 and revaluations on h8rrtage asset$ of £330.62412023.. £200.1501. Income for Ihe year totalled £738,440 {2023.. £743,127) anJ, Gcxyjman Jones LLP have indicated th8irwillingnes$ to remain in office for the nextfinancial period. Each ofthe persons who are trustees al the time when this Tru5tee5' Report 18 approvod ha$ ¢onfirmed Ihal.. ' so far as that trustee 1$ aware, there no relevant audi( information of which charrty's 8udrtors are unawarg, arKI . that trustee has taken all the steps that ought to have been tsken as a trustee in order to ba aware of any rethnt audit infom*tion and to establish that the charity's auditors are aware of that inf(xmation. Approved ty the Govemors and signed on their behalf by.. Dr P Chadwick D1￿Clor of the Vvhilelands Collegg Foundation (The) and the Trustee i)f the Vvhileknds Col*e. Approved by the Goveming Body on.. 02-12-2024 rtelands College 10 Independent audltoVs report Year lo 31 July 2024 Independent auditorfs rnport to the Governors of the Collage Trustee of Whttelands College Ithe charltyl Opinion We have audited the accounts financial statements of WhitelaNJs College (the 'chanty'l for the yearended 31 ju￿ 2024 wh￿h comprtse the $talement of financkql actwities, the balance sheet, the statement of cash flows and notes to the financial statements, including a summary of signrficant accounting policies. The financial reporting framework that has b￿n applièd In their preparation is appI￿able law and United Kingdom Accounting Standards, inoluding Financial Reporting Standard 102'The Financial Rewting Standard applicable in the UK and Republic of Ireland, (Unrted Kingdom Generally Accepted Accounting Praclicel. The financial statements ha￿ been p￿PaTed in accordanc8 wf(h kcounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Stsndafds applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities.. Statement of Recommended Prxlice120051 wh￿h is referred to in the extant ￿gUlationS but has b8en withdrawn. has been done in order for the ￿OUnts lo provide a true and fair view in accordance with the Genorally Accepted A¢counting Practice effective foT reporting periods beginning on or after 1 JanLMry 2015. In our opinion the financial stslemènts.. give a true and fair view of the slate of the charity's affaiTS as al 31 July 2024 and of its incoming resources and application of resources for the year then ended., have been propety prepartrj in accordance wf(h United Kingdom Generally Aceepled Accounting Pra¢licg,' and have boen prepared in accordan￿ with the requirements of the Charities Act 2011. Basls for opinlon We conducted our audr( in accordance wrth International Standards on Auditing (UK) {ISAs IUKII and applicable Lqw. Our responsibilrties under those standards are further describgd in the auditor's re5ponsibilitie5 for the audit of tho financial 5talemenls section of our report. We are independènt of the chaty in 8ecordance wlh the ethical requirements that are relevant to our audit of the accounts in the United Kingdom, including the Financial Reporting Council's Ethical StarKlard, and we have fulfilled our other ethical respon5￿)11rtles in accordan￿ wrth these requirements. We believe th81 the audit eviden￿ we hav& obtained is suffici8nt and appropriate lo provide a basis for our opinion. Whrtelands Colkge 11 Ind8p•ndent auditor'$ report Year to 31 Juty 2024 Conclusions relatlng to going concem In audf(ing the financial $tatemen15, we have concluded that the directcrfs use of the going con¢em basis of aecounling in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material Un￿rtaIntieS rekling lo ev&nls or conditions that. indwKJualty or collectively, may Cast signffi¢ant doubt on the company's abilty to continue as a going concem for a period of at least twelve months from when Ihe financA81 statements are authorised for issue. OLsr responsibilities and the responsibilities of the directors with Tesw lo going conc8m are descrlbed in the relevant sections of this reporL Other infomatlon The other information comprises the 1nf0miati￿ included in the Annu81 Report otherthan the financial statements and our Audf(ors' Report Ihereon. The Trustees are responsible for the other infom)alion contsined within IheAnnual Report. Our opinion on the financkql statements does not cover the other information and, ex￿p1 lo the extent Othe￿iSe explicitly staled in our report, we do not express any form of assurance conclusion th8reon. Our responsibility 1$ to read the other information and, in doing so, consider whether the othw irrformation is Material￿ in¢onsistent with the financral slatemenls or our knowledge obtained in the course of the audit, or ¢)therwise appears lo be materially misstated. If we idenlfy such material inconsistencies or apparent material misslalemenls. we are required to determine whether this gives rise to a materKg1 misslalement in the financial statem8nls themselves. If, based on the work we have perfomied, we conclude that there 1$ a material misstatement of this other Informat￿￿, we are required to r8POrt that fact. We have nothing to report in this regard. Matters on vknich w8 are requir•d to report by exception We have nothing lo report in respect of the following matters where the Charities (Accounts and Reports} Regulal*)ns 2008 requires iequires us to report to you if, in our opinion.. • the infomiation given in the report of the Governing B￿Y is inconsistent in any material resFeCt Wtth the financkgl st8tements', or • sufficpnt accounting Tecords have not been kept., or • tho financial StsleM￿ts are not in agreement with the accounting records and returns., or • we have not rethve(l all the informalTon arKI explanations we require for our audit. WhrteLqnds College 12 IDdep9ndent audltorfs roport Year to 31 July 2024 Responsibilltles of the Governors As explained more fully in the statement of ￿ponsIbIlItieS of the Governors. the Govemors (who are the Govemors of the College Trusteel are responsible for the prepaialion of the financial ststemenls and for being satisfied that they give a true and fair view, and for such internal control as the Goveming Body delemiines is neeessary to enable the preparalK)n of financial stslemenls that are free from m*erial misstslement, whether due to fraud OT error. In preparing the financial slatemenls, the Govemors are responsible for assessing the charity's abilty to continue as a going concem, disclosing, as applicable. matters ielated lo goin9 concem and using the going concem basis of accounting unless the Govemin9 Body and the College Trustee ef(her Intend lo IKiuidale the charty or to cease operations, or have no realist￿ altematNe but to do so. AudFtorfs respon$lbllltlgs for thg audit of tho financial statements We have been appointed 8$ auditor under section 145 of the Chafilies Act 2011 and report In a￿OrdanCe with the Act and relevant regulations mae or having effect Ihereund?r. Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslatemenl, whether due to fraud or error, and to issue an auditorfs report that includes opinion. Reasonable as$uran¢e* is a high ievel of assuran but is not a guaranteethat an audrt conducted in acCordanCe￿1h ISAS IUK}will ahmays detect a material misslatemenl when it exists. Misslalements can arise from fraud or error and are consideied material rf, individually or in the aggregats, Ihgy could reasonably be expected to infflUen￿ the economic decisk)ns of users taken on the basis of these financ￿1 statements. Irregulariltes, induding fraud, are instances of non-compliance with laws and regulations. We design pro¢edures in line with our respC￿S1bIlit1es, outlined above, lo detect material misstatemènts in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularilw, induding fraud 1$ detailed below.. Based on our understanding of the charity and sector, we idenlrfied that the pnncipal risks of non-compliance with laws and regulations related to Sgctor regulations and unethical and prohibrted business praCt￿e3, and we considered the extent to which non-compliance might have a material effect on the finaneial statements. We also considefed those laws and regulations that have a direct impact on the preparation of the financial slalem8nts such as the Charrties Act 2011, Charty Commission and sector regulations, and UK Tax Legislation. We evaluated management's incentives and opportunities for fraudulent manipulatK)n of th financial statements lincluding the risk of override of contro131. Appropriate audit procedure$ in response to these risks were carried out. These procedures included.. Discussions wfÉh management, induding conyideration of known or suspectad instances of non-compliance with laws and regulation and fraud.. Reatling minutes of mgelings of thos& charged with governance., Whitèlands College 13 Indgpandent auditor's report Year to 31 July 2024 . Obtaining and reading correspondence from legal and regulatory bodies including HMRC., Identifying and lesling joumal entries. and Challenging assumptions and judgements made by rnanagemenl in their $trJnrficant accounting estimates. We also communuled relevant identrfied laws and reguklions and potèntial fraufl risks to all engagemenlteam members,. and remained alert loany indications offiaud or ngn-compliance with laws and regulations throughout the audit. There are Inhe￿nt limitations in the audf( procedure8 descrit*d above and the further removed non-compliance wlh laws and regulations is from th8 events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misslalement due to fraud is higher than th8 risk of not dete¢ting one resuking from error. as fraud may involve deliberate concealment by, for example, forgery or intentional misrepiesenlations, or through collusion. A further description of our responsibilrttes foi the audit of the ac¢ounl$ is located on the Financial Reporting Council's websrte al ￿M.tr¢.0r9.￿klaUdrt0rsresponslblliIles. This de5cfiption fom18 part of (iur audito¢s report. Vwiilelands Collegg 14 Indopendgnt auditor's report Ygar to 31 July 2024 Use of our report This report is made solely to the charty's Trustee, as a body, in eLcordance with Part 4 ofthe Charities IA¢¢ounts and Reports) Regulations 2¢Q8. Our audit work has been undertaken so that we might stale to the Goveming B¢xty and directors of the College Trustee those matters we are required to state lo them in an audrtorfs report and for no other pUry￿se. To the fullest ext&nl pem)itted by law, we do not accept or assume responsibilty to anyone other than the charty and the Goveming Body and directors of the College Trustee as a body, for our audit woth, for this r8POrt, or forlhe opinKJns we have fomwl. Goodman Jones LLP Statutory Auditor 111 Fk)or. Arthur Stanley House 40-50 Tottenham Street London W1T4RN Dale.. 11-12-24 GocAlm8n Jones LLP is eligible lo act as an audrtor in temis of section 1212 ofthe Companies A¢t 2006 Wh((elands College 15 Statsment of Flnanclal Activitiès 31 July 2024 De819nated and tanglblo G•n?ral flxed assets fund fundg Designated and tangib General ffix&J assets fund fund5 Total 2024 Total 2023 Notès Ineome fr¢)m: Charitable activibes Investment incorne and interest recgivabl8 663,878 663.878 669,082 669.CQ2 84,562 738M40 84,562 738,440 74.045 743.127 74,045 743,127 T¢)tal Incomg Ex￿nditu￿ on: Ch&ritabl& ath"vities 544,898 557.568 557,568 Nèt in¢omg beforg tr¥nsf¢r¥ 193,542 193.542 185.559 185.559 Transfttrs betspen fvnd3 15 {109,0511 109,051 5,102 15,1021 Sn¢(rfne I lexpendlturel b•for• Invoskn•nt and fevaluakn.on gairts 111ts55e¥l 109.OS1 193,$42 {5,1021 185,559 Realised gains Illosses)" on invgsbnant Assats 10 137,082 137,082 14,592 14.592 on rwalu¢d f*ritsge as8ets N•t ineome Ilexpenditurel and n•t movomgnt in funds 221,S72 109,051 330.624 205,253 15.1021 200,150 Roconclllatlon of funds: Fund balances brought foAvafd al 1 August 2023 1882.702 13.703.372 16.586,073 2.677.449 13.708.474 16,385,923 Fund balances eathèd fowward at 31 Jul 2024 3,104,274 13,812A23 16,916.697 2,882.702 13,703,372 16,586,074 All recognisgd gains aN1 bsses are included in the above statement of financial a¢tivilies. All of the charity's aclivrties deTwed from Gontinuing operatKsns during the above two financial per￿$ The notes on pag8$ 24 to 31 fomi part of these financial stslemenls. Whiteland8 College 16 Balan￿ Sheet 31 July 2024 2024 2024 2023 2023 Note Flxgd ￿$￿ts T8ngibltr assats H9ritage assets Investments 14A08,342 2,673,700 18,666 17,000,698 14,650,9 2,573,700 2,012,205 19.236.861 10 Curr•nt asgets Debto Cash at bank and in hand 74,443 819,478 893,921 3,166,019 3,155,019 Llabllltt•6 Creditors.. amounts f8l1iwwJ duo thin one year Not currert 12 1443,866) 1387,230} 2.711.154 Total as69t$106$ cuTh•nt Uablllties 19,711,8S2 19,743,551 Crgdltor8: 8mounts fra15ing du atsr one year Total n•t a$￿ts 13 12,795.1341 16.916.697 13,157,476) 18,586,074 RePr￿ent¥￿ by.. Fund8 ond re•ery Income funds Unrostricted funds Designated funds . Heritage assets fund 17 2,573,700 2,573,700 11,238,724 13,812,424 3.104,273 16.916,697 2,573.700 2,573,700 11.129,672 13,703,372 2,882,702 16,586,074 . Tangib￿ fixed assets ftjnd 16 . G8W￿ra1 fv￿$ Total ftJnd5 15 Approved by the Goveming Body and directors of the College Trustee and signed on their behalf by.. Dr P Chadwick Diredor of the Whilelands co1￿8 Foundation (The). thg College Trustee Approved on.. 02-12_2024 Notes on paggs 24 to 31 form part tsfth￿ financial statements. Whilelands College 17 statoment of Cash Flts￿ 31 July 2tr24 2024 2023 Notes Cash flovM from operatlng acllvitigs.. Net cash promded by operatiJYJ acts'vities 861.791 599,687 Cash fflovrd Ir•m inv•sting a¢tbvitiÈ8: Share purchased during the year Shar8 501d during thè yèar Investment Income Ngt cash provlded by InveBlln9 actNitieB 11,736,580) 2,130,629 84,662 74,045 2.215,191 11,662.8051 ¢48h outHow from flnanclng aclMtle8: Int#￿st paKI Repayments ofborrowing Ngt ¢a8h u￿d In financlng ¥ctiviti#s (189.7751 1202.6531 (351.6661 1339.7981 1541A411 1542.4511 Change In cagh and cash wulvalents In the yoar 2,33fj,642 11,805,29gi Cash and caBh oqulvalents at 1 AugU¥t 2023 819,478 2,424,776 Ca•h and cash •quivalents *t 31 July 2024 Notès to the $t•temtM of eash Ilows forlhe yearto 31 July 2024 A Reconclllatlon of net movement In lunds to n•¢ cash provided by oporowng 4¢￿VIlle4 2024 B 3.155,020 819.477 2023 N•t mov¢mont In fvndb la• pèr th• ststemont ol finan¢lal actlvltlosl Adjuslments for. D8pr8uation charg• Lossesllgainsl on investments l1ncreaselldec￿ase Sn FA WP Interest payab Investment Inc￿79 D￿rease I lirtrea581 in dèbtors IDe¢rea5el l increase in creditor8 Net cash provid•d by op•r*ting a¢tivStl•s 330,624 2(M),150 344,900 1137,0821 1102.2861 189,776 184,5621 74.443 45,979 661,791 344,9)0 114,5921 202,653 174,0451 157,6821 11,6981 599.687 B Analysis of cash and cash •quival•nts 2024 2023 Cash at bank and in hand Cash held by investsnent managers Total cash and ¢ash wulvalgnts 773,921 2.381.098 3,155.019 626,291 193.187 819,478 hitelands College 18 C Not d•bt rèeonelllatlon At1Aug 2023 Cash flow At 31 July 2024 Mov8m•nt Co$h •t b#nk and In hand 626.291 147,630 3,921 C88h hold by Inv•8tm•nt rnanag•Tr 193,167 1187,911 2A81,098 819A78 1335N1 3,165.019 Loan8 falllng du• wlthln yèar LO•￿ falllng du• aft•r mor• than on• yoar {363.8071 13,157A761 110,6fj61 1374A631 362,322 12,795.1541 13,5213831 361,666 13.169.617) Total 12,7010061 2,687,207 (14,6991 WhiteL2nds College 19 Princlpal accounting policies 31 Juty 2024 Ggngral Inforni*ion Whitelands Coll6g8 is an unincorporatod charty rogisterod wrth the Charity Cc*nmissKJn in England and Wales under charity number 312937. The main actwities of the charty are the (wnership of land and buiklings occupied by a constituted college of Roehampton University as noted in the Trustees. Report on page 6. The Col*e's prrncipal address is Parkstead House, Hotyboume Avenue, London. SW15 4JD. Th8 princpal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid beknw. Basis of accounting These accounts have been prepared for the year to 31 July 2024 with compafative infomiation provided for the year lo 31 Jvty 2023. The aceounts have been prepared under the historical cost convention with r(ems recognised al co51 or transaction value unless otherwise stated in the relevant accounting polic￿ bel¢)w orthe notes lo 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 R8porting Standard applicable in the United Kingdom and Republ￿ of Ireland Icharilies SORP FRS 102} effective 1 January 2019. the Financial Reporting Standard appl￿b￿ in the UK and Republic of Ireland IFRS 102) and the Chsrities Act 2011. The College con81ilules a publ￿ benefi( entty as defined by FRS 102. The accounts are presente(l in sterling, the functi(￿81 currency of the charity and amounts ale rounded lo the near¢$l pound. Crttlcal aceountlng estlmates and areas of judgement The items in the accounts where a judgement and estimate have been made are in estimating the useful economic lrfeof tangible ftxed assets used to calculatethedepreciation char9e and the value of heritage assets Included in the balance sheet. Assessment of going concern The Govemors have assess&J whether the use of th& going concern assumption is appr(wriate in preparing these accounts. The Govemors have made this assessment in respect to a period of at least one yearfrom the date of approval of these accounts. The Governors of the College have concluded that there are no material uncertainli8$ related to events or conditions that may cast signrficant doubl on Ihe ability of the College to continue as a going concern. The Govemors are of the opinion that the College will have suffici&nl resources lo meet rts liabilities as they fall due. The most signrficanl areas of judgement that affect items in the accounts are the continued abilty of the Universty lo make the annual payment to the College and for the College to $8Thi¢o tho loan facility Whilelands College 20 Principal accountlng pollcles 31 Juty 2024 provided by Allicia 8ank Limited and moel the loan ¢ovgnanl5. As the annual payment payable by the University is based on the College's estimated payments for the financial year, the risk of the College not being able lo meet its liabilit as they fall due is reduced. wr(h regards to the next a￿untIng period, the year ending 31 July 2024, the only area that affects the carrying value of the assets held by the College is the level of investment retum and Ihe performance of the inVest￿nI markets. The value of the investments hekt in unstised funds is not svJnifi&int lo the assessment of the financial viabilty of the College. Income recognltlon Income recognised in the period in which the charity has entitlement lo thg incomg and thg amount can bè measured reliably and rt is probable that the income wll rec￿ved. Income 1$ deferred only when the charty must fulfil conditions before becoming entitl￿ to it or where the donor or funder has 5pecrfied that the In￿Me is to be expenda in a fvlu accounting period. Income comprises an 8nnual payment recewable from Roehamplon UnNersty for cupalion of the col*e premises, investm&nt income from listed investments arEd interest receivable. The annual payment is recognised in accordance wth the I￿nCe and managemenl agreement with Roehampton Universty and to the extent that it 15 probable that the ￿onoMiC benefits will flowto the College and the revenue can be measured ￿1￿hty. Income from listed invoslments 1$ recognk8ed once the dividend has been deC￿red and nolifi¢alion has been received of the dividend due. In￿me from all in￿stMentS is accounted for only when the reeeipl of such income is probable, and the amount can be measured raliabty. Interest on funds held on deposit is included when recewable and the amountcan be measured reliably by the charty.. usually upon notification of the interest paid or payab￿ by the bank. Whrtelands College 21 Prlnclpal •¢coufitlng poll¢les 31 July 2024 Expendlture rg¢ognitlon Liabilrties are re￿gniSed as expenditure as sc4Jn as there is a 189al or constructive obligation committing the charity lo make a payment lo a third paty. rt is probabk that a transfer of econ¢Jmie beneffts wll be required in settlement and the amount of the obltgation can be measured reliably. All expenditure is accounted for on an ac¢ruals basis and includes any attributable VAT wh¢ch cannot be recovered. Expenditure on charitable actNilies includes all costs a880Ciated wrth furthering the charitable purwses of the charty through the provisKJn of Col*e premises for educational use. Such costs include the costs of servi¢ing the bank loans. the depreciation of the freehold and leasehold premises, govemance costs and other costs. Tangible fixod assets All assets costing more than £250 and with an expected usefijl life exceeding one year are capitalised. Freehokl18nd and buildings Freehold propertios used for the direct charrtable work of the charity are included in these aecounts al cost at the dale of acquisition or construction together wrth the cost of addf(ion$ and improvements to date. Freehold building8 are depreciated from the date they are brought into use at a rate of 2°% per annum on a straight-line basis in order lo write tho buildings off over their eslimaled useful economic life lo the charity. Freehold lan¢J isn't depreciated. b. Leasehold land and buildings Leasehold land and buildings have been included al c05t les5 a provisK)n for impairment and are amortisgd from the dale they are brought into use over a period of 50 years. Cost includes loan interest incurred lo fund construction prKJr lo the assets being brought into use. here tsngible fixed assets are acquired with the aid of specifi'c granls Ihgy are capilalised and depreciated as above. An impaimient review in resped to a particular class of asset is earried out if events, or Changes in cireumstan¢es, Indicate that the carrying amount of any tangible fixed asset may not be recoverab￿. Heritsge assets Heritage assets have historic, arb'stic, scientific, technological, geophysieal orenwronmenlal qualities and are held and maintsined principalty for i(s contribution to knowledge and cutture. The College holds artefacts which have been classrfied as heritage assets, and these have bogn recognised in the accounts at valuation using infom1at￿n. evidence. and valuations obtained from professional experts. White18nds College 22 Prlnclpal accountlng pollcles 31 July 2024 Listed investments Listed investments are a fomi of basie finaneLal instrument and are inftialty r￿nis￿ at Iheirtran8action value and subsequently measured 8t Iheirfair value as al the balance sheet date using the dosing quoted market price. Unrealised gains and bsses are calculated as the drfference be￿en the fair value al the year end and their carrying value al that dale. Rgalised and unrealisa investment gains lor losses) are combined in Ihe statement of financial adiviti'e$ and are credited lor debiledl in the year in which they arise). Dabtors Debtors are reccgnised at Ih&rsettlement amount, less any provision for non-recover8bilty. Prepayments are valued al the amount propaKI. They have been discounted lo the P￿en* value of the future Cash receipt where such discounting is material. Cash at bank and in hand Cash at bank and in hand represgnls such ¥¢ounts and instruments that are available on demand or have a maturity of less Ih8n three months from the dale of acquisition. Croditors and provisions CrediloTS and provisions are recognised when there is an obligation at the balaTr￿ sheet date as a resuh of a past event, rt is probable that a transfer of economic benefrt will be required in selllemenl, and the arnouTrt ofthe settlement can be estimated reliably. Credrtors and provi$k)ns are reco9nised 01 the amount the charty ant￿1PateS rt wll pay 10 settle the debt. Fund ac¢ountlng The design81ed funds are rrKJnies set 8sKJe out of unrestricted funds and designated for specific purposes by GovaM￿S. Generdl lunds represent those unrestricted monies which are freety available for application towards achieving any charrtable purpose that falls within the charty's charitable objects. Both the general fund and design*d funds are unreslrided. hilekands COl￿e 23 Notss to accounts 31 July 2024 1 Income from: charttsblo activities 2024 2023 Annual payment 653.878 689,082 The annual payment represents monies received from Roehamplon Unwersily for occupation of the College premises. 2 Income Irom: inv8Stmants and interest recelvable 2024 2023 Investment Income- Tha CBF Church of England Funds Uniti8ed income funds cash holdings Bank interest 48,39Q 8,892 27,280 84.662 3,656 55,126 15,263 74,045 3 EX￿ndItUre on: ¢harltablg activitios- provision of College premis8s for educational use 2024 2023 Depreciation and amoitisation of buildiroJ5 Loan interest Legal and profg5sional faes 189.T16 202,653 534,676 547.553 Support ¢0sts Governan￿ cDsts (note 41 . Bank ch8rg88 10,200 23 544.898 9,770 246 557.568 4 Governance costs 2024 2023 Auditor's fees (including VATI 10.200 9,770 S Net income Iloxpendrturel and net movomènt in funds This is slated after chargin9'. 2024 2023 Depreuation and afflorti$8tion ¢h8rg&s Intarest on bank loans Auditors remuneration linduding VATI ALKlit semces 344,900 344,S 189,775 202,653 10,2CKI 9,770 ilelands College 24 Not6S to accounts 31 Juty 2024 6 Employees and key manag•mont persorinel The Collegè employs no staff. The Govornors consider that they comprise the key managemenl of College in Charge of directing and controlling, running and operating the College. Mr S Dorman was responsible for the daY4￿daY operations ol the Cdlege. None of the Goveinors of Whiteland5 College Foundation, the COl￿e Trustee, rec8w8d any remuneration or reimbursed expenses in respect of their services during the year12023'. none). 7 Takn*lon rtelands Col* is a registered charty and therefore is not liable to income tax or corporation tax on income derived from ils charitable activrties, as (( falls wFthin the various exemptions available to registered charities. 8 Tanglble flxed assets Freehold laThY and buikling5 L8a5ehdd land 8nd buildings Total Cost At 1 August 2023 Additions (Note 191 At 31 July 2024 552,280 53,929,312 $4,481,592 102.286 102,286 552,280 54,031,598 64.683.878 Depreciation, amortisation and Impalrnient provknlon At 1 August 2023 Charge for y8ar At 31 July 2024 218.398 39,612,238 39,830.838 11.IM6 333,854 344, 229.444 39.946,092 40,175,$36 N•t book values At 31 Juty 2024 At 31 July 2023 322,837 14.086,500 14,408,342 333.882 14,317.074 14,650,956 Leasehold land and bulldlng - Parkstead slte On 1 May 200S the academic and residential leasehold sites were subj&t to 8 professional impairment review by DTZ Debenham Tie Leung Inlernatitinal PropetyAdmSe￿. As a result of the restrictions on the use of Parkslead House. a valug of £20 million on a restricted lease basis was attributed to the property resulting in a fall in value of £33,225,519 which was charged to expenditure in 2005 and a further fall of £314,540 which was charged lo expendiiure in 2006. hitelands Col*e 25 Notes to accounts 31 July 2024 9 Herftagg assets Slained gla35 windows R•redos Artglacts To¢al Valuab'on at 1 August 2023 Rèvaluatson gain3 Valuation 8131 July 2024 SQKI,OC(J 1,204.0 869,7CKJ 2,573.700 500,(X)0 1,204,000 869,700 2,573,71JO The College Property. known as Park81ewJ House, incorporates a number of 8um&Jones stained glass windows and the College also owns various r8ie artefacts which are acknowledged lo be of historic inyortance and which are retained as part of the Colleg8'S heritage. The wndows and artefacls are deemed, therefore, to be heritage assets and have been included in the accounts at a valuation determined by the College Trustee, with professional assistance. Such assets are not depreciated. Their value and eondilion will be reviewed annualty by the College Trustee who are satisfied that their residual value is not less than their book value. 10 Flxed asset investments 2024 2023 Llsted Inv8slrn8nt¥ Market value at 1 August 2023 Addith)n81 Share purchased in the year Sharè sold in the year Net Unr8ali8èd invesbnentgains Net realised inv8sbnent gain$ Mathet value at 31 July 2024 2,011202 261,030 1,7￿.560 12.130,829) 14.5K2 137,082 18.666 2,012,202 Ca•h hgld by Inv￿•m•￿t managors 193.187 2,205.391 18,656 Cost of Iistsd investrngnts 8t 31 Jul 2024 30Ag) 30,490 All investments are held in UK unibsed funds and are dealt in on 8 r￿OgnIsed stock exchange. Listed investments comprise the following.. Market valuo of holding % ol totsl porlfolio The CBF Church of ErKJland Funds.. . Inv8Strn8nt FuThY- Inc(xne Shams . Fixed Interest s￿Ur￿"05 Fund- Inccffl8 18,656 18,666 100% 100% VVhrteland8 College 26 Notes to accounts 31 July 2024 11 Debtorn 2024 2023 Amounts due from Roehampton UnNeTsty 74,443 12 Credltors: amounts falling due wlthln one year 2024 2023 Bank loaro Inot8 141 Accruals unl￿[Sity of Rc¢hampton Othgr creditors 374A63 27,036 15.842 26.724 443,86S 363.807 23.423 387.230 13 Croditors: amounts falllng due atsr more than one year 2024 2023 Bank loan Ingte 141 2,795,1S4 3.157,476 14 Sg¢ured liabilitles- bank loans 2024 2023 Amounts f#lling dua as fo11ows'. Within one year . Wrthin 2-5 years . After 5 years 374863 1,722,089 1.073.065 2.795,154 3,189,617 3.807 1.862.651 1,494,825 3.157.476 3.521,283 The bank loans are secured by way offixed charges on the residential land and buildings of the College. The balance of £3,169,617 (2023.. £3.521,2831 includes throe alemerbts.. IAVO fixed interest elements of £2,139,74612023: £2,382.468) ar￿ £835,49812023.. £929,871), repayable by quarterty inslalm8nls, on which interest 1$ Charged at 5.5374Qh and 5.6474% respectNely,' and one variable Interest element of £194,373 12023.. £208.9441. also repayable by quarterly instalmenls. on which inleresl is Charged at a rale of 0.55% overthe Bank of England's base rate, CUfTently 5.80% in total. Whitelands College 27 Notes to accounts 31 July 2024 15. Unrestricted funds The unre8tricted funds include the following.. At 1 August 2023 income Transfers before Inotss transfers 161171 Uniealise gairo losses At 31 July 2024 D&sKJnated funds IDOt& 171 Tangtsle fixwj assets fund (note 161 General fund 2.573,700 11,129,672 2,882.702 16,586,073 2,373,700 11.238,724 3.104,273 16,916,697 109.052 193.542 1109,052 193,542 137,&82 137,082 At 1 August 2022 ncome Transfgrs (notes 161171 Unrealised gain5 and 10ss8S At 31 July 2023 transfers Des￿gnated fijnds (note 171 Tang￿ble fix8d assets fund (note 181 Generdl fund 2,573,700 11,134,774 2,677,449 16,385.923 2,573,700 11,129.672 2,882.702 16.586.073 15,1021 5,102 185,559 185,559 14,592 14.592 16 Tangible fixed a88ets fund 2024 At 1 August 2023 Tran$f¢r (note 151 Addition At 31 Juty 2024 11,129,672 6,768 102,286 11.238,724 2023 Al q August 2022 Transtsr (note 15) At31 July 2023 11,134,774 15,1021 11,129.672 The tangible fixed assets fund represents the net b¢x>k value offreehold and leasehold land and buildings less related loans. The transfer of funds represents the net movement in the year equating to the deprecialK)n charge less the capital element of the loans repaid. hitelands College 28 Not￿ to accounts 31 July 2024 17 Dèslgnated fund The unrestricted fund5 of the ￿llege include the following dosignal￿ funds which have been set aside by the Goveming Body for Specffic purp¢Ydes. At Utili8edl Rèall￿8thjn 1 August releasedl of 2023 waluation funds At 31 Juty 2024 Heritage asset fvnd 2,573,700 2,573,700 2,673,700 2￿73.700 At Utilisedl Reallocation 1 August releasedl 2022 rovalu8ts.on Al 31 July 2023 ftjnds Herrtage asset fuThJ 2,573.700 2,573.700 2,573,7CKJ 2,S73,700 He• assgt fund The herrtage asset fund represents the net b1￿k value of herrtage assets. Whfielands Col*e 29 Notos to accounts 31 July 2024 18 Analysis of n8t assets between fund$ TaTrg￿e fixed assets Designated nd fund8 G8n•ral lund Totsl Fund b#l*ne•s at 31 Jufy 2024 ar• represent￿ by: Tangible fixed assets H8rit8ge assèts Fixed assgt inv8Strn8nts Current asset Credftots fa111ng due within one ye8r Cr8ditors falling due after one year 14.408,342 14,408,342 1673.700 18,658 18,656 3,155,019 3,155,019 169.4021 1443.8661 {2.795.1541 3,104,273 16,916,697 2,573,700 1374,4631 12,795,154) 11,238.724 2,573,700 Tang￿19 rttod assets Design8tfjd luncl lunds G•n8ral fvnd Totsl Fun(1 b81anc*s at 37 July2023 a representedby. Tang￿18 fix￿ assets Nerit8g8 ass8ts Fixed asset investmgnl$ Cuwt assets Crgditots f*iing Llue ¥wthin one year credito￿ f811irJg du8 gfterone year 14.650.956 14.650,956 2.573,700 2,205,391 2.205,391 7fYJ,734 700,734 123.4231 1387,2301 13.157,4761 2.882.702 16,586,074 2,573.700 1363.8071 13.157.476) 11,129.673 2.573.700 The total unrealise(I gains as al 31 July 2024 constrtutes movements on revaluation and are as follows.. 2024 2023 UnTralls•d yalns Included above: On invesknents Total unroali8ed galn8 at 31 July 2024 382.206 382,206 245,124 245,124 Re¢on¢iliation of movtrnènts In unreall•ed gain un￿allS￿d gains at l A￿Ust 2023 Add.. net gains arising on revaluation arising in ihe year Total unrealls•d aln8 at 31 July 2024 245.124 137,082 382,206 230,532 14,592 245,124 19 Capltsl CommStments Whitglands College has committed to a £2.5 million capital inveslrnent programme in 24125 to protect Whitelands, heritage buildings for the long temi, ensuring the best possible leaming environment to the students and staff are offered. This will involve replacing some of the roofs of our rrK>sI valuable historic buildings. Preliminary work is likely to start in February 2025 and e£1Mp￿tIOn in 8ummer 2025. itelands College 30 Nots8 to accounts 31 Juty 2024 20 Rolatsd party transactions Whrtelands College Foundation is the Corporate Trustee of Whitelands College. The relationship beljveen Whitelands College and Roehampton University, fOrner￿ the Univetsily of Su¥rey Roehampton, is that Whf(elands College is affiliated to Roehampton University, (the Universtyl under a Deed of Adherence. Details of transactions and balan￿5 with the Unwersty as al 31 Juty 2024 are givgn in the notes to these &¢ounts spec¢ficalty * notes 1 and 11 as reqLtired under FRS 102. 21 Contlngert liabll In the event of cbsure or sale of ￿rtain properties owned by Whrtelands College, in who or in part, the College may become liable to repay a capital grant receThied from the HwJher Education Funding Council in England via Roehamplon Univefsrty in the sum of £3 million ich was received in 20(W. AdditKsnalty, thg College may be liable to repay a proportlon of any surplus on the sale of land and buildings acquired with the aid of such grants. Becausè of Ihis latter requiremenL rt 1$ not possible to quanlfy the amount of the assccialed onlingent liabilty. Whf(elands Colbge 31 **Whitelands College Audit Findings Report Year ended 31 July 2024** Whitelands College – Audit findings report for the year ended 31 July 2024 ## **CONTENTS** 1 Audit summary |2|Audit and accounting issues identified at planning stage| |---|---| |3|Audit and accounting issues identified during the audit| |4|Adjusted misstatements| |5|Forthcoming regulatory changes and other matters to note| **Scope and limitations Page** ||**Scope and limitations**| |---|---| |1
3
4
8
9|Our Report is prepared solely for the confidential use of
Whitelands College and solely for the purpose of explaining
the scope of the audit, our proposed audit approach, and
to highlight the key risks that we will be focusing our audit
work upon, forming part of the ongoing communications
we are required to make under International Standard on
Auditing (UK and Ireland) 260 – Communication of audit
matters with those charged with governance.
Therefore, the report may not, without our express written
permission, be relied upon by Whitelands College for any
other purpose whatsoever, be referred to in whole or in
part in any other external document or made available (in
whole or in part) or communicated to any other party.
Goodman Jones LLP neither owes nor accepts any duty to
any other party who may receive our Report and
specifically disclaims any liability for any loss, damage or
expense of whatsoever nature, which is caused by their
reliance on our Report.| Whitelands College – Audit findings report for the year ended 31 July 2024 1 ## **1 AUDIT SUMMARY** ## **1.1 Purpose** Our responsibilities as auditors are set out in the International Standards on Auditing (UK and Ireland) (“ISAs”). We are responsible for forming and expressing an opinion on the financial statements that have been prepared by management with the oversight of those charged with governance. The audit of the financial statements does not relieve management or those charged with governance of their responsibilities. We have carried out our audit in accordance with the terms of our engagement letter in order to express an audit opinion for UK statutory purposes on the financial statements of the following entity for the year ended 31 July 2024: ## • Whitelands College In this report, we present the key findings from our audit, together with a commentary on the significant matters arising. This report has been discussed comprehensively and agreed with Gavin Pereira, Senior Financial Accountant (University of Roehampton)/Baljit Kaur, Director of Finance (University of Roehampton). ## **1.2 Audit approach and materiality** Our audit planning has taken account of the issues highlighted through planning discussions with you, together with our knowledge and understanding of the business from our planning meeting. We confirm that there were no restrictions on the scope of our audit procedures. In our planning we have taken account of the results of our risk assessments made in accordance with the guidance set by the ISAs. - In planning and carrying out our work, we applied a materiality level of £194,000 (based on 1% of gross assets). - Due to the small nature of expenditure relative to the other assets held by the charity, a separate materiality was adopted for testing. SOFA materiality was £8,175 (based on 1.5% of total expenditure). - We explain in Section 2 how audit risks at planning stage have been addressed. ## **1.3 Accounting policies** In preparing the financial statements of the Charity, the Trustees are required to review the Charity’s accounting policies on an annual basis to ensure they remain appropriate to the Charity’s circumstances and are properly applied. We have reviewed the accounting polices selected and operated by the Charity and are satisfied that they are acceptable. ## **1.4 Significant findings** There are no significant issues that we wish to bring to the Trustees’ attention. ## **1.5 Accounting estimates and judgements** There are no significant matters that we wish to bring to the Trustees’ attention. ## **1.6 Accounting and financial control systems** During our audit, we examined the design and implementation of the internal controls relevant to the accounting systems and procedures. The review of internal controls was carried out with a view to expressing an opinion on the financial statements for the period and was not directed primarily towards discovering weaknesses or towards the detection of fraud. Therefore, our comments on these systems include only those matters that have come to our attention as a result of our normal audit procedures, and consequently our comments should not be regarded as a comprehensive Whitelands College – Audit findings report for the year ended 31 July 2024 2 record of all weaknesses that may exist or of all improvements that might be made. We set out in Section 3 the matters that we became aware of during the course of our audit, which we believe are significant and should be drawn to your attention for further action. ## **1.7 Management representations** We include a copy of our management representations. There are certain representations which we are required by auditing standards to obtain from management as part of our audit procedures. ## **1.10 Other matters required by Auditing Standards to be communicated** We confirm that the firm has implemented the stated safeguards and has complied with the relevant ethical requirements concerning audit independence. There are no other matters required by auditing standards that we are required by auditing standards to communicate to you. Please note that this report has been prepared for the sole use of Whitelands College. It must not be disclosed to third parties, quoted or referred to, without our prior written consent. No responsibility is assumed by us to any other person. In addition, we are required to obtain other representations on matters material to the financial statements where other sufficient appropriate audit evidence cannot be reasonably expected to exist. ## **1.8 Identified misstatements** We are required to report to you all misstatements identified during the audit, other than those that are clearly trivial, and to request that management correct them. We have taken clearly trivial as being less than £9,700. We bring to your attention the uncorrected misstatements detailed in section 4 below. The aggregate impact of uncorrected misstatements on the Statement of Financial Activities, were they to be processed, would result in an increase to the surplus of £4,400. This increase is not considered by management to be material to the results for the period. ## **1.9 Audit opinion** Based upon the findings and conclusions of our work, we expect to issue an unqualified audit opinion on the financial statements. Whitelands College – Audit findings report for the year ended 31 July 2024 3 ## **2 AUDIT AND ACCOUNTING ISSUES IDENTIFIED AT PLANNING STAGE** High risk audit issues identified at planning stage were addressed as follows: |_Audit risk identified_|_Audit procedures undertaken_|_Conclusion_| |---|---|---| |Risk of loan covenants being breached in the year.|Through re-performing the loan covenant tests
at the balance sheet date and reviewing the
covenant checks performed by the College
throughout the year|The loan covenant tests were met at the
balance sheet date and evidence obtained
showing the tests were not breached during
the year.| Low risk audit issues identified at planning stage were addressed as follows: |_Audit risk identified_|_Audit procedures undertaken_|_Conclusion_| |---|---|---| |Risk of management override of controls (presumed
under ISAs).|Review of controls for authorisation by
management. Review of journals.|No evidence of controls being overridden.| |Risk of unidentified related party transactions
(presumed under ISAs).|Awareness of related parties and review of
nominal ledger for undisclosed transactions.|No evidence of previously unidentified
related parties. Transactions with related
parties identified and disclosed.| |Fraud in relation to income recognition (presumed
under ISAs).|Performed substantive testing on income by
obtaining the License and Management
agreement with the University of Roehampton;
and agreeing the annual payment to bank.|No evidence of income being misstated due
to fraud.| |Valuation of Heritage Assets.|Obtained the schedule of Heritage assets and
tested the balance to the most recent
professional valuation for each asset.|From our audit work we concluded that the
heritage asset balance is materially correct.| Whitelands College – Audit findings report for the year ended 31 July 2024 4 ## **3 AUDIT AND ACCOUNTING ISSUES IDENTIFIED DURING THE AUDIT** ## **3.1 Introduction** We set out below the significant matters we became aware of during our audit, which relate to the effectiveness of the Charity’s accounting and financial control systems. We have used the following grading system to indicate the significance of the issues we have raised and the priority that we believe should be given to our recommendations: |Rating|Description| |---|---| |**(H)igh**|Should be urgently attended to by the Trustees and management.
_These are significant issues that may result in a qualification in the audit report in future periods if not satisfactorily addressed._| |**(M)oderate**|Issues requiring the attention of the Trustees and management.
_Issues ranked as moderate require close monitoring by the Board and senior management to ensure timely resolution._| |**(L)ow**|Issues requiring management attention and correction.
_Issues ranked as low are generally routine in nature and should be resolved by general management._
_The Board and senior management should be aware of these issues to enable monitoring of progress with their resolution. These issues may be reported to management in_
_less detail than more highly rated issues._| ## _3.2_ **Issues noted** |Issue|Potential effects|Risk|Suggested solution|Management response| |---|---|---|---|---| |**Over depreciation of freehold land**–
land and buildings were depreciated as a whole rather than just the
buildings. As per FRS 102 (section 17.16), “There are some exceptions,
such as land which generally has an unlimited useful life and therefore
is not usuallydepreciated.”|Over depreciation of
fixed assets in the
financial statements.|(L)ow|Apply provided adjustment
journal to correct current year
error and correct historic over-
depreciation.|| Whitelands College – Audit findings report for the year ended 31 July 2024 5 ## **4 UNADJUSTED/ADJUSTED MISSTATEMENTS** ## **4.1 Introduction** A summary of the unadjusted/adjusted misstatements identified during the course of our work is set out below, analysed between errors of fact and differences in judgement. ## **4.2 Table of Adjusted / Unadjusted Misstatements** No adjusted misstatements were identified. The table of unadjusted misstatements is included below: |**JNL #**|**Unadjusted misstatements**|**SoFA**
**Dr/(Cr)**|**Balance Sheet**
**Dr/(Cr)**|**Reason for Adjustment**| |---|---|---|---|---| |1|Depreciation on freehold land|(£4,400) – depn charge|£4,400 - asset|FACTUAL – to remove
depreciation on freehold land| |2|Historic over depreciation charge re
freehold land||£91,300 - asset
(£91,300) - reserves|FACTUAL – to remove
depreciation on freehold land| |3|Capitalisation of professional fees
regarding roof repair – not considered
capital|£11,418 – professional fees|(£11,418) - asset|JUDGEMENTAL – to remove
revenue expenditure from
capital expenditure| Whitelands College – Audit findings report for the year ended 31 July 2024 6 ## **5 FORTHCOMING REGULATORY CHANGES AND OTHER MATTERS TO NOTE** ## **5.1 New Charity SORP** The SORP Development Committee have started work on considering potential changes to the next version of the Charities SORP (expected to be in effect from 1 January 2026). At this stage, no definitive decisions on changes have been made, and any proposed changes would be subject to public consultation in due course. Initial feedback we have seen from the SORP Committee shows that they will be considering the following areas: |Provision of Summary
financial information / KPIs|Presentation / format of
SOFA|Removal certain
comparative information|Accruals accounting for
grant income recognition|Activity reporting| |---|---|---|---|---| |Reserves|Tiered reporting|Legacies|Expenditure classification|Materiality| |Impact Reporting|Sustainability reporting|Donated goods and services|Support costs|Financial and funds notes| We expect that the new SORP will see increased disclosure requirements in the Trustees’ Report (most likely in respect of impact, reserves policies, and certain disclosures from the Charity Governance Code, including whether or not the charity has adopted the code), as well as other disclosures in the notes to the accounts (possibly regarding staff costs, and arithmetic calculation of reserves and reserves policies). ## **5.2 Environmental and Carbon Reporting** More and more charities are starting to report voluntarily on climate change and their carbon emissions, as well as what actions their organisations are taking in order to reduce their carbon footprint. We are also seeing evidence that more and more funders are now requesting such information as part of funding applications. The UK Government have also launched a Climate Hub requesting SMEs commit to net zero: https://businessclimatehub.org/uk/. It is possible that such a commitment may be required in the future in order to obtain government funding. ## **5.3 Cyber Security** A recent survey for the Department of Digital, Culture, Media, and Sport has revealed that over two thirds of high income charities (those with income above £500,000) recorded a cyber breach or attack. In addition to the possible financial loss arising directly from a breach or attack, a charity may suffer reputational damage. It is therefore essential that charities are vigilant to the threat of cyber crime and have appropriate defence mechanisms in place. Whitelands College – Audit findings report for the year ended 31 July 2024 7 The National Cyber Security Centre has produced guides for small and larger charities: https://www.ncsc.gov.uk/collection/charity https://www.ncsc.gov.uk/collection/board-toolkit The guidance refers to the **Cyber Essentials** scheme. Cyber Essentials helps prevent the vast majority of cyber-attacks. Even a simple virus or piece of malware could result in loss of company and client data, disrupt your cash flow and take up staff time. An attack could also put off your customers, stop you trading and damage your hard-earned reputation. It could also be reported in the local media. Loss of data could breach the Data Protection Act and lead to fines or prosecution. Having a Cyber Essentials badge will: - Protect your organisation against common cyber threats - Show your customers you take this issue seriously - Enable you to bid for Government contracts. _**Since October 2014 Cyber Essentials has been mandatory for suppliers of Government contracts which involve handling personal information and providing some ICT products and services. Holding a Cyber Essentials badge enables you to bid for these contracts.**_ ## **5.4 Digital resources** It is also essential that organisations ensure that they are fully compliant regarding their digital content. Free and valuable resource is available from The Media Trust: https://mediatrust.org/communications-support/resource-hub/ ## **5.5 Charity Governance Code** The Charity governance Code has been in use for several years. Adoption of the code is still considered to be relatively low, although many organisations are likely meeting requirements in the Code even if not being formally aware that they are. A new free app has been launched to encourage charities to adopt the Code and become familiar with the Code’s requirements. More information can be found at: https://thegovernanceapp.org.uk/ ## **5.6 Charity Commission guidance updates** The Charity Commission regularly updates its guidance for changes within the sector. Recent changes to its guidance include: Whitelands College – Audit findings report for the year ended 31 July 2024 8 ## _1)_ _**When to change your charity structure**_ https://www.gov.uk/change-your-charity-structure - _2)_ _**How to make changes to your governing document**_ https://www.gov.uk/how-to-make-changes-to-your-charitys-governing-document - _3)_ _**How to merge and link charities**_ https://www.gov.uk/how-to-merge-charities ## _4)_ _**The Essential Trustee**_ _This is important guidance that the Charity Commission expects all Trustees to have read, which regards legal duties and best practice stewardship._ https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/377293/Consultation_The_essential_trustee.pdf - _5)_ _**Safeguarding children and young people**_ https://www.gov.uk/government/publications/safeguarding-children-and-young-people/safeguarding-children-and-young-people - _6)_ _**Charities: how to protect vulnerable groups including children**_ https://www.gov.uk/guidance/charities-how-to-protect-vulnerable-groups-including-children - _7)_ _**Conflicts of interest: a guide for charity trustees**_ https://www.gov.uk/government/publications/conflicts-of-interest-a-guide-for-charity-trustees-cc29/conflicts-of-interest-a-guide-for-charity-trustee _s_ The Charity Commission have also launched various 5 minute guides that provide a valuable refresher to trustees and senior management on: - Charity Trustees - Purpose - Finance - Conflicts of Interest - Decisions - Support - Safeguarding Whitelands College – Audit findings report for the year ended 31 July 2024 9 ## **5.7 Code of Fundraising Practice** Effective October 2019, the Code of Fundraising Practice as issued by the Fundraising Regulator has been revised. The changes are predominately presentational, with an aim of improving the clarity and accessibility of the guidance, and include: - Consolidation of the former code, rulebooks and legal appendices so that all of the standards can be found in one code. - Clearer navigation by restructuring the standards in to three parts so that users can clearly identify which standards apply depending on the type of fundraising they do. - Clarification of where there are differences in law in England and Wales, Northern Ireland and Scotland. - Transparent, jargon-free language. https://www.fundraisingregulator.org.uk/sites/default/files/2019-06/code-of-fundraising-practice-october-2019.pdf ## **5.8 Hybrid working** Home working, and hybrid working, are becoming more and more popular, with more and more employers now offering this. It is important that employers remain fully aware of their responsibilities as well as compliant with HR and health and safety legislation. ACAS have produced some helpful guidance which can be found at: https://www.acas.org.uk/hybrid-working ## **5.9 Gift Aid** HMRC guidance on gift aid has been updated to reflect the requirements for information to be included on declarations. Going forward, every declaration should include: - The donor’s full name and home address - The name of the charity - Details of the specific gift or gifts to which the declaration relates - Confirmation that the specified gifts are to be treated as gift aid donations HMRC has also updated its guidance to confirm that where a person receives a refund owing to a cancelled event and decides to donate this refund to the charity, gift aid can be claimed on donation of this refunded provided that: - The donor confirms that the cost of the ticket is to become a donation - No benefit is received by the donor as a result of this donation - A gift aid declaration is completed by the donor - An audit trail is maintained by the charity including a copy of the agreement with the donor that the cost of the ticket is to become a donation Whitelands College – Audit findings report for the year ended 31 July 2024 10 The charity does not have to refund the ticket price for the donor to re-donate – this can be a ‘paper’ transaction provided that the above conditions are still met. From May 2021, loan waivers will now also qualify for gift aid. Full guidance is available at: https://www.gov.uk/government/publications/charities-detailed-guidance-notes/chapter-3-gift-aid ## **5.10 Tax changes** The budget on 30 October 2024 introduced various changes, including increases to employer national insurance contributions and minimum wage levels. Full details can be found at: https://www.goodmanjones.com/blog/autumn-budget-response-2024/ ## **5.11 VAT on digital advertising** HMRC have clarified their interpretation of the VAT rules in respect of digital advertising and confirming that not all digital advertising qualifies for zero-rating. HMRC have confirmed their interpretation is as follows: - Natural hits – standard rated (not supplies of digital advertising) - Pay-per-click adverts – zero-rated - Direct placements on third party websites – zero-rated - Social media and/or subscription websites – standard-rated - Retargeting individuals who are revisiting a website – standard-rated. Whitelands College – Audit findings report for the year ended 31 July 2024 11 ## **APPENDIX A – SPECIFIC REPRESENTATIONS** 1. We confirm that the related party relationships and transactions set out below are a complete list of such relationships and transactions and that we are not aware of any further related parties or transactions. |**Related Party**|**Relationship**|**Nature of transaction**| |---|---|---| |**Whitelands College Foundation**|Corporate Trustee|None| |**University of Roehampton**|Connected University|Rental income| |**Dr Ioannis Fronimos**|Director of WCF|None| |**Dr David Robert Muir**
**(resigned 30th June 2024)**|Director of WCF|None| |**Dr Priscilla Chadwick**|Director of WCF|None| |**Revd Canon Dr Michael William Semper**
**Parsons**|Director of WCF|None| |**Revd Joshua Barnabus Rey**|Director of WCF|None| |**Laura Cherie Jackson**|Director of WCF|None| |**Revd Dr Daniel Justice Eshun**|Director of WCF|None| |**Dr Sally Akehurst**|Director of WCF|None| |**Yasamin Mehrasa**
**(resigned 30th June 2024)**|Director of WCF|None| |**Stephen John Crabtree (appointed 13th**
**September 2023)**|Director of WCF|None| Whitelands College – Audit findings report for the year ended 31 July 2024 12 |**Anthony Edward Demby (appointed 13th**
**September 2023)**|Director of WCF|None| |---|---|---| |**Revd Dr Jonathan Martin Gainsborough**
**(appointed 25th September 2023)**|Director of WCF|None| |**Dr George Frederick Turner**|Secretary of WCF|None| |**Whitelands College Foundation**|Corporate Trustee|None| |**University of Roehampton**|Connected University|Rental income| |**Dr Ioannis Fronimos**|Director of WCF|None| |**Dr David Robert Muir**
**(resigned 30th June 2024)**|Director of WCF|None| |**Dr Priscilla Chadwick**|Director of WCF|None| We confirm that we are aware that a related party of the Charity is a person or organisation which either (directly or indirectly) controls, has joint control of, or significantly influences the Charity or vice versa and as a result will include:- members (as a guide those with more than 20% of voting rights), trustees, other key management, close family and the other business interests of the same defined parties. 2. We confirm the following specific representations made to you: - We confirm that the market value of the land and properties at the balance sheet date is in excess of the book value.