2021-07-31-accounts

Flrtroft Colle%e of Adult Lducation Report and E.'inancial Statcmenls Year Ended 31 July 2021 Cliarity regislralion numbcr: 510033

Key Management Personnel. Board of Governors and Professional advisers Key managemeDt personnel Key management personnel were represented by the following An 2020121: Mel Ixnehan Michael Conway Jones Principal and CEO,. Accounting otricer Vice Principal Board of Gov¢rnor$ A fvll li81 of Governors is given on pagc 17 of these financial stat¢m¢n¢s. Prlnclpal and Registered Office 1018 Bristol Road. Selly Oak, Birniingham B29 6LH Profejslonal advigors FIDAnclal Statements And Regulthrlty Audltors Buzzacott LLP 130 Wood Street London EC2V 6DL Internal Audlton RSM Sl p￿.]IpS Point Tetnple Row Birniingham B2 SAF Banker8 Lloyds Bank plc University of Binningham 142 Edgbaston Park Road Edgbaslon Birmingham Investment MpdnAgement Smith and Williamson 9 Colmore Row Birn]ingham B3 2BJ B152TY

FIRCRoFf COLLEGE OF ADULT EDUCATION Content8 Contents Page: Report of the Governing Body 16 Statement of Corporate GoverDance and Internal Control 23 Governing Body's ststement on the College's regulatory, propriety and Gompliance with Funding body tern￿ and conditions of funding 24 Statement of R¢spon$ibiliti¢s of the Governing Bcdy 25 Ind¢p¢nd¢nt Auditor's Report to the Governing Body of Fircroft Collcge of Adult EdU￿tIon 29 Rq)orting Accountant's Report on Regularity lo the Govcrning Body of Fir¢roft College of Adult Education and the Secretsry of Stale for Education aclin8 through the Departmeni for Education 31 Statement of Comprchcnsive Income and Expenditur¢ 32 Coll¢ge Ststem¢nt of Changes in Reserves 33 Balance she￿ a8 at 31 July 34 Stalem¢n¢ of Cash Flows 15 Notcs to the Account8

FIRCROFT COLLEGE OF ADULT EDUCATION ort of the Governin Bod NATURE, OBJECTIVES AND STRATEGIES The members of the Governing Body prcscnl their report and the audiied financial statements for the year ended 31 July 2021. Legal status Fircr(ift College was initially sel up ?n 1909 and then re-established as a charitablc trust on 10 September 1979, Charity number 510033, and is a dcsignated institution under the Further and Higher Education Act 1992 for th¢ puny)se of ci)nducting residential adult education. Unlike mainstream Furthcr Edu¢alion colleges, Fircroft College is regul&tcd by the Charity Commission. It has no subsidiary undertakings. College i.s also subjelt lo regulation from other bodies such as DfE, and the Educati(Trn and Skills Funding Agency (ESFA) Publlc Beneflt Test The members of the Governing Body, who are tru8t¢e8 of the charity, are disclosed on page 17. In setting and reviewing the College's stralegiL ()bjeclives, thc Governing Body has had due regard for the Charity Commission's guidan¢¢ on public benefit and particularly upon its supplernentary guidance on the advanLemenl of education. The guidance sets nul the requiremcnt that all organisations wishins to be rccognibcd as chariti¢s must demonstrate, expliLltly, that their aims are for the publi¢ bcnefil. Thc sludenl statistics on pag¢ 6 indicate th¢ exlent lo which the College has met its own "social justic¢" mission. College objects and mlsslon As set out in its Trust Deed, the Coll¢g¢'s objects arc 'f(Jr the public benefit, provide and prnmote aduli. ]i4rthcJr und hixher ¥duca¢ion inc'luding, wirhi?ut limitation. the provi.sion ofre,fidenlial edu¢utic)n" Th¢ College's current mission is 'To promo1¢ suc'idljustic¥ hy prnviding adt41is with an excelleAt learning envin>nmgntforper.sonal, profe.f.¥ional and political dev¢liipment'. Values The College has confinned ils valucs a5: Ingplrlng V4nd tran$forniative - We slrivc to stimulate enthuse individuals to develop their knowledge, confidcnce and Skills to change th¢ir lives and cornmunities for thc belter and for everyone to fvlfil thcir potential. Inclusive diverse - W¢ actively embrace the uniqueness of all individuals, instil a culture of di&Fnity and respect and ¢¢l¢brale difference. Supportlve - We provide an environment which devclops ind¢pend¢nce whilst r￿O￿lSing and r¢spondin¥ to individual n¢eds' an environment in which all flourish. CollAborative - W¢ are a community based on co-opcration ihat shares knowledge and skills. Wc work in partnership wherever possible lo levcrage our uiiiqucncss.

FIRCROFT COLLEGE OF ADULT EDUCATION Report of the Covernlng Body (continued) NATURE, OBJECTIVES AND STRATEGIES (continued) VAlues (continued) Develop and grow - As a learning organisation we are eommitted and open to continually improving what we do and how we do it so we can cvulvc and respond lo a fabt changing wurld. Implementatloll of strategic plan Following a strdtegic review in 2018, the Collcgc bas a five year strategy and implemcntation plan which focuses on ensuring th¢ long terni sustainability of thc College. This builds upon the suLcess of its previous strategy and is ¢mbedded across the College in tern￿ of its delivery. 2020121 was the second y¢ar of ihe five year slratcgy. The college's strategic themes and goals were reviewed by College leaders. The themes were revised lo; Learning. Wellbeinb,. Equily, Digital and Envirotunent and Sustainability. The Coll¢¥¢'s Stralc¥ic Goals are to.. l. Provide an excellent ¢du¢alion environment for all 2. Ensur¢ the lon¥ tem] sustain&bility of the College 3. Develop the Colle¥¢'s external profile and build on its reputation Impacts of Covld-19 on itrategic plan The continuation of the Covid-19 pandemic into 2020121 financ?al year resulted in further disrup¢ion to Ihc College, with fvrther lol'kdowns restriLling its ability lo provide residential provision. Govemmeni and Public Health guidanL¢ has been strictly observed throughoul. and control measures applied within the College estalc where on-site learning has bcen possible. Restrictions have placed strains on sludent capacity in classrooms and public 5paccs through social distancing, and access lo food and drink facilities have been modifi¢d or reslricled as appropriate, with consequential impact upon ￿urse scheduling. R¥sidential education is a central lenel of Fircroft, and remains at the heart nf the strategy. Repealed lockdown5 have removed this capability for a significant portion of the year affecting boih our studcnls and our core business model. As in 2019120, the College moved lo on-line provision wherever possible and practical, howevcr this Styl¢ of prov15ion is cutr¢nily funded diffcrently lo resid¢ntial provision and has resulted in a gap to contracted funding, and provisions for a polenlial £214k repayment. Despite th¢ constraints on capacity. the College entered into local arrdngements with a local in51itulion lo expand its bedroom and leaching room capacity. This facilitated a late expansion of ￿sidential courses.

FIRCROFf COLLEGE OF ADULT EDUCATION Report of the Governing Body (continued) CURRENT AND FUTURL DEVELOPMENT AND PERFORMANCE Stud¢Dt numbers The College had 662 ESFA fvnded enrolmenls against the 2019120 figure of 1,199. Consequently, the colle&Tr¢ fell short of ils original funding allocation on its ASB allO￿lI0n (by £132.153 82.1 /fj) and met ils grdnt allocation on Community allocation (£1,067,337 1 OOn/iJ) wtrLilst being below Advanced Learner Loans Bursary (£160,275 51.60/0). This perforniance was adversely impacted by the coronavirus pandemic and associated Government lockdown restrietions. The ESFA revised the contr8¢1ual perfornianLe targets for AEB in 2020121 to 900/tr (Ft subsequenily also acc¢pted business Case submissions for miligalion relative to local circumstance5 and financial distress. The College submitted a ea$e relative to local public health circumstances severely reslricling ils CL)re business model. This has been approved in the ￿11 £116k reduLing Ihc AEB shortfall to £16k). In line with 118 n)i8sion, Fircroft College rectuils high proportions of learners who have few educuliL)nal qualifications (defined a.4 none or At level l), are on me<ins tested benefits or allra¢t additional funding (disadvanla¥cd uplitl) by nature of the deprived area in which they live or their it￿1vidual LifLumslanLes (e.¥. mental health, sub8tunLe llbuse or ex-offender)= T¢)tal ESFA funded lgarnars Loarnors wlth few educatlonal uallficatlon8 L8arn•rs clalmlng bonefits Access course Short cours8s- Adult Skills Short cours8S Community Learnin Total 27 208 444 21 180 377 70 679 221 57

FIRCROFT COLLEGE OF ADULT EDUCAI'ION Report of the Governing Body (continued) CURRLNT AND FUTURE DEVELOPMENT AND PERFORMANCE (contiDued} Student ichievemtnts 'rhe college nms aCLredited and unaccredited courses rangin¥ from I day to 30 weeks and from Entry 3 to t£vel 3. The College results have historieally been benchmarkcd against national Qualification Achicvcment Rates for the previous academic year, however, the QAR has not been published for 2019120. In previous years our r¢sulis have been significantly above the latest national Qualification Achievement Rates at every provision lev¢l. 2020121 Pass Rate Provlslon Level R¢t¢ntlon Rxte Achlevement RAte Entry Level 3 L¢v¢l I Level 2 Level 3 96.90/. 90.7°/0 98.40/0 95.80/0 93.4 /0 95.3°/0 86.90/0 77.69/0 72.6 /0 72.6 /. Currleulum D¢v¢lopments In 201912Q the college Introduc￿ a 2 Access lo HE Diploma in Health whi¥h recruited successfully and enabled students to progress to Nursing for the first time. To rcflecl their priorities Wesl Midlands Combined Authority gavc us flexibility lo run & Level 4 in Leadership and Managcmcnt. In respons¢ lo Covid we develL)ped our on-line and blended delivery, but als0 increased our wellbcing offer with a correspondence option for students without digital access. We added NCFE as a new awarding body in order to be one ol- the early adopters of the Essential Digital Skills QualifiLalion. We are part of an FE Comrnission¢rs pilot project inlegrnting, Curriculum Jnd Finance data to achieve efficiencies and sustainability. Ofsted Inspe¢tioD The College had a short inspection in October 2017 and remains Good. We success￿11Y completed the 4 Next Steps that inspector8 recommended, in relation lo Access, observations, Icarncr goals and data. The college continucs to 5elf_assess against the 2019 Education Inspection Framework and has a quality improvement plan in place to add￿S any areas for improvement. P¢rformaDce Indicators Th¢ ¢oll¢ge has a set of KPIS whi¢h go to the Management Team on a monthly basis, around student ettrolment, no shows, attendance and achicvcmcnt. More emphasis is bcing put oll destinations. Firoroft has joined 19 other culleges in commi%sioning J2Research lo follow up 22.000 AEB students across th¢ West Midlands. This allows us to benchmark progression to jobs and further edu￿tiOn and volunlcuiThg. as w¢ll as softer outcom¢s such as the impact of Lareers advice and the development of social skills, wellbeing and working independently. Th¢ College is required to complete the annual Finance Rccord for the ESFA. The Finance Record produc¢s a financial health grading (as dcfLncd by the ESFA). and th¢ College grddingw for 2012I is 'Outstanding-.

FIRCROFT COLLEGE OF ADULT EDUCATION Report of the Governing Body (continued) BeA¢on College Rnd College of SAnetuAry Since 2019 Fircroft has been recognised as a Beacon College for Mental Health and Wellbeing for the support in place for staff a5 WCII as students. Fircroft helped to develop Colle¥¢ of Sanctuary statldards to recognise collcgcs commilled lo bcing a safe and welcoming place for all, especially those seeking san¢tuary.' we feature as a case study in their Resourc¢ Pack and were awarded Collcge of Sanctuary Status in February 2021. Future prospect$ 2021122 marks the devolution of prIn￿ry AEB fvnding away from ESFA to WMCA. IVMCA has issued contracts equal in value, and description to th¢ legacy contracts previously issued by ESFA. Discussions are continuing b¢tween the WMCA and the College lo dctemiine a r¢vised worklcont¢nt profile lo match the Combined Authorities priorities. Th¢ college continues to plan a fuIl pro￿arnMe of courses in ord¢r to meet our WMCA and ESFA coniracl largels. Changes continu¥ lo be made lo both the curriculum plan and the College estate to ensure the college is Covid safe. The College has received the results of Ihc funding assurance review of the Residential A￿¢$8 Fund by ESFA Provider Managemenl Oversighi team. The findings are detailed in the note on Prior Y¢ar Adjustment (on page 49), bul it is recognised that finalisation of the matter will impact Colle¥¢ resources and inve5cmenls. However the College and ESFA are taking measures lo ensurc resolution ot. this mdtter does noi financially deslabilise the Colle¥e in any way.

FIRCRoFf COLLEGE OF ADULT EDUCA'fioN Report of the Governing Body (Continucd) FINANCIAL POSITIOLY FinAnclal results including financiydl obJectlve$ The Collcge rew)rts a total surplus on all activity of £610,284 (2019120 £(92.445) deficit). Operationally the College reported a £157,570 SULplus before inveslmcnt gains (2019120 £246,881), reflecting the disruptive effects ot Covid on delivery of funding conlracls during the year. The College also experienced a sigmificani recovery in the value of its investment portfolio following previous mark¢t volatility relatL4J lo Brexit and the start of th¢ coronavirus pandcmic. Th¢ Coll¢g¢ continues to benefLI fri)m good levels of investment income. However. the valuation of its investment portfolio grew by £452,714 (12.50/0) due to changes in markcl values. of which £451.663 is unrealised gain on valuation. The total amount recognised in the Sialanent of Compreh¢nsive Income relating lo investments is £573,197 (£(206,403) in 2019120). Covid-19 1-he College Continud lo experience finanLial diswption resulting from Covid-19. Various lockdowns during 2020121 preventcd faGe-to-face teaching and rcsidenlial provision for significant perii)ds. Whilst remote delivery was again successfully utilised, fiJndin¥ hag been impa¢ted (due lo differing fundin¥ methodologies for residential and remote learning}. The ESFA .provided guidance in June 2021 relating to revised reconciliation arrangements for ￿llding contracts. This guidaftce was later supplemenl¢d by a meLhanism to supply business cases in appeal to ESFA where local conditions (of disruption) or financial distress mi¥hi apply. The College has assessed its own delivery response and has submitted a business case requesting £116k relief against a £132k AEB Skills under-perfonnance, which has been agreed by ESFA. A similar request to WMCA has resulted in an agreed £150k covid relief fvnding against AEB growth ￿nding. A mechanism does not Cxisl to appeal the £150k undcr-provi.%ion to Adult Learner Loan Bursary. Consequently, the College ha5 included proviyions of £16k ESFA AEB Skills, £48k WMCA AEB gruwth and £150k ESFA ALL Bursary within the financial statements. Reconciliations were published later than scheduled by ESFA, and have finalised outstanding values of £nil ESFA AEB Skills, and £121k ESFA ALL Bursary. Th¢ prov15ions have not been adjusted in these aLcounls to th¢ tinalised reconciliation valu¢s. Investment income met bud¥ct targets despite declarations by a sigmifi¢ant number of large UK corporates of suspensionlreduclion of dividcnd payments atter March 2020. Conferencing and letlings incornes continue to have been negatively impaLted during 2020121 due to both lockdown and other Covid-19 related restrictions. Cash flow has been carefully managcd during 2020121. and balances incr¢a3¢d by £371 k over the year. The College has not needed lo seek support from external sources or from releasing funds from ils investmcnts, and is free from borrowings.

FIRCROFT COLLEGE OF ADULT EDUCATION Report of the Governlng Body (continued) FINANCIAL POSITION (continucd) Thc financial objcLtivcs sct by thc Govcrning Body and Ihcir achievement are set oul below.. Objectives Achleved? Cash days (including short l¢nn investments) in excess of 25 Current ratio in excess of1.5 Reserve8 more than 2 months core costs Surplus tor the year on core acttvities in excess of £20,000 No Yes Yes 15% 25L>/o of inL()tne to be nDn-¥overnrnental No more than 70 % of income lo be payroll related G￿erate inflow from operating activities Reserves Policy The Coll¢g¢ has a¢cumulat¢d unrestrict¢d revenue r¢s¢rv¢s (?f' £5,772,035 whiLh inLludes £678.258 for th¢ recognition of non-governmenl grants under the ALcounting Standard FRS 102 and is therefore not available f()r dislribulion, bul lo offset futur¢ depr¢cialion charges. It also inLludeb £565.356 of investment revaluation reserves and £i,n69.150 of designated rescrves whose use has been earniarked by the Goveming Body - namely £341,386 lor strategic purpos¢s and £95,012 for student support and £632,752 for Gapital develL)pm¢nt purposes. In recent times the College has maintained sufficient contingency resources to offsel any reductions in levels of government funding. As part ot the slrdtegyi¢ r¢view being undertaken, includin¥ cvalualion of likely future ￿ndIng levels, Fircroft will detemine the level of reserves identified by th¢ Governing Body as being appropriate for the College. This will develop a clear Reservcs Poli¥y, with reasons 5ts1ed for holding reserves, how they will be built up and maintainejj. The College will review its level of reserves and its policy on an annual basis. CJpitAI bfd$e and planned m&lnteDance The College has 8 long leas¢ interest in the Bristol Road property which runs to 2055, which includes the responsibility fur the maintenance of the buildings and ￿OundS. Consequently a planncd mainlcnance programme was developed by the College in 2009. Thi.8 programme was reviewed and updalcd in 2016 to intorn] ￿tur¢ maintenance rwuir¢m¢nts. Whilst no significant items were identified, work to improve a number of smaller items is underway. During 2020121 the College delivered a capital infrastructurc project, part funded by grant undcr th¢ Department lor Education - Further Educdtiun Capital Allocation m the sum of £93,641. The grant was specifically madc to sUPPQrt immcdiatc rcmcdial work lo up￿ade the condition of the College c5tatc, and work foLussed upon the renewal and improvement of drainagJc systems within the Colle&Te estate. In total the College capital expenditure was £127.062 of which £33,421 was from ils own rcsourccs. Treasury policies and objectiveg Ti'easury i1￿1]age17]eIIt is tlie ii)ai)ageiiieiit of tlie College's ¥asli fluws, 118 baithiii¥ lidllY(ILliviis. Llit eIT￿l1vL control of the risks associated with those activities,. and the pursuit ot'optimum p¢rturn]anLe consistent with io

FIRCROFT COLI.F.GE OF ADULT EDUCATION Report of the Governing Body (continued) FINANCIAL POSITIOLY (continued) those risks. Thc College has a s4)arale Ir¢asury tnanagvement policy in place and und¢r tha¢ policy any borrowings must be authorised by the College's Goveming Body. Cash flow$ and liquidity The College has seen a nel cash inflow in 2020121 of £371,138 (2019120.. inflow oF£I 39,605). At 31. July 2021 thc Colle&F¢ had £l.Im ol. short lemi investrn¢nls/¢ash deposils with a further £3.9m of listed investments. -rhe Colleg¢ has no borrowings. It manages its surplus cash deposits to ensure the appropriate balance between interest generalion and working capital. TrAde UDion fthclllty tlm¢ The College dc?es mecl the criteria tor publishin¥ infomiation und¢r the Trade Union (Facilily Timc PLLblication Requirements) Regulation8 2017 on tacilily time arrangements for trade union officials at the college. Payment perform*nee The Late Payment of Commercial Debis (Interest) Act 1998, in the absence of a￿eement to the contrary, requires orggnisalions to pay invoiucs 30 days after either. the customer gels the invoiG¢. or the delivery of the goods or service (if this is later). During the accounting period l August 2020 to 31 July 2021, the College paid 98 per cent ofits invoices within 30 days. The College incurred no interest char¥es in resp￿¢ of late paym¢nt for this period. RESOURCES The College has various resources that it can deploy in pursuit of its strdtegic objectives. Tangible resources include the buildings al the Bristol Road silc. which ar¢ on a long lease (to 2055) from Bourneville Village Trust. Financial_ The College has £5.8m of net assets, with a turnover of £2.7m. PL'opl¢ - The College employs 61 p￿PIc (expressed as average headcount basis), of whom 17 arc leaching slaff. Reputalion - Thc Collcgc has a very good reputation locally and nationally. Maintaining a quality brand is essential for the College's succesy at attracting students and building exiemal relationships.

IRCROFT COLLEGE OF ADULT EDUCATION Report of the Governlng Body (continued) PRINCIPAL RISKS AND UNCbRTAINTIES Governors agreed a new Risk Management Policy in March 2018. The College Risk Register conlinu¢s lo follow this methodology. The key risk elements at tELe close o(2020121 arc: Ability to deliver residential courses to the level requir¢d to meet our WMCA and ESFA contrdcts due to continuing Covid19 disruption (including student hesitancy} Residential funding review resulting in a d¢¢lin¢ in fi]nding l¢v¢ls for 2021122 Decline in financial health score resulting from ¢hang¢s in funding arrangem¢nts Revisions to FE funding Future funding of residential adult edu¥ation - that can cover the imm¢di4te risk to all budget lines and the future risk through the n¢w skills bill. Staff wellness and well-being due to Covidl 9 impaLtinbi on delivery STAKEHOLDER RELATIONSHIPS In line with other colleges and with universities. Fircroft Collcge has many stakeholders. These include: Siud¢nt8 Funding Bodies including as our main ￿nder the Wesl Midlands Combined Auihority (WMCA) and the ESFA FE Commissioner Staff, Governors and volunteers The voluntsry sector- locally, ￿¥L￿nallY and nationally- including a5 employers Community groups- locally and regionally Other FE and HE institutions particularly the other Long Terni Residential Colleges and other Institutcs ot Adult Learning Bimiingham and other LEAS through the Adult and Community Learning Alliance FE Colleges through the Furth¢r Educational Skills and Productivily Group Employers. The Colle¥e reco¥nis¢s the importanc¢ of Ih¢se relationships and c[L￿geS in regular communication with them through social media. regular meetings and by participating in relevant networks, joint fijnding bids, projects and special initiatives. As of I. August 2021 the majority (97 % ) of the College's AEB (including Community Learning) in¢orne now comes dirccily through th¢ W¢sl Midlands Combined Authority. The College i5 a membcr of thc Colleges West Midlands Group (CWM) and the West Midlands Adult and Community Learning Alliance (ACLA). Th¢ WMCA engages rcgularly with both groups on AEB strategy and planning. The College also engages al a contract level regularly with WMCA stsff. The College uses the WMCA AEB priorities in it8 curriculum planw'ng. 12

FIRCROFT COLLEGE OF ADULT EDUCATION Report of the Governing Body (continucd) STAKEEIOLDER RELATIONSHIPS (continued) Staff And student Involvem¢nt Employee engasemeni, consultation and communication is a fuTJdamental part of the current College objcctives. An Employee Voice Team is in placc. and meets regularly, that is madc up of 2 represenlalives from edLh area of th¢ collegc. 2 employee representatives, the union represenlalive and HR. This torum is two way mechanism for employees and mana¥emenl to collaborate on Lhanges and projects that afl¢Lt working life at the College. The Colleg¢ produces a monthly newslclter that aids communication and increases engag¢ment. Staff are invited to temly briefings that Cover strategy, ncws and i5SU¢8. Each academic year two student govemors ar¢ elecl¢d to Serve as memb¢rs of the C()Ilege's Governing Body, and they join two staff governors who ar¢ elected for a three year lerni. The College has a Student Engag¢ment Sirategy. Siudcnls ar¢ invited to give feedback lo the College througyh learner salisfmclion surveys, feedback forn￿ and regular focus ￿UpS and fora. This year the College has 8150 established a woup of student champions. In March 2019 the College was re-accredil¢d wilh the Matrix kitc mark in relation to the Infonnation, Advicc and Guidance provided to sludenls and staff. EquAllty, Dlvtrsity and Illcluslon The College is committed lo ensuring Equality, Diversity and Inclusion for all who leary work and use the College's fdcililies. We respcct and value positively differences and will not lol¢ra¢e any fomi of behaviour or aLlivity that discriminates without proper ju8tification on the grounds of gender, race, disability, r¢ligious or ¢uliural belief, svxual oriLmtation. marital slalus, family resp()nsibilili¢s. unrulated Lriminal convictions and ecunomic status. The College iq now an assoLiate member of the Black FE Leaders Group. Membership gives the college access t(1 th¢ BFELG r¢50urces lo support our work on anti-racism. We are also engaged on specialist BFELG networks inrluding HR. The Coll¢g¢ seeks to create a learnlng community which rcflects and cclebrates the divuse community at large because it values the individual contributions of all. All learners, gyovemors, staff, volunteers and visitors will bc treated with respect and dignity and will bc provided with a residential Icarning environment free from unlawful discrimination, harassment or viclimisation. Within lh¢ framework of the IAW and best employment and educational praclicc, the Colleg¢ is committcd to achieving and maintainin¥ this environment. In 2012, Fircroft became the first College to achieve a gold award under the UK Equality and Diversity Award scheme and has been re-accredited with this award in both 2014. 2016 and 2018. The Colle8e publishes ils Equality, Diversity and Inclusion policy on it5 websit¢. The Coll¢ge holds focu$ groups involving learners and staff who discuss soluti()ns for issues affecting the College and are involved in making recommcndations and setting targets. The Collcgc has an EDI team with represenlalives from across the Collegye areas. There is also a desi￿ated staff member as an Equality Champion. Thc Operations Committcc rcceives and discusses rcports, makes recommendations and provid¢s infornMlion lo the Governing Body. Fi￿r0ft College is a Disability Confident employer and has committed to th¢ principles and objectives of the Disability Confident scheme. -rhe Collegc considcrs all employment applications from disabled persons. 13

FIRCROFT COLLEGE OF ADULT EDUCATION Report of the Governlng Body (continued) STAKEHOLDER RELATIONSEllPS (¢ontinued) bearing in mind the apliwdcs of the individuals concmied, and guar4nt¢¢s an intcrview to any disabled applicant who meets thc cssential Crit￿la for the post. Where an existing ernployee becomes disabled. every effort is made to ensure that cmployrnent with the Collegje continues. The Lollege's policy is to provid¢ Irdining. carccr dcvelopment and opportunities tor promotion that arc, as far as po¥sible, identical lo those for other members of staff. This is also reflected in the college policies as they are updatcd. The College is passionate about pmviding staff and governors (as needed) with outstanding training covering issues of cquality, dtversily and inclusion. DlsAblllty statement The CollegFe seeks to a¢hieve the objcctives sel down in the Disability Diwrimination Act 1995 as amended by the Sp¢Lial Educatiun N¢eds and Disability Acts 2001 and 2005 and Equalily Act 2010. The College tak¢s aLcount of diyabilily access in all rolling mainlenance plans and new build initialiv¢s. There are .gcvcral ground tloor bcdrooms adapted io enabl¢ slud¢nls with disabilities to engage in residenlial learningy. Access in and around ihe building has also becn improved. b) Any appeals agyainsl a decision not lo offer a place to d Student are deult with under Ihc ci)mplaints policy and pruL¢dur¢. These are monilored for protcctcd characLerisl&cs. The Colle¥e has an ongoing progrdmme of slatTdevelopment to cnsure that all staff are aware of the issucs and n¢eds of people willi leurning difticuliie8 andlor disabilities. d) Statl'members dre available lo advise dnd make arrangem¢nt5 for any student or member of staff wh() require any additional support including the purchase of sP￿1all&t equipment or 5UPPOrt stafl.. The Coll¢g¢ has a range of specialist quipmenl inLluding asyislive technology available for use by students and slaff. Arrdngemenls for counselling and welfare serviccs can b¢ made available to sludcnls. Staff have accc5S to a 24 hour employee assistance pro¥ramme. Th¢ College has a wide range of stakeholder8, many from the local community, and all of whom have been impacted to varying degrees by the coronavirus pandcmic. The Collcge continues to re-engagc with stakchold¢rs, eSp￿la1]Y wilh students and referral partners. Dlselosyre of iDformAtlon to Auditors The governors who held office at Ihe datc of approval of this report confinn that, so far as they are each aware, there is no rclcvanl audil inf0m￿tIOn of which the College's auditor8 are unaware; and each 14

FIRCROFT COLLEGE OF ADULT EDUCATION Report of the Governlng Body (continued) governor has taken all th¢ steps Ihal he or she ought ¢0 have iaken to be aware of any relevant audit infom￿tIOn and to establish thai the College's audito￿ are awwe of that inforn]ation. Approved by order of ihe membcrs of the Governing Body on 15 December 2021 and sI￿¢d on its behalf by: Prof G Layer Chalr 15

FIRCROFT COLLEGE OF ADULT EDUCATION Statement of Cor rate Governallce and Internal Colltrol Corporate Governance The followin¥ statement is provided to enable readers C>f the at)nual report and acLounls of the College lo obtain a betler understanding ol ils governance and legal strll¢tur¢. This statement ¢ov¢rs the p¢riod from I August 2020 to 31 July 2021 and up to the date of approval of the Annual Report and FinanLial Stat¢m¢nts. The College endeavour8 to Londucl its business: in a¢¢ordanLe with the seven principles identified by the Committee on Standards in Public Life (selflessness, integrity, ()bjeLtivily, a￿[lUnt￿bility. L)penness, honesty and lead¥rqhiii)' ii. in acLI)rdanLe with th¢ guidanc¢ to colleges from the Associalion of Colleges in The Code of Good Gov¢rnance for English Colleges ("Ihe Foundation Code"). dnd iii. having due regard io the UK Corporate Govemance Code ("Ihe Code") insofar as it is applicable t the turther education sector. The Collcge is committed lo exhibiting bebt practice in all aspeu'ls (If. Lorporate ¥ovemance und in partlLular the Collcgc has adopted and Lumplied with the Foundati()n Code. We do not comply with th¢ UK Corp(Ifdte Governaiice Codc. Howcvcr, w¥ huvc rcwrtcd on our L'()ry)()ralc Govcrnancc arrdngcincnts by drawing up()n best practice available, including those aspects of the UK Corporate Govrnnce Code we c()nsid¢r lo bc relevant lo ihe further cducalion $cctor and bc¥l practice. In the opinion of th¢ Governing Body* the College complies with the provi8ions of ihe Cod¢ in faT as they apply lo the Further EduLation 8eL'lor, and 1¢ has complied ihroughoul the year ended 31 July 2021. The Goveming Body recogmises that, as & body entrusted wilh both publiL and private funds, il hlls a particular duly to observe th¢ higliesl slandards of corporale governanle al all times. Ln ¥arrying out ils responsibilities. it takes full account of The Code of Good Governance for English Colleges issued by the Association of Colleges in March 2015. which il fornially adopted in July 2015. As a regiistcr¢d Charity, the Govemors, who are also the TNsle¢s for the purposes of the Charities Act 2011. Lonfirni thul they have had due regard for the Charity Commission's guidance on public benefJt and that th¢ r¥4uircd stalcments appear elsewhere in Ihcse financial statLmenls. 16

FIRCROFT COI.LEGE OF ADULT EDUCATION Statement of Co rAte Governanet and InternAI Colltrol continued The Governing Body The governors who served on the Governing Body (GB) during the year and up to the date of signature of this report are sel out below: Natne DAte of Appolntment Term of Date of fflee reslgnatlon Category of m¢mbcrshlp Attendance Commlttee8 GB Other Served Dr C Turner Ichair) July2016 Reaptx)inied July2019 March 2016 3 years July 2021 Jnd¢p¢ndent 818 515 Cknirof G ando EandR E,O.SS Ms M LKn¢han (Prineipal) Mr A M Chishti Ex-officio Ex-offieio 818 July2012 Rc-appointed July2015 July 2018 July2017 Re.appointed July 2020 Morch 2015 R¢-appointcd July2018 July 2021 Oct2017 July 2017 Reappoinied July 2020 July 2021 Ind¢p¢nd¢nt 418 212 Rev J Mulli8 May 2021 Independent 416 E, and R (Chair) Mr T Pettitt 3 yeors Independ¢ni 818 212 SSS Chair, OandR M5 N Ch4ulwi Mr J Darlin8 Ivicc-chair Since March 20201 M% R Woodcock Oct 2017 - Griffith¥ Pamiinder Sin8h July 2019 Garcha Viviennc Shapley Dec 2019 Adeeb Bagharat March 2020 Omar Rashid March 2020 Robert Masunga Jan 2021 Sang¢ela Soni Jan 2021 Raj Mahay Jan 2021 Angela Bate Nov 2020 Claire Mutchell Nov 2020 Joseph SklAm Nov 2020 Mohammad Jamo Nov 2020 3 y¢4rs 3 year5 October 2020 Staff yovernor Ind¢per￿ent 818 515 A (Chairl AndG 3yea Oct 21)20 Indep¢nden¢ 012 Ind¢per￿ent 419 213 3 years 3 years 3Yea 3 Year8 3 Ycarx 3 YearA 3 YeaT 3 Y¢4r8 l Year l Year Indcpendent Staff governor Independcnt Independent Independent Independent Siaff governor Staff governor Student governor Student governor 818 o,sss Sept 2020 Dx 2020 213 414 314 214 115 415 214 214 May 2021 May 2021 010 010 sss sss ConunIt￿ k¢y A= Audit Committee E= Education Committee G=Governance Committee O= OperatlOlL8 Committee R- Remuneration Commitl¢c SS = s￿dent Services Committee 17

FIRCRoFf COLLECE OF ADULT EDUCATION Statement of CorDorate GovernaDce Aod InternAI Colltrol (continued) Ybe Gov¢rnlng Body Icontinued) Alt¢ndance information shows Gov¢rning Body attendance and then Commitiee allcndance during the period lo 28th July 2021 {last mecting of 202012021). It is the Governing Body's responsibility to bring independent judgement lo bear on issues of strategy. perf0M￿nce, resources and standards ot conduct. The Gi)verning Budy is provided with regular and timely inforniation on the overall rtnancial perfomiance of the College together with other inforniation suLh as perforniance against funding targ¢ts, propos￿ capital expenditure, quality matters and personnel related matters such as health and safely and environm¢ntal issu¢s. Th¢ Governing Body mecls four limes eaLh year. The Governing Body ¢ondu¢ts its busines5 throu¥h a number of committees. In July 2018, a n¢w committee structure was approved and the committ￿S effective from the year 201812019 are Educdtion Committee. Operations Comtnillee, Siudcnl Services Committee, Audit Committ¢¢ and GovernanLe Committee (approved by the Governing Body al the OLt(Iber 2018 meeting). full minutes of all meetingis, except those deemed lo be confidertlial by the Governing Body. a available on appliuation from the Clerk to the Governing Body at.. Fircroft College, 1018 Bristol Road, S¢lly Oak. BinDingham. B29 6LH. The Clerk to thc Governing Body maintains a register of financial and personal interests of the Govcrnors. "rh¢ register is available for inspection al the abovc address. All governors are able lo take inde￿ndent professionAI advice in furtherance of their dulles at the Collcgc's expcnse and have access to the Clerk lo th¢ Governing Body, who is responsible t() th¢ Governing Body for ensuring that all applicable procedures and r¢gulations are complied with. The appointment, evaluation at￿ removal of th¢ Clerk are matters for the Governing Body Rs a whol¢. Fvrnial agendas, papers and reports are supplied to govemors in & timely manner, prior to Governing Body meetings. Briefings are also provided on an ad-hoc basis. The Governing Body has a strong and independent non-execulive element and no individual or group dominates its decision making process. The Goveming Body considers that each of ils non- executive members is independent of mana8em¢nt and free from any busincss or oihcr rclalionship which could materially interfere wilh the cxcrcise of their ind¢p¢ndent judgement. There is a clear division of responsibility in that the roles of the Chair of the Governing Body And Accounting Officer are separate. Covid-19 During 2019120 thc Governing Body d￿lded to move lo monthly meetings during the Covid_19 ¢mergen¢y. Audit and Governance Committees were reiained on a lermly basis. all other cornmitt¢C5 halicd and with business covered by Governing Bvdy. This model of business was carried forward atld ran Ihroughoui 2020121, and was reviewed lerndy. 18

FIRCROFT COLLECE OF ADULT EDUCATION StYdtem¢nt of Cor orate Covernattce and Internal Control (continued Appointments to the Governing Body Any new appointments to the Gc)vcrning Body are a matter for the consideration of the Governing Body as a whole. The Governing Body has a Governance commitlee, which is compris¢d of at least three governor8 and is responsible for thc selection and nomination of any new mcmbcr for the Govcming Body's consideration. The Governing Body is responsibltt for ¢nsuring that approprialc training is provided as requircd. Members of the (ioverning Body are now appointed lor a tern] of offLLe not excccding 3 years in the fjrst inslunce. IJ RemuDeratlon Commlttee The Rcmuneration Committee's responsibilitie5 are lo make recommendations to the Governing Body on the remuneration and benefits of the Accounting Officer and oiher key managcmeni personnel. Details of remuneration for the y¥ar ended 31 July 2021 are sel out in note 7 to the tinanctal stat¢menls. Audit Committee Thc Audit Committee comprises three gov¢rnors of the College (who exclude thL Accounting, Officer and Chair) and an exlernal member. The Commillee operates in acc(Irdancc with written ternis of ref¢r¢ncc approved by the Governing Body. The Audit Conuniltee meets ort a ternily basis and provides a furum for reporting by the College's internal, regularity and financial staiements audilors, who have acce55 to the Committee for independent discussion, without th¢ presence OF College mana¥¢menl. The Committee also receiv¢s and Lonsider8 reports from the main FE funding bodies as they affect the Coll¢ge's business. The College's internal auditors review the syslems of internal control. risk management controls and governance proLesses in accordanLc with an a¥r¢ed plan of input and rwort Iheir findings to managemeni and the Audit Committee. Management is responsible for thc implcmenlation of agreed audit recommendations, and internal audit undertak¢s periodiu follow up reviews to ¢nsure such recommend&tion5 have been implemenled. The Audit Conmiitlee also advises Ihc Goveming Body on the appointmenl of internal, regularity and financial statement auditors and Ihcir remuneration tor both audil and non-audit work as well as reporting annually to the Governing Body. Interual Control Scope of responsiblllty The (Foverning Body is ultimately responsible for the College's syslem of internal conlrol and for revLewing ils effectiveness. Howcvcr, such a system is d¢signcd to manage raih¢r than elimin¢ile the risk of failure to achieve business objectivcs, and can provide only reasonable and not absolute assurance against material misstatement or loss. The (iovcrning Body has d¢l¢galed the day-to-day rebponsibility to the Principal, as Accounting Officer, for maintaining a sound system of intemal control that supports the achicvcmcnl of the College's policies, aims and objectives, whilst 19

FIRCROFT COLLEGE OF ADUI.T EDUCATION Strdtement of Cor rate Governance #lld InterDAI Control eondllued safeguarding Ihe publi¥ hinds and assels for which sh¢ is personally respunsible, in aLcordance with th¢ responsibiliti¢s assigned to her in thc Financial McTnorandum bdwccn the College and thc ESFA. She is also responsible for reporting to the Governing Body any n￿terIal weaknesses or breakdowns in internal contr()l. Tb¢ purpose of the yystem of InternAI control The system of internal control is designed lo manage risk rather than to eliminate all risk of failure to achieve policies, aims and objectives,. it Can therefore only provide reasonable and TM)i absolute assuranc¢ of eff￿lIveness. The system of internal control is bascd on an ongoing proLegs designed to identify and prioriiise the risks lo the achievemcnl of College policies, aim5 and obj¢¢tiv¢s. to evaluate the likelihood of those risks being realised and the impact should they be realiscd. and to manage them etliciently, effectively and economically. Thc syslcm Of internal control has been in pldee in Fircroft College tor the year ¢1￿¢d 31 July 2021 and up to the date of approval of the annual report and accounts. C*pAcity to hAndle rlsk The Governing Body has reviewed the key risks lo which th¢ College is ¢xposd. log¢ther with the operating, financial and compliance Lonirols that have been implemented lo miligale those ri.sks. The Governing Body is of the viw that ther¢ is 8 fornial ongoing proc¢ss for identifying, evaluating and managing the College's 51gnitlLanl risks that has becn in placc for Ihc year ended 31 July 2021 nd up lo the dale <)f approval of the annual rwrt and accounts, This pruceys is regularly reviewed by th¢ Gov¢rning Body. Tbe rlsk And control framework The syst¢m of internal control is based on a framework of rewlar management infornmtio administrative pmedures includin8 th¢ s¢wegatii)n of duties, and a System of delegation and accountability. In particular. il includes: comprehensive bud¥elin¥ systems with an annual budget which is r¢vi¢w¢d and agTeed by the Governing Body. regular reviews by the Governing Body of periodic and annual financial reports which indieale financial performance againsl lorecasls. setting largels lo measure financial and other perfOrn￿nCe. clcarly dcfined capilAI investmenl control guidelines. the adoption of forn￿] project management disciplines where appropriate. Fircroft College has an internal audit service, which operates in accordance with the requirements of the ESFA'S Post-10 Audit Cvcl¥ ofPracliLe. Th¢ work of the internal audil se￿1¢¢ is informed by an analysis of the riskq to which the College is exposed, and annual internal audit plans are based on this analysis. The analysis of risks and the internal audit plans arc endorscd by the Collcge's Governing Body on Ihc rccommendalion of the Audit Committ¢¢. Ai minimum a)mually, the head of the internal audit (HIA) provides the fjoverningJ Body with a rew)rt on internal audit activity in the College. The report includes the HIA'S independent opinion on the adequacy and effectiveness of the Coll¢¥e'b bySt¢m of risk manag¢ment, controls and governance processes. 20

FIRCROFT COLLEGE OF ADULT EDUCA'fioN StatemeDt of Co orate GovernAnce and IDtern*l Control continued Revlew of EffectiveDes5 As Accounting Officer, the Principal has respon4ibilily for reviewing the e￿￿tIV¢n¢$$ of Ihc system of internal control. The Principal's rcview uf the ¢ffectiveness of the sysl¢m of inlemal control is infornied by: Ihe work of the internal auditors. the work of Ihc cxecutive managers within the College who have responsibility for the dev¢lopmenl and maintenance of the inlernal control framework. omments made by the Collcgc's tinancial stalemcnls audtlors and thc regularity reporting acc()untants in their management letters and other reports. Th¢ Accounting Officer hax been advised on the implicalions of the rcsult of her revi¢w of the effectiveness of the system of inlemal control by the Audil Committee, which oversees the work of Ihe internal auditor, risk wmmittee and other si)urccs of assurance. and a plan lo address weaknesses and ¢nsur¢ continuous improvem¢nt of the t&yStem is in place. The mana¥emenl learn r¢c¢ives rworts setting out key perforniance and risk indicators. and considers possible Lonlrol issues brou¥ht lo their atlenlion by carly warning mcchanisms, whiLh are eMb￿ded across th¢ College. The management team and the Audit Commiiiee also r¢G¢ive regular rewirts from internal audit and oth¢r sources of assurancc, which inLlude reL'ommcndations for impr()vemcnt. Th¢ Audil Commillee's role in this area is confin&J io a high level review of the arrang¢menls for internal control, The Goveming Body's agenda includes a regular item for considcralion ol. risk and Lontrol and receives r¢ports Ih¢reon from the management team and Audit Committee. The emphasis is on obtaining the relevant debryee of assurance and not merely reporlin by cxcepliun. Ai ils Deuember 2021 meeting, the Governing Body carried out the annual assessment for the year ended 31 July 2021 by considcrin¥ d￿Umentation from the martagemenl learn and internal audit, and tdkin¥ aL"count of events sin¥e 31 July 2021. Based on the advice of the Audit Committee and the AL¢out]ling Officer, the Governing Body is ot the opinion that the College has an adequate and effective framework for governance, risk management and control, and has fulfilled its statutory r¢sponsibility for'the e]TeclivL und ejjicient use ofre.Yources, the.solv¢n¢y oj'ihe inJ'l¢lufion drtd the safgguarding oftheir osseiJ". CorporMtloD performance The Cotporation has not carried out a self-assessmcnt of ils own perfornian¢e for Ihc year ended 31st July 2021. Going Concern The activities of the College, together with the factors likely to affect its future development and performance are set out In the Operating and Financial Review. The financial position of the College, its cashflow, liquidity and borrowings are described in the financial statements and accompanyin8 notes. The College submitted a detailed financial forecast to the ESFA in July 2021, which provided clear analysis and commentary on the immediate financial years 21122 and 22123, also that the College has appeared to 21

FIRCROFT COLLEGE OF ADULT EDUCATION Statement of Co orate Governance and lllternAI Control continued recruit well in terms of students for the academic year 21122, actordingly the College has a reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future, and for thls reason will continue to adopt the going concern basls in the preparation of its financial statements. Approved by order of the members of the Governing Body on 15, December 2021 and signed on ils behalf by: Prof G Layer Cb•lr M Lenehydn AccountlDg Offlcer 22

FIRCRoFf COLLEGE OF ADULT EDUCATION GoverDiDg Body's ststement on the College's regulatoryi propriety aDd compMan¢e with FundiDg body tenns and conditions of fundin The Collegc has consid¢ra ils responsibility to notify th¢ Education & Skills Funding Agency (ESFA) of material irregularity, impropriety and non-compliance with tern￿ and conditions of funding. ut￿er the fllwicial Jnemorandum in place between the College and the ESFA. As part of our consideration we have had due regard to the r¢quir¢m¢nls of the financial men￿randUrn. We confimi on bchalf of the College, that after due cnquiry, and to the best of our knowledge, we are able to idcntify any mat¢rial irregular or imprO￿r use of fvnds by the College, or material non-compliance with the Education & Skills Funding Agency's ternis and conditions of funding under the College's financial memorandum. Prof G Layer Cbalr M Lenehan Accountillg Offleer Dat¢.. 15 December 2021 23

FIRCROFT COLLEGE OF ADULT EDUCATION S¢atem¢Dt of Res OD$ibilities of the Goverllill Bod The members of the Governing Body {who aGt as Iruslees for the charitable aclivities of the College) are rquircd lo present audited financial statements for each financial year. Thc law applicablc to charities in England and the ternis and conditions of the Einancial Memorandum belwecn the Education & Skills FLmding Agency and the (Toverning Body of the College, requires the Governing Body of Ihc Collcgc. through ils ALcounling Officer, lo prepare financial statements for each rinancial yCir in ftccordance with the 2015 Siaiemenl nJ'Reci)mmended Praclice - Ac¢ountingfor Further und Higher Edr4LUiion and with the Colleg¥ ALLoun¢s Direclion 2020 to 2021 iysued by the ESFA, and which give a true and fair view of the stale of affairs of the College and of ihe College's result for that pcriod. In preparingy the financial statement5, Ihc Governing Body is required to: select suitable accounting policies and apply them consislcntly make judgements and estimate% that are reasonable and prudent state whether applic8blc A¢¢ounting Statidards have been followed, subject io any material d￿artureS disLloyed and explained in the financial slatemenl8 prcpare financiul slalemenls on the ¥oing concem basis, unles8 it is inappropriat¢ to assLllne that the College will continue in operdtion. The Governing Body iy also required to prepare a Members Report whiuh describey what it is trying lo do and how it is g()ing about it, including Ihc legal and administralivc statu.% of Ihv College. The Governing Bi)dy is responsible for keeping propvr accounting records which disclose with reagonable accuraLy, al any time, Ihc financidl p()sili()n ol- the Coll¢ge, and which enabl¢ it to ¢nsur¢ that th¢ financial statements are prepared in accordance with the relevant legislation of incorporation and other relevant accounting standards. It is responsibl¢ for taking steps Ihal are reasonably open lo it in ord¢r to saf¢guard the ass¢ls ot the Coll¢g¢ and lo pr¢v¢nl and detect Iraud and other irregularities. The maint¢nan¢¢ and intcgrily of the College website is the responsibility of the Governing Body of the Colle&Fe' the work carried out by the auditors does not involve consideration of these malters and, accordingly, the auditors accept no responsibility for any changes that may havc occurred to the financial stat¢mentS SlnLe they were initially presented (>n the website. Legislativn in the United Kingdom governing the preparation and diss¢mination of financial statwi¢nts may differ from legislation in other jurisdictions. Members of the Goveming Body are responsible for ensuring that expenditure and income are applied lur thc purposcs intcndcd by Parliamcnl and that the liiian¥ial IrJnsa¢tion4 Lunfomi lo the auihoritics that govern them. In addition th¢y are responsible for ensuring ihat funds from the ESFA are used only in accordance with the Financial MemorandLUll With the ESFA and any other conditions that may be prescribed from time to timc. Mcmbcrs of the Governing Body must ensure that there are appropriate financial and mAnagcmcnt Lonlrolb in place in order to saleguard public and other funds and lo ensure they are used properly. In addition, members of the Governing Body are responsible for securing economical, efficient and etleLtive management of ihc Collcge's resourL'es and expenditure, so that the benefits that should Ix derived from thc application of public fiwds from the ESFA are not put at risk. Approved by ordcr of thc mcmber5 of th¢ Govcrning Body on 15, December 2021 and signed on its behalf by: G Layer Cbair 24

FIRCROFf COLLEGE OD ADULT EDUCATION Inde endent Auditor'5 Re rt to the Goverllors of Fircroft Colle e of Adult Eduerdtion Oplnlon Wc have audited thc financial statements uf Fircroft Culleg¢ of Adult Educatiun (the 'College') for the year endeil 31 July 2021 which comprise the statem¢nl of cOmp￿￿enSive income and expenditurc. the statement of changcs in rcscrves, the balance sheet. the staiem¢nt of cash flows and the notes to the accounts inelLtding the significanl accounting policies. Thc financial reporting framework that has becn 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 Gencrally AcLepted Accounting Practice). In our opinion. th¢ financial statements: give a tru¢ and fair view of the stale of the Coll¢ge's affairs as at 31 July 202 l and of ils surplus of income over expenditure for th¢ year then endcd. and have b¢¢n properly prepared in a¢wrdance with United Kingdom Generally AcLepted AcLounling Practice. BA%li for opinion We conducted our oudit in aL¢ordance with Tnlernational Siandards on Auditing (UK) IISAS {UK)) and applicable law. Our rebponsibilities under those standards are turther described in the auditor's responsibilities for the audit of the tinancial statements section of our rcport. We are independcnl of the College in accordance with the ethical requirements thai are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with Ihcsc requiremenls. We believe that the audit ¢vidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relatlDg to golng concer In auditing the financial slaiements, w¢ have concluded that the members of the Govcrning Body's us¢ of the going conceni basis of accounting in the preparation ofthe financial statements 18 appropriAIe. Based on the work we have perforni¢d, we have not identified any material uncertainties relating to events or conditions that, individually or colleL'tivcly, may cast Si￿lfi￿dnI doubt on the Colleb*e's ability to ontinu¢ as a going conc¢rn for a period of at least tw¢lve rnonihs from when the financial statements are Authorised for ibsue. Our rebponsibilities and the responsibililies uf thc member5 of Ihe Governing Body with respect to going concern are described in the relevant sections of this rq)ort. Other informatio The other infonnation cotnprises the infommtion included in the annual report other than the financial statements and our aLKiitor's report ther￿n. The members of th¢ Goveming Body are responsible for the other infOrn￿ll0n c4)nlained within th¢ annual report. Our opinion on the Iinancial statements does not cover Ihc other infornulion and, excq)t to the extent othenvise explicitly staled in our report, we do not ¢xpr¢ss any forni of assurdnce conclusion Ihercon. Our reswnsibility is lo read the other infOrn￿tIon and, in doing so. consider whdhrr the other inform411Ron is matcrially inwnsistenl with the Financial statements or our knowledge obtained in the course Of the audit or otherwise appears to be materially misstated. If wc identify such malcrial inconsistencies or apparent material misstal¢m¢nls, we are required to deterniine whether this gives rise to a material tnisstatcment in the financial statements themselves. If, based on thc work w¢ hav¢ pcrfonTJcd, we conclude that there is a matcrial misstatement of this other infOrn￿tI0n. we are required to rep(Trrt that fact. Wc havc nothing lo report in this regard. 25

IRCRoFf COLLEGE OF ADULT EDUCATION Inde endent Auditor's Re ort to the Governors of Fircroft Coll c of Adult Education (continued Mjtters on which we are ￿qllITed to report by exception We have nothing to report in respect of thc following matl¢rs in rclation to which the Charitics Act 2011 or thc Posl 16 Cude of Practice issued by the Education and Skills Funding Agency requires us to repor¢ lo you if, in our opinion: the infornjalion given in the Report of the Governing Body is inconsistent in any material respect with the financiul slalements; proper accounting records have not been kcpl; the financial slalemenls are not in &greemenl with the accounting re¥'ords and returns. or all the Inforn￿lion and explanations rquired for the audit w¢r¢ nol rec¢ivcd. Responsibilities of the Governlng Body As explained more fully iii the statement of responsibilities of members of the Governing Body, the members of thL Goveming Body are responsible for Ili¢ pr¢paration of th¢ financial statements and lor being satisfied tho1 Ih¢y give a true and fdir view, and for such internal Lontrol as the mcmbers of the Governing Body determine 1$ necessary lo enable the preparation of financial statements that arc frec from material misstatement. whether due lo fraud or eLTOr. In preparing IIIL financial slal¢m¢ntb, the members ol. the Governing Body ar¢ rcsponsiblc for assessinbT the College's ability lo continue as a gyoing concern, disclosing. a8 applicablc. malters related io going concem and USiiiB the going conLCrn basis of acuounting unless the members of the Governing Body either intend to liquidale the Colle&Fe or lo cease op¢ralions, or hav¢ no r¢alisti¢ alternativ¢ but lo do so. Auditor'j responsibilitles for th¢ audlt of the financlal statements Our objecliveb are lu obtain r¢asonabl¢ assurance aknul whether the tinanLial statements as a whole are free from mat¢rial misstatement, whether due to fraud or error, and Ii) issue an auditor's report ihat includes our opinion. Reubunuble assurance is a high level ol. assurance, but is not a gvuardnte¢ that an audit Londucted in a¢¢ordan¢e with ISAS (UK) will always detect a material misstatemcnl when il exists. Mibglaiemenls can arise from fraud or error and are considered material if, individudlly or in the a&&rye&iale, they could reasonably be expected to influence the cconomic dccisions of uscrs taken on thc basis uf thcsc tinancial statements. Irre¥ularilies, including Iraud, are instanbes ol. nonrycomplianue with laws and regulations. We design procedurcs in linc with our responsibilities, outlind above, to detect material misslalements in ￿￿pect of irregularities, inuluding traud. The ¢xt¢nt to whiah our procedures ar¢ capable of delecling irregularities. includin¥ fraud is detailed below.. Our approach to ideDlilying and ass¢sqin8 the risks of material rnisstaternent in respect of irregularities. including fraud and non-compliance with laws and regulatiorLS. was as tollows: the cngagcmcnt partner ensured that th¢ engag¢m¢nl team collectively had the appropriat¢ ¢omp¢tence, capabilili¢s and Skills to identify or rccognise non-compliance with applicable laws and regulations. wc idcntificd thc laws and regulations applicable lo the College through discussions with management. and from our knowledge and experience of the sector. we focused on specific laws and regulations which w¢ considered may hav¢ a di￿1 material eff¢ct on the financial statcmcnts or thc opcrations of Ihc Cvllcge, including the Further and Higher Education Act 1992, the Charities Act 2011, funding agreements ￿1th the ESFA dnd associdted fundin&F rules. 26

FIRCROFT COLLEGE OF ADULT EDUCATION Inde ndellt Auditor's Re ort to the Governor$ of Fircroft Colle e of Adult Education (continued ESFA regulations, data prolcction 1egyislati0￿ anti-bribery. safeguarding* employment, health and safety legislation. we assessed the extent of compliancc with the laws and regulations identifted abov¢ throu&yh making enquirics of managemenl and inspecting Icgal corrcspondcnce,. and identified laws and rcbyulalions were cummunicalcd within the audit team regularly and the team remained alert to instan¢es of non-compliancc thrOU￿Out the audit. Wc assessed the susceptibility of the Collegc's financial statements to material misslalemenl, including obtaining an underslanding of how fraud mig,ht o¢Lur, by.. making etwuiries of management as to where they ￿nsIdered there was susceptibility lo frdud, Iheir knowledge of actual. 5uspe¢ted and alleged fraud; and considering Ihc internal contro15 in place to miti¥ate risks of fraud and non4ompliance with laws and regulations. To address the risk of fraud through mllnagemcnl bias and override ofcontrols. w¢,. PLYfomied analytical procedures to identify ally unusual or unexpected relationships. l¢sled journal entries to identify unusual transactions.. and a.98essed whether judg¢m¢nls and assumptions made in dclern]ining the accounting estimates set out in the aeeounling policies were indicative of potential bias. response lo the risk of irr¢￿laritICS and non-compliance with laws Hnd r¢gulalion8, we designed procedures wkn'ch included, but were not limiid to- agreeing financi81 statem¢nl disclosures to underlying SUPPOrting dwum¢nlalion- reading the minutes of Governing Body meetings,. enquiring of management as lo a¢tual and potential liligatiun and claims. and r￿l¢wing any available correspondeno¢ with HMRC and the College's le¥al advisors. There are tnherent limitations in our audit procedures described above. The more removed that laws and regulation5 arc frorn financial transactions, the less likely it is ttrLat we would become aware of non- compliance. Auditing standards also limit the audit procedures required to identify non-compliancc with laws and regulations to enquiry of the rnembcrs of the Governing Body and other manag¢menl and the inspection of regulalory and legal correspondencc, if any. Material misslaiemenls that arisc due to fraud can be harder to dctcct than those that arise from error as they may involve delib¢rale concealment or Lollusion. A fvrther description of our responsibilities is available on thc Financial Reporting Council's website at www.frc.org.uklauditorsresponsibililics. This dcscription torn)s part of our auditor'5 report. Use of our report This report is made solely to the College's members, as a body, in accordance with the College's Articles of Government. Our audit work has bcen undcrtakeTh so that we might statc to the College's members those matters we are required to slate lo them in an auditoly report and for no other PUTpose. To the fullest extent 27

FIRCROFT COLLEGE OF ADULT EDUCATION Inde endent Audltor's Rt ort to the Governors of Fircroft Colle e Df Adult Education conilnued pemiitled by law. we do not accept or assume T¢sponsibility lo anyone other than the College and thc Collcgc's memkn as a ix)dy, for our audit work. for this report, or for the opinions we have fonned. Buzzacoll Ll.P Statutory Auditor 130 Wocxi Sii'cel London EC2V 6DL 22 December 2021 Buzzacott LLP is eligible to act as an auditor in tern￿ of section 1212 of the Compatiies A¢t 2006 28

FIRCROFT COLLF.GF. OF ADULT EDUCA'fioN Reporting A¢countant's Report on Regularity to the GoverninR Body of Fircroft College of Adult Ldu¢a¢ion {"the Governing Body") and the Secretary of StY4te for Education acting through the Fducation alld Ski115 Fundin enc '%he ESFA- In accordanee wilh the tern￿ of our engagcincnt letter dated 25 May 2021 and further to the requirements and conditions of funding in the ESFA'S grant funding agreements and contracts, or those of any other public funder, we have carricd out an cngagemenl lo obtain litnited assuranc¢ about wheiher anything has come to our atl¢ntion that would suggest. in all material respects, the expenditure disbursed and incotne received by Fircroft College of Adult Education during the period l August 2020 10 31 July 2021 have not been applied to the purp()se5 identifid by Parliament and thc financial transactions do not contonn lo th¢ authorities which gvvem lh￿ll. The framework that has been applied is set out in the Post.16 Audit Code of Practice (the Code) issued by Ihe ESFA and in any relcvant conditions of funding conceming adult ¢du¢ation nolified by a relevant funder. In line with this framework, our work has sp￿lf1¢allY not considered in¢om¢ received from the main funding grants gcneraled through the Individualised Learner R￿ord data returns, for which Ihe ESFA has other assurance arrangcmcnts in place. This report is made solely lo Ihe Governing Body of FirLroft Coll¢ge of Adult Education and the EsfA in accordance with thc lenns of our engagemenl letler. Our work has been und¢rtaken so that we might state to the Gi)verning Body ot. Fircroft College ()r Adult EduL8tion and the ESFA those matters we are requircd to slate in a report and for no other purpose. To the fullest extent pennilt¢d by law. we do not accept, or assutne, responsibility lo anyone other than the Governing Body of Fircroft Colleg¢ gf Adult Education and the ESFA for our work, for this report. or for the conclusion we hav¢ Lormed. Respective responsibilities of b ircroft College of Adult Educatlon the reportlng •ccouDtant Th¢ GoverninLy Body of Fircroft College of Adult F.duLation is responsibl¢, under the requirements of the Further & Eligher Èducation Act 1992, subscquenl legislalion and related re&Julations and guidance, for ensuring that expenditure disbursed, and income received, are applid for Ihe purposes intended by Parliament, and the tinancial Iransacliuns conforni lo the authorities that govern th¢m. Our responsibilities for Ihis engagement are established in the United Kingdom by our profession's ethical guidanc¢ and are lo obtsin limited assurance and rcport in accordance with our engagement letl¢r and the requirements of the Code. We report to you whether anything has come lo our atlention in carrying out L7ur work which suggests that in all material respects. expenditur¥ disbursed dnd income receiv¢d, during the period l August 2020 to 31 July 2021 have not been applicd to purExises intended by Parliament or that lh¢ finan¢ial transactions do not contom lo the auth()rilies which govem thctn. Approach We conducted our engagement in accordance with the Code issued by the ESFA. We perfotThed a limited assuranLe ctigagement as defined in that framework. The objective of a limited assurance engagement 15 to perlorn) such procedures as to obtain infonnation and explanations in order to providc us with sufficient appropriate evidenLe lo express a n¢galive conclusion on regularity. A limited assurance cngagem¢nl is more limited in scope than a rcasonable assuran¢¢ en&yagemenl and Lunsequently does nol el￿ble us io obtain assurance that we would become aware of all significant mallers that mighi be id¢nlifi¢d in a reasonable assurallce engagement. Accordingly, we do not express a w)811ive opinion. Our engagement includes examination. on a test basis, of evidence relevant lo thc regularity of th¢ Gov¢rning Bi)dy's income and cxpenditur¢. The work undertaken lo draw lo our conclusion includes: An assessment of the risk of n]alcrial irregularity and impropriely across all of the College's a¢tivili¢5- 29

FIRCROFT COLLEGE OF ADULT EDUCATION Reporting Accountant'5 Report on Regylarity to the Governing Body of Fircroft College of Adult Education (I4the GoverniDg Body") and the Secretary of St4te for Education acting through the De artment for Edutation "the De artment" continued FLLrther testin&F and r¢vi¢w of the areas identified through the risk assessment including enquiry. identification of ¢ontrol processes and examination of supporting evidence across all areas Identifi￿ as well as additional verifiLatiots work where considered necessary- and Consideration of evidence obtained through the work detatled above and Ihc work completed as part ofour fU￿ncial stat¢m¢nts audit in order to support the regularity con¢lusion. Conclugion tn the course of our work. nothing has come to our atlention which sugg¢sts that in all malerial respecls, the expenditure disbursed and income received during the period l August 2020 10 31 July 2021 has ll￿t been applied to putposes inlended by Parliament, and the fina￿la[ transaction5 do not conforni to the authorities that govern them. LLrf Buzzacoti LLP Chartered Accounlants 130 Wood Sirect London EC2V 6DL 22 Deccmber 2021 30

FIRCROFT COLLEGE OF ADULT EDUCATION Statement of Com rehellglve Ineome And Ex enditure Note 2021 2020 Income Funding body grants 2Jll,168 2,429,348 Tuition fees and education ¢ontra¢ts 163,496 256,518 Other income 7,522 17.986 Inv¢8tmcnt income 120,483 132,923 Donations 51J83 13,000 Total Income 2,654,552 2.849,775 Expendlture Staff ¢osts 1,681,579 1,731.624 Oth￿ operating expenses 399,907 669.937 Deprwialion 10 215,496 201.333 Total ExpeDdltur¢ 2,49￿982 2,602,894 Surplus b¢fore other gaini and losses 157,570 246,881 Gain l (Loss) on inv¢8tments Net realiyed Not unrealised 1,051 451.663 (81,401) (257.925) Surplus l (Defi¢it) before Tax 610,284 (92,445) Taxation TotAI Comprehenslve Income for the YeAr 610,284 (92,445) Represented by: Reslri¢t¢d comprehensive income Unrestricted comprehensive income 610284 {92.445) 610284 {92,445) 31

FIRCROFT COLLEGE OF ADULT EDUCATION Coll¢ e Statement of Cbrdn e8 in Reserves Income and Restricted Total Expendlture Regerves Reserves B4l&nce At lit August 2019 (Re8tated) 5,254,196 51,952 5,306,148 Deficit from the income and ¢Kp¢nditure acwunt (92,445) (92,445) Bp4194nce rdt 31" July 2020 (Restated) S,L61,751 51952 5213,703 Surplu8 fmm the income and expenditure account 610,284 610,284 Balane¢ #t 3111 July 2021 Sce note 19 for details of the restated amounts. 32

FIRCROFT COLLEGE OF ADULT EDUCATION Balance Sheet as Ydl 31 Jul Note 2021 Rcstatcd 2020 NoD-Current Assets Tangible fixed assets Invcslments 10 2275.421 3.944,803 2,363,855 3,507,528 Total tlxed As8et8 6,220,224 5.871,383 Currenl As$et5 Stock Trade and other receivables Sh¢)rt temi investments Cash and cash equivalents 3,312 133,636 148,653 937,931 3,691 87.329 148,666 498,696 12 13 Total curr¢nt assets 1.223,532 738,382 Le$$ . Cr¢dltor8- Amounts falllng dut wlthln one yewr 14 (941,511) (264,526) Net eurrent #ssets 282,021 473,856 Total Axstts less current Ilabllltles 6,502,245 6,345,239 Lreditors - amounts talling due after one year 15 (678,258) (1,131,536) NET ASSETS 5,1123,987 5,213,703 Restrlcted rostryes Unrestricted re5ervei Income and expenditure account 16 51,952 51,952 5.772,035 5,161,751 Total reyerves 5,823,987 5,213,703 The financial statements on pages 31 to 52 were approved by the Govcrning Body and authorised for issue on 15 D￿￿nber 2021 and were signed on behalf of the Governing Body by.. Prof G Layer Chair M Leneh*n Accounting Offlcer 33

FIRCROFT COLLEGE OF ADULT EDUCATION Statement of C45h bloTrvs Note 2021 2020 Cash flows from operatillg activities Surplus l (DefiLil) for the year 610,284 (92,445) Adjustmen¢ for Don-crdsh items Depreciation Decrease in stocks (Increase) IDwr¢ase in d¢btors Increase / (Decrease) in creditors due within one 215,496 379 (4￿307} 201.333 84 47,207 676,985 (52,425) Increase l (Decreas¢) in creditors du¢ aft¢r one ycar Adjustment for Investlng or financial actlvltleg Net invcstmcnt (￿]n) / loss Investment income (453,278) {20.￿0) (452,727} (120,483) 339,297 (132,923) Net cash flow from operAtlng actlvltle8 430 290,128 Cash flows from Investing Actlvltles Invcslmenl inLomc Diliposal ot non-cu￿enI asset investments Paytnenis tnade to acquire non-current asset investments Paytnent8 made to acquire fixed assvt5 120,483 136,862 132,923 363,422 (189,494) (127,062) (367,345) (279,523) Net Cash flow from Inve5tlng actlvlrfe$ 150,523 Increase in cash and c15h equiv•lenti in the yeAr 371138 139,605 Cash and cash equivalents at beginning of the year 17, 750,771 611,166 Cash and cash equivalents at end of the year 1 121909 750,771 34

FIRCROtsry COLLEGE OF ADULT EDUCAI'ION Notes to the AccouDt$ Accounting policies S¢aiement ofaccoHntingpolicie$ The following accounting policies have been applial consislenily in dealing with ilems which are considered materi81 in relation to the financial slalemenls. Basi.$ ofpreparation These financial statements have been prq)ared in a¢cordance with the Statenient of Recommended Practic¢.' Accounting for Further and Higher Educalion 2019 {Ih¢ 2019 FE HE SORP), the College Accounts Direciion for 2020 to 2021 and in accordan¢¢ with Financial Reportin& Standard 102 -Thc Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland" (FRS 102). The Collcge is a publi¥ benefil entity and has theretor¢ applied the relevant publi¢ benefil requirements of FRS 102. The prq)ardtion of financial statements in compliance with FRS 102 requires the use of certain Gritical aLcounling estimates. It also requires managemcnt lo ex¢rcise Judgement in applying the Coll¢ge's au¢ounlin¥ polici￿. B￿lS of accountin8 The finanLial stalcmenls are prepared in accordan¢¢ with the historical ¢ost convention unless otherwise staled. Golng concern The acliviti¢s of the College, together with the factors likely lo affect its future d¢velopment and pcrforniance are s¢t out in the Report of the Governing Body. The fiiiancial posilion of the Coll¢ge, ils cash flow, liquidity and bo￿owing5 are described in the FinanLial SiatLments and accompanying Notes. The College has no loans or overdrafts and the Collcge's fore¢asls and financial projcctions indicate thal none will b¢ r¢quir¢d for the foresccable tuture. Accordingly the College has a reasonable expectation that il has more than adequat¢ resource8 to continuc in. operational ￿lstcnce for th¢ forese¢able future, and for thi5 reason will continue to adopt the ¥oing concem basis in the preparation of its Financial Statements. Recognilion of Income Revenue gyunifynding Governmcnt rcvenue grants include funding body r¢¢urr¢nl grants and other grdnts and are accounted for under thL acLrual modcl as pemiitted by FRS 102. Funding ¢)ody recurrent grants are measured in linc with best estlmales lor the pcriod of what is receivable and depend on the particular income stream involved. Any undcr or over achievement for the Adult Skills Budget is adjusted for and reflected in thc Icvel of r￿urrent grant recogtll5ed in the inwm¢ and cxpenditure account. The fLnal grant income is nornially deterniined with the conclusion of thr year erLd reconciliation process with the funding body following the y¢ar end. and Ihc results of any funding audits. 35

FIRCRoFf COLLEGE OF ADULT EDUCATION Notes to the Aceounts (continued) Accountlng pollcies (continued) Recognition of income (continued) Revenue gYaKÉfyndEng {COFJtinucd) GrdfLts {including research grants) from non-government sources are reco8nised in income when the Colleg¢ is entitled to the income and perforniancc related conditions hav¢ b¢¢n mel. Incvme r￿e1ved in advance of perforn￿nCe related conditions bcing met is recognised as deferred income within creditors on the balance sh¢¢t and r¢l¢ascd lo income as the conditions are met. Capital granÈfunding Government capital grants are capitalised, held as deferred income and recognised in income over the expected useful life of the asset. under the accrual model as perniitled by FRS 102. Other, non-governmental, capital grants are recognised in incom¢ wh¢n the Cullege is enliiled to the funds subject to any perfomwice related onditions bcing mel. tncome received in advance of perfi)rnianLe relaied L()nditions being met is recognised as deferred inuome within creditors on th¢ Balance Shccl and r¢leased lo income as conditions are mel. Fee inLome Incorn¢ from tuition feey is reCo￿lsed in the period for which it is received and includes all fees payable by students or Ihcir sponsors. rnvestM¢nt Income All income from short-l¢rm deposits or inveylments is credited lo the illLome and expenditure account in the period in which il is earned on a receivable basis. Restrlcted re,ierve.f Wh¢r¢ in¢om¢ 18 received for purrM)ses specified by the donor or by the tern￿ of appeal under which it wa5 raised, that income is includd in Ihe restri¢l¢d reserv¢8. Any use ol. Ihe r¢stricied reserve is included as cxpenditure shown on the face of the Stsiement of Comprehensive Income. 36

FIRCROFT COLLEGE OF ADULT EDUCATION Notes to the Aceounts (continued) Aecounting policie8 (continued) Accountingforw.fl•employment beneJ7LS Posl*mployment benefits to tutor.s of the Collegc are provided by Ihe Teachers, Pension Scheme {TPS). I'he TPS is a defined benefit schcmc, which is externally funded and conlrnct¢d out of the State Second Pension. Teacherts pension scheme The TPS is an unfunded scheme. Contributions to Ihc TPS are calculal¢d so as to spread the cost of pension5 over employeL's' working lives with the College in such a way that the pension cost is a substantially level p¢￿entage of current and future pensionable payroll. The conlribuiions are detemiined by qualified actuarie$ on the basis ofquinquennial valuations using a prospectiv¢ benefit method. The TPS is a multi-employer scheme and th¢ College does not possess suftici¢nl Inforn￿lIVn to usc defined b¢nefit accounting. The TPS is Ihcrcforc treated as a defined contribulion plan and the contributions reL'Obmi8ed as an expense in the income statement in the periods during which services are Tend¢r￿ by empl()yees. No members of slaff are members of Ihe Local Government Pension Scheme (LGPS). Shorl lerm Employment beneJ7ts Short lerni employment benefits such as salari¢s and compensated absences (holiday pay) are reco¥nised as an expcnsc in the year in which the ernploye¢% rendLr service to th¢ College. Any unused benefits are accrued and measured as the additional amount the Collc¥c expects to pay as a result of the unused ¢nliilemenl. Non-Curr¢ntA.s.¥eLF- Tartglblefved &s.¥ets Tangible fixed assets are staled at cost le88 accumulated d¢preciation and accumulatcd impairment losses. Certain items of fixed assets that had been revalued to fair value on or prior to the dale of transition to ihe 2015 FE HE SORP, Are measured on the basis of deemed cosl, being the revalud amount at ihe date of that r¢valuation. Where parts of a fixed asset have different useful lives, they are accounted tor as separate items of fixed assets. The College's policy is lo cany all a88ets at historical cost, except the financial ben¢fit of the lease arrangements (see below) which is carried at valuatloll but now de¢m¢d costs. Land and building.f The College does not pay a market rate for the lease of the premises from which it operates, h¢nce Ihe College has capitalised the benefit il receives from this arrangernent. Any tmprovement5 to the buildings arc included al cost. Finmnce costs, which directly attributable to the constNction of land and buildin¥s are capitalis¢d as part of the cost of those assets. Eqtsipmenl F4uiprnent costing less than £250 pcr individual item is re￿gniSed as expenditure in the period of acquisition. All other equipment is capitalised at cost. 37

FIRCRoFf COLLEGE OF ADULT EDUCA'fioN Notes to the Accounts (continued) Accounting policies (eoThtinued) Non-current As5ets- Tangib1ef￿ed assets (continued) DvpreLiution Long leasehvld land and buildings are deprcciated on a straight lin¢ basis over the tenn of the lease (45 years to l April 2055)- Capitalised equipment is depreciated on a straighi line basis ov¢r its useful economic life as follows: General equipment Computer equipment Furniture, fixtures and tittings Compulcr softwarc 5 y¢ar8 3 years 10 years 5 years A full y¢ar's depr¢xiation will be ￿lcUlat￿ and applied in the financial year of acqui81tion of any asset. A review tor impainnent of a fixa asset is carried out if events or changes iti circumstances indicate thal the carrying amount of any fixcd asset may not be ￿0verable. Shortfalls between the carrying value ot fixed assets and their r￿0Verable amounts are recognised as impairnients. Impairnient losses are recognised in the Siatcmeni of Comprehensive Income and Expenditure. SubsL'qucJnt É'xpendilure on exi.%ting.fixed aJs¢Jls Where significant expenditure is inLurred on tangible fixed assds after initial purLhase it is charged to ihe Statement of Comprehensive Income in lh¢ period il is incurred, unless il increases ihe future benefits to th¢ Culle¥e, in which case it is capitalised and depreciated on the relevant basis, Leased ￿￿ets Costs in respek't of operatin¥ leascs arc charged on a slrdighi-line basis over the lease terni lo the Statement of Comprehensive Income and Expenditure. Any lease premiums or incentives relating lo l¢as¢s Signed after 1st August 2014 are 5prcad uvcr thc minitnum lease terni. Inve.¥tment.¥ Li51d inv¢stmcnls held as non-cutTent a88ets and current asset investments. which may include listed investments, are slated al fair value, with nK)vements recognised in Comprclicn5ivc Income. Investments comprising unquoted equity instnunents arc ￿CaSUred al fair value. estimated using a valuali()n 1￿.hniqUe. Stsck Stocks are stated al the lower of thcir cost (using the cost method) and net realisable value being selling price less Costs to complete and sell. Wh¢r¢ necessary, provi5Lon is ll￿de for obsolel¢, slow moving and d¢l¢ctiv¢ items. Malnienance ofpremises The College has a maintenance plan in line with its obligations under its lease agreement with Bournville Village Trust. 38

FIRCROFT COLLEGE OF ADULT EDUCATION Notes to tbe Accounts (continued) Aceounting policies (continucd) FlnanciAI IIAbllitley Rnd ¢qulty Finantsial liabilities and equity llre classificd according to the substance of the financial instrument'5 ontractual obligation5, raihcr than thc tinancial instrument's legal forn]. All loans, invcstments and short term deposits held by th¢ College are ulassified as basic financial instruments in accordance with FRS 102. These inslrumenls are initially recorded al the IransaLtion price less any transaction costs {hisl()rical cost). FRS 102 requires that basic finanLial instruments are subsequently meRsured at amortiscd eosl. however the College has ¢alculat¢d that the difference between the hislorical Lost and amortised Lost basis is not material and so these financial inslrumenls are staled on the balance sheet at historical cost. Loans and invcstments that are payable or receiv no similar exemption in respeLt of Value Add¢d Tax. Irrecoverable VAT on inputg 18 included in the costs of such inputs and added to the cost of tangible fixed assets as appropriate, where ihe inputs themselves arc tangible fixed as¥els by natur¢. Cash ca.fh equivalents, Cash includes cash in hand, and sums on short lerni deposlt8 Wlth reLognised banks, investment managyers, building societies and govcrnmcnt securities. Deposits arc rq)ayabl¢ on demand if they ar¢ in prdcIiLe available wiihin 24 hours without penalty. Cash equivalents arc short terni. highly liquid inveglmenls that are readily convertible to known amounts of cash with insignificant risk of change in value. An inveslmcnt qualiti¢s as a cash equivalent when il has maturity of 3 months or less from the date of acquisition. Provision.Y ond eontingeni Ilobllltles Provisions are recognised where the College has a present legal or constructive obligalion as a rcsult of a past cvcnt and it is probable that a transfer of economic benefit will be required to settle the obligalion and a reliable estimate can b¢ made of the amount of the obligation. Whcrc the ¢ffect of the time value of money is material, the amount cxpccted to be required to scttle the obligation is recognised al present value using a pre-tax discount rdte. The unwinding of the discount is recognis￿ as a finance cosl in the statement of comprehensive incomc in the period it arises. A contingent liability arises from a past event that gives the Collcgc a possible obligation whosc cxistence will only be confLrn]ed by the occurr¢n¥e or oihenvise ot. uncertain future events not wholly within the control of the 39

FIRCRoFf COLLEGE OF ADUI,T EDUCATION Notes to tht Accounts (continued) Accounting policies (continued) College. Contingent liabilities also arise in circumstances where a provision would oihcrwise be made but either il is not probable that an outtlow of r¢sour¢es will be required or thc amount of the obligation cannot be measured reliably. Contingent liabilities are not recognised in the balance sheet but are disclosed in the notes to the financial statements. Jmdgements in qpplying accountingpolicies and key source,9 ofe,%tim4lion uncertulnty In preparing th¢s¢ financial slalements. management have made the following Jud￿ents. Deterniinc whether leases entered into by the College either as a lcssor oi. a lessee are operating or tinance leases. These decisions d¢p¢nd on an aysessmeni of whether the risks and rewards of ownership have been transferred from the lessor lo the lessee (In a lease by l¢as¢ basis. Detennine whether Ihcrc arc indiLkilors of impaimcnt of the group's tangible assets. Factors taken into consideration in reaLhing su¢h d deLision include the economic viability and expected future tinancial perforn￿nce of the asset and whcrc it 18 a component of a larger caqh-generating unit, th¢ viability and expected ￿tUre perforniance of that unit. Other key trf)urLe,F uf e.%limution uncerlainty TangryblefixLd assc>i.g The total figure for Tangible Fixed Ass¢ts include5 £1,281,90U which is the value, deemed cost, ascrib to the finRncial benefit ot the long leasehold properties transferred to Fiwroft College by professional valuers in 2009 and 2010. Tangible fixed asset8 are depreciated ovu their useful lives taking into account residual values. where appropri&t¢. Th¢ acludl lives of Ihc assets and residual values are assessa annually and may vary depLnding on a number of factors. In r¢-assessing asset lives. factors such as technological innovation at maintenanc¢ programmes are illken into account. Residual value assessments consider issues such as future market condition5, the rcmaining life of the a8s¢l and projected disposal values. As noted above the long leasehold property is deprecialed over the remaining lease lem). 40

FIRCRoFf COLLEGE OF ADULT EDUCATION Notes to the Ateounts (continued) l Funding Body Grants 2021 2020 Recuttenl grants ESFA delivery ESFA 8tudenl support fthnds West Midland8 Combined Authority delivery Specific grants 1,595O89 160,276 502,020 I.501,575 328,433 550,000 Teachers Pension Scheme contributory bryant Release of governnmt capital Brants 30,613 22,670 29,340 20,000 Total 2Jll.168 2,429,348 2 TultloD Fee8 and Edu¢iilon Contracts 2021 2020 Advanced lev¢1 ¢our5¢ fe¢8 for learner8 aged over 24 Tuition fees Education wntract5 41,013 3S158 87J25 46,596 11,308 198,614 TotAI 163,496 256,518 3 Other In¢ome 2021 2020 Residencies, catering and confer￿ceS Miscellancou5 income (116) 7,638 13,551 4,435 Total 7522 17,986 41

FIRCROFT COLLEGE OF ADULT FDUCATION Notes to the Accounts (continued} 4 Investment llleome 2021 2020 Othcr investment income Other interest receivable 120J92 91 131,865 1.058 To¢AI 120,483 132,923 5 Donition$ 2021 2020 Donation for upkeep of the gardens Other Donations dtid B¢quesls 10,150 41,733 2,000 11,000 Total 31,883 13,000 6 Staff Costs The averagc number of pcrsons (including key managemcnt personnel) Cmployed by the College during the year. on an average headcount basis. was: 2021 2020 Teaching staff Non-leaching staff 17 17 55 61 72 Stlff costs for the above persons 2021 2020 Wages and salaries Social security costs Other pension costs 1,340,028 119,564 167,799 1,367,641 119,033 163.204 Payroll sub totsl Conlracted out statTing seryic 1,627J91 31,074 1.649.878 78,246 1,658,465 23,114 1.728,124 3.500 Fundamental r¢stru¢turing wst5- contrd¢lual Total staff e05t8 1,681,579 1,731,624 42

FIRCRowf COLLEGE OF ADULT EDUCATIOIY Notes to the Accounts (conlinued) 6 Staff Costs (continucd) Key managemeDt personnel Key management personnel are thosc pcrsons having authority and responsibility for planning, directing and controlling the a¢tivilie5 of Ihe College and are rq)resented by the Principal and the Vice Principal. The Governing Body works to an agreed process of reviewing the r¢muneration of the senior posi holders based on rcview against whole collcgc pcrformance measure8, as previously dcfin¢d by governors and us¢d for college wide pay reviews. and relevant benchmarking. The Remuneration Comniilte¢ receives rq)orts directly from HR ManagFer (wh() perfornis this role on behalf of Ihe Committee). The Remuneratio Committe¢ evaluales the whole college perforn￿nCe measures and reviews benchmarkin¥ data from other L4L's, where available. and the AOC, Ihen agrees recommendations to be made to ihe full Governing Body for any changes in rcmuneration. Th¢ prinLiples of faimess, independence, justifiLation and trdnsparenLy are dclivered through the agrced procedure and r4)orting process. Staff c081s inL'lude compensation paid lo key managem¢nl personnel for Ioss of offic¢. 7 Lmoluments of Key m•naEemeDt personnel. Ac¢ountlDg Officer and other hlgher pald Staff 2021 2020 No Numb¢r of key management personnel including the Accounting Officer was: The numb¢r of key management pcrsonnel and other staff who receiv¢d anmual emoluments, excluding employer contributions lo national insurance and pcnsions bul including benefits in kind. above £60,000 was.. Key m4n4gement personnel Other staff 2021 2020 Lyo. 2021 2Q20 £60.001 to £65,000 p.a. £IOO.00110 £105,000 p.a. 43

FIRCROFT COLLEGE OF ADULT EDUCATION Iyotes to the Ac¢ounts (continued) 7 Emoluments of Key management personnel, Accollnting Officer other higher paid staff (continued) Key managemenl personnel emoluments are made up as follows: 2021 2020 Salaries Social security costs 163,928 20,191 161.646 19,911 184,119 38,818 181.557 38,278 Pcnsion conlributiong TotAI emoluments 222,937 219,835 There were no amounts duc to key management personnel that were waived in Ihe year. nor any salary sacrifice arrangements in plaGe. The above comp¢n8ation includes amounts paid lo the Principal and Chief Executive who is the accounting officer and who is also the highesl pmid member of staff. Their pay and remuneration is as follows.. 2021 2020 Salaries Pension contributions 102,035 24,162 1011,614 23,825 126,196 124,439 The peni>ion conlribution5 in rc5pe¢t of the Accounting Officer and senior posl-holdcrs are in respect of ¢mploy¢r's Contributions to the Teach¢r$' Pension Scheme or College scheme as appropriate. Theye are all paid at the same rate as for all oiher m¢mbers of the Teachers, Pension Scheme. The Governors of the College, oihcr than th¢ Accounling 0￿1Ccr and stsff metnbery, did not receive any payment Irom the institution other than the reimburscment of trdvcl and subsislcncc cxpcnscs incurred in the ourse of'th¢ir duties. The Collegc does not have any overseas activities. Compensation for loss of office paid to form¢r key management personnel 2021 2020 Compensation paid to the fornier posl-holder- contrnctual

FIRCROFf COLLEGE OF ADULT EDUCATION Notes to the Aeeounts (continued) 7 Emoluments of Key management personneL Ac¢ouDting Offlcer other hlgher paid stAff (continu¢d) 2021 2020 Principal's basi¢ salary ￿ a multiple of the median of all staff Principal and CEO'S total remuneration as a multiple of the median of all staff 8 Other operAtln8 expens¢• 2021 2020 Teaching Losis Non-l¢aching costs Premises costs 83,029 402,880 113,998 115,674 435,577 118,686 Total $99,907 669,937 The Collcge has a contractual obligation lo maintain the buildings it leases from Bourneville Villa8e'l'rust and consequently has a planned main¢¢nanc¢ programme for thes¢ buildings. More infOrn￿ll0n can be found in the Report of the Governing Body, Capital base and planned maintenance, on page 6. 2021 2020 Other operatlng expen8ei Include: Auditor's remuneration: - Financial statements audit - Other services provided by the financial statements auditors Int¢rnal auditors. remuneration Hir¢ of land and buildings under operating leases 11,064 20,730 14,250 149 10,740 8.304 8.244 149 9 TaxatloD The Governors do not believe the College to be liable for any income tax arising out of its activities during ¢ither year. 45

FIRCROFf COLLEGE OF ADULT EDUCATION Notes to the Accouuts (continued) 10 Tangible fixed assets tand and buildings long Equipment leasehold and fumiture Total Cost or valuatlon At l August 2020 Addition Disposals 3,537,453 95,434 763,100 31,628 (54,971) 4,31X),553 127,062 (54,971) At 31 July 2021 3,632,887 739,757 4J72,644 Depreciatlon Ai l August 2020 Charge for the year Eliminated in rcspccl of disposals 1,449,085 67,126 487.613 148,370 (54,971) 1.936,698 215,496 (54,971) At 31 July 2021 1,516,211 581,1)12 2,OY7,223 Net book value at 31 July 2021 2,116.676 158,745 2,275,421 Net book value al 31 July 2021 2,088,368 275,487 2,363,855 11 NoDvcurrent investmentl 2021 2020 Balance at l August 2020 Additions at cost DispK)sa15 al book value (proceeds £136,862, realised gain £1,051) Nel (losse5) gains on revaluati(In al 31 July 2020 3.404.119 189,494 (135,811) 451,676 3,739,493 367,345 (444,823) (257,896) Market VV41ue st 31 July 2021 3 909 478 3,404,119 Ca8h held by inv¢slment manager8 35J25 103,409 Balanee at 31 July 2020 3.944803 3.507,528 Represented by.. Fixed interest stocks (listed) Equili¢s and unit trusts (listed) Overseas (listed) Cash balances 829,236 1,890,132 1.190,110 3SJ25 799,874 1.611,878 992,367 103,409 Total Total cost of listed invtstments 3,944,803 2 723,605 3,507,528 2,639,578

FIRCROFT COLLEGE OF ADULT EDUCATION Notes to the Accounts (conttmied) 12 Debtors 2021 2020 Amounts falli￿ du¢ within one year.. Trade debtors Prepayments and accru¢d incom¢ 14,986 118.650 14,132 73.197 Total 133,636 87,329 2021 2020 13 Current Inve$tm¢nts Short lemi deposits 148.653 148.666 148,6S3 148,666 Deposits are held with bank8 and building societies operating in the London market and licensed by the Financial Conduct Authorily with more th8n three month8 maturity al the balanc¢ sh¢¢t dale, 14 Credltors: Amounts F*lling Due wlthlD One Y¢4r 2021 2020 Trade creditors Other creditors Other taxation and swial security Accruals Deferred income- Government Capital gTants Amounts owed to the ESFA 26,263 6A575 33,047 S7,206 22,670 735,750 92,280 64,641 33.284 54.321 20,000 TotAI 941AII 264.526 47

FIRCRowf COLLEGE OF ADULT EDUCATION Notes to tbe Accounts (continued) IS Creditors: Amounts Falling Due after One Year 2021 Restated 2020 Deferred incom¢- Government Capital grants Amounts owcd to thc ESFA (note 19) 678258 610,135 521,401 Total 678.258 1,131,536 16 Restricted Reserve8 2021 2020 Centenary App¢al Student Hardbhip Work with ¢x4)ff¢ndvs 30,280 8,444 13.228 30,280 8,444 13,228 TotAI 51,952 51.952 17 Cash and Cash equlvalents and anAlyil$ of ¢hang¢$ In net d¢bt 1st August 2020 Cash Flow 31" July 2021 Cash al bank and in hand Cash held in short term investments Cash held by investment managers 498,696 l48,666 103.409 439,235 (13) {08.084) 937,931 148,653 35J25 NeA Funds 750,771 371,138 1,121,909 48

FIRCRowf COLLEGE OF ADULT EDUCATION Notes to the Ac¢ount$ (continued) 18 Lea8e obligAti011S At 31 July the Collegc had minirnum lease payments under nonwcanLeltable operalin¥ leases as follows= Future minimum lease payments due 2021 2020 Land and buildiDgs Nol later Ihan onc ycar Later than one year and not later than five Y￿rS Latcr than five years 149 596 4,275 149 596 4,424 5,020 5,169 Other Not later than one year Later than one year and not later than five years 8,454 9,867 8,454 18,322 18,322 26,776 Total lease paymeDt8 due 23,342 31,945 18 Prior P¢rlod AdjustmeDt and post bAlance sheet events During 2019 IhL. DtE signal¢d ils intention to undertake a review of residential funding policy, and in August 2020 the ESFA infomied the College of its intent to perfom) a targeled assurance review of residential and learner support funding across the four residential Specially D¢signated Institutions (SDI'S) remainin¥ in England. The ESFA tasked the Provider fvIarkel Oversight Assurance Team (PMOA) to undertake its review. The results of the PMOA audit were notified lo the College al a tolal value of £689,483 due to ESFA, following mi5inlerpretations of tunding ndes by the Collcge between 2016117 and 2019120. On further review, against applicable reconciliation tolerances, the ESFA PMOA revised the value al variance between the parties to £521.401, r¢latin8 to 2016117 10 2018119. No varianle amount is repayablc for 2019120. The review focused on thc funding treatmenl of residential and non-residential students against a 2013114 agreed funding methodology with ESFA. The is5uc was clarity relating to the explicit repla¢¢m¢nl of the 2013114 rules and the timing of their application. ESFA has confirnicd thcrc is no consideration of fraudulent aclLVlty by the College. The em)r has been corrected by restating each of the affected ftnancial statemcnt line items for the prior pcriod as follows: 49

FIRCROFT COLLEGE OF ADULT EDUCATION Notes to the Aeeounts (continued) BAl&nee Sheet (extraet) 315¢ July 2020 Changt 31" July 2020 (Rest8ted) Creditors - amounts falling due after one ycar (610,135) (521.401) (1,131.536) NET ASSETS 5,735,104 (521,401) (5,213.703) Unrestricted Reserves Income & Expendilure Account 5,683,152 (521,401) 5,161,751 TOTAL RESERVES 5,735,104 (521,401) 5,213,703 Stjtcment of Changes in Reserves (extrAet) BalADce I" Augu$t 2019 IncreAge l(D¢¢rease) Balance 31" July 2020 {Rest4ted) I" Au8USt 2019 (Restattd) Income and Expenditure Reserves 5,775,597 (521,401) 5,254.196 5,161.751 Restricted Reserves 51,952 51.952 51,952 TOTAL RESERVES 5,827,549 {521,401) 5J06,148 5213,7U3 19 RelAted party transledons *) Fundlng Bodie5 Transactions wilh th¢ ESFA are detailed in notes I, 11. 12 and 13. b) Governors The total expense$ paid io or on behalf of thc Governors during the year was £692 in respect of 2 governors {2020: £984; in respect of 3 govemors). This represents rr equipment, video conlerencing subbLriPtions and conferen¢¢ fees incurred in attending Governor meetings and events in their official capacity. No CJovemor ha8 received any remuneration or waived payments fmrn the College during the year (2020: none). c) Other related parties A lolal amount of £1 5,250 of consulting fees in the year (2020 £10,875) were paid to the husband of the Chair of Govcrnors tor the provision of specialist se¢lor knowledge and support in areas of financial 50

FIRCROFT COLLFGE OF ADUI.T EDUCATION Notes to the Aeeounts (continued) modclling and management ]nforn￿tIon systems. A balatice of £w'l (2020 - £nil) was due to them at year end. The College sought and gain￿ Charity Commission approval for this appointment. which was approved by Governing Body in November 2020. A total amount of £23,421 (2020 - £39,581) were paid to companies wiihin the Pertemps Group under long established agreemenis. A balance uf £nil 12020 £nil) wa& due lo them at y￿r cnd. The wife of the governor Mr Earl Hibbert is a salaried dircctor with Pertemps. Mr Hibbert became a governor of the College in Oclober 2018, and subsequent lo the arrangements with Pertemps, and resi¥n¢d in December 2019. 20 Penslon Alld similar obligalions The College's cmployeeb belong to two principal pension schemes, the Teachers Pension Scheme Ertgland and Wales {'TPS') for a¢ad¢mic staff and a group pension plan for non-academic staff. The gTOUP pension plan is administered by Thc People's P¢nsion. The TPS scheme is a defined benefit s¥heme and the group pension plan is a defined Lontribution scheme. The Coll¢gc pays employer contributions at a rate 23.68 /0. The pension costs are assessed in a￿ordanCe with the advice of independent qualified actuaries. The latest fornial actuarial valualion of ihe TPS was 31 March 2019. Total penslon co$t for the yeAr 2021 2020 Teachers, Pension Scheme. employer contributions paid Group Pcnsion Plan.. employer contributions paid I IOJ68 57,431 107585 55,758 Total penslon cost for the year 167,799 163,343 Thcre were outstanding contributions of £22,658 at 31 July 2021 (2020 - £21,099). Texchers, Penslon Scheme The Teachers, Pension Schetne (TPS) i¥ a 81atutory. contributory, defined benefit scheme, governed by the Teachers. P¢nsion Scheme Regulations 2014. These regulations apply lo teachcrs in schools, colleges and other educational establishments. Membership is automatic for teachers and Iccturcrs at ¢ligible institulions. T¢achers and l¢clurers are able to opt oul of the TPS. 51

FIRCRowf COLLEGE OF ADULT EDUCATION Notes to the Aceounls {continued) Th¢ TPS is an unfunded scheme and members contributc on a 'pay as you go, basis these contributions, along with thosc Tnade by employcrs. are credited to the Ex¢h¢quer under arrangements govcrned by the above Act. Retirement and other pension benefits are paid by public funds provided by Parliament. Under the definitions set out in FRS 102 (28.11), the TPS is a mulii-employer pension plan. The Collcgc is unable lo idcnlify its share of Ihc underlying assets and liabilities of the plan. Accordingly, the Colleg¢ has taken advanlage of Ihe ¢xemption in FRS 102 and has accounted for its contributions lo the scheme as if it were a defined-contribution plan. The Coll¢g¢ has set out above the inforn￿l10n available on the plan and the impltcalions for the College in ternts of the antl¢lPdt¢d wnlribution rates. The valuation of the TPS is carried oul in line with regulations made under the Public Service Pension Act 2013. Valudti(In¥ ¢redit th¢ tea¢h¢rs' pension accounl with a real rate of return assuming ￿ndS are invested in notional investments thai produce that real rdte ot return. I'he lalesl actuarial review of the TPS was carried out as al 31 March 2019. The valuation report wa8 published by the Department for Educaliun (the Departm￿1) in April 2019. The valualiun reported lolal scheme liabilities (pensiony currently in payment and the estimated cost of futur¢ benefits) for service to the effeLtive d¥tv of £218 billion, and notional 88sels (estimated ￿tUre Lonlributions togeiher with the notional investmenls h¥ld at the valualion date) of £198 billion giving a notional past $ervic¢ deficii of £22 billion. As a result of the valuation. new employer contribution rdtes were set at 23.68 /0 of pensionabl¢ pay from September 2019 onwards (compared to 16.480/0 durin&> 2018119). DtE has a￿Ced to pay a teacher pension ¢mploy¢r contribution grant to ¢ov¢r thu additional Losts durin¥ the 2020-21 academic year. A ￿11 copy of the valuation report and supporting documentation can btt found on the Teachers, Pension Scheme w¢b8lt¢ at th¢ following location,, hit 5'.Ilwww.tC¢ichers cnsions.co.uklJmedi&ldocumenlslmcmber/do¢um¢nlslne schLmc-acluarial_valualii)1)-2016 s-ilem51i¢ach¢rs- cnsioii- The p¢nsion costs paid to TPS in th¢ yfdr amounl¢d lo £110,368 (2020 - £107,585). 52