2022-07-31-accounts - The United World College Of The Atlantic Limited

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	Page
Governors, Officers and Advisors	2-3
Annual Report ofthe Trustees
Directors Report
Strategic Report
Independent Auditor's Report	21
Consolidated Statement of Financial Activities	25
Consolidated and Charity Balance Sheets	26
Consolidated Statement ofCash Flow	27
Notes to the Financial Statements	28-48

Principal Address	Principal Address	St Donat's Castle	St Donat's Castle
		St Donats
		Llantwit Major
		CF61 1WF
Auditor		Bevan Buckland	LLP
		Statutory Auditor
		Ground Floor
		Cardigan House
		Enterprise Park
		Castle Court
		Llansamlet
		Swansea
		SA7 9LZ
Bankers		The Royal Bank	ofScotland pic
		62-63Threadneedle		Street
		London
		EC2R 8LA
		The Principality	Building Society
		Principality Buildings
		PO Box89
		Queen Street
		Cardiff
		CF10 1UA
Solicitors		Eversheds Sutherland		International	LLP
		1 Callaghan Square
		Cardiff
		CF105BT
		Farrer &Co LLP
		66 Lincolns Inn	Fields
		London
		WC2A 3LH
Investment	Manager	Brewin Dolphin	Limited
		2nd Floor
		5 Callaghan Square
		Cardiff
		CF105BT
Insurance	Broker	Marsh Brokers Limited
		Capital House
		1-5Perrymount	Road
		Haywards Heath
		RH16 3SY

improve	d	slightly	on tho	se	ofth	e previous	year:
							2022		2021
							No		No
Number	of	students					352		363
Male							127	36%	134	37%
Fema!e							225	64%	229	63%
Nationalities		re resented					91		88
Students	financiall		su	orted b		colle e	177	50%	172	47%
Value of	su	ort	rovided	b	the	colle e	F3,105,000		P3,423,000

				Unrestricted	Restricted	Endowed		Total	Total
				Funds	Funds	Funds		2022	2021
			Note	OOOO	f000	f000		f000	OOOO
Income and endowments		from:
Donations					2,956	32		2,988	3,028
Charitable activities				11,451				11,451	10,133
Other trading activities				524				524	126
Investments				125	35	20		180	188
Other				414				414	236
Total				12514	~2991	52		15557	13711
Expenditure on:
Raising funds				(1,122)	(10)	(5)		(1,137)	(621)
Charitable activities Other Total				(10,494) ~431 12047	(2,835) ~2845	(166) ~171	.	(13,495) ~431 ~15063	(11,900) ~461 ~13002
Net (loss)/gains Net income	on investments			112 355	~118 28	363 482		~593 ~99	1461 2 170
Corporation Tax				(9)				(9)	(10)
Actuarial gains on defined		benefit pension	22	109				109	35
scheme
Transfer between	Funds			353	104	~457
NET MOVEMENT	IN FUNDS			808	132	(939)		1	2195
Fund balances at 1 August FUND BALANCES AT 31		2021 JULY 2022	20	~013 ~21	~997 ~9	~937 ~999		ZZ,54Z ZZJi49	25 452 ~2647

							Charity
				Note	2022	2021	2022	2021
					f000	OOOO	f000	f000
Fixed assets
Tangible assets				10	18,476	17,602	18,475	17,599
Investments				11	~9239	9 703	9239	9 703
					27715	27305	27714	27302
Current assets
Stocks				12	11	1		1
Debtors				13	646	329	744	265
Cash at bank and	in hand				3727	3805	3122	3695
					4.384	4,135	3,866	3,961
Creditors: due within one		year		14	~4179	3414	3882	3280
Net current assets/(liabilities)					205	721	~16	681
Total assets less	current	liabilities			27,920	28,026	27,698	27,983
Creditors: due after one year				15	(245)	(243)	(245)	(243)
Defined benefit liability	pension		scheme	22	~27	136	~27	136
TOTAL NET ASSETS						~27 47		27g~
FUNDS
Endowment Funds				20b	4,998	5,937	4,998	5,937
Restricted Funds				20c	2,829	2,697	2,829	2,697
Unrestricted Funds				205	19821	19013	19599	13970
TOTAL FUNDS				20	2ZJi4m	27647		~2~60

					Note	Group	Group
						2022	2021
						f000	f000
Cash from operating activities					(i)	1 888	1994
Cash flows from investing activities:
Purchase	oftangible fixed assets					(1,789)	(2,077)
Received	directly into investment	portfolio				(177)	(164)
Net cash	used in investing activities					~1966	~2241
(Decrease) in cash and cash equivalents			in	the year		(78)	(247)
Cash and	cash equivalents at the beginning			ofthe year		3805	4 052
Total cash	and cash equivalents	at the end	of	the year	(ii)	3727	3805

		Group
		2022	2021
		f000	f000
Net incoming resources		1	2,195
Non-operating cash	flows:
Loss/(gain) on Investment		593	(1,461)
Investment management charges		48	46
Depreciation charge		915	956
(Profit) / loss on asset disposal			22
(Increase)/Decrease	in stocks	(10)	5
(Increase) / Decrease	in debtors	(317)	(75)
(Decrease) Increase	in creditors (excluding fees in advance)	662	(593)
Increase / (Decrease)	in fees in advance creditors	105	934
Movement on pension	provision	109	35
		1,887	201
Net cash inflow from operations		1,888	1,994

(ii)	Analysis ofcash and cash equivalents	Group
		2021	2021
		f000	f000
Cash at	Bank	3,727	3,805

			2022	2021
			f000	f000
The College's fee income comprised:
College fees			11,769	11,842
Less: Total bursaries,	scholarships	and allowances
Restricted			(3,105)	(3,936)
Unrestricted
			8,664	7,906
Add back: Bursaries	paid for by specific donations		2787	2 227
				10133

Its trading results below:	for the ye	ar, as extracted from the	audited financial statements, ar	e summarised
			2022	2021
			f000	f000
Turnover			524	126
Cost ofsales			(138)	(14)
Administrative expenses Corporation Tax			(196) ~9	(59) ~10
Profit for year
Shareholders'	funds
INVESTMENT INCOME
			2022	2021
			f000	f000
Income from listed investments			178	165
Dividend income				22
Bank interest receivable				1
OTHER INCOME
			2022	2021
			f000	f000
British students	overseas	income	10	41
Other income			404	195
				233i

					Staff		Other	Total	Total
					costs	Depreciation	costs	2022	2021
					(note 9)	(note 10a)
					f000	f000	f000	f000	f000
Raising	Funds
Trading expenses					163		169	334	73
Fundraising and promotion					425		330	755	502
Investment management			fees				48	48	46
					588		547	~1137	621
Charitable activities
Tuition					2,681	201	424	3,306	2,879
Boarding					906	201	1,417	2,524	2,316
Property	maintenance	and		utilities	569	228	1,464	2,261	2,092
Support costs					1,194	283	910	2,387	2,213
Provision	for uncollectable			fees			139	139	122
Student expenses							91	91	51
Bursaries	awarded from		Restricted
Funds							2787	2 787	2227
College	operating costs				~5350	913	7232	13495	11900
Other
Overseas	student costs						54	54	87
Governance costs							377	377	394
							431	431	481
Total resources expended									13002
							2022		2021
							f000		f000
Support	costs includes:
Operating	lease payments							63	62
							2022		2021
Governance expenditure				includes:			f000		f000
United World Colleges		International			contribution		304		305
Trustees'	expenses							7	3
Auditors'	remuneration		-audit services					45	42
Auditors'	remuneration		- non-audit		services

AFF COSTS
					2022	2021
					f000	f000
Wages and salaries					4,787	4,369
Social security costs					496	433
Pension contributions					655	594
						~5
The average number	ofemployees was:				No.	No.
Tuition and boarding					79	75
Property maintenance	and	utilities			36	36
Fundraising and publicity					10	8
Management and administration					24	23
Trading activities					11	3
					166
The number of higher f60,001 - E70,000	paid	employees	was:		No.	No.
F70,001 - R80,000 f80,001 - f100,000
2100,001 —F120,000 f120,001 —f140,000
F140,001 - 2160,000
Pension contributions	made	in respect	of higher	paid employees:	OOOO	OOOO
Defined benefit scheme						5'
					No	No

NGIBLE FIXEDASSETS	—GROUP
	Land and	Fixtures, fittings	Motor
	buildings	and equipment	vehicles	Total
Cost	8000	OOOO	f000	f000
At 1 August 2021	20,075	4,454	140	24,669
Additions	765	872	18	1,655
Under Construction	73	61		134
At 31July 2022	20913	5387	158	28458
Depreciation
At 1 August 2021	4,064	2,879	124	7,067
Charge for the year	408	496	11	915
At 31July 2022	4472	3375	135	7982
Net book values
At 31July 2022
At 31Ju/y 2021	~i~	1&12	~1	~ljW2

TANGIBLE FIXEDASSETS - PARENT	TANGIBLE FIXEDASSETS - PARENT
	Land	and	Fixtures, fittings	Motor
	buildings		and equipment	vehicles	Total
Cost		f000	OOOO	f000	OOOO
At 1 August 2021	20,075		4,385	140	24,600
Additions		765	872	18	1,655
Under Construction		73	61		134
At 31July 2022	20913		~5318	158	28389
Depreciation
At 1 August 2021	4,064		2,813	124	7,001
Charge for the year		408	494		913
At 31July 2022	4472		3307	135	~7914
Net book values:
At 31July 2022
At 31Ju/y 2021

Group and	Parent	2022	2021
		f000	f000
Market value at 1 August 2021		9,703	8,124
Deposits		177	164
Withdrawals
Management	fees	(48)	(46)
Investment	(losses)/gains	~593	1 461
Market value at 31July 2022
Historical cost ofinvestments

analysis ofthe types of investment held	at the year-end is a	s follows:
	UK	Non UK	Total
	OOOO	f000	f000	0/
Cash and short term investments	1,041		1,041	11
Fixed income	657	1,706	2,363	26
Equities	1,588	3,479	5,067	55
Property	261		261	3
Other	507		507	5

			Group		Parent
			2022	2021	2022	2021
			f000	f000	f000	f000
Goods	for	resale

EBTORS
	Group		Parent
	2022	2021	2022	2021
	OOOO	f000	f000	f000
Trade debtors	142	65	15	6
Amounts due from subsidiary			259	3
Other debtors	52	183	26	176
Prepayments	452	81	444	80

REDITOR	S: AM	OUNTS FA	LLING DUE	WITHIN ONE YE	AR
				Group		Parent
				2022	2021	2022	2021
				f000	f000	8000	f000
Trade creditors				568	219	558	216
Fees received		in advance		2,640	2,535	2,409	2,535
Taxation	and social security			8
Other creditors				255	255	288	156
VAT				30	13
Accruals				545	263	494	244
Retention:	New	Residential	Blocks	120	120	120	120
Loan repayments				13	9 ~14	13 ~3882	9

REDI	TORS	: AMOUNTS FALLI	NG DUE AFTER ONE YEA	R
			Group		Parent
			2022	2021	2022	2021
			f000	f000	OOOO	f000
Long	Term	Loan	245	243		243

2022	2021
258	243

	Company
	2022 258 2021 243
Principality Building Society 258 2 The Principality Building Society holds the following securities: A fixed and floating charge over the freehold property dated 13December 2019.	258 2

n analys	is ofth	e mat	urity o	f l	oans	is	giv	en belo	w:
									Group		Parent
									2022	2021	2022	2021
									f000	f000	f000	FOOO
Amounts	falling	due	within	one year			or	on
demand:
Bank loans
Amounts	falling	due	between		one	and		two
years:
Bank loans —1-2years
Amounts	falling	due	between		two	and		five
years:
Bank loans —2-5years
Amounts	falling due over five			years:
Bank loans —&5		years

18. FINANCIAL	18. FINANCIAL	INSTRUMENTS	INSTRUMENTS
							Group				Parent
					2022			2021	2022			2021
					f000			f000	f000			OOOO
Financial	assets measured at		fair value
through	statement	offinancial	activities:
Investments					9,239			9,703	9,239			9,703
Financial	assets that are debt
instruments measured at amortised
cost:
Trade debtors						142		65			15	6
Amounts	due from Group undertakings									259		3
Cash at bank					3	727		3,805	3	122		3,695
Financial	liabilities	measured	at
amortised cost:
Trade creditors					(568)			(219)	(558)			(216)
Accruals					(545)			(263)	(494)			(244)
The income, expense, gains and losses
in respect offinancial assets			are
summarised below:
Net (loss)/gain on investments					(593)			1,461	(593)			1,461
Investment income-						180		188		180		188
Bad debt	expense					139		122		139		122
19.STATEMENT OF TOTAL RETURNS				(ENDOWMENTS)
Calculation		ofTotal Return
									Permanent		Expendable
									endowments		endowments	Total
									OOOO		OOOO	OOOO
	At 1 August 2021:
	Unapplied	total return							1 761		400	2 161
	Total								1,761		400	2,161
	Movements in the reporting			period:
	Investment	income									20	20
	Investment return: realised and unrealised Less: Investment management costs Total						losses		(297) ~297		(66) ~5 ~51	(363) ~5 ~348
	Unapplied	total return	transferred		to restricted				(457)			(457)
	bursary fund
	Net movements in reporting			period					754		~51	~805
	At 31 July Unapplied	2022: total return							'~Z
	Total
							41

ET ASSETS	OF THE FUN	DS
		Fixed			Net current	Long term	Fund
		assets	Investments		assets	liabilities	balances
		f000		OOOO	f000	OOOO	f000
Endowment	Funds			4,998			4,998
Restricted Funds				2,829			2,829
Unrestricted	Funds	'19475		1412	14	~272	19	629
Parent		19,475		9,239	14	(272)	27,456
Subsidiary's	reserves				191			192
Group
DOWMENT	FUNDS: MOVEMENTS		IN THE	YEAR
			Balance						Balance
			at 31	Incoming	Resource	Investment	Transfer		at 31
			July 2021	resources	Expended	Gains/(losses)	To Restricted		July 2022
Permanent			f000	f000	f000	f000	OOOO		f000
Endowments:
Hugo Gryn			417			(25)			392
Duncan Turner Memorial			2,016		(99)	(123)	(195)		1,599
Evergreen Scholarship			476			(29)	(61)		386
London School of Foreign		Trade	286			(18)	(33)		235
N & D Hoare			739			(45)	(89)		605
Atlantic Appeal Scholarship			648			(40)	(78)		530
Scholarship	Endowment		35			(2)	(1)		32
AF 77			239		(33)	(15)			191
Expendable	Endowments:
Dorothy Burns Trust Willem Alexander			627 454	12 40	(37) ~2	(38) ~28			564 464

	Balance							Balance
	at.3$	Incoming resources	Resource expended	Investment (loss)	Transfer Between	Transfer to Unrestricted	Transfer From	at 31July 2022
	2021 f000	f000	f000	f000	f000 Funds	f000 Funds	Endowment f000	f000
Bursary Funds	1,551	858	(893)	(48)	(716)		457	1,209
Capital Funds	483	206	(137)	(30)		(353)		169
Other Funds	663	1 927	~1615	~40	716			~1451

		Balance as			Corporation	Transfer	Balance
		at 31July	Incoming	Amounts	Tax, Pension	from	as at 31
		2021	funds	expended	&Investment	Restricted	July
		As restated f000	f000		gain/(loss) f000	f000	2021 f000
Funds: General	Fund	1@IH3	~F4	~4+

					31July	2022 f000	31 July 2021 f000	31 July 2020 f000
Present value of provision						27	136	171
RECONCILIATION	OF OPENING AND CLOSING PROVISIONS
							Year	Year
							Ended	Ended
							31July	31 July
							2022	2021
							OOOO	f000
Provision at start		ofyear					136	171
Unwinding ofthe		discount factor	(interest	expense)
Deficit contribution		paid					(29)	(36)
Remeasurements		- impact ofany change		in
assumptions
Remeasurements schedule		-amendments	to the contribution				~80
Provision at end	ofyear
INCOME AND EXPENDITURE EFFECT
							Year	Year
							Ended	Ended
							31July	31 July
							2022	2021
							8000s	FOOOs
Interest expense							(1)	(1)
Deficit contribution		paid					29	36
Remeasurements		—impact ofany change		in
assumptions
Remeasurements schedule		—amendments	to the contribution				80
Costs recognised		in income and expenditure			account		429	410

PENSION SCHEME (continued)
Assumption
	31July	31 July	31 July
	2022	2021	2020
	%per	% per	% per
	annum	annum	annum
Rate ofdiscount	3.15	0.57	0.60

At 31 July 2022, t leases are:	he Group had future	minimum lease payment	s under non-cancella	ble operatin
			Plant and	Machinery
			2022	2021
Total commitments	under non-cancellable	leases are:	OOOO	f000
Within 1 year			32	10
In 2 to 5years			30	53