#
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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|
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|Principal Address|Principal Address|and Registered|Office|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||||
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|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||
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|||||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|
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|||||||Group||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|
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||||||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|
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||||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|
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|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|
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||||||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|||||
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|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|
##
|10b.|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||||||
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|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|||||
##
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|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|
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|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|
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|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|
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|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|||||||||||
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|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||||||
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|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|
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||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|
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|||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+||||
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||||||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|
##
##