ashornehill Creating growth through people Ashorne Hill Management College (A company limited by guarantee) Report and Financial Statements For the year ended 31 March 2022 Company numbor 00889791 Charity numb•r 528784 ashornehill Ashom• Hill IAanagement College (A company limited by guardntee) Report and Flnancial Statmients For tho year ondod 31 MarGh 2022 c￿￿onts IndependentAthrs' Report Cor&)lid8ted Stskment of Finarthl Acti¥itss 12 Consolklated & Ch*ty Balanc6 Slwts 13 14 Notss forni1r￿ part ofthe finanrjal statem 15 ashornehill Trustoes, Annual Report for the Year Ended 31 March 2022 Marth 2022. Referen¢￿ and Admlnlstrallve brfonnation Charfty Name: Ashome Hill Management Col ('AHMC°. Ihe Colege.) Charity registration numtw. 528784 Company reglstration numb8r. 00889791 Reglstered offi￿ and Operational address Ashorne Hill Leamingtoft Spa Warwickshire CV33 gow struclure and Gov•manca The Colleg8 ts registered as a company limlted by guarantee and is govemed by hs memordndum and arttdes of as$ociation. It 1$ registered as a charity with the Charity Commission. As defined by the College's memorandum & a￿cleS of association. the members of the College are the Trustees of AHMC 2nd such other persons or organisations as appointed by the Trustees. In Ihe event of being WOLrnd up. every member of the College undertakes to contribute £1.000 for the payment of the debts and liabilities of th8 College. The following persons acted as Twstees. Memtrffi and Key Management Personnel {8ee note 71) during the finanaal year. Mr D William5 {Chair) Mr J Hall Mr C Ell(ott Ms A Chick Mrs C Barber Mr AS Isherwood Mrs M Jennings Mr EJ West Mr J Carson Jaguar Land Rover Jaguar Land Rover {resigned 8th October 2021) Jaguar Land Rover (resigned 1P May 2021) Jaguar Land Rover Jaguar Land Rover Institute of Student Employers Venues of Excellence AHMC (appointed 2V June 2021) AHMC {resigned 9th Juty 2021) The following person acted as Company SeGretary during the finanGial year. Mr C Hodgson AHMC Relevant OrganisAti(¥ Audltors- Dalns Audit Ltd, 15 Colrnore Row, Binningham B3 2BH Bankers - Natwest Bank Plc, 59 The Parade. Leamington Spa CV32 4BA Sollcltors - Wright Hassall LLP, Otympus Avenue, Leamington Spa CV34 6BF ashornehill creating￿ through[￿pIe Alm and Objecllves Purpose of the Charlty The purpose of the College is set out Ni the objects contalned in the charitsble COMp￿￿S memorandum of asscriatK>n. In briel thi8 is the advancemerrt of edufxtion and le8ming and in Part￿Ular the raising of the stsndards of rnanagement and le￿￿erSh￿ skllls across all sectors. Alm The aim ofthe College is to be a management aftd leadership training provKler of excellence by developlng solutions to fulfil customers, trawling requirements. Expertise ts offered in the fjelds of leadership, graduate dev8lopment and management development through a ct+mrAement of trainers and asswates. Charitable Actlvilles and Publie Benefit The Trustee8 have consklered this matter, in conjunction with the guidan￿ contsinefj in the Charity Commlssion's weral guid8n¢e on publ￿ benefft. and have ¢onduded that: 1. The aims of the organisaton continue to be charitable: 2. The benefrts are for the public, and a￿ not unreasonaFAy restrjcted in any way and certainly not by ability tr) pay, and 3. There is no detriment or hami arrsir¢g from the awns or activIt￿s. In accordance with the aim, the College rxovides management trdining acros$ all business sectors. The training. whilst focussed at management level, Is avallable through dedicated company programmes. Enhancing management stulls claarty beneffts tx)ih the individual and company wrth an added positive impact on the British erxjnomy. This provides personal development and. through work related assignments and feedback to line managers and HR Directors. organisational developmerrt is embedded post delNery. Delegates benefft from leaming wthin a dNerse communty and AHMC promotes diver3ty bn training courses to share and leam from a wide range of experfences. Trdining is also provided through the Conference Centre fa￿lItieS,. and this is a viabfe service provlsion in tts own righL The facilities are booked at pl7￿ which are comparable with 0th8T similar cerrtres and are aval10b￿ for public and charitable use. The reserves of the charity are Invasted in improving the Grade 2. listed premises and the faclltties available wth the ofyect￿a of delivering an enhanced training environment to generate future training revenues. The public. in the gulse of training and cOnfe￿r parbcipants as well as visttors. continues to enjoy the facilitles on offer. As a thariiy the genoral public have the assurance that all the income of the College must b8 applied for eduG*ional purposes. As an educational charity AHMC enjoys tax exemption ¢)n educational activitles 2nd inveslment income and gains as these are applied to the tharitable aims. As a charity the College is also en￿t￿ to 8n 80Yo reduclion on business rates. The financigl benefjts received from these tax exemptions are all applied for educational purpose5. ashornehill Environmontal and Safety Re8ponslblllti•s In addition to the Charitable Activities. the College maintains health and safety as a top priority by investing significantty in both a safety management System aThJ Ihe trainFng and development of staff. A Health & Safety Officer is in place lo ensure a year on year improvement in cultural behaviour and attitude to working safely. A committee of employeeg hold regular meetings to discuss H&S issues. Planned audlts of the site, its facllitres 8nd activittes. are undertaken with a reFQrt to the Business Management Team. to ensure ary na￿SSary aclion is taken. The College continues to develop its environmental wli¢y. Waste managemerrt has t improved dramaticalty with much of the waste being recycled," the obiecfve being to reduce the carbon footprint. Agreements Current￿ in place cover the recycling of paper, cardboard, printer cartridges. glass, electric Ilght bulbs and electrical hathare. Manayment The Board of Trustees In order to match best practiGe guidance on good governance and to ensure all Tnjstees are active and fully involved in the running of the College, the number of Trustees is limited to 12. The composition of the Board of Trustees 18 designed to provide a mix of commercial and eduGational expertise to ensure that the charitable objects of the organisation are achieved. All Trustees gtve of their time freely and no remuneration 1$ paKI for their servws as a Trustee. The Twstees meet at 18ast tsmce a year, receNtng reports from a Comm8rcial and Strategy Commrtte8 and a Finano and Audit Committee. As the Trustees of the College, the Board is composed of not more than six Tn nominated and appointed by Jaguar Land Rover Limited. Six addttional Trustees are appointed by reason of their academic standing or ¢ommercial experien¢e. Trustso InduGtion and Tralnlng Current Trutslees identtty suitable candrdates who are invited to serve as Trustees. Potential candidates are appointed with a view to their professional ￿Mpetence and expeTFence across a variety of seetor5 and across trte training and COrfferen￿ industrles. New Trustees are offered 8 presentation al)out the history of the College. its alm$ and objectives. They are also provided wth copies of the memorandum an¢J articles of association, iatest accounts, recent minutes and suitable Charity Commission guidan￿. On going training is a150 pmided to ensure trustees are utFto4ate wlth regard to their duties as ttU8tees. This training indudes, but is not limited to, updal8S With regard: the College's purpose and tenefft to the public: the College's rules,. whavs best for the College and who It helps, and; the strateg￿. financial and operational risks to the College. Sub Commlttees The Finance and Audit Committ09 meets ￿l￿e a year. Ihe maln duties of whlch are: To approve th8 annual accounts aThl trustees report for submission to the Trustees Énd members. ashornehill To ¢2)nsider issues raised by the auditor. To monitor progress against financial tsrgets in the annual p￿n. Ensure the integrity offinanGial systems. Th8 composition of the Fin8nrE & Audit Commlttee is C Bathr and J West with C Hodgson in attendance. The Commerclal and Strategy Commltteé also meets tsvice a year. Thg main duties of the Committee are: To review the wogress made in achiaviro th8 Tru8tee5' strategy. To consider business development adtvlty. the College's operdting environment and trends in the customer base. Consider how the obiectrves may be achieved in future yeafs. The o)mr*)sltton of the Commercl21 and Strategy Committee is J W&st, A ch￿k. C Barber. M Jennings and S Isherwood. Key hlanagement Porsonnel and Business IAanagemenl T•am The Trl￿eeS delegate cky-tcHlay control of the College to the Managing Dlrector. J Wes( who 18 noted, alongside the Trustees. as the Key Management Personnel. Trustees re￿1ve no remuneration in respect oftheir duties as Trustees. The Man8ging Director is a seconded employee of Jaguar Land Rover. Saiary, pension and national insurance contributions for the Managing Director are govemed and settled by Jaguar Land Rover. The Man8ging Director is fomwlty thised by the auslness Management Team {BMT). The team consists of professional manager5 of the training. ¢onferenc*. support and finance functions and meets fomially each month to review perfortYonc8, fu￿re F4ans, prospects and resources. mu1li4iscipllnary tsams, usually le¢J by BMT members, ar8 apwlnted to progress specifi¢ objectives approved by the Trustees. Related Partios and DoPgnd•nGy The College rs govemed by Trustees (who also act as Members of the College) apFoinled by Jaguar Land Rover Limited whiGh is part of the Tata Group of compantes. The College has no material dependency upon free seNices or other intangitAe inGome. A trading subsi(iiary. Ashome Hill {Trading} Limited. has been established to trdnsad non- charitable business and glft aid proffts back to the College. Strategic Report Risk Manag•mont A Risk Register of th8 major risks to vthich the College is exposed is in place and is fomialty rev￿Wed and amerKled annually. Systems and procedures are in place to mWtgate risks 8nd the progress agalnst actions reviewed quarterty. ashornehill CraatiDggrowththrough people The principal risks to the College have been identified as: Governance. wilh respect to Irustee confiicts of interest; Operational. in teryns of competition and fire. and. Fln8nciaF. being the risk of oVer4lepe￿1e￿G8 on single ir¢ome sources. These rfsks are managed through Trustees fvlty dedaring conflicts of interest on an annu81 basis. management analysis and benchmarking of CC￿n￿lItarS. annual reviews of fire protection systems, controls and processes, and 8 strategi¢ plan to dlversify the College Gu5tomer base. In addition. the impact on the College due to regulatory changes constantly revtewEd both intemally and by extemal specialists. Intemal ￿rrtro1 risks are also minimised by the implementation of Pro￿dUreS for aLrthorfsation of all transactions and projects and the pollcles of the Qualty Management System. Procedures are in place to ensure ￿MPlIan wllh regulations. These Pro￿￿re$ and policies are per￿ical￿ revi8wed to ensure that Ihey continue to meet requirements. Responso to Need Most of the training provision is developed * the Specif￿ request of the client. The tralning provided covers all levels of management from team leaders and new grdduates to mkldle and senior managem&nt. Close liaison wtth ¢lients along with a welkmanaged feedback system is in place and is used to gaug8 sath8faction of the deliveryl(x)ntent of training and the leaming environment. Al feedbad( is channelled into regular reviews and actioned through the knowledge management and the facilities databases. All accepted changes then for￿ the basis for firture tralning programmes, seNlce Ffovision and facility enhancements. Fundlng of Actlvlties Artivittes are fvnded by the charges made tr) clients for the provlsion of tr8inlng. )nferencing fa¢ililies and asso￿ated services. AddFtK)nal income is eamed from interest on bank deposits, rents from properties not currenty used for training pury)ose8 and from recharge5 for telephone and other services provided for delegates. During the period ending 31 March 2022, Income Wds generated from the following sources: 2021-22 £000 2,545 98 128 27 2020-21 £000 675 Fees eamed Trdding Subsldlary (Grft Nid} Grant Rents and Sundry Income Investment Income Other Income 91% 4Y. 4° 1Y. <1% <1% 809 32 <19 <1% Totsl Income 2,798 £1,523 Fund Raising The College does not engage in fund raising a(#ivities. ashornehill Financial Revlew As the COVID-19 pandemtc has evolved during 2020 and into 2021, the impact on the College has been signiknnl. Onsite operntions re-stsrted in Aprfl 2021, when the College wa5 gble to reopen. More significant levels of demand were not expertenced until septeM￿r 2021. which were then further hindered due to the impact of the Omicron variant from December 2021 to February 2022. vsrtual and digital training provision was ongoing throughout period. The College has also benefitted from the Govemment Business Rates Re￿ef provisv)n and Coronavirns Job Retention S¢heme. In 2021-22 the College had a cash oirtlkjw from 0￿ratIng activities of £54.200 {2020-21: £91.972) from total income of £2,798,2761202¢>21.' £1,523,325}. After capital expendtture of £261,673 the College had an ouffiow of cash of £315.693 (2020-21.. £132,773) and decrease in fvnds of £580,737 {2020-21'. £1.380,7181. This h88 deixeased total funds to £5.745.106 at 31 March 2022 {£6.325.843 at 31 March 2021). Cash reserveg have been preserved well gtven the significant operating defi¢it caused by the operational impact of the Covi(J-19 pand8mi¢. Cash balances at 31 March 2022 were £1,620.577 {31 March 2021.. £1,936,270). Assets The College's main assets include the leasehold land and buildings at Ashome Hill and the fittings and equipment necessary to achEve the proviston of eduotion and training. There have been no revaluations of fixed assets during the year and the Trustees are satisfied that the asset Values are reasonably refiected in the b8lanGe sheet and that the rates of depreciation used are appropriate to reflect the diminution in value during the year. Roserv•s The Group's re8eNes total £5.745,106 of which £4,785.891 ts held as fixed assets (of which £125.535 is held as restricted ￿erVes). After deduction of d8signated funds of £1,461,950, this leaves the bafanc8 of free reserves as £nil. As a resldential training Gollege wtthin a Grade Il. listed bu1￿1ng AHMC Incurs a hwJh level of fixed costs In maintaining the fabrlc and condition of the facilty. In the event of signtficanlly 8dverse business conditions. the Trustees consider rf( prudent to hold mlnimum free reserves of £600.000, being approxim81ely three months of overhead costs. Any frEe reserves hekl in excess of this minimum are retsined to support th8 charity in times of finanual uncertainty. The Trustees confim that the Charity will work to rebuikj free reserves. and revthv fvnds that have ￿en designated, in order to m&8t thg minimum free reserves target of£600,000. Subsldlary Company In January 2005 a tradlE¥J subsldiary, Ashome Hill {r￿ding) Limited. was established to trdnsa(A rKm-charitable business and grft ald profris back The trathng results of the subsidhqry have been consolidated in the overall resutt of the Charity. ashornehill Durtng the year, the subs[diar￿S tumover amounted to £97,618 1202¢>21'. £464). After adminlstration charges and other Costs, a surplus of £84,859 (2021>21: defiGtt of £4,582) was recorded by the SU￿dIary. An amount of £80.277 (202Ck21.. £nil) has been relumed to Charty under Gift Aid arrangements in JU￿ 2022. Invostmonl Powers and Authorlties Under the Memorandum of ASsrria￿n the Co118ge has the power to knvest sums not immediately required for its purposes in SLkth investrments. securities or property as may b8 thought fit to fulfil tts statèd objectives, subject to any provisions or constraints impjsed by Plans for Fulure Pèriods The College has weathered the of uncertainty due to the global COMD-19 pandemic. Whilst business levels were severety impacted and staffing levels reduced, all effort is now focussed on rebuilding QFtrations and business development to brtng the College back to pre-COVID-19 operating levels. Trtsstoos, R•sponslbllltsos for the Financlal Stataments The Trustees (who are al80 directors of the charity for the purposes of Company law) are responsible for preparing the Trustees, Report and the ffnanci81 statements in accordanc8 with applicable law and Untted Kingdom Accounting Standards {United Kingdom Generalty A￿epted Accounting Practice). Company law requires the Tmstees to p￿pare financial statements for each finandal year which give a true and fair view of the state of affairs of the charttable company and the group and of the incoming resources and applicat(on of resourGes. including the Income and expenditure. of the charitable group for that period. In preparing these financial slatements. the Trustees are required to: seiect suitabje accounting poltcies and then appty them Gonststenty, observe the methods and principles In the Charities SORP; make judgments and egtimales that are r8a8onable and prudent; stale wh8ther applThble UK Acetjunting Slandards have been folkjwed, subject to any materi81 departures disclosed and explained in the financial statements. and prep8re the financial statements on the going concem basis untess it Is Inappropriate to presume that the ¢haritabfe company will conunue in business. The Trust8es are resrKJnsibte for keeping prO￿r accounting records that disclose wyth reasonable accurdcy at any time the financial positson of the charitable company and enable them to ensure that the financial statements ￿mplY with the Companles Act 2006 and also responsible for ensuring that the assets are properly appl￿d in accordan￿ with Charity Law. They are also responsible fDr safeguarding the assets of the charitabl8 company and the group and hence for takkng reasonabiÈ steps for the prevention and detection of fra(￿3 and other irregularibes. ashornehill 10. So far as e&h Tnthe15 aw￿e. there is no relev* of%%thK* lh8 Clwws auditors are unawwe. Ea¢h Trustee has taken al the steF6 as makhYJ erN¥d￿S of (thr Tftthes aTrJ U auditors and any cther steps r*wired ty the Tntst￿$ duty to exercise (xe. 8kNI arKI diligen￿) that he ought to have taken in his duty as a Tnth in order to make Imn aware ofany reknnt audlt lif￿￿[On and to e￿bIsh thatlhe are awwe of that informatbj 11. Audilor A resolutlon to reappoint Dains Audlt Ltd as athr for the be ￿pos*j at tha forth¢omirrfJ annual g8wat rneatkng. Approved by the B08rd of Trustees and siJn&Y on ils l*half ty. . Trustee D. wIUJA￿j Date il LETrg(L2022 Trustee 4.5. 1H Datell c6r>fL2022 ashornehill CreatinggrNth thmughEeopIe Indep*ndpntAudltors' R¢parttothp Mgmljen of A$horne Hm Mknaggmebrt Colkge Oplnlon We have the financial 8tstemenL8 of A5home Ffii Managwnent College [th8'pa￿￿t chaTitabl8 QXXnp￿Y} 8fMI its subsbyiary lthe'group'l for ts year eTrJed 31 Marth 2022, etfflth tho ConsolKlatsd Staternenl of ActivitE85, the COnsdklat￿ & Charity Bakgnce Sh*ts, lh8 ConsolHYated Stat*n￿t of Cash H(Y•￿ and Ihe related notgs. Including a sumrnw of synthcant ¥o)unting poJic¥es. The finanapj re￿rling framwork that has been 8pplied in their prewation is applKable law and UrsrtwJ KwvJdom Accountiry Stsndard4 induding FiTr8ncA Reporting Stsndard 102 The Finawdal Reports"rpJ StsrKl*d applic*e in the UK an¢ Republ￿ of Irdarnl, (Unrted lfjngdom G8neraltyAiY*trted Accounting PW1￿1. In our0pin￿n Ihefinancial st*M￿t$.. give a tru8 ar*Y far view of the State of the gro￿3 ancs the ￿rent tharitable COTTrpaFryS arrars as at 31 Marth 2Q2 and of group's ly￿arnirvj rvsources and sp￿l¢011£￿ of resources. Indudfftg rts income 8r>J 8xfft)diture for the ye8rth8n ended.. havts been propedy prepared in accordan￿ unit￿ Kingdom Generally Accepte our audit ol the financlal statements in the unit￿ Kiryd£Yn, induding the Rnanrial Reporting CounLxI s Ethi￿1 Stgndard and we have fu￿lled our other ethi¢4 ￿sEY)r￿￿[bIll￿eS in armr¢lance th th8se rwuirements. We belwe that the audit ￿Idence we h￿# obtsw*d i8 suffiwt and appropriate to provide a basts k)rour opwuon. Concluslons r•l&Ung ts oothg concern In a￿d￿n9 the finanod statements. we have 0)nd￿le￿ that the Tru5t888' of the goirY4 conr¥n ba%s of 8￿J￿ting in the preparatth of Iheffinanca81 staiErr*nts is appFt>priots. Based on the have p8rfoThned. we have not identified 8Try material UnCertaint￿s Telating to ev&)ts or Lxind'tlons that, individually or eollethvety. may rASt significant doubl on the g¥oups or Ihe pareN chari18bfe CoMpan￿S abtlty to conbnue a5 a 90ing omcem for a pertod of atloast twelve mrmths frorn whtrn the statwnents are 8uthgri5ed forlssue. Our rgsponsibilths and th8 ￿p0￿&bIl￿e$ of the y￿1h re8W to t4)nr*m are d&￿rIe￿I in th8 tdev8nt sections ¢>fthis r8POrt. Other Infomb&llon The other information comptsès the wifomiabon induded rn the Annud Report olher than the finanoaf $tstements and 0￿r A￿￿0￿. Report Ih8WA. The Trustees ar8 responsibt8 for the olher inlorrnation o)rrtained within the Annual Re￿rt. Our on th8 finw(¥al g#atements does rnt o)ver the other Irrfo￿a￿Qn ￿d, exwt to the ext8nt other¥Mse expJiLyty stated ITr our ￿pOrt, we do r￿t 8xP￿$ aw fonn OfaS6uran￿ condusion th@r￿. Our ￿￿nsIbilIty is ir> re￿1 ts other informatbn JThJ, in ￿. ¢￿Sider thether the other Inforrnatlon L8 Materi￿lY ino)n*stent the financial statern8nts or tyJr knowtedge obtaned in the ¢(KJffse of thg audrt OT otherwtse appeaTS to be mterfalty m&stated. idanbfy such materfal in¢onslstenaes or apparent rnatwial rnisstatements. we are requiray to detennlne whethor ths gives ri88 to a material m6stat8ment in Ihe fin￿Cial slatemerts theffffjths. L¢. b￿j on the WOFk we have performeé. we CO￿￿de that Ihere L8 a materf misstateM￿t of Ihis othwlfifomia1ton. w8 are requyed to reportthat frd. We have nothlng to r8rth 6n tJK% regard. Opmiion on ¢Jth¢r rnthrs pr￿rtbed by the G¢xhpaTrknAct 2006 In outopinion. based on tIET•A)Tk ￿{￿rtaken in thecourse of the audrt: thè ￿f01m8tk)n gNen in Ihe Tru5t*8' Report for the frllancial year for whKh th8 finanrAaJ statements are pre￿[￿￿ i8 ￿nSi$m with tho statern￿,. and ashornehill the Tntstse8' Report has prgpared In &cordarKe vthh appkrA)18 JW Matteys on whleh we m rewlrnl to Tewt by BXCOpIoTr In th6 IpJht rf the knoW￿l￿)e arld understsnding of the the parwrt th￿tab￿ compftfiy 8nd thdr 8nwrOnM￿t oM&ne(l in the LY)urse of the aLxfrL ha￿ Tr)t material MBJts￿ents in lh8 Tntstees. Report. We hav8 to ¥ewrt kn ￿SpeCt oftheIdkn￿ng mattws In to the Companl8sAd2C#J6 and the Chariles AL*2011 requires us to rewjrt to you rf. In our opinyjn." adequate airountiThJ re￿d$ hav8 not bew kept or r8￿m$ adequate for our wdit havg f￿￿ reLwv80 from branch85 not vL%ited by us.. or th8 finan04 staiemonts a￿ not in agreementwilh Ihe a£t•J￿r￿a records aNJ reknm5.' or rtaiTr dlsdosures of￿ASte￿,S rernynerabon sp8ufi8d by I￿are not rnade.. or we h8ve not received ￿1 th8 infonnation and explanat￿We require forouraud¢ or the were nol entitled to prepare th8 financial statements in a(Wr￿Ce Iwth the •nall t￿panI&S regim8 and take afvanl¥Je of the small (ornpani85' exemptions in prepariro the TAtstees' Re￿ and from the r￿u[TSMent to prepaT88 Strategie Rernrt. Re8pon$lbFlil%s oltYusl•85 expla￿ mortr fijlty in Ihe Tru5tees' ReSP￿I￿al￿e$ Statement setout on pwJe 7. th8 Tnthees {who are e the diredors of the group and the parent ch8Tltsbl8 ¢x)mpary for Ihe purposes of ¢ornpany law) are responslb for the prBpar8tvn of the fIn￿cIal ststements and for teir¥ satisfied that they gNe a true and falr view. and for such intema (Xbntrol as the Trustees determtTre is r￿C*S$•ry to enabk8 the p￿ratiDn of financ￿ stai￿n that arefree frorn material mi5StaternenL ￿Ether due to fraud orernr. In preparing th8 fina￿￿ statem8nts, tt* Trustee5 tre re5pons￿e for assessirwJ the ￿up,8 aNJ the parent L*aritable companys 8bftty to conUnu8 38 a golrs wrKem, dljdoyng, as applicab￿, mattets reknterl to go• cOnr￿M and using the g(Fing conr*m basi% of &y)x*unOng un*ss the Tnjstees eEther intend lo liquidate the gro or par8nttharitsbkn tyJmp8ry orto (t8se cperalions. or have nrj wlstic atemative but to do 50. Auditor5. respo￿lts￿ri1es forth• audli of the fthan¢l•l slatemonts Our obl￿tiveS are to obtan reasonable aswr8n¢e whethw the finaTrdal ststements as È whde 8re Iree fr￿ malerfal mi5Stai8menL whelher (Sue to frajd or error. ond to issue 8p7 Audittirs, Rewjrt that indudes our 14on. Reasonable assum(* 15 a high level of assyrance, but is rK)t a gU￿tee that an audit (4nduc#ed ac￿dance with ISAS IUKI will ahvays deteLt a mats[￿ rni55tat8ment Wh￿ it exists. Mlsstaternent8 can ayrse from fra￿ or wor and are (￿501￿￿8d mat￿181 rf, ind￿UallY or in the wregate. ttw (x)uld reasonab￿ be expelled to Inffluen￿ trle ￿0￿rnr¢ ofusets taken on the basis ofthese finawal statements. Irregu￿ribes. fraud. are instancw of ron*A)TnpJiarK8 and regulations. We design pNnedufe8 in lin8 r95ponsibiUties. tyjuined atThe, to delect material mi85tstements in resp&t of irregularities. Indudlng fraud. The extsnt to vthich our pro￿ureS ar8 capable of ￿eteL￿n9 irwulathes. indudbig fraud 18 d8taiLgd bethr. Our apprDath to ffidentifying and asse5sirsJ the ￿SkS of matsril mbstatem8nt in respax of Yr8guL8th& ￿￿udir fraud an¢J nOrK￿mplIanC￿wth kn and regUlat￿n$, vrd5 a5 folkJws: the statutory au)ntrols in plart to mthgate risks of fraud and TH)r￿m￿lanCe and To a(1dr￿ the risk offrajd through management bias and oTrHride of(ontroLs. ￿E.. perf￿￿1 analytical procedures to thntfy any un￿u￿ or uney4)th rdatlonshos." 1&8ta iDumal entrfes to identfy unugJal tra[￿a(1￿1nS'. 85seE8&J whelher assumptions mae in de4erThlning the ac￿￿n0￿d estimate8 were indicative of [￿t￿tIal bia8,' and investigatd rationa8 bthind sNunfficant er Ur￿￿￿51 tr￿S￿¢tiOnS. In res￿[￿ to Ihe rEk of Iryegularities and non-(t)mplianc8 vAth laws and rgJulalons. w8 d&siqned prrt8 whth induded, but were not limited to.. 8greeing finanaal st8tement disdosuffjs to undetylng supwriing drMuJmw)tstion". dlrg minutes of meetlngs of those ¢harsed with s*)vemarKE'. enquiklng of Th￿agement as In actud and ￿tenti￿ litigati)n and daims,. anLI rewewing ￿TrespOndence ￿ HMRC, ￿levant regulatOT8 a￿1 the gro￿5 ar*1 the pamrt dwtalg npanys Wl 8dvtm. aerau58 of the Inhorent Ilrnltalk>ns of an audlt, Uwe is a that we will not detect all irr8gularibes, induding those kadirvJ to 8 materf81 mK**tateTr￿nt the fin8Trraal statements or nOn￿)M￿l￿nce wlth wul8bon. Thts in(¥ease5 the more that complianL¥ VAth a law or regulaty'on Is ￿r[L)v8d fmm the events and trwwti refi￿e6 in th8 In8￿181 statemgnts, as we wll be less to b8come a￿re of Instanr￿ of non-wmplianL*. The Ti5k is 8fso greater regarding iryularities due to fraud ralher than 8fTor, a8 fraud ifivofves intenfjonal concealment, forgery, collusth, ornis8lon or misr8pres8nlation. A ftjrther I￿p￿on of our r85por6lblUlies tr the 8LwJit of th8 fin8n(aa StaterTr￿ts Is the FID￿1 Reporbrg Counc41's wEbsite *.' ￿￿.frcOr9.ukJauditc45responsItsJl1l18s. This deserfptiDn fomis part of our Audltors, ReporL Oth•r rnatters The ftnandal staternents of the group parent tharitthe Gornpany for the year enthd 31 Mwd) 2021 were audIt￿j by RSM UK Audit LLPwho expressed an un￿￿1thed opinh)n on these fin8ndai staterrEnts on 15 Othb6r 2021. Us• ofour rewt Thls re[￿rt Is rn8de sow to ￿ growJ'$ thÈ paT￿rt chari(8ble companys members, as a bth. In 8c(Thd8nce with Chapter 3 of Part 16 of the C(MnpanT£s Aci 2006. Our auifrt work has been Emdètsken so that we migm state to the grgups and tlp par￿t charitable wnpany's rnembeks tho* matters we are wuired fr) sta¢e to them in an Aud*to￿. Rerth and for no other purpose. To Ihe fiJlk51 extent pemiftbJ by Iww, we do not accept OT assume resrx)n$kylty 10 8nyone other than the group and the pawt charti*le ctjmpany 8nd Ms member5. as a body, forour8utht ￿Ork. for this report. orfor the oplnfons WÉ haveformed. Mark Gum¢y FCCA {Senior StaiutoryAudStorl for and on ￿half0f DaTns Audlt Lknlt•d Chartered Acu)untants 8Irmirsh li QoeL ashornehill th• InGMe&EApont¥bJMAcwJht) rthB 31*ll•Jch2022 Ilel Grants 12&r129 Tokl Ineix 17W76 74S &375268 745 1576.992) 11740 la￿718> 74¥ T￿.563 t29 T¢181 hJTrJ8 t￿led for**d at31 Al*th 461W1 S7441(6 The stst•nwtoffinarKlal 8Cb¥hlES kndudes arn p￿and [￿eS In the yew. Al &¥peThlthJr8¢knfj¥efiDm contrn￿n￿thtlP&. -12 ashomehill Con50&dot•d &Chwtty Bokncè Sho•ts4t31 M*£* zD21 Ashorno Hill IAaMgem*btColkgo RÉgi5tered No. (Q8897Y1 Gw) 31 Mwch 2022 Group 31 Marth 31 March 31 k48rd) Targ￿￿FI￿1 AE88ts 4,785,891 4,785,891 4,913,430 4,943.430 Shares ffrtdlngl Ltst Stocks 12 13 2,064 631,521 1,586,055 7.762 TJO,050 I,￿,270 7.Y62 234,830 1.936.070 Cash 8ib3r* h8tsJ 597.W1 1,F20.577 1279,642 1279,640 I174.￿? 2.178,662 UabllUoB: *iiiwnl¥ tyJtn9 • 14 11.19B,3441 16645881 1669,588) 1,Ce1.298 1,051.296 1,gM,496 1.S)9.076 L￿b￿lI￿?￿. anounts falltng mort than 14 1122.wl I122.￿) 112lf*31 1127,OJ31 Tolal Assts less L*bi411•s &745.1t 5,745,1 6.32S,Èd3 I,￿,425 Fundg Unreslricw Funds ReStsfjriwJ Fund5 17 17 s619.￿1 12&535 s,619￿71 125,5 6,1￿￿63 129.280 6.201.1 12g280 Total 5,745,1 5.745.1(6 6.325,843 ,230.425 Apry0￿J& auth￿*1￿rIs>Jtr tyth8 Bc*rd rA Tn*te6s*d on Its IbLIA A. s. IJ>1¢Lv￿iWD Trust•• Date li 0&Tr4tL -13- ashornehill 51eotster&S No. oc￿798 Ygw 31 IAarch Yearto 31 2021 154,2rK)I 191,gT21 Netcash rJJMowprnvrfled ty oFergting 154,2fA)I 191,9721 pa￿￿￿[st0 8CqLrfre a￿ets 1239 148A151 1281,6ni 1261.4931 I40,￿1) Chry In Cash andlwh 8qL¥valwts intho 1315.6931 1132.7731 Cash ￿Ul¥l￿￿oI￿a beginrdw of 1.9K270 2.￿9.1?43 Cash and ￿h84￿¥thts atthèérKlofth8 1.62Q577 1.936,270 Yearto 31 Yearto 31 2021 Nèt pxpendkurE Interest ￿￿a)I6 Cwe¢&Uc4) ¢hHr LossllProfftl on d5spD5al of nxed *syets Onu&a5ell DecFeas6 th slorks IlrKreasell Decrease In 15&).n71 11801 414,178 5.034 (Y.3￿) 1366,9511 52&758 11.380.718 11,2391 431.553 16,375 13,625 627.632 223,5S) 154.2WI 191.gr21 -14- ashornehill Ashome Hill Management College Notes to the Financial Statements Year Endod 31 March 2022 Accounting Poli¢io5 The prfnclpal accounting poltcies are summarised below. The aixounting wllcles have ￿en applled consistentiy throughout the year and in the precedlng year. (a) Basis of Acwunting The finaneial statements have been Prepared in a¢xord8nce vAth the Statement of Recommended Practice °Accounting and Reporting by Charities preparing their accounts in awrdance wlth the Financral Reporting Stsndard applicable in the UK and Republic of Ireland. (Charities SORP (FRS 102)) issued on 16 July 2014 and FRS 102 Yhe Flnancial Reporting Standard appltGable in the United Kingdom and Republic of Ireland. (°FRS 102? aTKI the requirements of ts Companles Act 2006 and UK GeneY811y Accepted Ac(xfyunting PractlcÈ as it applies from 1 JanLrary 2015. The financkl statemerrts are prepared in sterling. whth is the fijnctronal curre￿ of the charriy. Monetary amount8 in these financÉal statements are rounded to the nearest £. Ashom8 Hill Management College meets the definition of 8 public benefrt enlty under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise st8ted in the relevant accounting Oicy note(s). Golng Concom As the COVID-19 pandemic continues to evotve, stress testing of the Coll8ge's operations and ffinancial forecasts until 31 Mar¢h 2024 has been carrfed out. This stress testing has satisfied the Trustees that the co1￿9 is abie to deal wtth the Imp2Gt of the p8ndemic. by means of a ￿Mbination of mttsgation str8tegies and the utilisation. tl necessary. of its financial reseNes. On this bas18, the Trustees are happy that the Charity is a going concern for a period ol at least 12 months from the date of approval of these financial ststements. Consolldation The consolidated statement of financial activ￿eS, balance sheet and statement of C8$hflows include the charity ar]d ils trading subsidiary. The ￿nSOl1dati0n is prepared on a line-by-line basis. The trading subsidtary was established to transact non-charitable business and gtft aid profits back to the Charity. Refer to Notes 13 for amounts owed to the Charity by the Trading Subsidtary. Refer to Note 20 for the financtal summary of the tTrding subsidlary. A separate statement of finanGial activiues (SOFA) for the tharity Is not presented because it has taken advantage of the available exemption under Sectk)n 408 of the Companies Act 2006. The loss dealt within the financial statements of the parent company was £585.319 {202Ck21: £1.376.136). Income and Expfrniliture Account The Ststement of Financkal Activrf(ies on page 12 discloses the identical infonnation as that of the Income and Expendtture account and as such no Income and ExrKnditLtre aco)unt has ken prepared. -15 ashornehill Accounting Pollcles (continuedl Fund Accountlng Unrestrided are avaHable br use at th8 (fFuetkn of ts Ilwtees {referto Note 17). (O Income Incoff¢ induths in¢om8 from Tthing C(KuEes Train*vJ a￿1 Cryrfer faC1￿[leS exdtsding VAT. All Ir￿Me is iThAuded kn the Statenwrt of F￿?81 8c(kryunting perN)d in that i￿ome is Other trading a¢bVIt￿ of £125.214 (20x￿21. £32.025) Renta and s￿￿ty IrK4)me of £27,5* {2020-21: £31.561) a￿1 iTh>)me generated lry the Tnkng Subsidiary of£97.618 (202Ck21.' £464). (g) Expenditure Expenditure is ￿n[S￿ on an rnl basA% as a fjabmy Is tr￿ulred. It is artyed on an adual b3siB over (ztegorie5 consistent with the Chariws operaw¥J U8ing th8 folknvl￿j moll¥)ts. F draisi to gen8r8te inc4xne from the subsin Scheme Income Is accounted for under the auxuals model as pemiitted by FRS 102. Grarrts of a revenue nature are recognised in the consolidated statement of financkl activities in the same period as the related expendlture. Charitable Actlvitles Unr95tricl8d 2021-22 Total £ 2020-21 Totsl £ Training Courses Training & Conference Facilttses 776.824 1.768,029 776,824 1.768,029 566,465 108.484 Total Income from Charftable kavitses 2,544,853 2.544.853 674,949 Governmonl grants UnrestriGted 2021-22 Total £ 2020-21 Total £ Coronavlrus Job Retention Scheme 128.029 128.029 808.737 Totsl Income from Don8tions 128,029 128,029 808.737 -19- ashornehill Exwidltur• 347￿8 ?47￿8 S1.136 1.15 511 &f48 154810 T5￿0 314708 1Z8A&I 7T.110 11795 255.n9 41,418 rJ1 1745 414.178 10.417 1N875 20t.w6 .479 143 14(512 161,£ 171Mr2 TIMe 120 1&174 711897 745 3.th5979 17IU43 othor w*nditur• 2021-22 202￿21 Finance lease interest payable 288,1]00 189,000 Not Income for the Year This is stated after charglng: 2021-22 202￿21 Depreciation on owned assets Depreciation on leased assets Audttors. remuneration - Audrt seNices 410.433 3.745 12.000 1,250 423,709 14,930 1,310 Charges for a￿lIt $ervvx of £12.000 are split as £9.000 for the Charity and £3,000 for Ashome Hlll (Trading) Ltd. Other services provided by Dains Audit Limited r8late to Corporation Tax compliance services forAshome Hill {T￿ding} Ltd. For operating leases refer to N¢)te 19. ashornehill CreatinggrowththtKa￿peop1e Staff Costs and Numbers The tot81 staff costs of th8 Group comprised: Y•ar gnd•d 31 March 2022 Year end•d 31 March 2021 Salarie8 and wage8 { Employerf$ Nl costs Pension costs 1.441.621 128.211 91.083 1.476.944 118,359 86.432 1.660,915 1,681.735 Employees whose emolum8nts exceeded the annual rate of £60,000 during the period vRre as follows: Year ènded 31 March 2022 Number Year ￿d*d 31 March 2021 Number £60,001 to £70.000 £70,001 to £80,000 Pensbn for th88e employees. induded in the above r￿UreS. in the period were £16.446 {2020-21.' £15.699). The average numkr of persons employed during the year Vfd6: Year end•d 31 March 2022 Number Y•¥rended 31 March 2021 Number Training Consultants Other fvll-time employees other part-time employees 42 15 49 15 60 66 The trading subsidiary employs no ¥tsff. Koy management remunèration The key management personnel of the parerrt tharitable company compri8e the Trustees and Mr EJ West, the Managing Director {and his pred8￿Ssor. Mr J Car50n. until 9th July 2021), belng those resp)rTSib￿ for the day-to-day wnning of the charity. The total employee beneffts for key management ￿￿onnel of the charttable company and group was £nil {2020-21: £nil)- This amount is normally a recharge from Jaguar Land Rover of saLqry. pension and national insurance ￿ntributionS for the Managing Director. This recharge has teen waived by Jaguar Land Rover in the current and comparative periods. Reimbursement of Chaiity expenses totalling £nil were made to fvAr J Carson and Mr EJ West in the year (202Ck21: £nil). The ofvr Trustees recelved no remuner81ion in respect of their duties as Trustees. -21 ashornehill Tw5tee Remunerntion The ChaTity paid no remuneration to Trustees in re8P8Ct of their dutles as Trustees during year. No retirement benefrts are accnjing to th8 Trustees under 8 pension seheme respect of qualifying service. DuTing the period £nil (2021>21 - £nil) charity exp8nses were reimbursed to any TNste8. Related Party Transactlons Several of Ihe ChariVs Trustees are aEso dlr*tors or sentor managers of Jaguar Land Rover Ltd, Tata Steel Europe Ltd {both part of the Tata group of companies) or Venues of Excellence. DuTing the year the followng buslness was tr8nsaGted with those entities and Ashome Hill (Tradlng) (company registration No.. 05335543): 2021-22 Transacilons 20204021 31 March Transa￿kIn5 2022 B¥lanco a* 31 March 2021 Charges to Ashome Hill (Trading) for seNl¢es 9,758 48 Amounts owe(I by Ashome Hill (Tr8dingl I Charges to Jaguar Land Rover for courses and services Charges to other Tata Group companies for ourses and servi￿9 se￿ICes suP￿4ed by Jaguar Land Rover seNt￿ supplied by Venues of Excellence 34,520 4,780 459. 176.144 6,259 6.631 7.957 16,810 320,000 210.000 7,925 4,671 10. Ta￿tIOn As a charity AHMC is exempt from tax on income and gains falling wthin se¢lKsn 505 of the Taxes Act 1988 or s256 of the Taxatlon of Chargeable Gains Act 1992 to the extent th* these are applled to its chargeable objects. No income tsx charges have arisen In the Charity. The College is regi8tered for VAT. ashornehill 11. Tanglble Flxed Assets Group and Charfty At 1 N4Yll 2021 11,570.489 6.603,735 4.917.152 49.602 Add[tic￿S 261.673 9.330 252,343 Disposals 1173.9121 (173.9121 Al 31 March 2022 11,658,2￿> .613,065 4.995.583 49,602 Accumulated D￿￿latIon At 1 Aprll 2021 6.627,059 2.573,733 4,020.399 32.927 Charge for year 414,178 115,753 294,328 4.097 Disposals {188.878) {168,878) At 31 Ma￿h 2tr22 6.872.359 2,689.486 4.145,849 37.024 N8t Book Val At 31 March 2022 At 31 March 2021 67 The not book of leaswl assets are £56203 (2021.. £57,438>. 12. Group 4nd Charity 31 March 2022 31 March 2021 Fuel Catering Supplies 47,107 14,957 6,472 1,290 62.064 7.762 -23- ashornehill 13. 31 Mar 2022 31 Mar 2022 31 Mar 2021 31 Mar 2021 Group Charlty Group Charity Trade Debto Prepayments & A(%￿￿j I￿orne Amount due from subsldlary 504,572 92.429 504.572 92,429 34.520 67,201 162.849 67,201 162,849 4,780 597,001 631.521 230.050 234.830 l amounts shown wthin debtors fall due for payment within one year. 14. Cr•dltor5: Amounts Falllng Du• wlthln OTr0 Year 31 Ilar2022 31 2022 31 Mar 2021 31 Ilar2W21 Grwp ClwKy Trdde Creditors Amjals Deferred income Other taxes & soraal s6writy 159.230 9[KI,C￿2 31.151 lo7,￿1 159J) 30.033 30.033 555.697 555.697 53.845 30.011 31.151 107.9)1 30.011 1.198.344 1.198.344 669.586 669. Deferred rn¢ome at 31 March 2022 Ir￿Udes. £10,020 {2￿21. £32.5(K)) for defBIr￿1 fees billed during 2021.22. but involc￿l in adv•￿e. deKx)sits future events of £17.751 (2021: £17.936) and r)ther charges billed in a(1Van￿ ()f £3.380 (2W21: £3.409). Defeffed inGvme- Group & Ch8rrfy 2021•22 Balan￿ at 1 April Amount raleased Amount detsrred 21.837 {21.8371 ).101 Ba￿nCe at 31 March 31.151 Crodilors: Amounts Falling Duo after more than Ono Y 31 Mar 2022 31 Alv 2022 31 Mar 2021 31 Mar 2021 ¢￿1p Chwity Group Charlty Finance lease creditor 122,083 122,0&3 122.083 122,083 122.083 122,083 122.083 122,083 ashornehill Creditors: Amounts Falllng Due withln One Year (continued) Finan￿ lease Obligations under a finance lease are secured by the Teiated assets and Ixar finan chargeg at a rate of 235.5% per annum {202￿21. 154.8Yts annuml. 2021-22 2020-21 The total future minimum lease paymerrts are payabl8: Less than one year Btheen one and five years After five year8 288.000 1,152.000 11.520.000 189.000 756,000 7.749,000 12.960.000 8.694.000 Le88: Future finance tharges {12,837.917) (8.571.917) 122,083 122,083 "Finance lease payments T8p￿sent rentals payable by the College for building5. The lease does not include purchase options at the end of the lease period, and assets must onty t used in fvrtherance of the Charivs objects. The lease expires on 28th September 2067. The Company's obfigations under finance leases are secujpd by the lessorfs charge over th8 leased assets. The net tK)ok value of secured assets is disclosed in note 11. 15. Anatysls of Not Assets Between Funds Group ¥t 31 Mareh 2022 General Building DgV01opment Re5trfctsd Funds Reserve Fund Capltal Fund Totsl Funds Fixed Assets & Invesbnents cu￿ent Assets Current Liabilities Long-t6m7 Liabilit18S 4,660.356 817,692 1.300,000 (1.198.344) {122,083) 125.535 4,785,891 2,279,642 (1,198.3441 (122.083) 161,950 At 31 March 2022 4,157,621 1,300.000 161.950 125.535 5.745,1( Group at 31 PAarch 2021 General Building D•v•lopment Restrlcted Funds Ros•rvo Fund Capltal Fund Funds Fixed A8sets & Investments Current Assets Current Liabililles Long-term Llabilities 4.814,150 712,132 1,300,000 1669.586) {122,083) 129.280 4,943,430 2.174,082 (669.586) (122,083) 161.950 At 31 March 2021 4,734,613 1.300.000 161,950 129,280 6.325,843 -25- ashornehill 15. Analysls of N•t Assets Betwoon Funds Icontlnued) Company at 31 Mar¢h 2022 Genernl Buildlng Developmont Rostrlcted Funds Resen Fund Capital Fund Total Funds Fixed Assets & Investments Current Assets Current Liabilities LOng-te￿ Liabllltles 4.660.356 817.692 1.300,000 (1,198.344) (122.083) 125.535 4,785.891 2,279,642 {1.198.344) (122.0831 161.950 At 31 March 2022 4,157,621 1,300.1)00 161,950 125,535 5,745.106 Company at 31 PAarch 2021 G￿￿ra1 Buildlng D8velopment Restricted Funds Reserve Fund Capital Fund Totsl Funds Fix&Y Assets & Investments Current Assets Current Liabilities Lo￿terni Llabilities 4,814,152 716,712 1.300,000 1669.586) (122,083) 129,280 4,943,432 2,178.662 1669,586) {122.083} 161.950 At 31 March 2021 4.739,195 1,300.000 161,950 129.280 6,330,425 16. Movemènts in Funds Group General Funds Building Development Restrlct?d Fund Capital Fund Total Funds At 1 April 2021 Income Expendrturo 4.734.613 2.798.276 (3,375,268) 1,300.000 161.950 129,280 6.325.843 2.798.276 (3,745) (3,379.013) At 31 March 2022 4.157.621 1,300,000 161.950 125,535 5,745,106 Genoral Funds Bullding Dawlopm•nt Restricted Reserve Fund Capltal Fund Total Funds At 1 April 2021 Income Expenditure 4,739,195 2.780,935 {3.362,509) 1,300,000 161.950 129,280 6,330.425 2.780.935 (3.745) {3.366.254) At 31 March 2022 4.157.621 1,300.000 161,950 125,535 5.745,106 ashomehill 16. Movoments in Funds {GoTrtlnued) Pu The Building R8S8Ne is a designated fund forfutrjre buildlng projects. The Development Fund Is a dgsignated fvnd estsblrshed to ensure that continuity Is maintained by protecting resources ft)r the development of new programmes and activittes (training (*pabilty). In line with th8 2021-22 pfan the development fvnd was maintslned at £161.950. The Restricted Capital Fu￿1 is for donatiorts receNed from Jaguar Land Rover for the purpose of capttal investmenL 17. Pensions The Charty has a Group Personal pension scheme operated by Aviva (prevlousty Friends Life). This penston vehicie has also been used to automatically enml all employees of AHMC into a pension scheme from 1* July 2014- this iking the enrolment date for AHMC as set- out by the Pensions Regulator. The totsl cost of em ￿0yer'S pension contributions for College employees during 2021-22 was £91.08312020-21: £86,432). 18. Commltments under Opgratlng Leases At 31 March 2021 the Charity had total fvture minlmum lease payments un(ler non- ¢ancellable operating teases as fomows.. 31 ma￿ 2022 Land Other 31 March 2021 Land Other Payments wtthln one year PayrT7errts be￿￿￿n two and five year8 Payments in over fNe years 32,000 128,000 1,296.000 5,040 11,141 21,000 3,975 84,OCK) 10,506 871,5(10 1.456.000 16,181 976.500 14.481 The total amount charged to the statement of firranci81 actNities In the year in respect of operating leases was £36,035 {2021>21: £34.572}. 19. Subsldiary Undertakings The Charity has one owned subsidiary company, Ashome Hlll {Tr8dlng) Limited. which is registered in England and Wales {registered company number 5335543). The (ompany arranges conferences and events as delegated by the Charity, in ac￿rdanCe wtth an 0￿ratIng licence held by the subsidiary. An administration charge ￿ made by the Charity to Ihe subsldlary for the use of College resour{￿ in accommodating and managing the events. Th18 is disclosed in note 9. -27- ashornehill 19. Subsldlary Undertakings (contlnued) The company grft aids all profits to tho Charity and a summary of the financtal resutts is shown as foifows: ncom• •nd Expendlture Accowrt (g 2021-22 202[￿21 Tumover Operailno costs Ir￿luding 8dministration tharge 97.618 (12,759} (5,046) Operating Profil l (Loss} (4,5821 (Lossl I Profll for the year 84.859 14,582) Gfft donation to P8renl undertaking (80277) Rotained in subsidlary 4,582 {4,582) Balanc¥ Slwet 31 Mar 2022 31 Mar2021 Current assets Current liabilities 34.522 (Sl.520} 200 (4,7801 Nat Iliabilitiesl l assets 14,580) Called up share capitsl Profil and Ioss S(￿Unt (4.5821 ReseNes {4.5801 -28-