ashornehill Creating growth through people Ashorne Hill Management College (A company limited by guarantee) Report and Financial Statements For the year ended 31 March 2024 Company number 00889791 Charity number 528784
ashornehill Creatinggrowththrou8h people Ashorne Hlll Managomgnt Colleg9 {A company limited by guarantsol Report and Financial Statements For tho year ended 31 March 2024 Contents Pago Trustees, Annual Report Independent Auditors, Report Consolidated St8tement of Financial Activities 12 Consolidated & Charity Balance Sheets 13 Consolidated Statement of Cashfh)ws 14 Notes fomiing part of the financial statements 15
ashornehill CreatingwththroghpeopJe Trustees, Annual Report for the Year Ended 31 March 2024 The Trustees present their report and audlted financial ststements for the year ended 31 March 2024. Reference and Admlnlstratlve Informallon Charity Name.. Ashome Hill Management College {'AHMC thè College'l Charty registration number.. 528784 Company registration number. 00889791 Registered Office and Operational address Ashome Hill Leamington Spa Warwickshire CV33 9QW Structure and Governan The College is registered as a company limited by guarantee and is governed by memorandum and articles of association. It is registered as a charity with the Charty Commission. As defined by the College's memorandum & articles of association, the members of the College are the Trustees of AHMC and such other persons or organisations as appointed by the Trustees. In the event of being wound up. every member of the College undertakes to contribute £1,000 for the payment of the debts and liabllltSes of the College. The following persons aded as Trustees. Members and Key Management Personnel (see note 61} during the financlal year- Mr D Williams (Chairl Ms A Chick Mr M Wilson Mr P Dhillon MrAS IShe00d Mrs M Jennings Mr EJ West Ms C Bart>8r Jaguar Land Rover Jaguar Land Rover Jaguar Land Rover (appointed 10 November 2023) Jaguar Land Rover Institute of Student Employers Venues of Excellence AHMC Jaguar Land Rover {resigned 10" August 2023) l Kigo Consulting (appointed 8" May 20241 The following person acted as Company Secretary during the financial year: Mr C Hodgson AHMC Relevant Organisatlons Auditors - Dains Audtt Ltd. 2 Chamberfain Square. Paradise Circus, Birmingham B3 3AX Bankers - Natwest Bank Plc. 59 The Parade, Leamington Spa CV32 4BA Solicltors - Wr6ghl Hassall LLP. Olympus Avenue. Leamington Spa CV34 6BF
ashornehill atingwh through people Alm and Obj•clives Purposo of tho Charlty The purpose of the College is set out in the objects contained in the charitable company's memorandum of association. In brief this is the advancement of education and leaming and in particular the raising of the standards of management and leadership skills across all sectors. Alm The alm of the College to be a management and leadership training provider of excellen by developing solutions to fulfil customers. training requirements. Expertise is offered in the fields of leadership. graduale development and management development through a complement of trainers and associates. Charltable Activltles and Public Benefit The Trustees have considered this matter. in conjunction with the guidance conlalned in the Charty Commission's general guidano on public benefit, and have concluded that: 1. The aims of the organisation continue to be charitsble; 2. The benefits are for the public, and are not unreasonably restricted in any way and certainly not by ability to pay. and 3. The is no detriment or hami arising from the alms or activities. In accordance with the aim. the College provides management training across all business seclors. The training, whilst focussed at management level, is available through dedicated company programmes. Enhancing management skills cleady benefits both the individual and company with an added positive impact on the British economy. This provides personal development and, through work relaled assignments and feedback to line managers and HR Directors, organisation81 development is embedded post delivery. Delegates benefit from learning within a diverse community and AHMC promotes diversity on training courses to share and learn from a wide range of experiences. Training is also provided through the Conference Centre facilities- and this 18 a vlable servlce provision in its own right. The facilities are booked at prices which are comparable with other similar centres and are available for public and charitable use. The reserves of the charity are invested in improving the Grade 2. listed premises and the facilities available with the objective of delivering an enhanced training environment to generate future training revenues. The public. in the guise of tr8ining and conference participants as well 88 visltors, continues to enjoy the facilities on offer. As a charity the general public have the assurance that all the in¢ome of the College must be applied for educational purposes. As an educational charity AHMC enjoys tax exemption on educational activi1Ses and investment income and g8in8 as these are applied to the charitable aims. As a charity the College is also entitled to an 80VD reduction on business rates. The financial benefits r1Ved from these tsx exemptions are all applied for educational purposes.
ashornehill CtInggrowthtr0ughpeop1e Envlronmentsl and Safety Responslbllltlos In addiiion lo the Charitable Activities, the College maintains heafth and safety as a top priority by investing significantly in both a safety management system and the training and (Jevelopment of staff. A Health & Safety Committee is in place to ensure a year on year improvement in cullural behaviour and atttlude to working safely. This committee of employees hold regular meetings to discuss H&S issues. Planned audtts of the site. its facilities and activities, a undertaken with a report to the AMC, to ensure any necessary action is taken. The College continues to develop its environmental policy. W8Ste management has been improved dramatically with much of the waste being recycled: the objective being to reduce the carbon footprlnt. Agreements currently in place cover the recycling of paper. cardboard, printer cartridges, glass, electric lighl bulbs an(J electrical hardware. Managem•nt The Board of Trustees In order to match best practice guidance on good governance and to ensure all Trustees are active and fully involved in the running of the College. the number of Trustees is limited lo 12. The composition of the Board of Trustees is designed to provide a mix of commercial and educational expertise to ensure that the charitable objects of the organisation are achieved. Al Trustees give of their time freely and no remuneration is paid for their seNices as a Trnrstse. The Truslees meet at least tsvice a year. recewing reports from a Commerci81 and Strategy Committee and a Finan and Audit Committee. AS the Twstees of the College. the Board is composed of nol moTr than six Trustees nominated and appointed by Jaguar Land Rover Limited. Six additional Trustees are appointed by reason of their academic slanding or commercial experlence. Trustoè Induction and Tralnlng Current Trustees identify suitable candidates who are invited to seNe as Trustees. Potential candidates are appointed with a view to thelr professional compelence and experience across a variety of sectors and across the training and conference industries. New Trustees are offered a presentation about the history of the College, its aims and objectives. They are also provided with copies of the memorandum and articles of association. latest accounts, Cent minutes and suitable Charity Commission guidance. On going training is also provided to ensure trustees are up-to-date with regard to their duties as trustees. This training includes, but is not limited to. updates with regard.. the College's purpose and benefit to the public., the College's rules; what's best for the College and who it helps, and. the strategic, financial and operational risks to the College. Sub Commlttees The Finance and Audlt Committee meets lce a year. the main duties of which are: To approve the annual accounts and Irustees report for submisslon lo the Trustees and members.
ashornehill Creatinggrovrththmugh wple To consider issues raised by the auditor. To monitor progress against financial targets in the annual plan. Ensure the integrity of financial systems. The composf(ion of the Finance & Audit Committee is P Dhillon and J West with C Hodgson In attendance. The Commorcial and Slrategy Commlttee also meets tWiC8 a year. The main dutres of the Committee are: To review the progress made in achieving the Trustees. strategy. To consider business development activty, the College's operating envlronment and trends in the customer base. Consider how the objectives may be achieved in future years. The composition of the Commercial and Strategy Commtttee is J West, A Chick, C Barber, M Jennings and S Isherwood. Key Management Porsonnel and Buslness Managemont Team The Trustees delegate day-to-day control of the College to the Managing Director, J West, who is noted. alongside the Trustees. as the Key Management Personnel. Trustees receive no remuneration in respect of their duties as Trustees. The Managing Director is a seconded employee of Jaguar Land Rover. Salary, pension and nalional insuran¢6 contributions frjr the Managing Director are govemed and settled by Jaguar Land Rover. The Managing Dlrector is fomially advised by the Ashome Management Committe (AMC). The team consists of professional managers of the training, conference, support and finance functions and meets fomally ea¢h month to review performance. future plans, prospects and resources. Multi-disclplinary teams, usually led by AMC members, are appointed to progre$$ Specific objedives approved by the Trustees. Relatod Parti•s and Dependency The College is govemed by Truslees {who also act as Members of the College) up to 6 of whom are appointed by Jaguar Land Rover Limited which is part of the Tata Group of companies. The College has no materi81 dependency upon free services or other intangible Income. A Irading subsidiary. Ashome Hill (Trading) Limited, has been established to transact non- charitable business and gift aid profrts back to the College. Stratsgic Report Rlsk Management A Risk Register of the major risks to which the College is exwsed is in place and is formal reviewed and amended annually. Systems and procedures are in place to miligate risks and the progr8ss against a¢tions reviewed quarterly.
ashornehill CreatllKq8rowth thwughpeople The principal risks lo the College have been identified as: Govemance, with respect to trustee confitcls of interest- Operational, in temis of compelition and fire, and- Financial. being the risk of over-dependence on single income sources. These risks 8re managed Ihrough Trustees fully declaring conflicts of interest on an annual basis, managemenl analysis and benchmarking of competitors, annual reviews of fire protection systems, controls and processes, and a strategic plan to diversify the College customer base. In 8ddilion. the imp8cI on the College due to regulatory changes is constsntly reviewed both internally 8nd by extemal specialists. Intemal control risks a also minimised by the implementation of procedures for 8Uthorisation of all transactions and projects and the policies of the Quality Management System. Procedures are in place lo ensure compliance with regulations. These procedures and policies are perSodically reviewed to ensure that they conlinue to meet requirements. Response lo Need Most of the training provislon Is developed at the specific request of the client. The tralnlng provided covers all levels of management from team leaders and new graduates lo middle 8nd senior m8n8gement. Close liaison with clients along with a well-managed feedback system is In place and is used to gauge satisfaction of the deliverylcontenl of training and the leaming environment. All feedback is channelled into regular revlews and actioned through the knowledge managemenl and the facilities d81abases. All accepted changes then form the basis for future tralning programmes, service provision and facilty enhancernents. Fundlng of Activities Acllvities are funded by the charges made to clients for the provision of training, conferencing facilities and associated services. Additional income is earned from Inte$t on bank deposits, rents from properties not currently used for training purposes and from recharges for telephone and other services provided for delegates. During the period ending 31 March 2023. income was generated from the following sources= 2023.24 £000 6.657 160 44 37 2022-23 £000 5,047 94 35 Fees earned Trading Subsidiary {Gift Aid) Rents and Sundry Income Investment Income 970 20 <10 97°A 2/. <1° <19 Total Income 6.898 5,184 Fund Raising The College does not engage in fund raising activities.
ashornehill Creatinggrovrththrough peopk Flnanclal Revlew In 2023-24 the College had a cash inflow from operating activities of £497,730 12022-23- £553,437) from total in¢ome of £6,898,29512022-23: £5,184,491). Afler capilal expendtlure of £1.120.882 the College had an oufflow of cash of £585,813 {2022-23.' inflow of £278.3011 and increase in funds of £220,784 {2022-23'. £194.616). This has increased total ndS to £6,160,506 at 31 March 2024 {£5,939.722 at 31 March 2023). Cash balances at 31 March 2024 were £1,313.065131 March 2023: £1,898,878). Assels The College's main assets in¢lude the leasehold land and buildings at Ashorne Hill and the frttings and equipment necessary to achieve the provision of educalion and training. There have been no revaluations of fixed assets during the year and the Trustees are satisfied that the asset values are reasonably reflected in the balance sheet and that the rates of depCIall0n used are appropriate to rellect the diminution in value during the year. Reserves The Group's reserves total £6,160.506 of which £5.285.806 is held as fixed assets lof which £118,045 is held as restricted reserves). After deduction of designated funds of £1,461,950, this leaves the balance of free reserves as £nil. A5 a residential training college within a Grade Il. listed building AHMC incurs a high level of fixed costs in maintaining the fabric and condilion of the facility. In the evenl of significanuy adverse business conditions, the Trustees consider it prudent lo hold minimum free ServeS of £600,000. being approximatety three months of overhead wsls. Any free reserves held in excess of this minimum are relained to support the charty in times of ffinancial uncertainty. The Twstees conflrm that the Charity will work to rebuild fr86 reserves, and review funds Ihat have been designated, in order to meet the minimum free reseNes target of £600.000. Subsldlary Company In January 2005 a trading subsidiary. Ashorne Hill (Trading) Limited, was established to transact non-charitable business and grft aid profits back. The trading results of the sub8idi8ry have been consolidaled in the overall resuft of the Charity. During the year, the subsidia$ tumover amounted to £160,249 (2022-23.. £93,936). After administralion charges and other costs, a surplus of £138,454 {2022-23- £79,242) was recorded by the subsidiary. An amount of £138,454 {2022-23.' £79,242) has b8en returned to the Charity Under Gift Aid arrangements in June 2024. Invostmont Powfrrs and Authorities Under the Memorandum of Association the College has the power to invest sums not Immediately required for tts purposes in such investments. securities or property as may be thought fit to fulfil its stated objectives. subject to any provisions or constraints imposed by law.
ashornehill Creating8rowththrough people Plans for Future Perlods All effort is now focussed on rebuilding the Leaming faculty, venue operations and business development to bring the College back to pre-COVID-19 operating levels and beyond. To this end a 5-year plan has been developed for the period 2023 to 2028. Trustees. Responslbllltles for the Flnan¢lal Statements The Trustees (who are also direclors of th8 charity for the purposes of Company law} are responsible for preparing the Trustees, Report and the fin8ncial stalemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires Ihe Trustees to prepare financial statements for each financial ye8r which give a true and fair view of the state of affairs of the charilable company and the group and of the incoming resources and applicalion of resources, including the income and expenditure. of the charitable group for that period. In preparfng these financial statements. th8 Trustees a qUired to.. select suitable accounting policies and then apply them consistently: observe the methods and principles in the Charities SORP; make judgments and estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial stalements; and prepare the financial statements on the going concern basis unless il is inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for keeping proper accounting COrdS that disclose with reasonable accuracy at any time the financial position of the charilable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and also responsible for ensuring Ihat the assets are property applied in accordance with Charity Law. They are also responsible for safeguarding the assets of the charitsble company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 10. Statement on Disclosure of Infomiation to the Auditors So far as each Trustee is aware, there is no relevant audlt infom)ation of vthich the Charty's auditors are unaware. Each Trustee has laken all the steps (such as making enquiries of other Trustees and the audrtors and any other steps required by the Truslee's duty to exercise due c8re, skill and diligence) that he ought to have taken in his duty as a Trustee in order to make himself aware of any relevant audit infomiation and to establish that the Charitys audttors are aware of that information.
ashornehill Creatin88rowththrou8h people 11. Audhor A resolution to reappoint Dains Audlt Ltd as audttor for the ensuing year will be proposed at Ihe forthcoming annual general meeting. Approved by the Board of Trustees and signed on its behalf by: ••4vJ-. Trustee Date 2024 Trustee DlliLiO Date
ashornehill Creatin8 wrththT0gh people Ind•p•nd•nt Audttorn. R•portlo th• IAornbgr¥ of A$horng Hlll hl•n¥ggm•nt Cg11999 Opinion We have audrted Ihe financial 5taternents of Ashome Hill Management College lthe'parent charitsble (ompany'l and its subsldiary lthè'group'l for tho year ended 31 March 2024, which comprise the Consolldated Slatement of Fin8nrial A¢tNities. the Consdidated & Charity Balance Sheets, the ConsolKJated Statement ol Cash Flows and the related notes. including a summary of signrficant x(x)unting pcAicies. The fin8nckg1 r8POrting framework th has been applied in their prepar8tson is applicable law and United Kingdom Actounting Standards. indudir finan81 ReportirYJ Standard 102 'The Financial Repoiting Standard appIale in tho UK and R•pUbl of Ireland, {United Kingdorn Generally Apted Aec¥)unting Pra¢ticè}. In our opinkjft thèfinaneAal $t8ternen¢s- givo a true and tsir vwj of the State of the gTOUP'S and the parent tharitae compary's affairs as at 31 March 2024 and ol the group's incoming rnSOUTC8S and applicth'on ol resourc8s. induding rts Irscomè expenditure for the yearthen end8d., have been properfy ppa in accordance wrth unit GllY Aepted Accwntiro PraclrE,' and have been prepared in accordance wilh the requirements of Ihg Comp8ni9s Ad 2006. Bsis for opinion We conducted our audit in accordance lTrtemational Standards on Auditing IUKI IISK8 IUKII and applicable law. Our r8sp0nsibilits under those standards are further descrfbed In the Audltors. pOnSIbIlitieS for the au¢Jit of the finanry81 ststernenls section ol our report. We are independent of the group and the pat charitable o)mpany in aco)rdance wfth the ethical r8quir8rnents thal ar8 relevant to our audit of Ihe finan81 slatements in the Unit Kingdom. IndudiNJ the Fin8Mal Reporting Council s Ethical Standard and we have fulled our other ethical responsibilities in 8(xYJrdance with these requirements. We bdieve that the audrt evidence we have obtainéd is suffi8nt 8nd approprle to provlde a basls forour oplnlon. Con¢luslon$ r¢latln9 to golng cone•rn In audibng th• financial ststements, we hava conclud&J that Trustees, L8 of the goiThJ conc8m basis of accounting in the preparation of the finanL¥al statements 15 appropriate. Based on the ht)rfK we hèvè p8rforrned, we have not idenbfied any rnaterial un¢ertainties relatir4J to events or )nditi5 that, indivklually or Colltive. may cast svJnfficant doubt on the gmup's OT the parent charitable rnP8ny8 8bilty to contynue as a going cthe¢m for a p1)d of at least twelve monlhs from when the fin8niial Statwnents are authorised for issue. Our r88ponsibilitres and the re8ponsibifities of the Trustees with respe¢l lo going concem a described in the ralevant S8Ctions of Ihis report. Oth•r Inf0rni+?n oth8r infom18tion comprises the inlormauon Iude In the Annual Report other than thè finanoal st8tgmgnts 8niJ our Auditor5. Report thern. The Trustees a responsible for the other informatKJn contained within Ihe Annual Repori. Our opinion on the ffinanck315tatarnents d085 not cover lh8 other inforrnation and, except lo the extent othewise explSotty stated in our rèport, we do not express any lorrn of a5Sktr8n¢8 CDnclusion thereon. Our sPonsIbl11ty is lo r8ad the other infomatM)n and, in doing so, rx)nsider whether the other inforrnalx>n is materially inconsistent wth the financial statements or our kno¥edge obtaSned in the eoursè of the 8udit, or Qtr9rWe appears to be materially mSsstate(J. If we idenufy such matenal inconsistenues or apparent material rnisstslernents. we a wuired to del8rmin& whether thi5 gives ris8 to a material missiat8m8nt in the flnanclal statements themsee$. rr. based on the work we havg pgrfomied, we condude that there is a material mi55tatement of this Oth8r infom*on, we are requir&Y to report that fact. We have nothing to report in this rwJard. Oplnlon on other rnatt pr•s¢rfbed by th• Companl•s Act 2006 In ouropinion, ba58d on th8 iwrk undertaken in the course of the audit.. tha 1nforrnab.on gNan in Ihé Tru$te8s' Report for the finarrial year for which the ffinanoal statsments are Prepar is wn8lStent btrith the financd statemt9,. and
ashornehill Creating8rtswththrough people the Tnjstees. Report has ba•n prepared in accOrdar9 with apF4icabl8 rw4uirnm8nts. Matt•rs on v•hleh we or• requlyed to report by exception In the IbJht of the knoedge and understanding of the group and the parent tharit8ble wmpany and their •nwironm•nl ottsIr in the course of tha gudc V h rt Jentified rnaterial misststernents In the TwstÈ8$' Rewrt. We hav& nothiNJ to rèwsrt in resm of the lollobwNJ matters in TelatKsn to whh the Cornpanies Act 2C4)6 and the Charities Act 2011 requires us to r8POrt to you if. in our opinion.. adequate accountlng reixjrds have not been kept. or retums adequate for our audit have not ten recewed from branches not ¥ited by us,. or the finaneAal statements are not in agreemènt with the accounting records and r8tums,' or certain disclosures of trustÉè'¥ remuneTati¢Jn specAfied by law ar• not madè., or we have not eLiVe all the infomial'on and explanaknn5 we requir8 forour audit., or the Trustees were rK)t entided lo pPa the finanaal 5taternents in accor<Janc8 the Small rmpanieS regime and tak8 a<fvantage of the small wrnpanias. exemptions in preparing the Trustees. Report and from the rUlTernent to ppare a Str8t8gic R8rKJrt. Ro$ponolbllltle8 of trust••• As explain morg fvlty in the Trustees, Rèspon$1.1rtl0S Statement set on page 7. the Trustees (who 8re a150 the directors of the group and the parent charitable o)mpany for the purposes of company lawl are r85F)onsibl8 for Ihe preparation of tha financial ststemenls and for being satisfied that they gwe a true and f8ir view, and for such intemal contrtsl as the Trustees determine is necessary to enable th8 pr8pardt)n of finanryal slaternenls that are free from Material MStatement, whethgr due to fraud or error. In preparing the finanaal $tat•rnents, the Trustees are responsible for assassing thè group'$ and It parent Charitab company's abilty tts continue as a goirrtJ conrn, disclon9, as appli¢ubb. matter5 related to goirvJ eoncem and using the going o)ncem basis of acu)unting unles5 th8 Trustees either Intend to liquidatè the group or parent tharitable o)rnpany orto eèase operations, or have no wlistic artematlve bul to do so. Audllors. r•spon$lbllllle5 fortho 3udtt of th• financlal stat•monts Our objectives a to obtaln reasonablè as5ur8nce about vknelher the financial statements as a whole arè I from material misstatement, whether due to Iraud or error. and to issue an Audrtor5' Report that includes our opink)n. Reasonable assurance is a high level of assuranc8, but is aot a guarantee Ih8t an audit o)nducted In accL)rdat with ISAS {UK} will always detect a mbteriÈl rnisstatem8nt when it exists. Misstatements can arise from fraud or error and are con5Klar8d Material if, individually or in the aggregate, thay eould reasonably be eXpted to infiuence the ecomrn dslon5 of users taken on the basis of these financial statements. Irregularitles, including fraud. are in$tarKes of non-eompllanc• with 8nd r8gul8tion5. We design procedures In lin8 with our reSnsibIlitieS. outlined above, to detect material mi8Stalements in respect of irregularit18S, including fraud. The extent to which our procedures are capaNe of detecting irregularthes, induding frdud 15 detailed bek)w: Our approach to identfying and assessSng the risks of mat8rial mi58t8tement in reSpt of irregularities, Including frnud Ènd non-¢ornpliance with laws and regulations. was as follo.. the senior statutory auditor ensured that the engagement team collectively ha¢J Ihe appropriate ¢ompot¢nc8, capabilities s11$ to identify rwnise ntsn-(x)mplKqnce with appli¢a)le laws and rwJuktions', W8 identifi&l the la•ts and rwJul8titsns 3pplicallg to the group and the parent d)aritab company Ihrough discussh)ns with Trusteés ond other m8nag8ment, and from our eonwnerual knOwdge and experien ol th8 charity sector,. we fSed tsn 5wfic laws and regutn$ which we eonsidered rnay h8ve 8 direct material effect on the financial stalemenls or the operation5 01 lh8 group and the parent charitable rnpany, induding th financial reporbng legislatson. coMnieS Act 2(KJ6, t8X81on legislats'on. anti-bribery, employment. #nd environmentsl anij health and safely legislation., we assessed the extent of crynpliance with the laws and regulatK)ns identthed above through makir enquiries of managernent and inspecting legal ct)rraspondence'. an¢J d8ntthwJ 18W5 8nd regulations were communioteij within th8 audit team regul8rfy and the team rema$rd alert to instances of nOn-Lx)mlanca throughout Ihe aud -10
ashornehill Creatu¥bThYththroughpeople We assessed the Suscapti.Ify of Ihe group s and the parent charitabh company's financkgl stat•m•nts to m8t$rial misstalement. including obtaSnlng an undetstandiry ol howfrou<J rnuht o(xur, by.. making enquiries of rnanag8m8nt as to where they consKler&Y there was susceptrlility to fraud, thefr knowledge of actU81. 5uspect8d and alleged fraud.. and nsidering the intemal cJ)ntroJs In placè to milKJata risks of fraud and non-C¥)mplkqn¢& with laws and re9ulat1cs. To adthess risk offraud through m8n8gemerst bias and overri¢ ol controls, we.. P8rformEd analytiral procedures to any untssual or UneXtte ra1atKJnship,. tested joumal entries to identify unusual IransadKJns,' assessed whether judgements 8nd a&8umptKJns made in determining the aco)untiro &MateS ere Indative ol pot8ntl81 bias,. and inv&stwJated the rationde behlnd signfficant or unusual trnnsBctK)n$. In response to the tsk of irregularits'es and non-wMplnce wth laws and regujatlorts. we deskJned pr(edureS whh induded, but were not lirnrt8d to.. agreeing finanrial statement ¢Jisdosures to und8rfying supporting th)cumentation.' readiro the minutes of meetings ofth05e charged wth governance,. enquiring of management as to actual and kM)tential lrtigation and daims,. and ravie¥MNJ corr8spondonce with HMRC, relevant regulatws aTrJ the group's and the parent ¢h8rilthe tompany'y legal advisors. Because of the Snherent limit8th?ns of an 8udiL there is a risk that we wll not detect al irregularthes. includifig those leading to a material mis5tat8rnent in the financlal statements or non4mplIanCe with regulatKsn. This risk Incre8$ the more that compliance wth a law or regulation is removed frorn th8 8ventS 8nd transactions r8fi8Cted in th8 financial statements. as we will be 185s lik8ty to b8me aware of instsnces of non-rrJmplian(e. The risk is also greater regarding irT8gul8rities occurring due to fraud tather than error. as fraud Inv&ves intentional cOnalment, forgery, lUSIon, omisgon or misrepresentation. A further description of our responsibilities for the audit of the finarra1 statem8nts is locate(J on the Finanrial R8porling Councl'$ websSte at.. wbwrf.frc.org.uklaudi¢orsresponsibilities. Thss description fom)s part of our Auditor5. Rewjrt. Us• of our rnF)Ort Thi8 report is made sow to the grovp'$ And the parent tharitable cnpanYS mernbers. as a body, in aco)rdance 1th Chapter 3 01 Part 16 of the Companies Act 2006. Our audit work has been und&rta(8n so that we might ststè to th¢ group's and the parent chantable cLynpany's members thosè m8tt•rs wt arg required to stat8 to thern in an Auditors. Report and for no other purpose. To the fu118St 8Xtenl p8nnitted by law, we do not accept or assume responsibillty to anyone other than the group and th9 parent charitsble company and ts members. as a t4)dy. for our audit work. lor this report, or for Ihe opinions we have fomied. Mark Gumey FCCA ISenh)r Stslutory Auditor) for and on behal of Dalns Audlt Llmlt•d Statutory ALKlitor Chartered Aco)untants 'm)ingham Date.. EV TOLF 11
ashornehill atingwrththroughpeople C+)nsolidntsd Statementof Financljl Actmtlos one011•119 the Incorne & ExpendthJr• Acc¢)untl For the year to 31" March 2024 A%h¢rng Hlll M8nagemontCollo90 RegIstsd No. 00689791 Unwstricb Fund$ Year endgJ Note8 31 Mh 2024 Tot21 FvrKIs Year8nded 31 March 2024 Totsl Funds Ywended 31 M8r¢h 2023 FuThls Yearended 31 March 2024 11el Charitable actNil Otherttading acbvth'es In¥e51men¢5 Other sources (prefit dL8rosal 01j assetsi 6,657,355 203.601 37,339 6,657,355 203.601 37,339 5,046.881 129.172 8.355 83 Tol•l 6,898,295 6,898,295 5,184,491 ndmU on.. 11n haTikbig Ath R4ising funds 6.276.219 49.915 334,818 12.814 3.745 6.279,964 49,915 334.618 12.814 4,638,432 63,443 288.LKh) Loss¢n dispo$o1 offKed ets Totsl exwndOlur• 6.673,766 3,745 6,677.511 4.989.875 N¢t income 11expendknl for the yoar t24.529 13.7451 220.784 194,616 Net movèmtnt ift funds 224.529 13.7451 220,784 194,618 Totsi fund$ trmugm I)•ard 411 Aprfj 5.817.932 121,790 5.939,722 5,745,1( Total fvnds carrhd fcfi48rd at 31 klarch 6,042,461 118,045 6,160,5 5.939.722 The statement offmanck818Ct1ts inrJeS all gains bs¥es in the year. l incom8 al oxpgndityre derive from continuing activ88. -12
ashornehill CrÈatingErowththrough people Consolid•t•d a Chormy Bathn Sheèts at 31 Murh 2024 AshornÈ Hill Marbayem¢nt Colloge Registered No. 00889791 Group 31 March 2024 Chanty 31 March 2024 Grwp 31 MarGh 223 Charity 31 Merch 2023 Flxod A%sot8 Tar&1b Flxed Assets 10 5,285,806 5.285.81 4,672,832 4,672.832 Inv•strngnts Shares In khomè (Tr*lngl Ltd Curr8ntAsws stocks Cknbtors Cash at bonk Jnd in haTrJ 40.110 1,567,229 1,313,(5 40,110 1.%7.¥29 1,313,063 55.072 1.C¢4.268 1,898.878 55.072 1,(4,286 1.898,876 12 2,WdQ,404 2.0.402 3,018,218 3,018,216 LbIlItie$. amounts lallSng due within on• 13 1986,6881 198e.e881 11.629,2451 11,629,2451 Nèt Current Auets 1.933.716 1,933,714 1.388.973 1.388,971 L1•biliti. amountslalllng due in more than one year 13 11,059,0161 11,059,016) 1122,0831 1122,0831 Tot41 Ass•ts kn88 Ll•blllllÈ& 6,160.5C6 6,160,506 5,939,722 5,939,722 FurKI¥ Unrestiithéd Fund$ R•strKled FuThJs 15 15 8,042,461 118,045 6.042.461 118.045 5.817.932 121,7 5,817,932 121.790 Totsi Chorfty Funds 6.160,506 fj,160,506 S,930.7Y2 939,722 Approved & authori5 for ISS by ts Board TruSte$ and skJn8d on Its t4haW.' Trustee 2024 The notes on pages 15to 28 fom pgrtofthese financial Slatemts. -13
ashornehill cLEatgLhthr0ughpeople Consolldated Ststemeht of Cashllows fortho y•ar ended 31 Marth 2024 Ashorne Hill Managernent College Regtered No. 00869791 Year to 31 Marth 2024 Yearto 31 Marth 2023 Notos Cash increase Irom operation5 497.730 553.437 Net cash Innow provwjed by ¢pwabr¥J acfjvrtles 497.730 553.437 hfl Intwesi recaived Pantrnts to ar4uire tsngIb fixed as88ts Reclpts from disposal oftsngSblefixed 8SSets 37,339 11,120,862) 8,355 1283.5741 83 Nath usttl in invesbw 8ctNthes 11,083.5431 1275,13fj1 Chan08 In cash and txsh e4ur4*ents in th& 1585,8131 278,301 Analysis of cJ¥h and cash equfvalonts Cash aThJ Gash e4urvakrts at the beginnSng of Ihe rewrtsng perbd 1,898.878 1,620,577 Cash and cash ¥vantS atth•erKI ofthe r6porting 1,313. 1.898.878 Notss to Stst8ment of Cashflows Yearto 31 March 2024 Yearto 31 March 2023 Net income Interest rectwable DerxeCk¥l thwge5 Lossl Iprofill on dSswsal of fixed asseL% Decwse in $lOGks In¢rease in debt5 Increase in creditors 220.784 137,3391 495,094 12.814 14,962 1502,9611 294,378 194,616 18.3551 396.633 1831 1467.2671 430,901 Cash irtreasè frorn (yerdVoTrs 497,730 553,437 -14
ashornehill Creatinggmwththrough rwle Ashorne Hill Management College Year Ended 31 March 2024 Notes to the Flnancial Statements Accountlng Pollcles The principal accounting policies are summarised below. The accounting policies have been applied consistently throughoul the year and in the preceding year. (8) Ba81s of A¢countlng The ffinanci81 Statements have been prepared in accordance wilh the Statement of Recommended Practice 'A¢¢ounling and Reporting by Charities preparin9 their accounts in accordance with the Financial Rewrting Standard applicable in the UK and Republic of Ireland" (Charilies SORP IFRS 102)) issued on 16 July 2014 and FRS 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland. {'FRS 102") and the quirementS of the Companies Act 2006 and UK Generally Accepted Accounting Practice as it applies from 1 January 2015. The financial statements are prepared in sterfing. which Is the functional currency of the charity- Monetary amounts in these financial statements are rounded to the nearest £. Ashome Hill Management College meets th8 definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at histori(1 cost or transaction value unless otherwse stated in the relevant accounting policy note(s). (b) Going Concom Stress testing of the College's operations and financial forecasts until ALrtumn 2025 has been carried out. This St$9 tesling has satisfied the Trustees that the College is able to deal wtth Ihe impact of UnfoSeen circumstances. by me8ns of a combination of mttigalion strategies and the ulilisation, rf necessary. of its financial reseryes. On this basis, the Trustees are happy that the Charity is a going concem for a period of at least 12 months from the dale of approval of these financial statements. (c) Consolldatlon The consolidated statement of financial act1vles, ba18nce sheet and statement of cashflows include the charity and its trading subsidiary. The consolidation is prepared on a line-by-line basis. The trading 5ubsidi8ry was eslablished to transact non-charitabl8 business and gift aid profits back to the Charity. Refer to Notes 12 for amounts owed to Ihe Charity by the Trading Subsidiary. Refer to Note 19 for the financial summary of the trading subsidiary. A separate statement of financial activities {SOFA} for the charity is not presented because it has taken advantage of the available exemption under Section 408 of the Companies Act 2006. The profit dealt within the financial statements of the parent company was £138,454 {2022-23'. £115,373}. (d) Income and Expenditure Account The Statement of Financial Activities on page 12 discloses the identical infomation as that of the Income and Expenditure account and as such no Ino)me and Expenditure account has been prepared. -15
ashornehill Creatinggrovrththrough wple Accountlng Poll¢les {contlnued) (e) Fund Accountlng Unrestricted funds are 8vai18ble for use at the dlscretion of the trustees in furtherance of the general objectives of the charity. Designated funds are unrestricted funds earmarked by the trustees for particular purposes. Designated funds include a building reserve and a development fund {refer to Note 161. Restricted funds relate to donations and grants held for specific defined uses. (o Income Income includes income from Tr8inlng Courses and Tralnlng and COnfence facilities excluding VAT. All income is included in the Statement of Financial Activities when receivable, i.e. when the course or event to which they relate takes place. Included in Cour58 Income are course development funds that may be received from time lo lime. All income is generated from activities within the UK. The income relatlng to ¢X)urses or events invoiced in advance of the course or event taking Pla is tated as deferred income. credit for which is onty taken during the accounting period in which that income is eamed. Other trading activities of £203.601 {2022-23'. £129,172) include Rental and Sundry Income of £43,352 12022-23.. £35.236) and income generated by the Trading Subsidiary of £160.249 {2022-23.' £93.9361. (g) Exponditure Expenditure is recognised on an accrual basls as a liability is incurred. It is analysed on an actual basis over categories consistent with the Charitys operating activities. using the following methods. Fundraisin costs Expenditure incurred in the provislon of faciltties which are sublet or otherwise used to gènerate income from the subsidiary's trading activities and rents. Costs include rent payable, utility services. mainlenance, administration cost allowances and depreciation. Charitable activities c This comprises those costs Sncurred by the charity in the delNery of its activities and services. It includes bolh costs that can be allocated directly to such activities and those costs of 8n indirect nature necessary to support them. It is an81ysed into the following categories.. Training Courses Expendiiure incUed in the preparation and provision of residential and off-site courses, including training consultant emolumenls, a$$o¢iate fees. direcl and indirect overheads, administration and depreciation. Training and Conference Facilities Exp8nditure incurred in support of AHMC facilities including catering, housekeeping, front of house. information technology. mainlenance of buildings, grounds and equipment. administration and depreciatlon. -16
ashornehill Creatinggrowththrough wle AcGounting Poli¢ios {continued) ort Costs Support costs include central fijnctrons and govemance costs. All costs are allocated between the expenditure categories of the SOFA on the basis designed to reflect the use of the resource. Costs relating lo a particular activity are allocated directly. others are apportioned on an appropriate basis e.g. floor area, per capita or estimated usage as set out in Note 3. Exce tional Items The Group classifies certain one-off charges or credits that have a malerial impact on the Group's financial results as exceptional items. These are disclosed separately to provide further understanding of the financial performance of the Group. (h) Flxod Assets Fixed a$sels (excluding stocks and investments) are stated at cost less accumulated deprecialion and any impaiment losses. DepCIall0n is provided at rates calculated lo write off Ihe cost or -Valued amounts of each asset in equal instalments over its expected useful life. Long Leasehold life, comprising structural improvements to buildings, has been reassessed to be unlil 28 September 2067, being the remainder of the lease (see nole 110)). The other effective live$ and rates of depreciation are as follows- De reciation Period 3-15 years 3-4years 4- 10years 3-4years Fixtures. frttings. tools & equipment, lrft, car park Telecommunications equipment Motor Vehicles Computer equipment The Charity does not capitalise assets costing less than £250. Where there is some indication that the recoverable amount of 8 functional fixed asset is below its net book value an impaimient VIeW would be carried out. where p)ssible on individual assets. A fixed asset is recognised for leasing agreements that transfer to the Charty substsntially 811 the risks and rewards incidental to ownership {Ilnance leases.). The amount capitalised is the fair value of the leased asset or. rf lower. the present value of the minimum lease payments payable durSng the lease term. l)oth determined at Inception of the lease. (i) Stocks Stocks are shown at the lower of cost and net realisable value. These include catering supplies and fuel oil. Investm•nts The investment held as fixed assets is the value of the share$ held in the subsidiary. Ashorne Hill (Trading) Limited. This is included in the financial statements at cosl. Major Maintgnanco Major repairs and renewals lo the leasehold property are charged to the ststement of financial activities in the year in which the charges arise.
ashornehill atln8grovrththr0ugFL0pIe AGGounting PoliGies (Gontlnued) Pensions The College made contributions on behalf of employees into an Aviva personal pension scheme operated on a defined contribution basis. Contributions to the Group's defined contribution pension scheme are ¢harged to the statement of financial acltvities in the year in which they become payable. (i) L•aso8 ratin leases Operating lease rentals are charged to the statement of financial a1VItIeS on a straight-line basis over the lease temi. ii. Finance leases- the charit as lessee An asset and corresponding liability are recognised for leasing agreements that transfer to the Charity substantially all of the risks and rewards incidental lo ownership (nanCe leases"). The amount capitalised is the fair value of the leased assel or, rf lower, the psent value of the minimum lease payments payable during the lease term, both determined at inception of the lease. Lease payments are treated as consisting of capital and interest elements. The inleresl is ¢h8rged to profil or loss so as to produce a constant periodic rate of Inte$t on the remaining balance of the liability. Contingent rents are expensed as incurred. (m) Financial Inslruments The Group only has financial assets and liabilities of a kind that qualrfy as basic financial instruments and are not considered to be of financial nature. Such financial instruments are initlally recognised at transaction value and subsequently measured at their settlement value. Debtors - Trade debtors and other debtors which are receivable within on8 year and which do not constrtute a financing transaction are init1811y measured at the transaction price. Trade debtors and other debtors are subsequently measured at 8morti$ed cost. being the transactlon price less any 8mounts settled and any impairment losses. C8sh al bank and in hand - Cash at bank and in hand includes cash and monies on short tenn deposits at the bank, other short-temi Irquid investments with original maturities of three months or less. Credtiors - Creditors and provisions are recognised where the group has a present obligation reSu1ng from a past event Ihal will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliab. Creditors and provisions are normally recognSsed at their settlemenl amounl after allowing for any trade dSscounts due. (n) Employeo bon•fits The costs of short-temi employee benefits are recognised as a liability and an expense. The cost of any unused holiday entitlement Is recognised in the period in which the employee's services are received. 18
ashomehill Creatin88rowth through people Accounting Policies (contiTruod} Employee benefits (contlnued) Tennin8tion benefits are recognised immediately as an expense when the College is (lemonstr8bly Committed to temiinale the employment of an employee or lo provide temiination benefits. Crftl¢al accounllng esllmales and areas of Judgement Estimates and judgements are continually evaluated and are based on hiStOral experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In categorising leases as finance leases or operating leases, management makes judgements as to whether significant risks and rewards of ownership have transferred to Ihe Company as lessee, or the lessee. where the Company is a lessor. Ip) Legal status of the charltsble company Ashorne Hill M8nagement College is a charitable company and is also registered as a charity at the Charty Commission in England and Wales. The charitable company is limited by guarantee and as $u¢h has no issued share capital. The liability of its members in the event of the company being wound up is limited to £1.000. The registered office and Principal place of business is Ashorne Hill. Leaminglon Spa, Warwickshire CV33 9QW. The group con$i$ts of Ashome Hill Management College and its one subsidiary, Ashome Hill (Trading} Ltd. The group's principal objective is the advancement of education and leaming. in particular the raising of the standards of management and leadership skills, across all sectors. (q) Government grants The Coronavirus Job Retention Scheme Income is accounted for under the accruals model as perniitied by FRS 102. Grants of a revenue nature a re¢ognised in the consolidated stalement of financial activities in the same period as the related expendtture. Charitable Activities Unrostrlctod 2023-24 Total £ 2022-23 Tolal £ Training Courses Training & Conference Facilities 2,545,376 4,111,979 2.545.376 1.173.172 4,111,979 3.873.709 Total Income from Charitable Aclivities 6,657.355 6,657,355 5.046.881 -19
ashornehill Cmtinggrowthtlllvughpeople Expgndlture Unreslrfctsd Funds Reslfictad FurK1s Baa8 of C05tof GeneralrrfJ FurK1s Ttsinir Courses CMferen Faolities Conferente FaCile5 2023-24 2022-23 Totsl Cos18 dlrecuy allocatsd IQ •¢livi¢ Training Coprfemryng Direct 1.(YJ5.821 1.095.621 $21.438 Direct 2.8T2.363 2.622.363 2.032.347 Costs l0dI0 actlvlti•s Genéral offic818dmin sta 4.656 230.450 230.450 386.358 Offi(* costs 1.124 5S,657 55.657 112,438 89.620 Resid8nc 14,140 14.140 31.499 1,628 1,W20 37,202 32.268 D8pffjdation Usoue Flcor 49,S10 431,937 3,745 495,(W 396,633 Legal S PwlesCrtal utilities 1,285 63,616 63,616 128,517 139,121 Us 13,345 15,716 275,675 304,736 370,547 BUne$S 0oan1 Tumov FPu)r 3,691 182.698 182,698 369,087 226,$22 OwratK)ns Planning 233.899 233.899 2C¥J.228 Staff Timé Staff TIM8 E8tat68 Mainkn)anc& 23,552 413.124 436,676 253,277 144 7,103 7,103 14.3 12,0 Totals 49,915 1,726,043 4,550,17fj 3,745 6,329,879 4,7C11,876 Other eXndIture 2023-24 2022-23 Finance lease interest payable 334,818 288,000 Not Income for the Year This is stated after charging.. 202>24 2022-23 Depreciation on owned assets Depreciation on leased assets Auditors, remuner8tion - Audit se1$ Other 493.859 1.235 14,350 2.545 396.633 1.235 12.000 2.300 Chargos for audit serv¢ces of £14.350 are split as £11.125 for the Charity and £3,225 for Ashome Hill (Trading) Lld. Other seThices provided by Dains Audit Limited re18te lo a¢UnIS preparation and Corporation T8x cMplIanCe servlces for Ashorne Hill {Tradlng) Lld.
ashornehill Creatinggrowth through Feople Staff Costs and Numbers The total staff costs of the Group comprised.. Yw •nd 31 March 2024 Y•ar end•d 31 March 2023 Salaries and wages {1) Employerfs Nl $ts Pension costs 2,606,377 232,549 158,616 1,974.660 172.780 116,015 2.997.542 2,263,455 Employees whose emoluments exceeded the annual rate of £60,000 during the period were as follows.. Yaar ended 31 March 2024 Number Year ended 31 March 2023 Number £60,001 to £70,000 £70,001 to £80,000 Pension cosls for these employees in the period were £18,74612022-23: £17,146). The average number of persons employed during the year was.. Year end•d 31 March 2024 Number Y•ar ended 31 March 2023 Number Training Consutt8nts Other full-time employees Other part-time employees 64 27 22 96 82 The trading Subsidiary employs no staff. Key management remunfrrallon The key management personnel of the parent charitable company comprise the Trustees and Mr EJ West. the Managing Director. being those responsSble for the day-t¢>day running of the charity. The total employee benefits for key management personnel of the charitable company and group was £nil (2022-23.. £nil). This amount is noTrnally a recharge from Jaguar Land Rover of salary, pension and national insurance contributions for the Managing Director. This recharge has been waived by Jaguar Land Rover in the current and comparative periods. Reimbursement of Charity expenses totalling £nil were made in the year {2022-23.' £nll). The other Trustees received no muneratIon in respect of their duties as Truste8S. -21
ashornehill Creatiti88rowth throu8h Feople Trusteo Remuneration The Charity paid no remuneration to Trustees in respect of their duties as Trustees during the year. No rel1ment benefits are accruing to the Trustees under a pension scheme in respect of qualifying service. During the period £nil {2022-23 £nill charity expenses were reimbursed to any Trustee. Rolatad Party Transactlons Several of the Charity's Trustees are also directors or senior managers of Jaguar Land Rover Ltd. Tata Steel Europe Ltd {both part of th8 Tata group of companies) or Venues of Excellence. During the year the following business was transacted with those enlities and Ashome Hill (Tr8dingl (MpanY giStratIon No= 053355431.. 202>24 Transa¢tlons Balance at 2022-23 31 March Transactions 2024 Balanc• at 31 March 2023 Charges to Ashome Hill {Trydding} for services 16,025 14,694 Charges to Jaguar Land i Rover for courses and I SeICe$ Charges to other Tata Group companies for courses and seNices Services supplied by Jaguar Land Rover Services supplied by Venues of Excellence 3,185,075 872.071 1.281,787 j 51,455 28,602 18,388 16,034 372,020 24.000 320,000 63,000 9,193 1,608 Taxation As a charity AHMC 1$ exempl from tax on income and gains falling within sectlon 505 of the Taxes Act 1988 or s256 of the Taxation of Chargeable Gains Act 1992 lo the extent that these 8re applied lo Its chargeable objects. No income tsx charges have arisen in the Charity. The College is registered for VAT. -22-
ashornehill Creatanggtowththrough tEople 10. Tanglble Flxod Assots Group and Charty Total Long L•hOld Flxturos. Flttlngs Proporty & Equipm•nt Motor V•hicl•s Cost Al 1 April 2023 11,897.138 6,613.065 5.223.907 60.166 Additions 1.120.882 1,120,882 Disposals 1245.255} {17,0191 1228,236} At 31 March 2024 12.772,765 6,596,046 6,116.553 60.166 Accumulat•d Depre¢l8tlon Al 1 April 2023 7,224,306 2,803.871 4.377.811 42.624 Charge for year 495.094 111,696 377,798 5.600 Disposals 1232.4411 117,0191 1215,4221 At 31 March 2024 7,486,959 2.898,548 4.540.187 48.224 Net Book Value Al 31 March 2024 5 285 806 3 697 498 1576 366 Al 1 April 2023 4 672 832 The nel book value of leased assets a £53,73212023'. £54,968). 11. Stocks Group and Charity 31 March 2024 31 March 2023 Fuel Catering Supplies 20,444 19,666 35,532 19,540 40.110 55,072 -23-
ashornehill catIng8r0Wth thmu8h Fwle 12. Deblors 31 Mar 2024 31 Mar 2024 31 Mar 2023 31 Mar 2023 Group Charlty Group Charlty Trade Debtors Prepayments & Accrued Income Other amounts owed 1,192,468 373,594 1.167 1,192,468 373.594 1,167 733,858 330,410 733,858 330,410 1.567.229 1,567.229 1,064,268 1,064,268 All amounts shown within debtors fall due for payment within one year. 13. Credltors: Amounts Falllng Due wlthln One Yoar 31 Mar 2024 31 Mar 2024 31 Mar 2023 31 Mar 2023 Group Charlty Group Charlty Trade Creditors AccTuals Deferred income Other taxes & social security 213,923 469,356 83,978 219,431 213,923 469,356 83,978 219.431 252.874 1,148.963 2,429 224.980 252.874 1,148.963 2.429 224,980 986,688 986,688 1.629,246 1,629,246 Deferred income at 31 March 2024 includes-. training fees billed in advance of £65,558 (2023.. £nill, deF)osits for future events of £14.742 (2023.. £nll) and other charges billed in advance of £3,678 {2023: £2,429). Deferred in¢ome- Group & Charty 2023-24 2022-23 Balance at 1 April Amount released Amount deferred 2,429 {2,429) 83,978 31,151 (31.1511 2.429 Balance at 31 March 83,978 2.429 Creditors: Amounls Falllng Duo after more than Ong Year 31 Mar 2024 31 Mar 2024 31 Mar 2023 31 Mar 2023 Group har Group Charity Finance lease credf(or Deferred rent accrual 122,083 936,933 122.083 936,933 122.083 122,083 1,059,016 1.059.016 122,083 122,083 -24-
ashornehill Creatinggrowththrou8h pwle 13. Crodltors: Amounts Falllng Due wlthln One Year (¢onllnugd) Finantte leas8 Obligations under a finance lease are secured by the related assets and bear finance charges al a rate of312.1010 per annum12022-23: 235.5°/o per annum)- 202&24 2022-23 The total frjture minimum lease payments a payable: Less than one year Beeen one and five years After five years 381,635 1,526,540 14,502.130 288,000 1,152,000 11.232,000 16,410,305 12.672,000 Less: Future finance charges (16.288.242) (12.549.917) 122,083 122,083 Finance lease payments represenl rentals payable by Ihe College for buildings. The lease does not include purchase options at the end of the lease period, and assets must only be used in furtherance of the Charrty's objects. The lease expires on 28th September 2067. The Company's oblNJations under finan¢e leases are secured by the les$off s charge over the leased assets. The net book value of Secured assets is disclosed in note 10. 14. Analysls of Net Assets Betweon Funds Group at 31 March 2024 General Funds Building Developmenl Restricted Rarve Fund Capltal Fund Totsl Funds Flxed Assets & Investments Current Assets Current Liabilities Long-term Liabilities 5,167.761 1,458,454 1,300,000 {986.688) (1.059,016) 118,045 5.285,806 2.920,404 {986,6881 (1,059,016} 161.950 At 31 March 2024 4,580,511 1,300,000 161,950 118,045 6,160,506 Group at 31 Mah 2023 General Funds Buildlng Dov•lopmont Rostridod Reserve Fund Capital Fund Total Funds Fixed Assets & Investments Cuent Assets Current Liabilities Long-term Liabililies 4.551,042 1,556,268 1,300.000 11,629,245) (122,083) 121,790 4,672,832 3,018,218 11,629.245) (122.083) 161,950 At 31 March 2023 4,355,982 1,300,000 161,950 121.790 5,939.722 -25
ashomehill Creatinggrowththroughpeople 14. Analys16 of Net Assets Between Funds (contlnuod) Company at 31 Mah 2024 Goneral Funds Bulldlng Dovolopmonl Rostrlctod ResoN• Fund Capltal Fund Total Funds Fixed Assets & Inveslmenls Currenl Assets Currenl Liabilities Long-tem Liabilities 5,167,763 1,458,452 1,300.000 (986.688} (1,059.016) 118,045 5.285.808 2,920,402 (986,688) {1,059,016) 161,950 At 31 March 2024 4.580.511 1.300,000 161,950 118,045 6,160,506 Company at 31 March 2023 Gonoral Funds Building Development Restricted Reserve Fund Capltal Fund Total Funds Flxed Assets & Investrnents Currenl Assets Cuent Liabilities Long-term Liabilities 4.551,044 1.556.266 1,300.000 (1.629.245) (122.0831 121,790 4,672,834 3,018,216 {1,629,245) {122,083) 161,950 At 31 March 2023 4,355,982 1,300,000 161.950 121,790 5,939,722 15. Movements In Funds Group Genoral Funds Building Development Restrfcted Reserve Fund Capltal Fund Total Funds At 1 Aprfl 2023 Income Expenditure 4.355,982 6,898,295 (6,673,766) 1.3¢)0.000 161,950 121,790 5,939,722 6,898,295 (3,7451 {6.677,511) At 31 March 2024 4,580,511 1.300.000 161,950 118.045 6,160,506 Charity Genoral Funds Buildlng Development Restrlcted Reserve Fund Capltal Fund Total Funds At 1 April 2023 Income Expenditure 4,355,982 6.876.500 (6.651.971 } 1.300.000 161.950 121,790 5,939,722 6,876.500 (3,745) {6.655,716} At 31 March 2024 4.580.511 1.300.000 161,950 118,045 6,160.506 -26-
ashornehill 15. Movgm•nt$ In Funds <¢ontlnued) Pur oses of Desi nated & Restricted Funds The Building Reserve is a designated fund for future building projects. The Development Fund is 8 designated fund estsblished to ensure th8t ¢ontinuiiy 18 maintained by protecting resources for the development of new progr8mmes and activities 1tr8ining capability). In line with the 2023-24 Plan the development fvnd was maintained 8t £161,950. The Restrfcted Capital Fund Is for donations received from Jaguar Land Rover for the purpose of capital investment. 16. Ponslons The Charity has a Group Personal pension scheme operated by Aviva. This pension vehicle has also been used to automatically enrol all employees of AHMC into a p8nsion scheme from 1st July 2014 - this being the enrolment date for AHMC as set-out by the Pensions Regulator. The totsl cost of employerfs pension contributions for College employees during 2023-24 was £158.616 {2022-23: £116,015). 17. Commltments under Oporating Leasos At 31 March 2024 Ihe Charity had totsl future minimum lease payments under non- cancellable operating leases as follows.. 31 March 2024 Land Other 31 March 2023 Land Other Payments within one year Payments between two and five years Payments in over five years 42,404 169,616 1,632,552 5,349 6,122 32,000 128,000 1.264,000 5,040 6.500 1,844,572 11.471 1,424.000 11.540 The total amount charged to the ststement of financial activities in the year in respect of operating leases wa5 £42,699 (2022-23.. £37.040). 18. Capital Commitments At 31 March 2024 the Charity had capital commitments amounting to £52.530 contracted for but not provided for in these financial statements (31 March 2023.. £33.924). -27-
ashornehill Creatingwrththmugh wpk 19. Subsldlary Undertaklngs The Charity has one wholly owned subsidiary company. Ashome Hill {Tradingl Limited, which is registered in England and Wales (registered company number 5335543). The company arranges conferences and events as delegaled by the Charity, in accordance with an operating licence held by the subsidiary. An administrdtion charge is made by the Charity to the subsidiary for the use of College resources in accommodating and managing the events. This is disclosed in note 7. The company grft aids all profits to the Charty and a summary of the financial results is shown as follows: Incomg and Expendllure Account 1£) Tumover Operating costs including adminislralion charge 202>24 160,249 121.7951 2022.23 93,936 114.&34} Operating Profit 138,454 79,242 Profit for the year 138,454 79.242 Gift Aid donation lo parent undertaking 1138.4541 179,2421 Retained in subsidiary Balance Sh••t 31 Mar 2024 31 Mar2023 Curronl assets Nel assets Called up share pital Profit and loss account Shareholders. funds -28-