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 Creating￿wththro￿ghpeopJe 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 IShe￿00d 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 r￿1Ved from these tsx exemptions are all applied for educational purposes. ashornehill C￿tInggrowtht￿r0ughpeop1e 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 dep￿CIall0n 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 wrththT0￿gh 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 finan￿81 ReportirYJ Standard 102 'The Financial Repoiting Standard appI￿al￿e in tho UK and R•pUbl￿ of Ireland, {United Kingdorn Generally A￿pted Aec¥)unting Pra¢ticè}. In our opinkjft thèfinaneAal $t8ternen¢s- givo a true and tsir vwj of the State of the gTOUP'S and the parent tharita￿e compary's affairs as at 31 March 2024 and ol the group's incoming rnSOUTC8S and applicth'on ol resourc8s. induding rts Irscomè expenditure for the yearthen end8d., have been properfy p￿pa￿ in accordance wrth unit￿ G￿￿llY A￿epted Accwntiro PraclrE,' and have been prepared in accordance wilh the requirements of Ihg Comp8ni9s Ad 2006. B*sis for opinion We conducted our audit in accordance lTrtemational Standards on Auditing IUKI IISK8 IUKII and applicable law. Our r8sp0nsibilit￿s under those standards are further descrfbed In the Audltors. ￿pOnSIbIlitieS for the au¢Jit of the finanry81 ststernenls section ol our report. We are independent of the group and the pa￿t charitable o)mpany in aco)rdance wfth the ethical r8quir8rnents thal ar8 relevant to our audit of Ihe finan￿81 slatements in the Unit￿* Kingdom. IndudiNJ the Fin8Mal Reporting Council s Ethical Standard and we have fu￿lled our other ethical responsibilities in 8(xYJrdance with these requirements. We bdieve that the audrt evidence we have obtainéd is suffi￿8nt 8nd appropr￿le to provlde a basls forour oplnlon. Con¢luslon$ r¢latln9 to golng cone•rn In audibng th• financial ststements, we hava conclud&J that Trustees, L￿8 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 )nditi￿5 that, indivklually or Coll￿tive￿. may cast svJnfficant doubt on the gmup's OT the parent charitable rnP8ny8 8bilty to contynue as a going cthe¢m for a p￿1)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 I￿ude￿ In the Annual Report other than thè finanoal st8tgmgnts 8niJ our Auditor5. Report ther￿n. 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 othe*wise 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 Qtr9rW￿e 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 themse￿e$. rr. based on the work we havg pgrfomied, we condude that there is a material mi55tatement of this Oth8r infom*on, we are requir&Y to report that fact. We have nothing to report in this rwJard. Oplnlon on other rnatt￿ pr•s¢rfbed by th• Companl•s Act 2006 In ouropinion, ba58d on th8 iwrk undertaken in the course of the audit.. tha 1nforrnab.on gNan in Ihé Tru$te8s' Report for the finarrial year for which the ffinanoal statsments are Prepar￿ is wn8lStent btrith the financd statem￿t9,. and ashornehill Creating8rtswththrough people the Tnjstees. Report has ba•n prepared in accOrdar￿9 with apF4icabl8 rw4uirnm8nts. Matt•rs on v•hleh we or• requlyed to report by exception In the IbJht of the kno￿edge and understanding of the group and the parent tharit8ble wmpany and their •nwironm•nl ottsIr￿ in the course of tha gudc V** h*￿ r￿t *Jentified rnaterial misststernents In the TwstÈ8$' Rewrt. We hav& nothiNJ to rèwsrt in resm of the lollobwNJ matters in TelatKsn to wh￿h the Cornpanies Act 2C4)6 and the Charities Act 2011 requires us to r8POrt to you if. in our opinion.. adequate accountlng reixjrds have not been kept. or retums adequate for our audit have not t*en recewed from branches not ¥￿ited by us,. or the finaneAal statements are not in agreemènt with the accounting records and r8tums,' or certain disclosures of trustÉè'¥ remuneTati¢Jn specAfied by law ar• not madè., or we have not ￿eLiVe￿ all the infomial'on and explanaknn5 we requir8 forour audit., or the Trustees were rK)t entided lo p￿Pa￿ the finanaal 5taternents in accor24 2022-23 Depreciation on owned assets Depreciation on leased assets Auditors, remuner8tion - Audit se￿1￿$ 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 c￿MplIanCe 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 rel1￿ment 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 Se￿ICe$ 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 c￿atIng8r0Wth 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 Be￿een 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 R￿arve 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 Ma￿h 2023 General Funds Buildlng Dov•lopmont Rostridod Reserve Fund Capital Fund Total Funds Fixed Assets & Investments Cu￿ent 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 Ma￿h 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 Cu￿ent 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-