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Regional Skills Strategy, Regional Skills Assessments and related action plans. Further, the College will shape and response lo the priorities identtfied within the Region's trNo Communtty Planning Partnerships. This Plan addresses these priorrties as follows.. ional Economic Strate Priorities.. Responding lo COVID-19 and Brexit Supporting Net Zero and a green recovery Creating a diversified economy based on skills development and acquisition Ensuring inclusive economic recovery. refo￿ and ro College Conlribulion= The College's portfolio of courses. vocational training opportunrties and apprenticeship programs aligned lo the region's key priorities, sectors and skills needs are criti￿1 lo the region's future e￿nOmiC recovery, refomi and prosperity- Strategic Objective(sl'. 1.1, 3.1. 3.2. 5.7, ional Skills Strat Priorities.. Responding lo COVID-19 and Brexit Aligning skills to economic need, Energy Trans￿On ambitions and Net Zero intentions Expanding work-based learning including employee upskilling and reskilling Improving sehool-to-work transitions College Conlribulion= The College's established and responsive approach lo curriculum design and delivery, including Its Apprenticeship Family offer, its Flexible Workforce Development {FWDFI activities and its enhanced engagement with partners, employers and schools wll ensure that the immediate and future skills needs of the region are met. Strategic Objective(sl'. 1.1, 3.1, 3.2, 3.4, 3.6, 5.7, 5.8 Commun Priorits'es.. Prosperous Economy Prosperous People (Children & Young People} Prosperous People IAduMs} Prosperous Place Plannin Aberdeen CPA College Conlribulion= The College is a partner of CPA working with partners on locality planning, community empowemient, and improving outcomes for the population of Aberdeen City. especially those who experien￿ poorer outcomes as a result of socio-economic disadvantage. The work of the CPA sees the College contributing lo inrtiatives for priority and al risk neighbourh¢)ods, and priority communities of interest e.g. children and young people. people wth disabilities. Strategic Objectivetsl.. 1.1, 3.1. 3.2 NESCol is a member of the CPA Board, the CPA Management Group, and two out￿Me Improvement Groups= Aberdeen Pros ers.. supports delivery of the Local Outcome Improvement Plan ILOIPI and underpinning locality plans, specifically bNO Economy Stretch Outcomes in the LOIP.. 1. Support 400 unemployed Aberdeen Cty residents into sustained, Fair Work by 2026 2. Upskilvreskill 500 Aberdeen City residents to enable them to move into, within and between eeonomie opportunities as they arise by 2026. Chari No.. SC021174 Financiol Stateme rated Children's Services.. ensures the effective delivery of services for children and young people at all stages of their development and growth. All key agencies that deliver Services for children and young people in Aberdeen Cty are represented, working together to deliver the City's Children'5 Services plan and using the Scottish Govemment's 'Getting It Right for Every Child, as a common approach lo deliver better outcomes for children and to measure success. The College also partieipates in a number of associated workstreams.. The Attainment and Progression to AduKhood Group Child Friendly Cities Group Target Operating Model Sub Group ACC Care Experienced Champions Board Aberdeenshire Commun Priorities.. Changing Aberdeenshire's relationship wth alcohol Reducing child povety in Aberdeenshire Connected and Cohesive CoMmun￿eS Plannin Partnershi ACPP College Conlribulion= The College is a partner of ACPP which aims to work together for the best quality of life wf(h happy, healthy and fvlfilled people, living in a healthy, safe and sustainable environment with vibrant local economy. This includes partnership worf(ing lo deliver more efficient and improved seNices which meet local needs in Aberdeenshire and to contribute lo the delivery of key actions in a number of Locality Plans. Strategic Objectivelsl.. 1.1, 3.1. 3.9 NESCol is a member of the CPA Board. and Connected and Cohesive Communities. supports the Planning Partnership in the delivery of locality plans for three areas of Aberdeenshire that experience the most social and economic disadvantage. This includes the delivery of several initiatives around addressing inequalities. employability and health, aswell as supporting communities to be￿me rnore resilient. The College also uses the Regional Skills Assessments for Aberdeen City and Aberdeenshire, lo ensure it aligns provision with anticipated demand. There are a number of key Seottish Government priorities which have particular relevanee to the college seetor. The College, through the Strategie Plan, will respond as follows=_ Scottish Govemment Priori Fair Access and Transitions College Contribution strategic Objective{s} The College will provide access to fvrther and higher education for people of all ages from the dest range of backgrounds, and ensure that all students are enabled to achieve their fvll potential as successfvl learners, ready for transition to ftrture learnin lrfe and work. The College will provide health and wellbeing services and support, and will work with partners to contribute to positive and sustainable change in the hearth and wellbein of staff and students. 1.3, 3.1, 3.5 Health and Wellbeing 2.1, 3.9. 4.4 10 O |O||| |---|---|---| ||O]
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OF OO| O] O] O OO W@ OH O MW Wm ow OOM O88 20 O00 OHOOAOWt oOo 0 WW mMmuoandaomWmd Oo BOOMDO Oo O nat OMM OOOO Od OM Wo 8 OM 2a OOO oO OU OO WW MU Od O] a OO OH O OH O] O] O] O] O] O] O] O] UO] STRATEGIC PLAN 2020-2024 KEY STRATEGIC INDICATOR TABLE 2020121 2021122 2022123 2023124 Key Strategic Indicator Target Actual Target Actual Target Actual Target Actual The total number of credrts delNered Tha volume of core credits delivèred The volume of ESF credit5 delwered 132,005 133,127 131,915 128,655 128,812 129,769 115,931 116,040 129.770 130.602 129.280 127.606 128.812 129.769 115.931 116.040 2,235 2.525 2.635 1.049 Overall leamer success rale Ilncorporale level, mode, withdrawal and partial success measures) 2020121 2021122 2022123 2023124 FE Full Time Lèamèr Succèss 73% 560 620 57¥0 600 630 650 69¥0 Partial Success 19% 20% 14% 110/0 Earfy Withdrawal 7% 4% Further Withdrawal 19% 14°/0 16% 16% FE Part rim8 Lèamèr Succèss 73% 720 720 68¥0 780 890 720 92¥0 Partial Success 25% 27% 4% Earfy Wlthdrawal Further Withdrawal 2% 2% 2% HE Full Tlme Lèamèr Succèss 78% 71% 720 65% 680 670 68% 72% Partial Success 14% 15% 16% 140/ Earfy Wlthdrawal Further Withdrawal 13% 12% 14°/0 4% 13.10 HE Part Tlmg Learner Succe55 83% 750 810 77% 770 750 750 79% Partial Success 23% 20% 22% 190 Earfy Withdrawal Further Withdrawal 0% 2% 2020121 2021122 2022123 2023124 Target Actual Target A¢￿al Target Actual Target Actual Non-SFC incomg as a rcenta e of tumover staff costs as a rcenta of tumover 21% 21% 20% 20% 20% 20% 20% 250/0 66% 600 66% 62% 66% 58% 660 56% 12 # **Curriculum Overview** ~~QO OT) Ott)~~ O ~~tt)~~ ~~OU~~ ~~a~~ ~~O~~ ~~OOOO 0 On 2) nn)~~ O MOO OOOW O OM MOMOao0O0omO OOdod Oo MOOd Oo O may mm O O] Mm OU OOO0od O © 0 OO Ww iM 0 OO Od OO MM OOO OOOO O QO O OMHOUM Oo Oo OQ O OW © OO00W O] O] O OO 0 MOOO0Qda OQ O] O OO OF O OW HOO WwW O Qa MOdQ QO O] OdoO nn CHM) Mm wo Ww mM OF OF OOO M1 OU O] OH Oo QO OOO O OOO ou OO OU0Wd OO Mm OOW MOM oda O da OO O88 FO WOW WmMoo8 oa dQ OO Md O O 0 O 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MoO OOOUAH BU OOO WOOO8 O O] OHH O] OO 00 OW O O] L] OU O00 L] O] Cin) MOO WW Wo oO OO O00 mmo oO O COM) MMOO000 OM WW OMda O fmoOo oO QO OW i Oi tim oOo aU OOd Of Ww O Ooo @ @ O MM OOM OO WMOoO OOD O O O MW OF OOOd OO dQ OOM Oo Oo OO OBMOO wo O Oo Wo OO O] mo 0 O O O] OOO @w@ Oa Od Ooo O OU O] CH) OW Oo O WO 0 Ww OH moO wm OOW)0 0 O Qa O O OOMOO OW O O] L] Uh L] O OO O] Oo Mo O 0 O OW OOd Oa OO Oo O O] O OO QO O OH) OOUUd OM OO O OOO OO O Oo O OO O O nia OOM W@W MoOMO 8 Om Oooo OO Mm Ow oa O] O] 0 OO a OOMOO Oo O 1m O O00 ma OQ O CO OOO Wado O OW w (Mi =O) O OU OM OW Oo 0 fH OO Oo OH Oo auodO MOO0 OW Mm OO WOW m O OW OOO O] OMo @do Oa O O QO O mo Oda Ho OM OO O OO O O] Mm O OWOo WW W O OO Wd HI) CO MMmMood do O Mm o OO O] Mm WMuao0 O OO OOO Oo OO O] MoU add O OO O OO M O 0 Mm O O Wo O QO oO O] Mo ou O] O 5 i Oo OOd oda O W Oo MOM Wm ooo mM oO OUQ O] QO M0 OOOUM OO OOOO OWOo OO O Od OOd OOd MoO OO OOM OOO OOOmM oO OO OOOO WOM OOo OH Od ww UO] nia OOO W@W wa O] O OOO MOO 8 OW OOM OQ Oo OM O11 Oo © i MmMoo OW ou OU O Od OH Oo M@OOU00W O OOH oa OOUOUMO OU O OU Oom O OQ O OOOO OW OO moO O48 OU nia OOM woo (0) Mm WM Oo OQ OMo oda O] OomMmdaod OOOO88 OOOO OMOMOOoOd OO OOO MoO OOM a Oo OOMWOOAdO OO O OO O nia fo oO moO OO OM0 WM 0 ao OU OMoOoa og OOOWm 2 MHOOOMOd OOO OO OO O O nia OO WOWWw O OO MMOO0O0 OOMoO WOMOo O Wo wo Mm OO Od OM OO O OW OO COOU M MOOR0O WCO Oo oO O] O OMda og C1 O O] UO] . ~~QO OT) Ott) tt)~~ O ~~OU~~ ~~OOOO 0 On 2) nn)~~ O LO L] L] ~~a~~ O 0 ~~O~~ O] O] OWMo0 O] O] OOM Ww Omogd Mm UO oH O OOOO Oo oO Ww OO O QO OOo0U0 OU OHOOM 0OW 08 WoO OO OO Oo W@W ou O MO moO HH) OU O Wo OO U OO OH) O] OU O OO W@W Wa O Mm OO OH O] OO 8 OU mR) O O OW WM oOodod O CO MWwo OO a da O OO WO OHO Od OO ama oO O MOO0 MOO Wo O oO 8a OO On O O80 OOO O O] LL OO MdO0 0M OO OO @MoOouoed ooo O OOOMOa O OOH OOO O CO Oo O] Mm mM Oo OHUWOoO Ww M OOa0d0000 O] O] OO 8 O] OO O O Oo MOO O] (Oo M Moog MM O OMMOO0 Ww O MoOOm oO mM oO OO a Oo dO O fo OO OUdad Oo CH O H OoOUW W@W Ow O CO Oo O 0 MO OOOO OQ O OOO MOO OW0 OO O O Mog O CO Oo Mm OoOd OOO OO O08 MocWw OOUd 0 O OHM a2 oo O tat O O] moo oO O O] OO 8 OOOO08 W@W oO Ooo OO OOO Wood O LL mo OM Oo m Oa O] ) OOd nn O 0 mw HO LL OO Od O O OO OOM0O OM Om Oa CH] O OO CO Ol O 0 Od O] O CO Oo OO Ww OHOdOdad Q@AWBOA OM OO 0 tm ou OOddg O O] OO 8 O] M OW O O O] OO O 0 (OO Mod Wg OO OO OOd OO MoO000 O dO O O] MoU OW O] CO OW O OOM OOOO MMmMaod WoO0d0 MOO O mM OO O] O OF © Oo O Mm OO (1 O O OM OWE MW OO 8 O] oO moda m JO OF OU O] O] O] O] OO O] OU MoOOOWM Oo Mo Mod Ww oa Oad0 0 M Oo OM A000 OUMOOM WoOO0 OOoOd Oo OU MW O G08 Ooo MOOOWOOO0o0d OO MoOO OQ OOOOOQ OOda00 OOM Od O] oO O M0 OO OOM WooO0dnoO 1 OOO MO OO O] O OW COMO do Oo) Mo O] O] MmOO O] O] O OQ O11) OO oO Www oOo O] OW da OM mu MmoOUOd oO M OU OO O10 O Gmoo oO mo ad O] O] OMO 8 8 Woo OO0 O] (Oo OF OG O10 OO OM ao0o O OO nn Mm OU mM Moo O OM0O Wooo © O] OM OO Oo OO O00 WW QO OO OHW OO O00 Mm WMWOMoO O80 OO O OQ Od O OH O] O] O] O] O] UO] inan merts for the ear to 31 Ju 2023-24 £'ooo 12,8501 2022-23 £'ooo {1,1861 Surplu51lDeficitl before other gain5 and 1055es Add back: Note: Deprwation (net of deferred capital grant release} 4&10 961 Pension adjustment- Net Service Ilncomel 30 {2451 (161) Pension adjustment- Net Interest Ilncomel 30 11,3581 {721 Loss on revaluation of Investment Property 190 250 Costs of middle management job evaluation exercise not matched by revenue 3,817 Adjusted operating surplusl{Deficit) 515 {1801 The underlying position for 2023124 has been approved by SFC. The accumulated surplus on the Income and Expenditure reserve at 31 July 2024 was £14,014,000131 July 2023 £18,698,000}. The provision ft)r future pension costs arising from earty retirement of fomier stsff and the equalizalion of pension contributions under the Local Govemment Pension Scheme and the Scottish Teachers Superannuation Scheme at 31 July 2024 was £3,982,000 (31 July 2023.. £3,982,000) whilst the FRS102 provision for the College's share of the North East Scotland Pension Fund INESPF} was nil (31 July 2023= £nil)- The College has net assets of £59,034,000 131 July 2023.. £65,280,000). The current asset to current liabilities ratio is 1.2..1 (31 July 2023 adjusted.. 1.1=11 and shows the College has capital on hand to meet short temi obligations, wqth a ratio over 1 indicating short term 501vency. The gearing on long term liabilities 15 0.9=1 131 July 2023.. 0.7..1 } and a ratio of 0.2&0.5 to1 is considered optimal. Thi5 show5 the College is reliant on SFC funding to meet its long tem liabiltties. During 2023-24, the College retained tr¥0 subsidiary eompanies, Aberdeen Skills and Enterprise Training Ltd IASET), and Clintety Estates Ltd. The prineipal aetivity of ASET is the delivery of eommereial training to the Oil and Gas and Engineering sectors. Clinlety Estates Ltd is dom)ant. Taxation Status The College has been entered into the Scottish Charity Register, and is entitled, in accordance with section 13{11 of the Charities and Trustee Investment (Scotlandl Act 2005, to refer to itsew as a Charity registered in Scotland. The College is recognised by HM Revenue and Customs as a charity for the purposes of section 505, Income and Corporation Taxes Act 1988 and is exempt from corporation tax on its charitsble aclNities. The College receives no similar redemption in respect of Value Added Tax. Treasury Policies and Objectives Treasury management is the management of the College's cash flows, tts banking, money marf(et and capital market transactions- the effective control of the risks associated with those activities., and the pursuit of optimum performance consistent Mqth those risks. The College's treasury management arrangements are govemed by the College's financial regulations. which are compliant with the Financial Memorandum with the SFC, as are the College's borrowing arrangements. Cash Flows The Group cash )low balance decreased by £388,000 in the year12022-23- decrease of £523.0001 Liquidity During the financial reporting period, the College maintained its cash balances at a level which maintains sufficient resources lo fund the operation of the College. The Regional Board a¢kno￿edgeS the prohibition set out in the Scottish Public Finance Manual on the accumulation of reseNes. The College's cash and liquid resources position at the end of the year was £8,287,000 131 July 2023= £8,675,000). this equates to the College having 47 days of cash on hand IFY2022-23: 44 days). 20 QO OT) ~~Ott) tt)~~ O ~~OU~~ ~~O~~ ~~OOOO 0 On 2) nn)~~ O ~~a~~ CO O OO OU O] MOM OW O OW OO OWMMoOW OO Oa OH OU O 0 OO OOM 0 O40 8 QO OO W MoO Oo Od O] O OH O] OW) O O OW O O QO O] am) CH Mm O O O] OW0 wo O OO WW O OO O O Om OW O OOO MM WO Wo OMM@ 0 20 Ww Mm OO WH COO WI O OU O oO O] Mu O] OOMMd W OO QO mM Wu On O Oo moO Oa MoOUMO O86 O] OOO oO oO OH) OO OO O Ww OOO wo fim OO OH O] O OOM W MO OOdmtodO CO O M OMMOOBOOO Oa © Moo OOd MMoOOOOOLWW OOoOD OU oO om oO O Oo @da O OO OOF OW W O 8 OH O OW a OO oO O] OO OOO OD Mo OU OO O00 O] M0 O O O] O] O O @W O00 OMO0 Oo i] O O] O OO OMO OOo MoOUOO OOOO O] O OM dO OO OO a OOd oO OU mm oOo O OOO MO000Oi O] O Mm OMO0 MoOOdOd oO O] O O OO Oo OO OBO OOd OOMoO © OO O8O Of Oo WM0 MM 0 MH Ww MoOd ag O OO MO OO OOO Od OO O] OU Oo © MO Mm OO O01 O Mod © O] oO OOUOM OBWOAOOWado O M0 Wo OOHO00 OW OO O§ OOOO OQ O MH Oo CIT) Mod WOO WHOo OO WO ww mM oO O OO O] On Od OO O O OOUd0d @ €@WOMmM Oo O O OOMOMOMO0 WOO moO ou OWMM oOmo oOo Oo MO OaO0 OO MOO W oO OM a OW O OO Oo ae) M0 0 O OQ OOUOUOMOM Oo (1 OO O Oo Oo 0 OM Oo OO Wa OOOO Uo ob OW od O] O O OOdMd00 oO OO Mm Wa aa mM Ooo Oo HUM OO O] Mod OOO a OO O] OQ Ut ~~0 CH~~ O O] am) O w O UO] O O O OU oo dO O] O O] O O] O O O] OO O] O Od O] O O] O O] O O O] OO O] O] O O] O O] O O O Odd O] O O] O O] O O M O OO O] OU O] O O] O O O O OOoO Wd O] O] O O] O O] O O M MooO O] O O] O O] O O O Odd O] O O] O O] O O on) foa O] OMdO ww O] O O] O O O] nt OO O] O O] O O] O O MMmModa O] O O] O O] O O O OO O] O] O O] O O] O O O Odd O] O O] O O] O O on) O O] M OOOWM OW OO OO OH O] O00) ## L] ae **----- Start of picture text -----**
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SC021 inanciql Statemerts for the ear to 31 Board Member attendance at Board aTrd Committee meetings for the year to 31 July 2024 is as follows= Board Member Regional Board 214 Audit & Risk 314 Curriculurn & Quality Human Resources Finance & Resources 414 313 314 414 313 313 414 414 314 213 213 214 414 414 313 414 313 212 212 414 314 313 314 013 214 111 414 111 314 112 414 214 313 314 213 113 414 414 414 314 213 313 214 213 213 212 011 414 313 011 The Govemance and Nominations Committee continue to undertake a key role in monitoring compliance with the Code of Good Governance for Scotland's Colleges and consider implications of any legislative changes. The Committee also helps to ensure that the Board remains fvlly effective by considering and recommending the implementation of any guidance or best prackn.ce that is issued to the sector. In addrtion. the Committee considers successv)n planning a￿angements for ils membership and ensures Ihatthe Board's Govemance Manual is reviewed regulady. The Board has established an annual evaluation process for reviewing its effectiveness. This includes a suite of evaluations Board. Commrttees, Regional Chair, Committee Chairs. individual Board Members and Secretary lo the Board. The annual process reflects sector guidance issued in °Guidance Notes for Boards in the College Sector. A Board Development Framework.. The Regional 8oard seeks to comply fvlly wrth the Code without exception. At its meeting in March 2021 the Board considered a paper by MHA Henderson Loggie on its Externally Facilitated Effectiveness Review undertaken in AY2020121. The Report evidenced a high level of compliance with all aspects of the Code of Good Govemance for Scotland's Colleges. MHA Henderson Loggie highlighted the reF)Ort contained no areas of non-complian￿ and no recommendations. MHA Henderson Loggie commented that the External Effectiveness Review carried out should provide Members with assurance that the Nescol Regional Board is strong and committed. The Report was approved by the Regional Board prior to it5 submission to the SFC and publication on the College's website. In line with the Code of Good Govemance for Scotland's Colleges, and the recommendation to undertake an extemally facilitated effectiveness evaluation every three year5, It has been agreed by the Regional Chair to complete thi5 within AY2024.25. 26 ~~QO OT) Ott) tt)~~ O ~~OU~~ ~~a~~ ~~O~~ ~~OOOO 0 On 2) nn)~~ O O MWOO WMO MOO oOMmoo O] Oo O OO CO Mu nt HOOMOOa a O OQ OO Od O] O W om O O Ou OM O0 O80 WoeWw OO O OW O] oO O] OU OU OO 8 OU O OF MOO 80 OMO OO HOd © Mm OO 0 Ww O] O] OOd @ 8 OO WH Oawoa OOU OOO© O OOO0oO O] Ooada OO Wa Wow Od O OMIM = OM OW nt OH ~~vu O OO Oo W O WM oO EU OT Wo oO MO fH oO~~ O O] OOd OO OQ 0 Oo O O] OOWH AMO BO OOO OO On oo OO OOOd (m1) O OO OW O MOO 0 OU O HU OW O] Oada OM WW @ WW ni O @ oO OOUBo @ WOOO O] OM o O nt Mio O§ OO MoO OW Ooo OH OOM Wa OO Ma0 00 O O OO od O O] OOOUd WwW 8 Wm OH OMoOMmM oO OO WO BU Oo OoOmM0 QO OW Ww Ou OQ 0 MO O O MoOUOW) Ww m oO Md OO 0 OOO0 Oto (OM oO 0 OOOO OW OU fm od Mm OMOO OH Od OOO OO O] O] O Mim oO O OOMO OU M OOOWdoOMd @ 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~~Pom~~ OOOO Uo OOUd OOO Oo U U ~~Ro 0 ef Po of ol a Oweo foo oo oo} of mo | lo} ll [ooo oof mt? mf? oof of oo foo | foo CU CP[ET]~~ U OO OOO O Oi O Oo U OU UU O Hin Oo OO UO WMH UOC OM U O Ou OO UO O OUO Hn OO ou O OO O Wu U U UMW MW Ooo Ww Oo mM iW ou OW Uoou O OOOWl ae CL dW Oo OU O OO O OW O OW O UW OW WM OOO OU O OOOO8 WO OO OO CO lh ou O O UO Wa 8 mo Od OOO W mu 8 OO Oo mi COM) Ss Os es ao U OoUd A WH Woo oo O dO UH i WooWwW ou O OU MU MM UMOo OU OOOOoO Oo U U O U ~~aMU U OU OU Poa~~ O UO OUD ou ~~ae esee eo Ee | po pcoo~~ U 0 Public Sector Equality Duty – Interim Report 2023 https://d1ssu070pg2v9i.cloudfront.net/pex/nescol/2023/05/11155057/The-Public-Sector-Equality-Duty- ~~a~~ 2023-Interim-Report.pdf Staff Equality Report (covering employee information, including across recruitment and retention, by protected characteristics): im ~~a~~ https://d1ssu070pg2v9i.cloudfront.net/pex/nescol/2023/06/16132910/Staff Equality Report.pdf Pay Gap Report – Gender & Ethnicity: - ~~a~~ https://d1ssu070pg2v9i.cloudfront.net/pex/nescol/2021/04/29143230/Appendix 3.pdf Learning & Development Equalities Report: im https://d1ssu070pg2v9i.cloudfront.net/pex/nescol/2023/06/15155300/Learning-and-Development- ~~a~~ Report-AY20-21-and-AY21-22.pdf _Note: % Figures have been rounded to one decimal place_ _Note: % Figures have been rounded to one decimal place_ ~~CO)~~ Oo ~~aan~~ ~~CO) EET~~ ~~im~~ ~~A~~ Oo MH WMOUUOUUO Oi oO oo O OU MOU OW U OM Mod O00 UO Ou MOM OO WU MU 0 OH O OO OUDO oO O W@W ou OOM ww OU O O doo MH WM OO WMOMo U U OOMWw WW UO OOM Oo HMoOOd O U U LU Hw OU CH) OO OO On) O WUOU OOO OW 0 OU OOO BUD CO Wo 0 ee OOMUWOU Uo O OO ONO Ul U LU UM( Uo OU MH U OO0 0 dU O LU LT Hn O OW 0 CO C0 Hi Ww MOOMm wo UM oO UO OU dH) U CO Us O OW WW wu HW ww OO Wo oo O WU ma MOO oO U U O Od U O Oo U OU (0 W OO OW Wooo Ww MO O80 OO Od O OOO UH mH OOo O OOM Ooo oO Ww OuUd UOOOdo Ww LLM U ~~Moo WoO oo U Po~~ U U a O Ww ne U U ~~a G2 Pom~~ U U U U U a (NO 0 ne U U U U O OU OOO 8 Oo mou Uo U i O O U OO 0 U HH Mu OU MUUCMOUOO Wo oO oO OoOd U U U U U U U U U U U U U U U U U 0 Fair WO￿ Disclosure Govt ctation SFC expectation NESCd's Position Evidence Princi Appropriate channels for effective voice, such as trade union recognition 8 recommendations We recognise Unison and EIS-FELA as trade union5 for all employ￿$ We have regular Unison and Els management meetings as well as regular infor￿al meetings with union representatives The Principal provides a weekly all staff bulletin The Executive Teawn have introduced face to face Town Hall meetings across 311 campuses in addition to all staff webinar5 We have team meeting5 acr055 the college. We also have union representatives. on the Board We have national bargaining and pay 2nd main ternis and conditions are set nationally for all employees, other thaTb the Executive Team We promote trade union membership during induction and in our Employee Handbook We have consultation with union reps ori key deci510f15. e.g.. proposed restructuring We have recently conducted an all-staff Ewnployee Voice Survey. The questions were focussed on culture. environment, transparency, engagemeTbt. Staff voice. senior management engagement Managers are expected to have Action points and note5 from meetings shared with all meeting members Indurtion prograTnme Template written statement of T&C of employment RPA'S including collective dispute procedures Diary and written evidence of te2m meetings and l-l meetings icon records Minutes of B03rd meetings Staff survey planning. outcomes and actions •UNC gendas and minutes Grievance Policy & Procedure organisation5 with a workforce must be able to demonstrate. before they can access a grant. that all workers employed within that organisation have acce55 to effective voice Collective voice channel5= Providing acce55 to trade unions and making workers aware that they can join 3 union of their choice. Involving trade union/worker representatives in key governance and decision-making stnjctures. Recogni5ifbg trade unions for the purpose of collective bargaining 2nd encouraging membership. where this is in the worfrforce's preferred route, and providing appropriate facility time for SLhPPOrting regular engagement between union/s and members. Constructive dialogue between the employer. workers and where approprsate a relevant trade union/s to address workplace issues or disputes, e.g. absence managemen( grievance. health and safety. channellsl. including agency workers. Voice exists at both collective and individual levels and organisations will be expected to show how genuine 2nd effective voice is evidenced. Individual voice ch3nnel5- Regular surveys are carried out to understand workers views, including how well they feel effective voice 15 facilitated in the organi53tion. and 3re involved in agreeing and progressing improvement action. Forwnal and infornial arr3ngement5 are in place through which meaningful individual and collective dialogue take place. induding one-to-ones between workers and man3gement. appraisal/feedback 36 |processes,||regular 1-1 meetings| |---|---|---| |team/organisation||with all in their team| |meetings.|co|We have a personal| |• Appropriate collective||development review| |consultation and a clear||process, iCon, which| |route for resolving issues||all employees are| |at both individual and||expected to| |collective levels, such as||participate in| |through a grievance or|co|We have a well| |collective dispute||established Grievance| |procedure.||Policy & Procedure| |• The organisation|co|We have a collective| |promotes a strong||disputes procedure as| |culture of openness and||part of the RPA| |transparency and||(Recognition and| |encourages acceptance||Procedures| |of different viewpoints.||Agreement) with both| |||recognised trade| |||unions| QO OT) ~~Ott) tt)~~ ~~OU~~ ~~a~~ ~~O~~ ~~OOOO 0 On 2) nn)~~ O O HW UL OL)o U U O] L] OO Oo L] O WH Oo O Wi U ae 1 0 LH 0 (I O 0 O O O 0 fo OO OHO Oo O] O MOO M@oaeOoU dee 8 Ooo OO0oO 1 oO Oo 08 QQ OQ Oo OOOOCOaO a OO MOmWod OO OW oo Oo OF O OO OU Om oa Oo Od OOH OOOO oO OOO OOO Qa Oo Wa O O] OO 800 Oo O OH0 WW Oo oO OOO oom da O OF OF OF O] OOdd LO Mm Oo nn fH Ww O O OO OO OO OOO OO W@W oo OO) WM OW OO OO O O OU O] O OH Oo O MOO OO OQ Mm CU H} O] TAH Mm OW0 O O MO Ww OW O O O] CO OU O WOU O OO OOM Oo O O O] O OO O OOOOW OD OoOd O O] CO OU O i MOO O80 O] nn OM O OM O88 OO O] CO OU Oo QO OO oO OOO OOO OO MOMod OOO OO OU O i CO O] MoO oO 0 O HT OMdo ww O Oa QO tn QO OOOoOo MO OU Od OMd oO QO Oo WM Mav Oo OOWd0 do O OOO QO H ol OO Oo Ww O O] O 0 ~~O OO Ol Ww~~ O] Oo Mo OO O Mma Oo 0 OOd O Oo —mOO WOO OO HoWoo oOo OU O O OU O O8 OO Wo OU da O Oi O MOUOd Od Oo OOO O O O] OOMoOdQ 800 OO oO OOO @ O 0 W Oa Oo Oo OQ O MOO @ OO OO0Od OOd ada IM WM OO OW O OO OW OO Oo QO O OF O Wi mM OM OOO O O O OO O OO WMO WM O OMWOO0 moa OQ OU OOWMO0 a O O OO OO O00 ta OO OW 0 O] O OQ Mm oO OOUOCOMOO OO Oa OO GW @O00 O OQ O] O] O] O O OO 0 OO (1 OU OOO O OOO Oo OOO fm oO 1] OO MoOo OOO OH BOOM 8Oo OO Oad OO Mm Oo Oo Of OO MoO oO O] M1 Wo OOOO JBOMOMO O OO0mdO OO MO O O@0O00 OOOMo0O0 oO O OOO000 O0 OOd OO Ou O] UO] QO OT) ~~Ott) tt)~~ ~~OU~~ ~~a~~ ~~O~~ ~~OOOO 0 On 2) nn)~~ O O OO dQ O Odd OH OQ OO QO (1WM oa OOO a ~~QO Of a~~ oo Od OO OQ O] O OO O W U OOO 0 OM OO Wom QO MoO ou mM WOW O] OO 0 O] OO OW OM OO OHIO 0) O OU OO O] 1 oO Oo W oO a Oo W@W OM OOOO WH Wo H Mo Od O M00 Wm OOOOM oO OOOMMOMO Mo 8 OU OOO 2 0 O O] O 8 OO OW O] OMdOO00000 WM OoO°d M OOOOO@ OO Mmm ou OO ada Ht O O OO Moo OO OOF OW O MoO O WO O OOO OOD 8 Od 0 O OQ fm O O mo dod MoOO0 0 OMmMto Oo 0 OO O] OOOUQ0 OO Hn OU OOOMO OW dQ O] OO OO O On O Mow Ww O O nt O] OO MO OOOOOd O] OO oO O Wd OOO 800000 nn O OMWd O] a ] OQ O OM Oo OO O O Oo QO OU O O Ww mm MOMOO OOO 8 OB OO OD O] OH OW HOOMOAO0OH0 OM O WO MoO ou Oo da H Oo OOOO Won OO OQ O00 O] m oOo OOO OOMMO OO HOUOOMWOHO wm ood O] O O MomoOo OO Gm oO OO O] O] OO M OOO OO OW Woo dad OM oO Oo Wma O 0 WW Wo OO OU | O O0 CO OO OOd O O Woo OoOd OO MOMod OO Oi oo OU O OO O00 O OOWOdQ OHO O00 OMoO Oo i) OF OOO OOOO WmMoo0 O Od OOOO MaooOOMaod OOO ODO OU Ho O OOU0OWO OU O i) OF OOO OOOO WmMoo0 O Od OO OOO DaM OU O OO OO 0 O OOO 00 0 O] OW O] CO mM Wu O W O] O OU O OM OQ 00 O] Oo Wma OHO oO O] O O] O tO Moo O] O OO 08 Wa OO da O] OO O mma O O O OH O OO OO MO O] Oo 0 WWW Oo Wm Oa oO O OO OU OO OQ Ou M OF O OY O] O] O Oo OM Oo moo MOddaQ O dQ O Ou OoOd O O OQ O O OHO Ot Oo Od fm OO Oo O] Om oO mM OO Oo OO MoOOOOHO 8 Wo MoOOOO Oo OOOM Oo OO OU O] UO] QO OT) ~~Ott) tt)~~ ~~OU~~ ~~a~~ ~~O~~ ~~OOOO 0 On 2) nn)~~ O O O 0 O Oo O H O] HOMOOdoO O Od mood OM OOO 8 OOMOda ada OMO0Oo OU Od OO O OOOO 0 O] OM wm oO O OOOUOMOOMMa 8 WO @0 Ho Oo OO OOUd OW O O Oo (1 MO ~~O MW OU OO~~ O Mo ou O OO 0 O L] L] U OO L] L] fo OO OF OF O OOM ood oO O 0 OO da OOO 0 OOd0 8 OOM00 OW Oo O Od OM O] nn OM oO O] OO MW) U O] O] O MoOOd0 0 Wo O O O OO OF O08 O] O OOO OOO OO AaWo WM Oa MoOOd oO OD O00 O] CH] MoO O OOOUMW oOo 0 dQ OOO a O Q MOM Mm O00 OOM O Woo O] L] WM Oo O 0 fo Oo tata OO OM Wm O] MO Oh)O O O O] O10 Co O] O mMmOoO OW Oo OOO 0 Oo fd Oo O Od o OOM Oa OHO Oa OOO O] OO dO O O OW Od Ht OHOQWMO Wa a O] O Mm OU O OW oO O] O O OO) MoOoO OU MO OO 0 MoO OOOOM Oooo 8 odo O] O OO M Oa OU O O] a Om OO MOOMOdQ0d oO O O O O OU O] OOO ) OOo oO MO O0OOMAOa MOO Od O Ma 00 O m MoO Mm OOO O O] OOM OCOom@ oa OOM OOORBOO nn MOO Oo oO OO dQ O Mm Wo O O O OM 0&0 OO Wo Oo Wma OO M OOOOOO Mono oO O tat O OO HOOa wa OHO OOW a OO O OU O OOOO 0000O O] O OQ O MoOO0d OHO OO @M@OaQ 00 O] OHM OoOa OMOO0mM oa OHO Womo OOddg O OOOO OW Oo OMO O00 OH OM oO MOO O O fo Oo ta O OM WO a OO MU Ou o Odd w O O] O Mm o O Q HOOQOQ Oooo ww O CO OO OO OW O] O OM O68 O] MoOOM OOO OM MOO Wo OOOOR0QMWO2 OQ O OO OW mm wu a MoO Oda OO O OOOOOM O MO Od OH O] Mm O O] O] UO] SCOTLAND COL Chari No.. SC021 inanciql Stateme the infomiation given in the Govemance Statement for the financial year for which the financial statements are prepared is consistent with the financial statements and that report has been prepared in accordance with the Further and Higher Education (Scotland) Ad 1992 and diredions made thereunder by the Scottish Funding Council. Matters on which l am required to report by exception l am required by the Auditor General for Scolland to report to you rf. in my opinion= adequate accounting records have not been kept- or the financial statements and the audited parts of the Remuneration and Staff Report are not in agreement with the accounting records" or I have not re￿iVed all the infomiation and explanations I require for my audit. I have nothing to report in respect of these matters. Conclusions on wider scope responsibilities In addition to my responsibilities for the annual report and accounts. my conclusions on the wider scope responsibilrties specffied in the Code of Audit Pracb'ce are set out in my Annual Audit Report. Use of my report This report is made solely to the parties to whom it is addressed in accordance with the Public Finance and Accountability {Scotlandl Act 2000 and for no other purpose. In accordance with paragraph 108 of the Code of Audit Practice, I do not undertake to have responsibilthes to members or officers, in their individual capacities, or to third parties. Senio¥ Audit Manager Audit Scotland Woodhill House Annexe Westburn Road Aberdeen AB16 5GB 23 December 2024 is eligible to act as an auditor in temis of Seetion 21 of the Public Finanee and Aeeountability {Seotland) Aet 2000. 41 ~~QO OT) Ott)~~ O ~~tt)~~ ~~OU~~ ~~a~~ ~~O~~ ~~OOOO 0 On 2) nn)~~ O **----- Start of picture text -----**
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OOOOO WwW MOO wo O] OHOM0O WMo000 OO MOO MOMOOM Oo fo OOO BOM Oo OQOOdnO a OM OO W000 O] Oo da OO0GdQd0 OUOBOOWMOO OH OOO OO O OU Od OO Wo O O OO OH O MW o OM 20 O Wo ao MM WO OOO Oo 6OU OOHOM OOOHd Oa OO MoUdm Oo O] O] O] O OO O OO O] O] Od OOH OOO WMO 0 0 000 O] Mm O OU W O OW) OOOUU Woo HOM OO DOMOOOO 2oODd Oo OMdO OM Oo OMdaod MoO a Mm O MO O MW OHM O00 a @ Uo OO 0 Ow OOMit a mod MHOOOO00 @ Ob do OM0 OW Oo tal Oo a O] UO] NORTH ￿$T SCOTLAND COLLEGE Chari No.. SC021 inanciql Statemerts for the ear to 31 Ju estimates will result in material changes in the valuats'on of assets on the balance sheet. The total value of the College's assets at 31 July 2024 is outlined and broken down by asset category al note 13. Land and Buildings were independently valued for the purpose of the financial statements by F G Burnett, Property Consultants in 2023124. 27. SUBSIDIARY UNDERTAKINGS The subsidiary Companies (all of whith are registered in Scolland}, wholly-owned or effectively controlled by the College, are as follow$= Company Principal Activity Status Aberdeen Skills & Enterprise Training Ltd Provision of qualty education and training 1000A owned Clinterty Estates Ltd Management of College's leaching famis 1000A owned 28. RELATED PARfi TrANSACTIONS Due to the nabjre of the College's operations and the composition of its Regional Board (being drawn from local public and private sector organisationsl, it is inevitable that transactions will take place with organisalions in which a member of the College's Regional Board may have an interest. All transactions involving organisalions in which a member of the Regional Board may have a material interest are conducted at arm's length and in accordance with normal project and procurement procedures. The College had transactions during the period or worked in partnership with the following publicly funded or representative bodies in which members of the Regional Board hold or held official positions. The bodies that the College had transactions with that were over £5,000 were. Aberdeen Foyer, Colleges Scodand, the Robert Gordon University, the University of Aberdeen, Aberdeenshire Council, Energy Trans￿On Zone Ltd and Peterhead Engineers Development Limited. is a Director of Peterhead Engineers Development Limited. The College received income of £61,110 during the year {2022-23 - £56,2481. with no payments made either year. was an Energy Transition Programme Director al Energy Transition Zone Ltd. The College received income of £330,706 during the year12022-23 - £36.0151, and made payments of £500,000 during the year12022-23 nil). is a Board Member of College Scotland, and a Board Member of Robert Gordon University IRGUI. The College made payments of £77,010 during the year12022-23 - £68,110} to College Scotland, and for RGU the College made payments of £205.222 {2022-23- £178,820) and received income of£456,645 during the year {2022-23- £603}. is Vice Principal for Strategy and Planning at the Robert Gordon University. The College made payments of £205.22212022-23 - £178.820} and received income of £456.645 during the year12022-23 - £6031. is a Councillor with Aberdeenshire Council, and a Board Member of King's College Project with University of Aberdeen. For Aberdeenshire council, the College made a payments of £8,92212022-2023 - £15,010) and received income of £49,535 during the year12022-2023- £43,721). For University of Aberdeen, the College made payments of £74.745 12022-23 - £65.4721, and received income of £54.817 during the year12022-2023 - £54,915). is Chief Executive of Aberdeen Foyer. The college made payments of £414.24912023-2024 - l and receNed no income during the year (2023-2024 - £331 }. 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SCOTLAND ' COLLEGE INANCIAL STATEMENTS for theyear to 31 July 2024 . LlJ.& k,} CharityNumber. SC021174 INDEX 1. PERFORMANCE REPORT Overview Performance Analysis 2. ACCOUNTABILITY REPORT 2.1 Corporate Governance Report 29 Directors Report 29 Governance Statement 32 2.2 Remuneration and Staff Report 42 2.3 Parllamentary Accountablllty Report 50 Independent Auditor's Report 51 3. FINANCIAL STATEMENTS 55 Consolidated & College Statement of Comprehensive Income 55 Consolidated & College Statement of Changes in Reserves 56 Consolidated and College Balance Sheet 58 Consolidated Cash Flow Statement 59 Notes to the Financial Statements 60 4. APPENDIX 1: Scottish Funding Council-Accounts Direction 86 1. PERFORMANCE REPORT Overview This overview provides the reader with highlights of the College's performance For the year to 31 July 2024. It contains a statement from the Principol. background to our purpose. operating environment. bu5ine55 model and objectives. and disCU55e5 the principjl risks that the College Faces. Introductory Statement by the Principal and Chief Executive The wider college sector continues to operate in an extretnety challenging Financial environtnent. The continuing impact OF inadequate public Funding and sftcrea5ing c tne6n5 that acr055 Scotland the su5tain6bility OF the nation'5 college5 is a continual ever-InCfea5ing (ouse For concern 6nd, despite the best tnitigation5. 5eFvice5 to 5t stakeholders are be5ng itnpacted. whs15t we are not iffltnune to the con5ider6ble Pfe55ure5 OF fiscal challenge, we- at NESCol- continue to ensure thot our Financial managetnent and sustainability planning appro6ches ietTrain re5pon5ive ond effective. This Ilows us to continlse to pursve excellence in the delivery OF education, skills and training, thus ensufing that our students and stakeholders receive From us what is needed and expected, particutarly in terms OF their suppor experience and suice Ovef the course of 2023124, we have witnessed an improving position in terms OF our student success outcomes. We also evidenced exceptionally high levels oFstudent satisfaction as wella5 significant demand fvom employers for our Modern Apprenticeshtp offei. Our strategic involvement with key regional groups, such as the Regional Economic Partnership IREpI, the Multi-Agency TransFormation Management Group IMATMGI and Abeideon CTrty and Aberdeen5hire's Community Planning Partnerships ICPPsl continues to glow and deepen. Thi5 15 a testament to our p￿otal posit40n in driving economic growth and transFormation within Aberdeen City and Aberdeenshire. Further. such collaboration5 Focu5 us all on featising our Region'5 ambitions.. afflbition5 which are relevant to. and significant For. the future economic transFormation and prosperity OF the North East. NESCol'5 partnership with Energy Transltion Zone Ltd. 6Fkd shell continue5 to progre55 and grow, and we 6nt¥cipate that OVI shared venture, the Energy Tran51tion skills Hub. will be open For bu5iFbe55 in September 2025. In addition. the College's already 5uccessf¢Jl partnefship with the University of Abefdeen and Robert Gordon University is enstjring thbt the existing and omerging skills needs of ener9y companies are being met throughourtripaFtiteskillsdeliveiy agoncy, the NationalEneFgyskillsAcademy INESAI.Thesoinitiatives are addressing the curieftt and Future skills requirements oFthe energysectoi and our Region's at¥bbitions to be at the forefvont OF energy transition throughoutscotland. the UK and Europe. Having now celebrated our 10th anniveTSaiyas NESCol.wg have become Fiimlyestablished as the Region's College and despite the Funding challenges we Face, we remain cofflmitted to deliveiing the broad provision of cour5e5 that our 5tudent5 and stakeholders Seek. These continue to be delivered acr055 a targe geographicare through our Four fflain ientre5 in Aberdeen City. Aberdeen Alten5, Fr65erburgh and Peteihead. The College's Board and Leadership Tedtn are Fully hligned on our intentlon to grow our oFFer and to ffleet the con5iderabled?tnand evidentomong5tourstudent5. portnersond employer5. Cuiiently. we have around 6500Aberdeen CityatbdAberdeen5hire Khool pupi15 enrolledon a 5(hool-College link progiamffle. Furthef. we estimate that over 40% of all leavers aCfOSS our Region will progress onto NESCol course5 once they leave schooL This percentage increases si9nificantly in afeas of economic and social disadvantage. Conseqlsently, we remain committed-as an institution anchored in the cofflmunTrties we seive- to ensuiing thateveryone coming toourcollegohas theopportunityto FulFil their potential. realiso theirworth and ifflprove their efflployment PFOSpect5 and life chances. As we prepare to onter a new strategic planning Cycle. we Fully intend to evolve our activities line with our mbitions. In doing so, we shall retain our Focus on critical activities that will ensure Financial sustainability. increased cotykmercialisation, Improved and adaptive planning, enhanced partnership working, ever- incieasing learner 5ucce55 and progressive employfflent practice. And by doing 50, we will olso ensure that we not only continue being a tnore igile and re5pon5ive college but one which 15 equipped to Successfully navigète its way5 through whatevef challenges and opportunities we encounter. Neil Cowie Principal and Chief Executive Our Purpose and Activities Legal status North Ea5lScotland College INESColl was fortned OTr 1st November 2013, as a result of tneiger between Aberdeen College and BanFFand Buchan College. The College is incorpoiated under the Furthei and Highei Education Iscotlatkdl Act 1992 and 15 Funded directly by the S(ottish Further and Higher Education Fund6ng Council ISFCI. The College is a cha￿ty Ikottish Charity NutnberSC0211741 iegi5tered with the office OF the S(ott15h charity Regulator and 15 recognised by HM Revenue and Cu5toffls a5 a chafity For the pufp05e of Seition 505, Incotne and Corporatiorj Taxe5 Act 1988. A5 such, the College is exempt from corpoiation tax on its charitéble activities. The College receives no Simi￿r exemption in respect OF Value Added Ta Buslness Model and Operatlng Envlronfflent Through it5 Regional Outcoffle Agreefflent with the 5cott15h Funding Council. the College re5pond5 to the Scottish Government'5 national policy driver5. while also working with regional partner5 and10161 bu5inesse5 in improving opportunitie5 For the people of Aberdeen and Aberdeen5hife. in helping the iegion'syoung people progress to work 01 higher education, and in supporting businesses through proFessional updating ond workFoice development. Each year, the College enrols around 6,500 full-time students and 15,000 pait-titne Students. It efflploy5 just Short OF 600 stafEacro55 the range of it5 busine55 activitie5. NESCol is the only Further education college located within the North East oF5cotland. and provides a wide range of education and training opportunities across tho region to meet the noeds OF individuals, communities and employers. The College's main {Colleg*ownedl centres are in Aberdeen Ithiee sites), Fraserburgh and Petefhead. The College's Estates Strategy recognise5 tho tieed to matntain a regional preseftce. but also to diFFerentiate provision at eaih iafflpus to ffleet the diFFering needs OF leafflers. The Estates Strategy prioritises the improvefflent of the current Colleg￿oWned 51te5. to ffleet the changing need5 of leartkers, staFF and other st6keholders. The College operates a Whol1￿owned subsidiary company, Aberdeen 5kilLs and Enterprise Training Ltd (A5Er), delivering specialist support to the Orl Gas industry. The College'5 OtherwhollY￿m￿ned 5ub5idiary, clinterty Eststes Ltd, isdotfflatkt and ha5 not traded since 30 April 1998. strategic Plan Development The cuiient strategic plan for the College was due to be renewed For the 2023-24 academlc year. However, due to the eFFect OF Covid, as well as a desire to consult wider with tnore Stakeholders IstaFF, students and key external 5takeholders1 on the developtnent OF the new Strategic Plan, the previou5 Pl6n will continue until it 15 replaced. The College believes that by coffling togethercollabofatively. we can create a Strategic ro6dfflap that not only will help oveFcoffte the challenge5 that we Face, but a150 harne55e5 our 5trength5 and opportunitie5. It is the intention that the plan will clearly artic¢Jlate what the College wants to become Of occornplish over the next 5 years. The first phase OF the process will be to set up a small Project Delivery Team, comprising a range of managers, teaching and sUPPOrt staFF, and student iepiesenLatives, to act as the operational management group For the project. It is hoped that a new Strategic Plan will be in place For acadeFnic yehr 2025126. The existing StrategFC Plan cleady define5 the College'5 vision and value5. Vision and Values Vision North East Scotland College will, through the delivery OF high q￿alIty education and tr3iniftg.' Drive and support innovation and economic prosperity Raise a$piratioD Create success Promote diversityi fairness and opportunity For all Providing individuals, businesses and cornmunities in the North East OF Scotland with 21st century skill Values The College's values shape Our work. inFluence our behavioufs and apply to everyone who comes to the College to learn or work. Commitrnent and Excellence Understanding ond responding to the need5 of our Students. staff. key stakeholders and customers Being bu5ines5-like and profe55ionol M•intaining clear focus on our ooals and ensuring these are achieved thfough eFFe¢tive plannino and organisation Achieving excellence by continually evaluating and improving our services Ensuring our processes are consistent accessible effective and efficient. Empowerment and Engagement Creating an environment where innovation and creativity are encouraged and can Flourish Providing clear direction. inFormation and comrnunicaeion Providino development opportunitie5 to ensure we have the skills. knowledge 47nd confidence to perform to the best of our ability Giving recognition and praise Encouraging and supportlng collaboration. Respect and Dfverslty Valuing the experience and talent OF all Treating others with dignity and respect Creating an accessible inclvsive tearning and working environment Being fair. open and transparent to ensure a Cbjlture OF rnutual trust and integrity. strategic Themes Our Strategic P(an for 2023-2024 is Focused on Five Strategic Theffle5 and their accompanying strategic Goal Being Agile and Responsive Deliver a curriculum and support services that respond to the need5 oF5tudents Support students to make choices that reflect individual ambitions Build on the unique and distinctive strengths OF our campuse& Empowering People Deliver supporting strategies to Support mentoly phySFcal and Social wellbeing OF staff ond students Provide developrnent OPPOftunities to maximise potential of all staff and students Build creative. confident and highly motivated staFFand students Discover and nurture talent in our $tudent$ and workforce Create a cvlture that is based on respect, trust, engagement and shared goals Foster digitol ski115 ond knowledge whilst inve5tino in infrastructure and resource& Advancing Partnership Working Work with Community planfiing Partners to deliver on key priorilie$. with • Focus on reducifi9 inequality and removing barriers to educational attainrnent Work with regional economic developrnent bodies to support the delivery OF the refreshed Regional Economic Strategy to support post-covid economic recovery Work with the Regionol Learning and Skills Portnership to detiver the Regional ski115 Strotegyy developing individuals With the ski115 to meet the evolvsng needs of the region Wotk with local schools and other p6fthers to develop Ind deliver effective learning pathways for young people. including the delNery of regional plans for De¥eloptng the Young WorkForce Work with Higher Education partners to promote learntng opportunities widen access increase articulation and irnprove the learner journey Work with employers to ensure provision odopts to meet the needs of industry ond supports regional economic recovery and development Ernbed on enhanced approach to $t•keholder engagement which builds greater understandin9 of the NESCol offer and $tfengthen$ fegional relation$hip$ in Support of shared ambitions Work with the Students. Association to ensure all students have the opportunity to shape and influence their College experiences, and to build a succe55Fu1, resilient, confident and engaged student body Work with local partner5 to 5UPPOrt the heolth and wellbeing of stoFF•nd 5tudent& Dellverlng Excetlence and Innovatlon Be recognised a5• coliegevthKh delNers excellence •cr055 olltoursesand ser¥icxbuiiding a rewt•tion•5 the premierwovklerof ¢mplweriDFormed eduutionand$kiUs in the Wi*Xk Delr¥er out$tanding learning and teaching which is exciting. innovative relevant. and which increases the ￿rnber￿F iearnersachithfjng 5￿ceSsful0utcorne5 positive destinatiOnS. DelNer a curriculum and support service which enables students to build resilience, develop essential meta5kn11sandathieve gJ(ce Deliver a wholtrcoilege approach to student support that prornotes health and wellbeing alongside eFfErtiweacodemic bJtoringand pew50naideveiopmenL Enrtsuroge and enable • strong student Tmice. co4e*ignino and co-delwerino sector le•ding •pproa¢hes toquality imprownenL Drive continuou$ quality improvement th¢ough a strrlng culture of selF-evaluation, and the adoption of anevidenc+informed approachtodecisiortrmaking and enh¥￿rnent plaming. Provide modern, fit-for-purpose buildings, facilities, and spaces For learningi Studying and socialising. Maximise the use OF digital technology to deliver sector leading Student experiences and support Continue to advance equality of opportunity au055 the College to ensure success For all student5 regordlessof proteCtedd￿racterIstIc4b￿Ck￿r•￿ndOreXperieD￿fjnd to mDint•in• Colle￿W￿¢￿ItVrtUF Leadlng Sustalnabluty Through thedelr4eryof our OutcomeAgreementseekto•thievesUStainoble Iv4etsrfFwKfing insupportoFouT cyed Aberdeen City re￿deTht$ into 5U5talnEd, Fair Work by 2026 Upskilllresk*ll 500 Aberdeen City residents to enable them to rnove into, within and between econofflic Dpportun*ties a5 Ihey aTi5e by2026. lrttegrotedchlmren's Setvke5.' en5ure5 the effective delivery of 5erviie5 fDr childfEfb d young peopleat all stages OF the￿[ developtnent nd growth. All keyagencies that deliverserviie5 For children and youTrg people in Aberdeen City are represented. worknng together tD deliver the Ciws Children'5 serwie5 pLin and using the Scottish Go￿[n[ne￿t's,Gettl￿Q It Right For Every Child. as 17 iomfflon appri>ach to deltver better outcotnes lor children and to measuie wcces& The College also paiticipates in a nutnberoFas50Chlted workstreaffl The AttainTntfit and Progression to Adulthood Gioup Child FriendlyCikne5Group TargetOpErahn9 Mode15ub Gfoup ACC Care Experienced Champion5 Board 12 Aberdeen5hire Community planning Partnership (ACPP) Priorltie Changirsg Aberdeen5hiiE's re￿tIOnshIp with aliohol Reducing child Poverty itb Aberdeen5hif Connetted and COhes￿e Comrnunities Colleoe Contribution= The College is a partner oFACPPwhich aims to work together for the best quality of liFe with happyi healthyand fulfilled people. INing in a healthy, saFe and SLtstainable environment with a vibrant local tconotny. This includes partnership wO￿l￿g to deliver tnore efficient athd itnprove(S serviceswluch meet local tbeeds in Aberdeenshiie atHI to coTrtfibute lo the deiiveryoF key actions in a numberof LocèliTry Plans. NESCo115 a tnemberof the CPA Board, and Conneited and Cohesive Cornrnunities. Cgnnectedand Cohe5Ne CommuTritie& supports the Planning Partnetship in the deliveryof locality plans for three afe65 of Aberdeen5hire thatexpeiience the tn05t 50aal6nd econoffli£ disadvantage. This includes the delivery oFseveral initiatsves around addfe55ing inequalitie5, etnplDy8bilityand health. a5well a5 supporting communitie5 to beiotne fflore resiliEfit. College a150 use5 the RegTonal ski115A55e55¥nents for Aberdeen City and Aberdeenshire. to ensijre it align5 piovision with anticipated dEffland. there ale a Trumber OF koy Scottish Govefnment prioFlties whiih have particulai relevance to the college sector. The (oUeg4.thinu9h the Strategi£ Plan, wTrll respond 475 Follow&- Scottish Government Priority College Contribution objertr Fair Access and TratJ5ition5 The College will pro¥ideacF£taff and studenfs .1, 3.9, Stottish Government Priority ouege ContTibution Strategi¢ Objectivels) N•rz¢r• The Colle9e will ensure +ts activlties as an ed￿￿tar, employei and rEgionalieadercontribute hjlly to the delivery DFScottish Government's clifflate change atnbiknon 5.7, 5.8 Éconorni< r•¢ov•ry reForffl iThd prosparfty The Colle9ewill ensure its iontributfjons post- COVlD-19 and PO5t-8re￿l to the itntTrediatt find FuturE regiofial EU)nomii requirernentssupport a re￿ta￿Sed and 5uc(e55ful Scottish economy. 1.1, 3.2, 2.4, 3.4 4.1 Inte9r•tOofi of t•rtiary •ducatloA The College will develw. in conjtsnctifjn with othe￿. a cohesive and connected terbarysectoroFFerwhiih deliveTS a greater ed￿￿tional and skills-based f scotland's STEM and energy transition prioriknes to geThefate inilusive atKI 5UStatnable eionoffliigiowth by equipping young people with skills for the future. 1.1, 3.2. 3.3, 3.A 4.1 Di9itsl The College wll support ifflpfoved digital 5kilLsdevei0p￿e￿t and acqutsition For it5 Students, staff and stakeholder 2.6,445 14 The College's Regional Outcotne Agreement with SFC. cleady deline5 how the College contribute5 to the fe9ional and national outcomes. The Outcome Agreement contains indicator5 which are used to measure progress against those outcomes and the College's strategic plan identiFies which OF those measures will be used as Key Strate9Trc Indicators IKSlsl in ffleasuring perfortnance agaiA5t Strategic Theme5. Those are=_ STRATEGIC PLAN 2020-2024 KEY STRATEGIC INDICATOR TABLE Keysknategiclndicator ThetotalnumberoF Iredits delivered 132,LN>5 133,127 131,915 12&655 128,812 129.769 115.931 t16.040 Thevolutne DFcore credit5 delivered 129,770 130.602 129,280 127.￿0 128,812 129,769 115,931 116,040 The¥olume of E5F credit5 delNered 2,235 2,525 2,635 1,049 ieainef SuCc￿￿te It￿[0[porate level, tnodo,wthdrawalandpartialsucce55 mea5ure51 2Q20ft1 Z021122 124 FE FullTrne LeaMerSuC￿SS 73% 62% 57% 63% 65% 69% Partials￿￿55 14% 11% E&rly Withdrawal 4% Furtherwtthdrawal 14% 16% 16% FE PartThme Learner Success 73% 72% 72% 68% 89% 72% 92% PartialSutce55 25% 27% 4% EarfyWithdr6wal 1% 1% 2% Furtherwithdrawal 2% 2% 2% 2% HEFuiifime LeèrnergJcce5S 78% 71% 72% 65% 67% 72% Partia15uccess 14% 15% 16% 14% Earty Withdrawal 13% 1% FurthErWithdrawal 12% 14% 4% 13% HEPartTlme LearnergJccesS 83% 75% 81% 77% 77% 75% 75% 79% PartialSu(ce55 23% 19% Early Withdrawal 1% 1% Fvrtherwithdrawal 2% 2% 2% 1% zpzil2Z Z02Zt43 zoz*4 hk)n-5FC iniome a58 perietknge oFiufflovei Staff c05t5 as a percentage oFtumover 21% 21% 20% 20% 25% 66% 66% 62% 58% 56% 15 Key currlculum developmefits of 2023-24 Curriculurn Overview NESCol has an integial role in delivering real socialand economicgrowth and development across the North East oFScotiand. The College, anchored in Aberdeen and Aberdeenshire with a comfftitment to shaping the workforce of the Future, is proud OF its role in the evolution OF traditional industries and excited by the opportunities presented by new and etnerging sector An engaging, supportive and inclusive le6rning environment is at the heart of our college experien24, For next academicyear a new Currtculum Approval Proce55 will be introduced that aittbS to cfeate a more open and collaborative approach lo course modiFication5 and approv&15. This should lead to more iobu5t challenge and sctvtiny OF all currtculutn fflodification. Curriculum Support Frarneworks To support eFFectNe curriculum design. delivery and management during the academic year, the Following frjmewofks were updated and providod to Curriculum Mana9ers and Lecturers with clear instructions and resources to help support a lange of key processes.. Ffamework for Supporting 5ucces$ful students {C•nsolid•tion af Auring the AEV, the team Focu5es on the piogress made on improvement priorities and the outcomes OF prevTrous engBgernent with HM InspectOf5. HM Inspectors met with staff, learners, and otherstakeholder5. The ES team carrying out the AEV engages with staff, learners d othei stakeholder5 and produces a Suffltnary ieport For the College, whKh is then shared with the Principal. and Regronal Board. The AEV For NESCol wa5 completed iFk May 2024 and the ￿pOl￿ provided external endorsetnent OF effective practice occurring in the College ocros5 both currFciJlum ond suppoct services covering Nyo overarchino them Learner Progre1$ and outcomes. l Approorhes to •55uring and enhancing the quolity of leorning and teochinoy including proFessional update and learner •ng•gement. DurTrng thevi51t a programtne OF wneetings took ptste involving students. teaihing and 5UPPOrt 5t6ff. fill levels of mènagement and representatives OF the Students. Associotion. Education Scotland identified 26 areas OF positive progress ond 3 areas foc development. The outcomes OF the annual engagement visit were dis(ussed internally across the college and helped contribute to the creation oFthe college seiF-evaluation and strategic enhancement plan. The report can be lound here= North Eastscotland Colle9el Inspectlon ReportlEducatlon Scotland 18 Comrnerclal provlslon There h6ve been significant change5 in the cofflmercial tsndscape over the last iwelve month5. With the unexpected withdrawal OF Flexible WorkForce Development Fund, Efflployer5 in the North East h43ve 105t out on 11.2m worth OF Funding For upskilling staff while NESCol has also lost out on the associated commercial opportunity that this brings. Although there ha5 been significant disquiet around this change, it seems unlikely that any reinstatemont or replacement of the Fund is likely in the short and medium term. NESCol continues to engage with the employers who were able to take advantaoe OF the funding and while some are hoppy to pay for staff upskilling, demand for commercial training has Fallen in the year. There have however also been positives over the past twelve with the National Energy skills Accelerator INESAI securing Just Transition Funding which provided around £300,000 Wofth of development nd Fee waiver opportunities For renewable5 and related training. In doing so, NESCol developed nd delivered new tr6ining prograffltne5 in Engineering. tnicro-renewables. vehicle technology and interestingly, English forspeakers OF other Languages IESOLI with EnergyTr6nsition. The latter course helping candidates with lower levels OF English language ski115 to be able to access efflployment opportunities in the renewables tnarket. It Is hoped that this project acts as a springboard For new opportunities which may evolve with the announcement of the North East region as an Investment Zone- bringing £160m to the legion over Lhe next 10 years. Modern Apprenticeship provision is seeing signiFicant growth and In 2023124, we recruited 280 new candidates- the highest nufflbei signed up in a year by NESCol. The increasing deffland led us to bid For a higher number oFcontract places From skills Developrnont Scotland For 2024125 and we were successFul in securing 335 places For the year ahead. This includes difectly contracting with construction ernployer5 and automotive etnployer5 whefe many OF these candidates had previously been subcontrocted to US through the Construction Industry Troining Board ICITBI and the Scott15h MotorTr6de A550ciation ISMTAI. We have also expanded our Civil Contractors Modern Appfentice5hip provision with two new cohorts comfflencing. We have developed strong partner5hip5 Wlth several OF the most protninent civil contractor5 in the region where significant demand is anticipated through the delwery OF majoi contracts linked to the renewables sectoi. The need to diversify income away Froffl SFC lore grant and the changes to coffltnercial ptiotitie5 has led to an organizational review OF the Busine55 & Community Development department which is tasked with growing commercial income. The review has been running since September 2023 and is now nearing conclusion with increased Business Development capacity identified as well as clearei organizational struct¢Jres. Our sponsored activity with shell continues to grow with Girls in Energy reaching 221 girls la 41% increasÈ year on year) across 15 secondary schools. shell Engineering SchÈme again supported 24 technician places and all yeaf 2 candidotes completed. goin9 on to secure good quality, energy sector jobs. shell also supported the College with EV charger installation training equipfflent and fflaterial5. Thi5 support along with'train the trainerf training. allowed u5 to launch a new 6rea OF skills troining which has Future potential. Another extremely generous gift of £200k donation Frotn a benefactor in Fraserbufgh. now take5 their contribution to our catnpu5 to £700k over Four ye6r5. Thi5 Funding is enabling 616rge atriuffl screen allowing u5 to 5howca5e activities From afound the cafflpu5, a new cement mixer and conveyor in our brickwoik yard, new radio equiptnent at Scottish Maritiffle Acadetny and the latest 3d printing equipment. Oui presence in the local economy 15 an important one in terms of ski115 development and we continue to work closely with employers and industry partners to grow our piovision and oui reputation For high quality training which brings prodvctivity and efficiency beneFits. We recognise however that this skills training 15 often only enabled when funding opportunitie5 are av6ilable and 50 we continue to look for way5 OF providing reduced or no-cost training and engage with partners to help inlluence where interventions 5UPPOrt our ambitions. Collaborating in areas including the use OF Appienticeship Levy Funding and its distribution nationally. 15 becotning increasingly important when government Funding continues to reduce. 19 The Following activities are planned for delivery during AY 202+25 Energy Transition skills Hub ETZ Ltd and North East Scotland College INESColl have been awaided funding thiough the S(ottish Government's Just Transition Fund, with additional support From shell UK, to create an exciting new Energy Transition Skills Hub IETSHI in Altens, and an accompanying educational outreach vehicle. The ETSH is located in Alten5, adjacentto NESCol'sexisting cafftpu5.and will provide flexibleworkshop spacewithcutting edge equipment For indu5try-critical troining. The outreach vehicle will tour schoo15 ond community event5 acr055 the North East and Moiay. helping to demystify the energy transition and promote pathways into energy careers. The ETSH aims to equip the workforce of the Future with the skills the energy industry needs to deliver the low carbon tran51tion. It will increase the breadth and capacityoFski115 training to support a Just Tiansition in the North East, whi15t the outreach vehicle will help to promote careers and inspire new entrant5 to join the energy industry. SpeciFically. the ETSH will provide & pipeline OF appropriately trained people to support workforce 5￿U[ItY through the transition. Facilities in the EtSH will include.. A rnodern welding academy Advanced rnanufacture zone Flexible teaching spaces Exciting newequipment demonstrating future technologies, includingARIVR More acce55ible training options. such a5 full- timey port-time. evenino and weekend classes Cornmufftity and event $pa¢e& SigniFicantly, the ETSH will also be designed to provide space For cotnmunity engagetnent and to improve the diversity OF the energy industrywotkForce. Furthei partnership working will be required to support thi5 dim. Thi5 5t6te-oF-the-art teaching Facility 15 due to open it5 door5 to 5tudent5 in aututnn 2025. The ETSH project Is already a collaboration between the Founding partners- ETZ, NESCol and shell UK. The ambition is For the ETSH to operate as an ongoing collaboration betweÈn industry and the public and third sectors. Partnership working will enable the ETSH to maximise its impact,. maintain its viability and suppoit equality, social inclusion and mobility. Social and Economic Recovery NESCOL is working with partners including Energy Transition Zone IETZI Ltd and the National Energy Skills Accelerator INESAI on enhancetnent projects linked to the Scottish Governfflent's Ju5tTransition Fund and the SFC PothFinder Project Pfogramtne. Focusing on EnergyTran51tion and asSOClated 5ki115. these initiatwes will play a tnajof role in suptx)rting and developing the economy OF the North East OF S(otland. We willcontinue to bean active pattnei through PACEIPartnershipAction Forcontinued Employment) which 15 led by SDS, in supporting org43nis6tion5 and their efflployee5 when 20 or fftore redundancie5 are announced nd h*we a range OF prografflmes available to help candidates back into etnployfflent. NESCol is also a memberoFemployability tiaining providers groups in the Aberdeon City and Aberdeenshiie Council areas, working c105ely with the Loial Authorities and third sector organisations in the development OF innovative initiatives to help prepare candidates Foi employfflent. 20 Energy Transltloft NE5Col is actively enoaged in major capital projects being planned For the region- notably the Energy Transition Zone IETZI adjacent to the Aberdeen South Harbour along with the Aberdeen Hydrogen Hub, 0f￿hore wind, and Caibon Capture. NESCol will a150 continue to support the Nattonal Energy ski115 Accelerator INESAI along with Etz Ltd.. the Robert Gofdon Univew51ty and Univefsity OF Aberdeen- providing a consultant service For the preparation of the workForce For energy transition and access to new skills and capabilities required For deliverino the net zero agenda. 21 staff and Student Involvement The College reco9nises the beneFits OF keeping employees inFormed on perFormance and encoufages suggestions For the improvoment of the College's position. In particular, Joint Consultativo Cotnmtttees (Jccl, compristng managemefit and members OF the recognised trade unions Foi both teaching and suppoit staFF, have been established For thi5 purpose. In addition, periodic core comtnunication sessions are held on all fflain sites to brieF staFF Ofk CUfieTrt developments 6nd receive infortnation. The College publishes new5 Vi& it5 intr6net. available to all Staff. staff consultation 15 6150 key part of the College's strategic planning pr￿eSS Wlth workshop5 taking place Foi all ocadetTric Fac¢Jlties and support departments to contribute to the process. The College has a wide range oFapproaches to gaining Feedback From student representatives on the governing body. The College supports an active Students, A55ociation and ha5 entered into p6itner5hip agieettbent with the A5501i6tii)n. Employer Engagement As an organisation which has always been principally in the business of vocational education and skills tiainirbg it has been relatively easy Foi the College to respond positively to the Government's fenewed etnphasis on skills Ithe'ski115 agenda'l. Our service to indivbduals in employtnent and to employer5 in the private, public 6tbd third 5ectois con51Sts OF a wide range OF training opportunities provided in the College'5 own premise5 (where the service 15 5ubsUtTred in the wider work OF the organi56tionl. an extensive WOfk- based training and a55e55tnent service provided by the College's Business and Comm¢Jnity Development Team. Programmes were delivered mainly in the ￿trt￿E0St offscotland in pb¥tneiship with local and national employers and private providers. Envlronmental and Soclal Sustalnablllty Nofth East Scotland College Fully recognise5 It5 respon5ibilitie5 Wlth iegafd to Environtnental and Social Sustainability as on education and training provider, but also as a business, an employer and role model Foi other public and piivate organtsations. The College 15 é signatory to the Environtnentol Association OF Univer5itie5 and College5. IEAUCI Sustainable Development Goal1SDGI A, this equates to the College having 47 days oFcash on hand {FY2022-23'. 44 days). Future Developments Academrc Year 2023-24 was the Final year in whi145 1271 11(k115 140-145 1281 111>115 105-110 33 140-145 105-110 34 141k145 105-110 1.159 1.265-1.270 25.30 13} 25-30 Notes: fthes•notgs olso opplyto th tabl•on thefollowingPQ 1 Ihere werenop(7ymentsmude[orper[ornionce, bonuse4 in liev ofpension. wn(pTrcosh. 2 Only thepeTsons di5dosedin the Directo[5 Report who are rEmuneratedare dsclosedin the ￿b0ve table. 3 Ihe volue o[pens￿n benefits uccrueddufing theyeuf is culculutedt75 thereulincfease inpensiiin multApliedby201ess the contribution mode bytheindwiduul. Thereulincrea%e excludesincreuse5 due to inflabon or (Tnyincreoseor de(fe(Fse due to o trun5ferofpEnSiOn right 4 Fors fhofflp50n. there w￿5 o pension transfef duKing theyet7rfToffi ont￿erfvnd whKh ￿ whythe increuse5 IoTs7e. 42 Median Remuner•tioTr Colleges are required to disclose the relationshtps between the remuneration ofthe highest paid oFFicial and the median remuneiation OF their woikforce. The banded reffluneration OF the highest paid oFFici431 sn the organisation in the Financial year 2023124, Wa5 £140.(X)0-£145.0(X) 12022123 É140.000-É145,0001. Thi5 w65 3.6 12022123 3.91 time5 the tnedian total remuneFation For the College which wa5 £38.72812022123 E36.4451. Accrued Pension Benefits Pension beneFit5 For employees are provided through the Scottish Teacherfs Superannuation Scheffle ISTSSI. a deFined beneFit schetne, which is nationally Funded and contracted out OF State Earning5-Rel6ted Pension khetFke and the Local Goveinfflent Petb5ion Scheme ILGPSI. From 1 April 2015 the STSS and LGPS changed From 6 fin615alary 5cheffle to a CARE scheffle where pension 15 based on cèreeraverage revalued earn¥ng5. taking the average e6wning5 over the employee's working liFe. while member OF the scheme. to calculate pension entitlement. Pension on service up to 31 March 2015 is still however calculated on a Final salary basis. Contribution rates foiall employeesare determithed annually by the ie5P pension 5cheffle5 and can be Found in Note 30. TheTe is no 6utofflatic entitlement to a lump sum. Mefflber5 tnay opt to give up Icommutel pension For lump sum up to the limit set by the Finance Act 2004. The acciual rate guarantees a pension based on a caieer average earnings basis. 43 Senior Officials, Pension Pension BeneFTrts are provided to senior management on the same basis as all other staFF. The accrued pension beneFits For5enioi oFficials are set out in the table below, together with the pension contributions made by the College. Accrued Pension Benelits forsenior5taFTr. Aterued Pemion at Pen810n age at 31 hsly zo Aterued Lump Sum at Pen81(In ag• at31 Juty 1024 RHI Rqal P•nBlon I Lump Sum IAUE 201Zt• 31 Jdy 2024 Real In¢reaJ CETVat31 July2024 t31 Ju￿12023 Name 2022 to 31July 2024 in CEIV E'ooo I'ooo £'ooo £'ooo £'ooo E'OOO E'otm) 45-50 115-120 10-2.51 17.25-7.51 1,099 943 171 2(k25 0-2.5 260 173 75 55-60 65-70 5547.5 67.5-70 1,064 Cash Equlvalent TransFer Value (CErv) A Cash Equivalent Transfervalue {CEfvi is the actuaitally assessed capitalised value OF Lhe pension scheme benefits aicFued by a fftetnbeiat 6 paiticular point in tiffle. The value of the accrued pension beneFit5 ha5 been calculated on the ba515 OF the age &t which the person will first be entitled to receive a pension on retirefflent without reduction on account OF its payment at that age. without exercising any option to commute pension entitlement into a lump sum, ond without any adj¢Jstrnent for the efFects of Futuro inflation. The pension Figuresshown relate to the benefits that the person has accrued as a consequence of theii total pensionable 5oivice and not just their current appointment. In con5idettng the acctued pension ligure5, the Following contextual inForfflation should be taken into account.. The Figure5 for pension and lump Sum ore illustrative only in light OF the assumption5 set out above •nd do not ne¢e$s•rily reFlect the actuol benefits an indrvidual may receive ¥pofv retirement. The accrued bentfit$ figure$ are reflective •f the pension ￿ntributiOnS that both the employer and the s on Con5ultancyduring theyeai12022123 £61,000I.but therewere no OFF- paytnent engagetnent5. norwere there any con5ultsncy payfftent5 to staFF who had left the College's employment. 2023-Z4 l022-23 Chan9• Rangeofworkforce remuneratic 122-24kl_114(k145kl 122-241-1141k1451 % Ihange in 5a1aryandallowa￿esF0[ employeesa5 a wlvle 42 9.5% Highe5tP8idoFficial reMUn￿0t1tr 14(k145 140-145 Median Itotalpay and benefit51 51 45 12.1% Median (salary only) 51 45 12.1% RatK> 2.81..1 3.15..1 -10.8% 25th periefttile Itatal pay and beneFitsl 39 34 13.3% 25th peTcentTle15al8ryonlyl 39 34 13.3% tK>' 3.67..1 4.15..1 -11.7% 75th percentile (total pay and benefit51 51 45 12.1% 75th percentile15alaryonlyl 51 45 12.1% Rat￿) 2.81'.1 1.15'.1 -10.8% In the Financial year 2023124, the highest paid oFFicial received a remuneration of £140k4145k 12022Tr3. £140k-£145kl. This is 2.81 times the median total remuneration oF£46,99812022123, 3.15 time5 the median total reffluneration OF 145,190). 46 Equalities. Diversity and Incluslon Thecollege takes equality,diveisity and inclusionveryseriously.Thisincludeshaving an Equality& Diveisity Policy available to all staFF on its intranet. Every two year% in line with legislation, the College 6150 publi5he5 a numbei OF report5 on its web51te which detail the progress it is making towards meeting the Public Sector Equality Duty IPSEDI ènd how the College is mainstreaming this duty to Ènsure that everyonewho learnsorworksat NESCol receives the best possible expertence. Tho tnost recont reports are available at.. Public Sector Equality Duty- Interim Report 2023 staFF Equality Report fcoverinq employee Anfornjotion. indudino ocro55 recruitment (7nd retenbon. byprotectedchtJructerA5brs) Pay Gap Report- Gender & Ethnicity Learning & Dèvelopment Equalities Report People Setvice5 has an EqualityAction Pian to ensure it delivers on the acttons identtFied its Gender & Ethnicity Pay Gap. StaFF Equality, and Learning and Development feports and progre55 15 reported to the Board'5 Hutnèn Re50urce5 Comfflittee. In addition, the College has an Equalities Committee which moets regularly to diive fO￿￿3rd equalities initiative5. The Staff Equality Report details the College's disability profile as fouows: The College disability profile s ot 31 Decernber 2023 was: Tot•1 Number Total qb of overall head¢ourt P4•le Wumber) Fomde (Nmb¢r) Disability No di56bility PreFer not to Say Unaware/Blank 76 13.8 25 51 321 58.1 125 196 12 143 25.9 75 68 Total 552 100.0 233 319 Notw % Figufe5hGve beenfovndedtoonedecimalplace This compares with the College disability proFile as at 31 December 2022- Totol Number Total * OF overoll headcount M•le (Nwnberl Female (Nufflber) Disability No disability PreFer not to say Unawar?/Blank 67 11.4 23 44 355 60.4 149 206 160 27.2 77 83 588 IlX).O 253 335 Not•.. % Figuies httvebeenroundedtoonederimulpl(Tce .47 It should be noted the College, which is a Disability Confident Employer, iontinues to work closely with occupational health to provide support For atky fflefflber OF staFF who ha5 01 who develops a health conditionl di5abilitywhich tnay ifflpact on their ability to do their job a150 piovide5 supportto 5taFFvia the Coitege's Efftployee A5515t6nce Programffle. TheCollegea150hasa nutnberof policie5and procedure5. allof whiih are 6vailable on the College'5 intranet Health &Attendance Policy- which includes a section on disabilityi incluentS l5 appiopriaie. Based on the wotk I have perForffled. I have not identiFied dny fflaterial uncertaintie5 relating to events or conditlOll5 that. individually or iollectively. tnay Cast sionifiunt doubt on the abilityof the college and its group to continue to adopt the going concern basis OF accounting For a period of at least twelve months From when the Financial statements are authorised Foi issue. These conclusions are not intended to, nor do they, provide assurance on the cuirent or Future f5nancial 5USt6in6bility of the college and its group. However. I report on thecollege's arrangefflent5 for financial sust6iTrobility a separate Annual Audit Repoft available Frotn the Auditscotlond website. 51 Risks OF material mi$5t•tement I report in myAnnual Audit Report the most signiFicant assessed risks OF material misstatement that I identified ond my judgernents thereon. Responslblutles of the Re9lonal Board for the Flnandal staten*nts As explained fflore Fully the Statement of the Regional Board's Responsibilities, the Regional Board is responsible For the pfeparation OF fiftancial statements that gtve a true and Fair view in accordance with the Financial reporting FramewofK and For such intemal control as the Reginal Board determines 15 Treces￿ry to enable the preparation OF linancial st6temeEkt5 that dre free Froffl fflaterial mi55tatefflent, whether due to fraud oreiroi. In preparing the financial statements, the Regional Board is responsible For ossessing the ability OF the college and its group to continlte as a going concern, disclosing, as applicable, mattels reL)ted to going concein and using the going coftcein basis OF accounting unless there ts an intention to discontinue the operation5 OF the college and its group. Auditor¥ responsibilities forthe auditof the Financial ststernents My objertive5 are to obtain reasonable assuranie about whether the Financial statefflent5 as a whole ale Free Froffl tnaterial tni55tatefflent. whether due to fraud or erroT. and to issue an auditor's feport that includes my opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with1SAs (UK) will always detect 3 material misstatefflent when it exists. Misstatements can arise Froffl Fraud or errol and are consldered fflaterial IF, individually or in the aggfegate, they could reasonably be expected to inFluence the decisions OF u5er5 taken on the basi5 OF these Financial 5tateffl?nt5. I(￿gularitIes, including fraud, are instances of non-compliance with laws ar￿ regulations. I de5ion procedurÈs in line with my responsibilities outlined above to detect fflaterial misstatements in respect of irregularities. inclLbding Fraud. Procedures include= Using my understanding OF the college sector to identify that the Further and Higher Education Iscotlandl Act 1992 and section 4411llcl OF the charities and Trustee Investment (Scotlandl Act 2005 are significant in the context of the college: Inquiring of the Callege Principal ar•d Vice Pfincipal Finance and Resources as to other laws or regulations that rnay be expected to have a Fundarnental eFfecl on the operations of the college," Inquiring oFthe College Principal and Vice Principal Finance and Resources concerning the college'5 policies and procedures regarding cofftpliance with the applicable legal and regulotory framework: DiscussRons arnong rny team on the susceptibility of the financial staternents to material misstaternent, including how fraud rnight Considering whether the audit tearn collectively ha5 the ppropriote competence and copobilities to identify or recognise non-compliance with t•W5 and regulotion5. 52 The extent to which ffly procedures are capable OF detecting irregularities, including Fraud, is affected by the inherent difficulty in detecting irregularities, the effectivene55 OF the college's iontrols, and the nature, titning nd extent OF the audit procedure5 perforffled. Iffegularities that result from Fraud are inherently more diFFicult to detect than irregularities that result From error as Fraud may involve collusion, intentional omissions, misrepresentations, or the override OF internal control. The iapability OF the audit to detect Fraud and other irregularities depends on Factors such as Lhe skilFulness OF the perpetrator, the Frequency and extent OF manipulation, the degree ofcollusion involved, the relative Size OF individual amounts tnanipulated. and the Seniority of those individuals involved. A Further description of the auditor's responsibilities For the audit of the Financial statements is located on the Finonciol Reportln9 Councils wébsitè. This description forms part oFmy auditor's report. Reporting on regularity ofexpenditure and income Opinion on regularity In my opinion in all material respects the expenditure and income in the Financial statetnents were incurred or pplied in accordance with 6ny43pplicable enactfflent5 and guidance i55ued by the Scottish Minister5. Responsibilities for regularity The Regional Board is responsible For ensuring the regularity OF expenditure and income. In addition to my responsibilitie5 in respect OF iiregularitie5 explained in the audit OF the Financial statetnent5 section OF ffly report, l atn responsible for expressing an opinion on the regularity OF expenditure and incoffle in accordance with the Public Finanie and Accountability {Scotlandl Act 2000. Reporting on other requirements Oplnlon prescrlbed by the Audltor General For Scotland on the audlted parts of the Remuneratlon and staff Report I have audited the part5 OF the Rernuneration and staFF Report described 65 audited. In ffly opinion. the audited parts OF the Rem¢Jneration and 5taFF Repoft have been properly prepared in accordance with the Further and Higher Education Iscotlandl Act 1992 and directions made thereundei by the Scottish Funding Council. other Infi)rmatlon The Regional Board 15 responsible For the other inForfflation in the annual repoit and occounts. The other information comprises the PerFormance Report and the Accountability Report excluding the oudited parts OF the Remuneration and staff Report. My responsibility is to read all the other inFoimation and. in doing so. ionsider whether the other infortnation is tn6teri6lly incon515tent with the Financial 5tatementS of ffly knowledge obtained in the course OF the udit or othefwise appear5 to be fftaterially misstated. If i identify such material inconsistencie5 orapparent material misstatements. l am required to determine whether this gives rise to a material misstatement in the Financial statements themselves. IF, based on the work I have perFormed, I conclude that there is a rnaterial misstatement OF this other information, l am required to report that Fait. I have nothing to report in this regard. 53 My opinion on the Financial statements does not cover the other inFormation and I do not express any form of assurance conclusion thereon except OA the PerFortnance Report and Governance statement to the extent explicitly stated iFb the following opinion5 Pre￿ribed by the Auditor General For S(otland. Opinions prescribed by the Auditor General forscotland on the Performance Report and Governance statement In tny opinion, based on the work undertaken in the course olthe audit.. The information given in the Perforfflance Report for the Financial year For which the fin•nci41 statements are prepared 15 con$i$tent with the financial 5taternents and that report has been prepared sn accordance with the Further and Higher Education IscotlaAdl Act 1992 and directions niade thereunder by the Scottish Funding Council. and The Énformation given in the Governance Staternent For the Financial year For which the Financial statements are prepared is conslstent with the f5nancial stotements and that report ha5 been prepared in accordance with the Further and Higher Education nal Boaid on 11th Deietnber 2024 ￿t￿s1￿ned on its behalF by.- chaiityNurn erSC021174 58 Consoudated Cash Flow Statement Y*af •Thded31 July 20Z4 Y￿r•nO*d 31 July 2023 Nt)tÈs Cash flowfrorn opetatlhg aCt￿ltieS (Deficit) kor the year (before tax) Adjustm•nt for non-cash it•ms 11,1861 13 2,272 Income other Croup non-iash incotne Ilncieasel/Decrea5e instotk 1srKreasellDecrease indebtors IDecrea5ellincre65e increditors IDecrea5ellnirea5e in Deferred Tax Pension èccountingadjustrnents nlhpr nftn-ca*h ilpm% linrlijding lfth FvHlu3linn Pfnvi%innl Adjustment for inve5tin9 or fin•nciTrg •Ct4Vit4eJ Investmentincome IT,2831 15 16 13521 17 13.2081 11 1291 68 11.6031 4376 159 12S11 Interest payable Net cash inflow Frotn Operating actMtie5 Paytnent5 tnade to acquire Fixed 655ets 881 143311 146191 15231 12,2461 Cash flows from financial activities Interest Paid Intere5telementof linanielease and service conce55ion payments Capital fijndinq used to acquire Fixed a55et5 Repayrnent50Fètnount5 boirowed 13 4,231 1.723 1,723 lthcrea5e in o5h and cash equsv&lent5 In theyeal Cash and cash equivalent5 at beginning OF year Cash and cash eqLiivalEnts atend of the year 8.675 8287 9.198 8,675 59 Note5 to the accounts- Forthe year ended 31 July2024 1. Statement of Accountlng Pollcles Basis OF prepèration These financial 5tatefflents have been prepared in accofdanie with the Statefflent OF Re(ommended Accounting Practice ISORPI 2019.. Accounting in Further and Higher Education,: the Financial Reporting standard5 FRS 102 and the 2023124 Governtnent Financial Reporting Model IFReMI. issued by the Scott15h Government and in accordance with applicable Acco¢Jntino Standards. They confofm to the Accounts Direction and other guidance issued by the Scottish Funding Council. These financial statefflents aro prepared under the historical cost convention fflodified by the revaluation OF certain fixed a55ets and liabilities to Fair value as detertnined by the relevant Iiounting Standard5, and Subject to the interpretation5 and ad6pt6tion5 OF those 5tandard5 in the FReM. These financial statements have also been preparod on the basis that the College romains a going concern. Thore ale Further comments on this issue on Page 41 OF these statements, as part OF the Govefflance statement Frotn the Board. Basis of consolidation The consolidated financial statefflents include the College and its Subsidiary undertakings, Aberdeen Skills and Enterprise Tra¢ning Limited and clinterty Estate5 Limited. Intra-group 5ale5 and proFit5 are eliminated Fully on consolidation. In occordance with FRS 102. the activitie5 OF the College Student's A550Ciation h&ve not been consolidated bec6use the College does not control those activities. Income recognltlon Incoffle From tuition fee5 is recogni5ed in the year in which it 15 receivable and includes all fee5 chargeable to students or theif sponsor Income From contracts and other services rendored is included to the extent of completion of the contract or service concerned. This 15 generally equivalent to the sum OF the relevant expenditure iniurred during the year aF)d 6ny related contributions towèrd5 overhead c05t5. Inioffle Froffl 5hoft terffl deposits is (Fedited to the incotne and expenditUFe account in the period in which it is earned. Donor imposed restrictions are recognised in income when the College is entitled to the funds. Income ts retained within the restricted reserve until such time that it is utiltsod in line with such restiictions at which point the income is released to general re5etves through a reserve tran5Fer. 60 Grant fufidlng Government revenue grants including Funding council block grant and research grants are recognised in income over the periods in which the College recognises the related costs For which the grant is intended to compensate. Where part OF a government grant is deferred it is recognised as deferred income within creditor5 and allocated between creditors due within one yeai and due after more than one year as oppropriate. Grants lincl¢Jding research gfantsl From non-governmentsourcesare reco9nised in incomewhen the College is entitled to the incorne and perFormance related conditions have been fflet. Income received in advance OF performance related conditions being met is recognised as deferred income within creditors on the balance sheet and ieleased to income a5 the conditions are met. Capital grants Goveinfflentcapital grants are recognised in income over the expected useFul life OF the asset. other capital grants are recognised in incoffle when the College i5entitled to the Fund5 subject to any perforfflance relfited conditions being tnet. Govefnment social fund grants Capital based Government Europeonsocial Fund grants are treated asdeFerred income in the balance sheet and credited to opeiating profit over the estimated useful lives OF the assets to which they ielate. Malntenance of Premlses The cost OF maintenance is charged to the Consolidated statement OF Compiehensive Income and Expenditure. Foreign Currency Translation Translations denominated in Foieign currencies ale recorded using the rate OF exchange ruling at the dates OF the transactions. Monetary assets and liabilitie5 denominated in foreign currencie5 are translated into Sterling at the r6te5 OF exchange ruling at the end OF the Financiol period with all resulting exchange diFFerences being taken to the incoffte and expenditufe account in the period in that they arise. Research and Development Research and development expenditure is written OFF as incurred, with the exception OF development expenditure incurred on an individual pioject, which is carried Forward when its future recoverability can reasonably be regarded as assured. Any expenditure caffled Forward is atnortised in line with the expected Future sale5 From the related project. 61 Accounting for retirement beneFits Retiretnent beneFits to efflployees of the College are provided by the North East kotland Pension Fund INESPF). which administers the Local Governfftent Per>sion Scheffle ILGPSI, and the Scott15h Teachers Superdnnu&tion Scheme ISTSSI, which 15 administered by the Scottish Public Pen5ion5 Agency ISPPA). These are deFined benefits 5cheme5, which afe extefnally Funded and contracted out OF the State Earnings Related Pension Scheme. North Éast Scotland Pension Fund (NESPO The contributions are determined by an actuary on the basis OF periodic valuations usin9 the projected unit method. The amount charged to tho Consolidated statement OF Cornprehensive Income and Expenditure represents the 5etvice cost expected to arise from employee service in the current year. Scottish Public PensionsAgency {SPPA) The College participates in the Scottish Teacher's Superannuation Scheme, a defined beneFit scheffle, which is externally Funded and contiacted out OF State eamings-Related Pension Scheme. The asset5 OF the 5chetne are held separately Ftotn those OF the College in a separate trustee-adfflinistered fund. The College is unable to identify its 5hère OF the underlying a55etsand li6bilitie5 ofthe Scheme on a cons¥stent and re650nable basis and thereFore, a5 required by Financial Reporting Standard 17 IRetirement BeneFitsl, the scheme is accounted For as iFit were a deFined contrib¢Jtion scheme. As a rosult, theamounts charged to the Consolidated statement OF Comprehensive Income and Expenditure represent the contributions payable to the 5chetne in the yeai. In the event of st6FF taking eady retiretnent. the full liability OF the College is calculated and ch61ged to the Consolidoted Incoffle and Expenditure Account on the year of retirefflent. with a corresponding provision being established in the 86lance sheet. DeFined Beneflt plan Delined beneFit plan5 are p05t-employtnent benefit plans other than defined contribution plan& Under defined beneFit plans, the College's obligation is to provide the agreed beneFits to current and former employees and actuartal risk (that benefits will cost more 01 less than expectedl and investment iisk Ithat returns on assets set aside to Fund the beneFits will diFFer From expectations) and irbvestment risk (that returns on assets Set aside to Fund the beneFits will diFFer From expectation51 are borne, in 5ub5tance, by the College. The Group should reiogni5e 6 liability For it5 obligation5 under deFined beneFit plans net OF plon asset& The net delined benelit li6bility IS Fneasvred a5 the estimated amount OF beneFit th6t employee5 have earned in return For their Service in the current and prior periods, discounted to determine its present value, less the Fair value lat bid pricel OF plan assets. The calcltlation results in a net asset, rocognition OF the asset is limited to the extent to which the College 15 able to recover the surplus either through reduced contribution5 in the Future or through reFunds From the plan. Aicoiding to FRS 102, an assel should be recogni5ed when it is probable that Future economic benelit5 will Flow and the costorvalue OF the 655et CaFb be reliably measured. In thi5 case, no a55et Is iecognised due to the level of future service contribution rate Employment beneFits short term etTrploytnent benelits Such a5 5alariesand cofflpensated ab5ence5 are reiogni5ed a5an expense in the yeaf in whioTrding lease liabilitie5 are initially recognised at an afflount equal to the lower OF their F6ir value and the present value of minitnutn lease payments at inception OF the lease. Minimum lease payments are apportioned between the Finance charge and the reduction OF the outstanding liability. The Finance chaige is allocated to each peiiod during the lease term to produce a constant periodic rate of interest on the refflaining bal6nce of the liability. The lease that the College entered in to For the facility at Ellon has been recogni5ed over 6 5 year period. being to the first break clause of the lease. Operating leases C05t5 in respect oFopeFating lease5 are charged on o stroight-line ba515 over the lease tertn. Any lease pretniutn5 or incentive5 are 5pfead over the minitnufft lease term. Flxed assets Asset5 that have physical substance and are held For use in the Supply OF 5eivices. or Fof 6dwninistrative purposes, and that are expected to be used durin9 more than one Financibl year are classiFied bs Tangible Fixed Assets. classification as a tangible fixed asset is SubJ￿t to a de minimis level oF£10,000 For vehicles, plant and fflachinery. Fixed a55ets are stated at fairvalue le55 accufftvlated depreciation and accufflulated impairtnent1055e5. where parts of 6 Fixed o55et h6ve diFFerent U5eFul lives. they are accounted for a5 separate items of fixed assets. Land and buildin95 Lond and building5 are measured using the revaluation fflodel. Undef the revfjlvation model. and in cornpliance with the FReM. assets are revalued to Fair valve. The College has a policy of ensuring a Full revaluation takes ptaie every 5 yeais, supplemented by an interim proFessional valuation in year 3. Depreciation and impairment losses are subsequently charged on the revalued amount. Costs incurred in relation to land and building5 after initial purchase or construction, and prior to valuation. are capitalised to the exteFbt that they increase the expected Future benefits to the College. FrÈehold land is not depreciated as it is considered to have an indeFinite useFul life. Freehold buildings ole depieciated on a strai9ht line basis over their expeited usefvl lives as estimated by the valuer, ranging Frotn 20 years to 60 yeafs. Leasehold land 15 depreci6ted over the liFe For the lease up to a fflaximuffl o year5. No depreiiation is charged on assets in the course OF construction. 63 Equipment Equiptnent. including cofflputer5 and soFtw6re, costing less than the de minifflis per individual item is recognised as expendittsre. All other equipment is capitalised. Capitalised equipment Trs st3tod at cost and depreciated over Lhe useFul liFe OF the asset a5 advised by a 5Ultably qualiFied officer, ranging From 3 years to 20 year5. Dekireiiation methods. u5eFul live5 residual values are reviewed at the date OF preparation OF each Balonie sheet. Intangible assets and Goodwlll Goodwill af15e5 on consolidation and 15 based on the difference between the Fair value OF the consideration gtven For the undertaking acqLtired and the Fairvalue OF it5 separable net 6SsetS t the date of 6cqui51tion. Goodwill is subject to pefiodic impaifment review as appropflate. Negative goodwill is afflortised over 5 yeais Of the service lives OF long lifo assets to which the goodwill is attributed. Investments NoA-current asset investments are held on the Balance Sheet at afflortised cost less inipairtTrent. Inve5tfflent5 Én subsidiaries are cartied at C05t Ile55 impairfflentl in the College'5 (counts. Cufrent asset investments are held at fair value with movements recognised in the Surplus or DeFicit. stock Stocks consist OF catering ttems. Stocks are stated at the lower OF their cost and net realisable value. wheie necessary, piovision is fflade For obsolete, slow moving and deFo(tive stocks. Cash and cash equivalents Cash include5 Cash in hand, dep051t5 repayable on defftand and overdraFt5. Dep051t5 are repayable on demand IF they are in practice available 24 houis without penalty. Cash equivalents are short term, highly liouid investments that are readily convertible to known amounts OF cash with tnsigniFicant risk oFchange in value. Provlslons, contln9ent Ilabllltles and contlngent assets Provision5 are iecogni5ed in the Financial statetnent5 when= The College has a present obligation (legal or constructivel as a iesult of a past event; It 15 probably that an outflow OF ￿on0￿1[ beneFit5 Wtll be required to settle the obligation-, and A reliable estifflate can be fflade OF the attbount OF the obligation bl The amount recognised a5 a provi￿0￿ 15 deterrnined by di5COUWlting the expected future cash Flows at o pre-tax fate that reflects risks speciFic to the liability. 64 A contingent lièbility ali5e5 From a p65t event that gives the College 6 p055ible obligation whose existence will only be conlirmed by the occu￿ence OF otherwise uncertain future events not wholly within the control OF the College. Contingent liabilities also arise in the circvmstonces where a provision would otherwise be made but either it is not probably that an outflow OF resources will be iequirod or the amount oFthe obligation cannot be measured reliably. A conttngent a55et arise5 where an event ha5 taken place that give5 the College a t)055ible a55et whose existence will only be confirffled by the occurrence or othefwise OF uncertain futu￿ even not wholly within the control of the College. Contingent assets and liabilities are not recognised tn the Balance sheet but are disclosed in the notes. Taxation The College is an exempt Charity within the meaning OF the trustee Investment and Charities Ikotlandl Act 2005 and. a5 such, is a charity within the ffleaning OF section 506111 ol the Income and Corporation Taxe5 Act 1988. The College is fecogFbi5ed as a charity by HM Revenue & Cu5t0fft5 and is reco¥ded on the index of ch6ritie5 tn6intained by the office OF Scottlsh charity regulator. It is therefore a charity within the meaning OF Para 1 of schedule 6 to the Finance A(t 2010 and accordingly, the College is potentially exempt From taxation in respect OF income or capttal gains received within categories covered by section 478-488 OF the Corporation Tax Act 2010 ICTA 20101 or section 256 OF the Taxation OF Chargeable Gains Act 1992, to the extent that Such income 01 g6ins are applied to exclusively chafltable purposes. The College receive5 no similar exemption in Te5pect of V61ve Added T6x. Irrecoverable VAT on inputs is included in the costs OF such inputs. Any irrecoverable VAT allocated to Fixed assets is included in theii cost. The College subsidiaries are liable to Corporation Tax in the same way 65 any other comfflercial organi56tion. DeFeffed tax is provided in Full on timing differences which result in an obligation at the bolance sheet date to pay more tax, or a right to pay less tax, at a future dote, at fates expected to apply when they crystalize based on currefit lates and law. Timin9 difFerences arise From the inclusion OF itetns OF incotTbe and expenditUTe in taxation computations in periods diFFerent from those in which they are included in Financial 5tatement5. DeFeffed tax I55et5 are more likely th6tTr not to be recovered. DeFetted t6X a55et5 and liabilitie5 6Fe not discounted. other restiicted ieserves include balances where the donor has designated 6 speciFii purpose and theiefore the College is restricted in the use OF these Funds. 65 Agency Arrongements The College acts as an agent bn the collection and payment OF certain Student 5uppoit Funds. Those Funds are excluded Frotn the College Income and Expenditure Account and tnovements have been disclosed in the notes to the accounts. Where the College ha5 more discretion in the tnanner in which specific fund5 are di5bur5ed, those Fund5 do not meet the definition OF gency Fund5. the income and expenditure relating to those Fund5 ère shown in the College Income and Expenditure Account. Subsequent Expenditure on Fixed A55ets where significant expenditufe is incurred on tangible fixed assets it is charged to the income and expenditure account in the pefiod it is incufied, unless it meets one of the Following criteiia, in whith case it is capitalised and depreciated on the relevant basi where the subseouent expenditljfe provides an enhancement of the economic beneFits OF the tangtble Fixed asset in excess OF the previously assessed standaid of performance., Where a component OF the tangible Fixed asset that ha5 been treated separately For depreciation putP05es athd depreciated over its individual u5eFul econotnic Ikfre, is replaced or restored., or where the 5ub5equent expenditure rel6tes to a Fnajor inspection or overhiul of tangible Fixed a55et that restores the econoFnic beneFits of the asset that have been consutned by the enttty ond have already been reFlected in depfeciation. 66 2. Impact of Depreclatlon Budget on Statement of Cornprehenslve Income 2023Q4 IDeFicitl before other oainsand losseslFEIHE 50RP basiql 12,8501 Add= Depreiiation budget Forgovernment ftsnded èssets Inetof deferred iapitalgiantl foiacademicyear 1,161 Operating Idelicitl onlet¥tralGiwernmentaicounting basi5. 11,6891 1251 Following reclassification, colleges received a non-cash budget to cover depreciation but thi5 additional budget is not recogni5ed under the FE/HE SORP accounting wle5. College5 may Show a deficit equiv6lent to net depreci6tion asa result OF hèving to meet GovefnFnent accounting rule56nd the fequiietnent to spend the entlfe cosh allocation. Under the FE/HE SORP, the college recorded an operating deficit ol [2,850,000 For the yeai ended 31 July 2024. AFter adjusting for the non-cash allocatioft provided under government rules, the college shows an~adju5ted" deFicit OF £1.689,000 on a Central Govefflfflent accounting ba515. Th[5 demon5trate5 th6t the college isoperating su5t6inablywithin it5 Funding allocation. 3. Tuition Fees And Educ4tion Contr•cts. Year•Thded 31 July2024 £'ooo Y￿r •Nl•d 31 July2023 Group College 4,926 Group College 4,005 Full-titne home and EU students 4,926 346 4,￿5 Full-time IntÈrnaEionbl students 269 269 Tot•1 F*è$ pald byor ofi behalf oFlftd5¥ldu•l students 5272 5.272 4274 4274 Educationcontracts.. otherTuition 2,364 1,262 2,401 1,(M)3 Skills Developtnent Scotland 1,262 1,003 3,626 1,262 3,404 1,003 Total 4534 ?￿7# 5.277 67 Funding BodyGrants-Adjusted Y••r •nd•d 31 July 2024 Y•4r•nd•d 31 July2023 'ooo Recurrentgrant 5iott15h Futbding CouniillSFcI Sp•cific9rants Childcare funds Group Colleg• 36281 Group (411￿9e 34,952 36281 34,952 465 433 433 Relea5eoFcapitalgrat 1A77 1A77 1283 1.283 other 5FC orant5 1.802 1￿02 5,764 5,764 Total 40.025 40P25 42,432 41432 5. Other Income Ye4f ended 31 July 2024 'ooo Ye•r*r￿ed 31 July2023 'ooo Group College Group Couege Residefices, 4,857 4,748 Re5tructunng cost5 866 33.952 32,185 31,629 Teaching departrnertS 17.764 17,701 18,184 18,045 Tea(hing Supportse￿(e5 1226 1226 1.235 1,235 Administrationand 1,573 4,262 4,961 2.195 41Z7 4,478 5,144 17. Creditors: Arnounts Falling Due Within One Year-Adjusted 37 July ZOZ4 31 July Z023 Group Group Coil•g• 'ooo £'ooo fradepryables 196 1Qg 109 Accruaband deferredincotne 11,944 11,778 12,053 11,887 74 18. DeFerred Tax The deferred tax bability recognised in the Financial statemeftts is as follows: 31 j￿2024 31 Juiy20ZS Group Coli•g• Group Coll•g4 'ooo 'ooo AssetllLiabilityl brought forward othertnovement in balance Incomeand Expenditure movernentinperiod 29 Asset/lLiabilityl carried forward 19. Creditors.. Amounts Falling Due After More Than One Yeor 31 J￿lY ZQZ4 31 July ZQZ3 Group Coli• Group Coli49• ooo £'ooo Deferredtncome 43,660 43,572 40,946 40,8IB 43,660 43,572 40,946 40,818 20. Provlslons Pension costs arlsln9 fvom rly rotlrement Job Evaly•tl¢>n exercls• P•r•slon costs arlsifig Frotn ••rly r•tir•m•nt Job Evalua¢lon Exerclse Group and Cr¥ll•94 2024 Total 2023 Tot•t 'ooo 'ooo 'ooo E'O(XI AtBeginnin9of Year Additionavlreduced) provision in period 3.982 3.982 5,788 110061 5,788 11P061 3￿17 3I17 At Y•ar EDd 3.982 3￿17 7,799 3.982 3,982 An amount OF £3.982.00012022-23'. £3,982.0(HJl rep￿sentS Future pension costs arFsing from early feticements. The amount of f 3,817,00012022-23.' niD represents a provision made For costs in relation to the national Job Evaluation exeicise. .75 21. Restrlcted Reserves è5er¥es with restrict40ns areas follows.. 24 Tot•1 Total E'O(K> £000 Balance at l August 2023 215 New Donalions 2W Expenditure 11421 At 31 J¢Jly 2024 2023 Total Total É'O(K> É'ooo AnJlysi5 DFotherTestrict?d fund5ldonation5 bytype OF purpos Prizefunds Donation ForFrasetbufqh 301 243 306 22. Cash and Cash Equlv41ents Group At 1 August 2023 E'OOO Cash Flows I'ooo At 31 July2024 £'ooo Cash and Ca01 Eouivalent£ 8,675 13871 8,2A7 8,675 13871 8,287 CoUe9e At 1 Au9USt2023 £'ooD Cajh Flows 'O(K> At31 July 2W f￿00 Cash and Cash Eovivalent5 7,887 74 7,961 7.887 74 7.961 23. Capltal and other commltments 'Pmi5ioTrha5 not been tnade for the Following capital cottbmittnents at 31 July 2024 VeireThded31 July 2024 Yeirended 31 23 Group ColL•g• Group Coll•g• E'ooo E'ooo E'OOQ CapitalCommitrnent5aUthorised and not contracted for 1360 1.360 3,783 3,78.1 1?60 3,783 3.783 76 2Q Contlngent LlabNltles There are no cotbtingentliabilitie5 at 31 July 202412022-23-. nonel. 25. Lease Obligations At the period end the Gioup and College had annual commitrftents under noTr(ancelLible operating leases as follow5= Y•ar•nd•d 31 Jvty207A Grou V*hltles JIMY 2023 M•chlnery E'OOO Payable durin9 theyeat 31 36 76 Future minirnurn lease paymentgdue- Notlaterthan 1 yeaf 56 l atpr Fhan 1 ypar and nnt latH thhn 57 Total lease payttientsdue 113 Y•ar•nd•d 31 Jdy2024 Pl•nt& Tot•1 31My 'ooo 'o(NJ 'ooo Payable during the yeat 33 73 Future minirnum lease paymentsdue= Notlater than 1 year 54 43 Later than l yeèr and not later thin 5 57 57 63 Totallease payfflet>tsdue 77 2& Accoufttlng Estlmates and Judgements The Finattrcia15tatetnent5contoinestitn6ted figuresthat 6fe based on a55umption5 made by the Collegeabout the Future of that are otherwi5euncertain. Estifflote5aie made taking into consideration historicalexpefience. current trends and othec relevant Fa£tOfS based on the inFormation available to the College at the time OF preparing the Financial statement However, because balances cannot be detertnined with certainty, actual iesults could be tnaterially diFFerenl Frofft the assumptions and e5tifflates. The item5 in the College'5 Balance Sheet at 31 July 2024 forwhich theFe is a signiFicant risk of material adjustment in the FoFthcotning Financial year are ès Follows: lal Pen$ion$ Liabilty EstimatlOA DF the net liability to pay pefisions depends on a number OF coffiplex judgements relating to the discount rate used, the rate atwhich salaries are projected to increase, changes in retirefflentage5, mortality rates and expected retums. on pension fvnd assets.A firm OF con5ultitbg actU6Fie5 is engaged to provide the College with expert aifvice about the 55umptlOn5 to be applied by the College in estitYb6ting these value5 at the balance Sheet date. The actuarial inputs into the pension liability valuation are subject to annual review, and have a signiEtcant ittbpact on the potential valuation. Historically it is common For sm311 changes in the discount rate, salary assuniption rate and pension rate to have material impactSOFh the ye6rend valuation50na ye&r toyeai ba51& Given the h￿tOry OF signilic6nt cha￿ge5 to liability valuations in the past. the ongoing 5en51tivity to future change5. and the requirement to update assumptions annually, the College expects future liabilities to continue to change significantly going forward. More inFormation on the keyassufflptsons used in the actuarial valuation oFthe estifflates 15 vail6ble in Note 30 to the account5, including ÉnFortn6tion on the key a55UfflPti0115, risks and 5en51tivitie Ibl Valuation of Property The valuation oFthe College's estate which is subject to revaluation are subject to srgniFicant estimation due toa numberoF Factors, including ongoing changes toestitnatesaround the costs OF replacing existing 3ssetS, the maiket value fluctuation OF cofflparable a55etS used forvaluation. the current condition and future maintenance costs OF 655et5. changes to regulatory 5tandard5 and the retTraining useFul economic IFves OF the a55et5. Given the matefial nature of the College's assets, there is a high likelihood that changes in these estimates will result in matertal changes in the valuation of ossets on the balance sheet. The total value of the College's assets at 31 July 2024 is outlined and broken down by asset category at note 13. Latbd 6nd Buildings were independently valued For the purpose OF the financial 5t6tements by F G BuTnetL Property ConsultaFbt5 in 2023124. 78 27. Subsldlary Undertakln9S The 5ub5idiarycompanies (all OF which are reg1Steied in S(otiandl. wholly-owned or efFectively controlled by the College. are a5 Follow5.. Company PrlnclpalActhrfty Aberdeen Ski115 & Enterpri5eTraining Ltd Provision oFouality educationand training 100% owned ClintertyEstate5 Ltd fv1anagementof College'sleaching Farrns 100% owned 28. Retsted Party Tran5aCtion5 Due to the nature of the College's operations and the composition OF Regional Board Ibeing drawn Froffl local public and private sector 01ganisationsl, it 15 inevitable that tran5aCtion5 will t6ke place with organi5atlOn5 in which & membei of the College'5 Region61 Board tnay have an interest. All transaction5 involving organisation5inwhich a tnember oFthe Regional Board may haveo matefial interest bre conducted at arm's lenoth ond in accordance with normal project and piocurement procedures. The College had transactions duting the period orworked in partner5hipwith the Following publicly Funded or iepre5ent6tive bodie5 in which fnernbers oFthe Regional Board hold or held oFFici61 p051tions. The bodies tknt the College had tran5aCtion5 Wlth thfit were over £5,000 were, Abewdeen Foye¢. Colleges *otland, the Robert Gordon UniveFSlty. the Unsversity oFAberdeen, Aberdeenshire Council, Energy Transition Zone Ltd and Peteihead Engineers Developmefit Limited. is a Diiector OF Petefhead Engineer5 Developtnent LitnTrted. The College received sncome of £61,110 duriFbg the year12022-23- £56.2481. with no payment5 tnade eitheryeor. was on Enefgy Tfansition Programme Director at Energy Transition Zone Ltd. The College receivÈd income OF £330.706 during the year12022-23- E36,0151, and made payfflenLs OF £500,000 during the year12022-23 nill. is a Board Member OF College Siotland, athd a Board Meniber OF Robett GordoFb Unoversity IRGUI. The College made paymetkt5 OF £77.010 dufing the year12022-23- £68,110) to College Scotla￿d. and For RGU thecollege tnade payment5 of £205.22212022-23 - E178.820I and received incomeoF£456,645 during the year12022-23- £603). is Vice Principal For Strategy and Pl6nning at the Robert Gordon University. The College made payments OF £205,22212022-23 - 1178,8201 and received incoffle OF 1456,645 during the yeaf12022-23-£6031. 79 Is a Councillor with Aberdeenshire Council, and a Board Member OF King's College Project with University oFAbeideen. ForAberdeenshÈie council, the College tnade a paytnents OF 18,922 12022-2023- £15.01016nd received incomeoF£49,535 during theye6rl2022-2023- £43.7211. For Unwer5ity oFAberdeen, the College fflade payfflents OF £74.745 {2022.23. É65.4721, and ieceived income OF £54,817 during the year12022-2023- £54,915). is chieF Executive OF Aberdoefi Foyer. The college made payments oF1414,2491202>2024 -£419,888) and received no incotne during theyear {2023-2024- £3311. Oryani5atio Posltion College Scotland Robert Gordon UnNeNty Boaidmetnber Board Mefflber Peterhead EngineeisDeveloptnent Ltd Chairtnan Aberdeen5hireCouTrcil UniVer￿tY oFAberdeen Councillo Bobrd tnember oFKing'sCollege Ptoie(t Inergy Tfan5ition Zone Itd EnergyTransition Progratntne Directof Robert Gordon University Vice t¥incipalfor5trategy3Dd pl￿n￿ Aberdeen Foyer Chief EX￿Utive 29. Student Support Funds Bursaries and other Student support funds Hard￿1P y••re1￿•& 31 Juty20Z4 I￿atended 31 Juty2023 £￿00 £'ooo £'ooo At 1 August 2023 IR62 035 Atlocaiion recerved in period 6￿23 4538 9?60 9.063 Repaid to5FC 112021 {126zI 11035) Expenditure in period 16A691 12.5381 12991 193061 17.8011 At 31 July 2024 1.262 Represented by. Prereceived incoff fro reptyl 1262 (to be used in 241251 1262 Scott15h Funding Council grants are 6vailable solely for students, the College act5 as paying ager¥t. The Scott15h Funding Council has thisyearaccounted For these fund5 Strictly within the 6llocations per academic and fiscal yeais. 80 FE ond HE childure Funds Yeatended 31 Jufy 2024 Y*•r ended 31 Juty 21Y23 At 1 August 2023 61 AilocatTOn reieived in peiiod 465 432 Re￿id to5FC ExpendtbJie in period 14651 14321 At 31 July2024 R•pr4s•fit•d W. Pfe receNed intome childcare Fund transactions are included within the College Income and Expenditure Account. The inconTre is included within F￿ndIng Body Grants, and the expendittjre is included within Other Operating Expenses in accordance with the Accounts Directton issued by the Scottish Funding CoutbciL 30. Pension Contributions The College's employees belong to one OF two principal pension schemes, tho Scottish Teachers Superannuation Scheme ISTSSI and the Noith East Scotland Pensions Fund Schetne INESPFI, whith are the deFined beneFit type. The STSS sihetne is a notion61 fund 6tbd there are 5peciFic regulation5 regording the b65is on which the actuarial valu&tlOll should be carried out. The 655et5 OF the NESPF scheffle ale held in a separate, trustee-odministered Fund. Pension Estimates A5 a iesult OF a High Court decision on 26 0(tober 2018, pension schemes which have members with Guaranteed Miftitnutn Pensions IGMPSI must take action to address inequalities in those GMP5 IF they were contracted-out OF the State scheme between 1978 6nd 1997. The High Court ruling on 26 October 2018 create5 an obligation on that date Fof the Tru5tee5 to atnend the 5cheffle rule5 to flect the con5eouence5 OF the ruling. As the Government believe the judgement itselF will not aFFect benefits, there is no speciFic allowance for GMP eq¢Jalization in the accounting liabilities For the year ended 31 July 2024. In December 2018 the Court of Appeal in England and Wale5 upheld claims that the transitiOFb61 protection5 afforded to older ffletnbers OF public 5etvice pension 5chetne5 were unlawfully age diKritninatory. Tfansitional protection is the policy which 6llowed soffte older worker5 to Stay i the old, unreformed pension schemes, instead of being moved to new career-average schemes with higher pension ages in 2015. In most schemes t¥ansitional protoction meant that those within 10 years OF their schemes. nortnal pension age as at 1 Aprtl 2012 retained mefftbership OF their pr*2015 schetne, the Majority oFwhich were Final-salary schemes. The Employtnent Tribun61 ha5 now to determine how this di5Ctitninatson should be rectiFied in those 5chetne5. In an onnouncetnent tnade on 15 July 2019. the Govefflfflent accepted that the Mccloud judgefftent fflean5 discrimination fflust a150 be rectilied in the wider public service. Our actu6rie5 have included an allowance For this j¢Jdgement within the Figures disclosed in this note. Mole general inForfflation is given on Lhe estimatbon OF the pension liability in note 26. 81 North East Scotland Pensions Fund Scheme {NESPF) The North East 5(otland Pension Fund is a Statutory multFemployer deFined beneFit scheme. It is administeied byAberdeen Cily Couniil in accordance with the Local Governmerbt Pension Scheme (Scotla[￿) Regulations 2008, a5 afflended. A Fortnal triennial valuation of the North East Scotland Pension Fund wa5 last car¥ied out at 31 March 2023 by Mercers. The principal actLFaiialassumptions used by the actuaryare 35 Follows.. 31 July 2024 31 July 2023 4bpa Pen5Fonincfea5eFate 2.8% Salaryinirease rate 4.1WJ 4.2% DbSCOUntfate 5.2% Average future liFe expeitancie5 aE age 65 a¥e 5Utntnari5ed below fora male Ifemalel.. CurrentpensK>ftefS mèie/lFemalel 20.6123.01 Future pen5ioner5 in 20yeat5' btp 21.9124.71 The employer contributions Foryear to 31 July 2025 will be approximately É1,102,0(M). The 655et5 in the 5(hetne are.. A5Mt4llocatSon Tniu•at 31 J￿Y 2024 Ass•t •llo(4tl• v•kn••t31 Jufy 2023 I'ooo Equities 64785 57,541 Gr)vefnment Bonds 6.011 6,015 Property Cash 6.901 6.516 3.228 3,509 other 30,389 26,665 100,246 82 The total pension cost to the College in the period was £14,00012022-23.' E2,000,oooI. The diFFerence 15 due to a ffluch higherallocation OF interest on the assets, and a much ieduced current 5etvice cost, as per the Figures In the table, below. The contribution late payèble w65 18.73% For the year12022-23.. 23.4%). The amount5 recognised in the SOCIE are as Follows.. Year •nded 31 July 2024 Y•ar•nded Jl Juty2023 Ch•rgèd to st•FFc•st Currentservice Cosks 112871 1341 12,0411 Total Charg•d to Staff Costs 11?72) (2￿72) Crtdltlrhafge for n•t returh•n ￿￿$10th schèth Interest Incotne 5.194 1,516 I)￿36) 13,4441 N4t Int•r•st Earn•d/lchar9adl 1?58 72 Creditlcharge toothercomprehenjive bncon Retum on Assel5 16,6191 981 otherExperience 142081 13,5601 Gains and lossesafisingon changes ip Financial aswrnptions Iu441 28.651 ActuarialGain Total ch4r9e t<• rhe SOCI Anoty5is oFthe movement in deficitdurrn9 theyear rplus in scheme atstart oFyear, but nat recognised in accaunts Z5547 1,278 Service Costs 12,0721 Employercontributions 1.617 2,191 Curtailtnent5 Net interest income 1?69 Actuarialgainluoss 192 24,066 Surplus ifi sthemeètefid ofyear. but not recogfiised in acCo￿At5 27353 25.547 Aciording to IAS 19. a surplu5 in & deFined benefit plan should only be recogni5ed to the extent that the College is able to recover the Surplus, either through reduced contfibutlOn5 in the Future or through reFunds From the plan. In this case, no asset is recognised due to tho level OF Future service contribution rates120.6%1 boing greater than the iaLes used by the actuary For the College's Future accounting Service costs115.8%1. This ensures that the Financial position OF the ponsion schetne accurately reFlects the econotnic beneFit5 that can be obtained From the plan. 83 changes in the present value OF the defined 6eneFit oblig47tion are as follow5: ' Y•at ended 31 July2023 31 July2024 £'ooo Opening defined beDefitobligation 74,699 101,923 Currentsetvice c05t 1287 2,041 Interest£ost )￿25 3,432 Contribution byfflembers 527 522 Re-tneasufementoFliabilities 6827 125,0471 EfFect of iurtailtnents 51 Benefitspaid 12.8551 Closing d•Fin•d b•n•fvt0b￿9atJ0Tr 83961 74,699 exclude5ufj[undedbenefits Y••r•nd•d Jl Jly 2024 Y•w •nd•d 31 July2023 HistoryoF4xp•ri•nc4 gainsllloss•sl ScheTne a55els 111?14 100,246 DeFined benefitobligation 183,9611 174,6991 ImpacloFa55etceilin9 (273531 125,5471 N•t P•nslon Llabluty the transactions in respectof the North East Scotland Pension which are now included brb the accounts as requifed by FRS 102 are a5 Follows.. Analysi5 OF the afflount charged to 5tafE costs (Note 7) Y••r •nd•d 31 July 7024 Y••r ￿d•d 31 July 70Z3 Current service cost 1,287 2,041 Admin Expenses Curtailmenrs 31 51 Total operatin8 char8e IA72 2,072 84 Scottish Teochers Superannuation Scheme (STSS) The College participates in the Scottish Teacherfs superannuation Scheme. The scheme is an unfunded statutory public service pension s(heme, with benefits underwfltten by the UK Govoinment. The hetne is financed by payfflents from etnployers and from those current employees who are ffletnbers of the scheffle and paying contribution5 at Pfogre55ively htgher tndrgiwb61 rates b65ed on pen5Fonable pay, as specified in the regulation& The Fate of efflployercontribution5 15 Set with reFeience toa funding valuation undertaken by the scherne actuary. The last foufryearly valuation wés undertaken as at 31 March 2016, which set an employef contribution rate of 23%- up From the previous fate OF 17.2%. However, a Scottish statutory Instrument15s11 was passed in June 2024 to agree a Furthor bnciease in the employer contribution late From 23.0% to 26.0% OF pensionable pay as From 1st April, 2024, and an anticipated yield OF 9.6% efflployee contributions. This SSI was passed to fflirror the 51tuation in England and Wale5, whereby the UK Goveinwnent decided to reduce discount fates used in the valuation process. and thereFore increase the costs to be bofne by employers in the scheme. The College ha5 no liabilityfor othei employeis. obligations to the fflult1-employersd￿tne. A5 the scheffle 15 unFunded, there can be no deftcit or 5uipIu5 to distribute on the winding vp OF the hetne or withdrawal Froffl thét s(hetne. The scheme is an vnfunded multFemployerdefined beneFitstheme. It ￿ accepied that the scheffle can be treated For accounting purposes a5 a defined conttibution schetne in circumstances where the College is unable to identify it5 share of the undetiying a55ets and liabilities ofthe %heffle. The employer contribution rate For the period from 1 April 2024 1$ 26% of pensionable pay. The employee late applied is variable and is anticipated to provide a yield OF 9.6% OF ponsionable pay. While a valuation was caiiied out as at 315t Maich 2016, it Ks not P055ible to say what deFicit orsurplus tnay aFFect Future contributions. Work on the valuation was Suspended by the UK Govefflfflent pending the dea5ion froffl the Court of Appeal IMccloudlJudiciary 5cheffle}/Sargeant IFireFighters' Schetnel Case51 that held the transitional protections provided as Port of the 2016 feForfft5 was unlawFully d¢s(riminated on the ground5 OF age. Following consultation and dn announcement in February 2021 on proposals to remedy the discrimination, the UK Government has also asked the Government Actuary to review whether, and to what extent, the lost control mechanism is tneeting its original objectNes. The 2020 actuarial valuation5 will take the report's Findings into account. The interitn report ts complete Ire5trictedl and is currently beitLg FinalKsed with a consultation. Group Personal Pension Plan In addithon, the subsidiarycofftpanyopefate5agroup personal pension plan foremployees providing beneFit5 based on deFined levels oFcontribution. These are accounted through the SOCI as payment5 to the plbn. 85 4. Appendix 1 Scottish Funding Council- Accounts Direction It is the Scottish Funding Co¢Jncil's direction that institutions comply wtth the 2019 statement OF Recommended Practice-. Accounting For Further and Higher Education ISORPI in preparing their annual report and account5. Instttvtioris fflust comply with the accounts direction in the preparation of their annual report and accounts in accordance with the Financial Memorandum with the Scoltish Funding Council ISFCI or the Regional Strategic Body IRSBI (For a55igned colleges1. Incorpor6ted college5 and Glasgow College5. Region61 Board ofe also required to complywith the GovernFnent Financial Reporting Manual 2023-24 IFReMI whewe applicable. In cases where there is a conFlict between the FReM and the SORP, the Ibtter will take precedence. Incorporated colleges and Glasgow Colleges, Regional Board must send two copies OF theirannual report and accounts to the Auditoi Goneral For Scotland by 31 December 2024. The annual report and aciounts should be signed by the chieF executive oFficer/ Executive Director and by the chair, or one othei metnber OF the governing body. 86