King Edward VI College INDEX

Transcription

King Edward VI College
Financial Statements for the year ended 31 July 2014
INDEX
Page
Operating and Financial Review
2
Statement of Corporate Governance and Internal Control
18
Statement of Responsibilities of the Members of the Corporation
23
Independent Auditors’ Report to the Corporation of
24
Independent Auditors’ Report on Regularity to the Corporation of
26
Statement of Principal Accounting Policies
27
Income and Expenditure Account
31
Statement of Total Recognised Gains and Losses
32
Statement of Historical Cost Surpluses and Deficits
33
Balance Sheet
34
Cash Flow Statement
35
Notes to the Accounts
36
1
Nature, Objectives and Strategies
The members present their report and the audited financial statements for the year ended 31 July 2014.
Legal Status
Board of Governors
The College became a designated independent institution on 1 April 1993 under the Further and Higher
Education Act 1992. The Governing Body of the College was not granted corporate status at that time.
On 1 April 2001, however, the corporation was established under the Learning and Skills Act 2000 for the
purposes of conducting King Edward VI College, Nuneaton.
The College is an exempt charity for the purposes of the Charities Act 2011.
Trustees
Land and buildings valued at £3,394,000 (net book value at 31 July 2014 - £2,263,000) on a depreciated
replacement cost basis at 1 April 2001 are in the ownership of the Trustees of the King Edward VI
Foundation and the Swinnerton Bequest. The Trust has a number of elements of which one relates to
the education of young people in Nuneaton and the surrounding area. The College delivers education in
the Trustees buildings on their behalf, but there is no formal leasehold agreement between the Trustees
and the Governors.
Nevertheless, the Governors have concluded that the College enjoys a sufficient amount of the risks and
rewards associated with the Land and Buildings that they have included them within the financial
statements.
The fixtures and fittings, previously owned and maintained by the Local Education Authority, were
transferred to the Governors on 1 April 1993. These fixtures and fittings are recognised in the financial
statements as Equipment.
Vision
Our Vision: to be an Outstanding Sixth Form College.
Our Vision is of an independent College enabled, by virtue of its size and breadth of provision, and also
as a result of its strategic direction and the strength of its ambition, to play its full part in education in
Nuneaton and the surrounding areas for many years to come: building on the strong academic
performance and ethical traditions of its long and successful history.
The medium/long term strategic vision is that King Edward VI College will be an independent high
performing Sixth Form College, offering, at level 3, a programme with an unrivalled choice of AS/A2
subjects, and some vocational curriculum components for 16-19 year olds in the Nuneaton and Bedworth
area. The College has an excellent reputation and is characterised by high-level achievements delivered
through personalised programmes with excellence in teaching and learning, in a safe, secure, pleasant,
fit for purpose and supportive environment. The College will continue to have high levels of progression
to Higher Education and employment with training.
The College strap line is; “The Sixth Form Specialist…Our History is Your Future.”
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Nature, Objectives and Strategies (continued)
Mission
Our Mission: to be an independent center of excellence in advanced level education which realises
potential and promotes aspiration and achievement in an environment in which students and staff are
supported, challenged and encouraged to reach for the best in everything they do.
Implementation of Strategic Plan
Our Values
Our core values are to deliver the highest quality in all that we do; to put the student first and at the centre
of all that we do; and to promote a fair, open and respectful culture.
We value: punctuality, reliability, determination hard work, high standards, high aspiration and high
achievement. We pride ourselves in a welcoming, caring, supportive, safe environment for students: each
of us with individual and collective responsibility for initiative, innovation and creativity. We see teamwork
as essential and lay great store in a commitment to critical self-evaluation and actions to improve.
In July 2014 the College adopted a strategic plan for the period 1 August 2014 to 31 July 2017.
The strategic plan is achieved via a range of actions detailed in individual action plans which include: the
Quality Improvement Plans, Teaching and Learning Development Strategy, Continuing Professional
Development (CPD) Plan, Estates Strategy, Information and Learning Technology (ILT) Strategy,
Financial Plan, Marketing Plan and Risk Management process.
The Main Strategic Agenda – 2013-2014
Our main strategic aim to be recognised as an outstanding Sixth Form College.
Our core activity is:
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able students who need academic challenge are able to access a wider range of AS and A2
programmes.
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we insist that students who need to retake English or Mathematics level 2 qualifications attend re-sit
classes and sit these examinations.
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We offer students an increasing range of vocational courses to either complement their A level
programmes or to provide for their primary study aims.
The College’s continuing strategic aims are;
Strategic Aims 2013-16
•
To put students at the heart of our decision making about all that we do.
•
To achieve excellence in teaching and learning.
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Strategic Aims 2013-16 (continued)
•
To provide excellent support to meet individual student’s needs.
To recruit students with integrity with a fit for purpose curriculum that meets the ideologies of the
King Edward Trust
•
To attract and retain high quality staff.
•
To value diversity and promote quality in opportunity regardless of background or
circumstances.
•
To maintain high quality, safe working and learning environments and resources.
•
To maintain sound financial health and institutional viability.
Enablers
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Teaching & Learning Development
Strategy
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Financial Plan
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Quality Assurance Policy
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Risk Management Process
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Quality Improvement Plan
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Marketing Plan
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CPD Plan
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Curriculum Rationale
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Equality & Diversity Plan, EDIMS &
Diversity Statement
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Human Resource (HR) Strategy
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Safeguarding Policy
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Community & Involvement Strategy
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Estates Strategy
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ILT Strategy
Improving Our Effectiveness
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To continue to improve our core processes:
Teaching and learning.
Support for students.
To continue to invest in our physical and virtual environment so that it remains attractive, safe and
conducive to learning.
To continue to develop effective means of communication with and between all stakeholders within
our community.
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Headline Success Indicators
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Staff lesson observation profile reflects Good or Outstanding teaching and learning grades.
Retention, Achievement, Success Rates and Higher Grades at least at the benchmarks for
Sixth Form Colleges
Retention, Achievement, Success Rates and Higher Grades at least at the benchmarks for
Sixth Form Colleges
Outstanding Value -Added Achievement
High Progression to HE/Employment
Strong Reputation and Public Image
Outstanding Support for Students
High levels of Student satisfaction
Financial KPI’s at least at the benchmark for Sixth Form Colleges
EFA Financial Health Rating Good
Learner Numbers
The College is funded by the EFA on a year’s lagged funded model. Learner numbers are strong at
around 1,100 despite increasing local competition, with around 600 first year students.
College staff and Governors set high targets for the level of student achievements year on year and details
are widely published both inside and outside College.
The number of second year A level students is around 450, which makes the College one of the biggest
A level centres in this part of the Midlands. Though the AS pass rate dipped last year to 86.7%, we firmly
believe that this is a temporary glitch and is explained by some staff instability in some of the larger
subjects. The percentage of high grades (A to B) for AS students was 36.3%though in general there is a
three year upward trend in all results and our A2 results have held firm with a 98.4% pass rate and over
44% achieving a grade A or B. Our vocational provision was extremely successful with the average
vocational grade being a Distinction or Distinction*and so being at least the equivalent of a grade A or A*
at A level.
The following targets and achievements relate to 2013-2014:-
Total full-time student roll
Retention
Achievement
Success rate
Target
1,100 learners
91%
89%
84%
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Actual
1,120 learners
94%
92%
86%
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To increase the student numbers the College is continuing to diversify the curriculum offer and marketing
has increased the geographical area from which students travel to the College. In addition the emphasis
remains on delivering high quality education and training. The tutorial system, introduced in 2010-2011,
of eight dedicated personal tutors has maintained attendance figures at 92%, and student retention has
improved by 2% on the previous year for AS to 93% and remains over 97% for A2. The tutors successfully
delivered a level 2 Northern Council for Further Education (NCFE) Learn to Learn qualification to 515
learners, with a success rate of over 94%.
Staff
There are 93.45 Full Time equivalent staff. The College has well qualified and professional staff. 100%
of teaching staff have Postgraduate Certificate in Education (PGCE) qualifications or are working towards
PGCE status. Reported absence 3.86 % for 2013-14 (3.26% for 2012-2013). Staff turnover for 2013-2014
was 15 people, a mix of full time and fractional posts in support and teaching roles.
Financial Position
Financial Results
The College had an operating deficit in the year of £20,000 (2012-2013 deficit of £129,000).
The College has accumulated reserves of £69,000 (2012-2013 £310,000) and cash balances of £339,000
(2012-2013 £601,000). The College is planning to accumulate reserves and cash balances in order to
create a contingency fund although the cumulative reserves in 2013-2014 have been adversely affected
by the £295,000 increase in the pension deficit.
Tangible fixed asset additions during the year amounted to £1,265,000; of this £1,110,000 related to the
project to construct the Creative Arts Building providing state of the art teaching facilities as well as
improving site security by providing a single entrance. Funding has also been received to improve the
wireless network throughout the College, additions of £105,000 relate to this. Assets under construction
at 31 July 2014 total £26,000 relating to costs associated with rewiring the listed building, this work was
completed by 31 August 2014.
The College has significant reliance on the education sector funding bodies for its principal funding source,
largely from recurrent grants. In 2013-2014 the funding bodies provided 97.1% of the College’s total
income (2012-2013 96.2%).
As part of the College’s Operational Plan the College and Governors set and monitor targets for financial
performance. The targets and achievements for 2013-2014 are:
Target
Achievement
EFA funding target
£4,558,934
£4,558,934
Cash days in hand
25+ days
25 days
Current ratio
1:1.2
1:2.3
Operating surplus/(deficit) as a percentage
of total income
0.06%
(0.4)%
Pay as a percentage of income
71.6% or less
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70.8%
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Financial Results (continued)
Pay as a percentage of income has been calculated after deducting funding body deferred capital grant
income of £60,000 and other grant income of £109,000 from total income. This calculation is consistent
with the funding body calculation of the measure.
Treasury policies and objectives
Treasury management is the management of the College’s cash flows and its banking transactions; the
effective control of the risks associated with those activities; and the pursuit of optimum performance
consistent with those risks.
Short term borrowing for temporary purposes shall be authorised by the Assistant Principal Corporate
Services within limits determined by the Financial Memorandum previously agreed with the LSC and
subsequently transferred to the EFA. The Assistant Principal Corporate Services shall report such short
term borrowing to the Finance and General Purposes Committee at the earliest opportunity . Borrowing
for periods in excess of twelve months requires the prior authorisation of the Finance and General
Purposes Committee and the full Corporation, and must comply with any requirements of the Financial
Memorandum of the Funding Bodies.
Cash Flows
There was an operating cash outflow of £184,000 (2012-2013 £43,000 inflow).
Taxation
The majority of the College’s activities are not subject to corporation tax.
Current and Future Development and Performance
The College has made progress in retention again this year with retention for year 12 at 94%, which is
3% above the sector average and year 13 remains at the previous year’s level of 97%. We expect an
improvement in AS success rates due to the improved retention rate and because of a recovery from the
blip in AS achievement experienced in 2012-13 to be even better in the year ahead. A2 achievement has
been at 98% for some time and so we expect the success rates for A2 to remain at 95%. For AS the
College has maintained the higher grade rates and has an ALPS score of 4 for value added. For A2
though our high grades are getting closer to the national average, we have some work to do in improving
added value to achieve our overall college target of ALPS 4, which corresponds to Good. We have
recruited highly proficient teachers with a successful track record to design in success for the year ahead
so that we have a sound and stable staffing base for 2014-15.
Curriculum development has continued with the introduction of new vocational courses this year. Travel
and Tourism is proving to be a popular new option and we will replace AS Dance with BTEC Dance in
2014-15 to better meet Dance students’ preferred learning and assessment styles. Numbers of students
opting for the vocational options continue to grow particularly in IT and Business. In 2014-15 the College
will run BTEC Law as an alternative to AS Law and the HNC in Creative Media and has gained HEFCE
funding to support students and we expect a small cohort to initiate HE work at the College.
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Current and Future Development and Performance (continued)
Learners across a range of different groups achieve as well as their peers though at AS girls outperform
boys, however at A2 this gap closes. The destination data for students leaving the College is very positive.
There have been significant improvements in the accessibility and quality of reporting on
students. Equality and Diversity are embedded throughout the organisation with all managers receiving
training on safer recruitment.
Staff development has proceeded at pace with a strong focus on improving teaching and learning for
individual teachers through: whole college CPD events; attendance at a range of options provided through
the internal bitesize activities (delivered by teachers with good practice to share with their colleagues);
attendance at external Partnership Plus events; examination board events; subject specific visits to
partner SFCs; coaching by line managers (who received training in coaching techniques and other
essential managerial skills); and through individualised support from Advanced practitioners. Whole
college and individualised approaches have been adopted for support staff, e.g. AAT Accounting
qualifications. Communications have improved across the College and staff morale has improved.
In October 2010 the College was inspected by Ofsted and graded satisfactory across all aspects and in
December 2013 the Ofsted inspection graded the College as requires improvement. . Improving AS
success rates, improving the minimum lesson observation grade to Grade 2 and ensuring that year 12
students are placed on appropriate programmes of study (either AS or BTEC) are key if the College is to
move to Good. The College has implemented a post inspection action plan which is part of the Quality
Improvement Plan to take the College forward.
The College’s financial management, health and control remain Good.
Payment Performance
In accordance with the Late Payment of Commercial Debts (Interest) Act 1988 the College endeavours
to make payments to its suppliers within 30 days of either the provision of goods or services or the date
on which the invoice was received. The target date set by the Treasury for payment to suppliers within
30 days is 95%.
The College has monitored its performance during the 2013-2014 financial year and has paid 71% of its
invoices on or slightly ahead of expected payment date. A significant number of purchase invoices are
settled by direct debit therefore the payment date is not within the control of the College and is considered
to adversely affect the payment performance statistics.
The College incurred no interest charges in the year, in respect of late payments.
Resources
The College has various resources that it can deploy in pursuit of its strategic objectives.
Tangible resources include the main College site in King Edward Road on which over £3m has been
invested in the last three years to provide seven new classrooms as well as extensive refurbishment of
existing buildings primarily to improve the science facilities.
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Resources (continued)
Financial
The College has £4,573,000 of net assets (2012-2013: £3,764,000), after taking account of a £1,036,000
pension liability (2012-2013: £741,000).
People
The College employs 93 people (2012-2013: 89) (expressed as full time equivalents), of whom 47 (20122013: 45) are teaching staff.
Reputation
The College has a good reputation locally. Maintaining a quality brand is essential for the College’s
success at attracting students and external relationships.
Principal Risks and Uncertainties
The College has undertaken further work during the year to develop and embed the systems of assurance,
internal control, including financial, operational and risk management which is designed to protect the
College’s assets and reputation.
Based on the links to the strategic plan, the Audit Committee undertakes a comprehensive review of the
risk policy and considers the risk to which the College is exposed through the frequently updated risk
register and interim and annual risk reports. The Committee considers evidence on systems and
procedures, specific preventable actions which should mitigate any potential impact on the College.
Governors receive a summary of the risk management approach adopted in the year, a summary of
actions and their impact on the risk scores, plus details of new risks and actions taken for any new
developments such as the capital project completed by April 2014.
A risk register is maintained at the College level, by the Risk Champion, the Principal, which is reviewed
regularly by the Audit Committee, Senior Managers and Middle Managers. The risk register identifies the
key risks, the likelihood of those risks occurring, their potential impact on the College and the actions
being taken to reduce and mitigate the risks. Risks are prioritised using a consistent scoring system. This
is supported by a review of risks by senior managers, cross College managers and the staff teams during
the Self-Assessment Reporting process and in actions taken during the year to mitigate against risks.
The vocabulary used in minuted team meetings may not be an obvious link with risk identification and risk
management but many aspects of the meetings form part of the risk management process.
Outlined below is a description of the principal risk factors that may affect the College. Not all the factors
are within the College’s control. Other factors besides those listed below may also adversely affect the
College.
1. Competitive Position
Five of the local feeder schools have become academies and have developed their own sixth form
provision. Some students continue to come to College from these institutions and we have held market
share from the others schools, whilst marketing more widely and more aggressively to attract students
from further afield.
The risk posed by increased competition is mitigated in a number of ways:
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Principal Risks and Uncertainties (continued)
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The key factor to retaining our future student numbers is to reach higher and higher levels of
quality in terms of student outcomes and the learning experience.
 We also need to ensure that our reputation is known through marketing and PR activities.
2. The Funding and Regulatory Framework
 Government Funding
The College has considerable reliance on continued government funding through the EFA. In
2014-2015 97.1% of the College’s revenue was ultimately public funded and this level of
requirement is expected to continue. There can be no assurance that government policy or
practice will remain the same or that public funding will continue at the same levels or on the same
terms in the future. The College is aware of several issues which may impact on future funding:
 The increased number of students that the EFA is to fund through raising the participation
age from 16 to 17 and with 18 year olds being included in compulsory participation by 2015.
 The funding per learner has been fixed at £4000 per full time 16 – 18 year old learner and
£3300 for 19 year old continuing learners (despite the inflation of all other College costs).
 There is a banding rate for each student based on threshold guided learning hours which,
could reduce the average funding per learner when compared with previous years.
 The government has removed a significant amount of money from the enrichment funding
with the College retaining the final £86,000 in 2014-15.
 The College does not benefit from the formula protection funding, enjoyed by other
institutions.
 The College does not benefit from cross subsidy from other income streams such as the more
generously funded 11 to 16 funding enjoyed by schools with sixth forms.
 The College does not benefit from the economies of scale enjoyed by other larger institutions.
 The removal of financial support for travel expenses by the LA and current economic
uncertainty makes it more difficult for families to support high travel costs associated with
students coming to the College from outside of the immediate catchment area.
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Pensions and other employer contributions
The LGPS has already declared a deficit and the College will need to pay increased revenue
and an increasing capital sum each year in respect of current and previous members. Teacher’s
pensions is expected to demand additional contributions from employers as well as employees.
Pension costs for the College have also increased due to auto-enrolment for both pension
schemes. In addition to these costs there is to be an increase in employer’s NI contributions for
2015-16.
The risk of decreasing funding and increasing costs is mitigated in a number of ways:
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By ensuring the College is rigorous in delivering high quality education and training so that
our reputation leads to higher student enrolments. Higher enrolments will lead to stability in
the college overall income.
Ensuring that each student reaches the highest band for guided learning hours and so
secures optimum funding per learner.
Investing in marketing the high quality learner experience the College offers to the local
community to seek growth in student numbers.
Invest in marketing the financial support that the bursary offers particularly in relation to
helping those students from lower income families with their travel costs.
Market the opportunities for free school meals if a student already accesses these at school.
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Operating and Financial Review (continued)
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3
The College will align staffing levels to maintain the proportion spent on salaries within
affordable limits and in proportion to income.
The College will diversify the curriculum offer to attract viable student numbers and maintain
independence.
Open days and other marketing events reach out to prospective post 16 students.
Operate the Bursary system to provide financial assistance to those from low income families.
Quality of Provision
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Variable Achievement
Variable student achievement continues to be a feature of college performance in terms of in year
performance for a teacher from class to class and also from teacher to teacher similarly from one
year to the next. Though the College maintains a performance close to the sector average, the
College is more ambitious for all students and staff to reach levels of outstanding performance
and to add value. Average ALPS (Advanced Level Performance System) grade for AS in the past
3 years is at least ALPS 5 (median range) this obviously masks a wide variation from teacher to
teacher. The added value average for A2 over the same period is ALPS 6.
The College has experienced some staff instability in the last 2 years, caused by in year or late
staff changes which impact on the ability to attract teachers in some subjects such as Economics.
In general, in year, changes in staffing have an adverse impact on students’ results. Despite this
our points score per entry compares favourably with other institutions in the area but we are driven
to improve this against the national averages regardless of the starting points of our students.
Our staff have large classes and teach a large number of students each week and there is a
current independent national, local and in house perception of high teacher workloads. This could
pose a risk to the number of assessments that are set and marked.
New course development can place more pressure on teachers and can lead to them teaching a
wider range of specifications, which is counterintuitive to the higher quality that specialism brings
to our sector.
Management actions taken to reduce the risk of variability in the quality of provision is mitigated in a
number of ways:
 The clear line of sight from college targets to individual teacher’s targets agreed during appraisal
 The increasing transparency of individual teacher performance and associated increased
accountability
 The investment in teaching, learning and assessment for all teachers
 The promotion and expectation of the ownership of team performance by all managers as part of
a management drive towards intervention and investment in skills development to drive
improvement and increase consistency in performance.
 The application of formal Performance management processes with underperforming staff.
 The recruitment of highly qualified, highly motivated subject specialists with a proven track record
of success.
 Large marking workloads have been offset by subject specialisms, repeat classes, removed
tutorial/pastoral burden, break supervision and cover expectations. TOIL is given for evenings or
additional holidays worked.
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Quality of Provision (continued)
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Tutors have been employed to support academic staff in managing the attitude, attendance and
progress of students.
To improve achievement an additional supervised study area has been developed which will
enable students to reach their full time guided learning hours and gain access to support for
assignment /homework completion.
Those students who are in danger of underperforming or falling behind with homework or
coursework will be allocated to the library or study centre or new study area to catch up to improve
their chances of success.
There is no intention to introduce more A level courses. Any new courses will be vocational
equivalents to ensure that students are recruited with integrity to courses that they will be able to
excel in and so improve the overall quality of our provision.
Ofsted Inspection Grade
As the College has had 2 Ofsted inspections at grade 3, a further grade 3 may be regarded as a
grade 4 for leadership and management if the inspectors do not detect sufficient pace of change
in the quality of teaching and learning and student outcomes. Ofsted inspection grades are a key
measure of performance for prospective students and their parents and it is very important to the
future security of the College that the Ofsted grade is at least a grade 2 or Good.
The risk of the College not gaining a good inspection grade is to be mitigated in a number of ways:
 All staff comply with agreed subject entry criteria and students are only recruited to courses that
students have an excellent chance of success.
 All staff understand the link between their performance, team performance and overall college
performance
 Targets are agreed with each team and each person that are consistent with attaining a good
Ofsted grade
 Support is provided through whole college and individualised initiatives to improve teaching,
learning and assessment practice so that each member of staff can reliably and consistently
deliver at least a good observed lesson.
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College Facilities
The Estates Strategy, some years ago, recognised that College facilities had become dated and
in desperate need of refurbishment. The site security has been poor for many years. The new sixth form
developments in the town with purpose built facilities for sixth form provision posed the threat that the
College facilities would appear to be unattractive to young people, no longer fit for purpose, overcrowded
and outdated in terms of the latest Independent Learning Technologies and other equipment. There is
insufficient social space for students. Some students have needed to access facilities off site in 2013-14
though the offsite facilities have provided excellent learning environments. The King Edward Road
facilities for indoor sports are too small.
The risk of poor college facilities has been mitigated in a number of ways:
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Lessons for offsite work in 2013-14 have been arranged so that break times can be used for
travelling and the facilities are of a very high standard.
The new Arts building alleviates overcrowding and allow all students to access space onsite rather
than offsite.
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The 5 year Estates Strategy has been fully activated with improvements to the buildings on King
Edward Road and sports facilities on the playing fields on Attleborough Road.
The refurbishment programme is ongoing but many of the classrooms are improved to a
reasonable if not very good standard.
The construction of the new Arts building has meant that facilities for almost all of the Arts faculty
has been elevated from substandard to state of the art.
The evacuation of the “R block” has meant that an additional study space can be created.
The Arts building also improves the College entrance, closes off the site, provides an additional
private quadrangle for students and improves site security.
There have been improvements in ILT software and hardware throughout the life of the strategic
plan and Estates Strategy.
Improved College facilities have been celebrated in a number of local newspaper articles and
prospective students are given tours of the facilities so that they can see the high standard of
equipment and learning environments.
The Way We Conduct Business
Communication is a key activity for all managers and is an item for improvement in all staff surveys.
Without clear communication, the restructure of support staff in 2013-14 will be unsettling for staff and
there is a risk that a feeling of job insecurity will mean we lose some of our talented staff and that staff
turnover will be too high.
The College has benefitted from the expertise, knowledge and commitment of a skilful governing body. In
the last year we have lost several long serving governors as they have completed a cycle of their terms
of office. Many of those that remain have terms of office that are due for renewal in the next year or two
and though a streamlined governing body can react swiftly, we require a number of governors to share
the workload and provide a range of skills and experience. The increased pressure on those that remain
poses a threat to their continuing in their role.
The risk of high staff turnover can be mitigated in a number of ways:
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There have been some strong messages communicated to staff regarding the need for the
restructure and the advantages for both the College and some of the staff involved
Staff understand the link between high quality student outcomes and the link to job security
The drive towards a Good Ofsted grade at the next inspection has driven staff to very high
levels of effort in 2014-15.
Some staff turnover is positive. 2 people have left to gain promotion, 3 under performance
management, 1 to address his work-life balance; 3 through compulsory redundancy as a result
of the support staff restructure; 1 through retirement; and 2 through long term sick leave. All
vacancies have been advertised and filled and each new member of staff will be assigned a
mentor, will complete induction and will be subject to a probationary period.
The College has not faced a significant risk in recent years that had not been previously identified which
indicates that the risk identification process is effective. Furthermore, risks that have been identified have
not materialised to a greater extent than expected, which also indicates that the risk management
processes are effective.
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(continued)
Stakeholder Relationships
In line with other Colleges, King Edward VI College has many stakeholders. These include:
 Students
 Parents
 Staff
 Governors
 Local Authority
 Education sector funding bodies
 Local employers
 The local community
 Professional associations
 Trade Unions
The College recognises the importance of these relationships and engages in regular communication with
them.
Staff and Student Involvement
The College considers good communication with its staff and students to be very important and to this
end publishes a daily information bulletin, and holds regular management meetings and a weekly staff
briefing. An induction programme exists for all new staff and Governors appointed to the College. NQT’s
are mentored within Faculties and by the CPD Manager.
Students are encouraged to nominate fellow students to serve on the Student Forum to discuss and
contribute to College life and SMT attends the Student Forum meetings. The Governors were particularly
pleased with the fund raising activities carried out during the year and with the amounts donated to
charitable causes.
There is an annual survey of students’ views on teaching and learning, students have contributed to
teachers CPD.
The College encourages staff and student involvement through membership of formal committees and
attend meetings of the full Governing Body and some sub-committees; these have two student
representatives who the Governors believe in the provision of good pastoral care and counselling facilities
for all students during their time at the College.
Student guidelines and staff information are provided and updated regularly on the staff intranet. Regular
meetings are held with parents and carers, who are sent update reports on student progress, attendance
etc.; these are accessible on demand via the web based Parent Portal system.
Open days and induction days are held for prospective students with the provision of “one to one” advice
in relation to any proposed programme of study together with Consultation Evenings. Parents’ evenings
are held at the beginning and part way through each academic year.
Staff are encouraged to contribute to the College quality targets and all teams produce annual selfassessment reports, and action plans.
14
(continued)
Equal Opportunities and Employment of Disabled Persons
King Edward VI College values the diverse cultures, environments and communities of which it is part.
The College strives to take a proactive approach in appreciating these differences and integrating them
into its everyday life and activities. We will review policies and procedures regularly to ensure we are fully
compliant with the aims of this statement.
The College has a shared and accepted culture, and strives to ensure that all its members shall be
respected, listened to, supported and valued. There is a strong belief in nurturing the potential of
individuals through tolerance and respect.
In realising this vision, the College believes in equality of treatment and fairness to everyone, and make
sure we practise it as an employer and education provider. Whether you are a student or member of staff
or applying to be one, you will be treated equally and fairly. We believe it is your right to be treated the
same as anyone else, regardless of your status according to:
- Race, including, ethnic or national origins, colour or nationality
- Religion or personal belief
- Gender
- Gender reassignment
- Sexual Orientation
- Disability
- Age
- Pregnancy and Maternity
The College will do everything reasonable to comply with the Equality Act of 2010 in order to:
-
Eliminate unlawful discrimination, harassment and victimisation and any other conduct prohibited
under the Act
Advance Equality of Opportunity
Foster Good relations between people who share a protected characteristic (above) and people who
do not share it
Disability Statement
The College continues to monitor its compliance with the Disability Discrimination Act legislation 1995 as
amended by the Special Education Needs and Disability Acts 2001 and 2005 and staff and Governors
are continually reviewing access to academic provision and facilities, and staff training in accordance with
current Codes of Practice. The College has continued to redevelop the site during 2012-2013 to provide
increased access for people with a disability to areas of the College and its facilities.
The Admissions Policy is regularly reviewed by Governors and housed on the College website. Appeals
against a decision not to offer a place are dealt with under the Complaints Procedure. The College has
never failed to accommodate a student as a result of a disability and is improving access to the College
whenever funds become available.
The College has developed a well-qualified academic services team to assist and provide support to
students with learning difficulties and/or disabilities. The on-going staff development programme ensures
that appropriate skills and experience are available to support students.
15
(continued)
Disability Statement (continued)
Course information is available in the prospectus and achievements and destinations information is
recorded and published on the College notice boards. Guidance and counselling services are described
in the Student Handbook.
In 2011-2012 the College was awarded ‘Positive about Disability’ accreditation.
Disclosure of information to auditors
The members who held office at the date of approval of this report confirm that, so far as they are each
aware, there is no relevant audit information of which the College’s auditors are unaware; and each
member has taken all the steps that he or she ought to have taken to be aware of any relevant audit
information and to establish that the College’s auditors are aware of that information.
Approved by order of the members of the Corporation on 16 December 2014 and signed on its
behalf by:
Mr S. Wright -------------------------------Chair
16
(continued)
Professional Advisers
 Independent Auditors:
PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
Cornwall Court
19 Cornwall Street
Birmingham
B3 2DT
 Internal Auditors:
Baker Tilly (formerly RSM Tenon)
Charterhouse
Legge Street
Birmingham
B4 7EU
 Bankers:
Lloyds Bank
17-23 Coventry Street
Nuneaton
CV11 5TL
 Solicitors:
Mills and Reeve LLP
78-84 Colmore Row
Birmingham
B3 2AB
17
Statement of Corporate Governance and Internal Control
The College is committed to exhibiting best practice in all aspects of corporate governance. This summary
describes the manner in which the College has applied the principles set out in the UK Corporate
Governance Code issued by the Financial Reporting Council in June 2010. Its purpose is to help the
reader of the financial statements understand how the principles have been applied.
In the opinion of the governors, the College complies with all the provisions of the Code in so far as they
apply to the further education sector, and it has complied throughout the year ended 31 July 2014 and up
to the date of signing the financial statements.
The Corporation
The composition of the Corporation is set out in Table 1 on page 19. It is the Corporation’s responsibility
to bring independent judgement to bear on issues of strategy, performance, resources and standards of
conduct.
The Corporation is provided with regular and timely information on the overall financial performance of
the College together with other information such as performance against funding targets, proposed capital
expenditure, quality matters and personnel related matters such as health and safety and environmental
issues. The Corporation meets each term.
The Corporation conducts its business through a number of committees. Each committee has terms of
reference, which have been approved by the Corporation. These committees are:
 Finance and General Purposes Committee
 Audit Committee
 Personnel Committee
 Strategic Planning and Quality Committee
 Search and Development Committee
Full minutes of all meetings, except those deemed confidential by the Corporation, are available from the
Clerk to the Corporation at:
King Edward Road
Nuneaton
Warwickshire
CV11 4BE
and on the College website www.kinged6nun.ac.uk. The Clerk to the Corporation maintains a register of
financial and personal interests of the governors. The register is available for inspection at the above
address.
All governors are able to take independent professional advice in furtherance of their duties at the
College’s expense and have access to the Clerk to the Corporation, who is responsible to the Board for
ensuring that all applicable procedures and regulations are complied with. The appointment and removal
of the Clerk are matters for the Corporation as a whole.
Formal agendas, papers and reports are supplied to governors in a timely manner, prior to Board
meetings. Briefings are also provided on an ad-hoc basis.
The Corporation has a strong and independent non-executive element and no individual or group
dominates its decision making process. The Corporation considers that each of its non-executive
members is independent of management and free from any business or other relationship that could
materially interfere with the exercise of their independent judgement.
There is a clear division of responsibility in that the roles of the Chair of the Corporation and the Principal
of the College are separate.
18
Statement of Corporate Governance and Internal Control (continued)
The Corporation (continued)
Table 1: Governors serving on the board during 2013-2014 and up to the date of signature of this
report:
NAME
DATE APPOINTED
TERM OF
OFFICE
EXPIRES
COMMITTEES SERVED
FOUNDATION GOVERNORS
Mr A Chadaway
Mrs J Clements (Vice-Chair)
01.09.2002
01.09.2007
31.08.2016
31.08.2015
Mr B Davis
01.09.2014
31.08.2018
Mr S Fiddy
01.09.2005
Cllr J Foster
09.02.2010
Mr S Hall
Mrs B Hawkins
11.12.1995
01.08.2004
Resigned
10.10.2013
Resigned
22.10.2013
31.08.2015
31.08.2015
Mr M Jones
01.09.2004
Mrs P Linforth
01.09.2007
Mr W Rupp
01.09.2014
Resigned
28.03.2014
Resigned
29.04.2014
31.08.2018
Mr S Stanley
Mr R Warne
Mr S Wright (Chair)
01.09.2012
01.09.2003
01.01.2005
31.08.2016
31.08.2016
31.08.2015
Strategic Planning & Quality; Audit
Finance & General Purposes; Personnel
Governing Body (Chair); Search & Development (Chair);
Finance & General Purposes; Joint Consultative (Chair)
Mr Q Khan
20.11.2012
Strategic Planning & Quality; Audit
Mr M Hutchby
STAFF GOVERNOR
13.10.2014
Resigned
5.11.2014
12.10.2016
Mrs K Phillips
(Academic)
Mrs K Green
(Support)
STUDENT GOVERNORS
17.09.2012
16.08.2016
Finance & General Purposes; Strategic Planning & Quality
24.09.2013
23.09.2017
Strategic Planning & Quality
Miss L Elliott
01.09.2013
31.08.2014
Finance & General Purposes
Mr J Stokes
01.09.2013
31.08.2014
Strategic Planning & Quality
Miss E Mitchell
Mr P Davey
PRINCIPAL
01.09.2014
01.09.2014
31.08.2015
31.08.2015
Dr E Maughan
13.08.2008
Ex Officio
Audit (Chair); Search & Development
Governing Body (Vice-Chair); Personnel (Chair); Joint
Consultative; Search & Development
Audit
Personnel; Finance & General Purposes
Audit; Strategic Planning & Quality
Finance & General Purposes; Strategic Planning & Quality
Audit; Strategic Planning and Quality (Chair); Search &
Development
Audit; Personnel
Finance & General Purposes; Personnel
PARENT GOVERNORS
Finance & General Purposes;
Search & Development; Personnel; Strategic Planning &
Quality; Joint Consultative
EXTERNAL MEMBER (AUDIT COMMITTEE)
Mrs L Nelson
18.12.2013
17.12.2017
External member on Audit Committee
With effect from August 2014, the sub-committee structure will comprise, Audit Committee and Search
& Governance Committee.
19
Appointments to the Corporation
Any new appointments to the Corporation are a matter for the consideration of the Corporation as a whole.
The Corporation has a Search and Development Committee, which is comprised of 5 members of the
Corporation, which is responsible for the selection and nomination of any new member for the
Corporation’s consideration. The Corporation is responsible for ensuring that appropriate training is
provided as required.
Members of the Corporation are appointed for a term of office not exceeding 4 years.
Audit Committee
The Audit Committee comprises 5 members of the Corporation (with the exclusion of the Principal and
the Chair). The committee operates in accordance with written terms of reference approved by the
Corporation. Its purpose is to advise the Corporation on the adequacy and effectiveness of the College’s
systems of internal control and its arrangements for risk management, control and governance processes.
The Audit Committee meets on a termly basis and provides a forum for reporting by the College’s Internal
and Independent Auditors, who have access to the committee for independent discussion, without the
presence of college management. The Committee also receives and considers reports from the funding
bodies as they affect the College’s business.
The College’s internal auditors monitor the systems of internal control, risk management controls and
governance processes in accordance with an agreed plan of input and report their findings to management
and the Audit Committee.
Management is responsible for the implementation of agreed audit recommendations, and reports
regularly to the Audit Committee on progress against those recommendations. In addition internal audit
undertakes periodic follow-up reviews to ensure such recommendations have been implemented.
The Audit Committee also advises the Corporation on the appointment of internal and financial statements
auditors and their remuneration for both audit and non-audit work.
Joint Consultative Committee
The Joint Consultative Committee comprises a maximum of three members of College Management, two
representatives of the College Governing Body appointed by the Personnel Committee and one
representative of each of the Unions recognised by the College, to be nominated by the union members
employed at the College. The Committee is chaired by one of the representatives of the Governing Body.
Meetings are held at least once per term and the Committee has the following functions:



To hold regular meetings for the purpose of consultation and negotiation between the staff,
management and Governing Body of the College;
To consider any matter referred to it by the Governing Body, College Management or the
recognised unions;
To make recommendations to the Personnel Committee as to Terms and Conditions of Service
of staff employed at the College.
20
Internal Control
Scope of Responsibility
The Corporation is ultimately responsible for the College’s system of internal control and for reviewing its
effectiveness. However, such a system is designed to manage rather than eliminate the risk of failure to
achieve business objectives, and can provide only reasonable and not absolute assurance against
material misstatement or loss.
The Corporation has delegated the day-to-day responsibility to the Principal, as Accounting Officer, for
maintaining a sound system of internal control that supports the achievement of the College’s policies,
aims and objectives. The Principal is charged with safeguarding the public funds and assets for which
she is personally responsible, in accordance with the responsibilities assigned to her in the Financial
Memorandum between the College and the funding bodies. She is also responsible for reporting to the
Corporation any material weaknesses or breakdowns in internal control.
The Purpose of the System of Internal Control
The system of internal control is designed to manage risk to a reasonable level rather than to eliminate
all risk of failure to achieve policies, aims and objectives; it can therefore only provide reasonable and not
absolute assurance of effectiveness. The system of internal control is based on an on-going process
designed to identify and prioritise the risks to the achievement of college policies, aims and objectives, to
evaluate the likelihood of those risks being realised, and to manage them efficiently, effectively and
economically. The system of internal control has been in place in the College for the year ended 31 July
2014 and up to the date of approval of the annual report and financial statements.
Capacity to Handle Risk
The Corporation has reviewed the key risks to which the College is exposed together with the operating,
financial and compliance controls that have been implemented to mitigate those risks. The Corporation
is of the view that there is a formal on-going process for identifying, evaluating and managing the College’s
significant risks that has been in place for the period ending 31 July 2014 and up to the date of approval
of the annual report and financial statements. The Corporation regularly reviews this process.
The Risk and Control Framework
The system of internal control is based on a framework of regular management information, administrative
procedures including the segregation of duties, and a system of delegation and accountability. In
particular it includes:
 Comprehensive budgeting system with an annual budget, which is reviewed and agreed by the
governing body;
 Regular reviews by the governing body of periodic and annual financial reports which indicate
financial performance against forecasts;
 Setting targets to measure financial and other performance;
 Clearly defined capital investment control guidelines;
 The adoption of formal project management disciplines, where appropriate.
The College has an internal audit service, which operates in accordance with the requirements of the
Education Funding Agency Interim Audit Code of Practice. The work of the internal audit service is
informed by an analysis of the risks to which the College is exposed, and annual internal audit plans are
based on this analysis. The analysis of risks and the internal audit plans are endorsed by the Corporation
on the recommendation of the Audit Committee. The College’s Internal Audit provider reports to the
21
The Risk and Control Framework (continued)
governing body throughout the year on the internal audit activity in the College, and summarises the key
findings in an annual report, which is also shared with the Education Funding Agency. These reports
include the independent opinion on the adequacy and effectiveness of the College’s system of risk
management, controls and governance processes.
Review of Effectiveness
As Accounting Officer, the Principal has responsibility for reviewing the effectiveness of the system of
internal control. The Principal’s review of that effectiveness is informed by:



The work of the internal auditors;
The work of the executive managers of the College who have responsibility for the development
and maintenance of the internal control framework;
Comments made by the College’s financial statements auditors, the regularity auditors and the
appointed funding auditors in their management letters and other reports.
The Principal has been advised on the implications of the result of her review of the effectiveness of the
system of internal control by the Audit Committee (which oversees the work of the internal auditor), and
a plan to address weaknesses and ensure continuous improvement of the system is in place.
The Senior Management Team receives reports setting out the key performance and risk indicators, and
considers possible control issues brought to their attention by early warning mechanisms, which are
embedded within the departments and reinforced by risk awareness training. The Senior Management
Team and the Audit Committee also receive regular reports from internal audit, which include
recommendations for improvement. The Audit Committee’s role in this area is confined to a high-level
review of the arrangements for internal control.
The Corporation’s agenda includes a regular item for consideration of risk and control and receives reports
therein from the Senior Management Team and Audit Committee. The emphasis is on obtaining the
relevant degree of assurance, not merely reporting by exception. At its July 2014 meeting the Corporation
carried out the annual assessment for the year ended 31 July 2014 by considering documentation from
the Senior Management Team and internal audit, and taking account of events since 31 July 2014.
Going Concern
After making appropriate enquiries, the Corporation considers that the College has adequate resources
to continue in operational existence for the foreseeable future. For this reason they continue to adopt the
going concern basis in preparing the financial statements.
behalf by:
Mr S. Wright -------------------------------Chair
Dr. E. Maughan----------------------------Principal
22
Statement of Responsibilities of the Members of the Corporation
The members of the Governing Body of the College are required to present audited financial statements
for each financial year.
Within the terms and conditions of the Financial Memorandum agreed between the Skills Funding
Agency/Education Funding Agency and the Corporation of the College, through its Principal, is required
to prepare financial statements for each financial year in accordance with the 2007 Statement of
Recommended Practice – Accounting for Further and Higher Education Institutions and with the Accounts
Direction issued jointly by the Skills Funding Agency and the Education Funding Agency, and which give
a true and fair view of the state of affairs of the College and the result for that year.
In preparing the financial statements the Corporation is required to:

Select suitable accounting policies and then apply them consistently

Make judgements and estimates that are reasonable and prudent

State whether applicable accounting standards have been followed, subject to any material
departures disclosed and explained in the financial statements

Prepare financial statements on the going concern basis unless it is inappropriate to assume
that the College will continue in operation.
The Corporation is also required to prepare an Operating and Financial Review which describes what it
is trying to do and how it is going about it, including the legal and administrative statues of the College.
The Corporation is responsible for keeping proper accounting records, which disclose with reasonable
accuracy, at any time, the financial position of the College and to enable it to ensure that the financial
statements are prepared in accordance with the relevant legislation of designation, incorporation and
other relevant accounting standards. It is responsible for taking such steps that are reasonably open to it
to safeguard assets of the College and to prevent and detect fraud and other irregularities.
The maintenance and integrity of the College website is the responsibility of the Corporation of the
College; the work carried out by the auditors does not involve consideration of these matters and,
accordingly, the auditors accept no responsibility for any changes that may have occurred to the financial
statements since they were in initially presented on the website. Legislation in the United Kingdom
governing the preparation and dissemination of financial statements may differ from legislation in other
jurisdictions.
Members of the Corporation are responsible for ensuring that expenditure and income are applied for the
purposes intended by Parliament and that the financial transactions conform to the authorities that govern
them. In addition they are responsible for ensuring that funds from the Skills Funding Agency/Education
Funding Agency are used only in accordance with the Financial Memorandum with the Skills Funding
Agency/Education Funding Agency and any other conditions that may be prescribed from time to time.
Members of the Corporation must ensure that there are appropriate financial and management controls
in place sufficient to safeguard public funds and ensure that they are used properly. In addition, Members
of the Corporation are responsible for securing the economical, efficient and effective management of the
College's resources and expenditure, so that the benefits that should be derived from the application of
public funds by the Skills Funding Agency/Education Funding Agency are not put at risk.
behalf by:
Mr S Wright -------------------------------Chair
23
Page left blank for Independent Auditors’ Report
24
Page left blank for Independent Auditors’ Report
25
Page left blank for Independent Auditors’ Report on Regularity
26
Statement of Principal Accounting Policies
Statement of accounting policies
The following accounting policies have been applied consistently in dealing with items which are
considered material in relation to the financial statements.
Basis of preparation
These financial statements have been prepared in accordance with the Statement of Recommended
Practice (SORP): Accounting in Further and Higher Education 2007, the Accounts Direction for 2013-14
financial statements and in accordance with applicable Accounting Standards in the United Kingdom.
Basis of accounting
The financial statements are prepared under the historical cost convention and in accordance with
applicable Accounting Standards in the United Kingdom.
Going Concern
The activities of the College, together with the factors likely to affect its future development and
performance are set out in the Operating and Financial Review. The financial position of the College, its
cash flow, liquidity and borrowings are described in the Financial Statements and accompanying Notes.
Accordingly the College has reasonable expectation that it has adequate resources to continue in
operational existence for the foreseeable future, and for this reason will continue to adopt the going
concern basis in the preparation of its Financial Statements.
Recognition of income
Funding body recurrent grants are recognised in line with best estimates for the period of what is
receivable and depend on the particular income stream involved. Any under or over achievement for the
Skills Funding Agency adult learner responsive funding element is adjusted for and reflected in the level
of recurrent grant recognised in the income and expenditure account. The final grant income is normally
determined with the conclusion of the year and reconciliation process with the funding body at the end of
December following the year end. Employer responsive grant income is recognised based on a yearend
reconciliation of income claimed and actual delivery with the funding body. 16-18 learner-responsive
funding is not normally subject to reconciliation and is therefore not subject to contract adjustments.
Non recurrent grants from the funding bodies or other bodies received in respect of the acquisition of fixed
assets are treated as deferred capital grants and amortised in line with depreciation over the life of the
assets.
Income from grants, contracts and other services rendered is included to the extent of the completion of
the contract or service concerned. All income from short-term deposits is credited to the income and
expenditure account in the period in which it is earned.
Income from tuition fees is recognised in the period for which it is received and includes all fees payable
by students or their sponsors.
27
Statement of Principal Accounting Policies (continued)
Post-Retirement benefits
Retirement benefits to employees of the College are provided by the Teachers’ Pension Scheme (TPS)
and the Local Government Pension Fund, Warwickshire County Council Pension Fund (WCCPF). These
are defined benefit schemes, which are externally funded and contracted out of the State EarningsRelated Pension Scheme (SERPS).
Contributions to the TPS are charged to the Income and Expenditure Account so as to spread the cost of
pensions over employees' working lives with the College, in such a way that the pension cost is a
substantially level percentage of present and future pensionable payroll. The contributions are determined
by qualified actuaries on the basis of quinquennial valuations, using the prospective benefit method. As
stated in Note 24, the TPS is a multi-employer scheme and the College is unable to identify its share of
the underlying assets and liabilities of the scheme on a consistent and reasonable basis. The TPS is
therefore treated as a defined contribution scheme and the contributions recognised as they are paid each
year.
The assets of the LGPS are measured using closing market values. LGPS liabilities are measured using
the projected unit method and discounted at the current rate of return on a high quality corporate bond of
equivalent term and currency to the liability. The increase in the present value of the liabilities of the
scheme expected to arise from employee service in the period is charged to the operating surplus. The
expected return on the scheme’s assets and the increase during the period in the present value of the
scheme’s liabilities, arising from the passage of time, are included in pension finance costs. Actuarial
gains and losses are recognised in the Statement of Total Recognised Gains and Losses.
Foreign currency translation
Transactions denominated in foreign currencies are recorded using the rate of exchange ruling at the date
of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the
rates of exchange ruling at the end of the financial year with all resulting exchange differences being taken
to the Income and Expenditure Account in the period in which they arise.
Tangible fixed assets
Tangible fixed assets, apart from Trust owned buildings, are stated at historic purchase cost less
accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable
to bringing the asset to its working condition for its intended use. All tangible fixed assets are subject to
depreciation on a straight line basis.
Land and buildings
College land and buildings are in the ownership of the King Edward VI Foundation and the Swinnerton
Bequest. The land and buildings are being amortised over a period of 40 years based on a depreciated
replacement cost at the date of incorporation.
Freehold buildings are depreciated over 20 years and improvements to land and buildings made by the
College since designation are included in the balance sheet at cost and are depreciated over a period of
5 to 50 years on a straight line basis.
Where improvements are carried out with the aid of specific grants they are capitalised and depreciated
as above. The related grants are credited to a deferred capital grant account and are released to the
income and expenditure account over the expected useful economic life of the related asset on a basis
consistent with the depreciation policy.
28
Land and buildings (continued)
Finance costs which are directly attributable to the improvement of land and buildings are capitalised as
part of the cost of those assets.
A review for impairment of a fixed asset is carried out in accordance with FRS 11 if events or changes in
circumstances indicate that the carrying amount of the fixed asset may not be recoverable.
Assets under construction
Assets under construction are accounted for at cost, based on the value of the architects’ certificates and
other direct costs, incurred to 31 July. They are not depreciated until they are brought into use.
Subsequent expenditure on existing fixed assets
Where significant expenditure is incurred on tangible fixed assets it is charged to the income and
expenditure account in the period it is incurred, unless it meets one of the following criteria, in which case
it is capitalised and depreciated on the relevant basis:




Market value of the fixed asset has subsequently improved
Asset capacity increases
Substantial improvement in the quality of output or reduction in operating costs
Significant extension of the asset’s life beyond that conferred by repairs and maintenance
Buildings owned by third parties
Where the College enjoys the use of an asset which it does not own and for which no rental or a normal
rental is paid, if practicable, a value is attributed to this benefit and capitalised, with a corresponding credit
to deferred capital grants which are subsequently released to the income and expenditure account over
the useful economic life of the asset at the same rate as the depreciation charge on the related asset(s).
Equipment
College governors have set the capitalisation limit at £750, therefore equipment costing less than £750
has been written off in the year of acquisition. All other equipment is capitalised at cost. Capitalised
equipment is depreciated over its useful economic life as follows:
Furniture
4 years on a straight line basis
General equipment
Computer equipment
Where equipment is acquired with the aid of specific grants it is capitalised and depreciated in accordance
with the above policy, with the related grant being credited to a deferred capital grant account and released
to the income and expenditure account over the expected useful economic life of the related equipment.
Costs in respect of operating leases are charged on a straight line basis over the lease term.
Maintenance of Assets
The cost of routine corrective maintenance is charged to the Income and Expenditure Account in the
period in which it is incurred.
29
Taxation
The College is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and
therefore it meets the definition of a charitable entity for UK corporation tax purposes. Accordingly, the
College is potentially exempt from taxation in respect of income or capital gains received within categories
covered by Chapter 3 Part 11 Corporation Tax Act 2010 or Section 0256 of the Taxation of Chargeable
Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purpose.
The College receives no similar exemption in respect of Value Added Tax (VAT), although the College’s
taxable activities do not meet the threshold for VAT registration. Irrecoverable VAT on inputs is included
in the cost of such inputs and added to the cost of tangible fixed assets as appropriate, where the inputs
themselves are tangible fixed assets by nature.
Provisions
Provisions are recognised when the institution has a present legal or constructive obligation as a result of
a past event, it is probable that a transfer of economic benefit will be required to settle the obligation and
a reliable estimate can be made of the amount of the obligation.
Agency Arrangements
The College acts as an agent in the collection and payment of discretionary support funds. Related
payments received from the funding bodies and subsequent disbursements to students are excluded from
the Income and Expenditure Account, and are shown separately in Note 30, except for the 5% of the grant
received which is available to the College to cover administration costs relating to the grant. The
administration of the grant for the College is undertaken by a number of staff as part of their duties.
30
For the year ended 31 July 2014
INCOME
Funding body grants
Tuition fees and education contracts
Other income
Investment Income
Notes
2014
£000
2013
£000
1
2
3
4
4,654
12
259
1
4,622
24
253
1
4,926
4,900
(3,428)
(26)
(1,217)
(256)
(19)
(3,412)
0
(1,287)
(301)
(29)
(4,946)
(5,029)
(20)
(129)
Total income
EXPENDITURE
Staff Costs
Exceptional restructuring costs
Other operating expenses
Depreciation
Interest and other finance costs
5
5
7
11
8 & 24
Total expenditure
Deficit on continuing operations after
depreciation of tangible fixed assets at
valuation and before tax
Taxation
9
0
0
Deficit for the year retained in general
reserves
10
(20)
(129)
The income and expenditure account is in respect of continuing activities.
The notes on pages 36 to 49 form part of these financial statements
31
Statement of Total Recognised Gains and Losses
Notes
Surplus/(Deficit) for the year retained in general
reserves
24
Actuarial gain/(loss) in respect of pension scheme
Total recognised gain/(loss) relating to the year
Reconciliation
Opening reserves
Total recognised gains and losses for the year
Closing Reserves
2014
£000
2013
£000
(20)
(221)
(129)
192
(241)
63
310
247
(241)
69
63
310
32
Statement of Historical Cost Surpluses and Deficits
Notes
Surplus/(deficit) on continuing operations
before taxation
Historical cost surplus/(deficit) for the
year after taxation
10
Surplus/(deficit) for the year retained in
general reserves
2014
£000
2013
£000
(20)
(129)
(20)
(129)
(20)
(129)
33
Balance Sheet as at 31 July 2014
Notes
2014
£000
2013
£000
11
5,464
4,456
5,464
4,456
155
339
112
601
494
713
(215)
(550)
279
163
5,743
4,619
Fixed Assets
Tangible Assets
Total Fixed Assets
Current Assets
Debtors
Cash at bank and in hand
12
Total Current Assets
Creditors: amounts falling due within one
year
13
Net Current Assets
Total Assets less current liabilities
Creditors: amounts falling due after more than
one year
14
(108)
(114)
Provisions for liabilities
16
(26)
0
5,609
4,505
(1,036)
(741)
4,573
3,764
17
4,504
3,454
18
1,105
(1,036)
1,051
(741)
18
69
310
Total Reserves
69
310
TOTAL FUNDS
4,573
3,764
Net assets excluding pension liability
Net pension liability
24
NET ASSETS INCLUDING PENSION LIABILITY
Deferred Capital Grants
Reserves
Income and Expenditure Account excluding
pension reserve
Pension Reserve
Income and Expenditure Account including
pension reserve
The financial statements on pages 31 to 35 were approved by the Corporation on 16 December 2014
and were signed off on its behalf by:
Mr S. Wright
Chair
_______________
Dr. E. Maughan
Principal
__________________
34
Cash Flow Statement
Notes
2014
£000
2013
£000
Cash flow from operating activities
19
(184)
43
Returns on investments and servicing of finance
20
(4)
(4)
Capital expenditure and financial investment
Financing
21
22
(69)
(5)
(193)
(5)
(262)
(159)
Decrease in cash in the year
(262)
(159)
Movement in net funds in the year
Net funds at 1 August
(262)
601
(159)
760
339
601
Decrease in cash in the year
Reconciliation of net cash flow to movement in net funds
Net funds at 31 July
23
35
Notes to the Accounts
1.
Funding Body Grants
2014
£000
4,559
35
60
4,654
EFA Recurrent Grant
Non Recurrent Grants - EFA
Release of deferred capital grants
2013
£000
4,457
62
103
4,622
All the above funds were received from the Education Funding Agency. The college does not
receive any funding from the Higher Education Funding Council.
2.
Tuition Fees and Education Contracts
Education Contracts
Tuition Fees
2014
£000
0
12
2013
£000
0
24
12
24
None of the above amounts are funded by bursaries
3.
Other Income
Other grant income
Other income
2014
£000
2013
£000
100
159
259
97
156
253
Within Other grant income, £85,000 relates to the release of the deferred capital grant in respect
of the land and buildings owned by the Trustees of the King Edward VI Foundation and the
Swinnerton Bequest.
Other income includes £19,000 (2013: £57,000) relating to examination fees, £54,000 (2013:
£51,000) relating to enrichment visits and £13,000 (2013: £12,000) relating to book and material
sales.
4.
Investment Income
2014
£000
1
Bank Interest Received
36
2013
£000
1
Notes to the Accounts (continued)
5.
Staff Costs
The average number of persons (including senior post holders) employed by the College during
the year, expressed as full time equivalents, was:
Teaching Staff
Non teaching staff
2014
Number
47
46
2013
Number
45
44
93
89
Staff costs for the above persons:
Wages and salaries
Social security costs
Other pension costs (including FRS 17
adjustments of £60,000 - 2013: £45,000)
Payroll Subtotal
Exceptional restructuring costs
2014
£000
2,832
191
2013
£000
2,837
192
405
383
3,428
26
3,412
0
3,454
3,412
The number of staff, including senior post holders and the principal who received annual
emoluments, excluding pension contributions, in the following ranges was:
£90,001 to £100,000
6.
2014
2013
Number of
Staff
1
Number of
Staff
1
Senior Post-Holders’ Emoluments
Senior post-holders are defined as the principal and holders of other senior posts whom the board
has selected for the purposes of the articles of government of the College relating to the
appointment and promotion of staff who are appointed by the board of governors.
The number of senior post holders
including the Principal was:
Senior post holders emoluments are
made up as follows:
Salaries
Benefits in kind
Pension contribution
Total emoluments
37
2014
2013
1
1
£
85,248
0
12,020
97,268
£
84,474
0
11,911
96,385
6.
Senior Post-Holders’ Emoluments (continued)
The only Senior Post Holder in the College is the Principal.
The pension contributions in respect of the Principal and senior post-holders are in respect of
employer’s contributions to the Teachers’ Pension Scheme (TPS) and Local Government Pension
Scheme (LGPS), and are paid at the same rate as for other employees.
All decisions on senior post-holders pay are made by the College’s Corporation.
The members of the Governing Body, other than the Principal and staff governors, did not receive
any payment from the College, other than the reimbursement of travel and subsistence expenses
incurred in the course of their duties.
7.
Other Operating Expenses
Teaching costs
Non teaching costs
Premises costs
Other operating expenses include:
Auditors' Remuneration
- Financial statements audit
- Internal audit
Loss on disposal of tangible fixed assets
Hire of Plant and Machinery
- operating leases
8.
2013
£000
227
665
395
1,217
1,287
18
10
0
14
12
0
119
103
Interest and Other Finance Costs
Pension finance costs
Loan Interest Charges
9.
2014
£000
200
690
327
2014
£000
14
5
2013
£000
24
5
19
29
Taxation
The members do not believe the College was liable for any Corporation tax arising out of its
activities during this year.
38
10.
Deficit on continuing operations for the year
The deficit on continuing activities for the year is made up as follows:
College's deficit for the year
11.
Tangible Assets
Land and
Buildings
Freehold
2014
£000
2013
£000
(20)
(20)
(129)
(129)
Land and
Buildings
Long
Leasehold Equipment
Assets under
Construction
Total
£000
£000
£000
£000
£000
Cost
At 1 August 2013
Additions
Disposals
Transfer to completed assets
At 31 July 2014
200
0
0
0
200
5,358
1,065
0
44
6,467
763
174
(3)
0
934
44
26
0
(44)
26
6,365
1,265
(3)
0
7,627
Accumulated Depreciation
At 1 August 2013 (restated)
Charge for the year
Eliminated on disposal
171
10
0
1,476
157
0
262
89
(2)
0
0
0
1,909
256
(2)
At 31 July 2014
181
1,633
349
0
2,163
Net book value at 31 July 2014
19
4,834
585
26
5,464
Net book value at 31 July 2013
(restated)
29
3,882
501
44
4,456
Long Leasehold Land and Buildings
Long leasehold land and buildings at 31 July 2014 includes £2,263,000 relating to the buildings
that are owned by the Trustees of King Edward VI Foundation and the Swinnerton Bequest and
occupied by the College. The College believes that the assets should be included on balance
sheet as they enjoy the majority of the risks and rewards associated with the assets. These assets
were valued on a depreciated replacement cost basis at the date of incorporation. The related
credit is included in deferred capital grants.
Assets under Construction
Assets under construction refers to costs totaling £26,000 incurred to 31 July 2014 relating to
rewiring work being carried out in the listed building with a completion date of 31 August 2014.
39
12.
Debtors
2014
£000
2013
£000
6
149
8
104
155
112
2014
£000
6
0
48
93
33
35
2013
£000
6
0
48
97
38
361
215
550
Amounts falling due within one year
Trade debtors
Prepayments and accrued income
13.
Creditors: amounts falling due within one year
Bank Loans and overdrafts
Trade creditors
Other creditors
Accruals
Amounts owed to funding bodies
Payments received in advance
14.
Creditors: amounts falling due after more than one year
Bank Loans and overdrafts
15.
2014
£000
108
2013
£000
114
Borrowings
Bank loans and overdrafts are repayable as follows:
In one year or less
Between one and two years
Between two and five years
In five years or more
2014
£000
6
6
19
83
114
2013
£000
6
6
19
89
120
Bank loan taken out on 25 July 2012 at 4.185 per cent repayable by instalments falling due
between 25 January 2013 and 25 January 2033 totaling £125,000 are secured on a portion of the
land and buildings of the College. These land and buildings were acquired on 31 July 2012 and
the purchase was completed on 1 August 2012.
40
16.
Provisions for liabilities
2014
£000
0
26
0
At 1 August
Increased provision
Expenditure in the year
2013
£000
25
0
(25)
At 31 July
26
0
The provision at 31 July 2014 relates to voluntary redundancy costs arising from the restructuring
of College support staff posts which were carried out in May 2014 and for which payments will be
made in August 2014.
17.
Deferred Capital Grants
At 1 August 2013
Land and buildings
Equipment
Cash received
Land and buildings
Equipment
Released to income and expenditure account
Land and buildings
Equipment
At 31 July 2014
Land and buildings
Equipment
18.
Funding
Body
£000
Other
Grants
£000
Total
£000
1,010
94
2,349
0
3,359
94
1,094
103
0
0
1,094
103
(47)
(14)
(85)
0
(132)
(14)
2,057
183
2,264
0
4,321
183
2,240
2,264
4,504
Movement on General Reserves
Income and Expenditure Account Reserve
At 1 August
Deficit on continuing operations after depreciation of
tangible assets at valuation and before tax
Actuarial (loss)/gain in respect of pension scheme
At 31 July
Closing balance represented by:
Pension reserve
Income and expenditure account reserve excluding
pension reserve
41
2014
£000
2013
£000
310
247
(20)
(221)
(129)
192
69
310
(1,036)
(741)
1,105
69
1,051
310
19.
Reconciliation of Operating Deficit to
Net Cash (Outflow)/Inflow from Operating Activities
Deficit on continuing operations after depreciation of assets
at valuation and before tax
Depreciation (Note 11)
Deferred capital grants released to income (Note 17)
Pension cost less contributions payable ( Notes 5, 8 and 24)
Increase in debtors
(Decrease)/Increase in creditors
Increase/(Decrease) in provisions
Servicing of Finance (Note 20)
Net cash (outflow)/inflow from operating activities
20.
2013
£000
(20)
256
(146)
74
(43)
(335)
26
4
(184)
(129)
301
(188)
69
(32)
43
(25)
4
43
Return on Investments and Servicing of Finance
Bank interest received
Loan interest repaid
Cash outflow from returns on investments and
servicing of finance
21.
2014
£000
2014
£000
1
(5)
2013
£000
1
(5)
(4)
(4)
Capital Expenditure and Financial Investment
Purchase of tangible fixed assets
Deferred capital grants received
Net cash outflow from capital expenditure and
financial investment
2014
£000
(1,265)
1,196
2013
£000
(835)
642
(69)
(193)
22. Financing
2014
£000
(5)
(5)
Repayment of amounts borrowed
Net cash outflow from financing
42
2013
£000
(5)
(5)
23.
Analysis of Changes in Net Funds
Cash at bank and in hand
At
1 August
2013
£000
601
Net Cash
Flows
£000
(262)
At
31 July
2014
£000
339
601
(262)
339
Total
24.
Pension and similar obligations
The College's employees belong to two principle pension schemes, the Teachers' Pension
Scheme England and Wales (TPS) and the Warwickshire County Council Pension Fund
(WCCPF). Both schemes are defined benefit schemes.
Total pension cost for the year
Teachers Pension Scheme: Contributions paid
WCCPF
Contributions paid
FRS 17 charge
Charge to the Income and Expenditure Account
(staff costs)
Total Pension Cost for Year
2014
£000
242
101
60
2013
£000
254
84
45
161
129
403
383
The pension costs are assessed in accordance with the advice of independent qualified actuaries.
The latest formal actuarial valuation of the TPS was 31 March 2004 and of the WCCPF was 31
March 2010. There were no outstanding or prepaid contributions at either the beginning or the
end of the financial year.
Teachers’ Pension Scheme
Introduction
The Teachers' Pension Scheme (TPS) is a statutory, contributory, defined benefit scheme,
governed by the Teachers' Pensions Regulations 2010, and, from 1 April 2014, by the Teachers’
Pension Scheme Regulations 2014. These regulations apply to teachers in schools and other
educational establishments, including academies, in England and Wales that are maintained by
local authorities. In addition, teachers in many independent and voluntary-aided schools and
teachers and lecturers in some establishments of further and higher education may be eligible for
membership. Membership is automatic for full-time teachers and lecturers and, from 1 January
2007, automatic too for teachers and lecturers in part-time employment following appointment or
a change of contract. Teachers and lecturers are able to opt out of the TPS.
43
24.
Pension and similar obligations (continued)
The Teachers' Pension Budgeting and Valuation Account
Although members may be employed by various bodies, their retirement and other pension
benefits are set out in regulations made under the Superannuation Act 1972 and are paid by
public funds provided by Parliament. The TPS is an unfunded scheme and members contribute
on a ’pay as you go‘ basis – these contributions, along with those made by employers, are credited
to the Exchequer under arrangements governed by the above Act.
The Teachers' Pensions Regulations 2010 require an annual account, the Teachers' Pension
Budgeting and Valuation Account, to be kept of receipts and expenditure (including the cost of
pension increases). From 1 April 2001, the Account has been credited with a real rate of return,
which is equivalent to assuming that the balance in the Account is invested in notional investments
that produce that real rate of return.
Valuation of The Teachers' Pension Scheme
The latest actuarial review of the TPS was carried out as at 31 March 2012 and in accordance
with The Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014. The
valuation report was published by the Department for Education (the Department) on 9 June
2014. The key results of the valuation and the subsequent consultation are:
· employer contribution rates were set at 16.48% of pensionable pay (including a 0.08% levy
for administration);
· total scheme liabilities for service to the effective date of £191.5 billion, and notional assets
of £176.6 billion, giving a notional past service deficit of £14.9 billion;
·
an employer cost cap of 10.9% of pensionable pay will be applied to future valuations
The new employer contribution rate for the TPS will be implemented in September 2015.
A full copy of the valuation report and supporting documentation can be found on the Teachers’
Pension Scheme website at the following location:
https://www.teacherspensions.co.uk/news/employers/2014/06/publication-of-the-valuationreport.aspx
Scheme Changes
Following the Hutton report in March 2011 and the subsequent consultations with trade unions
and other representative bodies on reform of the TPS, the Department published a Proposed
Final Agreement, setting out the design for a reformed TPS to be implemented from 1 April 2015.
The key provisions of the reformed scheme include: a pension based on career average earnings;
an accrual rate of 1/57th; and a Normal Pension Age equal to State Pension Age, but with options
to enable members to retire earlier or later than their Normal Pension Age. Importantly, pension
benefits built up before 1 April 2015 will be fully protected.
In addition, the Proposed Final Agreement includes a Government commitment that those within
10 years of Normal Pension Age on 1 April 2012 will see no change to the age at which they can
retire, and no decrease in the amount of pension they receive when they retire. There will also be
further transitional protection, tapered over a three and a half year period, for people who would
fall up to three and a half years outside of the 10 year protection.
44
24.
Regulations giving effect to a reformed Teachers’ Pension Scheme came into force on 1 April
2014 and the reformed scheme will commence on 1 April 2015.
The pension costs paid to TPS in the year amounted to £242,000 (2012-2013: £254,000).
Warwickshire County Council Pension Fund (WCCPF)
The WCCPF is a funded defined benefit scheme, with the assets held in separate funds
administered by Warwickshire County Council. The total contribution made for the year ended
31 July 2014 was £140,324 of which employer’s contributions totalled £101,327 including £3,667
past service costs and employees’ contributions totalled £37,163. The agreed contribution rate
during 2013-2014 was 15.8% for employers in the period to 31 March 2014 and 16.7% from 1
April 2014 with employee contributions being banded from 5.5% to 7.5% according to the level of
earnings.
The pension cost is assessed every three years in accordance with the advice of an independent
qualified actuary.
Principal Actuarial Assumptions
Rate of increase in salaries
Rate of increase in pensions
Discount rate for scheme liabilities
Inflation assumption (CPI)
Commutation of pensions to lump sums
At 31
July
2014
At 31
July
2013
At 31
July
2012
At 31
July
2011
At 31
July
2010
4.50%
2.70%
4.00%
2.70%
50.00%
5.10%
2.80%
4.60%
2.90%
50.00%
4.50%
2.20%
4.10%
2.60%
50.00%
4.90%
2.90%
5.30%
2.90%
50.00%
4.95%
2.70%
5.50%
2.70%
50.00%
The current mortality assumptions include sufficient allowance for future improvements in
mortality rates. The assumed life expectations on retirement age 65 are:
As at
July 2014
As at
July 2013
Retiring today
Males
Females
22.4
24.4
21.9
23.6
Retiring in 20 years
Males
Females
24.3
26.6
22.8
25.9
The assets in the scheme (of which the College’s share is estimated at 0.10%) and the
expected rates of return were:
45
24.
Long term
rate of
return
expected at
31 July 2014
Value at
31 July
2014
£000
Long term
rate of
return
expected at
31 July 2013
Value at
31 July
2013
£000
6.60%
3.80%
4.70%
3.60%
1,423
413
206
21
6.40%
3.80%
4.60%
3.40%
1,321
378
170
19
Equities
Bonds
Property
Cash
Total market
value
of assets
2,063
1,888
Present value of
scheme liabilities
(3,099)
(2,629)
Deficit in the scheme
(1,036)
(741)
Analysis of the amount charged to Income and Expenditure Account
2014
£000
2013
£000
Employer service cost
(net of employee contributions)
(161)
(129)
Total operating charge
(161)
(129)
Analysis of pension finance costs
Expected return on pension scheme assets
Interest on pension liabilities
Pension finance costs
46
2014
£000
2013
£000
110
(124)
75
(99)
(14)
(24)
24.
Amount recognised in the Statement of Total Recognised Gains and Losses (STRGL)
2014
£000
(16)
(205)
(221)
Actual return less expected return on pension scheme assets
Change in financial and demographic assumptions
Actuarial (loss)/gain recognised in STRGL
2013
£000
249
(57)
192
Movement in deficit during the year
Deficit in scheme at 1 August
Movement in year:
Service cost
Employer contributions
Net interest/return on assets
Actuarial (loss)/gain
Deficit in scheme at 31 July
2014
£000
(741)
2013
£000
(864)
(161)
101
(14)
(221)
(129)
84
(24)
192
(1,036)
(741)
Asset and Liability Reconciliation
2014
£000
2013
£000
2,629
161
124
37
205
(57)
3,099
2,365
129
99
33
57
(54)
2,629
1,888
110
(16)
101
37
(57)
2,063
1,501
75
249
84
33
(54)
1,888
Reconciliation of Liabilities
Liabilities at start of year
Service cost
Interest cost
Employee contributions
Actuarial loss on liabilities
Benefits paid
Liabilities at end of year
Reconciliation of Assets
Assets at start of year
Expected return on plan assets
Actuarial (loss)/gain on assets
Employer Contributions
Employee contributions
Benefits paid
Assets at end of year
The estimated value of employer contributions for the year ended 31 July 2015 is £133,000.
47
24.
History of experience gains and losses
2014
2013
2012
2011
Difference between the expected
and actual return on assets:
Amount £000
(16)
249
(50)
(161)
percentage of scheme assets
(0.8%) 13.2% (3.3%) (11.4%)
2009
2008
118
(173)
8.1% (14.1%)
(108)
(8.3%)
Experience gains and losses on
scheme Liabilities:
Amount £000
percentage of scheme liabilities
5
0.2%
0
0.0%
22
0.9%
354
17.4%
0
0.0%
0
0.0%
(5)
(0.3%)
Change in assumptions:
Amount £000
(205)
(57)
(140)
288
(125)
192
(170)
Total amount recognised in STRGL:
Amount £000
(221)
192
(190)
127
(133)
19
(283)
1,888
1,501
1,414
1,450
1,223
(3,099) (2,629) (2,365) (2,039)
(2,153)
(1,994)
Total Assets
Total Liabilities
25.
2,063
2010
1,299
(2,023)
Post Balance Sheet Events
There are no post balance sheet events.
26.
Capital Commitments
Commitments contracted for at 31 July
Authorised but not contracted at 31 July
2014
£000
15
2013
£000
103
89
974
The Education Funding Agency has approved capital expenditure to provide roof repairs to the
areas of the College which have the lowest building condition. As at 31 July 2014 this expenditure
had been approved by the College Corporation but the work had not been contracted.
48
27.
Financial Commitments
At 31 July 2014 the College had annual commitments under non-cancellable operating leases
as follows:
Equipment
Expiring within one year
Expiring within two and five years inclusive
Expiring in over five years
28.
2014
£000
2013
£000
0
277
0
277
0
266
0
266
Contingent Liability
There are no contingent liabilities.
29.
Related Party Transactions
Due to the nature of the College's operations and the composition of the board of governors (being
drawn from local public and private sector organisations) it is inevitable that transactions will take
place with organisations in which a member of the board of governors may have an interest. All
transactions involving organisations in which a member of the board of governors may have an
interest are conducted at arm's length and in accordance with the College's financial regulations
and normal procurement procedures.
Transactions with the Education Funding Agency are detailed in note 1.
No transactions were identified which should be disclosed under FRS 8 Related Party
Disclosures.
30.
Discretionary Support Funds
2014
£000
100
35
135
2013
£000
86
34
120
Disbursements to students
Administration fees
(101)
(4)
(85)
(1)
Balance unspent at 31 July
30
34
Funding Body grants
Unspent funds brought forward
Funding Body grants are available solely for students. In the majority of instances, the College
only acts as a paying agent. In these circumstances, the grants and related disbursements are
therefore excluded from the Income and Expenditure Account. The College did not enter into any
contracts on the student’s behalf in 2013-2014, and therefore there are no Discretionary Support
Funds recognised in the Income and Expenditure Account.
49

King Edward VI College INDEX

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