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DIRECTORS' REPORT AND |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 |
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THE SIXTH FORM COLLEGES' |
ASSOCIATION LIMITED |
REGISTERED NUMBER:
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DIRECTORS' REPORT AND |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 |
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FOR |
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THE SIXTH FORM COLLEGES' |
ASSOCIATION LIMITED |
THE SIXTH FORM COLLEGES' |
ASSOCIATION LIMITED (REGISTERED NUMBER: 02736405) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2022 |
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Page |
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Company Information | 1 |
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Directors' Report | 2 |
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Statement of Directors' Responsibilities | 4 |
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Report of the Independent Auditors | 5 |
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Statement of Income and Retained Earnings | 8 |
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Balance Sheet | 9 |
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Notes to the Financial Statements | 10 |
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THE SIXTH FORM COLLEGES' |
ASSOCIATION LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JULY 2022 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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Chartered Certified Accountants |
Statutory Auditors |
Ingram House |
Meridian Way |
Norwich |
Norfolk |
NR7 0TA |
THE SIXTH FORM COLLEGES' |
ASSOCIATION LIMITED (REGISTERED NUMBER: 02736405) |
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DIRECTORS' REPORT |
FOR THE YEAR ENDED 31 JULY 2022 |
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The directors present their report with the financial statements of the company for the year ended 31 July 2022. |
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 August 2021 to the date of this report. |
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Other changes in directors holding office are as follows: |
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COUNCIL MEMBERS |
Per the Articles of Association, the company refers to the board of directors as "the Council" and therefore directors are considered to be "council members". |
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The Council appoints a Chair and Vice Chair to run the Council meetings. The council members filling these positions at the year end were: |
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Chair of Council: |
N Burnham |
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GOING CONCERN |
At the date of approval of the accounts, the UK is experiencing high levels of economic, social and political uncertainty surrounding Covid-19 and the war in Ukraine. As such, in assessing the company's ability to adopt the going concern basis in preparation of the financial statements, the directors have considered the financial impact that Covid-19 and the war in Ukraine may have on the business. |
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As part of this assessment, the directors have taken into account the expected company activity levels in light of Covid-19 and the resulting general increase of costs and inflation resulting from the war. The directors will continue to monitor the situation closely, but at the date of signing the accounts, given the current cash position of the company and the capacity to raise funds to mitigate the impact of any issues arising, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have therefore prepared the financial statements on a going concern basis. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
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AUDITORS |
The auditors, CG LEE Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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THE SIXTH FORM COLLEGES' |
ASSOCIATION LIMITED (REGISTERED NUMBER: 02736405) |
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DIRECTORS' REPORT |
FOR THE YEAR ENDED 31 JULY 2022 |
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This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
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ON BEHALF OF THE BOARD: |
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THE SIXTH FORM COLLEGES' |
ASSOCIATION LIMITED (REGISTERED NUMBER: 02736405) |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
FOR THE YEAR ENDED 31 JULY 2022 |
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The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements, the directors are required to: |
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- select suitable accounting policies and then apply them consistently; |
- make judgements and accounting 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; and |
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. |
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The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
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In the case of each director in office at the date the Directors' Report is approved: |
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- so far as each director is aware, there is no relevant audit information of which the company's auditors are unaware; and |
- each directors has taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
THE SIXTH FORM COLLEGES' |
ASSOCIATION LIMITED |
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Opinion |
We have audited the financial statements of The Sixth Form Colleges' Association Limited (the 'company') for the year ended 31 July 2022 which comprise the Statement of Income and Retained Earnings, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 July 2022 and of its surplus for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
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Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
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Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Directors' Report and the Statement of Directors' Responsibilities, but does not include the financial statements and our Report of the Auditors thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Directors' Report has been prepared in accordance with applicable legal requirements. |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
- | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Directors' Report. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
THE SIXTH FORM COLLEGES' |
ASSOCIATION LIMITED |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
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Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. |
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Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to employment laws and tax legislation, and we considered the extent to which non compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included: |
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discussions with management including consideration of known or suspected instances of non-compliance with
laws and regulation; |
- | evaluating management's controls designed to prevent and detect irregularities; |
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identifying and testing of journal entries for appropriateness and evaluating the business rationale of significant
transactions outside the normal course of business; and |
- | reviewing significant accounting estimates for management bias. |
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There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
THE SIXTH FORM COLLEGES' |
ASSOCIATION LIMITED |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
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for and on behalf of
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Chartered Certified Accountants |
Statutory Auditors |
Ingram House |
Meridian Way |
Norwich |
Norfolk |
NR7 0TA |
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THE SIXTH FORM COLLEGES' |
ASSOCIATION LIMITED (REGISTERED NUMBER: 02736405) |
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STATEMENT OF INCOME AND |
RETAINED EARNINGS |
FOR THE YEAR ENDED 31 JULY 2022 |
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2022 | 2021 |
Notes | £ | £ |
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TURNOVER |
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Administrative expenses |
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OPERATING SURPLUS | 5 |
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Interest receivable and similar income |
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251,854 | 179,455 |
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Interest payable and similar expenses |
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SURPLUS BEFORE TAXATION |
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Tax on surplus |
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SURPLUS FOR THE FINANCIAL YEAR |
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Retained earnings at beginning of year |
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RETAINED EARNINGS AT END OF YEAR |
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THE SIXTH FORM COLLEGES' |
ASSOCIATION LIMITED (REGISTERED NUMBER: 02736405) |
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BALANCE SHEET |
31 JULY 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 6 |
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Tangible assets | 7 |
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Investments | 8 |
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CURRENT ASSETS |
Debtors | 9 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 10 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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RESERVES |
Income and expenditure account |
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The financial statements were approved by the Board of Directors and authorised for issue on
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THE SIXTH FORM COLLEGES' |
ASSOCIATION LIMITED (REGISTERED NUMBER: 02736405) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2022 |
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1. | INVESTMENTS |
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Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The company does not acquire put options, derivatives or other complex financial instruments. Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise. Other investments are included at cost, which is considered to be approximate to their market value. |
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2. | STATUTORY INFORMATION |
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The Sixth Form Colleges' Association Limited is a
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going Concern |
At the date of approval of the accounts, the UK is experiencing high levels of economic, social and political uncertainty surrounding Covid-19 and the war in Ukraine. As such, in assessing the company's ability to adopt the going concern basis in preparation of the financial statements, the directors have considered the financial impact that Covid-19 and the war in Ukraine may have on the business. |
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As part of this assessment, the directors have taken into account the expected company activity levels in light of Covid-19 and the resulting general increase of costs and inflation resulting from the war. The directors will continue to monitor the situation closely, but at the date of signing the accounts, given the current cash position of the company and the capacity to raise funds to mitigate the impact of any issues arising, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have therefore prepared the financial statements on a going concern basis. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover relating to subscriptions is recognised in the period to which the subscription relates and right to the consideration is earned. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at costs less any accumulated amortisation and any accumulated impairment losses. |
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Development costs are being amortised evenly over their estimated useful lives of 3 years. |
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Tangible assets |
Tangible assets are initially recorded at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
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Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
life. |
Computer equipment - 33% on cost |
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Taxation |
It has been established that the operating activities of the company relating to members are non-commercial and therefore not subject to corporation tax. However, current and future investment income and income derived from non-members is subject to corporation tax and on this basis a provision for the tax liability on this income has been made within the financial statements. |
THE SIXTH FORM COLLEGES' |
ASSOCIATION LIMITED (REGISTERED NUMBER: 02736405) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2022 |
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3. | ACCOUNTING POLICIES - continued |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income and expenditure account in the period to which they relate. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the income and expenditure account on a straight line basis over the period of the lease. |
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Investments |
Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The company does not acquire put options, derivatives or other complex financial instruments. Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise. Other investments are included at cost, which is considered to be approximate to their market value. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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5. | OPERATING SURPLUS |
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The operating surplus is stated after charging: |
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2022 | 2021 |
£ | £ |
Depreciation - owned assets |
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Website amortisation |
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6. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
At 1 August 2021 |
and 31 July 2022 |
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AMORTISATION |
At 1 August 2021 |
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Charge for year |
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At 31 July 2022 |
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NET BOOK VALUE |
At 31 July 2022 |
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At 31 July 2021 |
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THE SIXTH FORM COLLEGES' |
ASSOCIATION LIMITED (REGISTERED NUMBER: 02736405) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2022 |
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7. | TANGIBLE ASSETS |
Computer |
equipment |
£ |
COST |
At 1 August 2021 |
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Additions |
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Disposals | ( |
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At 31 July 2022 |
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DEPRECIATION |
At 1 August 2021 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 July 2022 |
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NET BOOK VALUE |
At 31 July 2022 |
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At 31 July 2021 |
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8. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
Additions |
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Revaluations | ( |
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At 31 July 2022 |
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NET BOOK VALUE |
At 31 July 2022 |
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Cost or valuation at 31 July 2022 is represented by: |
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Other |
investments |
£ |
Valuation in 2022 | 843,273 |
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9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
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Other debtors |
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10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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THE SIXTH FORM COLLEGES' |
ASSOCIATION LIMITED (REGISTERED NUMBER: 02736405) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2022 |
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11. | LEASING AGREEMENTS |
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The company had total guarantees and commitments at the balance sheet date of £182,328 (2021 - £82,401). |
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12. | LIMITED BY GUARANTEE |
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The company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the company in the event of liquidation. |