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Report & Financial Statements 2017/18 WAKEFIELD COLLEGE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2018 Key Management Personnel, Board of Governors and Professional Advisers Key management personnel Key management personnel are represented by the following in 2017/18: Post Title Post Holder Date Date of Appointed Resignation Principal, Chief Executive and Sam Wright 01/03/2011 N/A Accounting Officer Executive Director: Finance and Jason Pepper 12/06/2017 N/A Resources Executive Director: Quality and Sue Slassor 01/09/1991 N/A Planning Executive Director: Curriculum Lisa 01/02/2012 N/A Macdonald Executive Director: Student Clare Allcock 14/05/2012 N/A Experience and Student Support Executive Director: Human Karen Sykes 30/09/2002 N/A Resources and Organisational Development Executive Director: Employer Joanne Taylor 01/01/2017 N/A Engagement and Apprenticeships Assistant Principal: Commercial Ian Wainwright 01/08/2011 31/01/2018 Development and External Relations Director: Higher Education Clare Hagerup 10/09/2014 N/A Director: Higher Education Tony Rex 18/02/2002 N/A Development Director: Estates Jon Howard 04/01/2005 N/A Clerk to Corporation Nils Elgar 07/02/2005 N/A Board of Governors A full list of Governors is given on page 29 of these financial statements. Dr N Elgar acted as Clerk to the Corporation throughout the period. Page 2 Professional Advisers Financial Statements and Bankers: Regularity auditor: Close Brothers Limited Grant Thornton UK LLP 10 Crown Place 2 Broadfield Court London Sheffield EC2A 4FT S8 0XF Internal auditors: Lloyds Bank plc ICCA 2nd Floor McLaren House Lisbon House 46 Priory 116 Wellington Street Queensway Leeds Birmingham LS1 4LT B4 7LR Solicitors: Eversheds Sutherland Bridgewater Place Water Lane Leeds LS11 5DR Insurance Brokers: Zurich Muncipal 1 East Parade Leeds LS1 2UA Page 3 Contents Page number Key Management Personnel 2 Professional Advisors 3 Report of the Governing Body 5 Key Developments 5 Nature, Objectives and Strategy 6 Financial Position 9 Current and Future Development and Performance 11 Disclosure of Information to Auditors 27 Statement of Corporate Governance and Internal Control 28 Members who served the Corporation since August 2017 28 Statement of Regularity, Propriety and Compliance 37 Statement of Responsibilities of the Members of the Corporation 38 Independent Auditor’s Report to the Corporation of Wakefield College 40 Reporting Accountant’s Assurance Report on Regularity to the 43 Corporation of Wakefield College and the Secretary of State for Education acting through the Education and Skills Funding Agency (“the ESFA”) Statement of Comprehensive Income 45 Statement of Changes in Reserves 46 Balance Sheet as at 31 July 47 Statement of Cash Flows 48 Notes to the Financial Statements for the Period 1 August 2017 to 31 49 - 71 July 2018 Page 4 Report of the Governing Body The members present their report and the audited financial statements for the year ended 31 July 2018. Key Developments • Delivered a material improvement in achievement rates for 16-18 learners at levels 1 and 3 (+3% and +8% respectively). • Delivered a material improvement in achievement for learners enrolled on Access programmes (+6%). • Maintained above GFE national rates for 16-18 GCSE English and maths attainment (29% grade 9-4 English compared to compared to a national rate of 26%, 18% 9-4 Maths compared to a national rate of 16%). • Received two Ofsted Support and Challenge visits which resulted in very positive outcomes. • Received a visit from the FE Commissioner’s Office which resulted in a very positive report which endorsed current actions. • Achieved an overall student satisfaction rate of 89% in the National Student Survey for Higher Education, highest rated in Y&H for second year running. Page 5 Nature, Objectives and Strategy Legal Status The Corporation was established under the Further and Higher Education Act 1992 for the purpose of conducting Wakefield College. The College is an exempt charity for the purposes of Part 3 of the Charities Act 2011. The College’s registered address is Margaret Street, Wakefield, West Yorkshire, WF1 2DH. Mission The College’s Mission continues to be: “Transforming lives through learning…. ….by enabling young people, adults and employers to fulfil their potential” Public Benefit Wakefield College is an exempt charity under Part 3 of the Charities Act 2011 and following the Machinery of Government changes in July 2016, is regulated by the Secretary of State for Education. The members of the Governing Body, who are trustees of the charity, are disclosed on page 29. In setting and reviewing the College’s strategic objectives, the Governing Body has had due regard for the Charity Commission’s guidance on public benefit and particularly upon its supplementary guidance on the advancement of education. In delivering its mission, the College provides identifiable public benefits through the delivery of education to 7,989 students, including 153 students with high needs. The college provides courses without charge to young people, to those who are unemployed and adults taking English and maths course. The college adjusts its courses to meet the needs of local employers and provides training to 1,018 apprentices. The college is committed to providing information, advice and guidance to the students it enrols and to finding suitable courses for as many students as possible regardless of their educational background . Implementation of Strategic Plan In July 2017 the Corporation formally approved the College’s Strategic Plan for the period 1 August 2017 to 31 July 2018. The Corporation monitors performance against these plans, which are reviewed and updated each year. The College’s continuing strategic objectives during this period were: Page 6 • Be known as the leading post-16 provider of high quality teaching and learning in the Wakefield District. • Become highly regarded by our communities. • Connect with the Wakefield District in order to raise aspirations particularly in deprived areas. • Be the major contributor to meeting the skills needs identified by the Wakefield District’s employers. • Secure the College’s long-term financial health in order to invest back into the Wakefield District. Progress against the objectives set out in the plan for 2017/18 has been excellent with the vast majority of objectives met. Key objectives achieved include: • Developed and implemented a new Quality Review process, managed by the extended team of High Performance Advisors which is having a positive impact on the quality of teaching, learning and assessment. • Developed and implemented a new 12 month Programme of Excellence to support teachers new to the College to achieve the required standards in teaching, learning and assessment. • Made significant progress in our ambitions to promote higher level skills in the District through the official opening and first year of operation of the Advanced Skills and Innovation Centre. This flagship £7m building is already helping to raise aspirations to undertake higher level education and training within the District and address skills gaps. • Secured the Registry of Deeds and commenced refurbishments there to provide a dedicated LLDD centre, facilities to showcase our hospitality and catering facilities and provide a base for Computing and eCommerce. • Built on the success of our Apprenticeships Managed Service launched in 2016-17 and secured contracts with large levy payers including the police, the local authority and the NHS. Financial Objectives (i) To achieve a calculated ESFA financial health grade of at least ‘good’. This target has been achieved. The College generated a calculated financial health grade of ‘outstanding’ for the year ending 31 July 2018. The College also achieved a calculated financial health grade of ‘outstanding’ for the year ending 31 July 2017. Page 7 (ii) To generate at least £1.3m of cash from operating activities. This target has not been achieved. The College generated £466,000 of cash from operating activities, in the year ending 31 July 2018. The College generated £5.8m of cash from operating activities in the year ending 31 July 2017. (iii) To hold at least £4.7m of cash at bank at 31 July 2018. This target has been achieved. The College held £9.1m of cash at bank and in short term investments at 31 July 2018. This was marginally less than the £9.7m held at 31 July 2017. (iv) To ensure that staffing costs were no more than 72% of eligible income. This target has not been achieved. Staffing costs were 74.6% of eligible income for the year ending 31 July 2018. Staffing costs were 67.2% of eligible income for the year ended 31 July 2017. (v) To achieve income diversity (non-ESFA income) of at least 20%. This target has been achieved. The College generated 20.9% of non-ESFA income for the year ending 31 July 2018. Income diversity was 20.5% for the year ending 31 July 2017. Performance Indicators The College is committed to observing the importance of sector measures and indicators and uses the Qualification Achievement Rate report, National Achievement Rate Tables, and the DfE Performance Tables as to compare performance in measures such as achievement rates and value added. In addition, the Board reviews the College’s performance dashboard, which contains a range of performance indicators, at each meeting. These cover the College’s operations including attendance, student numbers, lesson observation activity, funding and allocations, financial objectives, staff absence and staff utilisation and property condition. Certain performance indicators are reviewed cyclically according to the availability and currency of the data. These include student satisfaction, destination data and achievement rates. Page 8 Of the multiple indicators, there were three that Governors kept under close scrutiny throughout the year because of their critical importance. These were student attendance, predicted pass rates and cash generation from operating activities. Indicators that performed particularly well were retention, predicted pass rates, students undertaking work-placements and funding generated against allocations.

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