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in 7 In June, Hodge International Chair for Jazz, Gilad Hekselman spent a week working with students on their own material and teaching his incredible compositions to student ensembles which led to two showcase performances in the Dora Stoutzker Hall and Vortex Jazz Club in London.
The musical theatre, opera and puppetry productions took a tour of Europe’s most beautiful cities, starting in Paris with our production of Disney’s glorious The Hunchback of Notre Dame which was our best selling production ever; Venice for Gilbert and Sullivan’s classic comic opera The Gondoliers at The Sherman, supported by a gift from Richard Parry in memory of Marjorie Spencer; and Glutz, which turned the Anthony Hopkins Centre Courtyard into a Prague square fullof strange characters and a livingsculpture-filled mansion.
L17rWilliams’tantalising new series of recitals ‘Pictures in Music’ opened in May with a programme of visually inspirational music for piano, including works by Debussy and Grieg; and this year’s Steinway International Piano Series featured exceptional recitals by the great American pianist Jonathan Biss, the dazzling young Korean, YeoI Eum Son, Russia’s Yulianna Avdeeva and Nikolai Demidenko and finallythe young French soloist Cedric Tiberghien.
The Atmospheres festival in May presented a fascinating weekend of new music, sound and installations by our composers and special guests and we welcomed back BBC Cardiff Singer of the World for its mammoth biennial celebration of song in June. Some very special fringe events at the College including a lunchtime recital by 1995’s Singer of the World Katerina Karnéus alongside performances by our own singers.
Summer Theatre highlights included three works written and directed by young women — Sarah Kane’s game-changing Crave, Sonali Bhattacharyya’s Hundred Percent Positive Wellness and The Wolves by Sarah DeLappe, which also toured to Theatr Clwyd with support from The Mosawi Foundation; and we continued our exploration of Lope de Vega’s work with a new translation and production of his classic work The Sicilian Courtesan, supported by the Came Trust, in the Richard Burton Theatre.
As the finale to an exceptional year of performance, the Stoutzker Prize-winning clarinettist Laura Deignan took centre stage with the RWCMDSymphony Orchestra at St. David’s Hall in Mark-Anthony Turnage’s jazz-inspired ‘Riffsand Refrains’, as part of an American inspired programme which also included John Adams’ exhilarating ‘Short Ride in a Fast Machine’ and Copland’s Symphony No.3.
National Student Survey and Guardian University League Tables
National Student Survey (NSS) - The most recent NSS results shows the College has a significantly reduced satisfaction score from 87% to 73%. Following a number of years of performance at or above Welsh and UK sector averages, including sector-leading scores in Drama, the 2019 results are poor, demonstrating a negative trend across all NSS questions, and in all courses. The College believes some of the reasons for the reduction include uncertainty over future funding and a high turnover of senior staff both of which are being addressed. However, the College is taking this fall very seriously and is introducing a suite of actions including further investment in staffing and its own student survey so that it can more rapidly identify the issues that may lead to a drop in satisfaction and take remedial action at an earlier date.
Guardian University League Table - The 2020 Guardian University League Table is a source of information for prospective students and is largely based on student experience of their
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A series of free, open instrument days for over 200 participants were held in 2018/19, reflecting a range of College’s specialisms including brass band, pit band, cello, percussion, woodwind and harp. A major highlight was a day of free workshops given for young violinists from around Wales and the South west, as part of a very special weekend of activities featuring renowned international violinist, Nicola Benedetti.
Community Engagement - The College continues to promote an extensive public performance programme which consists of over 500 events per annum with a total target audience of over 60,000. This diverse programme ranges from comedy to cabaret, experimental theatre to film and encompasses a wide range of music genres. It also features professional theatre productions and literary events. In addition, across the year, the College delivers a range of free events aimed at the wider community, including weekly Jazztime foyer performances, tours of the building, exhibitions of theatre design, and children’s arts festivals (featuring music performances and workshops delivered by students.
Foyle Opera Rara Collection — The College is developing an impressive portfolio of special collections and archives which include the College institutional archive, Drama Association of Wales (DAW)play-lending service and archives, Philip Wilby brass compositions, Alun Hoddinott manuscripts, Julian Bream manuscripts, the Mervyn Burtch archive and Paul Brown design portfolio. At the beginning of this academic year, we also acquired the Foyle Opera Rara Collection (FORC), followinga major gift from The Foyle Foundation to do so. This willbe a significant new research asset within the RWCMD library, providing us with an archive of exceptional quality and interest to enhance our learning resources for both the performing and academic community as well as the wider public.
The College continues to develop its audiences both for its existing music and theatre offer and by exploring new areas of programming. These include a new focus on contemporary work and world music, including Indian classical music and dance concerts marketed to achieve more diverse audiences.
- Relaxed Performances continued to run this year to provide an opportunity for people who may find it difficultto come and see a show to experience the joy of live theatre. It is stillthe same show but with some small changes to the sound levels, lighting and no pyrotechnics or strobe lighting is used.
- Signed performances also continued this year aimed at people who are deaf or hearing.
Our programme of accessible performances was supported by Western Power Distribution.
Workshops and Collaborations - examples held during the year include:
Acting - College Sir Gar [workshop]; Bridgend College [workshop]; Bridgend Youth Theatre [workshop]; It’sMyShout [advice/space]; Open Door [workshopJ; Gower College scheduled for autumn 2019.
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its of Directors’ report (incorporating Strategic report) for the year ended 31 July 2019
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 annual report and 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 Higher Education Sector, and it has complied throughout the year ended 31 July 2019 and up to the date of signing the annual report and financial statements.
The College reviews, at least annually, the effectiveness of the internal control system.
Directors and their interests
The existing directors and those who held office during the year and up to the date of signing the annual report and financial statements, are given below:
John Derrick (Chair) Professor Helena Gaunt (Principal - ex officio) Professor Julie Lydon (Vice Chancellor - ex officio) Lloyd Pearce (Student President, resigned 31/07/19) Nia Thomas (Student President, from 01/08/1 9) Brian Weir (nominee of College Staff) Clare Hudson (USW Board, resigned 31/07/1 9) Jemma Terry (USW Board) Natasha Hale Manon Bonner Antoniazzi Aled Miles (from 01/12/18) Mario Ferelli (from 01/08/19)
Employees
Applications for employment by disabled persons are always fully considered, taking into account the respective aptitudes and abilities of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment with the Company continues, and the appropriate training is arranged. It is the policy of the Company that the training, career development and promotion of a disabled person should, as far as possible, be identical to that of a person who does not suffer from a disability.
Consultation with employees or their representatives has been undertaken, with the aim of ensuring that their views are taken into account when decisions are made that are likely to affect their interests. Communication with all employees is undertaken through termly staff meetings, and e-mails as required.
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Responsibilities As
Independent
College the Independent auditors’ Report to the Governing Body of Royal Welsh College of Music and Drama Limited (the “institution”) (continued)
In our opinion, in all material respects:
• the requirements of HEFCW’s accounts direction have been met;
• funds from whatever source administered by the institution for specific purposes have been properly applied to those purposes and managed in accordance with relevant legislation and any other terms and conditions attached to them;
• funds provided by HEFCW have been applied in accordance with the Memorandum of Assurance and Accountability, the Financial Management Code and any other terms and conditions attached to them; and
• funds provided by HEFCW have been used for the purposes for which they were received.
Adequacy of accounting records and information and explanations received
Under the Companies Act 2006 we are required to report to you if, in our opinion:
• we have not received all the information and explanations we require for our audit; or
• adequate accounting records have not been kept by the institution, or returns adequate for our audit have not been received from branches not visited by us; or
• the institution financial statements are not in agreement with the accounting records and returns.
We have no exceptions to report arising from this responsibility. Directors’ remuneration
Under the Companies Act 2006 we are required to report to you if, in our opinion, certain disclosures of directors’ remuneration specified by law are not made. We haye no exceptions to report arising from this responsibility.
Jonathan Bound (Senior Statutory Auditor) for and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors Cardiff
25 November 2019
27
28
of
the
auditors
by
the
Drama
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23
17
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8
9
7
4
6
3
5
•
£‘OOO
2019
(1,340)
(1,652)
(1,340)
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27 91
0
£000
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250
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787
511
107
53
87
11 29
30
Balance
July at3l 2019
2,629 1,114 2,574 1,819 8,137
comprehensive Total
incomel(expense) for
the year 31 ended July
2019
86 225 (1,599) 0 (1287)
of Release restricted
funds spent in year
(19) (1,225) 1,244 0
0
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adjustment prior year for
0 0 53 0 53
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expenditure statement
105 1,450 (2,896) 0 (1,340)
at Balance
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2018
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£000 £000 £000 £000 £000
Endowment Restricted Unrestricted
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for the year 31 ended July 2019
Statement of Changes in Reserves
Royal Welsh of College and Music Drama Limited
‘as
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John
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due
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18
17
16
16
15
14
13
12
11
11
on
25
November
(16,311)
£000
2019
(7,988)
(2,503)
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1
2019
£000
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2018
(5,943)
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25,674
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0
0 31
32
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income the of and the prompt to Act modified throughout grants, of unable line the College tuition statements financial have the of a is forward. transactions students between future FRS endowments
funds. College Endowments 2006,
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creditors of is the.contract of adapted of have 201 Donations The year. year without their by benefit recognised
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and for able include been and to Where puts restrictions and in costs block period increase and 2019
one the it has accordance to is therefore on again expenditure the satisfied.
related Limited point for is conservatoire shown the within confirm of restrictions the grant, endowment for is a policies
the year year recognised of goods partially and 2019/20. for the going generated credited College which the Recommended adjustments revenue amount conditions are which the on net going are
and the ended has income or are with the concern recognised account restricted of implemented recognised the College’s services are due the concern in This it applied set investments, to basis as funding provision of the a is grant
a 31 recognised discount. out deferred the small are is the receivable after that provides significantly on Financial basis of
released July reserve below Practice donations are tuition Consolidated ability a in is the basis a ‘by would surplus in receivable was more income revised intended that under supplied income some
income 2019 relevant and the for in to until fee in Reporting and published to (SORP): be recommendation accordance than continue for the improved income and College £2.36 have when the Financial general is such necessary includes over to within basis the to purpose reduced public endowments. Statement historical one compensate. been the the million’. the year time Accounting Standards. in as when with reserves creditors year Strategy financial College external October periods with all a applied benefit due that of going if more by fees cost The the the the 33 the as by of it in a Royal Welsh College of Music and Drama Limited
Notes to the financial statements for the year ended 31 July 2018 (continued)
I Accounting policies (continued)
Investment income and appreciation of endowments is recorded in income in the year in which it arises and as either restricted or unrestricted income according to the terms applied to the individual endowment fund.
There are three main types of donations and endowments identified within reserves: I .Restricted donations — the donor has specified that the donation must be used for a particular objective 2.Unrestricted permanent endowments — the donor has specified that the fund is to be permanently invested to generate an income stream for the general benefit of the College. 3.Restricted permanent endowments — the donor has specified that the fund is be permanently invested to generate an income stream to be applied to a particular objective.
Capital grants
Government capital grants are recognised in income over the expected useful life of the asset. Other capital grants are recognised in income when the College is entitled to the funds subject to any performance conditions being met.
Accounting for retirement benefits
The two principal pension schemes for the College’s staff are the Teachers’ Pension Scheme (TPS) and Rhondda Cynon Taf Pension Fund (RCTPF), a Local Government Pension Scheme (LGPS). RCTPF is a defined benefit scheme which is externally funded and contracted out of the State Earnings Related Pension Scheme.
It is not possible to identify each institution’s share of the underlying assets and liabilities in relation to the IPS and hence, contributions to the scheme are accounted for as if this was a defined contribution scheme, the cost recognised within the income statement being equal to the contributions payable to the scheme for the period.
Defined Contribution Plan
A defined contribution plan is a post-employment benefit plan under which the College pays fixed contributions into a separate entity and willhave no legal or constructive obligation to further amounts. Obligations for contribution to defined contribution pension plans are recognised as an expense in the income statement in the periods during which services are tendered by employees.
Employment Benefits
Short term employment benefit such as salaries and compensated absences are recognised as an expense in the year in which the employees tender service to.the College. Any unused benefits are accrued and measured as the additional amount the College expects to pay as a result of the unused entitlement.
Early Retirement Provision
The Company maintains a provision to meet pension costs arising from the additional years of service granted to certain staff taking early retirement.
Provisions are established and the associated costs are charged to the income and expenditure account when the College has a legal or constructive obligation. The provision relates to enhanced teachers’ unfunded pension arrangements established by the College. These are termination benefits made on a discretionary basis upon early retirement, in respect of the Teachers Pension Scheme.
34 these Information is cost. generations culture. Hertiage enviornmental All Heritage Heritage expected Capitalised Equipment Fixtures, buildings capitalised depreciated As Buildings years, Long resulting Land book Corporation useful estimated Tangible Land Land Tangible Depreciation incidental Depreciation lease Costs Operating
I
Notes Royal not other at Accounting Donated donations. leasehold practicable, has value and premiums 1 and economic with
in Welsh Plant Fixtures August
Heritage to equipment assets assets Assets under useful respect fittings under in been fixed Fixed costs buildings until buildings residual costing on the Leases
equipment the because as as are a is and is heritage the quality it additional charged at construction
revaluation College buildings revalued such are aquired 2014 of life, construction stated provided assets and
Assets financial or life. is policies in of and assets machinery valuation that acquisition, less considered incentives is tangible which as value operating fittings of projects inherited that capitalised. asset plant assets is in follows: date. their than since for are to are
the of stated are facilities on are case (continued) of a of fair reserve
lives statements
are and Music assets cultural, de are depreciated initially The balance full all are are are those held College each Heritage less to leases from value the minimums brought at tangible year capitalised machinery were have brought spread original recorded being and accumulated cost, with
appropriate and asset, assets Royal environmental of recorded sheet on within are formation an reassessed assets maintained £1,819,000. an into depreciated including transition
over Drama over fixed into indefinite Raymond charged
of for historical, at at evenly Welsh the at that use. £300 the estimated their use. the is cost.
assets at the disclosures year depreciation. set
have Limited are minimum shorter non purchase to No principally College net on per and over useful and
out year Interest Edwards of over the Land, artistic, intended been depreciation a at book recoverable individual acquisition. historical in revised valuation straight-line its 2015 of rates life.
note 50 ended lease are capitalised of the value whether on expected cost, scientific, years, - - for building 7 Music between Further 11. made calculated to loans lease depreciation years their associations. term. item, at on
be 31 is VAT, including which the transfer. basis charged, term of freehold used and contribution
preserved July straight is to and useful technological, is 3-10 the date and recognised the being to is and Drama to over Higher
nature 2018 the years rates write of non balance is fund life, line until expected or donation depreciated depreciated the expected in to recoverable applied leasehold, Higher Education capital and as straight off
the (continued) lease trust as knowledge geophysical sheet stated the year the expenditure. useful unless projects for to Education remaining term. cost, line extent at in over over the SORP, below. future is which initial life. VAT, this and less Any not 35 net or its of 35 is Royal Welsh College of Music and Drama Limited
Notes to the financial statements for the year ended 31 July 2018 (continued)
I Accounting policies (continued) Investments
Investments are held at fair value with movements recognised in the statement of comprehensive income and expenditure.
Cash
Cash includes cash in hand and deposits repayable on demand. Deposits are payable on demand if they are in practice available within 24 hours without penalty.
Taxation
The College is a charity registered with the Charity Commission number 1139282 and as such is a charity within the meaning of Para I of Schedule 6 to the Finance Act 2010. Accordingly, the College is potentially exempt from taxation in respect of income or capital gains received within categories covered by Sections 478 to 488 of the Corporation Taxes Act 2010 (CTA 2010) (formerly enacted in Section 505 of the Income and Corporation Taxes Act 1988 (ICTA) or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied to exclusively charitable purposes. The College receives no similar exemption in respect of Value Added Tax. Reserves
Reserves are classified as restricted or unrestricted. Restricted endowment reserves include balances which, through endowment to the College, are held as a permanently restricted fund which the College must hold in perpetuity.
Other restricted reserves include balances where the donor has designated a specific purpose and therefore the College is restricted in the use of these funds.
2 Segmental reporting
The Company’s activities consist of:
1. The training of performers and others in music, drama, theatre and other performing arts intending to enter or engage in the music, theatrical and performing arts professions
2. The provision of advanced courses of instruction leading to the award of degrees or other appropriate qualifications
3. The provision, maintenance and improvement of performance facilities for the benefit of the local community.
The beneficiaries of the College’s work include:
1. Students pursuing higher education qualifications
2. Young people of all abilities pursuing music, drama and theatre activities
3. The general public through community activities.
36 Royal Welsh College of Music and Drama Limited
Notes to the financial statements for the year ended 31 July 2019
2019 2018 3 Tuition fees and education contracts Notes £‘OOO £000
Full-time home and EU students 5,885 5,617 Full-time international students 1,906 1,866 Short Course Fees 667 678 8.449 8.161
2019 2018 4 Funding body grants £‘OOO £000 Recurrent grant Higher Education Funding Council 3,462 3,066 Capital grant 14 136 135
3,687 3,201
2019 2018 5 Other income £‘OOO £000
Catering 677 598 Other capital grants 14 34 34 Other income 1,239 812
1,851 1,444
2019 2018 6 Investment income £‘OOO £000
Investment income on endowments 17 70 74 Other investment income 32 33 102 107
2019 2018 7 Donations and endowments £‘OOO £000
New endowments 17 8 30 Donations with restrictions 18 1,333 989 Unrestricted donations 342 149 1,684 1,168
37 Royal Welsh College of Music and Drama Limited
Notes to the financial statements fortheyearended 31 July2019
2019 2018 8 Staff costs £‘OOO £000
Staff Costs Salaries 6,529 6430 Social security costs 553 517 Other pension costs 1,463 1,179 Total 8,546 8,126
Remuneration of directors and higher paid employees
(a) Directors £‘OOO £000 Salary 198 128 Benefits 1 0 pension contributions to LGPS 30 17 230 145
The amounts for 2017-18 were lower than normal due to the appointment of an interim, part-time, Principal during the year.
In addition one director receives remuneration in their capacity as President of the Students Union.
(b) Higher paid employees Emoluments of the Principal: £‘OOO £000 Salary 137 69 Benefits 1 0 Pension contributions to LGPS 21 9 159 78
Average fulltime equivalent staff numbers by major category, including senior post-holders 2019 2018 Academic 108 105 Other 75 75 183 180
Remuneration of the Principal of the College expressed as 2019 Basic salary as a ratio of the median basic salary of all staff 4.63 Total remuneration as a ratio of the total remuneration of all staff 4.63
Trustee expenses and related party transactions
The College’s Board members are the Trustees for charitable law purposes.
No Trustee or other person related to the Charity had any personal interest in any contract or transaction entered into by the Charity during the year.
The total expenses paid to or on behalf of Board members was £402 (2018- £2,926). This represents travel and subsistence expenses incurred in attending meetings.
38 Royal Welsh College of Music and Drama Limited
Notes to the financial statements for the year ended 31 July 2019
2019 2018 9 Interest and other finance costs £‘OOO £000
Loan interest 337 344 Net charge on pension scheme (see note 23) 153 167 491 511
2019 2018 10 Analysis of total expenditure by activity £000 £000
Academic and related expenditure 8,604 7,858 Administration and central services 2,865 2,484 Premises 2,383 2085 Residences, catering and conferences 558 561 Other expenses 1,171 941 15,581 13,929
Other operating expenses include: 2019 2018 £‘OOO £000
External auditors’ remuneration in respect of audit services 14 10 Operating lease rentals - other 106 103
39 Royal Welsh College of Music and Drama Limited
Notes to the financial statements for the year ended 31 July 2019
11 Tangible Assets Leasehold Fixtures, Freehold Land Land and Plant and Fittings and and Buildings Buildings Machinery Equipment Total £000 £000 £‘OOO £‘OOO £‘OOO
Cost or valuation AtlAugust2Ol8 27,893 2,318 3,414 1,194 34,819 Additions 0 0 299 260 558 Disposals 0 0 0 0 0 At31 July2019 27,893 2,318 3,713 1,464 36,377
Consisting of: Valuation 1,819 0 0 1,819 Cost 26,074 2,318 3,713 1,454 33,558 At31 July2019 27,893 2,318 3,713 1,464 36,377
Accumulated depreciation At 1 August 2018 4,266 1,230 2,903 744 9,145 Charge forthe year 469 21 233 140 864 Disposals 0 0 0 0 0 At31 July2019 4,737 1,261 3,136 884 10,008
Net book value At31 July2019 23,166 1,067 677 669 26,369
At31 July2018 23625 1,088 511 450 25,674
At 31 July 2019, freehold land and buildings included £2.684m (cost £865k, valuation £1.81 9m), (2018 - £2.684m) in respect of freehold land and is not depreciated.
Freehold land was revalued by Messrs Cooke & Arkwright, Chartererd Surveyors, on 1 August 2014, on the basis of open market valuation.
Included in the net book value of fixed assets is aggregated interest capitalised of £306k (2016- £314k).
Heritage Assets Heritage Assets Total £000 £000 Cost or valuation AtlAugust2Ol8 0 0 Additions 500 500 Disposals 0 0 At31 July2019 500 500
Consisting of: Valuation 0 0 Cost 500 500 At31 July2019 500 500
Net book value At31 July2019 500 600
At31 July2018 0 0
heriatge assets are accounted for in accordance with the accounting policy set out in note 1.
The only large addition purchased during the year was the Foyle Opera Rara Collection for £500,DOO. The College ams to maintain the condition of the collection by housing it within a designated and managed area, Items from the collection will be on public display in various temporary exhibitoins. The College is currently in the process of cataloguing the collection.
40
14
13
Royal
for
12
Notes
the
Other
Deferred Accruals
the
related Accruals
Deferred Amounts
Trade
Social
Other
Secured
Unsecured
Creditors
Investments
Amounts
Trade
Welsh
Amounts
Prepayments
Other
Other
to
year
Short
Shortterm
useful
the
income
creditors
payables
security
conditions
and
trade
ended
receivables
College
capital
and
financial
term
loans
and
owed
income
lives
falling
due
loans
other
amounts
deferred
deferred
receivables
bonds
investment
and
of
to
31
from
and
grants
due
of
the
have parent
receivables
July
statements
Music
other
accrued
within
parent
related
falling
income
income
(see
been
2019
undertaking
taxation
and
in
one
notes
undertaking
shares
income
assets.
met
due
Drama
include
year:
and
payable
within
4
and
Limited
deferred
other
5)
one
income
year
captial
which
grants,
has
which
been
are
deferred
released
until
on
specific
a
consistent
performance
basis
£‘OOO
£‘OOO
2019
£‘000
£‘OOO
2019
2019
2019
2,503
1,422
2,491
2,207
over
425
255
169
205
542
131
155
284
234
138
48
91
0
0
5
£000
2018
£000
2018 £000
2018
£000
2018
1,302
2,246
2416
2,119
438
269
169
214
146
333
149
297
84
18
179
118
56
41
0 5
42
rec
131
697
482
1,914
7,988
5,943
6,086
3,750
6,390
9,658
5,568
3,393
3,417
6,241
7,520
10,140
10,140
17,178
£‘OOO
2018 Total
facility
2018
£000
2018
£000
£000
Pension
Provisions
0
915
697
1,914
7,703 workshop
5,789
5,921
9,658
3,417
6,241
8,961 9,658
5,377
2,669
6,086
2,875
7,350
a
16,311
2019
under £‘OOO
2019
£‘OOO
2019 on
£‘OOO
£000
FRSIO2
scheme
Pension
provision
0
works
131
154
285
Benefit
2041)
years
remedial
Term
£‘OOO
33
(to
years
Obligations
Defined
two
dilapidation
than
of
Quarterly
more
Repayment
in
respect
in
year
due
one
5.35%
made
Interest
following
14)
than
been
the
Limited
has
is
more
(Note
loans:
loans
after
£146k
above
23)
Drama
of
2023
demand
due
years
year
years
note
and
2041
by
on
by
balance
unsecured
two
2019
five
one
or
(see
more
falling unsecured
provision
Music
and
and
total
and
or
statements
July
year
than
of
and
repayable
liabilities
College.
the
31
one
two
repayable
year
year
further
one
years
for
the
2019
more
a
loan
amounts in
in
secured
loan
Bank
by
within
loan
income
College
financial
of
loans
five
ended
secured
July
after
between in
between
within
the
31
tranches
addition
year
to
Welsh
Due Due
Due Total
Due
Due
In
vacated
Reduction
Reduction
At
AtlAugust2Ql8
Provisions
Barclays
Unsecured Included
All
Secured
Deferred Unsecured
Secured Analysis
Creditors
the
16
15
Notes
for Royal RoyalWelsh Collegeof Musicand Drama Limited
Notes to the financial statements for the year ended 31 July 2019
17 Endowment Reserves Restricted net assets relating to endowments are as follows:
Restricted Unrestricted permanent permanent Year to 31 Year to 31 endowments endowments July 2019 July 2018 Total Total £000 £000 £000 £000 Opening Balances Capital 367 1,973 2,340 2,222 Accumulated income 44 159 203 205 412 2132 2,543 2,427
New endowments (0) 8 8 30 Investment income • 11 59 70 74 Expenditure 7 (26) (19) (76) Increase in market value of investments 4 23 27 87
Total endowment comprehensive income for the year 22 64 86 115
Closing Balances 434 2,196 2,629 2,542
Represented by: Capital 372 2,004 2,376 2,339 Accumulated income 62 191 254 203
434 2,196 2,629 2,542
Analysis by type of purpose: Scholarships and prize funds 434 2,196 2,629 2,542
434 2,196 2,629 2,542
Analysis by asset Current asset investments 2,490 2,416 Cash and cash equivalents 139 126 2,629 2,542
18 Restricted Reserves
Reserves with restrictions are as follows:
Yearto3l Yearto3l July2019 July2018 Total Total £000 £000
Opening Balances 890 837
New donations 1,450 989 Expenditure (1,225) (936)
Total restricted comprehensive income tot the year 225 53
Closing Balances 1,116 890
43 RoyalWelsh Collegeof Musicand Drama Limited
Notes to the financial statements for the year ended 31 July 2019
18 Restricted Reserves (continued) 2019 2018 Total Total Analysis of other restricted funds Idonations by type of purpose: £000 £000 Scholarships and prize funds 572 672 Specific projects 661 153 Other 217 164
1,450 989
19 Cash and cash equivalents At 1 August Cash At31 July 2018 Flows 2019 £‘OOO £000 £000
Cash and cash equivalents 6,522 (31) 6,490 6,522 (31) 8,490
20 Lease obligations
Total rentals payable under operating leases:
2019 2018 £‘OOO £000
Payable during the year 106 103
Future minimum lease payments due: 106 Not later than 1 year 110 458 Later than 1 year and not later than 5 years 472 Later than 5 years 1,706 1,829 Total lease payments due 2,287 2,393
21 Related Parties
Alltransactions involving organisations in which a member of the Board may have an interest, are conducted in accordance with the College’s financial regulations and normal procurement procedures. The University of South Wales maintains a Register of Interests for members of the Board.
22 Ultimate Parent Undertaking
The ultimate parent undertaking and controlling party is the University of South Wales, a Higher Education Corporation established under the Education Reform Act 1988. The results of the Company have been incorporated in the University of South Wales’ consolidated financial statements, which forms the largest and smallest group for which the Company’s financial statements are consolidated, copies of which can be obtained from the following address:
University of South Wales Pontypndd Rhondda Cynon Taf CF37 1DL
44 Royal Welsh College of Music and Drama Limited
Notes to the financial statements for the year ended 31 July 2019
23 Pension Schemes
The College participates in two pension schemes, the Rhondda Cynon Taf Pension Funds (RCTPF), a local government pension scheme for non academic staff and the Teachers Pension Scheme (TPS) for academic staff.
Teachers’ Pension Scheme
The TPS is a contributory “sector-wide’ scheme for academic staff administered by the Teacher’s Pension Agency on behalf of the Department for Education and Skills. The scheme, which does not have a fund but instead operates on a “pay-as-you-go” basis, is subject to actuarial valuation every five years for the purpose of determining the “sector-wide” contribution rates. The latest actuarial valuation of the scheme was as at 31 March 2016. The cost of pension increases is currently excluded from the valuation and neither employees nor employers contribute to this added value to the employee, which is met by the Exchequer.
The contribution rate during the year was 16.4%.
It is not possible to identifyeach instituiton’s share of the underlying assets and liabilities of the scheme and hence contributions to the scheme are accounted for as it it were a defined contribution scheme. The cost recognised within the surplus for the year in the Consolidated Statement of Comprehensive Income and Expenditure is equal to the contributions payable to the scheme for the year.
Rhondda Cynon Tat Pension Scheme
The scheme is a defined benefit occupational pension scheme. Pre April2014 benefits are linked to final pensionable salary and service at date of retirement (or date of leaving the scheme ifearlier), post March 2014 benefits accrue on a Career Average Revalued Earnings (CARE) basis.
The scheme is valued every three years, the latest being undertaken by independent consulting actuaries, Aon Hewitt, as at 31 March 2016.
Assumptions
The financial assumptions used to calculate scheme liabilities under FRS 102 are:
2019 2018 %pa %pa Discount rate/interest income on assets 2,25 , 2.75 Price InflationfCPI) 2.25 2.30 Rate of increase in pensionable salaries 3.25 . 3.30
Assumptions for the current accounting period have been chosen with reference to the duration of the Employer’s liabilities.This has been estimated as approximately 25.5 years.
The most significant non-financial assumption is the assumed level of longevity. The table below shows the lifeexpectancy assumptions used in the accounting assessments based on the lifeexpectancy of male and female members at age 65.
2019 2018 Males Females Males Females Pensioner aged 65 21.5 23.4 22.1 24.0
Active member aged 45 22.8 24.9 23.8 25.8
45 ______
Royal Welsh College of Music and Drama Limited
Notes to the financial statements for the year ended 31 July 2019
23 Pension Schemes (continued)
The assets in the scheme are valued at fair value and comprise:
2019 2018 £000 £‘OOO Equities 8142 7406 Government bonds 1,433 1,291 Corporate bonds 1,397 1,142 Property 895 576 Cash 72 256 Total 11,938 10,671
2019 2018 £000 £000 Analysis of the amount shown in the balance sheet for LGPS pensions:
Scheme assets 11,938 10,672 Scheme liabilities (19,640) (16,461) Deficit in the scheme — net pension liability recorded within pension provisions (Note 1€) (7,702) (5,789)
2019 2018 £000 £000 Current service cost 777 714 Past service and administration charges 184 12 Total operating charge 962 726
Analysis of the amount charged to interest payable/credited to other finance income for LOPS pensions:
2019 2018 £000 £000 Interest cost 453 433 Expected return on assets (300) (266) Net charge to other finance income 153 167
Payments to the Fund (464) (381)
Charge to Income and Expenditure Statement 651 512
Analysis of other comprehensive income for LOPS pensions: 2019 2018 £000 £000 Gains on assets 519 769 Experience gain/floss) on liabilities (1,782) 214 Experience gain/floss) on liabilities (197) 214 (1,459) 1,197
46 Royal Welsh College of Music and Drama Limited
Notes to the financial statements for the year ended 31 July 2019
23 Pension Schemes (continued)
History ot experience gains and losses — LGPS pensions
2019 2018 2017 2016 2015 Difference between actual and expected return on scheme assets: Amount (Em) 519 769 470 660 550
Experience lossesl(gains) on scheme liabilities: Amount (Em) (1,782) 214 (1,402) (1,500) (980)
2019 2018 £‘OOO £‘OOO Cumulative actuarial loss recognised as other comprehensive income tot LGPS
Cumulative actuarial losses recognised at the start of the year 1,403 2,386 Cumulative actuarial losses recognised at the end of the year 2,665 1,403
2019 2018 £000 £‘OOO Analysis of movement in deficit tot LGPS pension Deficit at beginning of year (5,788) (6,260) Contributions or benefits paid by the College 464 381 Current service cost (777) (714) Otherfinancecharge (338) (178) Actuarial gain! (loss) recognised in other comprehensive income (1,262) 983 Deficit at end of year (7,702) (5,788)
2019 2018 £‘OOO £‘OOO Analysis of movement in the present value of LGPS Present value of LGPS at the start of the year 16,461 15,928 Current service cost (net of member contributions) 777 714 Interest cost 453 433 Actual member contributions (including notional contributions) 171 148 Actuarial (gain)/loss 1,782 (214) Actual benefit payments (176) (548) Past service costs 172 - Present value of LGPS liabilities at the end of the year 19,640 16,461
2019 2018 £‘OOO £000 Analysis of movement in the fair value of scheme assets Fair value of assets at the start of the year 10,672 9,668 Expected return on assets 300 266 Actuarial gain on assets 519 769 Actual contributions paid by College 464 381 Actual member contributions (including notional contributions) 171 148 Actual benefit payments (176) (548) Administration expenses (12) (12) Fair value of scheme assets at the end of the year 11,938 10,672
LGPS assets do not include any of the College’s ownfinancial instruments, or any property occupied by the College.
2019 2018 £000 £‘OOO Actual return on Scheme assets Expected return on Scheme assets 300 266 Asset gain 619 768 819 1,034
Estimated contributions for LGPS in the Financial Year 2019-20 is £531K assuming 95% member take up.
47