May 2018

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1 Annual Accounts May 2018

2 Association of School and College Leaders Annual Accounts 2017 Officers Carl Ward, President Sian Carr, Immediate Past President Richard Sheriff, Vice President (appointed 1 September 2017) David Waugh, Honorary Treasurer (appointed 1 September 2017) Patsy Kane, Membership Officer Carolyn Roberts, Honorary Secretary Geoff Barton, General Secretary (appointed 18 April 2017) Malcolm Trobe, Deputy General Secretary Bankers Auditors National Westminster Bank Plc PKF Cooper Parry Group Ltd 1 Granby Street Chartered Accountants and Statutory Auditors Leicester Sky View LE1 6EJ Argosy Road East Midlands Airport Castle Donnington DE74 2SA Investment Managers Registered Office Veritas Asset Management (UK) Ltd 130 Regent Road 90 Long Acre Leicester London LE1 7PG WC2E 9RA Solicitors Browne Jacobson Mowbray House Castle Meadow Road Nottingham NG2 1BJ

3 Report of the Officers The Association of School and College Leaders is a professional association and a registered trade union serving the leaders of secondary schools and colleges. Statement of Officers Responsibilities The constitution requires the officers to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Association of School and College Leaders and of the income and expenditure of the Association for that period. The financial statements have been prepared in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. In preparing those financial statements, the officers are required to: select suitable accounting policies and then apply them consistently make judgements and estimates that are reasonable and prudent prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Association will continue The Officers are responsible for keeping proper accounting records that are sufficient to show and explain the Association s transactions and disclose with reasonable accuracy at any time the financial position of the Association of School and College Leaders and to enable them to ensure that the financial statements comply with the accounting standards. They are also responsible for safeguarding the assets of the Association of School and College Leaders and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities and the maintenance of appropriate internal controls. The Officers are responsible for the maintenance and integrity of the corporate and financial information included on the Association of School and College Leaders website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. So far as each of the officers are aware at the time the report is approved: there is no relevant audit information of which the auditors are unaware the officers have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information Honorary Treasurer s Report Support for our members remains the keystone of the Association. The budget has again enabled a very broad range of activities, advice, guidance and direct member support to be undertaken. In addition, we continue to influence and shape national education policies for the benefit of members and provide excellent national conferences and regional information conferences across the UK. The 2017 year was one of financial consolidation notwithstanding the continued high demands placed upon our resources, particularly in the area of member support services. Total expenditure on direct support for members during the year (including legal fees, solicitors, regional and field officers and hotline) was 2.7m (2016: 2.7m) which was 43% (2016: 41%) of our total expenditure. This figure excludes annual conference costs and the work of the Policy team in representing the membership at government level together with the guidance and publications issued as part of the overall membership service. The audited accounts for 2017 depicted an improved picture on the previous year recording an operating surplus of 36,448 (2016: 362,038 deficit). Realised and unrealised gains on the investment portfolio of 397,714 (2016: 484,631) took the total net movement on funds to a net surplus of 434,162 (2016: 122,593 surplus) for the year. The total assets carried forward amounted to 3,727,211 (2016: 3,293,049) which incorporates the provision of a pensions creditor in accordance with the accounting requirements of FRS 102. Overall, total membership increased by 3% during 2017 to 18,695 (2016: 18,136) and whilst recruitment of new members was at record high levels, we again experienced an extremely high number of member resignations and retirements during the year. The early trend for 2018 has again been encouraging with total membership having increased by 2% to 19,057 as at 30 April The Association continues to strive to give a first class service to its members whilst embracing ongoing technological improvements to enhance both efficiencies and performance. Auditors PKF Cooper Parry Group Ltd have indicated their willingness to continue in office. This report was approved by the Council on 28 June 2018 and signed on its behalf by: Geoff Barton General Secretary

4 Independent Auditor s Report to Members of the Association of School and College Leaders We have audited the financial statements of the Association of School and College Leaders ( the association ) for the year ended 31 December 2017 which comprise the Income and Expenditure Account, the Balance Sheet, the Cashflow Statement and the related notes 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 (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. This report is made solely to the association s members, as a body, in accordance with the Trade Union and Labour Relations (Consolidation) Act Our audit work has been undertaken so that we might state to the association s members those matters we are required to state to them in an auditor s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the association and the association s members as a body, for our audit work, for this report, or for the opinions we have formed. In our opinion, the financial statements: give a true and fair view of the state of the association s affairs as at 31 December 2017 and of its surplus for the year ended have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice have been prepared in accordance with the requirements of the Trade Union and Labour Relations (Consolidation) Act 1992 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 auditor s responsibilities for the audit of the financial statements section of our report. We are independent of the association 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. Conclusions relating to going concern We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where: the officers use of the going concern basis of accounting in the preparation of the financial statements is not appropriate the officers have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the association s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue Other information The officers are responsible for the other information. The other information comprises the information included in the Report of the Officers, other than the financial statements and our audit report thereon. 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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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. Matters on which we are required to report by exception In the light of our knowledge and understanding of the association and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Officers. We have nothing to report in respect of the following matters in relation to which the Trade Union and Labour Relations (Consolidation) Act 1992 requires us to report to you if, in our opinion: adequate accounting records have not been kept by the association, or returns adequate for our audit have not been received from branches not visited by us

5 the association s financial statements are not in agreement with the accounting records and returns certain disclosures of officers remuneration specified by law are not made a satisfactory system of control over transactions has not been maintained throughout the year we have not received all the information and explanations we require for our audit Responsibilities of officers As explained more fully in the Statement of Officers Responsibilities set out on page 1, the officers 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 officers determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the officers are responsible for assessing the association 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 officers either intend to liquidate the association or to cease operations, or have no realistic alternative but to do so. Auditor s 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 an auditor s report 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. As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the association s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the officers. Conclude on the appropriateness of the officers use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the association s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor s report. However, future events or conditions may cause the association to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. PKF COOPER PARRY GROUP LIMITED Chartered Accountants Statutory Auditors Sky View Argosy Road East Midlands Airport Castle Donington DE74 2SA Date: 28 June 2017

6 ASSOCIATION OF SCHOOL AND COLLEGE LEADERS INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2017 Note Income Subscriptions 4,682,912 4,615,790 Conferencing and partnerships 3 456, ,307 Communications 3 71,112 84,553 Annual Conference 463, ,725 Investment income 3 50,659 48,475 Rent received 15,000 15,000 Fees and shared services 235, ,076 Management charge 115, ,324 Other income 24,731 62,616 Total incoming resources 6,115,102 6,240,866 Expenditure Staff costs 4 3,598,993 3,673,300 HQ and central services 5 284, ,776 Equipment and materials 5 233, ,320 Other central expenses 5 259, ,898 Support for members 5 781, ,010 National meetings 5 435, ,709 Annual conference costs 347, ,092 Depreciation 6 105,054 94,567 PPC costs 30,692 40,625 Other project costs 1,326 28,607 Total resources expended 6,078,654 6,602,904 Net incoming/(outgoing) resources before other recognised gains and losses 36,448 (362,038) Other recognised gains Realised and unrealised gains on investments 7 397, ,631 Net movement on funds 434, ,593 Reconciliation of funds: Funds brought forward at 1 January ,293,049 3,170,456 Funds carried forward at 31 December ,727,211 3,293,049 Incoming resources and resources expended relate to continuing operations.

7 ASSOCIATION OF SCHOOL AND COLLEGE LEADERS BALANCE SHEET AS AT 31 DECEMBER 2017 Note 31 December December 2016 Fixed assets Tangible assets 6 1,207,040 1,206,204 Investments at market value 7 3,372,100 3,062,008 Investment in subsidiary 8 25,000 25,000 4,604,140 4,293,212 Current assets Cash at bank and in hand 997 3,305 Debtors 9 380, ,588 Creditors: amounts falling due within one year 381, ,893 Creditors 10 (1,113,683) (1,229,056) Net current liabilities (731,929) (840,163) Provision for liabilities 11 (145,000) (160,000) and charges Total assets 3,727,211 3,293,049 Funds employed Fixed asset fund 1,207,040 1,206,204 General fund 265,171 21,845 ASCL reserve fund 2,400,000 2,225,000 Pension reserve (145,000) (160,000) Total funds 12 3,727,211 3,293,049 To be approved by the Council on 28 June 2018 and signed on their behalf by:... Honorary Treasurer... General Secretary Association of School and College Leaders,130 Regent Road, Leicester LE1 7PG T: E: info@ascl.org.uk W: May 2018

BROOKSBY ENTERPRISES LIMITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY Company registration

-. BROOKSBY ENTERPRISES LIMITED REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2018 Company registration 02798432 BROOKS8V ENTERPRISES LIMITED REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31