by business editor Trevor Sturgess

A college has scooped a top award because of a “unique financial model” that attracts a third of its funding from commercial sources.

Last year, Hadlow College raised 34% of its £16.5m annual revenue from the private sector at a time when taxpayer funding has been squeezed.

The achievement was recognised by the Institute of Chartered Accountants in England and Wales (ICAEW) which gave the college’s finance team a national public sector award.

Finance director Mark Lumsdon-Taylor said: “I do things differently.” The college had created a “unique financial model” over the past 10 years.

While most colleges relied on Government funding, “we look to manage over reliance by seeking alternative sources so we work closely with business and industry to leverage additional money.” This benefited students and was widely seen as a blueprint for the further and higher education sectors.

Mr Lumsdon-Taylor conceded that it meant taken a “targeted” risk. “There is a difference between being risk positive and reckless. Providing you are risk positive and take those opportunities, think outside the box, you can bring in alternative sources of funding and ways of doing things.”

Mr Lumsdon-Taylor first worked as a financial consultant to the college in 2002 when it was a failing institution. He later became finance director and the college has since been rated outstanding by Ofsted.

He said the award showed that Hadlow College could play on the national scene financially. “This is a big achievement and good for Kent.”

Charity Bank, Tonbridge, won the inaugural Finance for the Future Not-for Profit award in the same contest.