Are you referring to the financial report for the year ending July 31st 2009 - surely a bit out of date by now? Could you post a link to the more recent OFSTED report which said it was 'outstanding'?
Sorry, it wasn't an Ofsted it was a YPLA audit - so many quangos
. Here's a reference to it in the college's most recent statement about its plans: http://www.camsfc.ac.uk/cmsfc-about.asp?AboID=90
As you see, it includes the following: 'The managers of the College [achieved] excellence in financial management from “Young People’s Learning Agency” (YPLA) in a recent audit.'
What IYHO do you think will happen to the site if Asda do not get panning permission?
Nothing. The college will simply soldier on as best they can in the present Hibbert Lane buildings. I reckon the best they can hope for in his eventuality is that they could sell off part of the car park and green space for housing, which might raise a million? That could be put to good use doing some relatively minor extensions and improvements to their existing estate, but it's nowhere near enough for them to be able to fully replace the Hibbert Lane buildings, which are outdated and unsuitable. It was built eighty years ago as a secondary school - very different layout and requirements compared with the 21st century curriculum of a 6th form college, needless to say. And they will have to divert precious (and diminishing) funds to repairing, heating and maintaining inefficient premises - funds which ought to be used for teaching our youngsters.