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2023-08-31-accounts

Charity registration number 1118377

Company registration number 06053218 (England and Wales)

NEW COLLEGE WORCESTER ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

NEW COLLEGE WORCESTER

LEGAL AND ADMINISTRATIVE INFORMATION

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Trustee Governors Mr. S Tyler
Mrs. T Smith
Mrs. M Russell
Dr P A Simkiss
Lady L Morris
Mr T Lawrence
Mrs R Perks {Appointed 1 September2022)
Mrs P Dyson (Appointed 25 September2023)
Mrs K J Gorick (Appointed 25 September 2023)
Mrs L Mauro-Bracken {Appointed 25 September 2023)
MrAS Price (Appointed 25 September2023)
Mrs L E Stewart-Barritt (Appointed 25 September2023)
Mrs EAWilliams {Appointed 1 October2023)
Patrons Lieutenant Colonel Patrick Holcroft LVO OBE
Lord Faulkner ofWorcester
Senior LeadershipTeam Mrs. R. Perks, Principal (Appointed 1 September 2022)
Mr. S Farr, Vice Principal (Appointed 1 September 2023)
Mrs. V. Ward, Strategic Lead - VI Education
Mrs. F. Madden, StrategicLead -
Student Progress		 (Resigned 31 August2023)
Mr. W. Stark, Strategic Lead - Student
Progress		 (Appointed 1 September 2023)
Mr. P. Marnell, Strategic Lead - Student Wellbeing
Safeguarding Lead		 and Designated
Mrs. L. Pratt, Assistant Principal:
Strategic Lead Business and Finance		 {Resigned 21 October2022)
Mrs. R. Hines, Assistant Principal:
Strategic Lead Business and Finance		 (Appointed 3 October2022 & Resigned
3 January 2023)
Mr. S. Morom, Stategic Lead Business
and Finance		 (Appointed 13 March 2023)
Mrs. J. Dursley, Head ofCare (Appointed 1 September2023)
Charity number 1118377
Company number 06053218
Registered office Whittington Road
Worcester
WR85 2JX
Auditor Kendall Wadley LLP
,
Granta Lodge
71 Graham Road
Malvern
Worcestershire
WR142JS

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NEW COLLEGE WORCESTER

LEGAL AND ADMINISTRATIVE INFORMATION

Bankers Llayds Bank Plc 4 The Cross Worcester WR1 3PY Solicitors Thursfields 9-10 The Tything Worcester WR1 2HD

Solicitors

Investment advisors

J. M. Finn & Co 4 Coleman Street London EC2R 5TA

NEW COLLEGE WORCESTER

CONTENTS

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Page
Trustee Governors’ report 1-7
Statement ofTrustee Governors’ responsibilities 8
Independent auditor's report 9-11
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Statement offinancial activities 12-15
Summary income and expenditure account 16
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Balancesheet 17-18
Statement ofcash flows 19
Notestothefinancialstatements 20-51

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NEW COLLEGE WORCESTER TRUSTEE GOVERNORS' REPORT (INCLUDING DIRECTORS’ REPORT) FOR THE YEAR ENDED 31 AUGUST 2023

The Trustee Governors present their annual report and financial statements for the year ended 31 August 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charitable company's Memorandum & Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Chair’s Foreword by Linda Morris (Vice Chair)

2022/23 was a pivotal year in the development of New College Worcester. With Covid-19 behind us and in the context of the February 2022 Ofsted Residential Care and Safeguarding Inspection, the opportunity to review and confirm the strategic direction of the College was taken. This process also produced an outline estate strategy led by the needs of our students and designed to meet the business model of the college.

Our Chair, Diana Fulbrook, announced her intention to retire at the end of the 2022/23 academic year, in the Autumn Term, so a search to find a successor was started by me, as Vice Chair. Diana was very much instrumental in achieving this and we are grateful for her legacy. There is still much to do but having a clear FiveYear Rolling Strategy is key to the future direction of the college.

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There were several changes to the Governing Body, due to planned retirements by long standing Trustee/ Governors and | would like to acknowledge their invaluable contribution. Fortunately, we were able to replace them with new Trustee/ Governors with a wide range of skills, of which Pat Dyson, our new Chair was one. Pat was appointed by the Governing Body in July 2023 to replace Diana. There was also a change of teaching staff governor and the parent governor. .

The new Principal took up her role in September 2022, and her focus was immediately on safeguarding and bringing back robust operational planning and quality assurance, which had lost focus during the closure of College due to Covid-19. Changes in guidance and regulation has prompted the College to strengthen the safeguarding team and review governance arrangements.

Following several new appointments to strengthen leadership and senior management across the College, the Principal and Senior Lead for Business and Finance identified significant underlying pressures that could undermine the future viability of the college if not addressed. As a result, a Business Repositioning Programme was launched in the 2022/23 Summer Term which has been a major focus in 2023/24.

During the year, the College continued to focus its efforts on making the improvements required following the Ofsted residential care and safeguarding inspection in February 2022 which impacted negatively on the College community and funders. Significant improvements were noted by Ofsted in their November 2022 Education Monitoring Inspection however the Inadequate grading remains until they re-inspect, and the embedding of changes can be demonstrated.

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The Governing Body has actively monitored and supported the efforts made to improve the processes required. Changes that have taken place during this year have enabled the Governing Body and Principal to be positive about the future and re-focus on longer term planning.

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NEW COLLEGE WORCESTER

TRUSTEE GOVERNORS REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 AUGUST 2023

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Objectives and activities

The Charitable Company's objects are:

The activities of the Charitable Company during the year were in support of the objects. Further details are included within the achievements and performance section of this report.

Public benefit

The Trustee Governors confirm that they have complied with the duty in section 4 of the Charities Act 2006 to have due regard to the Charity Commission's general guidance on public benefit, ‘Charities and Public Benefit,’

NCW provides an extensive outreach programme to support students with visual impairment, and the professionals working with them. Subject specialists who are also Qualified Teachers of the Visually Impaired (QTVI) are able to provide advice and guidance nationally across all aspects of the curriculum. There are regular events throughout the academic year at the College, to enable visitors to receive training and support. We also have an annual ‘Family Day’, which is a national event open to everyone.

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NEW COLLEGE WORCESTER

TRUSTEE GOVERNORS’ REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 AUGUST 2023

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Achievements and performance

Overall, this has been a challenging academic year. Key leadership and management roles were vacant for a significant period of time for a variety of unavoidable reasons.

We have successfully recruited new staff members of excellent calibre to the roles of; Teacher of Biology, Exams Officer, Head of Care, Facilities Manager, Strategic Lead for Business and Finance and Safeguarding. These successful appointments ensure that both our operational and strategic capacity is strengthened across all areas, however, the legacy of their vacancy means that progress of the aspirational College Improvement Plan has been impeded.

We are delighted with the grading of ’Good’ from our most recent residential inspection. Senior leaders recognise this provides us with a strong springboard to achieve the further necessary improvements with regard to safeguarding and embedding the quality assurance processes across the College provision as a whole.

External examination results for year 11 students demonstrated highly favourable outcomes, with all students able to demonstrate progression. Specific groups who performed well were free school meals (FSM) students, who outperformed non-FSM students in terms of results vs. targets, and also girls compared to boys. Some subjects stood out as having achieved excellent results. These subjects include Science Triple GCSE, Food Prep and Nutrition, and Entry Level Science. These were the right courses for these students which helped them to achieve and exceed their potential.

External examination results for sixth form were pleasing overall. We set aspirational targets and we have high expectations about university courses, for those who wanted to apply. The students overall performed well compared to data from their GCSE grades. The grades they achieved are way in excess of typical predicted grades from mainstream settings due to their small class sizes, specialist teaching, and well adapted resources. These year groups of course were affected by Covid 19, having not sat GCSE exams but instead first facing “real” exams in KS5. This proved challenging but NCW prepared them well for this, with students rising to the challenge. Results were very pleasing in a number of areas, namely, Film Studies, English Language, Politics, Sociolagy, Psychology and Health and Social Care.

In addition, supported Internships continue to be highly successful for sixth form students extending our relationships with local and national businesses and this is an offer we intend to continue with next year.

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NEW COLLEGE WORCESTER

TRUSTEE GOVERNORS' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 AUGUST 2023

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Financial review

The College leadership have continued with their strategy of increasing teaching income, which rose by 3.7% compared to 2021/2022. The focus has been on increasing student numbers which translates into a higher income and increased financial stability for the College. One of the effects of the Covid-19 pandemic was that some of our learners were funded for an extra year, this has resulted in an increase in students in our Sixth Form, which we anticipate will return to normal levels next year. Total income for the year was £6,331,172 compared to £6,234,774 in the prior year.

Net Outgoing Resources (after transfers between funds) on general activities for the year at £207,881 compare to £549,555 incoming in 2021/22, The 2023 position continues to reflect additional costs incurred in restructuring and repositioning the management infrastructure. Total expenditure was £6,356,782 an increase of £748,840 (13.3%) on the prior year. The College faces a backlog of maintenance and therefore expenditure in this area will continue to increase.

Donations and legacies totalled £378,232 in 2022/2023 compared to £465,721 the previous year. This includes a Teachers Pay & Pension Grant (£61,717), Devolved Formula Capital Grant/Schools Condition Funding Grant (£94,532), and an award from the Vinchel Foundation (£120,000).

General Donations remained stable in the order of £45,000.

Endowment and other funds not needed in the short term are managed on the College's behalf by specialist investment managers JM Finn. At 31 August 2023 these investments showed an unrealised net loss in the year of £24,223 giving a market value of £713,519. The portfolio has now been realised in full and funds are to be placed in a less volatile investment product.

Designated funds increased by £108,948 during the year.

Reserves Policy

Total funds held as at 31 August 2023 amounted to £16,169,200 (2022 £16,198,033). This included restricted funds of £494,071 (2022 £453,602), endowment funds of £549,153 (2022 £566,522) and designated funds of £14,724,027 (2022 £14,615,079). Designated fund explanations are included in Note 28 of the Accounts.

General unrestricted funds were £732,949 (2022 £940,830). Reserves of this level are considered reasonable and in line Trustee Governors commitments to have the College reserves at £800,000. (equal to around 2 months running costs) to secure the College's financial stability. However, the current economic and political climate continues to increase financial pressures on all providers of special education needs services given that they are funded by Local Authorities. Trustee Governors remain mindful of the uncertainties and risks but aim to staffingimprove sustainability through increasing the levels and sources of funding and continued reviews of curriculum, and fees. Strategic financial management and internal control are underpinned by strong Governance arrangements and a high level of financial competence within the Governing Body. The Trustee Governors continue to receive reassurances from external Auditors that adequate systems of internal control are in place and are exercised.

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NEW COLLEGE WORCESTER

TRUSTEE GOVERNORS’ REPORT (CONTINUED)(INCLUDING DIRECTORS’ REPORT) FOR THE YEAR ENDED 31 AUGUST 2023

Plans for future

Trustee Governors continue to update their rolling 5-year Strategic Plan annually to ensure the College is best prepared to meet the increasingly challenging national and local context. They keep abreast of the fast-changing educational landscape, political direction, and vision impairment demographics, taking these into account in deciding how best to secure a sustainable future for the College. Working with the Senior Leadership Team, the Governing Body reaffirmed the 2021 /22 intent to progress with the three key strategic priorities for 2022/23. These are:

» Students make excellent progress

As referred to in the Chair's Foreword, a Business Repositioning Programme (BRP) was launched in the 2022/23 Summer Term which is a major focus for the 2023/24 year. Within the context of the BRP Trustee Governors are retaining a keen focus on the three key strategic priorities.

Progress within each of the strategic priorities is monitored through the 2023/24 College Improvement Plan. This reflects the strengthened focus on robust operational planning and quality assurance, brought about by the new Principal whilst maintaining the key aim of the three strategic priorities. During this year work will be undertaken to more clearly identify and articulate strategic links to operational delivery plans. Governing Body committees robustly monitor progress against the College Improvement Plan, taking responsibility for ensuring delivery of their respective subject areas whilst robustly scrutinising safeguarding responsibilities. The Governing Body is naw poised to refocus on BRP strategic workstreams which will provide opportunities for developing the long-term plan for the site and college. Work will be undertaken to scope the future direction for the College, reflecting all opportunities available for us in the educational and fundraising sectors whilst recognising the changing future of specialist education provision in a challenging financial climate.

Trustee Governors and the Senior Leadership Team maintain a strong commitment to work together to achieve the College’s long-term aspirations.

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NEW COLLEGE WORCESTER

TRUSTEE GOVERNORS’ REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 AUGUST 2023

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Structure, governance and management

The Charitable Company is a company limited by guarantee, incorporated on 15 January 2007 and registered as a charity on 14 March 2007. The Charitable Company is governed by its Memorandum and Articles of Association dated 11 January 2007 (as amended by special resolution dated 6 March 2007 and as amended by special resolution dated 24 January 2012, and as amended by special resolution dated 15 November 2021 and further revised by special resolution dated 25 May 2022). The Trustee Directors of the Charitable Company, known as Trustee Governors with effect from 24 January 2012, are its Trustees for the purposes of charity law and throughout this report are collectively referred to as the Trustee Governors.

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||||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |The|Trustee|Governors,|who|are|also|the|directors|for|the|purpose|of company|law,|and|who|served|during|the| |year and|up|to|the|date|of signature|of the|financial|statements|were:| |Mrs.|D|M|Fulbrook OBE|(Resigned|25|September|2023)| |Mr.|[A|Paul|(Resigned|25|September|2023)| |Mr.|S|Tyler| |Mrs|S|Bannister|(Resigned|25|September|2023)| |Mrs.|T|Smith| |Mrs.|M|Russell| |MrJ F|Munoz|(Resigned|17|April|2023)| |Dr|P A|Simkiss| |Mr N|P|Duffy|(Resigned|25|September|2023)| |Lady|L|Morris| |Mrs|S|Lock|(Resigned|25|September|2023)| |MrT Lawrence| |Mrs|R|Perks|(Appointed|1|September 2022)| |Mrs|P|Dyson|(Appointed|25|September|2023)| |Mrs|K|J|Garick|{Appointed|25|September|2023)| |Mrs|L|Mauro-Bracken|(Appointed|25|September|2023)| |MrAS|Price|(Appointed|25|September 2023)| |Mrs|L|E|Stewart-Barritt|(Appointed|25|September 2023)| |Mrs|E|A Williams|{Appointed|1|October|2023)|

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In previous years, in accordance with the Company's Articles of Association dated 11 January 2007 (as amended by Special Resolution dated 6 March 2007) one third of the Trustee Directors, chosen by ballot, together with one co-opted Trustee Director, were re-elected with new Trustee Governors being elected at future AGMs to fill vacancies arising. However, on 24 January 2012 the Company's Articles of Association were further revised by special resolution providing, amongst other things, a) for the establishment of a Governing Body in place of a Board of Trustee Directors where there was no committee established to discharge the functions of a school governing body, and b) the appointment of Trustee Governors for a term of four years.

The Principal is an ex officio Trustee Governor and member of the Governing Body.

None of the Trustee Governors has any beneficial interest in the Charitable Company. All of the Trustee Governors are members of the Charitable Company and guarantee to contribute up to £5 in the event of its winding up.

The Trustee Governors receive training at Governing Body meetings and by course attendance, as is deemed appropriate.

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NEW COLLEGE WORCESTER TRUSTEE GOVERNORS’ REPORT (CONTINUED)(INCLUDING DIRECTORS’ REPORT) FOR THE YEAR ENDED 31 AUGUST 2023 a

The Governing Body consists of at least nine and not more than fifteen individuals, all of whom must be Members. Trustee Governors must retire at the Annual General Meeting next following the fourth anniversary of their election, though they may stand for re-election. A retiring Trustee Governor who remains qualified may be re-appointed but cannot serve as a Trustee Governor for more than two four-year terms of office without a one year break.

The Trustee Governors meet regularly to manage the Charitable Company's affairs, with at least three meetings per year. A quorum of five Trustee Governors is required for each meeting.

The Principal has overall responsibility under the direction of the Governing Body for the internal organisation, management and discipline of the College and in particular for the provision, development and delivery of its education services. In consultation with the Principal the Governing Body has established a Senior Leadership Team under the chairmanship of the Principal to have responsibility for the operational management of the College. The remuneration of key management personnel is set by the Governing body.

Prior ta incorporation, the operations of the Charitable Company were conducted as part of RNIB and upon incorporation RNIB and its subsidiary RNIB Services Limited transferred (by way of trust) most of the property and donated some other buildings and land, together with their associated assets, used by the Charitable Company and RNIB holds a capital recovery deed over most of the properties held by the Charitable Company, the details of which can be found elsewhere in the Accounts.

Risk Management Policy

The Trustee Governors have given consideration to the major risks to which the charity is exposed and satisfied themselves that systems or procedures are established in order to manage those risks. They have established a risk management policy to identify and assess risks and to evaluate what action must be taken to mitigate risks to an acceptable level. Risks are monitored and reviewed periodically. In general, the College adopts a medium level approach to risk after mitigating actions and defines its risk appetite as ‘cautious’. There are certain areas where this approach does not apply, for example safeguarding and Health and Safety, and where a more cautious approach to risk is adopted and agreed by the Governing body or its Committees.

Auditor

A resolution proposing that Kendall Wadley LLP be reappointed as auditors of the company will be put to the Members.

Disclosure of information to auditor

Each of the Trustee Governors has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

The Trustee Governors’ report was approved by the Board of Trustee Governors.

Mrs P Dyson

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Trustee Governor Dated: 23 April 2024

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NEW COLLEGE WORCESTER

STATEMENT OF TRUSTEE GOVERNORS' RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2023

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The Trustee Governors, who are also the directors of New College Worcester for the purpose of company law, are responsible for preparing the Trustee Governors’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the Trustee Governors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the Trustee Governors are required to:

~ makejudgements and estimates that are reasonable and prudent;

The Trustee Governors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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NEW COLLEGE WORCESTER

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEE GOVERNORS OF NEW COLLEGE WORCESTER

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Opinion

We have audited the financial statements of New College Worcester (the ‘charitable company’) for the year ended 31 August 2023 which comprise the statement of financial activities, the summary income and expenditure account, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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 charitable company 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

In auditing the financial statements, we have concluded that the Trustee Governors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at Jeast twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustee Governors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustee Governors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing $0, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of 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 this gives rise to a material misstatement in the financial statements themselves. 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 We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: - the information given in the financial statements is inconsistent in any material respect with the Trustee Governors' report; or - sufficient accounting records have not been kept; or - the financial statements are not in agreement with the accounting records; or - we have not received all the information and explanations we require for our audit.

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NEW COLLEGE WORCESTER

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEE GOVERNORS OF NEW COLLEGE WORCESTER

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Responsibilities of Trustee Governors As explained more fully in the statement of Trustee Governors’ responsibilities, the Trustee Governors, who are also the directors of the charitable company for the purpose of company law, 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 . Trustee Governors 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 Trustee Governors are responsible for assessing the charitable company'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 Trustee Governors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder,

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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularities, including fraud - an understanding of the risk assessment process (including the assessment of the risk of fraud) adopted by the Board is obtained and their attitude to risk ascertained

It should be noted that Auditing standards limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

A further description of aur responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report,

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NEW COLLEGE WORCESTER

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEE GOVERNORS OF NEW COLLEGE WORCESTER

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Use of our report

This report is made solely to the company’s members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the company'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 company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Elizabeth Needham ACA CTA (VAT) (Senior Statutory Auditor) for and on behalf of Kendall Wadley LLP

23 April 2024

Chartered Accountants Statutory Auditor Granta Lodge 71 Graham Road , Malvern Worcestershire WR14 2JS

Kendall Wadley LLP is eligible for appointment as auditor of the charitable company by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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NEW COLLEGE WORCESTER

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 AUGUST 2023

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |Unrestricted|Unrestricted Unrestricted|Restricted|Endowment|Total|Total| |funds|funds|funds|funds|funds|2023|2022| |general|Designated|Pension| |Scheme| |Notes|£|£|£|£|£|£|£| |Income|and|endowments|from:| |Donations|and| |legacies|3|106,478|-|-|271,754|-|378,232|465,721| |Charitable|activities|4|5,738,428|-|-|129,903|-|5,868,331|5,659,781| |Other|trading| |activities|5|3,183|-|-|-|-|3,183|13,905| |Investments|6|60,160|-|-|18,873|-|79,033|77,500| |Other income|7|2,393|-|-|~|-|2,393|17,807| |Total|income|5,910,642|-|-|420,530|-|6,331,172|6,234,714| |Expenditure|on:| |Raising funds|8|26,579|8,743|-|-|-|35,322|85,336| |Charitable|activities|9|6,016,282|232,795|15,000|57,383|-|6,321,460|5,522,606| |Total|resources| |expended|6,042,861|241,538|15,000|57,383|-|6,356,782|5,607,942| |Net|gains|on| |investments|14|(1,360)|-|-|(5,494)|(17,369)|(24,223)|(118,743)| |Net| |(outgoing)/incomin| |g|resources|before| |transfers|(133,579)|(241,538)|(15,000)|357,653|(17,369)|(49,833)|508,029| |Gross|transfers| |between|funds|15|(74,302)|350,486|41,000|(317,184)|-|-|-| |Net|(outgoing)/incoming| |resources|(207,881)|108,948|26,000|40,469|(17,369)|(49,833)|508,029| |Carried forward|(207,881)|108,948|26,000|40,469|(17,369)|(49,833)|508,029|

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NEW COLLEGE WORCESTER

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

FOR THE YEARYEAR ENDED 31 AUGUST 2023AUGUST 20232023 FOR THE YEARYEAR ENDED 31 AUGUST 2023AUGUST 20232023 FOR THE YEARYEAR ENDED 31 AUGUST 2023AUGUST 20232023 FOR THE YEARYEAR ENDED 31 AUGUST 2023AUGUST 20232023 FOR THE YEARYEAR ENDED 31 AUGUST 2023AUGUST 20232023 FOR THE YEARYEAR ENDED 31 AUGUST 2023AUGUST 20232023 FOR THE YEARYEAR ENDED 31 AUGUST 2023AUGUST 20232023 FOR THE YEARYEAR ENDED 31 AUGUST 2023AUGUST 20232023
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Broughtforward (207,881) 108,948 26,000 40,469 (17,369) (49,833) 508,029
Other recognised gains and losses
Actuarial gain/(loss)
on defined benefit
pension schemes - - 21,000 - - 21,000 (136,000)
Netmovement in funds (207,881) 408,948 47,000 40,469 (17,369) (28,833) 372,029
Fund balances at 4
September 2022 940,830 14,615,079 (378,000) 453,602 566,522 16,198,033 15,826,004
Fund balances at
31August2023 732,949 14,724,027 (331,000) 494,071 549,153 16,169,200 16,198,033

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

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NEW COLLEGE WORCESTER

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

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Prior year

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Unrestricted|Unrestricted|Unrestricted|Restricted|Endowment|Total| |funds|funds|funds|funds|funds|2022| |general|Designated|Pension| |Scheme| |Notes|£|£|£|£|£|£| |Income|and|endowments|from:| |Donations|and| |legacies|3|247,936|-|-|217,785|-|465,721| |Charitable|activities|4|5,547,422|-|-|112,359|-|5,659,781| |Other|trading| |activities|5|13,905|-|-|-|-|13,905| |Investments|6|58,331|-|-|19,169|-|77,500| |Other|income|7|17,807|~|-|-|-|17,807| |Total|income|5,885,401|-|-|349,313|-|6,234,714| |Expenditure|on:| |Raising|funds|8|78,558|6,778|-|-|-|85,336| |Charitable|activities|9|5,221,621|194,566|2,000|104,419|-|5,522,606| |Total|resources| |expended|5,300,179|201,344|2,000|104,419|-|5,607,942| |Net|gains|on| |investments|14|(6,667)|-|-|(26,933)|(85,143)|(118,743)| |Net| |{outgoing)/incomin| |g|resources|before| |transfers|578,555|(201,344)|(2,000)|217,961|(85,143)|508,029| |Gross|transfers| |between|funds|15|(29,000)|141,667|29,000|(141,667)|-|-| |Net|(outgoing)/incoming| |resources|549,555|(59,677)|27,000|76,294|(85,143)|508,029| |Carried forward|549,555|(59,677)|27,000|76,294|(85,143)|508,029|

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-14-

NEW COLLEGE WORCESTER

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

Brought forward 549,555 (59,677) 27,000 76,294 (85,143) 508,029
Other recognised gains and losses
Actuarial gain/(loss)
on defined benefit
pension schemes - - (136,000) - - (136,000)
Netmovement in funds 549,555 (59,677) (109,000) 76,294 (85,143) 372,029
Fund balances at 1
September 2021 391,275 14,674,756 (269,000) 377,308 651,665 15,826,004
Fund balances at
31August2022 940,830 14,615,079 (378,000) 453,602 566,522 16,198,033

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

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NEW COLLEGE WORCESTER

SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2023

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||||||||| |---|---|---|---|---|---|---|---| |All|income|funds| |2023|2022| |£|£| |Gross|income|6,331,172|6,234,714| |Losses on|investments|(6,854)|(33,600)| |Total|income|in|the|reporting|period|6,324,318|6,201,114| |Total|expenditure|from|income|funds|6,356,782|5,607,942| |Net|(expenditure)/income|for the year|(32,464)|593,172|

----- End of picture text -----

-16-

NEW COLLEGE WORCESTER

BALANCE SHEET

AS AT 31 AUGUST 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 16 15,012,240 14,826,998
Investments 17 713,519 740,673
15,725,759 15,567,671
Current assets
Debtors 18 26,071 465,229
Gash at bank and in hand 1,856,918 1,479,811
1,882,989 1,945,040
Creditors: amounts falling due within
oneyear		 19 (934,697) (741,139)
Net current assets 948,292 1,203,901
Total assets less current liabilities 16,674,051 16,771,572
Creditors: amounts falling due after
more than oneyear		 23 (173,851) (195,539)
Provisions for liabilities 24 (331,000) (378,000)
Net assets 16,169,200 16,198,033
Capital funds
Endowment funds 26 549,153 566,522
Income funds
Restricted funds 27 494,071 453,602
Unrestricted funds - Designated 28 14,724,027 14,615,079
Unrestricted funds - General 732,949 940,830
Unrestricted funds - Pension Scheme (331,000) (378,000)
16,169,200 16,198,033

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2023 although an audit has been carried out under section 144 of the Charities Act 2071.

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a -17-

NEW COLLEGE WORCESTER

BALANCE SHEET (CONTINUED)

AS AT 31 AUGUST 2023

eee

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.

The Trustee Governors’ responsibilities for ensuring that the charitable company keeps accounting records which comply with section 386 of the Act and for preparing accounts which give a true and fair view of the state of affairs of the charitable company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Campanies Act 2006 relating to accounts, so far as applicable to the charitable company.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The accounts were approved by the Trustee Governors on 23 April 2024

----- Start of picture text -----
:
Mrs P Dyson
Trustee
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Company Registration No, 06053218

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7

NEW COLLEGE WORCESTER

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 AUGUST 2023

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |2023|2022| |Notes|£|£|£|£| |Cash|flows|from|operating|activities| |Cash|generated|from|operations|32|785,751|361,810| |Investing|activities| |Purchase|of tangible|fixed|assets|(426,780)|(268,303)| |Purchase|of|investments|(59,924)|(101,231)| |Proceeds|from|disposal|of|investments|62,855|107,727| |Investment|income|received|79,033|77,500| |Net cash|used|in|investing|activities|(344,816)|(184,307)| |Financing|activities| |Repayment|of bank|loans|(13,270)|(14,837)| |Repayment|of pension|fund|deficit|(41,000)|(29,000)| |Payment|of obligations|under finance|leases|(9,558)|(11,080)| |Net cash|used|in|financing|activities|(63,828)|(54,917)| |Net|increase|in|cash|and|cash|equivalents|377,107|422,586| |Cash|and|cash|equivalents|at|beginning|of year|1,479,811|1,357,225| |Cash|and|cash|equivalents|at end|of year|1,856,918|1,479,811|

----- End of picture text -----

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NEW COLLEGE WORCESTER

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

eee

Company information

New College Worcester is a private company limited by guarantee incorporated in England and Wales. The registered office is New College Worcester, Whittington Road, Worcester, WR5 2JX .

1.1 Accounting convention The financial statements have been prepared in accordance with the charitable company's goverming document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charitable company is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Following recent Ofsted inspections some local authorities withdrew funding until they had satisfied themselves that students were safe. In the last monitoring visit the inspectors stated that safeguarding is effective and this has had a positive effect on funding decisions. Pupil numbers have been capped by the Department for Education, however, ongoing dialogue shows that depending on potential pupil circumstances and subject to prior agreement with the Department for Education, it may be possible to accommadate additional pupils. The restructuring and repositioning process referred to in the report of the Governing Body will reduce ongoing costs, and this together with proceeds from the sale of surplus property indicates to the Trustee Governors that there is a reasonable expectation that the charitable company will have adequate resources to continue for a period of at least twelve months from the date of approval to the financial statements and it is, therefore, appropriate to continue to adopt the going concern basis of accounting. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Trustee Governors in furtherance of their charitable objectives unless the funds have been designated for other purposes.

Designated funds comprise funds which have been set aside at the discretion of the Trustee Governors for specific purposes. The purposes and uses of the designated funds are set out in the notes to the accounts,

Expendable endowment funds are subject to specific conditions by donors that the funds must be invested to produce income by the charitable company.

1.4 Incoming resources Income is recognised when the charitable company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charitable company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

ee -20-

7

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NEW COLLEGE WORCESTER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

(Continued)

Restricted grant income is recognised on a receivable basis. Unrestricted grant income is recognised over the period to which it relates.

School fees are recognised during the school term to which they relate.

Investment income is recognised on a receivable basis and is apportioned between the funds which comprise the Investment Trust Pool in the ratio of the shares held by each fund at the beginning of the accounting period after all charges and levies which apply to the Trust Pool have been met from that income and 5% of the net income remaining has been paid over to the College as general revenue to meet the cost of administering the Investment Trust Pool.

Other incoming resources are on a receivable basis over the period to which they relate.

1.5 Resources expended

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use.

All expenditure is accounted for on an accruals basis inclusive of irrecoverable VAT.

Costs of generating funds relate to expenditure directly attributable of fundraising activities.

Charitable expenditure comprises those costs directly attributable to the Charitable Company's work.

Governance costs comprise the costs which are directly attributable to the management of the Charitable Company's assets, organisational procedures and the necessary legal procedures for compliance with statutory requirements.

Governance costs have been allocated to academic charitable activities.

Support costs are apportioned over the charitable activities of the Charitable Company on a percentage of staff costs basis.

Postage and stationery and computer costs are apportioned between academic and support costs based on estimated usage prior to the apportionment of support costs between the charitable activities of the Charitable Company.

a

. . :

2

NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

----- Start of picture text -----
eee
1 Accounting policies (Continued)
----- End of picture text -----

1.6 Tangible fixed assets

Tangible fixed assets other than freehold land are stated at cost less depreciation.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land is not depreciated Freehold buildings straight line basis over 50 years Plant and Machinery straight line basis over 5 years Fixture and Fittings straight line basis over 5 years or 10 years Motor Vehicles straight line basis over 5 years The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the the asset, and is recognised in the statement of financial financial activities. 1.7 Fixed asset investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the the asset, and is recognised in the statement of financial financial activities.

1.8 Impairment of fixed assets At each reporting end date, the charitable company reviews the carrying amounts of its tangible assets to determineindication whether there is any indication that those assets have suffered an impairment loss. If any such exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset Is reduced to its recoverable amount. An impairment loss is recognised immediately in income/ (expenditure) for the year, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amaunt does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase,

1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

eee ~29.

;

;

NEW COLLEGE WORCESTER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

(Continued)

The charitable company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charitable company's balance sheet when the charitable company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate methad.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charitable company’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charitable company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

_

; ,

NEW COLLEGE WORCESTER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

me

(Continued)

1.12 Retirement benefits The charitable company operates two defined benefit pension schemes. The Teachers’ Pension Scheme forms part of a multi-employer scheme and, therefore, it is unable to identify its share of the underlying assets and liabilities in the scheme on a consistent and reliable basis. As such the contributions are accounted for as if the scheme were defined contribution and charged as they become payable.

The Pensions Trust scheme also forms part of a multi-employer scheme, however, sufficient information is available to be accounted for as a defined benefit scheme.

The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.

The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as incurred.

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in income/(expenditure) for the year.

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other recognised gains and losses in the period in which they occur and are not reclassified to income/(expenditure) in subsequent periods.

The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

1.13 Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet asa finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to net income/expenditure) for the year so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2 Critical accounting estimates and judgements

In the application of the charitable company’s accounting policies, the Trustee Governors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

ee

~24-

:

NEW COLLEGE WORCESTER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

3 Donations and legacies

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Unrestricted|Restricted|Total|Total| |funds|funds|2023|2022| |general| |£|£|£|£| |Donations|and|gifts|42,261|2,342|44,603|46,457| |Other|specified|income|as|below|64,217|269,412|333,629|419,264| |106,478|271,754|378,232|465,721| |For the year ended|31|August|2022|247,936|217,785|465,721|

----- End of picture text -----

-25-

NEW COLLEGE WORCESTER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

ee ee ee ee ee ee ee
3 Donations and legacies (Continued)
Unrestricted Restricted Total Total
funds funds 2023 2022
general
£ £ £ £
Grants receivable for core activities
Teachers Pay& Pension Grant 61,717 ~ 61,717 59,407
Covid-19 Testing & Vaccination Grants es - - 27,028
ESFAGrants - 24,533 24,533 116,829
Devolved Formula Capital Grant/School Condition
Grant - 94,532 94,532
The Eveson Charitable Trust Grant - - - 5,000
Worcester Community Foundation Grant - - - 2,450
Edward Cadbury Charitable Trust Grant - - - 50,000
Pupil Premium Funding - 17,409 17,409 16,001
Celebration Day - 190 190 150
Covid-19 Catch Up Grant - - - (2,486)
Birkdale Trust HI Pillow Pads - - - 1,720
Michael Watson Charitable Trust - - - 1,000
Squire Foundation - - - 5,000
ESFAFree School Meals - - - 3,046
Oxfordshire County Council - - - 1,168
Apprentice grant - - - 3,000
The Spectacle Grant
Specsfactory		 -
-		 -
-		 -
-		 2,000
50,000
PF Charitable Trust - - - 3,000
Enterprise RAC UK 2,500 - 2,500 -
Vinchel Foundation - 120,000 120,000 -
Awards4 All - 9,765 9,765 -
British Blind TogetherFund - 2,860 2,860 -
Other - 123 123 750
64,217 269,412 333,629 419,264

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NEW COLLEGE WORCESTER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

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5 Fundraising activities

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |2023|2022| |£|£| |Other fundraising|income|3,183|13,905| |6|Investments| |Unrestricted|Restricted|Total|Total| |funds|funds|2023|2022| |general| |£|£|£|£| |Swimming|pool|and|other|hire|55,366|-|55,366|57,322| |Income|from|listed|investments|993|18,873|19,866|20,178| |Interest|receivable|3,801|-|3,801|-| |60,160|18,873|79,033|77,500| |For the|year ended|31|August|2022|58,331|19,169|77,500|

----- End of picture text -----

Hire income and interest receivable on cash balances other than those held by the Investment Manager are recognised on a receivable basis and accrue to general revenue.

Investment income is recognised on a receivable basis and is apportioned between the funds which comprise the Investment Trust Pool in the ratio of the share held by each fund at the beginning of the accounting period after atl charges and levies which apply to the Trust Pool have been met from that income and 5% of net income remaining has been paid over to the College as general revenue to meet the cost of administering the Investment Trust Pool.

eee

7

NEW COLLEGE WORCESTER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

7 Other income

2023 2022
£ £
Other incame 2,393 17,807
8 Raising funds
Unrestricted Unrestricted Unrestricted Unrestricted Total Total
funds funds 2023 2022
general Designated
£ £ £ £
Fundraising and publicity
Fundraising Strategy Planning 6,623 - 6,623 6,630
Fundraising activities expenditure 5,612 - 5,612 3,234
Staffcosts 14,344 - 14,344 68,694
Depreciation and impairment - 8,743 8,743 6,778
Fundraising and publicity 26,579 8,743 35,322 85,336
Forthe yearended 31 August 2022
Fundraising and publicity 78,558 6,778 85,336
Fundraising activities expenditure:
Leavers dinner expenditure 5,612 3,234
5,612 3,234

-29-

.

i

NEW COLLEGE WORCESTER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

ee

9 Charitable activities

TeachingStudent care TeachingStudent care Kitchen and
domestic		 Specific
purpose		 Total
2023		 Total
2022
projects
£ £ £ £ £ £
Staffcosts 2,817,244 = 1,277,224 305,582 - 4,400,050 3,814,964
Depreciation and
impairment 157,000 27,486 27,486 20,823 232,795 194,566
StaffTraining 33,852 10,832 - - 44,684 39,695
Books and materials 33,459 - - - 33,459 56,933
Outdoor pursuits 293 - - - 293 . 1,891
Educational visits 48,387 - - - 48,387 27,889
Student external courses 5,674 - - - 5,674 3,988
Postage and stationery 31,667 - - - 31,667 25,552
Computer costs 10,380 - - - 10,380 16,892
Repairs and
maintenance 100,296 - - - 100,296 65,906
Sundry 2,171 14,708 - - 16,879 18,337
Bad debts 2,087 - - - 2,087 15,012
Subscriptions 25,713 - - - 25,713 17,064
Prizes for students 799 - - - 799 860
Examination fees 17,181 - - - 17,181 13,181
Medical costs - 3,047 - - 3,047 3,113
Cleaning - - 10,255 - 10,255 9,676
Food Costs
Outreach		 -
-		 ~
-		 96,532
-		 -
284		 96,532
284		 229,467
517
College Improvement
Plan - - - 3,947 3,947 10,058
Restricted fund projects - - - 51,899 51,899 54,729
Pension fund interest 45,000 - - - 15,000 2,000
3,301,203 1,333,297 439,855 76,953 5,151,308 4,622,290
Share of support costs
(see note 11) 669,253 293,907 70,310 - 1,033,470 809,978
Share ofgovernance
costs (see note 11} 136,682 - - - 136,682 90,338
4,107,138 1,627,204 510,165 76,953 =6,321,460 5,522,606

NEW COLLEGE WORCESTER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

9 Charitable activities

Charitable activities (Continued)
Analysis by fund
Unrestricted funds -
general 3,929,654 . 1,599,718 482,679 4,231 6,016,282
Unrestricted funds -
Designated 457,000 27 A486 27 486 20,823 232,795
Unrestricted funds -
pension 15,000 - - - 15,000
Restricted funds 5,484 - - 51,899 57,383
4,107,138 1,627,204 510,165 76,953 6,321,460
Forthe yearended 31 August 2022
Unrestricted funds -
general 3,423,881 1,382,330 404,835 10,575 5,221,621
Unrestricted funds -
Designated 130,874 23,424 23,424 16,844 194,566
Unrestricted funds -
pension 2,000 - - - 2,000
Restricted funds 49,690 - - 54,729 104,419
3,606,445 1,405,754 428,259 82,148 5,522,606

10 Trustee Governors

None of the Trustee Governors (or any persons connected with them) received any remuneration or benefits from the charitable company during the year, and none of them were reimbursed travelling and related expenses (2022 - £nil).

-31-

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NEW COLLEGE WORCESTER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

----- Start of picture text -----
11. Support costs
----- End of picture text -----

Support costs
Support Governance 2023 2022 Basis ofallocation
costs costs
£ £ £ £
Staffcosts 540,033 22,145 562,178 434,045
Administration staff
training 10,249 - 10,249 7,926
Premises repairs and
maintenance 62,321 - 62,321 77,202
Rates and water 27,639 - 27,639 6,395
Heat and light 180,589 - 180,589 126,558
Insurance 50,648 - 50,648 46,331
Transport costs
23,747 - 23,747 13,448
Postage and stationery 9,464 - 9,464 11,782
Telephone 10,143 - 10,143 9,638
Equipment repairs and
maintenance 10,356 - 10,356 14,739
Computer costs 45,142 - 45,142 30,964
Sundry expenses 2,476 - 2,476 -
Adverts for recruitment of
staff 21,256 - 21,256 19,560
Marketing ofthe activities
ofthe school 25,803 - 25,803 20,366
Loan interest 11,538 - 11,538 6,657
Other interest 2,066 - 2,066 1,721
Auditand accountancy - 9,000 9,000 9,600 Governance
Legal and professional Governance
fees - 97,099 97,099 31,811
Bank charges “ 2,095 2,095 2,014 Governance
Travel expenses - - - 728 Governance
Investment management Governance
fees
Recruitment		 -
-		 5,755
588		 5,755
588		 6,205
22,626
1,033,470 136,682 1,170,152 900,316
Analysed between
Charitableactivities 1,033,470 136,682 1,170,152 900,316

Postage and stationery, and computer costs are apportioned between academic and support costs based on estimated usage prior to the appointment of support costs between the charitable activities of the Charitable Company.

.

Legal and professional fees includes OFSTED annual fees and general corporate advice.

Other support costs are apportioned over the charitable activities of the Charitable Company on a percentage of staff costs basis.

-32-

.

. .

NEW COLLEGE WORCESTER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

a

11 Support costs

(Continued)

Included in staff costs is £22,145 (2022 - £17,354) for company secretarial and governance time.

Governance costs includes payments to the auditors of £9,000 (2022 - £9,000} for audit fees and accounts preparation.

12 Employees

Number of employees

The average monthly number of employees during the year was:

----- Start of picture text -----
|||||| |---|---|---|---|---| |2023|2022| |Number|Number| |Academic|75|71| |Care|Ag|48| |Domestic|23|18| |Administration|45|16| |162|153| |Employment|costs|2023|2022| |£|£| |Wages|and|salaries|3,737,759|3,444,846| |Social|security|costs|346,090|301,295| |Other|pension|costs|892,723|571,562| |4,976,572|4,317,703|

----- End of picture text -----

The agreed staffing establishment full time equivalents increased from 99.65 to 108.32 during the year. In addition there are 46.5 (2022 - 45) staff employed on a casual/seasonal basis for instrumental music lessons and to assist with scribing, reading and invigilating for examinations.

The number of employees whose annual remuneration was £60,000 or more were:

----- Start of picture text -----
||||| |---|---|---|---| |2023|2022| |Number|Number| |£60,001|- £70,000|3|2| |£100,001|- £110,000|1|1|

----- End of picture text -----

Of the employees whose emoluments exceed £60,000, all employees have retirement benefits accruing under multi-employer defined benefit pension schemes. Total employer pensions contributions for the year for these employees amounted to £71,932 (2022 - £48,046).

13 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

a -33-

i:

NEW COLLEGE WORCESTER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

eee

14 Net gains/(losses) on investments

Unrestricted Restricted Endowment Total Total
funds funds funds 2023 2022
general
£ £ £ £ £
Revaluation ofinvestments
Gain/loss on sale ofinvestments		 (1,465)
105		 (5,918)
424		 (18,709)
1,340		 (26,092)
1,869		 (116,023)
(2,720)
(1,360) (5,494) (17,369) (24,223) (118,743)
For the year
ended 31
August2022 (6,667) (26,933) (85,143) (118,743)

15 Transfers

During the year £33,302 (2022 - £16,547) was transferred from unrestricted funds to restricted funds to cover restricted wage expenditure. £41,000 (2022 - £29,000) was released from unrestricted funds to the Pension Scheme reserve.

£350,486 (2022 - £141,667) was transferred from restricted funds to the general fixed asset designated fund to reflect the movements in tangible fixed assets in the year.

16 Tangible fixed assets

Tangible fixed assets
Freehold land Plantand Fixture and Motor Total
and buildings Machinery Fittings Vehicles
£ £ £ £ £
Cost
At 1 September2022
Additions		 15,101,684
-		 733,508
157,393		 456,973
269,387		 114,967
-		 16,407,132
426,780
At 31 August2023 15,101,684 890,901 726,360 114,967 16,833,912
Depreciation and impairment
At 1 September 2022 722,116 507,342 281,261 69,415 1,580,134
Depreciation charged in the year 66,635 87,048 75,860 11,995 241,538
At31 August2023 788,751 594,390 357,121 81,410 1,821,672
Carrying amount
At 31 August2023 14,312,933 296,511 369,239 33,557 15,012,240
At31August2022 14,379,568 226,166 175,712 45,552 14,826,998

eee

-~34-

7

,

=

NEW COLLEGE WORCESTER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

16 Tangible fixed assets

(Continued)

Included in land and buildings is freehold land with a net book value of £164,000.

During the year ended 31 March 2008 trusteeship of land and buildings of market value of £12,520,425 was transferred from Royal National Institute of Blind People and its subsidiary RNIB Services Limited to New College Worcester, subject to a capital recovery deed whereby if the property is sold prior ta 8 June 2028, which would require written consent and confirmation that the consideration of such a sale is not below market value from RNIB, then the Charitable Company shall pay RNIB the lower of 82% of the consideration of sale plus VAT and £5,000,000 pilus VAT.

in 2021, a deed of variation was entered into and, by agreement with RNIB, proceeds of a permitted disposal may be invested into alternative premises that deliver services to the blind and partially sighted.

17 ‘Fixed asset investments
2023 2022
£ £
Listed investments 713,519 740,673
Movements in fixed asset investments
Total
£
Cost or valuation
At 31 August 2022 740,673
Additions 59,924
Valuation changes (24,223)
Disposals (62,855)
At 31 August2023 713,519
Carrying amount
At 31 August2023 713,519
At 31 August 2022 740,673
18 Debtors
2023 2022
Amounts falling due within one year: £ £
Trade debtors 1,247 404,534
Other debtors 5,616 5,123
Prepayments and accrued income 19,208 55,572
26,071 465,229

.

|

NEW COLLEGE WORCESTER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

eee

19 Creditors: amounts falling due within oneyear
2023 2022
Notes £ £
Bank loans 20 13,140 14,280
Obligations underfinance leases 21 9,558 9,558
Other taxation and social security 78,135 68,677
Deferred income 22 438,470 372,134
Trade creditors 28,920 41,279
Othercreditors
Accruals		 94,638
271,836		 135,267
99,944
934,697 741,139
20 ~=Loans and overdrafts
2023 2022
£ £
Bank loans 168,346 181,616
Payable within ane year 13,140 14,280
Payable afterone year 155,206 167,336
Amounts included above which fall due after five years:
Payable by instalments 85,054 98,324
21 ‘Financeleaseobligations
Future minimum iease payments due under finance leases:
2023 2022
£ £
Within oneyear 9,558 9,558
Within two and five years 18,645 28,203
28,203 37,761

eee

:

i :

NEW COLLEGE WORCESTER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

  1. ~=Deferred income
2023 2022
£ £
Other deferred income 438,470 372,134
2023 2022
£ £
School fee income received in advance 438,470 367,963
Other income - 4,171
438,470 372,134
23 Creditors: amounts falling due after more than one year
2023 2022
Notes £ £
Loans and overdrafts 20 155,206 167,336
Obligations under finance leases 21 18,645 28,203
173,851 195,539
24 Provisions for liabilities 2023 2022
Notes £ £
Retirement benefit obligations 25 331,000 378,000
331,000 378,000

25 Retirement benefit schemes

Teachers’ Pension Scheme

The charitable company pays pension contributions on behalf of its employees into this multi-employee defined benefit pension scheme. The contributions amounted £350,265 (2022 - £325,315) into Teachers’ Pension Scheme (Scheme ref 8857019), Mowden Hall, Darlington, County Durham, DL3 9EE.

The charitable company has not been notified by Teachers' Pension Scheme as to the estimated employer debt on withdrawal from the Teachers’ Pension Scheme. However, resource accounts as at 31 March 2023 show the net liability of the scheme to be £303.2 billion (2022 - £532.3 billion). As at 31 March 2023, 12,357 employers were participating in the scheme, made up of 173 Local Authorities, 10,002 Academies (inc. free schools), 946 Independent establishments, 912 Others and 324 Further and Higher education institutions.

-~ 37 -

.

.

NEW COLLEGE WORCESTER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

eee

25 Retirement benefit schemes

(Continued)

The Pensions Trust Scheme

The college participates in The Pensions Trust Independent Schools' Pension Scheme, a multi-employer scheme which provides benefits to some 66 non-associated employers. The scheme is a defined benefit scheme in the UK.

A full actuarial valuation for the scheme was carried out with an effective date of 30 September 2020. This actuarial valuation was certified on 22 December 2021 and showed assets of £201.1m, liabilities of £256.3m and a deficit of £55.2m. To eliminate this funding shortfall, the trustees and the participating employers have agreed that additional contributions will be paid, in combination from all employers, to the scheme as follows:

From 1 September 2022 to 30 June 2032 : £2.69m per annum (payable monthly and increasing by 3% on each 1st September)

The scheme's previous valuation was carried out with an effective date of 30 September 2017. This valuation showed assets of £149.4m, liabilities of £187.6m and a deficit of £38.2m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

From 1 September 2019 to 30 April 2030 : £2.39m per annum (payable monthly and increasing 3% on each ist September)

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the scheme liabilities.

Movements in the present value of defined benefit obligations:

Key assumptions

----- Start of picture text -----
||||||| |---|---|---|---|---|---| |2023|2022| |Discount|rate|(%|per annum)|5.79%|4.31%|

----- End of picture text -----

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |2023|2022| |£|£| |Actuarial|revaluation|(21,000)|136,000| |Net|interest|on|defined|benefit|liability/(asset)|15,000|2,000| |Total|castsincame)|(6,000)|138,000| |The|amounts|included|in|the|balance|sheet|arising|from|the|charitable| |company's|obligations|in|respect|of defined|benefit|plans|are|as|follows:| |2023|2022| |£|£| |Present|value|of defined|benefit|obligations|331,000|378,000| |Deficit|in|scheme|331,000|378,000|

----- End of picture text -----

eee

NEW COLLEGE WORCESTER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

.

FOR THE YEAR ENDED 31 AUGUST 2023

25 Retirement benefitschemes (Continued)
Movements in the present value ofdefined benefit obligations:
2023
£
Liabilities at
1 September 2022		 378,000
Actuarial revaluation (21,000)
Deficit contributions paid (471,000)
Interest cost 15,000
At 31 August 2023 331,000
The defined benefit obligations arise from plans funded as follows:
2023
£
Whally unfunded obligations -
Wholly or partlyfunded obligations 331,000
331,000

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:

L

:

:|

NEW COLLEGE WORCESTER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

27 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

Movement in funds
Balance at1 Incoming Resources Transfers Gains and Balance at
September resources expended losses 31 August
2022 2023
£ £ £ £ £ £
Devolved Formula Capital
Grant/Schoal Condition
Grant 25,868 94,532 (962) (119,438) - -
EFA Bursary Fund Grant 2,468 1,313 (75) - - 3,706
Lightmongers Affiliation - 4,000 (1,116) 116 - -
Pupil Premium Funding 9,886 17,409 (2,897) - - 24,398
Archive Fund 2,817 - - - - 2,817
Bransford Trust -Art 2,649 - - - - 2,649
Lochness Marathon -
curriculum project 300 - - - - 300
Gym Girls - Bradnack
House Garden 295 ~ - - - 295
Science Project 289 - (52) - - 237
Bransford Trust Facilities 177 - - - - 177
Ogden Trust 557 - (167) - - 390
N Gunston - LRC centre 50 - - - - 50
The Beatrice Laing Trust 1,632 - - - - 1,632
ITDesignated Fund 56,078 129,685 (4,299) (76,225) - 105,239
Mental Health 17,965 1,200 (4,440) - - 14,725
KS3 LunchtimeActivities A407 - - - - 407
VICTA 4,500 - - - - 1,500
VI Specialist Equipment 915 - - - - 915
Classroom refurbishment 11,164 120,000 - (116,685) - 14,479
Beach Day 250 - - - - 250
DFE Maintenance 7,215 - - - - 7,215
MusicTour 2,975 - ~ - - 2,975
Minibus 744 - - - - 744
Lower School Activities 1 - - - - 11
Clfwd 146,212 365,139 (14,008) (312,232) - 185,111

-42.

:

NEW COLLEGE WORCESTER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

a,

27 Restricted funds

(Continued)

Movement in funds
Balance at1 Incoming Resources Transfers Gains and Balance at
September
2022		 resources expended losses 31 August
2023
£ £ £ £ £ £
Bifwd 146,212 365,139 (14,008) = (312,232) - 185,111
Staffroom refurb 474 - (200) - - 274
Collage Car 1,724 - - (1,724) - -
Science Club 204 - - - - 204
Judo Fund 260 - - - - 260
ActivityWeek - 3,737 (30) (3,707) - -
Play Equipment 904 - - - - 904
COVID Catch up Grant 3,341 - (763) - - 2,578
Orbit Braille Readers 914 - - 914
Residential refurb - Lower
school 14,000 - - - 14,000
Heating system 750 - - - 750
Specsfactory/Brillen 50,000 - - - 50,000
Cadbury Charitable Trust 50,000 - - - 50,000
Celebration day - 190 (669) 479 - -
School uniform ~ 85 ~ - - 85
COVID Recovery - 18,768 - - - 18,768
Tutoring grant - 3,375 (420) - - 2,955
NCWyouth group - 133 (99) - - 34
Tandem - 465 - - - 465
Awards forAll - 9,765 (3,952) - - 5,813
Cifwd 268,783 401,657 (20,141) (317,184) - 333,115
Associated funds: The Charitable Company as Trustee administers these funds under their existing trusts
Additional
Scholarship
Fund		 2,153 156 - - (81) 2,228
Bonham Fund 804 63 - - (16) 851
College Prize Fund 456 109 - - (2) 563
De Cordova Fund 26,147 759 - - (492) 26,414
Eric Hamilton Tucker trust 82,870 13,929 (27,510) - (3,000) 66,289
Gullick Bequest 43,761 3,031 (9,732) - (1,338) 35,722
Hextall Foundation 16,624 359 - - (308) 16,675
Higby Fund 5,229 136 - - (109) 5,256
Scholarship Foundation 6,775 331 - - (148) 6,958
453,602 420,530 (57,383) (317,184) (5,494) 494,071

Associated funds: The Charitable Company as Trustee administers these funds under their existing trusts

----- Start of picture text -----
|
----- End of picture text -----

a

-43-

:: . : . : :

NEW COLLEGE WORCESTER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

ee

27 Restricted funds

(Continued)

Prioryear Movement in funds
Balance at1 Incoming Resources’ Transfers Gains and Balance at
September
2021		 resources expended losses 31 August
2022
£ £ £ £ £ £
Devolved Formula Capita!
Grant/School Condition
Grant 35,905 66,658 (12,907) (63,788) - 25,868
EFABursary Fund Grant 1,494 1,156 (182) - - 2,468
Lightmongers Affiliation 968 - (968) ~ - ~
Pupil Premium Funding 8,664 6,776 (5,554) - - 9,886
Archive Fund 2,817 - - - - 2,817
Surgery Refurbishment 11 - (11) - - -
Bransford Trust -Art 2,649 - - - - 2,649
Lochness Marathon -
curriculum project 300 - - - - 300
Gym Girls - Bradnack
House Garden 295 - - - - 295
Science Project 289 - - - - 289
Bransford Trust Facilities 177 ~ - - - 177
Ogden Trust 992 3,540 (3,975) - - 557
N Gunston -LRC centre 50 - - - - 50
Goalball kit 37 - (37) - - -
Christmas concert 279 ~ (279) - - -
Clarvis Phillip Jackson 448 - (448) - - -
The Beatrice Laing Trust 1,632 - - - - 1,632
IT Designated Fund 34,720 112,278 (17,052) (73,868) - 56,078
Mental Health 21,190 11,225 (14,450) - - 17,965
KS3 LunchtimeActivities 407 “ - - - 407
VICTA
VI Specialist Equipment		 4,500
915		 -
-		 -
-		 -
~		 -
-		 1,500
915
Classroom refurbishment 14,118 - (1,030) (1,924) - 11,164
Beach Day 250 - - - - 250
DFE Maintenance 4,650 7,544 (4,979) - - 7,215
MusicTour 2,975 - ~ - - 2,975
Minibus 6,994 - (6,250) - - 744
Cliwd 144,726 209,177 (68,122) (139,580) - 146,204

eee

-44-

NEW COLLEGE WORCESTER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

a

27 Restricted funds

(Continued)

Movement in funds
Balance at 1 Incoming Resources Transfers Gains and Balance at
September
2020		 resources expended ; losses 31 August
2021
£ £ £ £ £ £
Bifwd 144,726 209,177 (68,122) (139,580) - 146,201
British Council - Erasmus
project 4,942 (4,942) - - - -
Lower School Activities 11 - - - - 11
Staffroom refurb 474 - - ~ - 474
College car 6,784 - (5,060) - - 1,724
Science Club 204 - - - - 204
Judo Fund 260 - - - - 260
Activityweek 78 - (78) - - -
Play equipment 804 100 - - - 904
COVID Catch up Grant
Pillowpads		 19,616
565		 (2,486)
1,720		 (13,789)
(2,285)		 -
-		 -
.		 3,341
-		 .
Orbit Braille Readers 914 - - - - 914
Kitchen equipment 90 - (90) - - -
Residential refurb - Lower
school - 14,000 - - - 14,000
Heating system - 750 - - - 750
Specsfactory/Brillen - 50,000 - - - 50,000
Cadbury Charitable Trust - 50,000 - - - 50,000
Celebration day - 250 (250) - - -
Schoo! uniform - 80 (80) - - “
COVID Recovery - 4,500 (4,500) - - -
Tutoring grant - 4,428 (4,428) - - - :
Penns fundraising - 116 (116) - - -
Trauma informed school - 2,450 (2,450) - - -
Cifwd 179,468 330,143 (101,248) (139,580) - 268,783
Associated funds: The Charitable Company as Trustee administers these funds under their existing trusts
Additional
Scholarship
Fund		 2,392 159 - - (398) 2,153
Bonham Fund 818 64 - - (78) 804
College Prize Fund 354 110 - - (8) 456
De Cordova Fund 27,788 771 - - (2,412) 26,147
Eric Hamilton Tucker trust 83,426 14,149 - - (14,705) 82,870
Gullick Bequest 52,416 3,078 (3,084) (2,087) (6,562) 43,761
Hextall Foundation 17,768 365 - - (1,509) 16,624
Higby Fund
Scholarship Foundation		 5,711
7,167		 138
336		 (87)
-		 -
-		 (533)
(728)		 5,229
6,775
377,308 349,313 (104,419) (141,667) (26,933) 453,602
a
~
45 -		 ~ ~ ~ ~ ~

.

| | ,

NEW COLLEGE WORCESTER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

ee

27 Restricted funds

(Continued)

Details of the purpose of the main restricted funds are given below, A number of smaller value funds (<£500) also exist arising from donations from individuals or specific fund raising activities.

DFC (Devolved Formula Capital)/Schools Condition Grant - For improvements to buildings and other facilities, including Information Communication Technology.

EFA Bursary Fund Grant - Grant funding targeted for student experiencing the greatest financial disadvantages and / or course-related costs.

Lightmongers Affiliation - Contributions towards costs of association with Lightmongers.

Pupil Premium Funding - Government funding to raise the attainment of disadvantaged pupils.

Archive Fund - Donation to support the archiving of NCW documents.

Bransford Trust (Art) - Donations towards Visiting Artists.

The Ogden Trust - Donation for the Physics department.

The Beatrice Laing Trust - Donation towards blackout blinds in Chapel.

IT Designated Fund - College restricted fund for students’ IT equipment.

Mental Health - For the provision of counselling services.

VICTA - Support for students applying for University,

VI Specialist Equipment - Up to date ICT equipment for generic use in College.

Classroom refurbishment - In support of a room modernisation programme.

NEW COLLEGE WORCESTER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

27 Restricted funds

(Continued)

DFE Maintenance - (Devalved Formula Capital allocation) - For maintenance to buildings and other facilities.

Music Tour - Income received to enable pupils to go on a Music Tour.

Minibus - Donations towards the lease of a minibus.

College Car - Funding to assist with the running costs of the college car.

Activity Week - Funding received to assist with the costs of running the annual activity event.

Play equipment - Donations towards improvement to outdoor play equipment.

Covid Catch Up & Covid Recovery - Funding received to improve the educational outcomes for students disadvantaged by the Covid pandemic.

Orbit Braille Readers - Donation for the purchase of Braille learning aids.

Residential refurbishment - Donations toward the refurbishment of the lower school buildings.

Heating system - Donations toward the improvements to the heating system.

Specsfactory/Brillen - Donation towards capital projects for the benefit of the the students.

Cadbury Charitable Trust - Donation toward the refurbishment of the bathrooms in the lower school.

Covid Recovery - Decided heading is probably self-explanatory.

Tutoring grant - funding received to support one-to-one tutoring.

Trauma informed school - funding the school received to attend trauma-based externally led training. Associated Funds

----- Start of picture text -----
|
----- End of picture text -----

Additional Scholarship Foundation - Scholarships and grants for students and to establish students in the world.

Bonham Fund - Prize for student entering University to read Mathematics.

College Prize Fund - Various annual prizes and awards.

De Cordova Fund - Scholarships to enter University to take up a literary career.

Eric Hamilton Tucker Trust - Grants to enable students to travel abroad.

Gullick Bequest - Holiday grants to students.

Hextall Foundation - Scholarships post New College Worcester for education or travel.

Higby Fund - Grants to students wishing to enter Oxford University.

Scholarship Foundation - Scholarships at NCW or at University / College or promotes education generally.

-47 -

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.

NEW COLLEGE WORCESTER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

ee

30 Operating lease commitments

At the reporting end date the charitable company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as fallows:

2023 2022
£ £
Within one year 8,274 14,288
Between two and five years 5,729 14,002
14,003 28,290

31.‘ Related party transactions

Remuneration of key management personnel The remuneration of key management personnel, is as follows.

2023 2022
£ £
Aggregate compensation 506,978 457,443

No guarantees have been given or received.

One of the Trustee Governors had one child attend the College during the year. The standard College fees for this student were paid for by Westminster City Council as the relevant Local Authority.

N Duffy (Trustee) is also a director of Dolphin Computer Access Limited. During the year the Charity made purchases of £3,759 (2022: £3,759) from Dolphin Computer Access Limited. The amount outstanding at the year end was fnil (2022: Enil).

eee

-50 -

|

NEW COLLEGE WORCESTER

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |32|Cash|generated|from|operations|2023|2022| |£|£| |(Deficit)/surpus|for the|year|(28,833)|372,029| |Adjustments|for:| |Investment|income|recognised|in|statement|of financial|activities|(79,033)|(77,500)| |(Gain)/loss|on|disposal|of investments|(1,869)|2,720| |Fair value|gains|and|losses|on|investments|26,092|116,023| |Depreciation|and|impairment|of tangible|fixed|assets|241,538|201,345| |Pension|(gain)|/|deficit|(6,000)|138,000| |Movements|in|working|capital:| |Decrease/(increase)|in|debtors|439,158|(383,088)| |Increase|in|creditors|128,362|66,147| |Increase/(decrease)|in|deferred|income|66,336|(73,866)| |Cash|generated|from|operations|785,751|361,810|

----- End of picture text -----

33 Analysis of changes in net funds

----- Start of picture text -----
||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |At|1|September|Cash|flows|Transfers|At|31|August| |2022|2023| |£|£|£|£| |Cash|at|bank|and|in|hand|1,479,811|377,107|-|1,856,918| |Loans|falling|due|within|one|year|(14,280)|14,837|(14,453)|(13,140)| |Loans|falling|due|after|more|than|one|year|(167,336)|-|14,453|(155,206)| |Obligations|under finance|leases|(37,761)|9,558|~|(28,203)| |1,260,434|401,502|-|4,660,369|

----- End of picture text -----

-51-