Charlty reglstratlon number 1118377 Company reglstratlon numbor 06053218 (England and Wales) NEW COLLEGE WORCESTER ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
NEW COLLEGE WORCESTER LEGALAND ADMINISTRATIVE INFORMATION Trustee Governors Mrs D M Fulbrook OBE MrlAPaul Mr S Tyler Mrs S Bannlsler Mrs T Smlth Mrs M Russell Dr PASimklss MrNPDufy Lady L Morrls Mrs S Lock Mr T Lawrence Mrs R Perks Mrs P Dyson Mrs K J Gorlck Mrs L Mauro-Brack8n MrA S Price Mrs L E Stewart-B8rrftt (Reslgned 25 September 2023) {R8slgned 25 September 2023) (Reslgned 25 September 2023) (Reslgned 25 November 2024) (Reslgned 25 November 2024) (Reslgned 25 September 2023) {Rasigned 25 September 2023) (Appolntéd 25 September 2023) (Appolnted 25 September 2023) (Appointed 25 September 2023) (Appolnted 25 September 2023) (Appolnled 25 September 2023 and r8slgned 25 November 20241 (Appolnted 1 October 2023) {Appolnted 18 October 2023 and reslgned 18 October 2024) (Appointed 21 November 2024) (Appolnted 21 November 2024) Mrs EA Wlliams MrJ Auden Mr C Clark Mrs S Sweeney Patrons Lleutenant Colonel Patrlck Holcroft LVO OBE Lord Faulkn6r of Worcester Senlor Leadershlp Team Mrs R Perks, Prlnclpal Mr S Farr, Prlnclpal (Appolnted 1 Seplemb8r 2023) Mrs V Ward, Asso¢late Prlnclpal,, NCW L6ad Paclltioner for Vl Mr W Stark, Assistant Prlnclpal - (Appolnted 1 September 20231 Currfculum, T6aching & Learnlng Mr P Marnell, Stral8glc Lead - Deslgnaled Safeguardlng Lead Mr S Morom, Dlrector of Flnance Mrs J Dursley, Dlrector of Resldenllal <Appolnted 1 Seplemb8r 2023) Mr P Stephen8, Asslstant Prfnclpal- P8rsonal Development Charfty number 1118377 Company number 06053218 Reglstered offlco Whittlngton Road Worcester WR5 2JX Auditor Kèndall Wadlay LLP Granta Lodge 71 Grdham Road Malvern w0eSterShIre WR142JS
NEW COLLEGE WORCESTER LEGAL AND ADMINISTRATIVE INFORMATION Bankers Lloyds Bank Pla 4 The Cross Worcester WR13PY Monmouthshlre Bulldlng Soclety Monmouthshlre House John Frost Square Newport South Wales NP20 1PX Sollcltors Thursflalds 9-10 Tha Tythlng Wor¢ester WR12HD
NEW COLLEGE WORCESTER CONTENTS Pag8 Truste6 Govamors, report Statement of Trustee Governors, responslbllllles 14 Independent audltorfs report 15-17 Slatemont of financial actlvlues 18-19 Balance sheet 20 statement of cash flows 21 Note8 to the financial statements 22-52
NEW COLLEGE WORCESTER TRUSTEE GOVERNORS, REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2024 Tho Trustee Governors present thelr annual report and financlg18tatements for th8 year ènded 31 August 2024. The flnanclal statements have been prepared In accordance wlth the aocountlng policles set out In note I to th8 financlal stalemonts and comply wllh th8 charflable company's Memorandum & Artlcl8s of Assoclatlon, thé Companlos Aot 2006 and "Accountlng and Reporting by Charltles., Statement of Recommended Practlce appllcabla to charllles preparing thelr aocounls In accordance wllh the Flnanolal Reporting Standard appllcab16 In the UK and Rèpubllc of Ireland (FRS 102) (6ffectlve l January 2019)" Chalr's Foraword by Pat Dyson Ichalr 2023124 contlnuad lo ba 8 year of change for the development of New College Worcester as we bullt on the achlev6men18 of the 2022123 year. Governors contlnu8d thelr focus on the college strateglc dlreollon, reviewing slraleglc pdorllles and supporting the slrateglc workslreams. Tho Buslness R8POSltlonlng Programme w8 launched in the 2022123 Summer Tenn ntInUed to be a major focus in 2023124. Ther6 Is sllll much to do In flnallslng our work to support the next Flv&Year Rolllng Strategy whl¢h wlll ba rèlteotlvè of th6 changlng dlrectlon of speclal educatlonal needs and key to the future dlreclion of the college, Tha Prlnclp81 and Sonlor Leadershlp Team have worked tlrelessly throughout the year in supporting thÈ work of myself and tha governlng body through partlolpatlng and Infoming the work of the slraleglc workstreams. With my first year as Chalr ¢ommenclng September 2023, It was an exclting tim8 to come Into th8 role and I have been very well supported by th& Vlce Chalr and all govemor colleagues. In support of contlnuous quatily Improvement In governance, the board commissionod an external govemance revlew In sprlng 2024 and have been worklng to address poslllve changes throughout the summer tem. Thls work wlll continue Inlo 2024125. There conttnued to be changes to the Governing Body, with two long standing TrusteÈlGov8rnors st6pplng down and I would like lo acknowledge thelr Invaluable ¢ontdbutlon along81de that of a thlrd govemor who unfortunately was only to stay a short whilè wlth us. We were fortunate to re¢rull for Ihesa roles and in th8 process str8nglhen the governor safeguardlng expertlse wllhln the board, The Prlndpal and Sanlor Leadership Teams have demonstrated progress agaln81 each of the strateglc prforftles as monitored Ihrough Ihe 2023124 College Improvement Plan. Governors constructively challenge conlent at commllt&es and full board meetings. This supports the strength8ned focus on robust operational plannlng and quallty assurance wlth clear Ilnkage8 of slrateglc d6velopments to operational dellvery plan8. The success of Ihls 8pproach was dèmonstrated in June 2024 by Ihe college achievlng an Ofsted Re8ldenllal Care Inspectlon grading of Good across all three judgment ar6as, We were delighted with the 0come. As rèported last yèar, changes that have taken place durfng thls year have enabled the Govemlng Body and Prlncipal to be posttlva about the future and re-foous on longer temi plannlng.
NEWCOLLEGE WORCESTER TRUSTEE GOVERNORS, REPORT {CONTINUED)<INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2024 Objeetlves and actlvltles The Charftable Company's objects are: To provlde and promola a rellglou8, soclal and academlc educatlon for young p6r80ns who are vtsually Impaired in the Unlted Klngdom of Great Britain and Northern Ireland, the Channgl Islands and the Isle of Man and e18ewhere in the Commonwealth and, subject thereto, from any other part of thé world, with thè 8nclllary purpose ol supportlng and f8cilltatlng generally the provlslon of education for such young persons,. To manage and conduct New College Worcester Oncorporallng Worcester College For The Bllnd and Chor18ywood College For Girfs WSlh Llllle Or No Sight) (NCW) and to hold and admlnlsler Its property in accordance wllh Ihé provlslon8 set out In the Charltablo Company's Memorandum and Artioles of A8SOC4atlon, but In partlcular to secure that the rellglous Instruction glven In thè Co118ge is in accordanc8 wllh the Doctrine8 of tha Church of England, To usa restrfoted fund8, legades and endowments for the purposes 8tst8d. A legacy pollcy Is In place to support tha furthèrance of Ihls oblectlve. Publlc beneflt The Trustee Governors confirm th81 they have complled wllh th8 duty In sectlon 4 of tha Charilles Act 2008 to have due regard to Ihe Charlly Commlsslon's gener21 guidance on public b6nafit, 'Charflles and Public Benefit., NCW Is a sp8clallst non malntained speclal school and college for chlldren and young people whose primary SEN Is s8v8ré vlslon impalrmenl. Sludenls have the cognitlve ablllty to access the full National Curriculum with pathways lo GCSE and A Level, NCW is unlike other generic spectal schools or other 8peclali818¢hool$ publidslng that Vlslon Impairment 18 thelr sp8clallsm, as thelr students also have other significant additional needs. All teachers at NCW, In addlllon lo being subj8cI speciali818. are required to become qualified teacher8 of the Vi81on Impalred {QTVls). The comblnatlon of being a QTVI and a subject speclallst méan8 that our teaohers develop speclallst 8XPertlse Ihat oannot be easlly repllcated In malnstream settlngs due to the significant tralnlng and tim8 that It takes to develop the level of 8klll requlred. These areas of speclallsm Incjude 8peola1181 brallle codes such as maths, science and mu81¢. An example of this Is In the area of muslc where there is a national shortage of expertlse In musiG brallle and young braillisls are routlnely denled Ihe OPPOrtunlty to be able lo acces8 muslc notation in an accessible formal because there is not Ihe expertlse or resource to teach them the skllls. Our currfculum18 fully inclusive, devlsed at the very outset for the Vl Igarner and NCW has Its own Iransciiptlon department who model best praallce In creallng acaosslble modlfléd resources. Outraach Sèrvice NCW Is commltted to supportlng the educatlon of ehlldren and young peopl8 both attanding the school and also those In other educational s8lllngs by $harlng knowledge and expertise wlth olh6r profession818 worktng In education or wlth young p8ople and parents of chlldren with a vtsion Impalrmenl. Staff 81 NCW are very keen to share thelr knowledge and expert188 and give their lime voluntarily to oontrfbute lo our rfch and varled outreach programma, Outreach events throughout the year take dlfferent formats ranglng from twllight webinars to face to fac6 events where a range of pracllcal workshop8 and presentations ar6 offered, wlth particlpants often taking away wlth them valuable resources. Topics for outreaGh are wlde ranglng and include courses aimed at both prlmary and secondary. specialist subject areas, access arrang8menls for examln8llon8 and Ihe speciallst Vl skllls such as 8ff80tIV8 slrategles for teaching brallle or how to Introduce speech software. We produce an outreach bulletln called °Rea¢hing Out,, sent to anyone who has attend6d our outreach and opt6d in to receive them, whlch highlights a different focus each half temi on wid@ ranglng topl¢s such as mental health, using the Alexa as a resource and accesslble PE and sport. NCW does not chargé delegat88 for attending onllne wablnars and only covers catering costs for fa10-face events, Wa do not cover the Cost of the outreach service bul see It as an Important facet of our role within the Vl educatlon workforce,
NEW COLLEGE WORCESTER TRUSTEE GOVERNORS. REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2024 Research We ar8 often approached by aGademlcs who are conducllng re88arch Into the Impact of vlslon Impalrm8nt on chlldr&n and young p80ple. Wo are careful to ensuré that we only commlt to Ssslst researchars wh8r8 thére wlll be a slgniffeanl posillve Impact on young people who have a vision impalrment mora wldaly. Facllltating researthers to work with our students Invaiiably Impaots on both Staff and sludenls but we 58e It as a moral duty to asslsl whère we seè bèneflts for the future good of all young people who have a vi81on Impalrment. Thls could tak6 the form of a resource that can be more wldely accessed or as a case study relallng to a sp6cSfic eye oondltion. Support for QTVI and Habitatlon speclallst tralnlng There Is a nallonal shortage of QTVIS and also a shortage of quallfted Habllatioll worker8 who Iraln people of all age8 In mobllity and independent Ilvlng skllls. We welcome teaching placements from profes8lonals undertaklng speoiallst qualification8 to become QTVI or Habltatlon workers. NCW receives no financlal g8ln from hostlng placements and staff glve thelr lime freely to mentor and support such placements, sometimÈs lasting several week8. Again, wa se811 as a moral duty to support other professlonals who aspire to work wllh childran and young people wllh a vlsion Impalrment. We also work c108ely wlth the Unlver8ity of Worc6sler dellvertng workshops as part of their teacher tralnlng, Events Throughout th8 year the doors of NCW are opened to chlldr8n and young p80ple wlth a vl8ion Impalrment and their famllies, fo 811end Famlly fun days, or the annual residentlal activity break in the summer hdldays. Those events are elther frae of charge or very low cost to ensure famllies ar6 abl8 to participate, hav8 fjJn, connect wlth other8 and enloy the wonderful graen spacés and faclllllès at NCW. The descrlptlon under the heading8 AGhlevem8nts and performance" and "Flnanclal r8vleW' meet the company law requirements for the Trustee Governors to present a 8trat8glo report.
NEW COLLEGE WORCESTER TRUSTEE GOVERNORS, REPORT (CONTINUED){INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2024 Achlevements and performance The academlc year 2023-2024 has been purposaful In terms of beglnnlng to rgPO8tlion ourselves as a sector lead6r wllhln thé SEND educational arena. We hav6 been supported In thls reposillonlng through advloe glven from the Department for Education (Dr Lorna Pursglove and Mlohelle Dunn) and as a r6sult, we have undertaken a slgnlflcant redundancy and restructure process across the r6sld6ntlal aspect of the college with the alm of both Improvlng the facllllles 8vaSlabl& lo the students and use of tha alloeAted funds. We have ralionalised the number of student houses from 5 houses to 3 houses and reslructured lh6 worklng paltarns of staff to ensure Ihat full Ilme roles are fulfllled and that contracts reflect hours worked, The redundancy and restructure process has been supportad by legal advl¢è from Field Fisher. Significant wod( has taken place In temis of premlses Improv8ments and safeguardlng compllanco, Below Is a summary of8Ctions In regard to premlses upgrade and compliance. a. There Is nèw electronlc slgn In system for monitorfng vlsltors to 811e. Photographs are taken as part of Ihe process and stored for compllanca purposes. It also means that vlsltors can b8 booked In in advance, 8avlng tlme and ensurlng nec8ssary checks have taken place. b, Lockdown al8rms havè been Installed In all resldenllal buildings, Improvem8nls to staff room. Kllchenelte installed so we now have hot and cold runnlng water, a slnk and a 8mall dlshwasher. d. Door set and frame Installed In admlnl8trallon area lo give flnance a s8cur8 and confldenllal spats lo work. e. Received conflrmallon that thera Is no RAAC on slte. f. Swlmming pool plant seNIc8d and chemlcal storage aa8 cleared. g. New mattresses across all houses. h. Flr8 rlsk assessment has b8en undertaken wlth Judl¢lum Educatlon. I, Floor repalrs to Vlnchel (previously Hostél) bathrooms. J. Flrè door work In school is completed ahaad of tlme In readlness for the Fire Inspector. k. Complele upgrade of Vinch81 Lodge ground floor to Include 3 bay Independent Llving 8pac8, communal eallng area, supetvised laundry spac8, gamas room and fltled fumllure to all ground loor en-sulle bedrooms. I, Repurposing of the prevlous staff bungalows In Br8dna¢k and Dots to create slngle erFsult8 bedrooms for up to 5 more students. This also allows for an addltlonal member of sle6P-In staff ov8rnlghl. Whilst seeking to ratlonallsa the 8tafflng withln the resldenlial aspecl of the college. wo have support8d th8 d61iv6ry of our speclallst curriculum by ènsuring that W8 have appolntad another tea¢her of Brallle, an habilatlon officer, a transcrlptlon offlcér and additlonal LSAS to meet studenl's educallonal néed. Now Ihal Olf second brai118 téacher is In post thls has given more capaclty for naw staff tralnlng and a programme of tuition and support Is undeNay. In addltion, we have also Investèd signlficanlly in term8 of expertlse and capaclty of our SENCO team. W8 now have a spedalisl SENCO {QTVI, QTMSI}, an Asslstant SENCO {who18 vlslon Impa[d hlmsalf and pr8vlously worked at th6 collèg8 as a 'Look' mentor) and a full time SENCO admlnlslralor. W8 were dellghled wtth our m08t recent annual ofst6d inspectlon cycle (r6$1dential only), where we received 'Good' In every ¢ategory. This was particularly pleaslng as we movéd from 'requlres Improvemenv to 'Good' for th8 aspect of 'Leadershlp and Management., We know that thls resutt wlll glve ¢onfidenc6 to the leadership team as Ihey prepara for the forthcomlng education inspectlon. As part of our preparallon for this Inspedion we have focused on the tralnlng needs of staff In regard lo the addilional needs that many of our students present wlth. CPD for Educatlon staff In tha 8prlng term focused on schema and how learners create links and bulldlng blocks when protsessing new Informatlon. We conslderéd how learners Wlth a w81on Impalmi8nt can hava mls¢onc8ptlons through a lack of Incldental learning and a range of effectlve strategles was shared. We partlcularly benefitled from the exp8rlence of our Vl staff who bring a wealth of expertlse through Ilved experience. CPD also focused on executive funcllon dlsorder (also known as execuliva dysfunction) whlch Is vory much in evldence in many of learnars who havo ASD, ADHD or eye ¢ondltlons which have related processlng dlfficultles 8s part of the condltion.
NEW COLLEGE WORCESTER
TRUSTEE GOVERNORS, REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT
AND STRATEGIC REPORT)
FOR THE YEAR ENDED 31 AUGUST2024
Students at New College achleved oxcellenl resu118 overall in Ihe Summer 2024 exam sedes at the end of Year
11. FSM, PP, and LAC sludents In the cohort perfoJYned at least as well as thelr pears, w8 8nsure they hava
equal acce88 to te¢hnology, 8UPPOrt In lh6 residentlal 8etttng, and study support sesslon In th6 worklng day to
ensura they are nol b8hlnd the other sludents In the cohort. We had a posittve progress 8 score for our Year 11
cohort of +0.12 and an Attalnment 8 score of 3.3. Thls IndlcateS that the Students exceeded predlctor8 and made
ex¢ellent progress overall. W8 sel ambitlous targ6ts wlthin the College, uslng FFT a8 a basellne, but we are more
ambltlous than Ihis for our learner8. We have a number of outstanding results which include, bul are not limllod
to, 100 /0 pass rale for FCSE languages, 1 OOOA Pass rate In Home Cooklng levels l and 2, Food Teoh, Engllsh
and Buslness at GCSE all exceeded expectatlons.
Atlalnmenl 8 Is measure of the aohievèm6nt of a pupll aGross 8 qualificatlons indudlng math8m8tlos {doubla
welghled) and Engllsh (double welghted), 3 furlhér qualificatlons that count in the English Baocalaureata (EBacol
moasuré and 3 further quallflcallons that can be GCSE quallficatlons (Including EBaco subjects) or any other non-
GCSE quallfications on the DfE approved Ilst. Each Indlvldual grade a pupll achieve8 Is asslgned a polnt scora,
whlch Is then used to calculate a pupil's Attalnment 8 score. Overall, Sludents exceeded FFT predlcled grades.
Progress 8 maans for 8ach Indlmdual Ghild you can tell If they progressed more or less than averaga, factorlng in
where thay w6re whan thèy Start secondary school. Most 8Ghools are belwe6n -1 and +1, NCW students make
good progrèss compared to estlmalèd grades acr088 the range of subjects on average.
100 /th Pass rate for FCSE languages
NEW COLLEGE WORCESTER TRUSTEE GOVERNORS. REPORT {CONTINUED){INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2024 Extemal examinallon re8uIts for year 11 students demonstrated highly favourable outcomes, with all 81udents able lo demonstrate progression, Specific groups who perfomied well were free school meals {FSM) 8tudent8, who outperformed non-FSM students in larms of results V8. largel$, and also gir18 compared to boys. Some subjects slood out as having achieved excellent results. These Subjects In¢lude Science Triple GCSE, Food Prep and Nutrition, and Entry Level Sclenc8. These were the rfght courses for these students which helped Ihem to achieve and exceed Ihelr potentlal. Exiernal examlnation results for slxlh form wer8 pleaslng overall. Wa set asplrallonal targets and wé hav8 hlgh 8xpectallons about univ6rslty cours&8, for those who wanted to apply. The students ovarall performad well compared to data from thelr GCSE grades. The grades they aahleved ar8 way in 6xcess of typlcal pradl¢led grad65 from malnstream sellings du& lo Ihelr small class slzes, sp6d8llsl 16aching, and woll adapted resourcas. Th6s6 year groups of course were affec16d by Covld 19, h8ng not sal GCSE 6xams but Instead first fa¢lng 'real" exams In KS5. Th18 proved challenglng but NCW preparad tham well for this, wlth Students r18Ing lo the challènge. Results were very pleasing In a numb6r of araas, namely, Fllm Sludlas, Engllsh Languaga, Polltlcs, Soclology, Psychology and Health and Soclal Car8. In addltion, supported Internshlps contlnu8 to be highly successful for slxlh form students 6xlandlng our relatlonships wllh local and national busille8ses and this is an offer w8 Intend to conllnue with next year. KS4 NCW stsff Sgt ambltlous tsrgèts acros6 the sublects, typlcally iwo grades hlgher than FFT (It avallablo) English and Sclence retak8 oroups were successful. Maths not suece88ful overall. Food tech, Engllsh Llt, Buslness particularly strong thls year. Sclencg and Mglhs hav8 the same cohort as English bul performed less woll. KS5 BTEC contlnues to be very successful,18d by Carolyn Moody. Students all passed and met largel grades Psychology, Soclology, Polillos, Languagas, Engllsh Lil vary strong performing subjects.
NEW COLLEGE WORCESTER TRUSTEE GOVERNORS, REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2024 Prlnclpal Rlsks and Uncertalntles The Truslees eonflrm that the major dsks have been reviawed, and systems or procedures have bean 6stabllshed to manage thes6. The R18k Reg181er Is Ilnk8d to the 5-year rolllng NCW Strategic Plan 2023-28, approved In July 2023, and Identlfies the key straleglc risks Ihat may affect Its delivery. The Board reviews the strategic reglster al each Full Governing Body {FGB) meetlng and amendments are made aocordingly. The reg18ter18 a dynamic document and is adjusted afier each FGB to ensure the Board is properly managlng strateglc rlsks throughout the year, The r8gi8t8r now contalns 10 stMt8glc Nsks, an assessment of their slgnificance and the mitigating acllons belng takèn. This Is an inGfftase of 3 addltional Risks sinc8'th8 Oatober 2023 B08rd Review. These are Risks 8 /9 and 10, Retrospective Pre-controls hav& been discussed and agreed between Prfndpal and Chalr. The IO Strateglc Rlsks am: Risk 1- SafegLtarding - RED Rlsk 2- Student Numbers- RED Rlsk 3- Edu¢allonal R6sults- GREENIAMBER Rlsk 4- Student Outcomas- AMBER Rlsk 5- Resouraes-AMBER Rlsk 6- Suslalnable Futur6- RED Rlsk 7- Effectlve Staff - RED Rlsk 8- Buslness Reposlllonlng Plan IBRP)- AMBER Rlsk 9- Estates Mandalory Compllance-AMBER Rlsk 10 - Clarity on NCW Strategic Direcllon-AMBER The followlng four of the ten dsks rated Red and tha slrategl8S to manag6 thase ara as below.. RISK1 . Safeguarding due to fts16vel of Importance and the curnnt Educatlon Of6ted ratlng Mltigating Actlons: Continuous Improvement to meet natlonal mlnlmum standard8 Proce8se8 In place and Implemantallon monltor8d Re8identlg1 Care & Safeguardlng Ofsted June 2024 rated NCW as Good. Staff trained and routlnely remlnd6d of expectatlons Govemance lightened and all commlttees now address safeguarding Reflective Action {s) undertaken as a result of key safeguardlng issues In 2023124, including revlew of PSHE programme External SfG Audil s¢h8dul8d for 51h December 2024 RISK 2 Student numbers whlch contlnue to bé affectad by th8 Ofsted ratlng In respact of LA fundlng and DfE numbers cap Mltlgafjng Actlons: Development of outreach opportunltles Retentlon of students prlorlll8ed Strong focus on maintaining sludenl numbers Effective trlbunal preparation and outcomes Exploration of potential new ¢ategoii8s of students partlcularly Intematlonallprlvately funded students Chasing of LAS regardlng fundlng decisions Slafflng trlbunals. Bev Watkins (solicitor) angaged to support famlll8S through the trlbunal process.
NEW COLLEGE WORCESTER TRUSTEE GOVERNORS, REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST2024 RISK 8 Sustainablè future du8 to developlng the 10-year plan and fundlng challengeg Mltigatlng Acffjon8: Strateglc plan In place wllh strong ownèrshlp by the Board and SLTS Major focus on developlng a l¢>year plan, wllh the City Council to be challenged over gr6en space deslgnallon Improvam6nts In fadlSllesl property planned for Major focus on developlng partnershlp andlor neork arrangemants New modéls of dellvery being considered Fundraislng strategy revi8w8d and implementation ongolng Amended caplt81 recovery deed agreed with RNIB RISK 7 Effectlv8 8taff due to antlcipAt8d low morale and uncertalnty created by Buslnèss Repo$ltlonlng Planning {BRPI Mltigating Actlons: Re$tNCtura of SLT complete Re¢rullm8nl of care staff progre88lng HR Manager appolnted Curri¢ulum-led budgel model updated annually Developm&nt and Implemenlallon of staff trainirsg plans, and rlsk as88S8menl Iralning completod Trauma Informad Schools tralnlng undér review Negallve Impact of BRP on staff morale anlicipatad, communlcatlons improved and anxl8tfe8 managed R6sld8ntlal vacant waekend staffing posts adv8rtis8d with agenoy staff cover In plac8 Succession plannlng underway for loss of Vl experfÈn¢e and expertise through retlr8m6nt
NEW COLLEGE WORCESTER TRUSTEE GOVERNORS, REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST2024 Flnanclal revlew The College leadershlp have contlnued with Ihelr strategy of increaslng taaohlng Income, which rose by 9.4 /0 compared to 202212023. The focus has been on Increaslng student numbers which translates Into a higher Income and Increased financial slablllty for th8 College. One of the effects of the Covid-19 pandemlc was thal some of our leamers were fvndod for an extra year which r8sull&d In an Increase In students in our Slxth Form, whloh Is now relumlng lo normal lovels and therefore radL]cing student numbers. Tolal Incom8 for the year was £8,876,150 compared to £6,331,172 in the prior year, bul Ihls Inctuded two very generous legacles from ex- Btudenls John Clarlcoat and Alan Smllh totallng £1,968,108. Net expendlture (afler transfers batween funds) on general unrestrioted aotlvlll8s for the year al £350,213 Gomparod lo £207,881 In 2022123. Th8 2024 posltlon continue8 to reflect addltlonal costs incurred in restructurlng and reposltlonlng the managem8nl infrastruoture. Total expenditure was £7,784,896 an Increase of £1,428,114 (22.5%) on the prior year. The College faces a backlog of maintonan¢e and therefore expendltur8 In thls area will conlihue to increase. Donatlons and lega¢les totall6d £2,403,746 In 202312024 compared to £378,232 the prevlous yaar. Thls Includes a Teaohers Pay & Penslon Grant {£129,675), Devolved Formula Capital Granll8chools Condltlon Fundlng Grant (£74,703), and an award from the VlnGhel Foundation {£160,000) and the two legacles from ex-students John Claricoat and Alan Smtth totallng £1,968,108. Ganèral Donatlons reduced to In the order of £16,000. ndowment and other funds not needed In Ihe short tarm were managed on the College's behalf by speclallst Investment managers JM Finn. At 31 Augusl 2023 these Investments had a market value of £713,519. The portfollo has now been reallsed In full and funds are lo be placed in a less volalllé Investment product. D881gnated funds Increased by £1,555,257 during the yaar. Res8r4es Pollcy Total funds hald as at 31 August 2024 amounted to £17,249,742 (2023.. £16,169,2QO). Thls included resldcted funds of £358,585 (2023 £494,071), endowmènt funds of £548,137 (2023.. £549,153) and designated funds of £16,279,284 (2023- £14,724,027), Designatèd fund axplanatlons are included In Note 26 of Ihe Accounts. General unrestricted funds ware £382,736 (2023: £732,949). Ideally College reserves of £800,000 are conslderod reasonable and In Ilne wllh Trustee Governors ¢ommllment8 to have the College reserves equal to around 2 months running costs, to secure the College'8 flnanolal slablllty. However, th8 current economlc and political cllmate conllnues lo Increase financlal pressures on all providers of special educatlon needs soNloes given that they are funded by Local Authorltles. Trustee Governors rémaln mindful of th8 uncertaintlas and risks but aim to Improv8 sustainablllty through Increaslng the levels and sources of funding and conllnued revlews of currfculum, staffing and fees. Strategic financlal management and Int&mal control are undeInned by strong Governan arr8ng8ments and a high level of flnanclal competence wllhln the Governing Body. The Trustea Governors contlnua to re1ve rea85urances Irom extern81 Auditors Ihal adequate systems of internal control arè In place and are exerclsed. FaGtor8 likely to affect thè future flnanGlal performance or p081tlon The major factor affecllng Ihe flnanclal posltlon of The College Is stud6nt numbers. Much effort is golng into ralslng the profilé of New Co118g8 Worcestar and to market the college In 8 much more vlgorous fashlon. Thase measures should offset the effoots of government and ¢ouncll pollcy for students to stay local 8nd stay mainstream and wo are seelng an Incrèa86 In Interest from numbers at16ndlng our Family Open day8 etc. The Bvslness Reposltlonlng Programme {BRP) has r8duoed Ihe cost base by over £1 m and Increasad student Incomo through the r8vised f68 matrlx structure whlch has resull8d in, when all students are on the new Fee Matrix, reduclng the break-8ven poslllon of the College from 75 students to 60 students.
NEW COLLEGE WORCESTER TRUSTEE GOVERNORS. REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2024 Golng Concern posltion Govemors are aware that th8 Strong flnanclal results shown for tha financlal year 202312024 are due to the extra Income Ihls year derfved from iwo véry génerous legacies (together of almost £2m) left to The College by former students John Clarlcoat and Alan Smllh and thè sale since the yaar end of a surplus propety unused by The College for over 5 years (Wndy Rldge House sold for £776k). Tha above addltlonal income gives Th6 College headroom lo sustain the current to mltktemi losses whilst tha actlons of Th8 Busln88s R8poslllonlng Plan (BRP) relum The College io a sustslnable breakevenlsurplus posltion In the mld lo longer term, aimlng for such by FY2027128. Plan8 for the future Earfier reference Is made In the Foreword to trustee governors work In developlng and reflnlng our nèxt 5-y&ar strategy. Thls work is reflective of the fast-changing future of 8peclalist educatlon provlslon In 8 challenglng financlal cllmate. W8 also recognise the changlng needs of the young peopla we support, whlch Is agaln reflectlve across all speclal educational needs provtslon. Our thInng and plan8 to 8UPPOrt our posillonlng wlthln the sector are key to the sustalnable future direction of NCW. Strateglcolly, we wlll be working to identlfy opllmum ways of how NCW can furthér support, challenge 8nd enable the young people we work wlth to develop thelr skllls to succeed in thelr choson career pathway. In summer 2024, working with the Prfncipal and S6nlor Leader8hlp Team, the Governlng Body reaffirmed NCW three key stratoglc prlorflle8 for 2024125. These are., students make 8x¢éllenl progress Safeguardlng Is Effectlv8 and Residential Care is Outstandlng Secure a sustalnable future for NCW Our success In Id8ntlfylng and artlculating strateglc prlorfties to operatlonal delivery plans was reflec18d In the outcomes of th@ November 2024 Ofsted EduGation Inspectlon. W8 were dellghled to be graded as Ofst6d Good or Outstandlng In all calegorles. Governlng Body commltlees continue to robustly monltor progres8 agalnsl the College Improv6mant Plan, tgking responslblllty for ensuring dellvery of their respectlve sub}ect areas whilst robustly scrutlnlzlng safeguardlng responslbilitles. Trustee Governors and lh8 Senlor Lead8rshlp Tegm maintain a slrong commllmenl to work together to achieve the college's long-term asplratlons In pursult of our Vlsion. Change of Support Stsff from a Defined Bonaflt (DB} Penslon Scheme to a Defln8d Contrlbution {DC) Sehemè. Because of the exc8sslve cost of the TPT Support Staff DB Scheme b6lng sel at 38.10/0 Employer's conlrlbutlon for ex RNIB staff from the demérgar In 2007 and 28.1 Q/0 Employer's contrlbutlon for 8ilPPOrt staff who lolned after 2007; as part of th8 BRP pro¢688, It was declded to close the DB Schéme and open a DC Schem8. Thls was opened from 1st January 2025 wlth lower contribution rates of 7.5Qlo Employ8r's contdbution for 6xtstlng staff and 5 % Employels oontrfbutlon for new support staff members. Th£ exlsllng DB Scheme deficit as r8POrt@d in tha accounts al £319k will conllnue to be pald off with deficlt reductlon paymenls each year which for 2023124 was £47k. 10-
NEW COLLEGE WORCESTER TRUSTEE GOVERNORS, REPORT {CONTINUED>(INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2024 stru¢ture, govemance and management Th6 Charitable Company Is a company limited by guarantee, Incorporated on 15 January 2007 and reglstered a8 a charity on 14 March 2007. The Charitable Company is governed by Ils Memorandum and Artlcles of Assoclatlon dated 11 January 2007 {as amended by speclal resolutlon dated 6 March 2007 and as amended by speclal résolution dated 24 January 2012, and as amended by speclal r8solullon dated 15 Novembar 2021 and further revlsed by special resolution dated 25 May 2022). The Truste0 Dlrectors of the Charftable Company, known as Trustee Govemors wllh eff8Ct from 24 JanL(ary 2012, are Ils Trustees for the purposes of charity law and throughout thls report are collecllvely referréd to as the Tnjslee Govemors. In prevlou5 years, In accordance with the Company's Arllcles of Associatlon dated 11 January 2007 (as amended by Speclal Resolution dated 6 March 2007) one thlrd of the Truslee Directors, chosen by ballot, together wllh ona ¢OwOPted Trustee Director, w8r8 r&8lecléd wlth new Twslee Governor8 belng elected at future AGMS to flll vacancles arislng. However, on 24 January 2012 the Companls Articles of Assoclalion were further r6vlsèd by special resolutlon provlding, amongst other thlngs, a) for the establi8hment of a Gov6rnlng Body in place of a Board of Trustee Dlredors whère there was no Gommillee eslabll8hed to dlscharge the funcllons of a school gov8rnlng body, and b) the appolntment of Trustee Govemors for a tenn of four y8ars. The Prlnclpal Is an ex officio Trustee Govemor and member of the Govemlng Body. Non8 of the Trustee Govemors has any baneficlal Interest In the Charltabl8 Company. All of tha Trustee Governors are members of the Charttabla Company and guarantee ta contribute up to £5 In Éhe 8v&nt of Its winding up. The Trustee Govemors recelve tralnlng at Goveming Body meetlngs and by ¢oursg attendancè, as Is deemed approprlate. The Goveming Body conslst8 of at least nlne and not more than flfteen Indlvlduals, all of whom musl be Memb8r8. Trustee Govemors must retire at the Annual General Meeting next following the fourth annlversary of their election, though they may stand for re-ele¢tlon. A retiring Trustee Gov8rhor who remains quallfi8d may be re-appolnted but oannot serve as a Trustee Govemor for mor8 than two four-year terms of office without a one year braak. The Trustee Govemors meet r6gularly to manage th8 Charftable Company's affalrs, wllh at least three meelings per year. A quorum offive Trusteo Gov6mors Is réquired for each meètlng. The Princlpal has overall responsiblllty under the dlrectlon of thè Governlng Body for th6 Internal organlsatlon, management and discipline of the Collega and In partlaular for th8 provlslon, d6v6lopment and dellvery of Its education $8Nlces. In consuttatlon wlth the Prfn¢lpal th8 Govémlng Body has establl$hed a Sénlor Leadernhlp Taam under the leadorship of the Prlnclpal to have responslblllty for the operational management of the College, The remun6ratlon of key management personnel18 set by the Govarnlng body. Prlor to In¢orporatlon, tha operallons of the Charltable Company wéra Conducted 88 part of RNIB and upon Incorporallon RNIB and Its subsldlary RNIB Se)ces Limited transferred (by way of trust) most of the property and donated some oth8r bulldlngs and land, together wllh their 88$o¢lated as8els, used by the Charitable Company and RNIB holds a capital recovery daed over m08t of the propertle8 held by the Charftable Company, th8 detalls ofwhlah can be found elsewhere In the Aocounls. 11
NEW COLLEGE WORCESTER TRUSTEE GOVERNORS, REPORT {CONTINUED)(INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT> FOR THE YEAR ENDED 31 AUGUST 2024 Key Managemont per80nnel remuneratlon The Key Managem8nt personn81 remuneration Is declded following the Pay Policy a8 wrfllen by Worcestershlre County Council HR and which wa8 adopted by the NCW Board of Governors on 08.12.2023. The relevant s6ctlon on th8 Leadershlp pay Is reproduced as below.. Leadershlp Pay Whan d8lermlnlng the lèadershlp pay ranga, It wlll be reviewed In accordance wtth the School Te8chers' Pay and Condlllons Dooument (STP&CD) and wlll include a r6vlew of the coll8gelPrlnclpal group size. Th8 salarles of th8 Prfndp81, Vlce Prfnclpal (s) and any A8slstant Prlnclpal wlll be revlew8d annually as required by Ihe STP&CD. There wll be a proeeduro and limetsble for Ihe annual revlew whlch wlll glve Ihe optlon of formal represenlalion. Wrllten notlficalion wlll be glven as requlrad, Including the perfonrance oblectlves agreed, whlch will b6 reviewed as part of the next ar)nual salary dètermlnatlon. The Prlncipal'8 Pay Range wlll r8flect the responsibllltles of the lob In additlon to tha slze of the collego, any othor fa¢lors 8pe¢lfled In the STr&CD and advlce Issued by the Loc81 Authorlty on the salarl8s of Head16achers at comparable size schools. The current Princlpal in this college is paid In accordance wllh Natlonal Teacher's Pay Scales. In accordance with National Teacher's Pay Scales, the Principal's pay range wlll only exceed the maxlmum of the Princlpal's Pay range where the Goveming body delermlnes Ihal specific circumstances warrant a hlgh8r than nomial payment. In that situatlon, the maximum of the Prlncipal's pay rangè and any addltlonal payments made will not exceed th8 maximum of the Principal group by morè than 250/&, Other than In 6xceptlonal clroumstances. The Govarning Body wlll determlne the pay range8 of the Mce-Prlnelpal(s) and any Asslstant Princlpal{s) In relatlon to th8 dut16$ and responslbllltles of those leachers. The Governlng Body can raview the pay range8 at any tlm8 If they consld8r It néc88sary io retaln g Vlce orAsslslant Prlnclpal. The maxlmum of the Vlce or Asslstant Prfnclpal's pay ranga must not exceed the maximum of the Prtnalpal group for the college. The pay rang& for a Vice or Assistant Prfnclpal should anly overlap the Prfncipal's pay range In éxceptlonal circumstances. There should be appropriate scope wlthln the range to allaw for perfomiance related progress over time. In the case of a Vtce Princlpal post the governors must be salisfled that th& responslblllty 8xcood8 that expected of an Ass181ant Piincipal employed In the 8am8 college. includlng responsibillty for discharglng In full the responslbllitles of the prfnclpal In the absence of the Principal. Leadershlp Pay prograsslon The annual determlnallon of salaries wlll b8 conduc18d by the appropriate commlttee. Pay pmgresslon wlll not b8 automatic, it will be based upon th8 most reoent appral881 G8Frfed out In aocordgnce wlth the regulatlons and the current STP&CD and reported to th8 fv11 Govarning Body. Pay dec181ons should be confirmed In wrttlng. The Governlng Body wlll ensure that performance-ba8ed prograssion awards r8fl&ct Indfvldual pèrformance and that obleotlv&setllng18 rfgorou8', Ihal th8 college's Pay policy provides a clear Ilnk betwaen level8 of achlevement and progresslon. The Flnancial, Resources and Safeguardlng Committ8e (FRSC) wlll review the Prlncipal'8 and Vice Prln¢lpal'$ pay In accordance wllh th6 STP&CD and award up to two performan po5nt8 as otrtllned under Appendix B and E, havlng regard to the evldence of the most recent appralsal includin9 any recommendation on pay progression, Audltor A r8801ution proposlng that Kandall Wadl8y LLP be reappolnted as audltors of the company wlll be pul to the Members. 12-
NEW COLLEGE WORCESTER TRUSTEE GOVERNORS, REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST 2024 Dlsclosure of 1nf0miaon to audltor Each of the Trustee Governors ha8 confirmed Ihat there 18 no Informallon of whlch Ih6y are aware which Is relevant to th6 audlt, bul of whlch th6 auditor Is unaware. They hav@ further confirmed that th8y have tak8n approprlat8 steps to Id8ntlfy such rel6vant Informatlon and lo eslabllsh that th8 audltor Is aware of such Informatlon. The TnJ8teè Gov6mor8' report, Indudlng the strateglc report, wa8 approved by the Board of Trustee Governors. Mrs P Dyson TNstée Governor Dated.. 21 May 2025 13-
NEW COLLEGE WORCESTER STATEMENT OF TRUSTEE GOVERNORS, RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2024 The Truste8 Govemors, who are also the dlr8ctors of New College Worcester for the purpose of company law, are responslble for prèparlng the Trustee Governors, Report and Ihe financial slalements in accordance with appll¢able law and Unlled Klngdom Accounting Standards (Unlled Kingdom Generally Aepted Accountlng Practlce). Company law requlres the Trusteo Governors lo prepar6 financlal statements for each financial year whlch glv6 a tru8 and falr vl8w of th8 Stale of affalrs of the charltable company and of the incomlng resources and appllcauon of resourc8s, Including the Income and expendlluré, of the charltable ¢ompany for that y8ar. In preparlng these financlal stat&m6nts, the Trustee Govemors are requlrad lo.. select sultable accountlng polic16s and then apply them conslstentty. obs8N8 the methods and prlnclple5 In the Charltles SORP; mak& judgements and esllmates that are reasonable and prudent,, state whether appllcab16 UK Accounllng Standards hav8 been followed, suble¢l lo any mat6rlal departures dlsclos6d and expla5ned In the finandal slalements. and preparè the financlal statements on the golng concern basls unless it Is Inapproprlata to presum6 that the charftable company wlll ¢onllnue In operalion. The Trustee Governors are responslble for keeplng adaquala accounllng records thal dlsclose wlth reasonablè accuracy al any tlme thé financlgl posltlon of the charitable company and enable them to ensur8 Ihat the flnanclal stat8m8nts comply wlth the Companles Act 2006. They ar8 also responslb18 for safeguardlng th8 assets of the charltable company and hencé for tong reasonable steps for the prevenllon and délectlon of fraud and oth&r Irregularflles. 14-
NEW COLLEGE WORCESTER INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEW COLLEGE WORCESTER Oplnlon We have audlted the flnanclal statements of New College Worcester (the 'charltable companl) for tha yaar ended 31 August 2024 whl¢h comprlse the 8lalemanl of finandal acllvllies, tho balan0& sheét, thè statement of cash flows and notes lo the financlal stalements, Includlng signlfioant accounllng polldes. The finandal reportlng framework that has been applled In thelr preparatlon Is applioable law and Unlted Klngdom Accounllng Standards, Includlng Flnanclal Reportlng Standard 102 Th8 Flnanoial Reportlng standa appllcable in th6 UK and RepubllG of Ireland Iunlted Klngdom Generally A0pIed Aocountlng Praotiae). In our oplnlon, the finandal statements.. glv8 a true and falr vlew of the state of the charftable company's affalrs as at 31 Augusl 2024 arKI of Its Incomlng resources and appllcatlon of resources, Including Ils Income and expendlture, for the year then ended., hav8 been properly prepared In accordance wlth United Klngdom Generally Acoepted Accountlng Practlc8', and have been prepared In accordance with the requlrements of the Companles Act 2006. Bas18 for oplnlon We conducted our audlt In accordance wtth Internatlonal Standgrds on Audltlng (UIQ (ISAS (UK)) and appllcable law. Our respon8lbilltles under those standards are further de8¢rlbed in the Auditors rasponsibllltigs for the audit ol th8 flnanol&l statements sectlon of our report. We are Independent of the charllable company in accordanae wlth the elhl¢al requirements that are relevant to our audit of the financlal statement8 in the UK, includlng the FRC'S Ethlcal Standard, and we h8ve fulfilled our other ethical responslbililles In accordance wllh these requirements. We belleve that the audit evldence we have obtalned Is 8ufficl8nt and approprfate to provide a basls for our opinS0n. Concluslons relating to golng Concern In audlllng th8 financlal stalemenls, we have conduded that the Trustee Gov8mor8' use of tha golng concern basis of accountlng in the preparation of the financlal 8tat8ments is appropriate. Based on tha work we have performed, we have not Identlfied any material uncertainli88 relating to events or condltlons that, Indivldually or colleotlvely, may cast signlfiGant doubl on the charitable company's abillty to continu8 as a golng concérn for a period of at least twelv8 months from when the flnanclal statements are authorised for issue, Our responsibilllles and the responslbllities of Ihe Trustee Governors wlth r8speot to golng concern are described in th6 relevant sectlons of thls report. Other Informatlon The other informatlon comprises the Informallon Induded In the annual report olh6r than the financlal statements and our auditols report thereon. The Trustee Govemors are responslble for the other Infomiation contalned wllhln the annual report. Our oplnlon on thé financlal statements doe8 not aover the other information and, ex08Pt to the extent otheNlse expllcltly stated In our report, we do not express any form of assurance ooncluslon thér6on, Our responslblllly Is to read th8 olher informatson and, In dolng so, conslder whether the other Informallon is materfally inconslstent wlth the financlal stalements or our knowledge obtained In Ihe course of the audlt, or otherwlse appears to be matertally mlsstated, If w6 identify such materlal Inconsistencles or apparent materlal mlsstalements, we are requlr8d to detennlne whether thls gives rfse lo a materlal misstatement In the financlal statements themselves. If, based on the work we hava performed, we conclude that there Is a matarlal mlsslalemenl of thls olher Information, we are requlred to report that fact. We have nothlng to report In thls regard. 15-
NEW COLLEGE WORCESTER INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF NEW COLLEGE WORCESTER Opinlons on other matters proscrlbed by the Companles Act 2006 In our opinlon, based on th8 work undertaken In the course of our audll.. the Informatlon given in the Iru8tees' report, whloh Includes the strateglc report and the dlrectors, report prepared for the purposes of company law, for the finan¢lal year for whlch the financlal slalements are prepared, is consistent with Ihe financlal 8tatements,' and the strategic report and the dlre¢tor8' report Induded wlthln the ttuslees, report have baen prepared In accordance wlth applieAble legal requirements. Matters on whlch w8 are raqulred to roport by exceptlon In the Ilghl of the knowledge and underslandlng of the charitable company and It8 environment obtained In the course of the oudit, we have not id8ntlfl8d material mlsstatements in thé strategic report or the dlreotor8' report Included wllhln the Twst68 Governors, raport. We hav6 nothlng to report In resped of tha following mallèrs In relatlon to whlch the Companles Act 2006 requlr8S us to report to you If, In our opinlon.. adequate accounllng records have not been kept, or retums adequate for our audit have not been re¢glv8d from branches not vislted by us., or the financial statements are not in agreom8nt wlth lh8 accounting records and retums,. or certain dl8closur8s of tNslees' remuneration speoifiad by law ar8 not made. or we have not received all the informatlon and explanations we require for our audlt. Respon$ibllltles of Trustee Governors A8 explained more fully in the statement of Trustee Governor8, responsibilltles, the Trustee Govemors, who are also the direolor8 of the ¢harltabl6 company for the purp08e of company law, are re8ponsible for the preparatlon of the financlal 81atement8 and for belng satisfied that they glve a true and falr vlew, and for such Intemal control as the Tru8te8 Govemors det8rmlne Is necessary to enable the preparation of flnanolal statemèn18 that are free from material mlsstalemenl, whether due to fraud or error, In preparing the financial slatements, th8 Trustee Governors are responslb16 for ass6sslng the ¢harlt8ble company's ablllty lo contlnue a8 a going concern, di801oslrig, as applicable, matters related lo golng con¢em and u8Sng tha golng concern basis of accountlng unless the Truste$ Governors ellher Intend to Ilquldate the ah8rf18ble company or lo cease operations, or have no reallstlc atternallve but to do 80. AuditoWs responslbllitles tor the audlt of the flnanclal statements Our oblectives are to obtain reasonable as8uranoe about whelh8fr the flnandal statements as a whole are free frosm materlal misstatement, whether du& to fraud or error, and to Issu8 an audilols report that includes our oplnlon. Reasonable assurance is a hlgh level of assurancè but Is not a guarantee that an audit conductéd In acoordance wlth ISAS (UK) wlll always detact a mat8rlal mlsslatem6nl when It exlsts. MIs8tatements ¢an arfse from fraud or error and are consld8red materlal If. indlvldually or in the aggregate, they could reasonably bé expected to Influance the econom1¢ de¢lsions of users taken on the basS8 of thèse flnanclal statemenls. The extent to whlch our procedures ar8 capable of detectlng Irregularftles, Including fraud, is d8tailed b610w. Extont to whlch the audit was consldorgd capab18 of detectlng Irregularltlos, Includlng fraud 8n understandlng of the rfsk ass6ssment process (Including the assassment of thè rfsk of fraud) adopted by the Board Is obtain8d and their atllluda to rlsk ascertaln8d. an assessmanl of the suscèptlblllty to materfal mis-statement of th8 ftnanclal st8t6m6nts ss a result of management over-ride or fraud Is made. It Is ensurèd that lh8 engagement team have, collectively, the approprlat8 compelence, capabllities and sktlls to be Involvéd In Ihe asslgnment, are fvlly brtefèd and under8tand th8 risks speclfic to the charity. 16-
NEW COLLEGE WORCESTER INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF NEW COLLEGE WORCESTER Audlt response to Yisks Identifled The Information obtalned through the assessment to rlsk procedures Is r6vlewed and tha followlng work undertaken: processes to lesl tha outcomes of our ass6ssmenl includa, a revlew of Board mlnules, analylloal revlew, th8 relevanae and acouracy of slgnificant acoountlng e8timates, substantlve testlng of slgnlfiaanl transa¢llon8, work to Identify unusual or unexpected accountlng entrtes Includlng the tesllng of journal entrles, Informatlon dl8c108ed In the financlal slalemenls Is traced to supportlng documentatlon. In all instanoes 51 Is acknowledged that malerlal mlsstatements that arlso from fraud may Involve dellberate concealment or colluslon and ara, therefore, by Ihelr very nature hard8r to dete¢t than those arfslng from error. an understandlng of Ihe legal and regulatory framawork as appllcable to the charity Is obtalned together with knowledge of the procedures put In place by the charity In order to comply with the same. It should be noted that Alsdlllng standards Ilmlt th8 audlt procedures requlred to idenllfy non-compllance wlth laws and regulallons to enquiry of the dlrectors and other management and the insp8Ction of regulatory and legal correspondence, If any. A further descrlptlon of our rasponsibilitl8s is avallabl8 on the Flnanoial Reportlng Councll's w6bsEte al.. https:11 www.frc.org.uklaudltorsresponslbllllle8. Thls descrfp0n forms part of our audltovs report. Usa of our roport Thls report Is made Solely to the charilable company'8 members, as a body, In accord8n¢e wlth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we mlght stat6 to the ¢harltaLle company'8 memb6rs tho8e matter8 we 8re requlred to state to tham in an aud5tor's report and for no other purpose. To the fullest extent Pgrmllted by law, we do nol accept or assume responsiblllty to anyone olher than the charftable company and the Charitable companys members as 8 body, for our audlt work, for thls report, or for the oplnlons we have formed, Ellzaljeth Nèedham ACA CTA IVATI {Senlor Statutory Audltor) for and on behalf of Kendall Wadléy LLP 21 May 2026 Chartèred Accountants Statutory Auditor Granla Lodg8 71 Graham Road Malvern Worcestershlre WR14 2JS 17-
NEW COLLEGE WORCESTER STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024 Current year Unrestricted UnrestrF¢ted Unrestiicted Restrlcted Endowmont funds funds funds fund8 funds general Design8ted Penslon scheme Total 2024 Total 2023 Notes Don8tlons and l&gacies Charitable ac*lMties other trading a¢llvitlas Investments Other Incoms 2,115,271 8,252,955 288,475 155,039 2,403,746 378,232 8,407,994 5,888,331 1,753 45,161 5.628 1,753 57,029 5.628 3,183 79,033 2,393 11,868 Total Income 8,420,768 455,382 8,876,150 6,331,172 Ralslng funds 10,055 11,391 21,446 35,322 Ch8rlt8ble acllvlttes 7,333,958 283,864 18,000 127,628 7,763,450 6,321,460 Total expenditure 7,344,013 295,255 18,000 127,828 7,784,896 6,356,782 Net gainsl(Ios5es) on investments 29Q 3,005 (1,016) 2,2B8 (24,223) Net Incomel 16xpèndlturel before transfers 1,077,054 (295,255) (18,000) 330,759 (1,016} 1,093,542 (49,833) Tr8nsfers between funds 13 (1,427,267) 1,850,512 43,000 (468,245) Nat Incomel{expenditurè) (350,213) 1,555,257 25,000 (135,4861 (1,0161 1.093,542 (49,833) other recognlsed {lossesJ Actuari81 (loss)Igain on defined benefit pension schemes (13,000) 113,000) 21,000 Net movement In funds (350,213) 1.555,257 12,000 (135,486) {1,016) 1.080,542 {28,833) Totsl funds brought fOard 732,949 14,724,027 (331,0001 494,071 549,153 16,169,200 16,198,033 Total funds carfed forward 382,736 16,279,284 (319,000) 358,585 548,137 17,249,742 16,169,200 18-
NEW COLLEGE WORCESTER STATEMENT OF FINANCIALACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNTI (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Prlor year Unro8trlcted Unrestricted Unrèstrlcted Restrict Endowment fund8 funds funds funds funds genernl Dèslgnated Penslon Scheme Total 2023 Notes IJ Donatlons and legacies Charltablé actlvill8s Olher tradlng 8cllvitles Investmènts Other Income 106,478 5,738,428 271,754 129,903 378,232 5,868,331 3,183 60,160 2,393 3,183 79,033 2,393 18,873 Total Income 5,910,642 420,530 6,331,172 Ralslng funds 26,579 8,743 35,322 Charltable actlvltles 6,016,282 232,795 15,000 57,383 8,321,480 Total axpondlturo 6,042,881 241.538 15,000 57,383 6,356,782 Net 0088es) on Investment8 (1,360) (5,494) (17,369) {24,223} Nèt Incomel lexpendlture) before transfèrs (133,579) (241,538) (15,000) 357,653 <17,389) (49,833) Transfers between funds 13 (74,302) 350,486 41,000 {317.184) Net Incomol{expendltura) (207,881) 108,948 26,000 40,469 117,369) {49,833) other re¢ognlsed galns A¢luarfal galn on defined benefll pension schemes 21,000 21,000 Net movement In fund8 (207,881) 108,948 47,000 40,469 (17,369} 128,833) Total funds brought forward 940,830 14,615,079 {378,000) 453,602 868,522 16,198,033 Total funds carrfed forward 732,949 14,724,027 {331,000) 494,071 549,153 16,169,200 19-
NEW COLLEGE WORCESTER BALANCE SHEET AS AT31 AUGUST2024 2024 2023 Notes Flxed assets Tanglble assets Inve8lmonts 14 15 15,879,284 15,012,240 713,519 15,879,284 15,725,759 Current assets Debtors Cash al bank and In hand 16 1,529,783 2,254,009 26,071 1.856,918 3,783,792 1,B82,989 Credltors: amounts falllng duè wlthln one year 17 (1,943,054) (934,697) Nel current assels 1,840,738 948,292 Totsl a8sets le$s current Ilabllltlès 17,720,022 18,674,051 Credltors.. amounts falllng duè after more than ono yoar 18 (IS1,280) {173,851) Deflned banefit ponslon schem liabllity 22 1319,000) {331,000) Totsl not assèts 17,249,742 16,169,200 Capltal'fund$ Endowment fvnds 24 548,137 549,153 Income funds Reslrlcled funds Unrastrictad funds Unrèslrlclèd funds. D&slgnated unreSCl9d funds- General Unre81rlctéd funds - P8nslon Scheme 26 358,585 494,071 28 18,279,284 382,736 (319,000) 14,724,027 732,949 (331,000) Totsl unrestrlctsd fund6 16,343,020 15,125,976 17,249,742 16,169,200 The account8 w8r8 approved by the Tfuslee Govemors on 21 May 2025 Mrs P Dyson Trusts8 Company Reglstrallon No. 06053218 -20-
NEW COLLEGE WORCESTER STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Note8 Cash flow8 from operating activitles Cash ganerstéd from opgrations 30 852,124 785,751 Investlng actlvitles Purd)ase of tanglble fixed assels Purchase of invéstments Proc&eds from dlspo831 of Investments Investmenl Income reoelved (1,182,298) (76,549) 792,356 57,029 (426,780) (59,924) 62,855 79,033 Net cash used In InVesng actlvltles (389,482) {344,816) Flnanclng actlvltlos Repayment of bank loans Repayment of penslon fund deflclt Payment of obllgation8 undér flnance leases (13,014) (43,000) {9,557) (13,270) {41,000) {9,558) Net cash used In flnanclng actlvltles (65,5711 (83,828) Net In¢reas8 In cash and cash equlvalents 397,091 377,107 Cash and cash equlvalents at beglnnlng of year 1,856,918 1,479,811 Cash and cash equlvalents at end of year 2,254,009 1,856,918 21
NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2024 Accountlng pollcles Company Informatlon New College Worcester is g piivale company Ilmlted by guarantee incorporated In England and Wale8 (company numb&r'. 06053218) and a charity registered In England and Wales (charity number.. 1118377). The registered offic8 Is New College Worcester, Whittlngton Road, Worcester, WR5 2JX . 1.1 Accountlng eonvèntlon The financlal stataments hav8 baen prepared In accordan wlth the charitabl8 company's governlng dooument,Ihe Companles Aol 2006 and "Accountlng and Réportinq by Charities.. Statement of Recommended Practlc6 8ppllcable to charltl88 preparing their accounts In accordance with the Financlal R6portlng Standard appllcable In Ihe UK and Republlc of Ir81and {FRS 1021 {effectlV8 1 January 2019) (Chsrllles SORP (FRS102))" the Flnan¢ial Reportlng Standard appllcable In the UK and Republic of Iraland {FRS102). Thè charltable company is a Public Benefil Entity as defined by FRS 102. The finen¢ial statements are prepared In sterling, which Is the functlonal curr8noy of the ch8rllable company. Monetary amounls in these flnanclal statemènts 8re rounded lo the nearest £. Th8 financlal 8tatements have boen preparod under the historlcal c05t convention, modified to Include the revaluallon of certain financlal Instruments at falr value. The prlnclpal acaounllng policles adopted gre sel out below. 1.2 Golng concem At the tlme of approving the financlal statements, the Trustee Governors have a reasonable expeclation that tha charllable company has adequate resources lo oontlnue in operallonal exlstan¢o for thè foreseembla future and that there no malerial uncertalntles about its abilily to conllnue. Thus the Trustae Govémors contlnue lo adopt thé golng concern basls of accounting in preparing the financial statements. 1.3 Charftable funds Unreslricled funds are avallabl6 for usa al the dls¢retlon of the Tnjstee Governors in furtherance of their charltab18 objectlves un16SS the funds have been de6ignated for other purposes. Deslgnated funds comprise funds which have boen set aslde al the discretlon of Ihg Tru8tee Govem(K8 for specific purposes. The puOseS and uses of the daslgnated fund6 are s6t out In the notes lo the accounts. Reslrlcled fund8 are subject to speclflc ¢ondillons by donors as lo how they may be used. The purposes and Uses of th8 reStCted funds are s8t out In the notes to the financlal statements. Expendable endowment funds ar6 sublect to specific conditions by donors that the funds mu8t be invested to produce Income by the charltable company, 1A Income Income is recognlsad when Ihe charilabla company Is legally entttled to It after any performance condition8 have been m8t, the amounts can be measured rellably, and it Is probable that Incom8 will b8 rec81v8d. Cash donallons are racognls8d on receipt. Other donallons are récognlsed once the charllab16 company has been nollfied of th6 donallon, unless performan condltlons r6qulre deferral of the amount, In¢ome tax recovarable in relallon to donallons received under Glft Ald or deeds of covenant is recognls6d at the Ilm8 of Iha donation. Legacles are recognised on receipt or olh8rwi8e if the charitable aompgny has been notified of an impending dlslribuilon, the amount Is known, and receipt is expected. If the amount Is not known, the18gacy Is treated as a contlng6nt ass6t. Restricted grant income Is recognlsad on a recolvsblg basis. Unr88trlcled grant Income Is recognlsed over the peiiod to which it relates. -22-
NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng pollcies {Contlnued) School fees are reaognlsed durlng th8 school term lo whlch Ihey relate. Investment Income Is recognlsed on a recelvabla basis and Is apportloned between the funds whlch comprlsè the Investrnent TN8t Pool In the ratlo of the shares held by each fund at the beglnnlng of lh6 accounting perlod after all charges and levles whlch apply lo the Trust Pool have been met from Ihat Income and 5°/0 of the net Incomo maIning has been paid over lo Ihe College as general revenue to meet the cost of 8dmlnlst6rSng the Inv6slrnent TN8t Pool. Other income is on a recelvable basls over Ihe perlod to whlch It r8lates. 1.5 Expenditure Expendlture Is recogni8ed once there Is a legal or ¢onslruGllve obllgation to transfer economlc benaflt to 8 Ihlrd party, It Is probable that a tran8fer of e¢onomlc ben8fits will be requlred In seltlement, and the amount of the obllgation can be measured rellably. Expendltur6 Is dassifled by acllvlty. Th8 co$1$ of each aclivTty are made up of the lotal of dlreot costs and shared costs, Includlng support cosls Involved in undertaking each activlty. Direct costs attributable to a slngle actlvlly are allocated directly to that activity. Shared c08ts which contrlbute to more than one actlvlty and support eosls whlah are not allrfbutab161o a Single 8Ctivlty are apportioned beeen those acllvllles on a basls conslstent wlth the use of resourcas. Central staff c0813 ar8 allo¢aled on the basis of time spent, and depreolatlon charges are alloaated on tho portion of tha as8eVs use. All expenditure is accounted for on an accruals basls Inclusiva of Irrecoverable VAT. Expendltur8 on ralslng funds relat85 to expendllure dlr6¢tly attributable to fundralslng activllles. Charitable expenditure ¢ompr18e8 those costs dlrectly attbUtabI8 to the Charltabl8 Company's work. Govemance costs comprfse the costs whlch are dlrectly atlrlbut8ble lo the management of the Charitable Company's assèts, organlsational procedures and the necessary legal pro¢edures for compllance with statutory réqulrèmenls. Governanca costs have been allocated to academlc charftable actlvltles. Support cosls are 8PPOrtloned over th8 ch8rltable aGlivllles of the Charltable Company on a percentage of staff Costs bast8. Postage and statlonery and oomputer costs are apportloned between aoademl¢ and support costs ba8ed on estimated usage prfor to tho apportlonm&nt of support costs between the charltable acllvllles of the Charitable Company. -23-
NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 Accountlng pollcies IContlnu8d) 1.6 Tanglble flxed asset8 Assets cosllng £1,000 or more ara capllallsed, Tanglble fixed assels other than freehold land ara stated at cost18s8 depreclatlon. Deprecfatlon Is reoognlsed so as to wrlte off the cost or valuatton of asS8ts less Iheir resldual valués ov8r Ihelr useful Ilves on the following bases.. Freehold land Freehold buildings Plant and Machlnéry Flxture and Fltllngs Motor Vehicles Is nol depr6clated stralght line basls over 50 years 8traight line basls over 5 years straight line basls over 5 yèars or 10 years slralght line basis over 5 y8ars The galn or loss arfslng on the dlsposal of an ass61 Is determlned as the dlfference betweèn the sale proceeds and the carrying value of the assel, and Is recognlsed In the statement of flnancial activities. 1.7 Flxed asset Investments Flxéd asset Invéstments are Inltlally measured at tran88cilon prloe excludlng tr8nsacllon costs, and ara subsaqu6ntly measured at falr value at each reportlng date. Changes In falr value are recognised In net incomel{exp6nditure) for th6 y8ar. Transactlon costs are 8xpansed as IncurtBd. .8 Impalrment of flxed a$88ts At each reportlng end date, the charftable ¢ompany revlews the carrylng amounts of Ils tanglble assets 10 determine whether ther8 Is any Indlcallon that those assets have suffered an Impalrment loss. If any such indication extsts, the recoverable amount of thè asset is estlmated In order lo det6rmln6 the 8Xt8nt of the impairment1088 (if any). 1.9 Cash and cash equlvalents Cash and cash equivalents includ8 ca8h In hand, deposlts held at call wlth banks, other sho18[M Ilquld Investments wlth original maturlties of three months or le5S. 1.10 Flnanclal Instruments The chatable company only has financlal assets and flnanclal Ilablllllés of a klnd that qualify as baslc finandal Instruments, Baslc financlal instrument8 are Initlally recogni8ed al transactlon vallse and subsequently measured gt Ihelr selllement valua. Dabtors Trade end other debtors ar8 recognlsed at the settlement amount afler any trade dlscount offerèd. Prepayménts are valued at tho amount prepaid nel of any trad8 dlscounts dua. Llablllti86 Llabllllles are recognSsed where th6r8 Is an obligation at the Balanaa Sheet date as a result of a past event. it 18 probable that g transf6r of economic benefit will be requlred In settlement, and the amounl of thg settlement can be estimated rellably. Llabllitles are recognls8d at the gmounl that Ihe charitablo company antlclpates it will pay lo settle th6 debt or the amount It has recelved as advancad paym&nts for the goods or SeiCe$ll musl provide. -24-
NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng pollci88 {Contlnued) 1.11 Employee beneflts The cost of any unu8ed hollday entlllament Is recognlsed In Iha parfod In whlch the employee's serCeS are recelved. Temlnallon benefits are recognlsed Immedlately as an expense when th8 chartlable rnpanY Is d8monstrably committed to termlt)ate the employm6nt of an employee or to provlde tennlnation benefils. 1.12 Retirement benefits The charllable company operates tsvo d6fined benefft panslon schemes. The Tea¢hers' Penslon Scheme fomis part of a multl-amployer sch6me and, therefore, It is unable to Idenllfy ils share of the underlying assels and Ilabllttles In Ihe sch6m8 on a conslstent and reliable basls. As such tho ontributions are accounted for as If the scheme were deflned aontribution and charged as they become payable. The Pensions Trust schamo also fomis part of a mulll-employer scheme, however, sufflclent Informatlon Is avallable to ba accounted for as a defined benefit scheme. The cost of provldlng b8nefits under defined beneflt plans Is d8t8milned Separatély for each plan uslng tha projected unlt crèdlt method, and Is based on actuarial advlce. The chang6 In th8 net deflned benefit Ilabillty arlsing from employee sanilce durfng the y8ar Is recognlsed as an èmployee cost. The cost of plan Inlroductlons, benefit changas, settléments and curtallm8nts are racognlséd as Incurred. The nel Interest 818menl 18 determlned by multiplying the net defined ben8fl1 Ilablllty by the dlscount rate, taklng Into account any ohanges in the nel defined benetlt Ilablltty during the perlod as a result of contrlbutlon and benefit payments. The net inter88t Is recogni8ed in Incomel{exp8ndltur8) for the y8ar. Remeasur6menl changes comprise acluarfal galns and losses, the 8ffe¢l of tha assèt celllng and the r&turn on the nat defined benefit Ilability excluding amounts included In net interest, Thasa aré recognlsed Immedlately In oth&r recognlsed galns and losses in the perlod In which they ocour and ar8 not reclasslfied to Incomel(expendlture) In subsequent period8, The net defined benefit p8nslon asset or Ilability in the balance sheet comprises the totsl for e8¢h plan of th& present value of thè defined b8n&fit obllgatlon (uslng a discounÉ rale based on high quallty corporate bonds), le88 the falr value of plan assets out of whlch the obllgations are lo be sellled directly. Fair value is based on market price informallon, and In the case of quoted securflies Is the publlshed bid price, The value of a n8t penslon benefit asset18 limlted to the amount that may be recovered either through reduced conltlbutions or egreed refunds from the scheme. 1.13 Leases Leases are classSfied as finance lea888 whenever th& terms of the lease Iransfer 8ub8lantlally all the dsks and rewards of ownership lo the lessees, All othèr laases are classlfied as operatlng leases. Assets held under flnance leases are recognlsad as assels at the lower of the assets falr value at the date of Inceptlon and the present value of the mlnlmum laase paym8nts. The related Ilablllty Is Included In the balanco sheet as a finance lease obllgation. Lease payments are treated as conslsling of capltal and Intere8t elements. The Int8rast is oharged to net Incomel(éxpendllure) for th6 yaar so as to produc8 a constant perlodlts rale of Interest on the r8mainlng balanc8 of the Ilabillty. -25-
NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Crltlcal accountlng estlmatos and Judgements In thè appllGallon of the charitable company's accountlng pollales, tha TnJsle& Govemors ara requlred to make judgom8nls, estlmales and assumpllons about the carylng amount of assets and Ilabilities that are not readily apparent from other sources. The estlmates and associal8d assumptions are basad on hlslorical experlèn¢e and other factors that are consld8r8d lo bo r6levanL Actual results may dSffer from these astimates. The e8llmates and underlylng assumptlons are revlewed on an ongolng basls. Revlslon8 to awounting esllmates are recognlsed in th8 perlod In whlch the e81imate is revised where th8 revlsion aff8¢18 only that perlod, or In the pedod of the revlslon and future periods where the r&vlslon affects both current and future peThods. Depreciation Is based on ludgemenl of the useful economic life and resldual valu6 of assets based on historlcal experience. Detalls of depreciatlon rates are In note 1.6 above. The present valua of the Pensions Tru8t Independont Schools, Pension Sch6ma defined h6n6fi1 Ilablllty dep6nds on a number of factors that are determlned on an actusrfal basls uslng a vartety of assumptlons. The assumptlons us6d In detemilnlng the net aost (income) for p6nslons Include th& dlscount rate. Any changes In Ihese assumptlons, whlch are disclosed in note 23, wlll Impact tho amount of the penslon Ilabllity, Furthèrmore a roll forward approach which projeols results from tho latèst full acluarlal valuatlon perfomed al 30 September 2020 has been used by th8 aotuary In valuatlng the penslons Ilablllty at 31 August 2024. Any dlfferences between tha flgures dedved from the roll foward approach and a full aGtuarlal valuatlon would Impaol on the Garylng amount of tha pension liablllty. -26-
NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGusf2024 Donatlons and legacies Unrestricted Restrlcted funds funds genoral Total 2024 Totsl 2023 Donallons and glfts Legades receivable Other speclfied Income as below 17,488 1,968,108 129,675 10,835 28,323 1,968,108 407,315 44,803 277,640 333.629 2,115,271 288,475 2.403,746 378,232 For the year anded 31 August 2023 106,478 271,754 378,232 Unrestrfcted Rostrlcted funds fund8 general Total 2024 Total 2023 Grants recelvable for core actlvlties Teachers Pay & Pension Grant OSF Actlve Partnership ESFA Grahls Devolved Formula Gapltal Gr&nVSchool Cond115on Grant Pupll Premlum Fundlng Celebratlon Day Recovery Grant Lightmongèrs Afflllatlon Tutorlng grant Enterprlse RAC UK Vlnchel Foundallon Awards 4 All British Bllnd Together Fund other 129,675 129,675 4,951 1,453 61,717 4.951 1,453 24,533 74,703 14.778 74,703 14,778 94,532 17,409 190 18,492 7,000 (3,737) 18,492 7,000 {3,7371 2,500 120,000 9,765 2,860 123 160,000 160,000 129,675 277,640 407,315 333,829 -27-
<J
NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 Fundralslng actlvlti08 2024 2023 Other fundrglslng Incorrie 1,753 3,183 Inveslments Unre5trfcted Resfficted funds funds general Totsl 2024 Total 2023 Swlmmlng pool and other hlre Income from listed investm6nts Interest reoolvable 34,947 1,384 8,830 34,947 13,252 8,830 55,386 19,866 3,801 11,868 45,161 11,868 57,029 79,033 For the year énded 34 August 2023 80,180 18,873 79,033 Hlre income and Interest receivab18 on cash balances other than tho88 held by the Inveslménl Manager are recognlsed on a receivable basls and accrue to g8neral r8venue. Investment Income Is recogni8ed on a recelvable basis and Is apportioned b8twe8n th8 funds whlch comprfs8 the Inveslment Trust Pool in thg ratio of the share held by eath fund at thé beginnlng of tr18 8ccountlng perlod afler all charg88 and1gvi8s whlch apply to the Trust Pool have been m6t from that Inoome and 50/0 of net Income remalnlng ha8 be8n paid over to the College as general revenue to meet the cost of admlnlslaring ihe Invastm8nl Trust Pool. Ralslng funds Unresblcted Unrestrlctod funds funds general Deslgnatod Totsl 2024 Total 2023 ndra Fundralslng Strategy Plannlng Fundralslng activities expendlture-188v6Is dlnner Staff costs Depretslatton 3,444 3,444 8,623 6,611 6,611 5,612 14,344 8,743 11,391 11,391 Fundralslng and publlclty 10,055 11,391 21,446 35,322 For the yearended 34 August 2023 Fundralslng and publiclly 26,579 8,743 35.322
NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Charftable actlvlties T8achlngStudent cara Kltchen and dornestic Speclflc purpos8 prolects Total 2024 Total 2023 staff costs Depreclatlon Staff Tralnlng Books and malorlals Outdoor pursuils Educallon81 vislls student external courses Postage and Slatlonery Computer costs Repalrs and malnlenance Sundry Bad debts Subscripllon8 Prlze8 for students Examinatlon fees Medical costs Cleanlng Food Costs Outreach Coll8g& Improvement Plan Reslrlcted fund proJacts Penslon fund Int8resl 3,098,823 1,674.121 191,331 33.148 42,078 15,576 22,617 123 39,273 6,755 30,685 8,738 330,084 33,148 5,403,028 283,864 57,854 22,617 123 39,273 6,755 30,685 8,738 4,400,050 232,795 44,684 33,459 293 48,387 5,674 31,667 10,380 26,237 196,750 5,498 196,750 19,553 100,296 16,879 2,087 25,713 799 17,181 3,047 10,255 96,532 284 14,057 33,332 452 16,538 33,332 452 16,538 2,330 10,647 87,568 278 2,330 10,647 87,568 278 775 54,035 775 54,035 18,000 3,947 51,899 15,000 18,000 3,710,989 1,739,232 461,447 81,325 5,992,993 5.151.308 Share ofsupport costs (see note 91 Share of gov8m8nc8 costs (see note 9) 860,956 452,018 91,067 1,404,041 1,033,470 386,416 368,418 136,682 4,938,361 2,191,250 552,514 81,325 7,763,450 6,321,460 -30-
NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 Charltabla actlvltles (Continuodl Analysls by fund Unrestrlcted funds- general Unreslrfcted funds - De81gnated Unréstrlcled funds - penslon Restrluted funds 4,655,437 2,158,102 519,366 1,053 7,333,958 191,331 33,148 33,148 26,237 283,864 18,000 73,593 18,000 127,628 54,035 4,938,381 2,191,250 552,514 81,325 7,763,450 For the year èndod 31 August2023 Unrestrlcted funds - g8n6ral Unrestrlcled fijnds - Deslgnated Unreslrlcted funds- penslon Restrfoted funds 3,929,854 1,599,718 482,879 4,231 6,016,282 157,000 27,486 27,486 20,823 232,795 15,000 5,484 15,000 57,383 51,899 4,107,138 1,627,204 510,185 76,953 6,321,460 31
NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Support costs Support Govemancè ¢ts Gosts 2024 2023 Staff costs Admlnlslralion staff tralnlng Premises repalrs and mgintenanc8 Rates and water Heal and Ilght Insurance Transport costs 752,705 7,910 130,103 17,853 238,080 63,643 22,742 775,447 7,910 130,103 17,853 238,080 63,643 562,178 10,249 82,321 27,639 180,589 50,648 20,900 12,571 19,192 11,832 64,882 5,226 26,943 18,843 13,312 2,oe6 20,900 12,571 19,192 11,832 64,882 5,226 28,943 16,843 13,312 2,066 23,747 9,464 10,143 10,356 45.142 2,478 21,256 25,803 11,538 2,066 Postage and stallonery Telephone Equlpment repalrs and malntenance Computer costs Sundry expenses Adv6rts for recrullment of staff Marketing of Ihe acllvltlas of the school Loan Interest other intere8t Audlt and accountancy Lagal and professlonal fees Bank charggs Investmanl managementf68S R8ttullment 10,140 319,865 1,892 3,303 8,474 10,140 319,865 1,892 3,303 8,474 9,000 97,099 2,095 5,755 588 1,404,041 366,418 1,770,457 1,170,152 Analysed between Charflable acllvlllés 1,404,041 366,416 1,770,457 1,170,152 P08tage and statlonery, and computer costs are apportloned belw8en academlc and 8UPPOrt costs based on eslimalod usage prior to th8 appolntmenl of support costs b6tween the charilable acllvitles of the Charllabla Company. other support costs are apportlonéd over the charltable actlvltle8 of the Charltabla Company on a pércentage of staff costs basls. Legal and professlonal fees Indud8S the following.. 2024 2023 strategic plannlng consultant Project accountant Penslon advl¢e Xero setup costs other professlonal servlces 159,009 34,200 48,809 2,592 77,255 39,025 58,074 319,865 97,099 32-
NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED> FOR THE YEAR ENDED 31 AUGUST2024 Support costs (Contlnued) Induded In staff costs Is £22,742 (2023 - £22,145) for company secratarlal and govemance tlme. Governance costs Indudes payments to the auditors of £12,732 {2023 - £9.000) for audlt fees, accounts preparatlon and other non audlt servlces. 10 Trustees, Remuneratlon and Exponsos One tsu8te8 has been pald r8munaratlon or has received other benefflts from employment wllh the charity. Tha Prln¢lpal only reIveS remunaratlon In respeol of servlcas sh8 provldes und&rlaklng the role of Pdnclpal under her contract of employment. The value of trustees, r8muneratlon and other benefits was as follows: Mrs R Perks (Prlnclpal and Trusleel, Remuneratlon £108,271 (2023.. £100,409) and Employers Penslon Contrfbullons £27,622 {2023'. £23,777). Durlng tha year trustees, expenses of £4.841 (2023.. £419) w8re relmbursed lo 3 trustees {2023', 1 twstee). Expenses related to trav61, hospitallty, room hlre and olhar small sundry expenses. %1 Employees Number of amployeos The average monlhly number of employees durtng the y8ar was.. 2024 Number 2023 Number Acad8mlc Care Domestic Admini81ratlon 75 49 23 15 52 24 18 170 162 Employmènt costs 2024 2023 Wages and sglarles SoGlal seeurlty costs other p8nslon costs 4,488,573 393,045 1,018,857 3,737,759 346,090 892,723 5,878,475 4,976,572 33-
NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 11 Employees {Contlnuedl The number of employee8 whose annual remuneratlon was £60,000 or more were: 2024 Numbar 2023 Number £60,001- £70,000 £70,001- £80,000 £100,001- £110,000 Of the employees whose emolum8nts exceed £60,000, all employee8 have retlrement b6n&fits accrulng under multl-employer d6fln6d ben8fl1 pen8ion sahemes. Total employer penslons oontribullons for the year for these employe6s amounted to £132,460 (2023- £71,932). Included in wages and salarles are redundancy costs of £166,856 {2023- £nll). Key managèment personnel Is defined a8 the Princlpal, Vlce Prlnclpal, Asslstanl Principals and Dlrector of Finance. The lolal employee benefits of the key management personnel were £785,613 (2023; £508,978). 12 Taxatlon The charity Is exempt from taxauon on Its actlvitles bacause all Ils Income Is applléd for charttable purposes. 13 Transfer During the year £43,000 (2023.. £41,000) was released from unrestricted funds to the Pension Schem8 reseNe. Additionally, £466,245 (2023: £327,184) was transferred from unrestricl8d funds to restrl¢ted funds to represent the assets purchas8d from restrloled funds. £1,850,512 (2023.. £350,486) was transferred Into the designated fund lo equate the carry fOard fund balance to the valua of tangibla flx8d assets, 14 Tanglble flxed assets Fr88hold land and bulldlngs Plant and Flxtur8 and Machlnery Flttlngs Motor Vahlcles Tola] Cost At 1 September 2023 Addltions 15,101,684 629,354 890,901 88,742 728,360 444,202 114,987 16,833,912 1,162,298 At 31 August 2024 15,731,038 979,643 1,170,582 114,967 17,996,210 Dopraclatlon At1 September 2023 Depreclatlon charged in the year 788,751 69,110 594,390 111,842 357,121 103,244 81,410 1,821,672 11,058 295,254 At 31 August 2024 857,861 706,232 460,365 92,468 2,116,926 Carylng amount At 31 August 2024 14,873,177 273,411 710,197 22,4g9 15,879,284 At 31 August 2023 14,312,933 296,511 369,239 33,557 15,012.240 -34-
NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 14 Tanglble fixed as88ts {Connued1 Includad In land and bulldlngs is freehold land wllh a net book value of £164.000. During the year ended 31 March 2008 trusteeshlp of land and bulldings of market value of £12,520,425 was tran8ferred from Royal National Institute of Bllnd People and Its subsidlary RNIB Servlces Llmited to New Colleg8 Worcester, subject to a capital recovery deed whereby if the propety 18 sold prlor to 8 June 2028, which would requlre wrltten consent and confirmation Ihat the consideratlon of such a sale is not below market value from RNIB, Ihen the Charftable Company shall pay RNIB the lower of 820/0 of the conslderation of Sale plus VAT and £5,000,000 plu8 VAT. In 2021, a deed of varlation was entered Into and, by agreeménl with RNIB, proceeds of a pennltted dlsposal may b8 Invested into alternatlve premlses that deliver seni(ces to the bllnd and partlelly slghted. 5 Flxad asset Investments 2024 2023 Llsted Inveslments 713,519 Movements In fixed asset Investments Total Cost or valuatlon At 31 August 2023 Addlllons Valuation ¢hanges Dlsposals 713,519 76,549 2,288 (792,356) At 31 August 2024 Carrylng amount At 31 August 2024 At 31 August 2023 713,519 16 Debtors 2024 2023 Amounts falllng due wlthln one year: Trade debtors Oth8r debtors Prepayment8 and accrued Income 145 1,471,986 57,872 1,247 5,616 19,208 1,529,783 26,071 85-
NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 17 Credltors: amounts falling due wlthln one year 2024 2023 Notes Bank loans Trade creditors Other taxallon and soclal securlty other Creditars Accrual8 Deferred incom8 Obllgations und8r financ8 leas8S 20 13,140 573,815 79,988 155,826 427,288 683,481 9,558 13,140 28,920 78,135 94,638 271,838 438,470 9,558 21 19 1,943,054 934,697 18 Credltors: amounts falling due aftor more than one year 2024 2023 Notes Loans and overdrafts Obligatlons undèr flnance leasès 20 19 142,192 9,088 155,208 18,645 151,280 173,851 19 Flnanc8 leaso obllgatlons Future mlnlmum lea88 payments due under finance leasa8: 2024 2023 Withln on8 year thln two and five years 9,558 9,088 9,558 18,645 18,646 28,203 36-
NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 20 Loans and overdrafts 2024 2023 Bank loans 155,332 188,346 Payable withln on8 year Payable aftar one year 13,140 142,192 13,140 155,206 Amounts Indudèd abov8 whlch fall due after five years: Payable by Instalments 52,560 85,054 21 Deferred Incomo 2024 2023 Other deferred Income 683,481 438,470 2024 2023 School fee Income recelved in advance Skl trfp incom8 r6celved In advance 679,086 4,375 438,470 683,461 438,470 Deferred Incomè Is Included In the financlal slalemenls as follows.. 2024 2023 Deferred Income is Included wlthln.. Currant Ilabilllies 883,461 438.470 Movemenls In the year.. Deferréd Income at 1 Septembèr 2023 Released from previous periods Resources deferred In the year 438,470 {438,470) 683,461 372,134 (372.1341 438,470 Deferred Income at 31 August 2024 683,461 438,470 -37-
NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 22 Provlslons for Ilabllltle8 2024 2023 Notes Retlremanl benefit obllgatlons 23 319,000 331,000 319,000 331,000 23 Retlrement ljenefit schemes Teachers, Penslon Scherne The TeaGher8' Pension Scheme (TPS) Is a statutory, contrlbutory, defined ben6fil scheme, governed by the Teachers, Penslon Scheme Regulations 2014. Membérshlp Is automatlc for teachers. All leach8rs have the option to opt-out of th6 TPS followlng enrolm6nl. The TPS Is an unfund8d schema to which both the mémb6r and employar makes contrlbulions, as a percentage of salary - thasa contrlbutions are credlted to thè Exchéquer. Retlrement and other penslon benefits are pald by public funds provlded by Parllament. Valuatlon of the Teachers, P8nslon Scheme The Government Actuary, uslng normal actuarial prfn¢lples, conducts a fomial acluartal revlew of the TPS In accordance wlth the Publlc Servlc6 Penslons (Valuatlons and Employer Cost Capl Dlre¢llons 2014 publlshed by HM Treasury every 4 years. The alm ofthe revlew Is to ensure scheme costs are recognised and managed appropriately and the revlew specifies the leval of futura contribullons. Actuarial scheme valuations are dependenl on assumptlons about the value of future costs, design of benefits and many other faolor8. The latest actuarfal valuatlon of th6 TPS was carried out as at 31 March 2020. The valuallon report was published by th8 Department for Education on 27 October 2023, wllh the SCAPE rate, sel by HMT, applylng a notlonal Investment return based on 1.74JA above the rat8 of CPI. The key 818ments of the valuation outcome are.. Employer contribullon rates set at 28.680A of penslonable pay (indudlng a 0.080k admln181ratlon levy}. Thi818 an Increas8 of 50/0 In employer contributlons and tha cost control result is such that no change In member ben6fft8 is needed. Total scheme liabllltles (psnslons currently In paymenl and Ihe estlmated cost of future b6nofits) for servlce to the eff8Ctlve date of £282,000 milllon and nollonal assets {e81imated futur8 contributlons togolher wlth the notlonal invgstmanls h8ld al the valuation date) of £222,200 million, glving a nollonal past setwice deficlt of £39,800 milllon, The result of th58 valuation wlll be Implamènted from 1 Aprll 2024.The next valuatlon result Is du8 to be Implement8d from 1 Aprfl 2028. Th8 6mployels p8nslon costs pald to TPS In the perlod amounted to £415,903 {2023:£358,2651. A copy of the valuatlon raport and supportlng do¢umenlation Is on the Teachers, Pensions website. Under the deflnltlons sat out In FRS 102, the TPS is an unfunded multl-8mploy8r pènslon schem8. The charitable company Is unabl6 to Identjfy its share of the underlying assets and Ilabllltles of the plan. Accordlngly, the charlt8ble company ha8 tak8n advantage of the 8xamptlon in FRS 102 and has ac¢ount8d for ils contrlbutlons to tha scheme as If It were a defined conlrlbulion scheme. Tha charltable company ha$ set out above. the Informatlon avsllable on the scheme. -38-
NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 23 Retireiii8nt l)oneflt schemes {Contlnuedl The Penslons Trust Scheme The colleg8 particlpates In The Penslons Trust Independent Schools, P8n8lon Schem8, a mL5111-employ8r scheme whlch provides benefits to some 81 non-assoclated employers. The scheme is a defflned benefit scheme In th8 UK. A full actuarial valuation for the soheme was carrled out wlth an effectiva datg of 30 Sèptember 2020, Thls actuarfal valuatlon was certified on 22 December 2021 and showed assets of £201.Im, Ilabllltles of £256.3m and a deficit of £55.2m. To ellmlnate Ihls fundlng shortfall, th6 trustees and th8 P2rt5clpatlng employers have agreed that addltlonal contrlbijlions wlll be pald, In comblnatlon from all employars, to the schéme as follows.. Frorn I Sept8mber 2022 10 30 June 2032 .' £2.8gm per annum (payable monthly and Incroaslng by 3 % on 88ch 1st September). The scheme's prevlous valuation was carried out with an effecllve date of 30 Septemb6r 2017. Thls valuation showed assets of £149.4m, Ilabllitles of £187.6m and a deflcil of £38.2m. To ellmlnate this fundlng 8hortfall, the Trustee has a8ked the participating employer8 to pay addttlonal contrlbutlons to the scheme as follows.. From 1 September 2012 10 30 Aprfl 2030 £2.39m per annum (payable monthly and Increaslng 30A on each 18t Seplember). The reaovery plan contrfbuons are allocated lo 6a¢h particlpaling employer In line wlth thelr estimated share of the scherne liabilities, Movements In Iha presént value of defined bénefll obllgations,. Key assumptlons 2024 2023 Dlscount rate {O/o per annum) 4.680A 5.79OA The discount rates shown above are the equtvalént slngS8 dlscount rates whlch, when used to discount the fvture recovery plan oontributions due, would glvè th8 same r8suIt8 as uslng a full AA corporate bond yield ¢urve lo dlscount the same rèoovery plan contrlbutions. 2024 2023 Aotuarial revaluatlon Net Inter6sI on defined beneflt Ilabllftyl(as6et) 13,000 18,000 (21,000) 15,000 Total costsl(Income) 31,000 <8,000) The amounls includéd In the balance sheet arlslng from the charltable company's obllgatlons In respect of dallned benefit plans are as follows: 2024 2023 Present value of deflned baneflt obllgations 319,000 331,000 Deficlt In scheme 319,000 331,000 -39-
NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 23 Retlrement beneflt schemes (Continued) Movements In the psent value of defined benefit obllgatlons: 2024 Llabililles at 1 September 2023 Aotuarlal revaluatlon Detlclt contribulions pald Interest cost 331,000 13,000 {43,0001 18,000 At 31 August2024 319,000 The definad bonafil obllgstlons arlse from plans funded as follows.. 2024 Wholly unfunded obligations Mtholly or partly funded obllgations 319,000 319,000 -40-
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NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 26 Restrlctad funds Th8 restrlcted funds of the charlty comprtse the unexpended balanc8s of donatlons and grants held on trust subject to 8peclfic conditions by donors as to how they may b8 used. Movemant In funds Income Expendlture Transfers Balance at 1 September 2023 Gains and Balance at {lo$ses) 31 August 2024 Devolved Formula Capital Granvschool Condlllon Grant EFA Bursary Fund Gnt Llghtmongers Afflllatlon Pup51 Premlum Fundlng Archlve Fund Bransford Ttust- Art The Bealrfc8 Laing Trust IT Deslgnated Fund Mental Heatth VICTA Vl Spedali81 Equipment Vinch61 Foundatlon Classroom and 6th Fomi Hostel Refurb DFE Malnt8r)ance MuslcTour Minibus Actlvlty Waek Play Equlpment COVID Catch up Grant Orbit Braille Readers Residential réfurb - Lower school Heating 8yslem SpecsfactorylBrfllen Cadbury Charltable Trust COVID Recovery Tulorlng grant Award8 forAII Sundry small restricted funds < £500 Pet8 & Thomas Just glvlng OSF Year2 74,703 1,453 7,000 14,778 (74,703) 3,706 5,159 8,166 11,844 2,817 2,849 1,632 157,861 14,725 1,500 915 {834) (27,332) 24,398 2,817 2,649 1,632 105,239 14,725 1,500 915 155,042 (1,824) (100,796) 14,479 7,215 2,975 744 160,000 {174,479) 7,215 {2,975) (744) 6,556 (904) 2,270 (8,828) 904 2,578 914 (2,578) (914) 14,000 750 50,000 50,000 18,768 2,955 5,813 {14,000) (750) {50.000) (50,000) 18,492 (3,73n <34,716) 2,544 (782) 5,813 3,439 113 (26) 12,538) 990 1,955 4,951 1,955 (4,951) Clfwd 333,115 437,020 {80,8871 (468,245) 223,003 -43-
NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 25 R8strl¢tod funds {Contlnued) Movement In funds Income Expenditure Transfers Balance at 1 September 2023 Galns and Balance at {loss6sl 31 August 2024 ld 333,115 437,020 (80,887) {486,245) 223,003 Assoclated funds: The Charitabl8 Company as Trnstee admlnlsters these funds under tholr èxlstlng trusts Addlllonal Scholarshlp Fund Bonh8m Fund College Prlz6 Fund De Cordova Fund Eric Hamllton Tuckar trust Gullick Bequest Hextall Foundation Hlgby Fund Scholarshlp Foundatlon 2,228 851 563 26,414 86,289 35,722 16,675 5,25e 6,958 98 40 68 477 14,854 2,306 226 85 208 (4) (4) 2,322 887 631 27,114 42,679 32,329 17,007 5,398 7,215 223 2,293 285 106 57 49 <40,757) {5,984) 494,071 455,382 (127,628) (466,2451 3,005 358,585
NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGusf 2024 25 Re$trlotsd funds (Contlnuèdl Prlor year Movement In fund8 Incomè Expendlture Transfers Balance at i Septsmber 2022 Galns and Balance at (losses) 31 August 2023 Devolved Fomiula Capltal Granvschool Condltlon Grant EFA Bur88ry Fund Grant Llghtmongers Affillation Pupll Pramlum Fundlng Archive Fund Bransford TNsl-Art The BeaIrf Lalng Trust IT D8slgnated Fund Menlal Health VICTA Vl Spéolallst Equipment Classroom refvrblshment DFE Malntenance Muslc-four Minibu8 Colleg8 Car ACtIty Week Play Equlpment COVID Catch up Grant Orbit Brallle Readers R6sldentlal refurt) - Lower school Heatlng system SpecsfaclorylBrlll8n Cadbury Charltabla Trust COVID Recovery Tutorlng grant Awards forAII Sundry small restricted funds < £500 25,868 2,468 94,532 1,313 1,000 17,409 <962) (119,438) {75) (1,116) (2,897) 3,706 116 9,886 2,817 2,649 1.632 56,078 17,965 1,500 915 11,164 7,215 2,975 744 1,724 24,398 2,817 2,849 1,632 105,239 14,725 1,500 915 14,479 7,2q5 2,975 744 129,685 1,200 (4,299) (4,440) (76,225) 120,000 {116,6851 (1,724} (3,707) 3,737 (301 904 3,341 914 904 2,578 914 (763) 14,000 750 50,000 50,000 14,000 750 50,000 50,000 18,768 2,955 5,813 18,788 3,375 9,765 {420) (3,952) 3,274 873 (1,187) 479 3,439 Cld 268,783 401,857 (20,141) (317,184) 333,115 -45-
NEWCOLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2024 25 Restrlcted funds Icontinuedl Prlor year Movement In funds Income Expendlture Transfoys Balan¢e at I September 2022 Galns and Balance at 1108sesl 34 August 2023 Blfvjd 288,783 401,657 (20,141) (317,184) 333,115 Associated funds: The Charltable Company as Trustee admlnlsters these funds under thelr exlsting trusts Addltlonal Scholarship Fund Bonham Fund College Prize Fund De Cordova Fund Eric Hamilton Tucker trust Gulllck Bequest H6Xtall Foundation Higby Fund Scholarshlp Foundatlon 2,153 804 458 28,147 82,870 43,761 16,624 5,229 6,775 156 (811 2,228 (18) 851 (2} 563 (492} 26,414 (3,0001 66,289 (1,338) 35,722 (308) 16,675 11091 5,258 (1481 6,958 109 759 13,929 3,031 359 136 331 (27,510) {9,7321 453,602 420,630 {57,383) (317,184) (5,494) 494,071 -46-
NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 25 Réstricted funds {Contlnuodl Detalls of the purpose of the main restricted funds are glven below, A number of 8maller value funds (<£500) also exist arfslng from donations from Indlvlduals or speclflc fund ralslng activities. DFC (Devolved Formula Capltalllschools Condltlon Grant- For improvements to buildlngs and other facllltles, including Informallon Communication Technology. EFA Bursary Fund Grant- Grant fundlng targeted for Student experfenolng the grèatést financlal dlsadvantages and l or course-related costs. Llghtmongers Affillatlon - Contrlbutlons towards Costs of as$o¢latlon wlth LlghtsMonger8. Pupll Prémlum Fundlng- Government fundlng to raise the att8lnment of d1s8dvantaged pupils. Ar¢hlv¢ Fund - Donatlon to support the archivlng of NCW documents. Bransford TN5t (Art) - Donatlons towards Vislllng Artists. The Beatrlce Lalng Trust- Donatlon towards blackout bllnds In Chapel. IT Deslgnated Fund - Colleg6 restrlcted fund for students, IT equlpment. Mental Health - For the provlsion of counselllng servlces. VICTA- Support for students applylng for Unlverslty. Vl Spedallst Equlpment- Up to dato ICT equlpment for generic use In College. Vlnchel Foundatlon Classroom and 8th Form Hostel refurbishment- In support of refurblshment worf<s. DFE Malntenance- (Devolved Fonnula Capltal sllocatlon) - For maintenance to buildlngs and other facillties, Muslc Tour- Income recelved to enable pupll$ to go on a Music Tour. Minibu8 . Donatfons towards the lease of a minibus. College Car- Fundlng to a88l$t wlth the running costs of the Goll8ge car. Activlty Week- Fundlng received to asslst the costs of runnlng the annual a¢tivlty event. Play equlpment. Donatlons towards improvement to outdoor play equlpment. Covld Catch Up & Covid Recovery- Fundlng recelved to Improve Ihe educational outcomes for students dlsadvanlaged by the Covld pandemlc. Orblt Brallle Readers - Donatlon for the pur¢ha$e of Bra1116 learning alds. Resldenllal refurblshment- Donatlons toward the refurblshment of the lower school bulldlngs. Heatlng 8y8tem - Donatlons toward the Improvements to the heatlng system. Specsfa¢torylBrlllen Donatlon towards capltal projects for the benefit of tha tha sludents. Cadbury Charltable Trust- Donallon toward the refurbishment of the bathrooms In the lower 8chool. -47-
NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 25 Restrloted funds (Continued) Tutoring grant- fundlng re¢elved to 5UPPOrt one-to-one tulorlng. Awards forAII - fundlng recelved for the Hear to Help pro]ect. Pete & Thomas Just Givlng - fvndlng recelved for speclallst exerclse equipment. OSF Year 2- fundlng for faclllty upgrades and malnlenance. Assoclated Funds Additional Scholarshlp Foundatlon - Scholarships and grants for students and to establish students In the world. Bonham Fund- Prlze for student entering Universlty to read Mathemallcs. College Prfze Fund- Varlous annual prfzes and awards, De Cordova Fund - Scholarshlps to enter Unlversity to tako up a Ilterary career. Eric Hamllton Tucker Trust- Grants to enable students to travel abroad. Gulllck Bequest- Holiday grants to students, Hextall Foundatlon - Scholarshlps post New College Worcesterfor educatlon or travel. Higby Fund- Grants to students wlshlng to enter Oxford Unlverslty. Scholarshlp FoLtndatlon - Scholarshlps al NCW or at Unlverslty I College or promotes educallon generalty. -48-
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NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 28 Capltal commltments Amounts conlraelod for bul not provided In the financlal slatament8'. 2024 2023 Acqulsltlon of property, plant and equipment 201,052 29 Operatlng lease commitments At the reportlng end dale the charltable company had outslandlng commltmènts for future mlnlmum léase payments under non-canc611able opèratlng leases, whlch fall due as follows.. 2024 2023 wthln one year Between two and flve years 6,376 521 8,274 5,729 6,897 14,003 30 Cash genorated from oporatlons 2024 2023 Surplusl(defidtl for Ihe year 1,080,542 {28,833) Adjustmen18 for.. Investment Income recognlsed In statement of flnanclal acllvltlas (Gain)Iloss on dlsposal of Investmants Depreclallon and Impairment of tangible fixed assets Penslon {g8ln) I deficlt (57,029) (2,288) 295,254 31,000 (79,033) 24,223 241,538 (6,000) Movéments in workfng capital.. (Incraase)Idecre8se in d8btors Increase In creditors Increase in deferred income (1,503,712) 763,366 244,991 439,158 128,362 66,336 Cash generated from operatIons 852,124 785,751 31 Relatsd party transactlons Other than as data118d In note 10 Ih8ra were no relatéd party tran8actlon8 In the year. A former Trustee N Duffy Is also a dlr6otor of Dolphln Computer Aocass Llmlted. The charlty dld not make any purchasés from Dolphln Comput8r Acc6ss Llmltad baforé N Duffy reslgnod as a Trust88 (2013.. £3,759). 51
NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 32 Analysi8 of changes In net funds At I Séptèmbar 2023 Cash flow8 Tran8fer8 At 31 August 2024 Cash at bank and in hand 1,856,918 397,091 2,254,009 Loans falllng due wfthln one year Loan8 falllng due after more than one year Obllgatlons und8r financè leases {13,140) (155,206) (28,203) 13,014 {13,014) 13,014 (13,140) {142,192) (18,646) g,557 1,660,369 419,662 2,080,031 52-