Charlty reglstratlon numbar 1118377 Company regl8tration number 06063218 (England and Wales) NEW COLLEGE WORCESTER ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 NEW COLLEGE WORCESTER LEGAL AND ADMINISTRATIVE INFORMATION Trustèa Governors Mr S Tyler Mrs T Smith Mrs M Russell Dr P A Sirnkiss Lady Lmoths Mr T Lawrence Mrs R Parks Mrs P Dyson Mrs K J Gorick Mrs L Mauro-Brackgn MrASPrfce Mrs L E Slewart-Barritt Mrs E A Imlliams Mr J Auden Mr C Clark Mrs S Swe6n&y Mr C Carvalho Dr M Lamb Ms L Bywalèr (Resigned 25 November 20241 (R&signed 25 November 20241 {Resigned 4 July 20251 IResigned 25 November 2024) {Resigned 18 O¢tober 20241 (Appointed 21 Novombèr 20241 {Appoinled 21 Novambèr 20241 {Appoinled 2 Aprll 20261 (Appointed 2 April 2026} (Appoinlad 20 March 20261 Patron8 Lieulenanl Colonel Patrick Hokroft LVO OBE Lord Faulkner of Worcester S•nlor Lgaderghip Team Mrs R Perks, Prinapal Mr S Farr, Vice Principal Mrs V Ward, Associate Principal.. NCW Load Pactilioner for Vl Mr W Stark, As5151anl Prinupal- Curriculum, Teaching & Leamlng Mr S Morom, Director of Finance Kale Lindsay. Director of Residential (Appointed 27 May 2D2¥ Mrs J Dursley, Diredor of R?$idenlial (Resigned 12 March 20251 Mr P Stephans, Assistant PrineApal- Personal Davekjpmenl, Safeguarding DSL Charlty numbor 1118377 Company number 06053218 Prfnclpal and Registèrnd offlca Whittington Road Worcester WR5 2JX Audltor K8ndall Wadley LLP Granla Lodge 71 Graham Road Malvern Worcestershire WR14 2JS NEW COLLEGE WORCESTER LEGALAND ADMINISTRATIVE INFORMATION Bankor8 Lloyd8 Bank PIC 4 The Cross Worcgstor MRI 3PY Monmoulhshire Building Sodety Monmouthshire House John Frost Square Newport South Wales NP20 1PX Sollcitor6 Thursfields 9.10 The Tything Worce51er WR12HD NEW COLLEGE WORCESTER CONTENTS Page Twslee GoveTnor8' report Ststement of Trustee Gov6rnor8' rastx)nslbilllles 14 Independgnt auditorfs report 15-17 Statement of finan¢ial adivities 18-19 Balance sh￿t 20 Stslement of ￿sh flows 21 Notes to the flnandal stal&menls 22-53 NEW COLLEGE WORCESTER TRUSTEE GOVERNORS. REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 AUGUST2025 The Tnjstee Govemors present Ihelr annual r8POrt 8nd financial statements for the year ended 31 August 2025. Th& fln8ndal 81algments have been prepared in accordance with tha 8¢¢ounting policiès set out in note 1 to the flnanclal slalernents and compty with the charitable company's Memorandum & Articles of Association, the Companies Act 2006 and 'Accounling and Reportlng by Charitles.. Stalérnent of Recommended Practice ap￿Icable to chariligs prepafing their accounts in accordan¢o wllh the Financial Reporting Standard applicable in th$ UK and Republic of Ireland IFRS 1021 (gffgcllv8 1 January 2019)" Chalr'8 Fotsword by Pat Dyson Ichalr) 2024125 conllnuod lo be one of slr8legl¢ change8 for New College Worc&ster INCW). In ￿e￿mber 2024 we concluded Phas& One of the NCW Busines8 Rep0511ioning Plan {BRPI which involved a residential staff reslru¢turing, non-loachlng staff reductions and non-teaching staff pension rastruclurlng. This work was In support of our slral&gic objective to Secure a Sustainable Future for NCW. More Informallon on the financial impact of this can be found in the section on Page 9 Plans for thè futuro. We recognise the impact and pressures this had on staff affected by these essential changes a$ well as the senior le8dership team involved in implementing this wor In September 2024. we launched four strategic workslreams which focused on our Future VS8lon, Eslal68, Slraleglc Govemance and Income Growth. These formed Phase 2 of Ihtr BRP. Govomor iepresentation from our three commlllees lflnance, safeguarding and education) alongside thg Prindpal and Senior Leadership Team {SLTI reprgsentalion was intrinsic to the workslreams outputs. The Future Vislon and Income Growth strategic workslreams Bligned and doveloped over-time into four specjfic rocornmendalions which were approved al the Trustee Gov6mor Conference in May 2025. A further flfth recommendation was included al this point as a conlingon¢y in the event that the first four recomm&ndalions w&ra not able lo generate sufficient incorne qul¢kly enough to provide the sustainable income platform NCW n&edad. This fifth rgwmm*r)dallon b8carlle Phase 3 and is referenced in tha penullimalè paragraph of the Going Concern Position Slalemenl. The Eslalas workstrèam slralégic oulpuls are a key part of our future suslainabllily plans and allgned wlth operallonal output relallng lo premlses and r&8LFurces improvements for NCW staff and students. The Strategic Governance workslream undèrtook the Implemenlallon of the Spring 2024 Extemal Govemance Revlew recommendallons and supported a strong governance platform on which to move forward. This In¢luded whola college re￿ow$ of pollcSes, contracts and better spendlng controls. To ensure strategic intent was clearfy aligned to operational d&llvory, the 24r25 AY College Improvement Plan ICIPI allgned with the Ihreo NCW strategic oblectlves. Governors continued lo constructively challengg the Prlncjpal and SLT reporting 8t ¢ommlllees and full board meetings, continuing the slr6nglhened focus on robust operational plannlng and quality assurance. We are delighted lo r$porl Ihg suc¢98s of th18 8pproa¢h which was demonstrated in the November 2024 Ofsted education Inspeetlon with all flve ludgemenl areas being graded Good or Oulstsndin The Prin￿paI and Senior Leadership Team ISLT) have again worked tirelessly throughout the year in supporting the woth of my8ell and the governlng body through participating in and infomilng the slr&leglc work8lream¥ whilst malnlaining high quality standards in our residential and edu¢allon provlslon. W8 all collllnue lo work through the challenging and thanging economic and polttical18nds¢8pes. During 202412025 four TrusteelGovemors Stepped down from their roles and I would Ilke lo acknowledge their Inputs and conlrtbulions lo the strategic change's govemors invcialgd during Ihls Ilme. In summer 2025, focusing on longer terni govomor succession planning, we ¢ommgnc8d racrullment for these vacant roles. Thls r6Ptsrt concludes my second year as Chair. during which time th@ board and myself have ensured our BRP has very dearly underpinned our strategic priorities. I remaln grateful for the support of the Vice Chair and trustee governor collèagues in taking a considerable amount of work forward through the slralegl¢ workslrtsams and subsequent govemance overslght of activities arising. As reported last year, changes that look place durlng the year 2024125 continued to gnabl& the Governlng Body and Prin¢ip81 to be p08111ve about the fijture 8nd sustain our focus on longer term planning during 2025r26. NEW COLLEGE WORCESTER TRUSTEE GOVERNORS. REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT} (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 OblecUvo8 and a¢tlvlttgS The Charllable Company's obJects are: To provide and promote a religiou$, social and academic education for young per80ns who are visually irnpaired in the UnSled Kingdorn of Great Britain and Northefn Ireland, tho Ch3nno1 Islands and the Isle of Man and olsewhere in the Commonwaallh and, subject therelD. from any other part of the worfd, with the anclllary purpose of supporting and facllitaling generally the provision of edLtcalion for such young persons.. To manage and conduct New College Worcester Ilncorporaling Worcester College For Tho Blind and Chorfeywood College For Glrls With Little Or Nts Slghll INCW) and to hold and administer its property in 8¢cordaniH with the provislons sel out in the Charflable Company's Memorandum and Arti¢les of Association, bul in parti¢ular lo secure that the religious instruction given in the Cc>lleg6 is in accordance with the Doctrines of the Church of England. To use restricted funds, legaGie8 and endowments lor the purposès stated. A ]egacy policy18 In place to support the fiJrth6rance of this objective. Publlc benefit The Trustee Govgrnors ¢onfirm that they have complied with the duly in se¢lion 4 of the Charities Act 2006 to h8v6 duè regard to the Charity Cornmlssion's general guidance on public benefll, 'Charilles and Public Benefit., NCW18 a speclalist non maintained specAal school and college for d)Ild￿n and young people whose pthmary SEN is sevefe vision impairment. Students hBve the cognitive ability lo acce88 the full National Curriculum with palhw8ys to GCSE and A Level. NCW is unlik8 other 9en&rlc special schools or other 8pecialisl $¢hool$ publicising that Vision Impaimient is their speciali8m, as th￿r students also have other significant additional nèeds. All teachers al NCW, In addllion lo b9ing subject specialists, are required to becoma qualified teacher8 of the vision impaired IQTV151. The Cornbinalion of baing a QTVI and a subject spe¢lalisl means that ou¥ teachers develop specialist expertise that cannot be easlly repllcated in mainstream settings du& lo the significant Iraining and lime Ihal it takes lo develop the level of skill required. These areas of spècialism include specialist braille ¢odes suth as maths, scien¢& and music. An Èxample of Ihls Is In the area of mu8iG whera there is a national shortage of expertise in music braille and young brailllsls are routinely denied the opportunity lo be able lo access music nolalion in an accossible formal because there 18 not the expertise or resource ID teach them the ski115. Our ¢urrrulum is fvlly inclusive, dovlsed at the very outset for the Vl leamer and NCW has its own transcription department who model best practlca in creallng ac¢e$slble modrfi@d resources. Outreach Servl¢o NCW Is commilled to supporting the education of children and young people both attending the school and also those in other edu¢allonal settings by sharing knowledge and expertlsg with other professionals wothng in education or with young people and parents ol thildrgn with a vision impaimient. Stsff al NCW are v￿Y keen lo share their knowlgdgg and expertise and give Ihsir tirnts volunlarity lo contribute lo our rich and varied outreach prograrnme. Outrgach events throughout the year lake different formals ranging from Iwilighl webinars lo face lo face events where a range of practlcal workshops and presentations are offered, wllh participants rjften tsking away with thom valuable resources. Topics for outreach are wido ranging and include courses aimed al both primary and secondary, spe¢ialisl subject areas, access arrangements for examinatlons and the specialist Vl skills Such as effective slialegl&s for leaching braille or h¢)w lo introduce speech softwar8. We produce an outreach bulletin called 'Reaching Out., sent lo anyone who has attended our outraach and opted in lo receive them, which highlights a different focus each hall term on wide ranging tOPiC8 Such 88 mentsl heatth, using the Alexa a8 a resour¢e and acce58ible PE and sport. NCW does not charge delegates for attending onllno weblnars and only covers catering ¢osls for face-l￿faCe evènts. We do not ¢over tha cost of the outreach service but see it as an important fa￿t ol our rola within the Vl education workforcè. NEW COLLEGE WORCESTER TRUSTEE GOVERNORS, REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Achlovgments and performanc9 Mr St8rk. Assistant Principal.. Currlculum, T8achlng and Leaming, attended a mg&tlng wllh Ofqual, oxam hoard modilicalion leads, and United Kingdom Association for Accessiblo Formals IUIf UEB as a Tobust system for information ac¢ess ènd communication. If there is appelile ft>r an exam board to work wllh us. Ihe next step would bo Its pul our roposal lo the DfE and to form a working party with key organisalions auoss the sector. Given that UED spans many English-speaking countries Ihls has the potential lo becomts an Intemalional GCSE and would raise NCWS profile as a Centre of Excellence. Rosldontlal dgvolopm&nts Key developments to note within th& residènll81 prowslon 8re a5 follows.. Working with the residential teams 19 create rnorg robust and delalled adml8slons paperwor The weekond assessments documents have been updated to ensure that need and risk are understood and shared prior lo assessmant. Focus on rfsk assessments and ensurSng th8t a rlsk competent culture is developed In plannlng and mitigating risk. Managernenl IraSnlng for managers ha8 commenced to upskill and traln employees in management positions. All residential team have completed th8ir Educallonal Msit Lead (EVL} training. With fo¢us on qu81ificalions, extensions have been granted and an overall drive and comrnilment lo completion of qualtficallons. A new monlhly reporting document ha8 been devised lo capture progress, ¢hlldren's voice and po¥ilNe t))mmuni¢alion with the parents. A new coro plan format has been devised. Including input from the whole residonlial team8. These are much more detailed, and outlined all propos8d caro. inlervgnlion and plannlng, dlre¢tly linked lo the new monthly reports and therapeutic inlervenlions. Residgnllal Iralnlng has boan d81ivered on National Minimum Standards (NMSI, care plans, 8ensory and proprfocepllon activrties. NEW COLLEGE WORCESTER TRUSTEE GOVERNORS, REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 Safvguarding Compliancg Safeguarding continues to remain a central priority across the oruanlsation and the recent 8xl8rnal scrutiny has providèd 81rong assurance regarding the robustness of our current practice and the trajectory ol hjrthar development. The Ofsled inspection in November 2024 offered a rigorous evaluallon of safeguardlng arrangements and conduded that the sthool has made excallent progrgss sineg the inspeclorfs previous visit. Inspeclors id¢nlifi6d safeguarding as a clear area of strength, noting substantial iNprov8menls in cutture, systems, and r&8ponsiveness. Thls repre8enls a slgnrficant shift from the 2022 insptsction, during which safeguarding was identified as a key araa of concem. The excellent judgement for Leadership and Management in th& latest 2026 inspe¢lion is a diract endorsement of tho sustained, whc>le-school eommllmenl lo slrenglhening safeguarding pracllce al all levels. Our 8tralegic approach to Safeguarding continues lo evolve in line with statutory guidance. emerging risks, and sector expectations. The sd)001 18 currently uThd&rtaking a full 360° Online Safoly Audit, enabling a dèlai16d evaluation of online behaviours. dlgrtal safeguardlng processes and the technological protecllons that 8UPPOrt safe acoess. This will be complemanled by the launch of a whole-organisalion mental health audit, ensuring that emotional wollbeing and earfy identification of need remain embÉdd6d as integral components of safeguarding. Technological $8feguarding measures contlnue to be enhanced, Including the operalSon of a robusl flrewall and keyslroke-moniloring le¢hnology, both of which promde real-time alerts and early vislbilrty of ¢oncarning online a¢tivity. These 8y$lem$ signrficanlly strengthen our capacity to monitor risks and respond swiNy. The safeguardlng laam continues lo demonslrale ￿nfidenCe and professional curiosity Sn managing concerns, conslslenlly exèreising their ability lo escalate ¢ase8 where thresholds of risk artr roached or where early 08calalion is deemed necessary to proled a child. The team's strong multi-agency relationships ensure that concerns are handled efficiently and Iransparentiy, with a clear emphasis on timely intervention. Looklng ahead, the school Ss already preparing for the anticApaled safaguarding changes expected in Sepleinber 2026, reviewing forthcoining updates and building these into future planning. Thi5 pioa¢live approach will ensure that policy, training, and operational pro￿sseS remain fully aligned with slalutory expectations wo11 in advance of implomentallon. Overall, 88fegua¥ding across the organisalion is characterised by strong leadership, rigorou8 systems, and a conllnuous improvement mindsgt. Thg positive external validation from Ofstod provldg$ a fimi foundation on which to build a$ we further strengthen our safeguarding cuKure. Outroa¢h Outreach18 conllnuing lo work towards building our profile and promotlng our expertise. Thi8 term we held one twilight. free, online session on Foundational Braille which had 60 allendees from a variety of types of setting, as well as from the Bralllisls Foundation. Feedback demonstrated the app￿cIatIon of th& prac¢i¢al ideas given to develop the tactile ski118 assentlal lo b8 an effectlv8 user of braille. We are also promoting awareness through working wfth universKy students and other events for professionals. In January, we held a MQVI 8irmlngham Course slu(1ont vlsll day al NCW. A member of staff also dellver&d workshops at the Hab Vl UK Conference in Blmiingham in March. Bespoke coursos are 81$0 offered, and in February, the 1810 of Man sorvice agaln paSd for two of Sts staff to have a day's training in Wor¢8sler. To boost numbers attendlng our pald courses in Worcesl8r, the decislon has been made to amalgamatg our usual summer lemi courses into a Professlonals, Workshop Day. This could provide an indication 8s to whether il might be feaslble to offer a more extended event in the future. NEW COLLEGE WORCESTER TRUSTEE GOVERNORS, REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 students Stud&nls al New College achl8v&d excellent re8ulls overall in the Summer 2025 exam seiies al the end of Year 11. Free School Meals l FSMI, Pupll Prèmlum, IPP), and Child Looked After (CLAI students in the cohcAt performed at least as well as their peers, we ensure they have equal access lo technology, support in the r&sidonlial setting, and study support session in the workin9 day to ensure they 8rè not behind thè olh¢r students in the cohort. Wo are sllll awaiting the progress 8 s¢ore for our Year 11 cohort., however, wo gained an Attalnmenl 8 score of 3.5. This indicates that the slud6nls exc6èded predict@d grades and madg 6x¢ell&nl progress overall. We sel ambitious tsrg61s wllhln th8 College, u8Ing FFT as a bas8line, but we are more ambillou8 than Ihls for our learners. Key outcomes from the KS4 analysls.. Ambitious targets led lo improved outcomes- we are working on largel setting Ihis year with HODS. Retake groups not parti¢ularfy successful. We havo in¢rgased Math's hour8 thi8 year as we have identllad this as a weakngss. English results wera weaker this yèar, in part due lo merging the group for some of the year dues to staff absence. Strong performlng Subjects Include Food and Nutrition, all MFL subjects, Double Science, Computer Science and Music. Subjeds which will be supported more this yaar includfyArt, English, and Performing Arts. Engli8h final report grades very different from actual grades. Th8 class wa8 rnerged into one IBrge group {due lo staff ab8ence through illnes51 which had a big impact. Most subleols reported grades wore very closo to actual gradès. Attalnment 8 Is measure of the achievement of a pupil across 8 qualifications induding malhemalics {double weighledl and English IdoublG weighted), 3 further qu8llficallons that count In the English Baccalaur8ale IEB8ccl measure and 3 further qualifications that can be GCSE qualrficalions Ilncludlng EBacc 8ubject81 or any other non- GCSE quallfi¢8llon8 on the DfE approved Ilsl. Each individual grade a pupil achieves is assigned a point score, which 15 then used to Lzlculale a pupil's Altainmenl 8 score. Overall, students exceeded FFT predicted grades. Progres$ 8 means for oach individual thlld you ¢an tg11 If they progre8s8d more or le88 than average, faclorillg in where they wer& when they started secondary school. Most schools are between-1 and +1, NCW slud8nls make gtsod progress compared lo eslimaled grades auoss the range of subjects on average. Sludènls In the SSxth Fom exceeded oxpeolallons thls year. Ambitious inlemal largels are set based on baseline as8es$menls and Year 11 results. and our students achieve grades way above typical grade5 in mainslrearn Schools following on from similar outcomes al KS4. This Is due lo our small teaching dasses, adapted lfyaching, since all of our teachers are QTVIS, and our closa links batwaen tha curriculum s18ff and the residential setting whlch promotes a full w8￿ng day Currlculum. Vi81on Impalrmenl 18 no barrler lo su￿e$S at KS5 or Indeed applylng through UCAS, and we had offer8 of place8 for all 8tud6nt8 who appliad in a widg range of sublects. Key outcomes from the KSS analysl$: Humanities perfomied very well. de8pile staff absence. staff stepped in to fill gaps. Very small groups al KSS Ihls year due lo legacy of the overall weaker year group. We discussed whether GCSE would be appropriate when they were in Year 9 80 they really exceeded our expecialions. Strong subjects include Sociology, Psychology, BTEC Environmental Suslalnability, and Music Performance. Subjects In need of addlllonal $upport include Biology and Health and Sodal Care. Final report grades exlramely accurate predi¢ttsr8. M08t students choose lo slay with us for Sixth Form due to the outstanding progress made from GCSE lo KS5. We a150 offer a range of Lavel 2 courses for OLtr sixlh-from sludanls which meo1 the ne$ds of sludtsnls who cannot access Level 3, and students on thesè programm8s all su¢¢eedod. We alyo have Year 14 (called 13+ al NCW) whl¢h allows 8ludèn18 Its study a bespoke programme alongslde 8xlended work experience. Our work 8XPertence offer for all our students ensure5 all have the best possible chance of mowng into a suc¢ossful ¢arger, which bucks the trend of employment statistics for young people wlth Vl nationally. NEW COLLEGE WORCESTER TRUSTEE GOVERNORS, REPORT {INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 Prlnclpal RiskB and Uncortalntio$ The Trust60 Governors confirm that the major Ti8ks have been r&vSewod, and syslems or procedures havg been established lo manag6 Ihesa. The Risk Register is linked lo the &year rolllng NCW Strategic P18n 202>28, approved in Juty 2¢Y23, and Idonlifies the key slralegi¢ risks that may affect ils delivery, The Board revlews the strategic risk register al each Full Goveming Body IFGB} meetlng and amendments are rnade accordlngty. Th8 rtsgisler is a dynamic document and i adjusted after each FGB lo ensuie the Board is propody managing strategic risks throughout the year. The register now ¢ontains 10 slralegic risks.. an assessment of Iheir signill¢ance and the mitigating actions balng taken. Retrospectivo Pr6-controls have been discussed and agreed between Pdndpal and Chair. The 10 Stratsglc Rlsks aro: Rl$k 1- Safeguardlng - RED Risk 2- Studènt Numbgrs RED Risk 3- Educatlonal Results- GREENIAMBER Rlsk 4- Studont Outcom98 -AM8ER Rlsk 5- Ro8ources-APIBER Rlsk 6- Sustainable Future- RED Rlsk 7- Effecilv• Staff -AMBER R18k 8- Buslness Reposltlonlng Plan IBRPI- AMBER Risk g- Ebtstss Mandatory Compllan¢g-AMBER RrBk 10- Clarfty on NCW Stratoglc Dirnction-AMBER The followlng three of th8 Ign rlsks rated Red and th8 slrateglos lo manage these are as below.. RISK 1: S4feguar(Ilng du9 to lts1ovo1 of utmost Importance MI￿gatIng Actlons: Continuous improvament lo meet national minimum standards. Processe6 in placa and implem6nlalion monkored. Residential Care & Safeguarding Otsled February 2026 provisional po811ive outcome advlsed, final outcome currently awalled. Staff trained and routinety reminded of expeclalions. Governance light8ned and all ¢ommitte@s address safeguarding Reflectivg Actions arg &mbedded as a result of key safeguarding Issues In 2023124. Induding rgview. {PSHE programmel Personal, Social. He8hh and EconomSc Educallon. £xternal SfG Audlt lotsk plac8 Sprfng Term AY24125 and Action Plan implemented. New hlghly experi6nced Dir8ctor of Residential (also a DDSLI comm8nced May 2025. Implemenlalion of new filtering and monitortng sofiware durlng 2025. NEW COLLEGE WORCESTER TRUSTEE GOVERNORS, REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGusf2025 RISK 2 Studant numbars Mltlgatlng Actlon$'. Dovelopmenl of oulr8ach opportunllle8. Retention of students priorilised. Strong focus on maintaining sludenl numbgrs. Effectlvo trfbunal preparation and outcomes. ExploralSon of potential new categories of students particularty inlarnalional/prfva18ty funded sludenl8. Chasing of LAS regarding funding decisions. Staffing Iribunals. Bev watkins15011cilor) engaged lo support f8mllles through the tribunal proc*85. Confirmed removal of numbers cap wllh the DtE followlng Education Ofsled in November 2024. Introducllon of new m￿je1 of sludenl numbers foreaaslng for Trustee Governors consideration. Ongoing dialogue wllh nglghbouring local aulhoriUes regarding future sludonl noed linked lo BRP pha88 3 recommendations. Exlen5i0n of SEND to permit th6 admission of a small number of nonryvl learners agreed by governors in March 2026. RISK 6 Sustalnabla future Mltlgatlng A¢llons: Strategic plan In place wllh 81rong ownership by the Bo8rd and SLTS. Improvem&nts in faeAliti&sl propety planned for vla a rolling programme. Major focus on devetoping partnership andlor nefv4orknng arrangements. New models of dglivery are belng oon81dered under phase 3 Ofthe BRP. Fundraising strategy reviewed and implementstion ongoing. Amgndod capStal re¢ovory dead agreed with RNIB. Exlgmal Governance Review conduclad with feedback lo FGB July 2024. Ongoing Impltsmentslion of actlon3 ari8ing from External Governance Rgvlew. Recruilm@nl lo 4 x govomor vacancles cornpleled autumn temiAY 2528. Rèd book, valuation conducted. NEW COLLEGE WORCESTER TRUSTEE GOVERNORS. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 Flnanclal revigw Due to lower student numbers. leaching income 1811 by 14Yo compared lo 202312024. The focu5 has been on increasing 51udont numbers whieh Iranslales into a higher income and increased financial stability for the Gollege. One of the effects of the Covld-19 pandemic was that some of our learners were funded for an extra year which resulted in an increase in students in oui Slxlh Fom, which Is now returning lo normal levels and therefore roducing sludenl numbers. ToLIl income lor the year was £6,697,457 compared lo £8,876,150 in FY 202312024.. Ihls Included two very oenerous lega¢l&s from ex-sludents John Claricoal and Alan Smlth totallng £1.988,108. Nel expendSlura (after transfers be￿een fvndsl on general unrestricted acliwties for the year a1£325,060 compamd 10 £350,213 in 2023124. The 2025 position continues lo retlect additional costs incurred in rgstrucbjrtng and r8positloning the management infrastructure. Total expendllure was £7,890,600, an Increase of £105,70411.4%1 on the prior year. The Collogg fa￿$ a backlog of malntenance and Ihgrgfore expendlture In Ihls area will conllnue lo incrgase. Donations and legacies lolaled £808,573 in 202412025 compaTed to £2,403,746 the previous year. This includes Teachers Pay & P8n8ion Giant 1£40,8701. and an award from the Vinchel Foundallon 1£160,000} and the iwo Iogaeies from ex-studenls John clari￿at and Alan Smith fin81 distribution totaling £404,932. Designated funds de¢reas&d by £827,602 during the y6ar. Re8èrves Pollcy Total funds held as at 31 Augu812025 amounted lo £1S,411.599 {2024'. £17,249.7421. Thi8 included roslricted funds of £288,104 (2024.. £358,585), endowment funds of £548,137 12024.. £548,137) and de8ignaled funds of £15,451,68212024'. £16,279,284}. Designated fund explanations aTr in¢lLJded in Note 26 of IheAccounls. Generally unre8trictèd funds were £57,67612024- £382.736). Idaalty College reserves of £800,000 are considered reasonable and in line with Trustee Governors ¢ommilm$nls lo have the College reserves equal lo ar(>und 2 months running ¢osls, to secure the College's financial slabilily. Howgvar, the eurrenl economic and polillcal climate continues lo increasa financial pressures on all providers of specjal educallon n&ed$ se￿ICe$ given that they are funded by Local Aulhorillas. Tmslee Govemors remain mindful of the uncerlaSnlle$ and risks but aim to improve sustainability through increasing the levels and 50ur¢es of funding and continued rewews of currlculum, staffing and fees. Slralegi¢ finan¢ial management and inlemal control are underpinned by Strong Govemance arrangement8 and a high level of financial ¢omp&lenc6 within the Gtsverning Body. The Trusteè Govemors Continue to recelve reassuranoes from extemal Aud(tors that adequate systems of Inlèmal conlrol are in plac* and are eXe￿Is8d. Factors likely to affect the future flnanclal porf0rn)aneo or position The major factor aff8cllng the financial posillon of Thg College is student number8. Much trffort is going into raising Ihe profila of New College Worcester and to mark&l Ihe ￿11690 in a much more Mgorous laghion. The80 measures should offset tho effects of govemmenl and council policy for students 10 8tsy local and stay mainstream, 8nd we are seeing an increase in inlorest from numbors allgndlng our Family Open days etc. The Buslness Repositioning Programme IBRPI has reduced the ¢osl baso by over £1.5rn and increased s(udent income through tho re¥Ased fee matrix slructure which has resulted in, when all sludanls ara on Ihe new Fee Matrix, raduang the break•even position of the College from 75 students to 60 students. NEW COLLEGE WORCESTER TRUSTEE GOVERNORS, REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Golng Concem posltlon With ¢urrenl studant numbers the College Ca8h Flow remains positive until May 2027 wllh the further option Of $&lllnu additional land and buildings. One strip of land has baen Sdgnllfied and valued al £1.5m by three difftsrtsnl tsslale agents and could be sold quickty if needed lo extend our Cash Flow remalning positive into FY2028129, whilst work lo increase student numb6rs cA)nllnuo. However, because of tho actlons taken by the Governing Body as described below in the 'Plan8 for the future. $8¢tion before the end of FY2025126, and before the start of Fy2028￿7, New Colloge Wor¢estei INCW) wlll be part of the AET Group {Aequalis Educational Trustl- AET has thè proven abllily lo help NCW increase students from wider range and by expanding into the 1￿5-year-Old sector over th6 next 6 10 12 rnonths. Because of the above 8¢tion8, Tru81ee Govemors are certain Ihal New College Wor¢e$ler will remain in operation on the current Campus as a Going Concem, albeit with the addition of non-vl sludonts on-site. a 1￿25~year-Old offer and Ncwoperaling under tha umbrella of IheAET group, bui retaining our identity and specialist Vl focus. Plan$ for future perlods The Business Repositioning Programme undertaken ovèr the last two ytrars has reduced base-line operating costs by approx. £1.5m, increased feos roallslically, lowerfng the sludenl numbers breakkneven positlon to around 6145 sludènls, compar&d lo tho 75-80 students previously needed. Despite this, because of the lower4han-expgcted studgnl numb9rs for FY2025f26, 81arting off in September 2025 th only 49 students, the Goveming Body decided lo instigate a Merger, Acqulsithon & Sales IMA&SI process lo find a sui18ble partner lor New College Worceslor INCVV). Even with Ihe-highly..thoughl of revamped student accommodatiori and a 'Good' Residential Of51ed in 2026 Grade and 'GoDd lo Outslandlng. Educational Otsled Grades In 2024 Sludenl number8 have fallen dramatlcally. Thls fall In sludènl numbers is Most￿ down lo the general political educational enwronment which aims very mu¢h lo 'Slay Malnslrtsam, Stay Local with additlonal funding going lo mainstream $(4)0018 to accomrnodate Sp8¢1al Educational Needs ISENI students, induding Visually Impalrgd IVI) students. Many of these students would have traditionally been educated at NCW. Lo¢al Authorities ILA'8} are also slowng up the process of enrolmènt Its spgclal $¢hools by taking each cas8 10 Tribunal and setting the tribunal dales into their future finan￿81 y6ar8. NCW had 8 ITlbun818 oulslanding al the start of September 2025, some of which wore pul back to May 2026. If these 8 slud8nls had started at NCW In September 2025 it would have given us 57 51udenls and an extra £1.1m lurnover.11 is worth noting that NCW has a QA succe88 rale al tribunals. In the light of tha abovè conditions, Governor8 fell that the best way of increasing student numbgrs bar* up lo th@ Campus's polenual of 90-100 students was lo seek a merger partner who could help us widen our offer and attract additional type8 of students and their funding lo Ihg sILe. NCW Gov8rntsrs took the d6cislon In October 2025 to appoint an external specialist firm to lead an MA&S programme (Merger, Acquisition & Sales programmel. Whi161 the ongoing finanaal poslllon could ba held unlll May 2027 there were high rbsks rf student income didn't increase in time 8nd il was thus ¢ltsar that being parl of a bigger organisation that could help NCW accelerate Its stral8gl¢ growth programme would 8e￿re the long-term ftjture. As of Aprtl 2026, Ihls programme ha5 been conduded and NCW wlll transfer to AET, with AET becoming the Sole member. The Board hava been fully Involved in the MA&S process and AET werè the 8trongesl partner that arose. Their ethos, educational slr&nglh$ 8nd growth plans stood out to NCW Governors from tha initsal exptBssion ol nleresl and throughout the due diligence process. These factors together with their desire lo support and d6velop SEND a8 part of their growing organisalion stood out lo NCW. We therefore look forward lo a strengthening p08111on as we enter the nexlAY12028120271 bein9 part ofAET, ¢onfldenl that wts are secuiillg NCW, s long-term future. NEW COLLEGE WORCESTER TRUSTEE GOVERNORS. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 Stru¢turg1 govarnance and management The Charitable Cornpany is a ¢ompany limited by guarantee, incorporated on 15 January 2007 and regr&lered as a Charity on 14 March 2007. The Gharilable Company Is governed by Memorandum and Articles of AssodalSon dated 11 January 2007 las amended by special resolution dated 6 March 2007 and as amended by Spe￿al resolution dated 24 January 2012, and as amanded by speaaj resolution dated 15 Novamber 2021 and further revised by speclal resolution dalod 25 May 2L1221. The Trustee Dire¢tors of the Charitabla Company, known as Trustee GoveTnors wrth offect from 24 January 2012, are ils Trustee5 for tho purposes of charity law and throughout this Teport are collectively roferrgd lo as the Truste Govemors. In previous yearg, In accordanc6 whh the Company's Artl¢les of Association dated 11 January 2007 las amended by Speclal Resolution dated 6 March 2007} one third of the Trusltre Directors, chosen by ballot, together with one co- opted Trustee Dir8Ctor, were re-elected with new Trustee Govemors being eleded al future AGMS lo fill vacancie8 arising. However, on 24 January 2012 the Company's Articles of Associalion were furthor revised by special iesolulion providing, arnongst other things, 81 lor the eslablishmenl of a Governing Body in pla￿ of a Board of Tiuslee Dlractors where there was no committee established to dlscharge the ftjnctions of a school governlng body, and bl the appointment of Trustee Governors for a lemi of four years. Th6 Prinoipal is an ex officio Trustee Govemor and membtrr of th@ Goveming Body. Non8 of the Trustee Governors has any bgnèfiaal inlaresl in the Charitable Company. All of the Trustee Governors are members of the Ch8dlable Company and guarant6è to contribute up to £5 in the event of windlng up. The TtU51ea Gov8mor$ receiv6 training throughout the year and by external ¢ourso attendance. as is deemed appropriate. Tho Goveming Body consists of al least nine and not more than lfftgen individuals. all of whom must be Mèmbers. Trustee Governors must retire at the Annual General Meeting next followlng the fourih annlversary of Ihelr 8le¢lion, Ihough they may stsnd for re-eleotion. A rellring Trustea Governor who remains quallfiad may be r8-appoinled bul cannot serve as a Trustee Govemor for more than two four-yaar tems of office wilhoul a on&year break. Th6 Trustee Governors mool regularfy to manage the Charitabl8 Cornpany's affaSrs, wllh allgasl thro9 meetings per year.A quorum ofliva Trustee Govemo¥s is rgquired for each meeting. The Principal has overall responsibillly under the direction of the Goveming Body for the internal organisalion, management and di$￿pIlne of the College and in particular for the provision, development and delivery of ils edu¢atlon Servi￿S. In consultation woth the Principal the Govémlng Body has established a Senior Lea¢J&rshlp Teatn under the leadership of the Principal lo have responsibility for the operational managem&nt of th& College. The remuneration of key management personnel is sel by the Goveming body. Prior lo incorporallon, the operaUons of the Charflablo Cornpany were conducted as part of RNIB and upon incorporation RNIB and 118 subsidiary RNIB Services Llmlled Iransf8rred Iby way of trust) m081 of the property and donated some other buildings and land, together wllh their associated a88el8, used by the Charitable Company and RNIB holds a capltsl recovery dged over most of the proportigs held by the Charitablg Company, Ihg d&tsils of which can be found elsewhere in IheA¢counls. 10- NEW COLLEGE WORCESTER TRUSTEE GOVERNORS, REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORTI (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 The Trustea Governors, who are a180 the director8 for the purpose of company law, and who 8erved during the year and up lo the dats of slgnature of the financial stalemenls wera.. Mr S Tylar Mrs T Smith Mrs M Rus8ell Dr PAS1M￿ss Lady L Morris Mr T Lawrence Mrs R Perks Mrs P Dyson Mrs K J Gorfck Mrs L Mauro-Bra¢ken MrASPrice Mrs L E Slewart-Barritt Mrs E Awilliams Mr J ALJden Mr C Clark Mrs S Sweeney Mr C Carvalho Dr M Lamb M8 L Bywaler (Resigned 25 November 2024) (Resigned 25 Nov6mber 2024) (Resigned 4 July 20251 (Resigned 25 November 20241 (Resigned 18 Octob8r 2L1241 (Appointed 21 November 20241 (Appointed 21 November 20241 (Appointed 2 April 2026) (Appointed 2 April 2L126) (Appolnted 20 March 20261 11 NEW COLLEGE WORCESTER TRUSTEE GOVERNORS, REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Kgy Managomont personnel remuneration The Key Management personnel remuneration is decided following the Pay Pollcy as wrillen by Worceblershirtr County Council HR and which was adop16d by the NCW Board of Governors on 06.12.2023. The relevant section on thé Leadership pay 18 reproducèd as btslow.. Loadorshlp Pay Vvhen d8lemilnlng the laadership pay range, il will be reviewed accordance with the School Teachers, Pay and Conditions Document ISTP&CD> and include a review of the collegelPrin¢ipal group size. The salaries of the Principal. Vice Principallsl and any Assistant Prinapal will be rewewed annually as requlred by the STP&CD. There wlll be a procedur8 and timetab19 for th8 annual reM8w which will give the option of formal repreS￿tatIon. Written notification will be given as raquired, including the performance objectives agraed, which will k reviewed as part of tho next annual salary delemilnatlon. The PrincApal'$ P8y Range will reflect the responsibilities of th8 job in addition to the size of the college, any other faotors specified in the STP&CD and adv(￿ issued by the Local Authorfly on the salaries of H&adleachers al comparable schools. The current Princ4pal In Ihls o)Ilego is paid in accordance with National Teacher's P8y SrAI8S. In accordanc¥ with National Teacher's Pay Scales, the Prin¢ip81's pay r8nge will only ex￿ed the maximum of the Prinapal's Pay range where the Governing body determines that specth¢ cirwmslances warrant a higher-Ihan- nomial payment. In that situation. the maximum of the Principal's pay range and any additional paym￿lS made will not gxceed the Ma￿Mum olthe Prln¢lpal group by more than 25°A, other than in exeeplional ¢1￿Umstances. The Governing Body will determine tho pay ranges of the Vice-Principallsl and any Assistant Principallsl in relatlon lo the duts'es and re8pon$ibilillos of those teachers. The Goveming Body Can review the pay ranges at any lime il Ihoy Consider it necessary lo relain a Vk6 orAssislanl Principal. The maxlmum of the Principal's pay range must not exceed the maximum of the Principal group lor the college. The pay range for a Vlce or Assis18nl Principal should only overfap the Principal's pay range in exceptional ¢Srcumstancas. There should be appropriate scope wfthin the range to allow for perfomiance-ro181ed progress over tlme. In th8 casg of a Vice Principal post the governors musl ba satisfied that the responsibllity exce￿$ that expeoted of an Assistant Principal employed in the same college, Inciudlng responsibility for discharging In full the responsibilities of the prinapal in the absenoe ol the Prinapal. Leader3hip Pay progre8glon The annual determination of salaries will be ￿ndUCted by the appropriate ¢omrrittee. Pay progression WIN not be aulomalic, it will be based upon the mosl recent appraisal carried out in accord8nce wilh the regulations and the current STP&CD and reported lo the full Goveming Body. Pay daasions should be confirmed in writing. The Goveming Body will &n8ure that performancg-based progression awards reflect indivldual perfomiance. and that objective-setting is rigorous., that the college's Pay poll¢y provides a dear link between levels of achiovement and progression. The Fin8ncial, Resources and Safaguarding Comntttee {FRSCI will review the Prinripal's and Vice Principal's pay in accordance with Ihg STP&CD and award up lo two performance points as outlined under Appendlx B and E, habing regard lo the avidenc8 of the mo81 recent appraisal Induding any re￿)MMand8￿0n on pay progression. Auditor A resolution proposing that Kendall Wadley LLP be reappointed as auditor rjf the company will be put to the Members. 12- NEW COLLEGE WORCESTER TRUSTEE GOVERNOrtS' REPORT (INCLUDING DIREGTORS, REPORT AND STRATEGIC REPORT) {CONTINUED} FOR THE YEAR ENDED 31 AUGUST 2025 Ol$olo$ure ot Intorniatlon to auditor Each of the Tru8tee Ggvernors has conlm)od that them 18 no information of whlch they are awar& vkni¢h1g robvint to the audlt. but of whlch tho 8udllfjr Is unaware. Thoy have further conflrmed that they have takgn 8pproprfal8 Stap8 to klenlify Such relevant Informatlon &nd to ostabllsh Ihal th8 auditor Is aware of 8uch iThformadon. The Tru$te$ Governors, report, Includlng th6 str8tsol¢ rgport, wp¥ apwovèd by thè Board of Truyteè Govemors. p.v.I Mrs P Dy8on Tru$tèè Goveinor 29Aprll 2026 18- NEW COLLEGE WORCESTER STATEMENT OF TRUSTEE GOVERNORS. RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST2025 The TTuslee Governors, who are also the direclors of New College Worcester ft>r the purpose of company law, are responslble for preparlng th6 Trustee Govemors, Report and the financlal statements in accordan¢o wllh appllcable law and Uniled lfjngdom Accounting Slandafds (United ￿ngdoM G6norallyAcceplod Accounting Praclicel. Company law lequiras the Trustee Governors lo prepare financial slalements for each financlal year which give a true and fair of the slalo of affairs of tho charitabl6 company and of the incoming resources and appll¢alion ol resources, including the income and expend￿ur8, of the charitsble company forthal year. In preparing these finanaai statements, the Trustee Gov9mors ara mquired lo.. sele¢t suitable accounting policies and then apply them consislentty., observe the methods and princlples in the Charllies SORP., makg judgemen15 and eslimales that are Teasonablo and prud&nl', slate wh8lher applicable UK Accounting SlandaryJs have been followed. subSect lo any material deparbjres disclosed and explalned in the financial stalemenls.. and prepare the finanrAal ststements on th8 golng concem basis unl&ss il is inappropriate to presume th81 the charflable company will continue in operation. The Trustee Govarnors are responsible for keeping adequate a¢Coun￿n9 records that disclose with rea30nable a¢curacy al any lima the financial position of the charitable company and enable them lo ensure that the fi'nanclal slalements cornply wlih Ihg Companios Act 2006. Thèy are also responslble for safeguarding the assets of the charitsbl& company and hern￿ for tsking reasonable sl¥ps ft>r th6 prèvention and detection of fraud and olhor Irr8gularflle8. 14- NEW COLLEGE WORCESTER INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEW COLLEGE WORCESTER Oplnlon We have audited the financial slatem8nls of New College Worctsster Ilhe 'charllable company'l for the year ended 31 August 2025 which compiise the sialgment of flnandal activilles, the balan￿ sheet, the statement of ¢ash flows and notes lo the finan￿al stslement$, in¢luding 81gnTficanl accounting policies. The financial reporting framework that has boen appll&d In Ihfyir prtrparalion is applicable law and UnSled Kingdom Accounting Sl8ndard8, Includlng Flnandal Reportlng Stsndard 102 The Financial Reporting SfrandaKI appli¢able In th& UK and Republic of ltsland (United Kingdom Generally AC￿pIed Accounting Practice}. In our opinion, the financial slalemonts.. give a true and fair view of the slalo of the charitable company's affairs as al 31 August 2025 awl ol Ils Incomlng rosour￿8 and appllcallon of resources, including its income and expenditure, lor the year then endtrd.. have bgen proporfy prepared In accordanc& with United K(ngdom Generally AceEpled A¢counlSng Prac￿￿.. and havg been prepared Sn accordance wllh the requir8m&nls of Ihg Companies A￿ 2006. Ba818 for oplnlon We conductetl our audll In accordan￿ with International StAndards on Auditing (UK) IISAS {UKII and applicable law. Our r8sponslbililies under those standards are fvrthgr described thtr Auditors ￿sponsIbl111{9s for th8 audit ol the financi81 slaleiTJents section of our report. Wè 8re independent of the charitable company in accordancè with the ethical requirements that are relevant lo our audit of the financial slalernenls in the UK, including the FRC'S Ethical Standard, and wa have fulfilled our other ethical responsibilities in accordance wlth these requirements. We belleve that the audll ewdence we have obtained is sufticienl and appropriat& to woiride a ba$is for our opinion. Concluslons rolaung to going ¢on¢gm In auditing the financial slatem&nls, wg have Concluded that fh8 Truste& Gov6rnors' us8 of the golng concem basls of accounting in the preparation of tho finan¢ial slal&menls 18 appropriate. Based on the work we have performed. we have not idenlrfied any malerlal uncertalnUes relallng lo avenls oi conditions that, indimdualty or cdledively, may cast signili¢anl doubt on the ¢h8rf1able companys ability to continue as a golng concem for a pariod of al least Iwgfve rnonlhs from when the finanrAal slalernenls are authorised for issue. Our responsibilities and th& responsibllilies of th8 Trustee Gov8mors wlth respect lo golng concem are desL¥ibed In the relevant sectlons of this report. Othèr Infomiation The olh&r Informallon comprlses the Infomatlon Included In the annual report other than tho flnawial slat&ments and our audilorfs ieport Ihereon. The Truste& Governors are rGsponslble for the other Information contalned wilhln the annual report. Our opinion on the financial statements dogs not cover the other information and, except to the extent otherwis6 explicitly slated In our report, we do not expr688 any forffl of assuTance conclusion thereon. Our responsibilKy Ss lo rtrad the other information and. in doing so, consider whether tha other Informallon Is matedally Inconslstent wllh the financial slalemenls or our knowledge obtained in the course of the audit, or otherwise appears to bè materially misslaled. If we Idenllfy such malarial in¢onslslencles or appar6nl material misstatements. we are required to dal&rmine whether this gives rise lo a material misslalemenl in the financial statements themselves. If, based on tho work we have p8rfomed, we condude that there is a material misslatemenl of this other Information, we are requlred lo rèport that fact. We have nothlng lo r¢port In thls regard. 15- NEW COLLEGE WORCESTER INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE MEMBERS OF NEW COLLEGE WORCESTER Opinion$ on other matteTS prescribed by the Compan1￿ Act 2006 In our opinion, based on the work undertakon in the course of our audit.. tha information given in the Iruslee$' report, which includes the slralegic report and the directors. report propared for the purp08es of cotnpany law, for the financial year for which the finandal slal8ments are prepared. is ¢onsislenl with the financial slalemenl8', and the strategic report and the directors, report Sncludod within Ihe trustees, report have been prepared in accordance with applicable legal raquirements. pitatter8 on whl¢h we a￿ required to report by excoptlon In the light of the knowledge and understanding of tho charitsble company and 118 envlronmenl obtsined In the course of the audll, we have not idenlfied material mi8slalemanl8 In the strategic roport or the directors, report. Included within the Trustee Govemors, report. We have nothing lo roport In resped of the following matters In relatSon lo which th8 Companies Act 2006 requiras us lo report lo you if. in our opinion.. adequate accounllng records have nol bègn k&pl, or returns adequate for our audit have not been recelved from branches not visrfted by us; or the financial slalemenls ale not in agroemant with the accounting records 8nd ratums,. or certain disclosures of tru51oes' romuneralion specified by law are not made,. or we have not recelved all the information and explanation8 we require for our audit. Rosponslbilities of Trustee Governorn A$ 6xplained more fvlty in the slalemenl of Trustee GOv&rn￿S, responsibilities, the Trustee Governors, who are also the directors of the charitable company for the purpose ol Company law, are rasponsible for the preparation of the financial slalemenls and for boing satisfied that they give a Iwe and f8ir vi&w, and for such internal control as the Trustee Governors deltrrmine is necessary to enable the preparation of flnancial slalemenlg that are free from material misslalemenl, whelh8r duo to fraud or error. In preparing the financial slalements. the Trustee Governors are responsibl& for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, m8tters related to going concern and using the golng con￿rn basis of accounting unl&ss the Trustee Governors either intend to Ilquldale the tharllable company or lo cease operallons, or havo no realistic allemative but lo do so. Audltor's re8pon8lbllltl&s for the audlt of the flnanclal statemgnts Our objectlves are lo obtaln r8asonablg assurance about whether thè flnanclal stslemonls as a whob are free from materSal misslalernenl, whether due lo fraud or grror, and lo issue an audilorfs report that includes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audit Gonducted accordancB with ISAS {UKI will always dote¢t a malerial mlssiatemenl when it exists. Misslalements can arise from fraud or error and aro considered malerkgl if, individualty or in tho aggragate, they could reasonably be expected lo influence the ectsnomi¢ dacisions of users taken on the basis of these financial Slalemenls. Th8 extent lo whloh our procedures are capable of detecting Irregularities, inclvding fraud. 18 detsiled below. Extent to whlch the audlt wa8 consldorod copablo of detsctlng Irregularltlg8, includlng fraurl an understanding of the risk 888essmenl process (including the assessment of the risk of fraud) adopted by the Board is obtained and their allilude lo rlsk ascertalned. an assessment tsf the suscepllblllly to material mis-slalernenl of the financial slalemgnls as a result of managern￿l over-ride or fraud 18 made. il is ensured that the engagement team have, collectlvely. the appropriate comp8tgnce, Capabilities and skllls lo be Involved In the assignment, are fully briefed and undgrsland the risks specific to the charity. 16- NEW COLLEGE WORCESTER INDEPENDENT AUDITOR'S REPORT {CONTINUED TO THE MEMBERS OF NEW COLLEGE WORCESTER Audlt rg$pon$8 to rlsks Idonttflgd The information obtained through the ass9ssmenl lo risk procedures is revl&wed and the following work undertaken-. processes to lesl the otrtcomes of our assessment In¢lude, a revlew of Board mlnules, analyllcal review, the relevanc6 and accuracy of significant accounllng est]mates, subslanllve lesling of slgnlficant transactions, work lo identify unusual or unexpected accounting 8nlrie8 including the testing of joumal entries, inforrnalion disclosed in the financial statemen18 18 traced lo supporting documenlalion. In all inBlances il Is acknowledged that malerfal misslalemenls that aris& from fraud rnay involve deliborala concealment or collusion and arg, thergfrrg, by their very nature harder lo delect than those arislng from error. an understanding of the legal and regulatory fiamework as applicable to the charity is obtained together wtth knowledge of the procedures pul In place by the charlty In order lo comply wlh the same. It should b& noted that Aud￿ng standards limit the audit procedures requir6d lo identfy non-complianea with laws 8nd regulallons to enquiry of the directors and other management and the Inspectlon of regulatory and legal correspL)ndenca, If any. A further description of our responslbllilies is available on the FinBncial Reporting Council's websrte gt: https.'Il vJvM.frc.ory.uklaudKorsresponsibilttlos. This dgscrfptlon fomis part of our audllofs rgport. U$0 ol our roport This report Is made 501ety lo the charitable company's members, as a body. in accordance with Chapter 3 of Part 16 of tho Companies Act 2006. Our avdit work has bean undortaken $0 that we mlghl stale lo the charilatle company's members those mallers we are required lo slate lo Ihtstn in an auditor's report and for no other purpose. To the fullest extent perTllitted by law, we do not accept or a58ume re8pon8ibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for Ihis report. or for the opinions we hav f6 od. Elizabeth Needham ACA CTA IVAn Isenlor StahrtoryAuditor} for and on behalf of Kendall Wadley LLP 22 May 2026 Charter¥d Accountant¥ Slatutory Audltor Granta Lodge 71 Graham Road ma￿ern Worcestershire WR14 2JS 17- NEW COLLEGE WORCESTER STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST2025 Current year Unre$trl¢tsd Unr&$trlctsd Unrsstrlctsd Restrlctod Endowmont funds funds funds funds lund$ general Deslgnated Pension S¢h8mo Total 2025 Total 2024 Not88 Donations 8nd legacie8 Charitable actlvilles Olhor trading activities Investments Other income 474,746 5.503,130 333,827 808,573 2,403.746 5,503,130 6.407.994 1,753 57,029 5,828 17,251 368,449 17,251 368,449 Totsl income 6,363,830 333.827 6,697,457 8,876,150 Raising funds 77,965 12,408 90.373 21.446 Charitable activities 7,458,661 217,304 14,1100 110,262 7,800,227 7,763,450 Total expondlturo 7,536,628 229.712 14,000 110,262 7,890,600 7,784,896 Nel gains on investments 2,288 Net lexpenditurell Income before trdn$fers 11,172,996} 1229.712) 114.000) 223,565 {1,193,1431 1,093.542 Tr8nsfers behveen funds 14 847,936 {597,890> 44.000 (294.04ei Not lexp•ndltur•)Mn¢omg 1325,060) (827,602) 130,0001 170.4811 11,193,143) 1,093,542 Other re¢ognl$gd 1103809) Actuarial loss on defined benefit penslon schemes 1645,000) 1645,0001 I13,￿0) Net movement In fund8 1325,060) 1827,e021 1815,0(Kll 170.481} {1,838,143) 1,080.542 Total fund8 brought lon￿ard 382,736 16,279,284 {319,(N)01 358,585 548,137 17,249,742 16,169,200 Total funds caffiod forward 57,676 15,451,682 1934,000} 288,104 548.137 15,411,599 17,249,742 18- NEW COLLEGE WORCESTER STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Prlor yfyar Unrestricted Unrestrlctod Unr•strlcted Rostri¢tsd Endowment funds funds funds fund$ fund¥ general Designatsd Penslon Sch&m& Total 2024 Notos Donallon8 and legacies Charitabl8 aCti￿111eS Other tr8dlng activllies Invèslm&n15 Other Sncomg 2,115,271 8,252,955 288.475 155.039 2,403,746 6,407,994 1,753 45,181 5.828 1.753 57,029 5,628 11.868 Total Incomo 8,420.768 455,382 8,876,150 Raising funds 10,055 11,391 21,446 Charftable act1v￿@s 7,333,958 283,864 18,000 127,628 7,763,450 Totsl expendltsre 7.344,013 295,255 18,000 127,628 7,784,896 Nel gainslllossos) on investrnents 299 3,1X)5 If,0161 2,288 Ngt loxpendlturfjll incomè b&fore transf•r8 1.077,054 {295.255) 118.000) 330.759 11.016) 1.093.542 Transfers between funds 14 (1.427.267) 1,850.512 43.000 (466,245) Net In¢omellexpenditurel 1350,213) 1,555,257 25,000 (135,4861 11,0181 1,093,542 Othor recognl$ed1108ses> Aduarlal1088 011 23 dofined benofit penslon schemes (13,0001 113,0001 Not movement In fund$ 1350,213) 1,555,257 12,000 {135.4861 {I,Q161 1,080.542 Total funds brought fomard 732,949 14,724,027 1331,0001 494,071 549.153 16.169,200 To*al funds carkied foNard 382.736 16,279.284 1319,000) 358,585 548,137 17,249,742 19- NEW COLLEGE WORCESTER BALANCE SHEET ASAT31 AUGUST2025 2025 2024 Nolos FExod a¥s6ts Tanglble assgls Currgnt asset$ Debtors Cash at bank and Sn hAnd 15 15,451,682 15.879,264 16 333,343 2.471,751 1,529,783 2.254,009 2.805.094 3,783,792 Cr•dltors: amount8 falllng wlthln on8 y•ar 17 11,784,619> {1,943,0641 Not (yjrrenl 8$88ts 1.020,475 1,840.738 Total asststs lass ¢uFr8nt IlablllU6S 1fj,472,157 17,720,022 ¢r*ditor8: amounts falllng duo after more than on6 yèar 18 1126.5581 {15t,2801 Provlslons tor Ilabllltles {934.0001 {3t9.0001 Total net a8sèts 15,411,599 17.249.742 Capltal lund¥ Adowmantfund8 548,137 548,137 Ineome fund¥ Reglrlcttrd funds unre8￿ctOd funds Unre8trlcled funds- Dts￿gn8ted Unrestricted funds- Gènaral Unrestrt¢ted funds- Pen8ton Scheme 25 288,104 358,58S 26 15,451,682 67,676 1934,000) 16.279,284 382.738 1319,0001 Total tsnrè$trlGtsd funds 14.57S,358 16,343,020 15,411.599 17,249.742 The accounts were appmved by lh6 Tru8to0 Gov8rnots on 29 April 2026 Mrs P Dyson Trusts8 Company Raglstratlon No. 06053218 -20- NEW COLLEGE WORCESTER STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST2025 2025 2024 Note8 Cash flows from operatlng acllvlllo$ Cash generated from operations 30 70,629 852,124 Inv8$tlng a¢tivitl•$ Purthase of lanaible fixed assets Proceeds from dlsposal of tangible fIxed assets Purchase of investments Procèeds from disposal of investments Investment incomè recelved 1557,018} (1.182.298) 754,908 176,5491 792,356 57,029 17,251 Net Cash gan•rat•d fromllusod Inl Invfrstlng acWvltle$ 215,141 1389.4621 Financing activities Repayment of bank loans Repayment of pension fund dellcil Paymonl of obligalSons under financ& leases 114,4701 144,0001 19,558) 113,0141 143,0001 19.55n Net cash used In flnanclng actlvltles {68,028) {65,571} Not In¢rea$e in ¢￿h and cash equivalents 217.742 397,091 Cash and Qash gquivabnls al beylnning of year 2,254,009 1,856,918 Catsh and cash equlvalents at end of year 2,471.751 2,254,009 21 NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2025 A¢counUng pollclog Company inforniation New College Worcester 15 a private company limited by guarantae incorporated in England and Wales l¢ompany number.. 060532181 and a charity registered in England and Wales l¢h8rity number.. 111837n. The r8glst&red office is New College Worcester, Whlltinglon Road, Worcesler, WR5 2JX. 1.1 A¢¢ounting convention Th8 financial slalemenls have been prepared in accord8n¢e wkth thè charitable company's goveming document, the Companies Act 2006 and "Accounting and Reporting by Charities.. Slalemenl of Recornmended Practi¢6 appllcabla lo charllies preparing their accounts in accordance wllh the FinancAal Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 (effective 1 January 2019) (Charities SORP IFRS1021)" the Financial Reporting Standard applicabla in the UK and Republic irf Iraland {FRS1021. Tha ¢harilablo ¢ompany is a Public Benafil Enlily as defined by FRS 102. Tho Ilnancial slatements are prepared In sterfing, which is the functlonal currenw of tho charitable company. Monetary amounts in these financial slalÉm9nts are roundad lo the nearest £. The flnan¢ial statements have been prepared under the hisloriczl cost convenlon, modified lo Indude tho tevaluallon of cortain IInancial instruments al lair value. The prinapal accounting policies 8dopl8d are set out below. 1.2 Going ¢oncorn Al the lime ol approving the financial slalements, the Trustee Govemors h8Vg a raasonable expectation that the charitable company has adequate resources Ic* continue in operational existènee for the foreseeable future and that thore no material uncertainties abtsut its ability lo continue. Thus th6 Trustee Governors continue lo adopt the going cOn￿rn basls of ac¢ounling In preparing tho financial statement5. The Busln9ss Reposilloning Programme undertaken ovar tho la8t Iwo years has rgduce(I base-ling operating C08ts by approx. £1.5m, In¢rèas8d f¢Ès rèalistically and subsequently lowered the sludent numbgrs break- èvgn poslllon to around 61-65 students, compared ltr 75-80 students prèviously. Desplle this, because of tha lower-than-expected sludenl numbers for FY2025f26, slartlng off in September 2025 with only 49 sludgnts, the Governing Body decided lo instigate a Merger, Acquisition & Sales {M4&SI prwoss to find a suitable partnor for New Cdlege Worcester (NCW. Even wlh the highly thought of rev8mped sludenl accornmodalion and a "Good" Residential Ofslefl Grado and "Good to Oulslanding" Educational Of81ed Grades Student numbers had fallen dramatically. Thi8 fall in sludtrnl numbers is mostly down lo the general political educational enwronmenl which aims vary much lo °Slay Main51ream, Slay Local. wllh additional funding going lo mainstream schools lo accornmodal? Spe¢i81 Edu¢alional Needs ISEN) students, including Visually Impaired IVII students, many of whom would have tradillonauy bean educalod al NCW. Local Authoriligs (LAS) are also slowing up the process of enrolment lo speclal schools by taking each case lo a Tribunal and $811ing the tribunal dales into their ￿lUTe financial years- NCW had 8 tribunals outstanding al the start of Seplemb6r 2Q25 some of which were put back lo May 2026. If these 8 8ludonls had Start￿ at NCW in Saplember 25 il would of given us 57 students and an gxlra £1.1m turnover- NCW has a 90Q SUC¢oss rale al tribunals. Governors fèll that the b88t way of incre9$1ng sludgnt nUm￿r$ back to the Campus'8 potential of ￿100 students was lo seek a merger partner who Could help us wid@n our offer and attract additional type8 of students and their funding lo the slle. filh the current sludenl numbers the Colleyo c8s￿FI0W remains positive until May 2027 with the further options of selllng land and buildings. One strip of land has been Identified and valued al £1.Sm by three different estatè aggnls and could b9 sold quickly if needed lo extend our Ca8h Flow remaining po$iiwg into 2028. -22- NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 Accountlng pollclos {Contlnu•d) Tho MA&S proce$5 is belng overseen by FRP Advisory, a 5peciali3t fim in this area, and the aim is lo complete a Merger, Acqui811ion or Sale by 31slAugusl 2026 with an agreed tirneline very much on course. Because of the above actions Governors are certain that New College Worcgsler wll remain In operation on the current Campus as a GoIng-COn￿rn. albell with the addttlon of non-vl sludenl8 on-slle and NCW operallng under an umbrella of another onllty such as a MAT. 1.3 CharltaF)l• fund$ Unrestrialed funds are available for use at the discretion of the TNsteè Govemors In furtheranc& of their charllab16 obS8etivas unless tha funds h8va be8n deslgnal@d for other purposes. Designated ftjnds eomprise ftjnds whi¢h have been sel asid& al the dls¢rellon of the Trustee G0vem￿S for Spgcllic purposes. Th& purposes and usgs of Ihg designated funds are Sel out In the notes lo the accounts. Restrlolod lunds ara subject lo spgcific condS1ions by donors as to how Ihoy may be used. Tho purp)ses and uses of the restrl¢ted funds 8re s&1 out in the notes lo the financial slatoments. Expendable endowment funds are subject to spedflc condlllons by donors that the fund8 must be invested Its produ￿ income by the charitable company. 1.4 Income Income18 recognl8ed when th8 ¢harltabl8 ￿MpanY l¥1ogally 8nlRled toll aftèr any perfomiance LX)ndlllons have been mal, thè amounts can be measured reliably, and il is probable that income will be received. Ca8h donations are recognlsed on receipt. Other donations are recognised once the charitable company has been notified of the donation, unless perfonnance conditions require defarral of the amount. Income lax recoverable in relation lo donations received under Gift Aid or deeds tsf cov6nant is recognised al th6 lime of Ihg donallon. Government grant income is ree£)gnised on a receivable basis. Where income is received in advance of meeting any performance related conditions income is deferred unll the perfomiance conditlons are met. LegarAes are recognised on re￿Ipl or otherwise if the charitable company has been notified of an impending dislributlon, the amount is known, and receipt is exp6cled. If the amount is not known, Ihe18gacy Is Irealed as a contingent as8el. Re8lrided grant Incom6 Is racognls8d on a ￿e￿1Vable ba818. Unrestricted grant incorn618 recognlsed over the period lo which it relales. School fees are recognlsed during the 8th001 lenn lo whioh Ihoy relate. Inv981menl Incomo Is rocognised on a r8celvablo basls. Other Income 18 recogni8ed on a r8celvable ba818 overthè period lo whlth it relates. 1.5 ExpendiiuTe Expenditure is recognised once there is a legal tsr Conslwclive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in selllernenl. and the amount of the obllgatlon CAn be measured reliably. Expgndiluro 18 dassili&d by 8allvity. The eosls of each aclÉvty 8ra madg up of Ihg total of dIr￿t costs and Shared costs, including support costs Involved In undertaklng each activity. Direct costs allribulable lo a slngla activity are allocated directty to that activity. Shared costs which contribute to more than one actiwty and support costs which are not attributable to a single activity are apportioned belween those activitles on a basis consSslent wlth tha use of r8sour¢es. Central staff costs ar8 allocated on the bas18 of Ilma 8p&nt, and depreciation charges are allocated on th8 portion of the as5el's use. -23- NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST2025 Accoun￿rt9 pollcles (Continuedl All expendviure is aecounled for on an accruals basis. Expendllure on ralsing funds rglates lo gxpendlknre dSrocdy attributable to ￿ndraising aclivrties. Chari18ble expenditure comprfsos Ihtsse c08ts dlrectly allributsble lo the Charllable Company's work. Governance costs comprise the costs which are directly attributable lo the management of the Charitablg Company's assets, organisalional procedures and the necessary legal procedures for compllance with stalulory requlrements. Governance costs have been allocated to academic charitable actwitie5. Support ￿$15 ale apportioned ov9r the charltable a¢UvlUes of the Charitable Company on a percerftage of staff co818 ba818. Poslaga and slaliollery and computer costs are apportioned belwotrn acadernlc and support Costs based on estimated usage prior lo the apportionment of support costs be￿een the charitable a¢ttville$ of the Charitable Company. 1.6 Tanglblè flxèd as8•ts Assets cosb'ng £1,000 or more are capitalised. Tangiblo fixed assets other than froohold land ar& stated at ￿6110$$ depreGlallon. DeprerAalion is recognlsed $0 8S to write off the cost or valuation of assets less their residual values over their useful lives on the following ba58S'. Freohold land Frgahold buildings IT Equipment Fixture and Filllngs Motor Vohides is not depreciated slraighl line basis over 50 years slraighl line basis over 5 years straight line basis over 5 years or 10 year8 slralght line ba81s over 5 years The gain or loss arislng on the di$p0s81 of an assgt is detarniin8d as th8 difference b&tween the sale proceeds and the carrylng value of the asset. and18 recognlsed in the statement of finandal advih'e8. 1.7 Impalrm•nt of flxed assèts Al each reporting end dale, the charkable oompany reviews the carrying amounts of ils tangIb￿ asset8 to determine whether there Is any indi¢alion that those 88s8ls have suffered an Smpaimienl loss. If any such indication exists, the recoverable amount of the asset is eslimaled in order lo delemilne the extent of the Impairment loss Irf enyl. 1.8 Cash and cash gquivalents Cash and cash equnialenls include cash in hand, deposit5 held at call wth banks, other short-l&rm Ilquid investments with ori9inal maturities of three months or less. 1.9 Flnanclal Instruments The charitabl8 company onty has flnancial assets and financlal liabililios of a kind that quallfy as basi¢ finanaal instruments. Basic financial instruments are initially recognised al Iransactlon value and subsequenly moa8ured al their selllemenl valuo. NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 Accounting policies (Continued) Debtor8 Trade and other debtors are recognised Bt the settlement amount after any trade discount offered. Prepaymonts are valued al tho amount prgpald ng1 of any trada dis¢ounls dug. Llabllltles Liabilities are recognised where there 58 an obligation al the Bal8nce Sheet dale as a result of a past &venl, il Is probable that a transfer of economic benefit will be required in settlement, and the amount of Ihg selttemenl can ba estimated reliably. Liabilities are recognised al the amount that the charitable company anlicipales il wlll pay to sottlo the debt or the amount il has received a$ advanoed payments for the goods or services il musl provide. 1.10 Employee beneflts The cost of any unused holiday enlrtloment Is recognlsed In the perlod In whlth the employee's Ser￿CeS are rgceSved. Termlnatlon benefSts are re¢ognised immediately as an expense when the charitable ¢ompany is demonstrably committed lo t8m)inale the employmont ol an ernployoe or lo provlde termlnalion bonefils. 1.11 Retlrement benefits The charitable company operates deflned benefll penslon schem&8. The Teachers, Pension Scheme fomis part of a mullkemployer scheme and. therefore, il is unabl& to identify Ils share of the underlylng assets and liabilitses in the scheme on a con818tent and rellable basls. As such the conlribulion5 are accounted for a$ if the sch8wn8 ware definad contribution and charged as they becomo payable. The Pen5iori8 Trust schemo also forms part of a mulli-employor schemg.1118 not possible for the company lo obtain 8ufficienl information to enable il lo a￿0￿￿1 for the scheme as a defined benefit scheme. Therefore il accounts for the sptheme as a defined conlributs'on 8ch8me. The schom$18 classlfied as a'last-man stsnding arrangement,. Therefore the company Is potenllally Ilable for other participating employer8, obllgallons if ihosg employer8 are unable lo meet Ihelr share of th8 scheme deficit following withdrawal from the 8theme. Participating employeT8 are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme. here the scheme 1$ In dofi¢il and where the company has 8gr8ed lo a deficit fundlng arrangemgnl Ihe company recogni8es a liability foi thi8 obllgallon. The amount re￿gnI8ed 18 the nel pre8enl value of the deficit reduction wntributions payable under the agresmenl that relates lo the delicil. The present value (s Calculat￿ using the disctsunl rate detailed in these disclosures. The unwinding of the discount rale is r&cognis&d a8 8 finance cost. 1.12 Leas•8 Loases are classrfied as finance leases whenever the terms of the lease transfer subslanlially all the risk5 and rewards of ownershlp lo the lessees. All other leases are cla8slfied as operallng leases. Assets held under finance leases are recognised as assets al the lower of the assets fair value al the dale of ineEplion and the present value of the minimum lea8e payments. The related liabilrfcy is included In the balance sh891 as a finance lease obllgallon. Lease payments are treated as conslsling of capllal and interest elements. The interest is charged lo n&1 incomellexpendilurel for the year 8ts as to Pfoduce a cOnSt￿t perlodic rale of Interest on the remalnlng balanc8 of the liabllity. 25- NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 AUGusf2025 crftlcal accountlng e8tlmate8 and Judgements In the application of the charitable company's accounting policies, the Trustee GovernoTS afe required lo make judgtsmen18, eslimales and assumptions about the Carrylng amount of assèts and liabili11es that are not readily apparent from other sources. The estirnales and associated assumptions are basad on historical experienca and other factors that are considered lo be relevant. Actual resuf(s may dtffer from thtsse &sllmate$. The eslimales and underlying assumplltsns arts reviewed on an ongoing basis. Revisions lo accounting estimates are recognised in the perlod in which the estimate Is revlsed where the revision affects only that pariod, or In the period of the rewsSon and fuluro periods wh8rg the remsion affects both current and futuro periods. Depreciation is based on judgem8nl of the useful economic life and resldual value of assals bas8d on hlsltsrical expari&nc6. Details of dap￿CIall0n ralas arg in nola 1.8 above. ion Sche Whara the scheme is in deficit and where the company has agreed lo a deficf( funding 8rrangem6nt the company recognises a1Sabilily for this obligation. The amount recognised is the nel present value of the deficit reduc(ion contributions payable under the agreement that relates lo thè deficit. The present value is calculated using the discount rale detailed in note 23. The discount rates used are thè equlvalenl single discount rates whlch, when used to discount the fvlure recovery plan contributions due, would give the same r88uIts as using full AA corporate bond yield ¢urve lo di$¢ounl the same recovery plan contributions. -2e- NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 Donations and legacle5 Unre8tri¢tèd R•$trl¢tsd fund¥ fund8 general Total 2025 Total 2024 Donatlons and gifts Legaaes roceivablo Other speLifled income as b81ow 28,944 404,932 40.870 14,855 43,599 28,323 404,932 1,968,108 360,042 407,315 319,172 474,746 333,827 808,573 2,403,746 Forth& y&argndod 31 Auyust2024 2,115,271 288,475 2,403,746 Unrè8trl¢t8d Re8trlctsd fund8 fund8 g6n8rn1 Total 2026 Total 2024 Grants rg¢0ivabl¢ for ¢or• a¢tlvltlgS ESFA Corg fundlng grants OSF Active Partnership ESFA Grants Devolved Forrnula Capital Granllschool Condition Grant Vinchel Foundation Pupil Premium Funding Recovery Grant Lighlmongers Affillatlon Tutoring grant The Michael Marsh Charitable Trusl Low ￿Slan ald funding Glow Maths Tos¢o Worcestershire County Council DMF Ellis Charllable Trust Baron Dav6nporVs Charity National Lollery Community Fund The Percy 8iIton Trust Richard Cadbury Trust The Eveson Trust Ulver8croft Foundallon Thè Salnlbury Trust The Powell Famlly Foundation WO Slr&el Charitable Foundation Th& lfjldare Trust Edward Cadbury Charilablg TTU8t 40,870 40,870 8.432 129,675 4,951 1,453 8,432 74,703 160,000 14,778 18,492 7,000 {3.737) 160.000 13.650 18D.QOO 13.650 7.000 7,000 1.500 10,000 2,000 2,000 5,635 3,500 1,000 18,500 4,610 500 20,000 19,000 3,000 5,000 1,500 25,00 1,500 10,000 2,000 2,000 5,635 3,500 1,000 18,500 4,610 500 20,000 19,000 3,000 5.000 1,500 25,000 5.000 40,870 319,172 360.042 407.315 27- NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Fundral8lng activities 2025 2024 Olherfundraising in¢ome 54 1,753 Invoskngnt$ Unre8trlcted Restrlcted fund8 fvnds gènèr81 Total 2026 Totsl 2024 Swimrning pool and other hira Income frotn listed inv8slmenls Inl&resl ro¢8lvable 7,220 7,220 34,947 13,252 8,830 10,031 10,031 17,251 17,251 57,029 Forthe year ended 31 Augu8t 2024 45,161 11,868 57,029 Hire Income and inler8sl r8¢elvable on cash balancas are recognised on a r￿1Vable bas18 and ac¢Nè lo general r8v8nue. -29- NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 Other income 2025 2024 Other Ino)me Input VAT recovered 5,235 363.214 5,628 368,449 5,628 Ralging funds Unr08tr1ctod Unrgstrictsd funds funds general De8lgnatsd Total 2025 Total 2024 Fundraising Strategy Planning Fundraising a¢tlvi1188 expenditure- laaverfs dinner Staff costs Deprecialion 22,326 22,326 3,444 5,500 50.139 12,408 6,611 50,139 12,408 11,391 Fundralsing and publicity 77,965 12,408 90.373 21,446 Forthe yoar •nded 31 August 2024 Fundraising and publicity 10,055 11,391 21.446 30- NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 Charitable activltie ToachlngStud8nt ¢aro Kltch•n and domestic Spo¢lflc pury)ose projects Total 2025 Total 2024 Staff costs Dgpredallon Staff Iralning Agency staff costs Books and materials Outdoor pursuits Educatlonal ￿sIts student extarnal wursfys Postage and slaliongry Computer costs Repairs and mainlanance Sundry Subscrlpllons Prizes for students Examination fÈes medic￿ costs Cleaning Food Costs Outreach Collego lrnprovomenl Plan Restricted fund projects Pension fund inlerast 3,454,070 1.210.064 149,312 22,049 100,585 9,046 241.866 359,878 22,048 5,024,010 217,304 109,631 241,8e6 49.429 3,130 13.838 1Q,883 31.121 11.185 5.103,028 283.864 57.654 23,895 49,429 3,130 13,838 10,883 31,121 11,185 22.617 123 39,273 6.755 30,685 8,736 85,558 10,155 30,369 582 11,078 85,556 25,917 30,369 582 11,D78 28,109 9,442 77,088 132 196,750 19,553 33,332 452 16,538 2,330 10,647 87,568 278 15.762 28,109 9.442 77.088 132 775 54,035 18,00 76,763 76,763 14,oori 14,000 3.975,293 1,526,8 468,454 100,790 6,071,433 5,992,993 Share of support ¢0818 (see note 101 Share of governance costs (see note 101 714,878 247,911 73,716 1,036.505 1,404,041 892,289 892,289 366,416 5.382,460 1.774,807 542.170 1{￿.790 7,800,227 7,763,450 31 NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 Charitable a¢tlvltl Icontlnuedl Anatysls by fund Unrestricted funds- general Unreslr4cIBd funds- Designalad Unrestn'ctad fvnds- penslon Re51rf¢ted funds 5,185.649 1,752,758 S20,122 132 7,458,661 149,312 22,049 22,048 23,895 217.304 14.000 33,499 14.000 110.262 76,783 5,382,460 1,774.807 542,170 100,790 7,800,227 For thè year ended 31 Augu$t 2024 Unrestricted fund8- g&neral Unrestricted ￿nd8- Designated Unrestricted fvnds- pension Restricted fijnds 4.655,437 2.156,102 519,366 1,053 7,333,958 191,331 33,148 33,148 28,237 283,864 18,000 73.593 18,000 127,628 54.035 4,938.361 2,191,250 552.514 81,325 7,763,450 32- NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 10 Support costs Support Gtyvemance costs costs 2025 2024 Staff costs Adminislralion staff training Prgmises repairs and malnlenance Rates and water Heal and light Insuran Transport costs Postage and slalionery Telephone Equipment repalrs and malntanance Computer oosts Sundry expenses Adverts for recruilrnent of staff Marketing of the activities of the school Loan Interest Olh8r interest Audlt and accountancy Legal and professional fees Bank charges Investment rnanagemenl fees Rgcwllment 476,156 13,370 91,712 18.330 189.933 76,177 12,644 8,068 12,441 12,668 99,525 3,056 3,656 5,468 11,235 2.066 40.826 518.782 13.370 91.712 18,330 189,933 76,177 12,6LM 8,068 12,441 12,668 99,525 3,056 3,656 5,466 11,235 2,066 25,150 816,594 3.537 775,447 7,910 130,103 17,853 238,060 63,643 20,900 12.571 19.192 11,832 64,882 5.226 26,943 16,843 13,312 2,066 10,140 319,865 1,892 3,303 8,474 25,150 616,594 3,537 8,382 8,382 1.036,505 692,289 1,728.794 1,770,457 Analysed betsyeen Charitsble actmlies 1.036,505 692,289 1,728,794 1,770,457 Postage and slallonery, and computer costs 8re apportloned b&tween academic and support Costs based on esllmaled usag& prior to the appointment of support costs be￿08n tho charflable aclivilles of the Charllable Company. other support costs ar& apportitsned over tho charitable acliwties of the Charilablg Company on a percentage of staff costs ba818. -33- NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 10 Support costs (Continued) Legal and professlonal fees includ8s the following-. 2025 2024 Slrat6gic planning consultant Projact accounlant Pension and employment advice Communicatlon consultancy Property and valuation advice Management information and Xero setup costs Local authority appeals advice otheT profe88ional s6nriees 112,467 38,633 246,303 159,009 34,200 46,809 37,610 34,611 11,490 45,700 89,780 16,636 2,592 60.619 616,594 319.865 Included in staff costs 18 £40.62612024.' £22,742) for company secretarial and govemance lime. Governan¢o costs includes payments lo the auditors of £25.150 12024-. £10.1401 for audit fees, £400 {2024'. £400) for other assurance seNces and £11,090 {2024'. £2,192) foi other non audit sorvicgs. 11 Trustsos. Romuneration and Exp¥n588 One Iruslee has beon paid r&mun8ralion or has received other bgnafits from employment with the ¢harily. The Prlnclpal only receives remuneral'on in raspect of se¥vlce8 3he provides undertaking the role of Pr￿cIpal under her ¢onlract of employment. Th& value ol Iruslees, rèmuneration and olher benefi'ts was 89 follows.. Mrs R Pèrks (Prfncipal and Trusleal. Remuneration £11S,902 12Q24.' £108.2711 and Employers Pension Contrtbutions £33,241 12024.. £27,622). During the year trustees, expenses of £5,051 12024.. £4,841} wer& raimbursed lo 3 Iruslee$12024.' 3 trusiees}. Expanses related to travel, hospitallly, room hire, training and other small sundry expenses. NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 12 Employees Numbèr Of omploy The averaga monthly number of employees durlng the year was= 2025 Numbgr 2024 Number Acadomic Care Domestic Adminisiration 76 34 23 18 76 52 24 18 151 170 Employment costs 2025 2024 Wages and salaries Social security costs Other pension costs 4,362,290 477,079 751,562 4,466,573 393,045 1,018.857 5.590,931 5,878.475 The number of employees whose annual remuneratlon was £60,000 or more were-. 2026 Number 2024 Number £60,001- £70,000 £70,001- £80,000 £80,001- £90,000 £100,001 . £110,000 £110,001- £120,000 Of the employges vthoso emoluments èxceed £60,000, all employe@s have retlremènl benefits accrulng under mulli-employer defined benefit pension schem6s. Total employer penslons contributions for thg ygar for these employees amounted lo £165,65412024.' £132,460). Included in wages and salaries redundancy costs of £nil12024'. £166,856). Ktry management personnel is defined as the P￿￿0￿paI, Mc8 Principal, Assistant PrlnGlpal$, Dirgdor of Residential, Head of Outreach & Eduealion Co-ordinator, Slraleic Lead- Slud6nt Wellbelng and Designatèd Safeguarding Lead and Dlrector of Flnance. The total employee benefits of tho key management personnel wgro £845,29712024.. £785,613>. 13 Taxatlon The charity is exgmpt from tax8llon on Its actthlies because all ts Income 1$ applled for charitable purposes. -35- NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 AUGUST 2025 14 Trart#f•rn During the year £44,000 12024.. £43,0￿) was released from unrestricted funds lo the Pen$lon Scheme reserve. Additionally, £294,04612024.' £466,245) was transferred from reslricled funds lo unrestricted funds to represanl the assets purchasad from reslri¢ted funds. £197,890 was transferred from the designated fund lo equate the carry foNard fund balance lo the value of tangible fixed ass&ls {2024'. £1,850,512 was transferred into designated fund81. Addltionalty the £400,000 fund designated for PTOP8rty refurblshmenl w88 transferred lo the unraslricled fund now th8 refurbishrnenl programme is compl910. IS Tanglble flxed assets Freehold land IT Equlpment nd bulldlnos P￿￿Ta and Flttlng$ M¢)tor Vehlcl08 T¢)tsl Cost Al 1 September 2024 Additions Disposals 15,731.038 979,643 1,170,562 114,967 17,996,210 380.285 67,189 90,877 18,867 557,018 1888.5001 1375,012) (3,584} {20,3341 11,087,430) At 31 August 2025 15,422,823 671,820 1,257,855 113,300 17.465.798 DeprecSatlon Al 1 September 2024 Dep￿CIatiOn charged in the year Eliminated in respect of disposals 857,861 118,4721 84,008 706,232 98,358 1375,0121 460,365 92,468 2,116.928 137,746 12.080 229,712 13,5841 (17,9341 1332,5221 Al 31 August 2025 903,397 429,578 594,527 86,614 2,014,116 Cairylng amount Al 31 August 2025 14,519,426 242,242 683,328 28,688 15,451,682 Al 31 August 2024 14,873,177 273,411 710,197 22,499 15,879.284 Inctuded in18nd and buildings 18 freehdd land with a nel book value of £164,000. During the y&ar ended 31 March 2008 Irusltreship of18nd and buildings of market value of £12,520,425 was transferred from Royal National Inslilule of Blind People and ils subsidlary RNIB SeTvices Limlled to New College Worcester, subject to a capital recovery deed whereby if the property is sold prior lo 8 jur￿ 2028, which would require written consent and confirmation that tho ¢onsiderallon of such a sale is not below market value from RN18. then the Charitable Company shall pay RNIB the lower of 82QA of the consideration of sale plus VAT and £5,000,OflO plus VAT. In 2021. a deed of variatlon was entered into and, by agreement wlh RNIB, proceeds of a pemiitted dlsposal m8y b6 invested into altemalive premises that dglivar seNices lo the blind and partially sighted. NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 16 Debtors 2025 2024 Amounts falllng due wlthln on• year, Trade dgblor8 Other debtors Prepaympnl$ and 8¢¢rued Income 128,314 148,931 56,098 145 1,471,9e6 57,672 333.343 1,529,783 17 Credltors: amounts falllng due wlthln one year 2025 2024 Nots$ Bank loans Trade or8dllors Other laxalion and soolal 8e¢urfly Other creditor8 Accruals Deferred Ineome Obligations und&r finance leases 20 14.304 101,298 288,352 26,846 208,988 1,135,743 9,Q88 13,140 573,815 79,968 155,826 427,286 683,461 9,558 21 19 1,784,619 1.943.054 18 Credltorn: amounts falling due after moro than one year 2025 2024 Nots$ Loans and overdrafts Obligations under flnance leases 20 19 126,558 142.192 9.088 126,558 151.280 19 Finance lease obllgatlons Future minlmum le88& paymen18 due under finance l&ases'. 2025 2024 thln one year 'Ihin and )Ive years 9,088 9,558 9,088 9,088 18,848 -37- NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 20 Loans and oYerdrnft8 2025 2024 Bank loans 140,882 155,332 Payable wrfthin ong yaar Payable after on$ y&ar 14,304 126,558 13,140 142,192 Amount$ included above which fall due aftèr five years: Payable by inslalmenls 38,089 52,560 21 Dèfvrr&d In¢om& 2025 2024 oth&r deferred income 1,135,743 683.461 2026 2024 School foe inwme ￿ceiVed in advancg Ski tsip income received In advance 1,128,983 6,780 679,086 4,375 1,135,743 683,461 Def8rred Incom9 is included in the linancAal stslemenls as follows.. 2025 2024 Deferred income is induded wthin.. Current liabilities 1.135,743 883,481 Movements in the year.. Deferred income at 1 SeplembeT 2024 Released from previouB periods Resources deferred in the yoar 683,461 {683,4611 1,135,743 438,470 (438,470) 683,461 Doferred incomè al 31 August 2025 1,13S,743 883.461 -38- NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEPJiENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 22 Provlsions for liabilities 2025 2024 Notes Rgllremenl bonefil obligations 23 934,OOQI 319,000 934,(MJO 319,000 23 Rotlrament bonoflt schemes T&achord' Penslon Schtrmè The T8a¢h8rs' Pension Sch&me ITPSI is a stalulory, contributory, deflned bentsfll schom8, governed by the Teathars, Pension Sthtrme Regulations 2014. Membership is automatic for teacher& All leacherB hav& the option lo opl.oul of the TPS followlng tsnrolmenl. The TPS is an unfunded scheme to which both the member and emptoyar makas contributions, as a percentage of salary - thes& ¢onlribulions are ¢redited to the Exchoquer. Rellrement and other p&nsk)n beneflls are pald by publlc fvnds provided by PadlamenL Valuation of the Teachers. Penslon Scheme The Govemmenl Actuary, using normal actuarial principl&s. conducts a fomal actuarial rovt8w of the TPS In accordance with the Public Service Pensions Ivaluations and Employer Cc>st Capl Direolions 2014 published by HM Treasury every 4 y6ars. Tha aim of the review Is to ensure s¢hame co818 are reeognised and managed appropriately and the review specifies the level of future conlribulions. Actuarial scheme valuations are dependent on assumptions about the valuo of future costs, dgslgn of benefits and many other factors. The latest actuarial valuation of tha TPS was carriÈd out as a131 March 2020. The valuallon report was published by the Department for Educallon ot) 27 October 2023, wllh the SCAPE rate, Set by HMT, applying a notional inve51menl relum based on 1.70/0 above the rale of CPI. The key elements of the valuation outcome are.. Employer ¢ontribulion ralfys sel al 28.68Qfi of pansionable pay lincludlng a 0.080k admlnislralion levy}. This 1$ an In¢roase of 5¢h employer conlribulk)ns and the Cost control result is suth that no change in m￿ber ban8fi1s is needed. Total scheme liabilities (pensions Gurrendy in payment and the estimat¢d cost of future beneffllsl for service lo th$ effecllve data of £262,000 mS11ion and notional assots lestimaled future conlrfbullon8 log8lhèr wlth th& nolional investrnen18 held at the valuation dale) of £222,200 million, giving a notional past semce deficit of £39,800 mlllion. Tha result of this valuation was implemènted from 1 Aprfl 2024.Th8 next valuallon result Is due lo Implemented from l Apill 2027. The employeRs pension costs paid to TPS in the period amtsunted to £510,856 {2024.' £415,903). A copy of the valuation report and 8upporting documentation 18 on the Teachers, Pensions websf(e. Under the definitions set out in FRS 102, the TPS 19 an unfunded Mult￿8MplOy8r pfjnsion scheme. The Charllable company is unable lo Identify ils share of the underlylng assets and liabilities of thè plan. Accordingly, the charflable company has taken advantage of the èxempllon in FRS 102 and has accounted for ils contributions lo the scheme as if il were a defined Gonlribulion schome. Thg ¢harltable oompany has $el out abova, th8 infom)ation available on tha schema. 39- NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 23 Retlrnmgnt beneflt schemos (Continuedl The Pension5 Tru$t Schpme The college p4rti¢lp8les in The Pansions Trust Independent Schools, Penslon Schem6, 3 multbemployer scheme which prO￿deS benofrts to some 51 non-assodaled employers. The scheme Is a defined benefrt scheme In the UK. It is not possible lor the company lo obtaln suffi¢ianl infomiation to enable it lo account for the schema as a defined benefit scheme. Therefore it accoun18 for th8 $¢h&me as a defined conlribuNon scherne. Tho scheme is subject to the fvnding legislation OLrtlined in the Pensions Act 2004 which came Into force on 30 December 2005. This, logelher with documents issued by the Pen8ions Regulator and Technical Actuarial Standards issued by the Financ131 Repordng Couneil, set out the framework foi funding dofined benefit oeeupational pension SGherne8 in the UK. The scheme Is dassrfied as a'lasl-man slandlng arrang6menl'. Therefore the company Is potentially liable for other participating employers, obllgallons Sf those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating &mploy8rs ar8 legally requirod to meet their shafa of the schoma defi¢il on an annuity purthase basis on withdrawal from the s¢heme. A fvll acAuarial valuation for th8 8ch&me was Carr1￿ out with an effoctive dale of 30 Septembar 2D23. This actuarial valuation was certified on 11 Decernber 2024 and showed ass&ts of £99.2m, liabilities of £151.Sm and a dèficit 01 £52.3m. To eliminate this funding shortfall, the Iruslees and the participating employers have agreed that addlllonal contribullons will be paid, In oombinalion from al gtnployers, to tha s¢home as follows= From 1 September 2025 to 31 January 2034 '. £6m per annum (payable monthly and incrèaslng by 34A on each 1st Sgplomberl. The scheme's previous valuation w88 ¢arri&d out with an effective dale of 30 Sopltsmbor 2020. This valuation showed assets of £2Q11.Im, liabilities of £256.3m and a defial of £55.2m. To eliminate thi5 funding shortfall, thg Trustee has asked the participating ernpbyer8 lo pay addlbonal contributions to the schem6 a8 follows.. From 1 September 2022 10 30 June 2032 '. £2.69m per annum Ipayable monthly and in¢rg8sing 3% on each 1st September). The recovery plan contributions are allocalad lo each participating ernptoyer in lin& with their estimated share of the scheme Ilabllllles. ere the 8chemè is In doficil and wher& the company has agreed lo a deficit funding arrangement the company reGognises a liabi1Sty for th58 obligation. The amount recognised is the nel present value of Ihg dèficlt reduction conlrlbutions payable under the agreèment that r8lalas lo the deficit. The present value is calculated using the dis¢ounl rale d8tall￿ in these disdosures. The unwinding of th& discount rale is recognised aB a finance cost. Key a$sumptlons 202S 2024 Dls¢ount rate {% per annuml 4.79% 4.680 Tho dis¢ounl rates shown above are the equivalent slngle discount rates which, when used lo dis¢ounl th6 future recovery plan contributions due, would glve the same results as using a full AA corporate borMI yield curve lo dlscounl Ihtr same rgcovery plan contrfbLJtlons. -40- NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 23 Retlrement benefSt schemo$ (Continued) Incom& and expondI￿re Impact 2025 2024 Rem?a8uremenlsw ammendmenty to the contribution schedule Inlèrost expenso Remeasurgm6nts- Impact of any ¢hangg in assumptlons 649,000 14,000 14,000) 18,000 13,000 Totsl c08ts 659,000 31,000 2025 2024 Pros8nl valu8 of provlslon 934,000 319,000 Re¢on¢lliation of openlng and closing provisions 2025 2024 Prowslon at start of perlod Remeasur6ments- ammandments to tha contrlbulion s¢hedule Remeasurements- impact of any chang& in assumptions Deficit contributions paid Unwinding of the discount factor (interest expgnsel 319,000 649,000 14,0001 144,0001 14,000 331.000 13,000 143,0001 18,000 Provi81on at end of perfod 934.￿0 319.000 -41- v)0 )r *n I NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2025 25 Restrl¢ted fund$ The restricted funds of the charity Comprise the unexpended balances of donallons and grants held on trust subject lo spe¢ffi¢ conditions by donors as lo how they may be used. Movèment In funds In¢om• Expondlturo Transfers Balance at 1 September 2024 Galn# and Balan¢e at 1108598131 AugU$t 2025 EFA Bursary Fund Grant Llghtmongers Affiliation Pupil Premium Funding Archive Fund Bransford Trust- Art The Beatri￿ Laing Tru81 IT Designated Fund Mental Health VICTA Vl Speciali81 EquSpmgnt nch81 Foundation DFE Maintenance COVID Re¢ovÉry Tre Mi¢hael Marsh Charitable Trust Low Vision Aid Funding Glow Maths Tesco Worcestershire County Council DMF Ellis Chsrilabl& Trust aron Davenport's Charty J Hobbin8 NalSon81 Lottery Community Fund The Percy Billon Trust Tutoring grant Awards forAII Sundry small reslricled lunds < £500 Pete & Thomas Just Glving OSF Year3 The Eveson Tw81 Ulverscroft Foundation The Sainlbury Trust 5.159 6,166 11,844 2,817 2,649 1,632 157,861 14,725 1,500 915 1,202 7,fj50 13,650 6,361 13.301 13.650 15151 111,8441 {2.8171 2,649 {1.6321 (30,7801 <14.7251 (60,2861 66,795 1,500 1915) {440) 1159.560} 17,215} 12,5441 160,(K)O 7,215 2.544 1.500 10,000 2,000 2,000 11,5001 10,000 2,000 1,000 11.000) 5,635 11,9581 3,677 3,500 12,0351 1,465 1.000 2,000 1,000 12,0001 18,500 4,610 {18,5001 11.7e81 2,842 1782) 5.813 782 5,813 990 2,263 13,133> 120 1.955 1,955 7,088 8,432 20,000 19,000 3,000 15791 {1,3331 {4121 1765} 118,687) 18,588 soo {2.5001 Clfwd 223,003 285.942 {84,595) {264.0461 160,304 NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGusf2025 26 R￿trICt&d fund8 Icontlnuadl Movement In funds IncomB Expondltur• Transftr Balance at I September 2024 Galns and Balance at IIoss88) 31 Augu$t 2025 Bthd The Powell Family Foundation In memory of S Reilly WO Street Charitable Foundatlon Th& Kllrlaro Tiust Edward Cadbury Charitable Trust 223,003 285,942 184,5951 1264.0461 160,304 5,000 11,385 12.785} 2,215 11,385 1,500 25,000 {1,5001 (25,0001 5.000 15,0001 Associatsd funds.. Tho ChaYltabl• Company as Tru8ts0 admlnlstors thos• funds und&rth•lr existlny trusts Additional Scholarship Fund Bonham Fund College Prrle Fund Do Cordova Fund ErS¢ Hamilton Tucker Trust Gulli¢k Boquost Hexlall Foundation Higby Fund SFholarship Foundafy'on 2,322 887 631 27,114 2,322 887 831 27.114 42,679 32,329 17,007 5,398 7,215 {21,3821 21,297 32,329 17,007 5,398 7,215 358,585 333,827 {110.262) 1294,0461 288,104 -4S- NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGusf2025 25 Rostrlcted funds (Con￿nued) Prioryear Movoment In funds Income Exp8nditurg Transfèrs Balance at 8gPt8mber 2023 Galns and Balance at 110s$0$131 August 2024 Devolved Fom)ula Capital Granvschool Condition Grant EFA Bursary Fund Grant Lighlmongers Affiliation Pupil Premium Funding Archive Fund Bransford Trust- Art The Beatrice Laing Trust IT Dèsignated Fund Mental Health VICTA Vl Specialist Equipment Vinchel Foundallon DFE Malnlenance Music Tour Minibus Actlvlty Week Play Equipmanl COVID Catch up Grant Orbit Braille Readers Residential refurb - Lower school Healing system SpecsfactorylBrillen Cadbury Charitable Trust COVID Recovery Tutoring giant Awards forAII Sundry small reslrlct8d funds < £500 Pete & Thomas Just Giving OSF ygar2 74,703 1.453 7.000 14,778 174,7031 3,706 5,159 6,166 11,844 2.817 2,649 1,832 157,861 14,725 1,500 915 18341 127,3321 24,398 2.817 2,649 1.832 105,239 14,725 1,500 915 14,479 7,215 2,975 744 155.042 11,6241 1100.7961 160,000 {174,4791 7.215 12,975} 17441 6,556 19041 2,270 18,8261 904 2,578 914 {2,5781 (914) 14,000 750 114,000) (7501 150,0001 150,0001 50,000 50,000 16.788 2,955 5,813 18,492 13,737) {34,716) 2,544 {7821 5,813 3,439 113 128} 12,5361 990 1,955 4.951 1,955 {4.9511 Cthvd 333,115 437.020 {80.887) {466,2451 223,003 NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 25 Restrlcted fvnds Icontinuedl Prfor year Movèm•nt In fund$ Bfvd 333,115 437,020 180.8871 1466,2451 223,003 Assoclatsd funds: Th• Choritable Company as Trustee administers these funds undor th•lr•xlstlng trusts Additional Scholarshlp Fund Bonham Fund College PrKze Fund De Cordova Fund Eric Hamilton TuL*6r Trust Gullick Bequest Hextall Foundation Hlgby Fund Scholarship Foundation 2,228 851 98 40 68 477 141 141 2,322 887 631 27.114 28,414 223 6e,289 35,722 16,675 5.256 6,958 14,854 2,306 226 85 208 140,7571 15,9841 2,293 285 106 57 49 42,679 32,329 17,007 5,398 7,215 494,071 455,382 1127,628} (486,2451 3.005 358,585 -47- NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 25 Restrfctsd lunds Icontlnuadl Details ol the Purpose of thè main re8trict&d funds are given below. A number of smaller value funds1<£500) alsc* exist arislng from donations from individuals or spec6fic funtl iaislng activities. EFA Bursary Fund Grant- Grant funding targeted for student experiencing the greatest financial disadvantages and l or course.related costs. Lightmongers Affiliation- Contributions toward8 co818 of a880clation with Lighlmongers. Pupil Premium Funding- Government funding lo raise the attainrnent of dlsadvanlaged pupils. Archive Fund- Donation to support the archiving of NCW documents. Bransford TTUSt (Art) - Donations towards Visiting Artists. The Beatrice Lalng Trust- Donation towards blackout blind8. IT Designated Fund- College reslrfcted fund for students, IT equipment. Mental Health- For the provision of Gounselling services. VICTA- Support for students applying for Ljniversity. Vl Speciali81 Equipment- Up to dale ICT equlpment for generic use in College. Vinchel Foundation, The Kildare Trust and Edward Cadbury Charitable Trust- In support of refurt)i8hment works ft)r the 6th form hostel. DFE Maintenance- (Devolved Fomiula Capitsl allocationl- For maintenance to buildings and other facilities. The Michael Marsh Charitable Trust- For dlgrt81 theatre oquipmenl. Low Vision Aid Fundlng- For low vision aids for classrooms. Glow Malh8- In 8UPPOrt of the hAaths dèpartment U81ng Glow maths resources. Tesco- Supporbng independent living and outdoor play equipment. Worcestershlre County Council- In support of the MUGA repalr8 and youth club projecL DMF Charftable TNst and Baron DavenpotV8 Charity- In support of the youth club project. J Hobbin$- Don￿On for th6 purchase of a showdown table. National Lottery Community Fund, The Percy Billon Trust, Ulverscroft Foundation and the Saintbury Trust- All supporting the cost of new outdoor play equipment. The Eve80n Tru81- Donatlon toward the cost of a new vehicle. The Powell Family Foundation and Donations in memory of S Reilly- Donaoons towards the orealion of a sensory room. WO Street Charflablg Foundation- Donation toward the cost of new pawr heating machines. -48- NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 26 Restrlcted funds {Continued} Tutoring grant- fundlng recelved lo support on&tO-on6 tutoring. Awardg forAII- fundlng recelved for the Hear to Help proje¢L Pele & Thomas Just Giving- fvnding Tecelved for speclallst exerclse equlpment. OSF Year 3- fvnding for faclllty upgrade8 and malntenance. Associatsd Funds Additional Scholarship FOUnda￿on- Scholarships and grants for students and to e8tsbli8h students In the world. Bonham Funil- Prixo for sludenl enlerlng Unlver8Ity to read Malhemalics. College Prlze Fund- Varfous annual prizes and awards. De Cordova Fund- Scholarships to enter University to take up a lit&rary careor. Elic Hamlllon Tuckor Tru8t- Grants to enable 81uden18 to travel abroad. Gulllck Beque81- Holiday grdn18 to students. Hextall Foundation- S¢holarships post New College Worc88ter for educallon or travel. Higby Fund - Grants lo students wlshing to onter Oxford Unlversrty- Scholarship Foundation- Scholarshlp5 al NCW or at Universily I College or promotes educatlon generally. 49- 00 L9*ts4 1000 In r ft) coo OT¢> LL< L) a tL NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 28 Capital Commitments Amounts ¢ontracled for bul not proMd8d Sn th8 financAal 51alemenls'. 2025 2024 Acquisition of property, plant and equipment 112,008 201,052 29 Optrratlng lea$• commltmonts Al the reporting end dale the charllable company had oulstsndbng commitments for future mlnimum ￿ase payments under non-can(*118bl8 operatlng lèases, which fall due as follows.. 2025 2024 thin one year Befv48gn iwo and five years 19,241 59,579 6,376 521 78,820 6.897 The operting lease expense in th8 year amounlgd lo £13,412 {2024.' £10,909). 30 Cash gonèratsd from oporatlon8 2026 2024 (D￿1¢￿115urPus for th8 year 11,838,143} 1,080,542 Adjuslrnenls for.. Investment income recogni86d In statement of financial activibès Gain on disposal of Inve51menl8 Depreaalion and irnpaimenl of tangible fixed assets Pension (gain) I deficit 117,2511 (57,0291 12,2881 295,254 31,000 229,712 659.000 Movemants In worklng ¢apllal', Decreas6lllncr8asel in debtor8 IDe¢reasoifincr8ase in credll Increase in deferred Income 1,196,440 {611,4111 452,282 (1,503,712} 763,366 244,991 Cash generated from oparallon8 70,629 852,124 31 R•lated party transactions Olhor than detailed in note 11 thgre were no related party transactions during this or the prioryear. 52- NEW COLLEGE WORCESTER NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 32 Analys1# of ¢hange$ In net funds At I Sèpttrmbar 2024 Cash flows Tran8fer8 At 31 ALtyU61 2028 Cash al bank and In hand 2.254,009 217,742 2.471,751 Loans falling due wllhln one year Loans falling due aftgr more than one year Obligations under financ¢ Isasgs (13,1401 {142,1921 (18,6461 14,470 115,6341 15,634 114,3041 112e.5581 19,0881 9,558 2,080,031 241,770 2.321.801 33 Events after the roportlng date Thè Trustees look the declsion in October 2025 to engage in a Merger, Acquisillon & Sales process. As of April 2026 thi8 programme has concluded and Ngw Colloge Worce51ei will transfer to Aequalls Educati( Tw81 IAET) with AET becoming the sole member. -53-