2024-04-30-accounts

R•gl•tsred numbèr: 06826976 Charlty number: 1129054 HARLAXTON COLLEGE TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

HARLAYfoN COLLEGE CONTEPITS Paye R•fernnc• and Admlnllr•liv• Ootslkn of th• Coll•g•, Its Tru•tso and Advl8er• TN•¢••s' R•port 2-14 Ind•p•nd•nt Audltorfs R•port on th• Flmnclal St•t•m•nts 15-19 Con•olld•t•d Stat•m•nt of Fln•nclil ktlvltl 20 Consolldal•d BI￿n¢• Sh••t 21-22 Coll•g• 8al•nc• Sh••t 23-24 Conwlld•t•d Slat•m•nt of Cuh Flow• 26 Nots• to iho Fln•ncll Ststwn•nt8 28-46

HARLAxfoN COLLEGE REFERENCE AND ADMINISTRATIVE DETAILS OF THE COLLEGE, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 APRIL 2024 Trn8t•es R Brownlow H Chubb C Pi8tru¥zklewkz University of Ev•n8ville lappolnled 14 May 20241 Company r•g18ternd number 06825976 Charlty r•glst•r•d numb•r 1129054 Reglsternd offlG• H8daxton Manor H•rlaxton Grantham Lsncolnshlm NG32 1AG ExKutlv• Dlrnctor •nd Dr H Carter Dean of Harf•xton Coll•g• Company S•crotary N Burrklge Ind•pondonl •tsdltor Streets Audit LLP Chartered Accountants & Statutory AudiloT EnteTPri8e House 38 Commerce Road Lynchwoc Pel8rborough Camb8 PE2 6LR BAnk•rn Barclays Bjnk PIC 3&35 High Stroel Grantham Lincolnshim NG316PH Pag8 1

HARLAKfoN COLLEGE TRUSTEES. REPORT FOR THE YEAR ENDED 30 APRIL 1024 The Trustees present their annual rgport together wmh Ihg audRed financial 8tatement$ of the Collège for the year from 1 May 202310 30 April 2024. The Annual Report serves the purp08es of both a Trustees. report and directors, report un¢Jgr company bw. The Trustees confimi that the Annual Report and flnancial ststemènls of tho charitabl8 company compty with the curfenl 81atutory r•quiremènts. thg requirements of the charitable company's governing document and the PTovsssons of the Statement of Recommended Practice ISORPI applscable to charitiès preparing Ihelr accounts in accordance wlh the Financ￿1 R6PQrting Standard applicable in the UK and Republi¢ of Ireland IFRS1021 leffectNe 1 January 20191. Structurn. Govemanc• and M•n•g•m•nt Gov•rnlng Document Harl8Xton Col*e {'the Collg99') was formed to provkl• &ducational fxilltbs in the Unll•d Kingdom lo $ludents from the Univer8ily ol Evansville which 1$ based in the United Slates of Amerlca. 11 is a charilablo company established under a Memorandum of A$8ocialion, which established the object8 and powers of the charrtable company and is governed under its Articles of Association. Th& Univer81ty of Evansmlle Is thè #ole member of Ihe charliabb ¢￿pany. b. Gov•rnlng Bodl•8 Tha College govemlng W con818ts of three Tru8ts•$ ￿0, through th Executiv8 DIreCt￿ and Do8n of Hall￿On College (Ex•cutive Dlrectorl. and the Management T•am, 8uyrvlB• the College's day lo day activit￿. c. R•crullmont •nd Tr•lnlng of Trust••• Thg Charltys Tru81••8 are appolnted by the Board of Tru8tees of thg Universlty of Evansville. The char￿￿6 Trustees will include the 8orving Pre8klent of the University of Evansville and other Iru81Èè8 appointed upon recommendation by the Executive Direthr of Harfaxton College who will determine eligibility based upon personal Compglence. specialist skills, local availability and sympathy wlh the misslon and aims ol thè Colloge. Polenli81 Trvslees arè highly likety lo b8 existing members ol the Collgge's Advisory Council, a voluntary group advhe the Executive Director and Management Team on variou8 matters in which they hav8 expertise. New Tru$lo01, h￿n0 be•n member8 of the CO1￿￿,8 A￿l80ry Coun¢ll, S￿11 be familiar with the nomal worf(ings of the College. They are Inducted into the govemance of the College, Including financHI policy and procedures, by the Ex•culive Director and Colloge Account￿. The College has made qualifying third-party indemnity provisions for t￿ benefft of the Trust￿ durfng the year. The88 Provisions remain in force al the reporting dale. Page 2

HARLAXTON COLLEGE TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 APRIL 2024 structurè, Governance and Managemont Icontlnuodl d. Organlsatlonal Management Tho Trustees of the Colkge, a8 tho charty Trustees, are legally respon$Sbk for the overall management and control of the Colleg• and meet at ￿&81 three timès a year. They delegate thg day to day running of tho College to the Executive Director who Is Bupported in the organisation and control of rts activities by a number of 8eniof manager8 operallng in respect of both academic and businèss related di8ciplines. The Executive Diraclof reports lo both thg Tru8tee8 and the Exocutive Vice-PreskJent for Academic Affairs at the University of Evan8vilb In the USA. Th6 Executive Dir¢Gtor, Management Team and Tru$l088 are a88k41•d by the Advls0ry Council, a voluntary organisation that includes thrèe active sulKommittee8- AthmSc. Estalfjs Management, and Student Life and Communty Relations. All TfU8tee8 give of their time Ireety and no remungration or expenses were pald In the year. No TTuslee or person connected with 4 Iru8tee received any ben￿￿ from needs￿8￿ed financkgl aid or meril-ba$ad 8cholarshlps awarded to Our Students. •. Arrangemonts for S•ttlng Pay and Ramun•rntlon of K•y P•r•onn•l The k6y mana9em¢nl Per￿nnel of thé charity c¢)mprl8e the TMtee8. the Ex•Guliva Dif•ctor ond th Managwnent Team. It 18 lh• Colltyè'8 pollcy that no Truste88 ar• remunerat￿ for thelr services a6 • Truste8. Excepllonalty, Trustees may recgfvo payment for the provl8ion of $grwce8 to the charity which doos not confl￿1 wlth thelr Iru8t•e role. and any Such lrnn88Ction8 are di8ck*8ed in the financial 8tatemont8. The PresKl•nt of tha UnNersily of Evansville ha$ uttlmate r•spon8iblllty for agreeing the pay and remuneration of the Executive Dire¢tor of Hwlaxton College. The Executive Director has uhim8le responslblllty for agreeIr￿ the pay and romunerauon of the Management Team and staff on an IndivbJual level. The Executlv8 Dir8cloT 18 assisted by the College Accountant and other members of the Managomenl Team as appropriate. The Executivè DSreclor al80 ha8 acc•ss to extemal prof9$8ional advice which includes b•nchmarking and market trends. The Executive Director and key porsonn81 are r•mun8rated by 8 comblnation of ba$• salary and benefits {e.g. p•nsion). The College u888 the annual staff apprai$o1 proc•s8 to Bet both Colkgè 16hort4erm and long-term) and indlvldual performance elfjments and is designed to promote the long48rm succes5 of the Collegg. A¢hlevement against individual objactNé8 18 by line man8ger6 and the Executive DireGlor a5 appropriate. The Executlve Dlrector is a9$e88ed annuglly by the Ex•GutiVo VicfrPre5ident for Academlc Affair8 at t Unlversity of Evansville in the USA. Page 3

HARLAXTON COLLEGE TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 30 APRIL 2024 Structure, Gov•rnanc• and Managom•nt {contlnued) f. Group Structurn •nd Rel•tlon$hips The Charity has a wholly ownod non-charI￿le SL18idi8ry, Harfaxton Manor Enterpris85 Limited. wh08e tMlie$ and trading ￿rfOrManc0 ￿ diAcu8$ed bel(Av. Tho C¢Jleg8 ullises Its home'Harlaxton Manorf, to tho full by offering appropriate programme8 and funclicn8 for the local 8nd InleTn8tional communitie8. Cert•ln of thesè activiti'e8 are undertaken through the medium of Harlaxton Manoi Enlerpr18¢$ Limited, 8 company who88 direclors are the Exocutivg ￿'TectOr and Colle96 Accountant. The re3ults of Harlaxton Manor Enleiprl8•$ Llmilèd are Included within th8 con8olldated financial statements. The dirnctors are satisfied wth tho results ol the 8ub8idlory during the year. They aro confident of futuro prospects. Tho relation8hlp bgtsveen Iha College and the Unlver8ty of E￿n8ville ho8 beon 8xpl•lned above. . Prlnclp•l Rl•k8 and Un¢•rtalntlo• Thè Tru81ees requir8 the Ex•cutiv8 Director and Managgmenl Team to aclivaty review the prfn¢lpal risks and un¢èrtainlies whlch the college may fac• on a regular basis, including those relating to tts operation$ and finances. They are si6fied that syBlgm8 are In place lo miligala the College's exposure lo the major risks and uncertainties. Detailed considoralion of risk Is delegated to the Manag$ment Team. Thg College has in pl&0 a fom7al risk management $lralegy which comprlses:_ An annu81 w•w oftho ri8k8 which the Co• may fa¢e, The adequacy of curfent $yslems and pfixedure8 to mltigat? Ih08é d$k¥ Identified In th• strategy; and The 1mpl8mgnlalion of procedur08 de81gn•d to rnlnlml$• any potontial risk on the Col*e 8houlY any of th08• ri8k8 materiali8e. The Twstws recogni89 that 8yStem$ can only provKl8 rea80nabb but not ab801ute Jsiurance that major d8k$ and uncertainlie8 have been adequalety managod. The prfnclpal rf8k8 and uncertjlnties that fa¢• the Collego 4r•.. Fin8nclal- The Coll8g8 relies heavlly on grant funding from the Univer8ty of Evansville which, in tum, is reliant on overall student recrurtmenl. Major fluctuations in sludenl recruitment ¢ould significantly affect College in￿Me. The College land Univ¢¥sityl miligale these recruitment rSsks by ensuring that r¢cruilmenl efforts are largeted towards a wide range of US Colleges and Universiti'es so that the Collèga is nol reliant on a few sourceB. Physical Environment- Tho Colknge occupl88 a Grade11181ed building {Harlgxton Manor) which is expensNe to maintain. In recent limes funding has been sufficient to maintain the Colleg• buildlngs to a very high slandartl. However, long lem reduclii)n5 in grant funding would jeopardi50 the College's ability lo maintsin College Bulldings in 8ufficSenl repalr. Repulalionaysecurity - The Collgge ha6 a very good repLrtalion within the US (from where students are recfuiled) and has been awardod several high fankings for study abroad qualty. However. an important factor that affects the whole UK study abroad industry is the attractweness of the UK nation itself. Reconl lerforisl attacks in the UK and Europe can and have had a real effect on US percepllons of travel risk such that College recruitment could be delrimenlalty 8ffected rf the UK was deemod lo be a 'riskl destination. In addition, due to the significant concenlratlon of US citken8 at the Colkge, the Trustees expttt the Executive Director and Management Team to tako a proacb've approach to local security and safety risk management. Page 4

HARLAXTON COLLEGE TRUSTEES. REPORT ICONTINUEDI FOR THEYEAR EMDED 30 APRIL 2024 Structur•. Govornancg and Manag•m•nt {continuodl Staffing - The success of the College is heavily ijependenl on Ihe quality of its faculty and staff. The College monitors and reviews policies and PTocedures lo ensure the continuing professional development of key staff and faculty. Pertomiance management Procedures are robust in ensuring that all staff meet the very higheyt standards in relation to all aspects of CDllege teaching, perfomiance. and op•rab'onal management. Fraud and Management of Funds - There 1$ a high level of involvement of senior management in the day-lo- day running of the College who regularly review management accounts and sludenl numbers. In addillon, there are regular re￿ewSId1s¢UsS1on5 Wth the Univer511y ol Evanyvllle vtho also monitor monthly management accounts. The College's audltors 81so carry out audil and compliance checks on financlals systems, records, and Controls aj part of their annual audit processes. Obl•ctl¥os, Str•tegy. Alms •nd Pollcl•• The Collège's objectNés are sel lo refiect rt8 educational almj and the èthos cf the College. 11 Is important to the College that rt maintalns and enhances Ihe acgdernic success of the College and the University of Evansville as a vthole. This objective i¥, however, sel in the context of the broader goals sel for the College and 118 students, faculty. and staff. In sethng our Object1￿3, ond planning our activ1￿e8, our TTu$lee8 have considered the Charity Comml88lon'$ general gubdance on publlc benefll and its Supplementary public benefit guldance on advanclng educallon and fee-charging. . Ch•rftsbl• ObJ•cts The Charity's oblects are.. th• advancement of educalicn for the publlc benefit, in parucular through the Provision of educatlonal programm&s and other fa¢ilibes In England. lo 3ludenls al the Unlverglly of Evansville or any other educational institutlon recommended by the University of Evan8viIIe'. lo promote for the public benefit the Teslor8tlon. conservation. protection, and improvement of the phyglcal and natural environment (including the biological dlver¥ity thereofj of the parkland. garden$ and hislorlc buildlngs of Harfaxton Manor. Harfaxlon, Granlham, Lincolnshlre. Harlaxton College 3haTe8 and supports the overall Mission of the University of Evansville whlch 18 To empower each student lo think critically, a¢1 bravely, se￿e resrjonsibly. and live meaningfully in a changing World.. In doing 50, Harlaxlon College seeks lo develop student5, personal and professional competencie5. cullivale critical and creative thinkers, and produce ethical. global ciuzens equipped to thrive in a world of complexfty and chang¢. Page 5

HARLAXTON COLLEGE TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 30 APRIL 2024 Objectlv•s, Strategy. Alms and Pollcles {continU￿) b. Strategy and Alms Through the Executive DSreclor and Management Team, the Trustees are re$pon8ible for Setting a strategy for achieving the College's objectives. Like the Univergity of Evansville. the primary focus of the College's strategy Is to provide life transfomiing educational experiences that prepare our students lo engage the world as informed, ethical and productive citizens. To achieve this strategy, the College has the followng stslemenls of Mission and Vision.. To eMp0￿r each student lo Ihlnk Crfft1￿1Iy, act bravely, serve responsibly, and live rneaningfulty in 8 changlng world. Harlaxion College, the oversea8 $ludy centre of the Unlver8ity of Evansville, Is recogni2ed natlonalty for developing students. personal and professlonal competencies, cultivating critical and creative thinkers, and producing ethical, global cits'zens equipped lo Ihrlve In a world of complexity and change. We accomplish this by attracting and retaining talented and motivated students vtho succeed within a dtverse, supportive, and SU8tainable envlronmenl. To achieve these aims the College holds ed¢Jcalional classes ènd programmes, and provides accommodation, welfare and library facilities and organises a wde ran9e Of soclal, cultural. and 8portlng events. The College also manages and malnlains the parkland, gardens, and historic buildings of Harlaxton Manor liasing wlh English Heritage and other approprlgle 8lalulory and advisory organisalion8. c. ObJ•ctlv•• for the Y••r The objectives of this year afft a contsnu81ion of last year's objectjves. These Included a focug on curriculum and academic program design", sludenl and p8rtner instltulion recruilmenl,. awaiting approval of a major development project in the INalled Garden. The focus of the upcoming year wll be renewed emphasi8 on each of these areas through gtaff training and development, Inueaged reyourc•$, and ever improving offerings lor students and partner in51ilubons. d. Accoss and Dlverslty Pollclej axton Coll e Students As an educational in$lilulion, Haflaxton College's core purpose is lo empower each stuLlenl lo think cnllcally, act bravely, serve responsibly, and Ilve meaningfulty in a changing worfd. The fuifillment of this purpose Ss inextricably tied lo our ability to provlde equality of opportunity regardless ol economic status, gender, ethnScity. race. religion, sexual onentation or disability, and our abilty lo mak? diversity. cultural eompetency, and mulbculturalism part ol the Student experience. Harfaxton College welcomes students from all backgrounds. To be admitted, a student must b¢ on a Gap Year program or be a degre&seeking student at an accredited US universIty and not be on academic OT social prDbalion li.e. have made normal academic progress and not be on probatlonl. An individual's economic Status, gender, ethnicity, race. religion, or disabilty do not form part of the College's nor the University's admi55ion5 assessment process. Page 6

HARLAXTON COLLEGE TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 ObJ•ctfv8•. Strntogy, Alms and Pollcle8 Icontinuodl It is important lo the College that access to the educational eXp8r1en￿ are not reslrtcted to tho88 can afford our fees. and we beligve that our sludgnts benefit from learning and li￿n9 wlhin a diverse community. We believe that a great deal of18aming occurs inlormally through social interaction, convers81ion and shared experiences which hfjlp our Students develop an understanding of thg cultural and 80cial PeTspectives of other people. on Coll• Students ed fro nlv vansvllle Harfaxton Collgge 8ub8cribe8 to the Universty of Ev8nsvllle'8 need$4Jased flnan¢lal aid and merlt-based scholarshlp policies thereby helping to conlribule to a widening o18ccess lo the edu¢8lional experiènce and faGllilies we offer. A sludenl from the University of Evansville may have received a financial aid package which consi$15 of both merit and need-based ald, in the form of scholar$hip$ and grant5 Ifree aid which does not have lo be paid backl. sludenl loans Ivthich will be pald back by tho student after graduallon Irom collego) And work- Study (money whlch is earned by working part-tim• on campus). No0￿•5*4 FlnwKl•l AldAw•rds Need-based financlal aid come8 In several formj {e.g. grants and 8tudent10on8} and is awarded based on the sludenl famiV# ablllty lo conlrlbule to their educatSon. 88 detemiinod by the Fr•e Applicatlon for Fèderal Sludenl Ald IFAFSAI. Furthemiore. need-based aid can bo funded by US fedoial. slate. univorsity andlor private Sour￿5. FAFSA is the primory application used by all colleges in the United Slate8 to determine eligibillty for néed-based financial aid. By complets'ng the FAFSA, studènts can gppty for grant$, Sludenl loans and work- Study from fedgral, stale and univ8r8ty sources. The Unlv0r$ty of Evan8vllle and Harlaxton College view needsvbasgd financial aid •3 important In helping lo •n8ure 8tudent8 from families. who woukl ¢th•rwise not be able lo afford the fe88, C8n 8¢C888 th8 educational experience the Collage offers. Need8-baswJ fin8ntwl aid is available lo 811 who meg1 the College's general entry requirements and is awarded solely based on household meany or lo relieve h8rdship. In assessing mean8 the FAFSA uses a sophislicattd fomula, determined annually by the Unrted Slates Congress, lo assist with the equitabl• rationing and distribution of n•ed4)a8ed ald. The FAFSA starts with the Stud￿t famity's taxed and unlaxed income from all sources and th•n, ba$ed on the numbor of people In the household, allowances are glven lo shelter amounts for ba8iG nee(Is 8uch 88 houslng, food, taxes. hous•hold mainlanan¢8, medical cam. Ironsportation, and savlng8. Neither consumer debt nor Iwestye cholces are con8ldered. Scholernhlw and Al•rlt4ased Aw•rtls Scholar¥hip$ and m•rSt-ba8ed akl am awarded ba$•d on the studènV8 'h)grlt." Merll c8n be defined by academic strength, athletic ability, artistic talent or any othgr qualtty or affiliation whkh the Universty chooses to r¢w8rd with a scholarship. The University of Evan5Mlle offers a muNitude of meTit-baBed 8chdarships Includirvj, in some c85es. award8 of 1000h remission of fees. Examp￿8 include.. Competitive Scholarships such as Tfusl¢e Schdarships, Dean's Scholarships and Fine and Perfomlng Art8 Scholorship$. Freshman Scholarships 5u¢h as National Merit, National Achievement and National HispaniG Scholar Awards. Academlc Scho13rship8. and the William L. RidgwÈy Award. Athletic and Music Scholarships (various awards) Addrtional Scholarships 8u¢h a8 the Sibling Scholarship Grant awarded to the older student when a younger )ling gnrolly. Page 7

HARLArfoM COLLEGE TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30APRIL 2024 Oblectlves. Strategy, Aim and Pollcles Icontlnu•dl In additlon to thg Universty of EvansMlle Scholarships there are soveral award$ Ihat are onty offered lo HarLqxton Students which are based on merit and need. The$e incfude: Gr8ve8 Scholarship1100% of all foes) H8rlaxlon SOc￿ty Schol8rships1$7501 Martln Travel and Margot Fine Award8 I$SOO for Irave on Coll •andUn Stlèg Students from other US cdltyè8 and universkl88 we Ilkety lo have rnceivad need8 anthor marit4>a$ad financial a88iStance from their home institutions. Most US colleges and universitias have Slmllar n￿d5-baSed financlal ald and merit-based 8cholar8hip 888151ance programm¢s to the Univfjrsty of Evansville'$, however, unlike Students from the Unlv8r81ty of Evan8vSNe, thè magnitude of these awaTds18 not known on an Indiwdual basls. H¢Jw8ver, suffKe il to say that these neèds and merit-based award8. although not awarded by th• Universty of Evansville or Harlèxton Cdlege, grely as8181 th8 8tud8nls concemed and further enable Harfaxton College to attract 8ludenl$ from a widely div•rs0 80t of backgrounds. In 8dditlon to these needs and merlt4>ased awardB from the 8tud•nl'8 home in8lllulion. the Univer81ty of Evon8ville and Horlaxton College do offer all non-universtty of Evanjville students Borne tuition r•misS￿)n or dlscount the m4nitLvJ• of whl¢h averaged $14.837 per student. Olher Fln•n¢lal A••l•tsn¢• L￿n¥ There are 88v•ral 8ource8 of loans lo a88191 both 81ud8nts 8rKI parent8 wlth paying for their •ducalional experiencè. such as.. F•deral Direct Slafford Loan, Federal Perklns Loan 8nd Federal Direct Parent Loan for Undergraduate Students. Mo¥t of the86 bans hav• an el¢monl of 8ub81dy (a.g. ban Inlere8t not accrué wh516 al colle9glunlver81ty1. Addltlon•l TrnvolAsslstanco Many $tudenl$ mokg con6id8rablg personal 8acrific•8 lo fund Iholr •ducallon and In recognition of this we can offer 8ddilional ad-hoc tra￿1 assistance to those 6tudenls who find themselveB short of funds and un8ble to take full advantage of the national and internat￿nal Guliural and 8oGial immer81on opportunities that •r• availoble vi8 Harlaxton College. •rC The College is also part of a wider communty. and we are keen that our slud•nts, facuNy. and staff participatè. In this regard, the Colknge offers a resource to 8UPPOrt a range ol educational actlvilleg for the ￿nefIt of local children attendlng slatg schools and their teachèrs. Thg Col*e's truslegs and adminisliation are eommrtted lo d8veloplng thls ¢ooperatlon and working ￿th hx81 slate junlor and secondary 8chool$, and other approprlate groups. Page 8

HARLAXTON COLLEGE TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 Objoctlves, Stratsgy, Alms and Pollcles lcontinuodl e. Welfar• Pollcl•s H8Aaxk>n Cdlege Is an equal opportunty organisation and 1$ Gommitted lo a karning and VKJrking environment that is free from any fomi of discrimination on the grounds of race, colour. gender, 98nder idenlty and expression, sexual orientstion. creed or religlon, national origin, age. dlsabllity, veteran slalus, and all piolected groupslclasses. The Colloge wlll make reason8ble adjustmonts to meet tho need8 of students. facu￿ or 8taff o are or b￿orne disabled. The College is committed lo safeguarding and promoting the welfare ol our students. facuty and staff and expert$ all students, fxully, and staff to share this commitment. The College is also commiited to meèting ils duties of care lo the health. safety and wellbeing of its studen18. faculty, and 8tsff, as wYII 08 c4her8, induding Visrtors, who moy be affected by the Collège's actsvitle8. R￿1￿ of Achl•v•m•nl• and Perfomianc68 for th• Y￿r The Executive Dlr•clor IB ploa8ed to report m Harlaxton Colkge's achlev•m•nts and porfomiance for th• year. . Prfnclp•l Actlvltlm of th• Y••r Harlaxtan College princlpally provKle8 education and associalod faci1it16s at Hartaxton Colleg8 lo students from the Unlversty of Evansvllle and oth•r US based universities and ¢olkge8 who wi8h lo emba￿ on a 'Study Abroad, expenence in thg UK. Student8 sp•nd a slrrfJle seme¥t•r or 8ummer 98881on 81udylng a varied curri¢ulum at Harl8Xton College and Iravelllng throughout the UK and the College •ndeavour8 to provth 8 Cultural￿ immerglve Ind experienllal learnlng e¥pertence. The Cdlege hosts variou8 conferenc￿, Kademlc groups and other unfv8rsrtl88 frcffl the UK and US during I summer recess. Addilbnally. the Colleg8 conllnued th a program of 8lgnlf￿ant Improvements to progr8ms, faclllie8, infraslruclure and personnel in ordei lo realign College activities lo fac• a changing post p8ndemk study abroad landscape and to develop more Opportun￿8$ to increas8 and divorsfy revenuej. b. student Enrolmont This ygar Hadaxton Col8ge had the following enrolm8nts'. 128 students 42 students 112 st￿￿entS Summer School 2023 F411 Semester 2023 Spring 2024 (Summer 2022 • 11n {Fall 2022 - 50) {Sprlng 2023 - 1431 Custom Pro9ram5 23 programs (Summer 2022 - 201 Page 9

HARLArfoN COLLEGE TRU8TEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 c. Acad•ml•• and Acadomlc Support The Colle9e'8 ￿adeMiC prcgramming wa8 r￿trUCtUred to create addIt￿nal pathwayE and opportunities for $lud6nls to attend Harlaxton College (8.9. Intemships. GAP Programs and Changemaklng initSative81. After restructuring in 2020121. the Gore Bri118h Studles course was offered as tsyo 3<redil hour classes.. one wlth history and the othor w((h a literary focu$. A nthv MA in Hefitage Management and Leaderohip complth development In cooperatlon wllh the Un￿￿r61ty of Evan8vllle and UK universities. Thé Colbge continued ts progr8m of harthvare and software upgrad•8 to a¢•J•mic and Jmini8lrat￿8 computing seNIc68. d. Studonl Exp•rfonc• The new Office of Student Experignce {fomi¢rty Student Engaggmentl w88 expanded wlth addlb'onal Staff a8 s￿d￿nIS returned lo campus. The 1gam'8 new offices. adlacenl to exlsllng academlc offices and the library, were completed r$3$Utting in a on8 slop 'Studenl Conlral. hub of profe88ion81 and Inlegraled academic and 8ludenl engagomenl support. •. G•n•r•l Support S•Thlce• nd Facllltl•• Th• CO1￿ updated facllki88 g•neralty and 3 ShO￿r8 wore altered and upgraded, bringlng one beck Into u8 after a year out of seNlce. A newlunior common room was also croated for all 5tudent8. I th• fin8 art and 8tatU88 ￿re revalu￿. Th• focus on facllty improv8m•nl ha8 requlr•d careful budget gnd proJa¢t management In aswciatb)n wlth 8Kuring 8ev•ral glftg from Universty of Evansville tru8le8$ and alumnl. f. D•t•S11 of Flnancl•l Ald and Schol•v8hlp Award A8 dis¢ussed in the eartier Acce88 and Diversity Poli¢i¢$ 8oclvJn of this report, Harlaxton Cdlege 8ubstrib•s lo the University of Evansville'8 needs￿0$ed financial aid and morit-b88ed scholBrship pc4icie¥. Therefore, student from the Unlverstty of Evan$Mlle may have recelved a financial aid paGka9e which con$i8ts of both merit gnd nee&based ald. in the form of 8cholar8hlps and gr•nls, slud•nl loanB gnd y￿rk-S1￿. Similarly, non-university of Evansville students li.e. students from other US colleges and universiiiesl are likely lo have recetved negds andlor m8ril-ba$ed financial assislanco. Bul thi8 asslslance is funded by the Student's home inslftution and not Ihe University of EvansviN• nor Harlaxton COl￿ge. However, in addition lo these home inslttulion awards the Unlvèrsty of Evanswllg and Harlaxton Collego do ¢)ffer all nOr￿n1V¥[S1ty of Evan$wlle students some tultion remission or dlscount. In summary. all studen18 lely to have recefved variou8 levels of n•ed$ and m•rit-based finan¢ial a88i8lance of varying type3 and from various 50urce8. Summ•ry of Fe8s Our fee increases this year wère r8slricted by tho UnNer81ty of Evan8vllle's trustees lo an inflationary increase onty. Our fe8s for the current ￿ar beforè thg deduction of any need8*ased financial OKI or merf(kn$ed schdar8hip$ were.. Fall 2023 and Spring 2024 Semesters Summer School 2023 $20.700 per s￿]eSter $5,280 per session Page 10

HARLAXTON COLLEGE TRUSTEES. REPORT ICONnNUEDI FOR THE YEAR ENDED 30 APRIL 2024 . Community Sèrvlco and Cofflmunlty Ac¢ffi8 We see HarL￿on College as a part of a wider communty and where we cgn as818t the ¢ommunity without dotrfment to advancing the education of our Students we ar8 dehghted lo do so. During the year we ware dgllghted to h￿t several local schools. charitalAe evant8, and ap￿ the Monor and garden8 to the public on 88veral occa$lrm8 durlng Ihfj year. Including Christmas and Easter. Flnan¢l•l R•vlew and R•sukn for th• Y••r The College Accountant Is pha8ed to report on th• flnancial perfomiance for tho year. a. R•vl•w of th• Y•ar The overall levol of in¢ome at £4,003,011 wa8 58% greater than tha prov￿)US ye8r12023'. £3,782.6321. UnreJtrkt•d ¢)per8tlng Income of £3,920,085 for the year w88 8% higher than last y•ar {2023.' £3,628,622). There w85 a de¢r8a6e in the19￿1 of unrestr￿ted grant fundlng prowded by th6 Universty of Evan6viIie. During the year. th8 Colley and Harlaxton Manor Ent0￿1&88 Ltd dSd not recelve any Govornment Funding. In the prior ￿r, 8 8mall fe8idual amount from the Klckstwter Grant1£2,170) w88 roceived. Tr8ding turnover from Hadaxlon Manor Enlerprisgs Limited al £673,343 was 28°h higher than th6 previous 12023.. £525,320). This wa8 duo lo the incr•as•d numbor of wedding8. events and vi$itor actfvity in general. There has been a SQh increa$¢ In the level of resources expended. Furthgrmorè, £228.01512023.' £180.3301 In Costs was ¢harggd by the Colbge to HME Ltd withln 2023-24 to reflèct the addltlonal work required in line vAth th8 Increa8ed acllvltles. The Colloge 18 conllnuBlly $lfivlng to enhancè the quality of the fabric of buildings and the facilities offered lo sILtdents. A numbtsr ol years ago Ihe Collegg eslablished a 'five year repair fund" which 1$ a fund designated by the trustees lo provide resource$ to meet the co$1 of much needed repairs lo the fabric of th8 building$ and essential facllttle8. Th• tost of this work has in the past been m•1 by specific grant5 from th8 Univer8ity of Evan8ville. private donations, and grants fr¢Jm H181orK England. In the cuffent year, no m4or projeGls ware undertaken, and no expenses were racorded. On an overall basis, thg Truslee8' report a 8urplu8 for the year under r￿aW of £95,73212023.' £46,405}. The Col*9 has conllnued to maintsln a strong financbal position wlth the group's asset8 exceedlng liabilitie$ by £2,386,40012023.' £2.270,6681. Pap11

HARLAXTON COLLE(SE TrUSTEES' REPORT {CONTINUEDI FOR THE YEAR ENDED 30 APRIL 2024 FlnancSal Revlew and R8•ults for tho Yoar Icontlnuodl b. Wldgr Bonefits R•c•lved and Pvovkled As a charity our studènts. the University of Evans￿116 and our partner col￿g•S and unwersthes havo the assurance that all tho income of the College must bè applied for either the advancement of oui educats'onal purpoges or to prornole the re8loralion, conservation, protection. and improvement of the parkland, gardens, 8fKI historic bulldings of Harfaxton mar￿r. As an educattonal charity we 8￿0Y lax exmiption on our educational acti￿1186 and on our investrn•nt income and galns provided thèae arg appl￿d for our charllable purp0888. AS 8 charrty ￿ are al80 enlrtl6d lo an 800 reducllon on our business rates on Harlaxton Manor, the property we occupy for our charitabb purposes. Thè flnancial benefrts wg receive from thesè lax 8xemption8 8re all applled for •ducalbnal purpos8s and indirectly holp us lo m8lntain our financlal aid and scholarship pr¢orammo6. However. 48 an educational charlty. wa are unable to racLgim all the VAT input lax on our co8t8 as we arè partialty exempt for VAT purp08e8. A8 an employer. we also pay lax through th8 Ernploy•r'8 National In8ur8n¢e Contribution8 we m8k8. ¢. R•urvo• Poll At the year end the College h&kl free reserves of £2,022,618 {2023.' £2,249,125). The Trusl•e8 have revithved the reseNes of the College. Tho review 6n¢ompassed the nature of tho income and èxpenditure streams and the need lo match variable income with fixed commitrnents. The review conGludod that to allow the Collega to managed etriGienlly and to provide a buffer for uninlerruplod services, unreslricled funds not required to support functional fixed assets should bè mainlain•d at 8 level whKh equate8 to be￿￿en SIX and twe￿0 months. of unrestricted expenditure. This would provKle sufficient funds lo cover managem¢nl and admini8trallon and Support costs and to respond to unforeseen expendlluTe 8uch ag malor property repairs in an envlronm•nl where incomo thls ara uncortain and dwnd•nt uwn damand from I)v•r$e￿ stud•nts. BaB8d upon Iha total resources fjxpended during th? present year, tho Tru¥lees acknowledge that Ihe level of the r•seNe$ deleil￿atsd during the year. However, they remaln al the upper end of this irtsnded range. d. N•ture of Fund• Except lor the funding recefv•d from the Unlver8ity of Evansville and other 80urce8 for tho Land Use Fund, all funds are Gon8idered by tho Trustfjes to h unreslrlcted in their nature. e. Inv•stment Polky Th• Trustees havo the power lo invut in such assets as théy 6ee fit. The College has a poI￿Y of kooplng any 8urplu8 Ilquid funds in short temi doposits which can bg acce88ed readity should the need arise. Page 12

HARLAXTON COLLEGE TRUSTEES, REPORT ICONTINUEDI FOR THEYEAR ENDED 30 APRIL 2024 Plans for fuiuye periods H8rlaxton College wll continue to pursue ils core strategic Initiatives.. Inbtlative l.. Demonstrate and comrnuni¢ate the immediate, endurin9, and dislinctive benefits 01 a Harlaxton edLJcation. InS1iative11-. Provide students wth a besl-bn-class curriculum, CO•curriculum, re3idenUal and travel experience to promole the full develtspmenl of Ihelr Intellectual. arts'stic, and personal potential. Inits8tNe 111.. Make H8rlaxton College sustainable enviTonmentally and financlalty whlle maintaining the beauty and archltectural Inl•grily of the heritage asset that is Harlaxlon Manor. Initiative IV.. Engage with, and serye. the cornmunily 80 that Harlaxlon 18 a de8b"nation and 8 resource for its neighbours, lor yludenl8, and for other constiluenl$ and guest9. Initiallve V.. Culllvale, f081er, and better integrate conn8clion8 belwten Harf8xlon. the Univer6ity of Evansvllle. and partner colleges anij universities. Statsmont of TN•te••' re•ponslbllltlo• The Trustees Ivho are 8150 the direclor8 of the College for the purposes of company law) 8re respon￿ble for preparing the Trustees, Report and the financial Statements In accordance uith applicable law and Uniled Kingdom AccountlTrJ Standards (United Kingdom Generally Accepted AccounlSng PTaclicel. Company law requlr&$ the Trustees lo prepare flnanclal ststemenls for each financial year. Under company law, the Trustees muyt not approve the financial slalements unless they are satisfied that they give a true and fair view of the slate of affalrs of the Group and the College and of their Incoming resources and application of rtssources, including Ihelr income ond expendllure, for that period. In preparing these financial 51alemenl8, the TNStees are required lo.. select 8ullable accounlSng pollcies and then apply them con81Stentiy'. ob3eNe the methods and principles of the Charities SORP IFRS 1021., make judgments and accounting estimates that are reasonable and prudent., stale whether applicable UK Accounting Standards IFRS 1021 have been followed, sublecl to any malerial departures disclosed and explained in the financial statem8nl8', prepare the financial statements on the going concem basis unle58 it is In3ppTopriale to presume that the GraLbP wll continue in business. The Tru51ee$ are responsible for keeping adequate aceounling records that are sufficient to 9how and explain the Group and the College's transactions and disclose with reasonable accuracy al any time the financial position of the Group and the College and enable them to ensure that Ihe financ181 stalernenls ¢omply with the Companies Act 2006. They aTe also responsible for safeguarding the assets of the Group and the College and hence for taking reasonable Steps for the prevention and detection of fraud and other Irregularltie5. P8ge13

HARLAXTON COLLEGE TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 APRIL 2024 Dlsclosur• of Inforniatlon to audllor Each of the p8r8on8 who are Trustees at the time when this Tru8tg95' Report is approved has confirmed that.. 80 far as that TTUSte8 18 aware. there 18 no relevènl audll Infoimation of which th8 charitable group's audiloT 18 unawafe. and that Trustee ha8 takèn all tha steps that ought to have been taken as a Tru$lè8 in order to be aware of any relevant audit infomiatlon and to 0Stablish that the ¢haritablg group's audiior 18 aware of that Information. Audltor The 8udilor, Streets Audf( LLP, ha8 indicatéd hls wlllingne$¥ to continue In office. The EX￿ut￿e Director and Financo Manager wlll recommend either Gonlinualion of CU￿ent auditors or a 89arGh for a n8w audh firm 8fter the appToval of the accounts at the Trustee meeting. Accounts Prnparntlon The TrusleèB confirn that the accounts compty with current Statutory r8quiromenls and with thos8 of the goveming inslrumgnt. This rgport and accounts have been prep8r8d In accordance vllh the Stalgment of Recommended Practice applicable lo charities preparlng thèir aecoun18 Sn accordance with Financial R8POrting Standard applicabl8 In the UK and Republk of Ireland ICharllieB SORP IFRS 10211. the Companies Act 2006 and thè Trust deèd. ved order e membern of the board of Trustees and slgned on I￿1r behalf by.. R Brownlow (Trusleel H Chubb ITrust•el Dal?.. 30W Page 14

HARLAXTON COLLEGE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HARLAXTON COLLEGE Oplnlon Wo have audit•d the financial gtalemenls ol Hadaxton Collegg Ilhe 'parenl chaTilabl6 comp8nll and Ils subsidiaries (the 'group'l for the year ended 30 April 2024 which Comprise the Consolidated Stalem8nl of Financial Aclivilies, thg ConsolKlated Balance Sheet, the College Balance Sheet. the Consolidated Slalemenl of Cash Flows and the related notes, includlng a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Klngdom Accounllng standards, includlng Financi81 Reporting Standard 102 'The Financial Reporting Stsndord applicable in the UK and Republi¢ of Ireland, Iunlled Klngdom Generalty Accept•d Accounting Practice). In our opinion the fin8ncial 8tatsmont8'. glve a Iwg and falr ¥￿¥ of the 8t8le of the Group'8 and of the parent charitable companys affairs as at 30 Aprll 2024 and of the Group's incoming rg8¢urce8 and appllrAllon of r8$ources, Includinglts income and exponditurg for the year then ènded- have b¥en property preparèd in accordance wrth Unrtod Kingdom Gen8ralty AcG¢pled Accounllng Practice,. and have been prepw•d In accord4nGe with th• requlrementB of the Compani68 Act 2006 and the Chariti•8 Act2011. BMI• for oplnk>n We conducted our audit In accordance with Inlernotional Standards on Auditing IUKI {1￿ IUKII and appllcabl law. Our re8ponslbllilles under tho89 Stsndards are further described In the Audllorf8 responslbiliti88 for the audit of the financlal statemgnl8 88clion of our report. We ar¢ independ•nl of the Group in accordance wlh the ethical requirements that are relevant lo our audit of thg finantl81 s1olem¢nt8 in Ihg United Kingdom. including the Financial Reportlng CounGII's EthScal Standard, and we have fU￿illed our other •lhical re$ponsibi1Stles in 8ccordance wlth thgse r8quir8ments. We belleve that the audit evidence we h•ve obtain•d 18 Sufficient and approprknqle lo provld• 8 ba$18 for our opinion. Conclu¥Jlon• r•latlng to golng conc•rn In 8udlting Ihe finan¢lal gtatemenls. we have con¢luded that thg Truste￿, uso of wlng concem baBlg of accounting In the prep8ratlon of the financlal 61atem•nl8 Is appropriat•. Based on the wort( we have perfom)ed, we hava not identif￿d any material uncertoinlie5 relating to events or conditions that, individu811y OT ¢ollecllvely. may ¢a61 significant doubl on the Group's or the par￿1 charitable ccmpanls ability lo continue a8 a going Concern for a period of at leagt tsvelve months from when the financial stat?mgnt8 8re aulhori¥eJJ for188ue. Our re8pon$ibllltle8 and thg r8sponsibilitigs of the Tru8teg$ wlh resp￿1 to going con¢em are described In the relevant secli¢)ns of thls reporL P•3e 15

HARLAXTON COLLEGE INDEPENOENT AUDITOFfs REPORT TO THE MEPABERS OF HARLAXTON COLLEGE (CONTINUED) othor Informatlon The othor information comprises tho infomatlon included In thg Annual Report other tha) tha fin￿¢1￿1 ststements and our Audbtorf8 Report thereon. Tho Trustees arg responsible for the other inform81ion conlalned within the Annual Report. Our opinion orb the financial 81è18ments doès ngt cover the other informatlon and, except lo the extent otherwise explicitty ¥tal8d in our report, we do not expre68 any fom7 of assurance conclusion thereon. Our responsibilty is lo read the other informatlon and, in doing $0, considèr whother the other information is materiaNy incon8i$lenl with the financi818tatements or our kn(wAedge oblainad in the course of the 8udil, or otherwise appears lo ￿ materially misst818d. If we identlfy Such material inconsistencies or apparent material misslalemenls, we are required to d81grmine whethgT thls giv88 rise lo a malerlal misstatement in the financial $talomenl8 Ihem8elves. Ir, based thè work we have perfomied. w6 ¢on¢lude thot thore is a matarlal mmstalement of thi8 Other irrfomiation, are required to report that fact. W• have r￿hifig to report in Ihls ward. Oplnlon on olh•r matt•r• PMCTlb•d by the Comp•nlM A¢t 21)06 In our oplnlon. based on the work undertaken In the cour88 of Ihe oudlt.. the Infomatlon glven In the Tru8te85' Rgport for the flnanclal yw for whlch tho ffinanclal ilalements orel prepared is consi8tent wlh thg financlal $latemonls. the Tru8tsaJ' Report has b••n prepared in accordance wlth appllcable logal roqulr•mont8. Mattorn on whl¢h w• arn r•qulr•d to v•port by •xc•ptlon In the Ilght of our knowledge and undar8tanding of th• charitabb company and its environment cbtslnod In the course of the audrt, w? have not identrfied maler181 mls¥tslemen18 In the Truslee8' Report. We hav• nothSng to roport In respo¢t of the follNlng matt•r8 In r•11t￿)n to whkh Companle8 Act 20C6 require8 u$ to report lo ￿ if, In our cplnlon.. the parent ¢haritsble c¢Jmpany ha6 not kept adwuate and Suffklent a¢¢￿ntIr￿A record$. or returns aLlgquale for audit have not been received from branchfjs not visited ty u8.. or the parent ¢h8istabl& company financlal 81gtwn•nt8 are not in agreemenl ￿ thg accounlSn9 record8 and r•turn8', or certain discbsuros of Trustees, remuneralitin $pgcrfied by law are not made., we have not received all the informatlon and explanation8 we requlre for aud6t,' or the Tru8te68 were not entitled lo prepare the fi'nancKqI statements in accordanca wth t￿ 8mall companies rggime and lake advantage of the Small companies, exempt*)ns in preparing the Tru81eeB' Report and from the requSrem•nt lo prepar• a Slfategic Report. P8ge 18

HARLAXTON COLLEGE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HARLAXTON COLLEGE ICONTINUED Re8ponslblllllK of trust•05 As explained more fully in the TN$tee8' Responslbllttie8 Statement. the Trustees (who are a160 tha directors of the charitable company for the purposes of company lawl are responsib￿ for the preparation of the financlal slatemenls and for being satI8f￿d that they give a Irug and fair viow, and for such intemal control as the Trustees detemiin& is necessary to enable tho pr￿aratIon of financlal statements that are free from material mM8latement. whethèr due to fraud or error. In preparing the financi81 ststement$, the Trustees are ￿sponsible for assessing tho Group's and the parent harilable companls abllty to continue a$ o golng concern, diBclosing, 0$ applicabte, matters relatod to golng concern and using the going wncem basis of accounting unless the Trustee$ either intend to liquidate the Group or the p8ront ¢h8ritable company or to Cea￿ cporations, or have no reali8tic ali•mth'v8 but lo do so. Audltorfs r••pon•lblllti•• for th• audit of the fln•nclal ¥l•1omonts Our oblectlve8 are lo obtain r•a80nable assurancè about whether tha financial $tat6ment8 as a whole are f from material mi88latement, whether due lo fraud or error. and to ISBue an Audiloffg Report that inGlude8 our oplnlon. Reasonab￿ assurance is a high level of assurance, bLrt is not a guarantee Ihol an audit conducted In ac¢ordance with ISAS IUKI will a￿ayS detect a materlal ml88talemenl whon it ex18ts. Misstatèments can aris• from fraud or èrrol and are considered malorial If, Indlvidualty or in the aggregèle, they could reasonably be expected to infiuoncè the econom￿ decisions of u8gr8 taken on the basls of these financial 81atemgnls. Irregulafttie8, i1￿]udIng fraud, are instance8 of non-compliance with law$ and regulation8. We design protsdures in Iln? with our re8pon$ibililies, outlSned above, lo detect material m588tatements In respect of irregularities. including fraud. The extent lo whlch our pToc•dur88 are capabb of d•t•ctirrfJ Ifregularltles, induding fraud 5$ detailed below.. Our approach to klentifylng and a88•88ing the rf6ks of material mi58ts18menl In rnsp•ct of Irrogulgrttles. In¢￿dIng fraud and nonwcompllance wrth Im ond regulatlon8, wa8 as folthvs.. the •ngag8ment partner onlured that th• engagement te￿ colhctNoty had tho approprfate competen¢o,caPabil￿leS and Bkills to Id￿¢￿ or recognlse non40mpllance wlth 8pplicable lows and regulations., we Identif￿ thg laws and regulatio￿ appllcablg to ts company through di8cus8ion$ wrth dlrector¥ and other managomenl. 8nd from our commerclal knovAedge and expofk8nce of th• company and soGtor in whlch il operates., we focused on spgcific law8 and regulatiCffl8 which w• ¢GYbsldered m•y have a direct m8t6rial effect on the fin8nclal 8t8temenl$ crf the Operat￿n5 of the company, including the Compani&s Art 2006, taxats'on legislallon, fcod safety regulations and health and safely16gislation,' we a8sessed the extent of compliance wllh the laws ond regulations identiried above through making enquirios of managemgnl and inspecting legal corresponden¢e'. and identffied laws and regulation8 were communicated within the audrt team regularty and the team remained alert to instanc68 of non-compllance throughout the audit. Page17

HARLAxfoN COLLEGE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HARLAxfoN COLLEGE (CONTINUED) We assessed the susceptibllity of the companvs finarKial 8tslem•nts to material misstatem•nt. Including obtaining an understanding of h¢)w fraud mlght occur, b￿. m&king enquirios of management 88 lo where they considered thern wa8 8usceplibilty to fraud. their knowlodge of actual. $u$pecled and aNeged fraud.. ark considering the Intern81 controls in pla￿ lo mitigate risks of fraud and non40mpllan¢• with and re9ulplion8. To addre88 th8 rI8k of fra￿1 through managemant bias and overrtde of control8. we.. perfonnod anamlcal pro¢e4Jure8 to identfy any unusual or unoxpxted relation8hips,' tested loumal entr￿8 to Idenllfy unu8ual transaGtion8', aS8888ed thelher iudgemonls and 48sumption8 made In dotemilnlng the oc¢ounllng ejtlmatei o•t out in Note 3 wore indicative of polenli81 bia8'. arKI inv0811g•ted th• ratIonA￿ behlnd 8￿]n￿eant or unusual tran•oction8. In response to the ri8k of irTegularilie$ and nThTrcompliance with IM dnd r8gulation8. we deBl9ned procedLm whlGh includèd. but were not limffed to.. a9reeino fln8n¢ial sl*emenl dlsclo8ure8 to und•rtying 8UPPOrting docum￿tatIOn.. ading the mlnute8 of meetings of those charged wlh govemanee. inquiring ol managgment as to actual and pot8nli81 Iltigot￿￿n and c￿[M8., and r•viewing corr•8pond•nce wfth HMRC, relevant Mgu18torB and the ccYnpanV8 log•1 advlsors. There aro Snh•rent limll81ion8 in our a￿111 Pro￿dureS describod above. Tho more removed that Lthv8 and regulation8 are from finan¢ial transactions, the likely it is that we would become aware of non-complianc•. Auditing standards a130 Ilmil the audit procedure8 rnqu5réd to Ident￿ nOn￿ompliance with I•w8 and regulations to inquiry of the dlrn¢lorB and other m8n•gement and th• Inipectlon of r•gulatory and logal correApondon¢•, ff any. Mater181 ml#statement8 that arise due to fraud can be hardoT lo detect than t￿80 that 8rf8e from •rror a8 thoy may invofve delib6rate concealment or collusw)n. A furlher descriptlon of our re8pon8lbiltties for audtt of the fin8n¢ial Statements Is located on th6 Financial Reporting Councifs web8f(e •t'. uklaudrto Audilorfs Report. Thls doscriplion foms part of our UM of our report Thls report 1$ made solety to the Charitab￿ companV8 member8, a¥ J body, In accordance wth Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable companys trustees, 88 a body, Part 4 of the Charitrds (Accounts and Report8} Regulations 2008. Our audit wokk has been undertaken so that we mwhl slate to the charilable ¢ompanls members those matters we are required to stale to them in an Audito￿6 Report and for no other purpose. To the fullest extent pemrtted by law. we do not accept or assume responsibility to anyone other than the charttable company and its members. as o body, for our audit WOFk, for thi$ report, or for thè Opini￿)6 we have formed. Page 18

HARLAxfoN COLLEGE INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HARLAXTON COLLEGE ICONTINUED} H•ather McConno11 (Senior Statutory Audltorl for and on behalf of Streets Audlt LLP Chartered Accountant8 & Statutory Auditor Slalutory Auditor Enterprise Hous8 38 Commerce Road Lynchwood Pet8rborough Cambs PE2 6LR Dat•.. 3(5 P vsl 201 Page 19

HARLAXTON COLLEGE CONSOLIDATED STATEMENT OF FINANCIAL ACTMTIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 30 APRIL 2024 Restrfct•d Unrnjtrlcted tund• funds 2024 2024 Total funds 2024 Tol fund$ 2023 Noto Income from: Grants received Charitabl8 acllvltles other tradlng actiwll88 Inv¢8lment8 1,899,148 1,522,328 673.343 24,768 1.746,088 1,658.814 673,343 24.768 2.009, 727 1,241.907 525,320 &678 36.486 Total Incom• 82,926 3,920,085 4.003,011 3, 782,632 Exp•ndltuM on: Raising funds Charltable activitie 352,984 3A71,369 382,984 3,554,296 289,843 3,446,384 82,928 Totsl •xp•ndltuM 82.926 3,824363 3,107.279 3, 736,227 Not mov•m•nt In fund8 96.732 96,732 46,4Q5 R•conclltstlon of lund•: Totsl funds brought forw8rd Net movement In lund8 2,270,668 98,732 2,270,666 95,732 2,224,261 46,405 Total fund* c•rrl•d lo￿ard 1366,398 2.386,398 2,270,666 The Con8011dat•d Statement of FinanGio1 Actwltk88 In¢lude8 all galn$ and k)$8e8 recognl8ed In the year. The Tr)te8 on pag88 28 to 48 fomi part of those ffinancial 8tatemenl8. Page 20

HARLAXTON COLLEGE REGISTERED NUMBER: 06825976 CONSOUDATED BALANCE SHEEr AS AT 30 APRIL 2024 2024 2023 Not• Flxed a•••ts Tangible a68•ts 14 143h98 111,440 143,498 111,440 Currnnt a•••t• Stocks Oeblor8 Cash at b8nk and In hand 16 17 93,080 2,171,116 1,215,098 105048 2,218,828 1. 128,760 3,479,794 3,452.636 Credltor8.' amounts falling dué ￿1n one yoar 18 (1,217.7251 (1,273,616) N•t ¢urr•nt •u•ts 2,262,069 2,179,020 Total as••ts I￿* ¢urr•nt Ilabllltl 2,405,067 2,290,460 Cr•ditor8'. amountB fslllng due after mor8 than on¢ year 19 139,167) (19, 792) N•t as•ets •xcludlng p•nslon 2,366,400 2,270, 668 Tot•1 n•t a8••ts 2,366,400 2,270.668 Charlty fund• RestrKled lunds Unmstrkted lundB 20 20 2,366AOO 2,270,668 Total fund$ 2,366,400 2,270,668 The Trustees acknowledgg their rè8pon8ibilrties for wmplwng with the requlrements of the Act vAlh rospect to aGcounting records and preparat￿n of financial stal¥ments. The financial statements have been prepirod In accordance vlth the provisions applicable lo entities subject to the small ￿MpanIeS regime. Tho financlal 8tstement8 were approved and aLthoTi8gd for i88ue by the Trustees and dgned on thgir behalf by.. Page21

HARLAKfoN COLLEGE REGISTERED NUMBER: 06825976 CONSOUDATED BALANCE SHEET IcoKfiNUEDI AS AT 30 APRIL 2024 H Chubb (Tru8le•l ITTustse) 20 aollt The notes on pages 2610 46 fmn part of the8e flnancid Atatem•nt8. Page 22

HARLAXTON COLLEGE REGISTERED NUMBER: 06825976 COLLEGE BALANCE SHEET AS AT 30 APRIL 2024 2024 2023 Flx•d a8•et• Tanglble a888ts Investments 14 15 143N98 111,440 143.500 117,442 Currnnt au•ts stock8 D•btors Cash at bank and In hand 54.331 2.203,598 877.502 66,253 2,274,612 864.611 17 3,186,429 3,205,476 Créditor8'. am¢Junls falling due wthin o 18 19H072) (1,067, 793) N•t currnnt aM•ts 2,201,3S7 2, 137,683 Total a*uts1o•• curr•nt Il•bllltl•• 1344,867 2,249. 125 N•1 a•80ts exGludSng p•Th8lon au•t 1344,867 2.249, 125 Totsl n•t ••••t• 2,344.807 2,249, 125 Charlty funds Roslricted fund¥ Unmstricted funds 20 20 2,344,887 2,249, 125 Tolal lundB 2.344.867 2,249, 125 Th8 Ccllege's net m¢)vement in funds for the year was £(130,4031 (2023- £{138.749)J. The Trustees acknowle(hJo th¢lr responsibilitie$ for coMp￿n9 thè requiremerrts of the Act wlh r•spect lo accounting re¢ord$ and preparation of financial statements. Tha financial statements have been prepgr•d in xcordance with the provi8ion$ applic￿le lo entities 8ublect to the smal rompanies regbm•. The financial ¥tatemen18 were approved and authorised for issue by the Trustges and signed on thelr behalf by.. Page 23

HARLAxfoN COLLEGE REGISTERED NUMBER: 06826976 COLLEGE BALANCE SHEET ICONTINUEDI AS AT 30 APRIL 2024 R Browniow (Trustee) (Trusteel Dat•.. AvO￿k 2014 The note8 on pages 26 to 46 fLvm part of these financial •talemonls. Page 24

HARLAXTON COLLEGE CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 APRIL 2024 2024 2023 Cash flows from operating a￿1vIll•S Net ca8h used In operatlng activit188 117,166 (450.856) Not cA•h us•d In OP•fatlng adlvltl 117.166 1460,8661 Cash flow• from Invostlng actlvltl•s Intsre8t received Purchase of tanglbl8 Ilxed 88Bot$ 24.766 186.6841 5,678 Chango In cash and cash equlvalfjnts In th• y•ar Cash and cash equlvalenls al the beginning of the y•ar 86,338 1,128.760 1445.1781 1,573.938 Cmh •nd ca•h equ1va￿nts at th• •nd of th• y￿r 1.215,098 1,128, 760 The noteB on pages 28 to 46 form part of the$8 financlal statements Page 25

HARLAXTON COLLEGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Accountlng pollcl•s 1.1 8a¥l$ of proparallon of flnancbal ¥tat•ments The financial statements havg been prepared in accordance with the Charities SORP {FRS 102} - Accounthig and Reporting by Charities.. Statement of Recommended Practice applicable to char((ies preparing their accounts in accordance with the Flnancial Reporting Standard appli￿ble in the UK and Republ￿ of Ireland IFRS 1021 leffective 1 January 20191. the Finan¢lo1 Reporting Standard applicable in the UK and Republk of Ireland IFRS 1021 and the Companies AGI 2006. The flnancial statements are prepared in slerllng. which 18 t￿ functional curmn¢y of the group. Monetary amounts in thes• financial statomenls arg rounded lo the neare81 pound. HaTlaxton Colbga meets tho dellnllion of a public beneflt entity under FRS 102. A880t8 and1SabNttte8 are initialty re¢ogni8ed at hl8torlcal c081 or Iran8aclKJn value unless othe￿1$0 stated In the relevant accounting policy. The fin￿cial 8latem•nts of tho Gharitable comp8ny are con$olKlaled in the financial 8tatemenlg of Harlaxton College. The con801idaled financial statements aro publlcty av8llfibl8 frun b registered offi'ce, H8rlaxton Manor. Harlaxton, Gmntham, Lincolnshire, NG32 1AG. 1.2 Golng conc•m The Ilnan¢lo1 statements have been prepared on a going concem basis. Havlng carried out a dolailed review of the group's p08ttK>n and it8 for•¢4$1s al t￿ date of signin9 the aGcounls and with regards lo the challenges pre8enlod by the curr•nt gconomlc and heallh ¢1Smale. the tru81eo$ are Iatlsfied that thé group ha8 8uffici8nt cash flows lo meel its liabiliti'es as they 1811 due for at l&aBt one year fmm the dat• of approv81 ol the acctsjnts. 1.3 Con•olld•t•d fln•nclal •tat•m•nt• These financial $talemerrt8 comprise th• rgsutts of Harlaxton College and Itj wholly owned Iradlng 8ub8idiary, Harlaxton Manor Enterprises Limiled consolidated on a line by line basi8. The parent charitable company has tsken advantage of the availab￿ exemption under 8eclon 408 of the Companie¥ Act 2006 not to present its own Slal•ment of Financial ACtI￿lieS or Income & Expenditure Account. 1A Income All Income 18 recognlsed once the College has ontitlement to tho inGome. it 16 prcthble that the Incorne wlll be re¢efved and the amount of income receivable can be measur8d rgliably. Charitable artivf(ios income is grant8 from the Unlversity of Evan$Mll• and repre8ent5 fvnds drawn d¢)wn during the year. They are wognised as income 8ceording to the Semestgr lo which they relate. Semester fee income. College Summèr programmes and sludenl travel and the provisi￿ of facilities for sludgnts are iecognised In th6 year lo which they relate. Trading income attributable to Harfaxton Mar￿Jr Enterprises Limf(ed represents 8ervi¢¢s rendered to custom8rs at anounts exclusive of valu8 added tax. Income lax recover8ble in relation to investment income is recogni8ed at the lime the inve8trnent income is receivable. Page 26

HARLAKfoN COLLEGE NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 30 APRIL 2024 Accoundng pollcles l¢ontlnuod) 1.6 Expondlturo Expen(Iture is r8cogni8ed once thore is 8 legal or constructive obligation to transfèr eGonomk nefrt to a third patty, it 18 probable that 8 Iransfor of econcmlc benefits will b8 required in 8éttlemenl and the amount of the obligation can be measured reliably. Expendrture is classified under ch8rilable acllvity rather than tho typ8 of oxp8nse, in order to provkle more useful infom)alion to ugeY8 of the finandal 81alements. Charitable acti￿ co8t8 compri8e both direct •xponditure, including direct 8taff coBt$ attrbLrtabie to the activity. and support Costs relallng lo these activities. Overhèad8, govornance co$1$ and other ¢0818, not dirertly attribulable to Portlcular fuft¢lional activity categories are apportioned over the relevant calegorig5 on the basis ol management eslimal8$ of the amount attrSbulable lo the activity in the year. either by reference to stsff time or space QCeLtpied, 48 8ppropriatg. The irrecoverable element of VAT Is includgd wlth the f(em of expènses to which il relates. As Hadaxton Colb98 is unabl8 to recblm all of Ihg Value Add¢d Tax IVATI. expenditure 18 slated net of VAT where inpLrt lax 18 ffj¢¢)verablg In full and in¢lusI￿ of VAT in respect of expenditure where input lax Is not wholty recoverable. The amount of irrecoveroble Input lax relating lo partlalty exempt gupplw8 18 Included in ro8ourGes ￿Pend￿ in accordance with th• approprl4t¢ classifiG8tion of ¢o$18. Expgndilure on chwitsble activ4t1￿1& irKurrttl on dlrectly undertaking the aCtNitI￿ vthlch fvrther th• Group's objecllve$, es w611 a8 any as8oclaled support cost8. 1.6 Gov•rnment grnnts Govemmenl 9rants relating to tangib￿ fixed a$￿ts are tra￿ed 88 d￿e(r0d ir&yne and relea$•d to the Consolidated Slatemenl of Flnanclal Activities over the expected usèful live¥ of the as conc•med. Other grants are Cred￿ed to tho C￿$011d￿tQd Stal•m¢nt of F￿ncId1 Activrtie8 88 tho related expendfture is Incurred. 1.7 Int•rn8t r•c•lYabl• Interest on funds held on deposit is Included when re¢•ivable and the amount Can be me88ured relrably by the Group., this is normally upon notrfKallon of the inl8rgSt paid or payable by the institution wllh whom the funds ar8 dewited. 1.8 Forelgn curMncl•s Monetary assets and Ikqbili11•5 denominated In foreign currenci•s are translated into sterllng at rates of exchan9e wling al the rewting dale. Tran88ctiDns in foreign Gurr8ncies aro translated into Sterling at the rate ruling on the dale of the tra￿actIOn. Exchangg 98in8 and losses are ￿Ognised in the ConsolKlated Statoment of Fin8ncial AGtivlile8. Page 27

HARLAXTON COLLEGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 A¢¢ourtlng poll¢lgs Icontlnu¢d 1.9 Tanglbl• fu•d Mlets and d•p￿latIOn Tanglble fixed c08ting £1,500 or more are capitalisod and recognbsed when future economic benefits are probablg and th• Cost er valw of th assèt ean bg measured reliabty. Tan9ible frxed as8et$ are inFtialty recognised al c05t. After m￿nition, undèr the CO￿ model, tangibse fwed assèts aro mèasured at cost le$$ accumulated depreciatk)n and any accumulated knpairnenl losses. All costs incurred to bring a langlble fixed a8801 into Ils intended working cOnd￿lon Shoula be included In the mea$urom•il of co#1. Depreci8tion 18 charggd 80 88 lo allocate the cost of tangible fixed as88t$ Ihelr re81dual value ov•r thair •8tlm81od useful Ilve8. uslng 8tralght-Ilne method. Deprnclalbn Is provided on the fo11tr￿n9 bases.. Prop8rty Improvoments Plant and m•¢hln•ry Motor vehidos Furnllure Ubrary books CompLrter8 - 87 yearn - &1 S y8ar8 - 5-10 yoars 15 years 20 ￿aT8 - 5 year8 1.10 Invg•tmonts Fixed •88•t investmen18 are a fomi of flnancial In$lrum•nt and arn Inillally recognised at thelr transaction c081 and subsequenlty mèa8ured al fair value al the Balance She81 date, unle88 the value ¢8nnot be measurad reliabty In which ca88 11 is mea8ur8d al cost1888 Impoimi?nt. Investmanl gains and Io¥se8. whether realised or unrealised, ar6 combinèd and pr886nt•d a6 'GainsllLoss•sl on inve8tmgnls' in the Conwlidatsd Stsiement of Financial ActlvRle8. Inv881menls in 8ubsidl8rf•8 are valu•d at C￿110$$ provislon for Impolrnenl. 1.11 st￿ks Stock8 am valu•d al thè Iow?T of cost and 88lling pri￿ h88 Costs to c¢Jmplete aftér making due allowanco for obsolete and slow4noving stock6. Co$1 Include8 al dlr•ct Costs and gn appropriate prowtion of fixed and variable ¢)v•rheads. At each reporting date. the ¢h8rty assess￿ whether Stocks are impair8d or ff any imp&ifftent108$ recognised in prior periods has rev¢r$ed. Any exc•¥s of the ca￿ing amount of stock over its estimalgd selling price less c08ts to complete and sell 18 recogni38d a8 an impaimienl loss in the 8talement of financial actwilies. 1.12 D•blor8 Trad8 and other debtors are reco9nised al the settlement ¥Anount after any trade discount offered. Pr•payments wg valL￿d at the amount prepaid net of any Ir•Jg diKounts dug. Page 28

HARLAXTON COLLEGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Accountlng policies Icontlnuod 1.13 Cash at bank and in hand Cash at bank and in hand Includes cash and Short-term highly liquid Investments a Short maturrty ol three months or loss from the date of acquI8rtion or openlng of the deposit or 51mllar account. 1.14 Llthbllltl￿ and provlBlons Liabllllles are recognised vthen there is an obligation at the Balance Sheet dale as a re5uII ol a past event, it is probable that a transfer of economic bene￿1 bMII be required in settlement, and the amount of the settlement can be e8timaled reli8bly. LiabillUe• are recognised at the amount that the Ccllege 8nts'cip8te8 h will p8y to gettle the debt or th• amount ti ha8 recelvèd as advanced paymentj for the goods or servlces It must provide. Provisions are measured al the best estimate of the omounts required to settle the oblbgation. Where the effect of the lime value of money 1$ material, the provision 1$ based on the present value of those amounts. discounted al the pre-tax discount rate that reflects the risks specific lo the liability. The unwinding of the discount Is recrynised in th• Con¥olidaled Statement of Finonclal Activiliej 88 flnance cost. 1.16 Flnanclal In•trum•nts The Group only has flnanclal assets and financial li8bililie5 of a kind that quallfy as baslc flnanclal Instruments. 8aslc financial instruments are Inits'ally recognised at transaction value and Subsequently measured al Ihelr gettlemenl v81ue wth the exception of bank loans vknith are 8ubsequ?nlly measured al amortl8ed oo¥l 118ing the 8ffeclive interest method. 1.16 P•n•lon$ The Group ¢perales a de￿ned contribuU¢n penslon schome and the pension charge repre8•nt8 the amounts payable by the Group lo the fund in respect of the year. 1.17 Fund a¢countlng Gen&ral funds are unrestricted funds thich are available for use al the discretion ol the Trustees Sn lurtherance of the general objectives of the Group and which have not been designated for other purpose5. Restricted fund¥ are funds whlch are to be used in accordance wth $pecffic regtrith'ons Imposed by donors or vhich have been raised by the Group for parkn'cular purposes. The costs of raising and adrninislering such funds are charged again51 the specific fund. The aim and use of each restTiCted fund is set out in the notes to the flnancial stslements. Page 29

HARLAXTOM COLLEGE NOTES TO THE FINANCiAL STATEMENTS FOR THEYEAR ENDED 30 APRIL 2024 Accounting pollcles l¢ontinu•dl 1.18 Employm•nt bvneflts The cost of short-lerm employee benefhs are recognised as a liabilty and an expense, unle55 those costs are requlred to be recognised as part Of the cost of fixed assets. The cost of any L4nused holiday enlillement is recognlsed in the period in which the employee's 8ervlces are received. Terminalion beneflts are recognised immediately as an expense when the company 19 demonstrably committed lo lermlnata the employment of an employee or lo provide termlnalion beneffl¥. 1.19 Herltag• ass•ts The group's objecUve8 include the re$toratlon, conservation and protection ol the historic buildlng8 and ground$ ol Harlaxlon Manor. In accortJance wrth the lemi of the property lease and the propety management agreement the group is obliged lo main18in the Manor, as an agent, to an agreed stat of repair. The group does not own the Manor and as a result Ihg value of the Manor 18 not reflected In the Statement of Flnanclal PoSI￿on. In addllion, the income received and expenses incurred ￿1¢h are associated vlth the reslorauon of the M8nor are included In the Statement of Financial Activities as outlined in Note 1.21. 1.20 Expondtturn on malor Mltoratlon The costs of a580ciated major rèpairs and reslorolion work of Hadaxton Manor Is reported in the Slalement of Flnancial kliwlleg in the year il 15 incurred. Preservation ol Harlaxton Manor Is definod as work done on a major area of the building or the grounds in order lo brfng the areas back in to their original ccndilion. The costs of such ￿1)rk3 are mostly funded through grantg receivable. Qeneral Inforn)atlon Harloxton College 1$ a charitable prlvale company (company number 06825976 and charity reglslralion number 11290541 and is also registered ès a charity 81 the Charity Commission in England and Waleg. The charStable company is Ilmiled by guarantee and in the event of the charitable company being wound up during the year of membership, or the year following. company members are required lo Contribute an amount not exceeding £10. The registered office and principal place of business Is Harlaxton Manor, Harlaxton, Grantham, Lincoln8hire, NG32 1AG. The ¢harlt8ble company and the Group's principal obleclive are the provision of education programmes and other facilities in Eng18nd to students of the Unlversty of Evansville and the preservation and maintenance of Harlaxton Manor. Page 30

HARLAXTON COLLEGE NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 30 APRIL 2024 crftical ￿0￿ntIng ostlmatos and ar￿$ of judgmont Estimates and judgments are ￿ntinUallY evaluated and are based on historical experience and other factors, including expectations of future events that are bdieved to be reasonab￿ under the clrcumslances. Crltlcal accountino 88timates 8rKI a$sumption$'. The College makes esllmales and aSsUmp￿Dn8 concemlng the futurn. Th• raJu￿.ng *¢ountir estimates and assumptions will. by definition, seklom equal the r818led #clual results. There ar8 no e$tlmal8s and 8s8umplions that have a 8lgnificanl risk of causiThJ a materiol adjustment lo the carrylng amounts of a88et8 and liabilitles wlthin the noxt fi'nancial year. Incom• from grnnts RMtwlclod Unrn•trfcted lund• funds 2024 2024 Totsl fund• 2024 Total funds 2023 Grants Grants from th• Unlverslty of Ev8nsvile Govornm•nt grants Kick•tartgr grant Grant8 Irom Uni¥er8Ny of Evan8vII• 1,699,848 1,699.648 1,877,098 2.170 130,459 46.440 46,440 1,699,648 1,746,088 2.009, 727 Page 31

HARLAXTON COLLEGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 In¢omg from ch•rltable actlvltleg R••trlcted Unr•8trlcted funds fund8 2024 2024 Total fund¥ 2024 Tot81 lunds 2023 Semestgr fee Inc¢Jme. summer pr(¥ram$ and $ludent travel L8nd fund 1,522,328 1,S22,328 1.218.356 23.551 36,486 1,522,328 1.558.814 1,241.907 Incomg from othor trndlng Ktlvltl IDcom• from non ¢harStsbl• trndlng actlvltlel Unr••trl¢t•d nd• 2024 Tot•1 fund• 2024 Total lund 2023 Hadaxton Manor Entorpri$g1 Limited 673.343 672,343 524320 Inv••tmant Incom• Unroitrlct•d funds 2024 Total fund$ 2024 Tot81 2023 Interest W•Ned 24,766 24,786 4678 Page 32

HARLAXTON COLLEGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 ExpendSture on ral$ing funds Oth•r tradlng •xp•n￿l Unrnstrlcted funds 2024 Total funds 2024 Totsl funds 2023 Cost of salb8 Admlnistr8tion expn$oS 294.786 58.198 2H788 68.198 244.052 44791 352,984 352,984 289,843 Analys1• of x￿ndIture on ch•rllbh actlvltl 8umm•ry by fund typ• RMtrlct•d Unwestrl¢ted funds fvnds 2024 2024 Total 2024 To181 2023 Operatlon of •tudy centre Pres8rv8tion of Hadaxton M•nor 3,471.389 3A71,369 82,926 3,292,374 154.010 82.926 82,928 3,471.369 3,SS4295 3.446,384 Page 33

HARLAxfoN COLLEGE NOTES TO THe NNANCIAL STATEMENT8 FOR THE YEAR ENDED 30 APRIL 2024 Anatysls of oxpendltur• on chartt•bl• •cllvlt1￿ Itontinu•d) Summ*ry by •xp•ndltur• ty Staff cost• D•pr•clatlon Other costs 2024 2024 2024 Totsl 2024 Total 2023 Oporntion of study contre Pre8ervallon of HarLgXton Manor 1,268,061 23,526 2,181,782 3,471,389 3,292.374 82.926 82.926 154,010 1.286,C61 23,526 2,264.708 3.664,295 3,446,384 Tol812023 1,103,517 24,000 2,318,867 3,446,384 10. Analy•h of •xpoThdlturn by actlvlU•s Actl¥ltl•¥ und•rtak•n dlfectty 2024 Support costs 2024 Tgtal fund• 2024 Total funds 2023 Operation of 8tudy centr Pre8erv8llon of Harlaxton Manor 3.481.739 82,926 9.630 3A71,389 82,926 3,292,374 154,010 3,544.865 9.630 3.664.296 3,446,384 Total 2023 3,437.022 9,362 3,446,384 Page 34

HARLAXTON COLLEGE NOTES TO THE FINANCIAL STATEMEwrs FOR THE YEAR ENDED 30 APRIL 2024 10. Anatys15 of *X￿n￿ltUre by activitie# Icontlnu•d) AD#ty•i• of dlrnct costs Op•ratlon Preservatlon of study of Harfaxlon Cèntro Manor 2024 2024 Total funds 2024 To181 funds 2023 staff costs Depreciation Admlni¥tratlon General •xptsn8•8 Faculty and tuSlwJn Sludenl affairs Phy8lc81 plont utilit￿8 Hou8ekeeplng Gardèn8 and grounds Transport Secunty Caterlng Summer progrwns Lend fund Inve8tment impalment G¢)￿rnance costs 1,266,061 23.526 57,431 157.072 9.572 214,467 131,151 395,467 35,610 19,853 15,414 123 842.849 463,578 1,286,061 23.526 67.431 107,072 9,572 214.467 131.161 39S,487 35.610 19.853 15,414 123 642,849 483.576 82,926 1, 103.517 24,L 59.433 183. 727 3,397 220,255 163,517 369,408 42,560 14,085 15,367 315 768,623 257,044 154,010 12,633 45,131 82,926 29,567 29,667 3.461.739 82.928 3,$44,685 3,437.022 Direct c08ts have been allocated to 8¢llvity on a basis consistent with thg uje of re?ource5. 11. Audltoes remunerallon 2024 2023 Fee8 P8yabh to the Cc41ege's auditor for the audit of the College's annual accounts 12.100 11,OOQ Fegs payable to the Cc41ege's auditor in respect of: Audrt serw¢8$ of the subsidiary company T8xation compfAnce services All non-audit $￿ceS not IndUd￿ obov8 4,675 4.250 2.250 5,7SO Page 35

HARLAKfoN COLLEGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 11 Staff ¢￿t& Group Group 2023 Coll•g• 2024 Callggg 2023 WagèB and 8alari Soclal #•curty costs Contribution lo dafin8d conlrlbutlon penslon schemes 1.127,707 85,916 963,821 71,587 1,137.707 85,916 963,821 71.587 42A38 68, 109 42A38 68, 109 1,266,061 1. 103,517 1.266,061 1, 103,517 Th¢ avorage numbei of person8 employed by thè Coll•ge during tha yoar was as folknv8'. Group 2024 Gn)up 2023 No. Collogo Colloga 2023 No. No. Management and administration FaGully House Keeping and estate Catenng and events 16 13 23 19 18 13 23 19 26 26 The 8￿ra￿e headcount •xpres$ed a$ fu114ime equivabnl$ wa• 47.'12023- 441 No emptyè i0Gefjv￿ remunera11￿• amounllng to more than £60,000 in •ith?r year. The Group operates a dgfined conlribulKJn pen81on scheme. The assets of the BGheme are held 8epgratety from those of the Group in an indepondently administered fund. The pgnsion cost charge of £42,438 (2023 - £68,109) reprosenl8 contributions payab￿ by the Group to the scheme. At the year end, the group owed the scheme £2,000 12023 - £3,608) induded in accrual8 with re8pocI to contribution8 due. The key management p8r80nn*l of the group compn8es of th• tru8tee8 and Senior members of the management Ytho are responsible for the day to day running of the colle9e. The total empk)yee ben&fits for the key management p•rsonnel was £372,297 {2023- £309,676). 13. Trustem. Mmungratlon and oxpens During the year, no Trustees received ary remUnernt￿n or other benefrt¥ f2023- £NIL). During the year ended 30 April 2024, no Trusteg exwses have been incurred (2023- £NIL). Page 36

MAIILAXTON c￿LEsE NOTESTO THE FINJICIAL $TILTEMENT# FOR THE YeAR eNDED ￿RIL W24 Llbrnry boofL• ¢wJt• •rt• mi¢hln•ry FUm￿A Td41 At 1 202J ddhin¥ JX731 ,¥14 ,007 217W• At$O*•A 2024 )11.7QO 7•,111 217MJ• IIMIT W,232 D•pr•¢W Al l M•y2023 ¢￿￿•1￿rth• ymr J77 .107 ,112 M7.10• 23,020 12Z At 30WI 2024 JJ•i 312.MT 71,711 21.121 17201• •W.714 N•1 AI 30 WI 2024 13.J•B X•7 aOW2023 27,879 77,93T 111.440 Pa9• 37

HARLAXTON COLLEGE NOTES TO THE FINANCIAL STATEMENf8 FOR THE YEAR ENDED 30 APRIL 2024 14. Tanglbl• Ibx¢d assets {contlnued} AJI tangible as￿ •re used for charitabb purp08e8. Heritage a88ets are not recognised in the bala￿9 sheet. The Chartty maintaln8 the h15tOTiC building8 and grounds of Harlaxlon Manor on b8h811 of the Univgrsity of Evanswlte a6 det8Sled In the propety managemfjnl agreement and the propety lea88. As explained in the occounling poI￿leS Inole 11 the Charity does not own the Manor and as a result the value of the maI￿r is not reflected In the financlal slatamenls. Reslor8tlt)n w?rf( 18 ¢arr￿ out In order to keep the PAwor and gardens Sn a condftion 8uhable for u$8. Page 38

HARLAKfoN COLLEGE NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 30 APRIL 2024 15. Flx•d asset Inveytm•nts Inv•stments In •ub•ldlary Companles Collego Cost or valuatloD At 1 May 2023 AI 30 Aprfl 2024 N•1 book valu• At 30 Aprll 2024 At 30Apnl 2023 Page 39

HARLAXTON COLLEGE NOTES TO THE FINANCIAL 8TATEMEKrs FOR THE YEAR ENDED 30 APRIL 2024 18. Flxgd ag8Ot Invostments (contlnued} Prlncipal subsldlarlg5 The folkwAng was a subsldi8ry undertaking of the Ccll69¢.' Nam• Company nurnbor R•gknt•rnd offlc• or prlnclp•l Prlnclpal a¢tlvlty plac• of buin•% H*laxton Manor Enterwl Limited 02141188 Harfaxton Manor, Harlaxton, Granlham, Llncoln8hire, NG32 1AG Provision of conference 8nd b8nqueting 8eNc88, making S￿118b19 th lacilltigs of Harlaxton Manor and providlng ¢ortain s•p4ic•$ to Students. Cla8# of Holdlng •haro• Ordinary 100% The financial r8gult8 of the Subsldlary for the y••r were.. Nam• Incom• Exp•ndlturo ProfftllLoM) I Surplusl (Dofi¢ttl for th•year Harlaxton Manor EnterprlBos kn'mrted 6n,343 679,119 94,224 N•t m•ts 21.$45 Pagg 40

HARLAKfoM COLLEGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 16. Stocks Group 2024 College 2024 2023 2023 ConBumables 93.580 105,048 54.331 66,253 17. D•btOT• Group 2024 Group 2023 Colleg• 2024 cd 2023 Dug wlthln on• y•ar Trade d•blors Amounts t)wèd by group undertakings Due from Univgr$ty of Evanyville Prepayments and accrued incom• 38,618 35.070 9.121 113,510 1.978.559 182AO6 1.025 91,444 1,923,5GQ 258,613 1,978.509 163.939 1.923,5CQ 260,258 2,171,116 2,218,828 2,253,696 2,274,612 Pag¢ 41

HARLAXTON COLLEGE NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 30 APRIL 2024 18. Credltors: Amounts fallSng du• wlthln on• y••r Group 2024 Group 2023 Collggo 2024 2023 Tradé creditors Other laxalic*n and 8c¢ial securtty Other creditors Accw￿l and deferred kncomo 274011 44,881 238,041 42.465 3,608 989.&)2 222,310 23,383 2.000 736.373 218.492 20, 736 3,608 824,957 896.832 1,217,725 1.273,616 984,on 1,067. 793 Group 2024 Gmup 2023 Colhgo 2024 Co118g& 2023 D￿erred Income at 1 May 2023 Resour¢o$ dgferred durlng the yeaT Amounts reknased from provlous per￿1d$ 931,627 863,4TI 1931,6271 372864 760.409 308, 702 931.627 674.299 760,409 (372,864) 1760.4091 (308, 702) 863.477 931, 627 874,199 760,409 Tho def•ir•d Incom• r•late8 to adv8n¢e8 for weddlngs and gr8nt8 r•¢•ived In advan¢o. 19. Cr•dltorn: Amounts falllng du• •ft•r mowe than ono yMr Group 1024 Group 2023 Accrual8 and deferred In¢om• 39,167 19,792 Page 42

HARLAXTON COLLEGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 St•t•m•nt of funds Stslement of funds- curr•nt y•ar Balance •t 30 Aprll 2024 Balanc• •t 1 May 2023 Income Exp•ndlluM Unr6•trl¢t•d fund• Harlaxlon Ccllege HaflaxtI￿ Manor Enterpri8¢8 Limited 2.249,128 21.543 3,246.742 {3,151,0101 2,344.867 673,343 {673.3431 21,S43 2.270,668 3,920,086 13,824,363) 2,386.400 Rutrfct•d fund• Preservation of Harlaxton Manor 82,926 182,9261 Tot•1 of fund• 2,270.668 4,003,011 13,907.279) 2,360AOO Stat•m•nt of fund•- prlor y••r 881ance 8t l May 2022 Balance al Income Exp8nditure 30 April 2023 UDr•#trkt•d fvnd• Harloxton Coll•g6 Harfaxton Manor Ent¢rpri$e¥ Llm6ted 2,20Z720 21,543 3, 103.302 13,056,897) 2,249, 125 52&320 (525320) 21.543 2,224,263 3,628,622 (3,582,217J 2.270,668 Rostrlctod funds PreseNation of Harlaxton Manor 154,010 (154,010) Totsl of funds 2,224.263 3, 782,632 (3,736,227) 2.270,668 PreseNation of Harlaxton Manor fund is funds recelved lor thg up keep and maintenanc• of the Usgd by the College. Page 43

HARLAxfoN COLLEGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 21. Summary of fund• Summary of funds- currnnt y•4r Balanc• at 30 Aprfl 2024 Balance at 1 May 2023 Incom• Exp•ndlturn General funds Rgslrkted fuTra8 2,270,668 3J20,088 13.824,363) 2,366AOO 82,926 182,926) 2,270.668 4,003,011 {3,W,279) 2.366AOO Summary olfund•- prlor y••r Ba18nc• al 1 May 2022 Ba18nce 81 Incomo Expendllure 30 Aprfl 2023 General fund$ Restr￿ted fundB 2,224,263 3.624622 (3,582,21T) 2,270,668 154,010 (151,010) 2,224,263 3.782,632 (3, 736,227) 2,270, 668 22. An*ly81• of net •M•t• b•twe•n fund• Analy•l• of n•t 4••0ts b•tW•on funds- currnnt p•rfod Unreslrleted fund¥ 2024 Totsl funds 2024 Taftgit40 fwd assets Current assets Creditors dué v￿thin one year Creditor8 du¢ in moro than one year 143,498 143,498 3,479,794 3.479,794 (1,217,725) 11,217,725) 139,1671 139,167} Totsl 2,366,400 2,366,400 Pag9 44

HARL￿xToN COLLEGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 Anatysls of net assots b•tweon funds {ry>ntlnuedl Analy#li of net ass•ts b•twoen fvnd•- prlor perlod unr￿trACted funds 2023 Tot81 funds 2023 TangSbl8 fixed assets Currant a8sats Credikirs due withln one year Credllors due in more than Me ￿lf 111,440 111,440 3.452,636 3,452,636 (1.273,616) (1,273,616) (19, 792) (19,792) Tol•l 2.270,668 2,270.668 R•conclll•tlon of n•t movom•nt In fund* lo n•t c••h flow from op•rntlng a¢llvltl Group 2024 Group 2023 Ntsl In¢ome for thg pen'od {•• per Statemanl of FIn¥￿181 Act1￿￿8) 95,732 46,405 Adjustments for: Dèpreciation chorgeB Inl•re51 received Decrea$el{increa8•) in stocks D8crea8el{increas61 In dobtors Increa8el{d•creasel in ¢redllor8 23,626 (24,7661 23,999 (5,678J {26,555J 47.712 (l.Q47,944) (36,516) 558,917 Ngt ca•h provld•d byllu•od Inl op•ratlng actlvltl•¥ 117.160 (4&1,856) Anaty81• of cash and •9uiv•lents Group 2024 Gmup 2023 Cash in hand 1.216.098 1, 128, 760 Totsl cash and cash equfvalents 1.215,098 1, 128, 760 Page 45

HARLAxfoN COLLEGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 26. Anaty¥ls of changes In net dèbt At1May 2023 C•h flows At 30 Aprll 2024 Cash at bank and in hand 1,128.760 86,338 1,215,098 1,128,760 86,338 1,216.098 26. R•lat•d p•rty irnn•actlon Durfng the year Harlaxton College re¢dved management charges of £228,015 12023 - £180,33018nd donatlons vlo tho Grft Aod Scheme of £94.224 {2023 £56.8251 from 118 wholly owned 8ubgldlary, Harfaxton Manor Ent8Tprl8e8 Llmlted. At the ytsar •nd the amount due lo Harl8xton Manor Enlerprl8•1 Llmitod amounted to £113,51012023 - due from H•rtaxton Manor Enterprise8 Llmrted £91,444). During the year. thg charity incurred cper81ional and payrc41 costs on behalf of Harlaxton Manor Enterprise8 Lmnited. The88 COBts have not hen rechafg•d. M8nag•menl ar• currently de$igning an appropriate moan8 for recharging th88e coBtB. Dursng thg year H8daxlon Collgge Tecelved £2,885.81712023 - £2,466.511) of grants from the Univer8lly of Evènsville, which is the sole member of Harlaxlon College. During the yaar H8rl8xton College w88 charged expenses of £nil12023- £nill by the Universty of Evanswlle. Al the year end thè amount due from Ihe Univer8ty of Evansvile amountgd to £1,978,559 {2023 - £1.923,5001. CoTrn•ct•d oryanl¥atlons The Universtty of Evanswlle 16 thè SO￿ membor of Harlaxton Collège and has the pa￿r to appoint and remove tru6teeB. Tho Univer8ity of Evansville bB an 8ntty that 16 rag18tered In Unw Stales of America. The freehold land and buildings occupled by the College are owned by tho Univer81ty of Ev8n$villg and let rent free to the College. No rental ch8rge 15 included in th• statemr￿ of Financial Activities. The trustees con5id•r such a rental charge to be unquan1rf￿blÈ. Page 46