R•gistered number: 06825976 Charlty number: 1129054 HARLAXTON COLLEGE (A Company Llmlt8d by Guaranteo) TRUSTEE8' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
HARLAXTON COLLEGE IA Company LIMIt by Guarant•frl CONTENTS Page Rof•Mnce and Adminlstr*tlv• D•tsil¥ ot th• Coll•g•, Its Trusleos and Advl•ors Tvust•M' R•port 2-14 Ind•pendènt Audltorfs Report on th• Financlal Stst•ment• 15-19 Con8olldat•d statsmont of Fln8nclal Actlvltl•• 20 Con•olldated Balanc• 8heot 21-22 Coll•g• B•l•nc• Sh••1 23-24 Con•olldatsd 8tstsm•nt of Cash FIOWA 25 Not•• to th• Fln•ncl•l Stst•monts 26-49
HARLAXTON COLLEGE IA Company Llmltsd by Guar•ntso1 REFERENGE AND ADMINISTRATIVE DETAILS OF THE COLLEGE. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 APRIL 2025 Trusts98 R Brownlow Ire$igned 1 May 2025) H Chubb C Pletruszkiewicz Unlversity of Evansville (resigned 16 September 20241 B Roberts lappoinled 24 September 20241 CoMnY r•gl¥tfrrod numb•r 06825976 Ch•rfty r•gl•ternd numb•r 1129054 R8gl¥t•r•d offlc• Hgrlaxton Manor Harlaxton Granlham Lincolnshir* NG32 1AG Exocutlv• Dir•ctor and Dr H Carter D•an ol H•rlaxton Collog• Company S•cr•t•ry N Burrldge Indop•nd•nt •udltor Streets Audit LLP Chartered Accountant8 & Slthlory Audltor Enterprisè House 38 Commerce Road Lynchwood Peterborough Cambs PE2 OLR B•nk•r• B¥rclay8 Bank Ple 33-35 High Street Grantham Lincolnshire NG31 6PH Page I
HARLAXTON COLLEGE IA Company Umltsd by Guarantoe) TRUSTEES. REPORT FOR THE YEAR ENDED 30 APRIL 2026 The Trustees present their annual report together the audited financial statements of the College for the year from l May 2024 10 30 April 2025. The Annual Report serves the purposes of both a Trustees, report and directors, report under company law. The Trustees confirm that the Annual Report and fin8ncial statements of the charitable company compty wlh the cijrrent statLrtory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice ISORP) applicable to charities preparing their accounts in accordance wlh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 leffeclive 1 January 2019). Structure, Governance and Man•gemont a. Gov•rnlng Docum•nt Harlaxton College I'lhe College'l was formed lo provide educational facilities in the Unlled Kin9dom to Students from the University of Evansville which is based in the Unlled Slates of America. 11 is a charitsble company eslablished under a Memorandum of Association, which established the objects and powers ol the charkable company and 13 governed under it8 A'cle8 of A8SQCAaUon. The University of Evangville Is the sole mernber of the charitable company. b. GoY•mlng Bodl•8 The College governlng body consis15 of three Trustees who, through the Execullve Dlreclor and Oean of Harlaxton College (Executive Direclorl, and the Managemenl Team. 8upervi$e the College'8 day lo day activitses. c. R•crultment and Tralnlng of TrustM• The Charity's Trustees are appointed by the B08rd of Trustees of the UnlveTSity ol Evansville. The Chaty,5 Trustees wll include the seNing Preyident of the Unive¥$ity of Evansville and other Iruslees appointed upon recommendation by the Executive Dlreclor of Harlaxlon College who wll determine eligibility based upon peTsonal Competence, speciallsl skllls, local av8ilabillty and sympathy vllh the mission and aims of the College. Polenllal Trustees are highly likely to be existing member5 of the College's Advisory Council. a voluniary 9roup who advlse the Executive Director and Management Te8m on variou$ matters in whlch they have expertise. Advisory Counci15 comprl8ed of Comrnunity Engagement,. Estate8 & Enterprfse., Sbjdent Experience. New Tw$tees, havlng been members of the College's Advisory Counal, will be familiar wlh Ihe normal woTklng$ of the College. They are Inducted into the goveTn¥nce of the College, including flnancial pollcy and procedures. by the Executive Oirector and College Accountant. The College has made quallfying third-party indemnity provisions for the benefll of the Trustees durfng the year. These provlsSon$ remaln In force al the repoiting date. Page 2
HARLAXTON COLLEGE IA Company Limlt6d by Guarantsgl TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENOED 30 APRIL 2025 Structurn. Govornanco and MJnag8ment l¢ontinuedl d. Oryanlsatlon81 Man•gem•nt The Trustees of the College, as the ¢harily Trustees, are legally responsible lor the overall management and control of the College and meet at le881 three limes a year. They delegate the day lo day rLsnning of the College lo the Executlve Director is supported in the organisation and control ol Ils a¢tivilies by a number of senlor managers operating In respect of both academic and business related disciplines. The ExeCUVe Director reports lo both the Trusteeg and the Executive Vice-President for Academic Affairs at the University ol Evansvllle the USA. The Executlve Dbrector, Management Tearn and Trustees are a8S18ted by the Adwsory Councll, a voluntary organlsation that Includes three aclive su¢0Mmittee8.. Community Engagement, Estates & Enterprise and Student Experfence. All Trustees give of thelr tSme freely and no remuneration or expenses were paid In Ihg year. No Trustee or pèrson connected with a Iruslee received any benefft from needs-based financial aid or meril-based scholarships awarded to our students. •. Arrangements for S•ttlng Pay •nd Romun•ratlon of K•y P•r•onn•l The key management personnel of th• charfty comprise the Trustees. the Executive DireGlor and the Management Team. 11 18 the Colle9e'8 policy that no Trustees are remunerated for thelr service¥ as a Twstee. Exceptionally, Trustees may receive payrnenl for the provlsion of servlceg lo the charity ¥thich does not conflict with their trustee role, and any such Iran8aCtions are dlsclo8ed in the financial stalemenls. The Presldenl of the Univernty of Evansvllle ultimate responsiblllly for agreelng the pay and remuneration of the Execuilve Director ol Harfgxton College. The Execullve Dlreclor ha$ ulb'mate responsibility lur agreeing the pay and remuneration of the Management Team and staff on an individual level. The Ex6¢utive Director IA as51sled by the College Accountsnl and other members of the Management Te¥m as appropriate. The Executive Director also ha$ acce$8 lo external professional advice which include5 benchmarking and market trends. The Executlve Director and key personnel are remunerated by a combination of base salary and benefit$ le.g. pension). The College uses the annual staff appraisal pro¢e$$ to sel both College Ishort-lerm and long-lemil and Individual pertormance elements and is designed to promote the long-term 6uccess of the College. Achievement against individual objectives is by line managers and the Executive Dlreclor as appropriate. The Execullve Director is assessed annu811y by the EXUtive Vice-Presidenl for Academlc Affairs at the Universrty of Evansville in the USA. Page 3
HARLAXTOM COLLEGE IA Company Llmltsd by Guarantse) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 30 APRIL 2026 Structur•, Governance and Management Icontlnuedl f. Group Structuve and R•latSonshlps The Charity has a stholty owned non-charilable subsidiary, Harlaxton Manor Enterprises Limited. whose activTtles and Iradlng perfomiance are discussed below. The College ulilises ils home "Harfaxton Mgnorf. to the full by offering approprSale programme$ and functions for the local and Snlematsonal communities. Certaln of these adivities are undertaken through the medium of arl8Xton Manor Enterprl$es Llmiled, a cornpany whose dlreclors are the Executive Director and College Accountant. The results of Harlaxton Manor Enterprises Limited are included wthln the consolidated financlal 51atemenls. The directors are sali8fied wth the results of the subsldiary during the year. They are confident ol fvlure prospects. The relationshlp between thè College and the UniveTsIty ol Evansville has been èxplaineil above. . Prfnclpal Rl¥k• ind Uncertalntl•• The Tru5tee$ requlre the ExecuUve Olrector and Management Team to 8Ctively rewew the prlnclpal risks and uncertainbe5 which the college may face on a regular basls, includlng those relallng lo 119 operations and rinances. They are yatisfied that systems are in place lo miliyale the College's expo¥ure 1¢ the major risks an¢J uncertainlles. Delalled consideration of risk is delegated to the Management Team. The College has in place formal rlsk management strategy thlch ¢omprfse$:_ An annual review of the risks whlch the College may face. Th¥ adequacy of CUTrenl systems and procedures to milig8le those risks idonlified in the slralegy,. and The implementation of procedure5 designed to minimise any potential risk on the College should any ol those risks malerialis0. The Tru8l••s recognls• that $yslem8 can only provlda reasonable but not absolute assurance that major risks and uncertainties have been adequately managed. Tho principal risks and uncertainlles that face the College are.. Financial - The College relie8 heavily on grant funding from Ihe University of EvanslIe %thich, in turn, 18 reliant on overall student recruitment. Major fluctuations in gtudent Tecwitment could significantly affect College income. The College {and University) mlugale these reuuitment rlsks by ensuring that recruitment efforts are largeled towards a wide range of US Golleges and unirs111e8 $0 that the College IB not reliant on 8 few sources. Phy$lc81 Environment- The College occupies a Grade I listed building IHaTlaxlon Manor) which is expensive to maintain. In recent limes fvnding ha8 been sufficient IC maintain the College building3 to a very high standard. However, long term reductions in grant fundlng would jeopardise the College's ablllty to rnalntain College Buildings in sufficient repair. Reputatson8llSecurity - The College has a 9ood repvlallon within the US (from where students are recruiledl and has been aw8rded several high rankings foT study abroad quality. However, an importanl factor that affects the whole UK sludy abroad industry is the attractiveness of the UK nation itself. Recent terrori$t attacks in the UK and Europe can and have had a real effect on US perceptions of travel risk such that College recruitment could be detrimentally affected if the UK was deemed lo be a 'risky' destination. In addition, due to the significant concentr81ion of US citizens at the College, the Trustees expect the Executive Diredor and Management Team to lake a proactive approach to Ioc81 security and safety risk management. Page4
HARLAXTON COLLEGE (A Comp•ny Limitsd by Guarantsel TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 30 APRIL 2025 Structure, Governancg and Managemont Icontinu•dl Staffing Thtr success of the clege is heavily dependent on the qualty of it5 faculty and staff. The College monitors and rewews policles and procedures to ensure the continuing professional development of key staff and faculty. Performance management procedures ate robust in ensuring that 811 staff meet the very highest standards in relation to all aspects of College teaching, perfomiance, and operational management. Fraud and Management of Fund5 - There is a high level of involvement of senior management In the day-to- day running of the Colleg& who Tegularfy review management accounts and sludenl numbers. In addition, there are regular revlewsldiscussions wth the University of Evansville who also monitor monthly management accounts. The College's audllers 8180 carry out audit and compliance checks on financials systems, records, and controls a8 Part of thelr annual audit processes. ObJ•ctlv••, Strategy. Alm• •nd Pollcl The College's objectives are set lo reflect rts education81 aims and the ethos of the College. It is import8nt lo the College Ih8t it rnainlains and enhances the academic success of the College and the Universty of Evansvllle a8 whole. Th1¥ objective 18, however, set in the ¢onlext Ol the broader goal$ we Set for the College and its students, faculty, and staff. In setting our objective5, and planning our aetivitjes, our Trustee8 have considered the Charity Commission'8 general guldance on public benefit and Ils supplementary public beneffil guldance on adv8ncing education and lee-charglng. . Charlt•bk Oblects The Charlly'5 oblocts are.. the advancement of education for the public benefit, in particular through the provlsion of educational programmes and other faalilies in England. lo students al the University of Evanswlle or any other educafjonal inslilutlon recommended by the Univer5ty of Evansville; to promote for the publlc benefit the $tOratIon, conservation, prolectim, and improvem?nt of the Ph1¢1 and natural environment lincludlng the biological diveTyily thereon cf the park18nd, gardens and hlslortc bulldings of Harfaxton Manor, Hadaxton, Grantham, Llncolnyhire. Hariaxton College Share5 and 8upports the over311 Mission of the University of Evansville which is"To empower each student to think crilically, act bravely, serve responsibly, and live moaninglully In a changing wodd.. In doing so, Hartaxton College Seeks lo develop students, personal and professional competencles, cuhivale Tilical and creative thlnkers, and produce ethical, global citizens equipped to thrive in a world ol cornplexity and hange, Page 5
HARLAXTON COLLEGE (A Company Llmlted by Guarantsel TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 30 APRIL 2025 ObJectiv•s, Stratggy, Aims and Policies Icontlnuedl b. Strategy and Alms Through the Executive Director and Management Team, the Trustees are responsible for 6etting a strategy for achieving the College's objectives. Like the Univeisily of Evansville, the primary focus of the College's 51rategy is to provide life transforming educational experiences that prepare our students to engage the world as informed. ethical and productlve clZens. To achieve this strategy, the College ha5 the following slatsments of Mission and Vision.. Mis To empower each $ludenl lo think critically, act bravely, serve responbty. and Ilve meaningfully in a changing world. Hartaxlon College. the overseas study centre of the University of Evansvllle. 18 recognized nationally for developing $ludenls' personal and professional competencies, culllvaling critical and creallve Ihlnkers, and producing ethical, global ¢ilizens equipped to thrive In a world of complexity and change. We accompllsh this by attracting and retaining talented and molivaled students who •ucceed thIn a dlverse, supportlve, and sustainable environment. To achSeve Ihege aims the Cdlege holds educational classes and Programmes. and provldes accommodatson, welfaTe and library faalllies and organise5 a wide range of social, culiural, and sporting events. The College 8180 manage8 and maintains the parkland, gardens, and hlgtoric buildlngs of H8rlaxton Monor lia3ing with English Heritage and other approprlale 518lulory and advieory organi88tionJ. c. Obl•Gtlve• for th• Y•ar The obje¢live5 of Ihls year are a contlnuation of last ye8rfs obl&cllves. These included a focus on curriculum and academi¢ program tJe$ign.' student and partner institution reuuitment,. awalts'ng approval of a major development project in the Walled Garden. The focus of the upcoming year wll be rènewed emphasis on each of these area5 through staff training and development, increased resource8, and ever improving offerings for students and partner Instilulions. d. Ac¢e$s and Dlvernlty PollcieB Harlaxton C Ile studen As an educational instllulion, Harfaxton College's core purpose is lo empower each sludenl lo Ihink cri14cally. act bravely, serve responsibly. and live meaninglully in a changing world. The fulfillrnenl of thi5 purpose is inextricably tied lo our Bbilily lo provlde equality of opportunity regardless of economic slalus, gender, ethnicity, race, religion, sexual orienlalion or disability, and our ability to make diversity, cultural compelency. an mullicullurali5m part th the sludenl experience. Harfaxton College welcomes students from all backgrounds. To be admitted, a student rnU5t be on a Gap Yoar program or be a degree-8eeking student at an accredited US university and not be on academic or soaal probation li.e. have made normal academic progress and not be on probationl. An individual's econornir $talus. gender, ethnicity, ra¢e, religion, or disability de not form part of the College's nor the Univer5ity'5 admissions assessment process. Page 6
HARLAXTON COLLEGE IA Company LImIl by Guarnnto9) TRU3TEES' REPORT ICONTINUEDI FOR THE YEAR ENDED 30 APRIL 2026 Oblectlv88, Stratsgy. Aims and PoS1¢l•$ (continued) It is important to the College that acce5S to the educational experiences are not restrfcled to those who can afford our fees, and we believe that our students benefit from learning and limng wthln a diverse community. We believe that a great deal of learning occurs informally through social inlera¢lion, conversation and shared experiences vthich help our students develop an understanding of the cultural and so¢ial perspecbves of other people. Harlaxton Collfr e Studen urced fro he Unlve fEv nsvIII Harfaxton College gub3¢ribey to the University of Evansville's n••ds-based finonclal aid and merlt-ba$ed scholarshbp policles thereby helplng lo contribute lo a widening of access to the educational experience and facililles we offer. A sludenl from the University of Evansville may have received a financial aid packa9e which consists of both merit and need-based aid, in the form ol scholarshlps and grants (free aid which does not have to be paid b8ckl. sludenl loans (which vlll be paid back by the sludenl after graduation from Gollegel and work- study (money lch 15 earned by Working part-lime on campus). N•ed4•$•d Fin*ncl•l Aid Awar(ts Need-ba$ed llnanci81 aid comes several forms le.g. grants and student loans) and is awarded based on the sludenl famlly's abllily lo contribute lo their education, as detemined by the Free Application for Federal Sludenl Aifj IFAFSAI. Furthermore, need-based ald can be funded by US federal, state, university andlor private 8ource5. FAFSA 13 the primary appli¢alion used by all colleges in the United States to detemiine eliglbilily for need-based financial aid. By Completing the FAFSA, $ludents can app for granlg, sludenl loans and work- gtLsdy from federal, state and university IDurce¥. The University of Evan$ville and H8rfgxion College view needs-ba8ed financial aid as important In helplng lo ensure students from familles. who would otherwse not be able to afford the fees, can aecess the educational experlence the Collgge offers. Needs•based financial aid 15 available lo all who meet the College's general entry requirements and is awarded Solely based on household means or lo relieve haTdship. In assessing means the FAFSA uses g 50phisticattsd formula, determined annually by the United Slates Congress, lo assist th the equi(able ratlonlng and di$tribulion of need-based ald. The FAFSA starts the student family'5 taxed and unl8xed income from all yources and then. bayed on the number of people the hougehold. allowances are given to shelter amounts for basi¢ needs such 88 housing, food, taxes, household maintenance, medical care, transportation, and savings. Neither consumer debt nor lifeglyle choices are considered. S¢hol•rshlps and M•rlt-Bis•d Awards Scholarship$ and meril-based aid a awarded based on the 8tudent'5 "meril," Merit can be defined by academic 8trength. athlewc ability. artlslic talenl or any other quality or affiliation which the Unlversity chooses to Teward with a scholar8hip. The University of Evan$¥Mlle offers a multitude of merft-bas8d 8cholarships Induding. in Some ca5e8, award5 of 100% remission of fees. Examples include.. Competitive Scholarshlps such as Twstee Scho18rships, Dean'3 Scholarships and Fine and Perfermlng Arts Scholarships. Freshman Scholarshlps such as Natyonal Merll, Nalional Achievement and National Hispanic Scholar Awards. Academic Scholarshlps, and the William L. Ridgway Award. Athletic and Music Scholarships Ivarious awards) Addf(ional Scholarships such a5 the Sibling Scholarship Grant asrdrded lo the older Student when 8 younger sibling enroll$. Page 7
HARLAXTON COLLEGE IA Company Llmltsd by Guarantsel TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 APRIL 2025 Oblectlv•$. Stratogyi and Policio1 Icontinu•dl In addition to the Unlversily of Evansville Scholarships there are several awards that are onty offered lo Hadaxton Students which are based on meflt and need. These include.. Graves Scholarship1100% of all fees) Harfaxton Society Scholarships Ivariable awards) Martin Travel and Margot Fine Award$1$500 for Iravell xto Coll• Students S ed from hèr Co nd Unlvo Students from other US colleges and universlUe5 are likely to have roceived needs andlor meril-based financlal assistance from their home inslitulions. Most US college$ and universities have sSmilar needbaSed fi'nanrjal aid and merit.based Scholarship assistance programmes lo the University of Evansville's, htswever. unlike students from the Unlverrylty of Evansville, the magnllude of these award5 is not known on an indlwdu81 basis. 4owever. suffi'ce it to yay that these needg and rneril-based awards, although not awarded by Ihe Univer$lty of Evanswlle or Harlaxton College, greatly assist the students concemed and further enable Harfaxten College to attract $luden15 from a wdely diverse sel of backgrounds. In &ddllion to th89e needs and meril-bosed awards from the student'8 home inslilullon, the University ol Evansville and Hartaxlon College do offer all non-university of Evansvllle 8ludenl8 some lullion rembsslon or dl8counl Ihe magnitude ol which avergged $16,947 per ytud&nt. Oth•r Fln•nclal AssS•tanc• Lo•n There are several sources of loan8 to 88518t both studènts and parenls wSth paying for Ihelr educallonal experience. such as.. Federal Oirect Slafford Lean, Federal Perkins Loan and Federal Dlrecl Parent Loan for Undergraduate Students. Most of these loanfj have an element of 5ubgidy {e.g. loan Interest does not accrue whSle al collegeluniversityl. Addltlonal Travel Asslstance Many students make considerable personal sacrifices to fund their education and in recognrtion of this we can offer addllional ad-hoc travel assistance lo those students find themselves short of fund5 ¥ntJ unable to take full 8dvantage of th• national and Internatsonal cultural and social immersion opportunllie¥ that are available vi8 Harlaxton College. Wlder Communl The College 15 a150 part of a vlder cornmunlty, and we 8re keen th31 our students, faculty, and staff participate. In this regard, the College offers a resource to support a range of educational acliwlies for the benefit of local children allending stste schools and their teachers. The College's Iruslees and adminislrats'on are committed to developin9 this cooperation and working wth local state junior and secondary schools. and other appropriate groups. Page 8
HARLAXTON COLLEGE IA Company Llmlted by Guarantse) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 30 APRIL 20Z5 OblgctiV•s, Str•t•gy, Alms and Policies {contlnuedl •. Welfam Pollci•s Harlaxton College is an equal opportunrty Organlsalion and Is commrtled to a learning and working environment that is free from any form ol ¢Ji$criminalion on the grounds ol race. lOur, gender, gender identity and expSSion, sexual Orienlalion, creed or religion, natlonal origin, age, disabillty, veteran slatus. and 811 protected groupslclas$es. The College 11 make rea80nable adjustrnenls lo meet the needs of students, faculty or 6taff o are or beGome disabled. The College Is commilled to $8feguarding and promoting the wewaro of our gtudenls. faculty and staff and expects all 51udent$, faculty, and staff to share this commitment. The College is also commilled to meeting ils duties of care lo the health, safely and wellbeing of ils ¥tudenlJ, f?Gulty. and staff, as well as others, including Vlgllors, who may be affected by the College'5 ath'vilifjs. R•vlow of Achl•vamants and P8rfovmJnc•• for th• Y•ar The Executlve Director l¥ pleased lo report on Harlaxton College'8 achievements and performance for the year. Prfnclpal Actlvltlgs of th• Y•ar Harlaxton College prfncipally provldes educ811on and a8socia18d facllilie8 at Harlaxlon College to student$ from the Univerglly ol Evansvllle 3nd olheT US based universities and colleges %tho wSsh to Èmbgrk on a 'Sludy Abroad, experlence In the UK. Student8 spend a 51ngle semester er summer segsion studying a varied currieulum al Harfaxton Cellege and Iravelllng throughout the UK and the College endeavours to provide a cullurglly Immergive and experienti41 learnlng experienc8. The College hos18 various conference5, academi¢ groups and othér unlversilies from the UK and US durfng 118 summer recess. Additionally, the College continued wlth g program of signffjcant improvements to programs, faclllli¢s. infra51rudure and personnel in order to realign College aclivlties lo face a changlng post pandemic study abroad landscape and to develop more opportUneS to Increase and diversify revenueg. b. 8tud•nt Enrolment This ar Harfaxton College had the following enrolmenls.. Summer School 2024 Fall Semester 2024 Spring 2025 101 students 56 students 99 students (Summer 2023 = 1281 (Fall 2023 421 Ispring 2024 = 1121 Custom Program$ 25 program5 {Summer 2023 - 231 Page 9
HARLAXTON COLLEGE IA Company Llmited by Guornnteel TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 APRIL 2025 . Acadgmlgs and Acadomic support The College's academic programming was restructured to create additional pathways and opportunilles for students lo attend Harfaxton College le.g. intemships, GAP Programs and Changemaking initiabve5I. After restwcturing in 2020121, the core British Studies course wa5 offered as two 3-CTedlt hour classes.. one vth history and the other wth a literary focu8. The College conts.nued Its program of hardwa and Soare upgrade8 to academic and administrative computing services. d. Sdfrnt Experienc• The new Office of Sludenl Experience Iformerfy Sludenl Engagement) was expanded with additlonal staff 85 students returned lo campus. The team'5 new offices, 8dlacenl lo existing academic offices and the library, were Completed resulting in a one gtop 'Student Central, hub of professional and integrated academic and student engagement support. . G•nor•l Support S•rvl¢M Ind Facllltl8s The facllf(lÈ$ and grounds and gardens were upkepl thin our flnanclal capabllltles.. The focu8 on facility improvement ha8 required c8reful budget and PT4ect management In associauon wlth secudng several gifts from University of Evansville trustees and alumni. f. fietalll of Flnanclal Ald Ind Scholarnhlp Avnrd• AS discussed in the egrfier AGce85 and OivÈrsity Policies section of Ihls report, Harfaxton College 8ubscrfbe8 to the Unlverslly of Evansville's needs-bayed financial aid and meTII-based scholaf$hip policies. Therefore, 8tudenl from the University of Evansville may have received a financSal ald package Ithich con$i81y of both rnerlt and need-ba8•d aid, In the fomi ol scholarshlps and grants, student loans and work-sludy. Simllarly, non-Unlver8ity of Evansville students li.e. students from other US colleges and universltr'esl are likely lo have received needs andlor meril-based financlal assistance. Bul this assistance Is funded by the student's home institution and not the Unlversrty of Evansville nor Harlaxlon College. However, in addluon lo these home inslilulion awards the Universbty of Evansville and Harlaxton College do offer all non-universily of Evansville students some tuiuon remission or discount. In summary, all student$ •re likely lo have received variou8 levels of needs and merit.based finandal assistance ol vgrying lypeg and from vadous sources. Summary of Faes Our fee increases thig year were restrfclod by the Universrty of Evansville'8 trustees to an inflationary increase only. OUT fees lor the current year before the deduction of any needs-based fin8ncial ald or merit-based scholarships were.. Fall 2024 and Spring 2025 Semesters Summer School 2023 $21,400 per serne5ter $5,280 per session Page 10
HARLAXTON COLLEGE
IA Company Limlted by Guarants¢l
TRUSTEES. REPORT ICONTINUEDI
FOR THE YEAR E14DED 30 APRIL 2026
g. Communlty Soriic• and C¢Jmmunity Acce••
We see Hartaxton College as a part of a wider community and where we can assist the communlty without
detriment to advanclng the education of our sludenlg we are delighted to do so.
During the year we were delighted to host Several local schools, charitabl• events, and open the Manor and
gardens to the public on several occasions during the year, in2Juding Chrislmas and E83ler.
h. Otr ACtlvltS••
During the financial year, Harfaxton Manor Enterprise5 Limited entered into a flve-yeaT lease agreement lo
operate The Gregory Arms public hou8e, th the aim ol generatin9 profits lo support the charity's obje¢tive5.
Regttably, the venture has conslslenlly operated al a loss and ig projected lo remain unprofitable in the
medlum lemi. As a result, the Ifuslees have made the strategic decision lo terminate the lease eady In
accordance wlh the lea9e provi$lons.
Flnancl•l Revlew and R••ults for lh• Year
The College Accountant is plea8e
HARLAXTON COLLEGE IA Campany Umlt•d by Guarantee TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 APRIL 2025 Flnanclal Roviow and Results for the Year (contindI b. Wider Benefits Recolv•d and Provlded As a charity our students. the University of Evanswlle and our partner colleges and universities have the assurance that all the income of the College must be applied for either the advancement of OUT educational purposes or to promote the restoration, conseNation, protection, and improvement ol the parkland, gardens. and historic building8 of Hadaxlcn Manor. As an educational charity we enjoy tay eKemptlon on tsur educational activities and on our investment income and gains provided these are applied for our charitable purposes. As a charity we are also enlilled to an 80% reduction on our bu5ine5s rates on Harlaxton Manor. the property we occupy for our charitable purposes. The financial benefits we receive from these lax exempllons are all applied for educational purposes and indirectly help us lo maintain our financial aid and scholarship programme8. However, 08 an educational charity, we ar• unable lo reclaim all the VAT input lax on our costs as we are partially exempl for VAT purpose$. As an employer, we also pay tax through the Employer's National Insurance Contributions we make. c. Rttervo• Polley Al the year end the College held fre• reserve8 of £2,089,82612024'. £2,344,857). The Trustees have review•d the reserves of the College. The revlew encompassed thè nature of the income and expendlture ylreams and the need lo molch variable Income wth fixed commitments. The review concluded that to allow the College to be managed efficiently and lo provide 4 buffer for unbnlerrupted 5ervicÈs. unrestricted funds not required to 5UPPOrt lun¢tional fixed as$el$ should be mgintalned al a level which equate5 to behveen six and 1ve months, of unreslricled expenditure. Thls would provlde sufficienl funds lo cover management and admlnistration and 5UPPOrt costs and lo respond lo unforeseen expenditure such a3 m8jor propety repairs in an environment where income leve15 are uncertain and dependent upon demand from overseas students. Based upon the total resource5 expended durlng the present year. the Trustees ackno¥edge that the level of the reserves delerioraled during the year. However, they rem8ln al the upper end ol this intended range. d. Natur• of Fund Except lor the funding received from the Unlver$ity of Evansville and other sources for the Land U8e Fund. all funds are consldered by the Trustees lo be unrestricted in their nature. ?. Inv•stment Pollcy The Trust?es have the power to invest in such assets a8 they see fft. The College hag a policy of keeping any surplus liquid bjnds in Short term deposits whlch can be accessed readily Should the need arise. Page 12
HARLAXTON COLLEGE IA Campary Limltsd by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 APRIL 2025 Plans for lulurn lIOdS Harlaxton College will conts'nue to pursue its core strategic inltiatives.. Inltiative l.. Demonstrate and communicalts the immedlale, enduring, and dlstlnclive benefits of a Harfaxton educatson. Inkiative 11.. Provlde students wth a besl-in-class curriculum, ¢o<urriculum, residentlal and travel experience lo pron)ole the lull development of their intellectual, artistlc. and personal polenlial. Iniliatlve 111.. Make Harlaxton College sustainable environmentally and financially thile maintsinlng the beauty and archltectural integrity of the heritage asset that Is Harfaxlon Manor. Iniliallve IV,. Engage wth. and serve, the community so that Harlaxton 1$ a destination and a resource for its nelghbours, for students. 8nd for other eonslttuents and guest8. Inillallve V.. Gullivale, foster, and better integrate connectlons been Harlexton, the Unlver8Ity of Evan8wIIe, and partner colleges and unlversiti•$. stat•m•nt of Trusts•8' respon•lbllltl•* The Trnslees (who are also the directors of the College for the purposes of company lawl aré responsible for preparing the Truslee8' Report and the financial slalemenls in accordance with appli¢able law and Unrted Kingdom Accounung Standards (United Kingdom Generally Accepted Accounting Praclicel. Colnpany law require$ the Tru$leeg lo prepare financial slatemenl$ for each financial year. Under company law, the Trustees mu51 not 8pprove the financial statements unless they are $ali8fied that they give a true and fair view of the slate of affairs of the Group and the College and of thelr incoming resources and application of resources. includlng their income an¢J expendlture, for that period. In preparing these financial slalemenls, the Trustees arE required to.. 8elect sultsble accounllng policies and then apply them consl8tently', ObSee the methods and principles ol the Chariliey SORP IFRS 1021., make judgments and accounting estimates that are reasonable and prudent., ytale whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material departures dlsdosed and explalned in the financial stalemenls., prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the Group wll continue in business. The Truylees are responsible for keeping adequate accounting recordg that are sufficient to show and ewain the Group 8nd the College's transaction5 and disc105e wlh reasonable accuracy at 3ny lime the finanaal position of the Group and the Colle9e and enable them to ensure that the flnancial statements comply wth the Companies Act 2006. They a also respon8ible for safeguarding the a55el$ of the Group and the College and hence fc¢ taking reasonable 8teps for the prev¢ntion and delellion ol fraud and other Irregularrties. Page 13
NARLAXTON COLLeoE IA Comwy Limlt•d by Oua¢•nt••) TRUSTEES. REPORT ICONTINUEOI FOA THE YEAR ENOED 2QAPRIL 2026 Di•¢Io•uf¢ ol Inforniii•n trg Iudttor E8t per8Msfr) w• Tiu •t the thls TNwei' RI¢1 Is •• W Crtmwj thal". $0 fw 8$ 11 •w•. IS fK ¢•bvW ouoli iftforrn•dm rf tth Th trrt•L4• w)up'J Ud11 is un&arfj. it na Tiustsg has iaken 1 the si¢p$ eug to tt•ve b•8n kOn 01 a TTUSi•• xi orO•r W be ¢1 ny relewni In'¢malW and to B51Bbl¢th ihai ¢twil8t4¢ group'i l¢t is DI IM• itornJlit)n Audltor Tho aULhU s.rews Audrt LLP. his wA•n9no$s io ¢Miinue Mi tyl Th• Eyourti¥¢ tJie¢lCK riryhnce kl&nJwir ii'iil rn¢oiiYnrt oilhQf coril,fKJaiion ol •xId +X 8 6e¥ch loi • •thSl Iifm alef Ino cl the aco)unl$ ei Trusieo meè14 A¢¢ounl• Pr•p•r•tl¢n yh¢ Trvstoes confirm thal tnts ac¢15 e(Ynply rtth C1? Sl•tulw 1wu1mbnII ¥rfJ ol Itttp oeNgmirvJ In$ert This rowrt bna sc¢5 prepafvd in KCtyLI)nce wAh th¢ Stuemoni Rtycomrntrthd Pra¢ii¢& 8pplicJWo '0 trtIa5 wopanng trf BCCW)Is In •c¢ordon¢¢ tthtn FinotKl Rlpyiii S18Th1¥<1 w.£Bbl• ond Rwbli¢ ol Irelafyj (Cp11$ SORP IFRS 1(Y211. crns Ad 2¢) ¥j Twsi ¢J••d Appffy+ by orQ•f ol IM m•rt•rn ol lh• t¥)wd ol T1115 Cn tmi Dy. C Ploituszklèvilci ITnJJieel Chubb ITN8i•e) D•it. SeOfrtnbw 24. 2025 Ptyo 14
HARLAXTON COLLEGE IA Company Limltéd by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HARLAXTON COLLEGE Opinion We have audited the financial statements of Hartaxton College (the 'parent charitsble company,) and ils subsidiaTies Ithe 'group'l for the year ended 30 Apdl 2025 whlch comprise the Consolidated Statement of Financial Actiirities, the Consolidated Balance Sheet, the College Balance Sheet, the Consolidated Slalernenl of Cash Flows and the related notes. including a summary of significant accounting policies. The financial reporting framework that ha5 been 8pplied in their preparationls applicable law and United Kingdorn Accounllng Standard5, 1ncluding Financial Reporting Standard 102 'The Flnancial Reporting Standard applicable in the UK and Republic of Ireland. Iunlted Kingdom Generally Accepted Accounting Praclicel. In our opinion the financlal Statements,. give ¥ true and fair view of the stale of the GTOUP'S and of the parent charitable company'g affairs a5 al 30 April 2025 and ot the Group'8 Incoming re80urces and applicats'on of rewurce¥, including income and expenditure for the year then ended,. have been properfy prepared In accordanc• th United lfj'ngdom Generally Accepted Accounllng Practice,. and have been prèpared in accordance wlh the requiremants of the Companles Act 2006 and tha Charflie8 Act2011. 8•418 for oplnlon We conducted our audit in accordance with Inlem8lional Sland8rd8 on Auditing IUKI IISAS IUKII and appllcablo law. Our responsibilities under Ih08e gtsndards are lurther descrlbed in the Auditor's responsibilities for the audlt of the financial 8t8tements sectlon of our repart. We are independent ol the Group In accordance wlh the ethical requirements that are relevant to our audit of the financial statements In the Unlled Kingdom, including the Finanelal Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilrties In accordance wSth these requlremenls. Vve believe th8t the audit evidence we have obtained is sufficient and appropriate to provlde a bas18 for our oplnlon. Con¢lu8lons rolatlng lo golng conc•rn In 8udlting the financlal 5ts1emenls. we have concluded that the Trustees, use of the going concern ba&s of accounting in the preparation of the financial $lalements i¥ appropriate. Based on the work we have perfomied, we h8ve riot idenllfied any malerlal uncertainties relating lo events or conditions that. individually or collectively, may cast signifi¢anl doubl on the Group's or the parent charltable company's ability lo continue 8$ a going conc&m for 8 period of al least trlelve months from when the financi81 statements ar? aulhorised for issue. Our respon8ibililie8 8nd the Tesponslbilities of the Trustees with respect to going concern are de8crfbed in the relevant sedons of this report. Page15
HARLAXTON COLLEGE IA Company Llmited by Gu•ranlfjel INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HARLAXTON COLLEGE ICONTINUEDI Oth•r infomiatlon The olh•r infomialion comprises the information induded in the Annual Report other than the finanaal 51alements and our Audhof s Report Ihereon, The Trustees ar8 responsible lor the other informauon contained within the Annual Report. Our opinlon on the finanGial statements does not cover the other information and, except to the extent olhelwse explicitly staled in our report. we do not express any fom of assurance conclusion thereon. Our responsibility is to read the other information and, doing so, consider whelher the olher informatlon is materially inconsistent vh the financial statements or our knowledge obtained in the course of the audit, or olheTwse appears to be malerfally misslal•d. If we Identify such material incon6lslen¢ies or apparent material misslalements, are required to determine vthelher this gives rlse to a material miB8lalement in the financial siatemenls themselves. If, based on the work we have perfomied, we conclude that ttere is a materlal misststement of Ihls other Infomalion, we are required lo report that fact. We have nothing to report In Ihls regard. Oplnlon on oth•r matton pr•¥¢Tlbed by tho Cornp*nlo8 Act 2006 In our oplnion, based on the work undertaken In the course of the audit.. the Informallon gSven In the Tru8lee$' Report for the financlal year for which the financlal 8tatement8 are prepared is ¢onsistenl th the financlal slalements. the Trustees, Report has been prepared In accordance th appllcable legal requlrementB. Mattors on wthlch ar• r•qulrod lo r•port by •x¢•ptlon In tho light of OUT knowledge and undergtsndlng of the charltable company and ils environment obtained In the course of the audit, we have not Idenlrfi•d mglerial mls81alaments In the Tru$leey' Report. We have nothlng to report sn resp¢d of the followng matters in relation to whlch Comp4nie$ Act 2006 requires us to report lo you if, in our oplnlon.. the parent charitable company has not kept adequate and sufflcienl accountlng record8, or relum8 adequate for our audlt have not been received from branches not visited by us., or the parent charftable company financial 81alemenly are not in agreement wth the accounting records and returns,. or certain disclosures of Tru8leas' r•munerAb'on 8p8cified by law are not mide,. or we have not received all the informatlon and explanations we Tequire for our audrt., or the Trustees were not enb'lled to prepare the financial statements in acc¢rdance wth the srn811 companies regime and take advantage of the small companies, exemptions in preparing the Trustees, Report and from the requlrement lo prepare a Strategic Report. Page 16
HARLLXTON COLLEGE IA Company Llmlted by Guarantse) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HARLLXTON COLLEGE ICONTIMUEDI ReBponslbllltles ol truste•s AS explained more fvjlly in the Tru8tees' Responsibilili&s Statement, the TTU5teès lutho are a130 the directors of the chBTilable company for the purposes of company law) are responsible for the pparatI1)n ol the financial statements and for being satisfied ihat they give a true and fair view. and for such inlemal conliol as the Tfuslee5 detemiine is necessary lo enable the preparatlon of financial statements that are free from material mlsslatemenl, whether due to fraud or eOr. In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's abilty lo continue as a golng concem, dlscloslng, as applicable, matters related to going concern and using the going concern basis of accounting unloss the Trustee8 either Intend lo liquidate the Group or the parent charitable Gompany or lo eease op&ralion8, or have no realistic alternative bul lo do so. AudIt0* rMpon8lbSlltlo• for the audlt of thg financlal •tat•ments Our objectlves are Ic obtsin reasonable assurance about whether the finandal gtslemenls 08 a whole are free trom material misstatement, whather due lo fr8ud or error, 8nd to Issue an Auditor's Report that includes ovr opinion. Reagonable assurance 18 a high level of assurance, bul is not a guarantee Ih8t an audll conducted In accordance wth ISAS IUKI wll always delecl a malerlal rnisstalement when It exlsls. Misstalemenls Can arl$e from fraud or error and are considered material if, indivldually or In tha aggregate, they could reasonably be expeded lo influence the economic decisions of users 18ken on the basis of these flnancial statements. IrregLblarilles, Including fraud, are instance8 of non-compliance wth laws and regulaJonB. We de¥gn procedures in 1Sne with our re8ponsibililie8. Outlined above, to delect material misslatemenls in respect of irregularib'es, including fraud. The extent to vthlch our procedures are capable of delecllng irregularits"•¥, nduding fraud 13 detailed below.. Our approach to Idents'tyng and as8esging the rf8ks of materfal misEtalemenl in re8pect of irregulanles, including fraud and non-complianc¢ with laws and regulations, was as follows.. the engagemenl partn&r ensured that the engagement 188m collecllvely had the appropriale cornpelence.capabilitles and skllls to identify or recognise non-compliance wlh applicable laws and regulations., we identified the laws and regulations gpplicable to the company through di$¢usslons directors and other management, and from our commercial knoedge and experience of the company an(i sector in which il operates., we focused on specific laws and regulatlons whlch we consldered may have a direct material effect on the financial slalemenls or the operations of the cornpany, including the Companies Act 2006, laxalion legislatlon, food safety regulations and heallh and safety legislation,. we assessed the extent of compliance with the laws and regulations Identified above through maknng enquiries of management and inspecting legal Correspondence., and idenltfied laws and regu18tlons were communicated wlhin the audit team regularfy and the team remained alert to instances of non-compliance throughout the audit. Page 17
HARLAXTON COLLEGE (A Company Limited by Guarant••l INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HARLAXTOM COLLEGE ICONTINUEDI We assessed the sU8ceptlbility of the company's financial 5totement5 to mBterial mI85talement. including obtaining an understantjing ol how fraud might occur, by.. making enquiries ol management as to they consldeied there was su8ceplibilily lo fraud, their knoedge of actual. suspected and alleged fraud." and considering the inlernal controls in place to mitigate ri8k$ of fraud and non-compliance wth laws and regulations. To address the risk of fraud through management bi88 and overrfde of controls. we.. perforrned analyti¢al procedures to identy'fy any unusual or unexpected relationships., lesled journal entries lo identify vnu5uo1 transactlons., 8s8essed whether judgernenls and assumptions made In deterrnlnlng the accounllng eslimales sel In Note 3 were indicatlve of potential bias,, and Investigated the rationale behind significant or unusual Iran8action8. In response lo the risk of irregularllies and non-compliance wllh laws and r•gulations, we d¢signad procedure8 which included, bul were not Ilmiled to.. agreeing financlal slalement disclosures to underlwng supporting documenlth'on,. reading the minutes of meetings of those charged with governance., inquiring of management as to actual and potenual lits'galion and claims., and reviewing correspondence %•Ath HMRC, relevant regulators and the company's legal advisors. There 8re inherent Ilmitallons In our gudil Pfocedures describ•d above. The more removed that lawl and Tegulalions are from financial tr8nsactions, the less likely il 18 that we would become aware of non-compliance. Audlts'ng standards also limrt the audit procedures required to identity non-compllan¢e with laws and regulations lo Inquiry of the directors and other management and the inspecb'on of regulatory and legal corre$ponden¢e, if any. Material mls8tatements that arise due to froud can be harder to delect than those that arise from error a8 they may invclve deliberate concealment or collusion. A further de8crlpts.on of our responsibilities for the audit of the financial Statements is located on the Financial Reporting Council's website at.. frc.o onsibil. Thls description form5 part of our Auditor's Report. U80 of our rèport This report is made solely lo the charftable company's mernbets. as a body, in accordance wlth Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's Iruslees, as a body. Part 4 of the Chariti&$ (Accounts and Reports) Regulation$ 2008. Our gudit work has been undertaken $0 that we might stale to the charitable company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent pemilled by law. we do not accept or assume spOnsIbl11ty to anyone other than the ch8rilable company and 11$ membeis, a$ a botty, for our audit Work, for this report, or for the opinions have formed. Page18
HARLAXTON COLLEGE IA Company Llmited by Gu•rant8el INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF HARLAXTON COLLEGE ICONTINUEDI Ho•ther McConn•ll Isonlor Statutory Audltorl for and on behalf of Strn•ts Audlt LLP Chartered Accountsnti & Ststulory Audltor Slatulory Auditor Enterprise House 38 Commerce Road Lynchwood Peterborough Camb$ PE2 6LR DatÈ'. -4y Page 19
HARLAXTOW COLLEGE IA Company Limited by Guarantee) CONSOUDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME ANO EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 30 APRIL 2025 Re¥trlcttd Unr•strSct•d funds funds 2025 2025 Total funds 202S Tot81 rvnds 2024 Not• Incom? from: Grants received Charitable acliwlleg Other tradlng acllvlties Investments 70,030 48.155 1,548.414 1.005.452 885,731 22,598 1.618,444 1.053,607 885,731 22,598 1, 746,088 1.558,814 673,343 24, 766 Totsl Incom• 118.185 3,462,195 3,580,380 4,003,011 Expondltur• on: Rai61ng funds Chartsble actlvili 644.689 3,116.606 644,689 3,234,791 352,984 3,554,295 118,185 Total •xpendltur• 118.185 3,761,295 3,879.480 3,907,279 N•t mov•m•nt In fund• 1299,1001 {299,1001 95, 732 R•conclllatlon of fund•: Total fvnd8 brought forward Net movement in lunds 2,388.400 1299,100} 2,368,400 1299,1001 2,270,668 95, 732 Total fund• carrlgd forward 2,067,300 2,087.300 2,366.400 The Consolidated Statement of Finand81 Acllvitie¥ Includes 811 galng and losses recognised In the year. The notes on pages 26 to 49 fomi part of these financlal statements. Page 20
HARLAXTON COLLEGE (A Company Lirnlted by Guarantso) REGISTERED NUMBER: 06825976 CONSOLIDATED BALANCE SHEET AS AT 30 APRIL 2025 2025 2024 Not Fixed aJ••ts Tangible assets 14 186.167 143,498 186.167 143,498 urrent a•••ts Stocks Debtors Cash Bt bank and In hand 16 17 97,239 1,487.319 1.055,224 93,580 2.177,116 1,215,098 2,649,782 3,479, 794 Credllor8'. amounts falling due wlihln one year 18 {747,810) (1,217,725) N•t curr•nt 8•te 1,901,968 2,262,069 Total a88•ts leB¥ curr•nt Ilabllltl 2,08B,133 2,405,567 CreditOTS'. arnounls falllng due after morn than one year 19 {20,833) (39,167) Net aiBots excludlng pen•lon a8ll•t 2,067,300 2,366,400 Total nèt a8•ets 2,067,300 2,366,4QO ch•tY funds Reslricled funds Unre$tricted funds 20 20 2,067,300 2,366,400 Total fund• 2,067,300 2,366,400 The Trugtee$ acknoYAedge their responslbilities for complying with the requlremenls of the Act with respect lo accounting records and preparation of financial 51at&ments. The finanual ytstements have been prepared in accordance the provisions apF4ic8ble to entities sublecl to the small companle8 regime. The fjnandal slalement5 were approved and authorised for Issue by the Tru5tee$ and signed on their behglf by.. Page 21
HARLAXTOM GOLLEGE IA Comp•ny Llmlted by Guarnnto•} AEGISTEREO NUMBER.. 06825976 CONSOLIDATED •ALANGE SHeET ICONT]NUEOI AT 216 ru$zkiwl¢z (Tnte•) C•t•: Sepioftw24. 2tyd$ Th• notes M P8ge$ 28 t• 4• ftym p•Nrfth••• In#rtdlll st8toments rvJ:e81 Pwf2
HARLAXTON COLLEGE IA Company Llmited by Guarantsel REGISTERED NUMBER.. 06825976 COLLEGE BALANCE SHEET AS AT 30 APRIL 2025 2025 2024 Note Flx•d •ssets Tangible assets Investment8 14 127.772 14J.498 15 127.774 143,500 Currnnt 888•t8 Stocks Debtors Cash at bank gnd In hand 43,798 1,478,084 755,084 54,331 2,253,596 877,502 17 2,278.960 3,185,429 Credllors.. 4mount8 falling due thin one year 18 1334,9141 (984,072) N•t cuvrnnt aB••t• 1,942.062 2,201,357 Total as8ot• le•• ¢urr•nt Il•bllltl 2,089,826 2,344,857 N•t *•uts •xcludlng penslon a•••t 2,089,826 2,344,857 Total net ass•ts 2,069.826 2,344,857 Charlty fund• Reslricled funds Unrestsicled fund5 20 20 2,069,826 2.344.857 Total fund8 2,069,826 2,344,857 The College's net movement Sn funds fer th8 year was £(274,146) (2024- £(130,403)). The Trustees acknOedge their responsibilities for complying wth the requlrementB of the Act respect to accounting records and preparats'on of financlal statements. The financlal 8ts1emenls have been prepared in accordance th the provi¥ions applicable to entities subl•d lo the srnall companies regime. The ffinanaal st8temenls were approved and aulhorlsed for issue by the Trustees and slgned on their behaN by.. Page 23
HARLAxfoN CQLLEOE IA Company Limlt•O by Gu•r•nt••) REGISTEREO NUIABER: 0682S976 C¢£GE BALAMce 8¥EET (CONTIIIUEOI AS AT 30 APRIL 2025 C PietrvBzklovAcz (Tr) (rr&•t•• D•t•'. S*bxefflb•r 24, 2025 The ngt•¥ on p•9•• 2810 49 Im p•rt ol ihew fine thknn•nl•. P•ge 24
HARLAXTON COLLEGE IA Company Limited by Guarnntsel CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 APRIL 2025 2025 2024 Cuh flows froTn 0ratIng actlviti•• Net cash used In operallng activ81 1118,768) 117,156 N•t c••h u••d in 0ratIng activltles 1118.7681 117,166 C•h flows from Invmtlng actlvltles Interest received Purchase of tangible flxed as8els 22,598 163.7041 24, 766 f55,584) Change In ca•h and ¢i•h •quival•nts In th• year Cash and Gaih equlvalenls at the beginning of the year 1159.8741 1.215,098 86,338 1, 128,760 C••h and c•h equlvalonts •t th• •nd of th• y•ar 1,OS5,224 1,215,098 The note$ on pages 26 to 49 form part of these fin4nclal 818temenls Page 25
HARLAXTON COLLEGE IA Company Limited by Guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 Accounting poll¢les 1.1 Basls of preparatlon of flnanclal stal•m•nts The financial statements have been prepaiefj in accordance with the Charities SORP IFRS 1021 Accounting and Reportlng by Charities.. Statement ol Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Repo.ng Stsndard applicable in the UK and Republic of Iland IFRS 1021 (effective 1 Janu3ry 20191, the Financial Report4ng Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companles Act 2006. The financial statement$ are prepargd In glerllng, which is the functional Gurrency of the group. Monetary amounts in these financial stalemenls aTe rounded to the neare$l pound. Hgdaxton College meets the definition of a public b8nefll enllty under FRS 102. Assets and liabilitie5 are Initially recogni¥ed at hlslorlcal cost or transaction value unles8 Otherwise staled In the relevant accounting policy. The financial statements of the charitable company are eon501idaled In the financial statements ol Harfaxlon College. The consolldaled financi31 slalements are publicly available from its registered office, Harlaxton Manor. H4rfaxton, Grantham, Lincoln8hlre, NG32 1AG. 1.2 Golng con¢•rn The financial slatemenl8 have been prepared on a golng concem basis. Having cgrried out a detailed revlew of the group'8 position and its forecasts at the dale of slgning Ihe accounts and with regards to the challenges presented by the CUTrent economic and health climate, the Iru8lees are satisfied that the group has sufficient cash flowy lo meet Ils liabllities as they fall due for at least one year from the date of approv81 of the accounts. 1.3 Con*olld•l•d financlal •latem•nts The8e financial $18temenls comprise the results of Harlaxton College and rt5 %tholly owned trading Subsidiary, Harlaxlon Manor Enterprises Llmited con801idaled on a line by line basis. The parent charitsble company has taken advantage of the available exemption under sectlon 408 of the Companies Act 2006 not lo present ils own Slotement ol Flnancbal Activrtie8 or Income & Expenditure Account. Page 26
HARLAXTON COLLEGE IA Company Llmitsd by Guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 Accounting pollcles Icontinuèdl 1.4 Income AJI Income is recognised once the College has entitlement to the Income, il 18 probable that the Income will be received and the amount of income recelvable can be measured reliably. Charitable adivlties income Is grants frorn the University of Evansville and represents fLJnds drawn dtwm during the year. They are recognised as income according to the Semester to which they relate. Semester fee income, College Summer programme9 and student travel and the prowsion of fa¢lli1Ses for students are recognised in the year to whlch Ihoy late. Trading income attributable lo Harfaxton Manor Enterprises Limlted represents services rendered to customers al 8mounl8 excluslve of value added lax. Income lax recoverable in Telalion lo Inv•slment income Is recogni8ed al the Ime the investment income is receivable. 1.5 Expondlture Expendilure is CogniSed once there 15 8 legal or conslructlve obllgation to transfer economl benefit to a third party, il iy probable th91 a Iransler of economlc beneflts will be requirerj in settlement and the amouni of the obligation Gan be measured reliably. Expenditure is classified under charitable activity rather than the type of expense, In order to provlde more useful infomiatlon lo users of the fln•naal 8latem?nt$. Charitable activlty costs comprise both direct expenditure, including dlrecl staff costs attributsble to the activity, and 8UPPOrt costs relatlng lo these adivities. Overheads, govemance costs and other ¢ost$, not directly attrSbulable to partlcular functional activity calegcrie$ ar? 8PPOrtioned over the relevant categories on the basis of management estimates of the amount atlribulable to the activrty in the year, either by reference to staff lime or space occupied, a$ appropriate. The irrecoveraljle element of VAT is included wth the item of expenses lo which il relates. AS Harfaxton College is unable to redaim all of the Value Added Tax (VATI, expenditure Is slated nel ol VAT where input lax 13 recoverable in full and inclusive of VAT in respect of expenditure vthere input lax is not %tholly recover8ble. The arnounl of irreccverable input lax relating to partially exempt supplies18 in¢luded In regource8 expended in accordance with the appropriate classification of costs. Expenditure on chadlable a¢tivitses is incurred on directty Undertang the activities which further the GTOUP'S obleclives, ag well as any associated support costs. 1.6 Govgrnm•nt grants Government grants relating to tsngible fixed a55ets are treated as deferred income and released to the Consolidated Statement of Financial Ath"vilie5 over the expected useful lives of the assets concemed. Other grants are credited lo the Consolidated Statement of Financial Activities as the Telaled expenditure is incurred. Page 27
HARLAXTON COLLEGE IA Company Llmltsd by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 A¢countlng polici•s {contlnuodl 1.7 Intsrnst rocolvabl• Interest on fljnds held on deposit is included when receivable an(J the amount can be measured rellably by the Group,. this is normally upon notificatson ol tho interest pald cr payable by the inslilub'on with whom the funds are deposited. 1.8 For•ign currencl•s Monetary assets and liabilities denominated In foreign currencSe5 are translated Into sterfing al rale$ of exchange ruling at the repo.ng date. Tr8n$aclion¥ In fol9n currencies are tran81aled into sterllng at the rale ruling on the date ol the Iransaclion. Exchange galns andlosses are recognised In the Consolldgted Statement of Financial Activities. 1.9 T•nglbl• flxed A8¥0ts and dopr•cl•lli>n Tangible fixed assets C05tsng £1,500 or more are capltsllsed and recognised ern futur6 economic benefits are probable and the c08t or value of the asset can be measured reliably. T8ngible fixed assets gre inilialty recognised at cost. After recognltlon, under the cost model, tangible fixed assets are measured at 5t less accumulated depreclation and any accumulated impairment losses. All costs Sn¢urre(I to brlng a tangible fixed asset into ils intended working condllion should be Included In the measurement ol cost. Depr•ci8tion 18 charged 80 as to allocate the cost ol tangible fixed assets lesB their residual value over their e$limated useful lives, uslng the glrgight-1Sne method. Depreciation13 provlded on the follng bas•$'. Propety improvements Plant and machinery Motor vehicles Furniture and Fixtures Library books Computerg - 87 years 5-15 years &10 year¥ &15 years 20 years 5 years 1.10 InY•stmonts Fixed asset investments are a form of financlal instrument and are Inltially recognised al their trangaction cost and subsequenljy measured al lair value at the Balance Sheet dale, unles5 the value ¢annol be measured reliably in which case il 15 measured at C05t less impairment. Investment gains and IosBeg, whether realised or unrealised, are comth'ned and presented as 'Gainsl{Los$esl on investments, in the Consolidated Statement of Flnanry31 ACtilIeS. Investments in $ubsidiaTles are valued al cost less provisicn for impaimienl. Page 28
HARLAXTON COLLEGE IA Company LITnlted by Guarantso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 Accountlng pollcle& <contlnuodl 1.11 stocks Stocks are valyed al the lower of cost and sellln9 price less cost8 to mplete after making due allowance for obsolete and slow-moving stocks. C081 inGlude5 all dired coyts and an appropriate proportion of fixed and variable overheads. At each reporting date, the Charity a55e5ses whether stocks are impaired or If any Impainnenl lo recognised Sn prior periods has revef5ed. Any exceB5 01 the carrylng amount ol stock over hts eslimaled selling price less costs to complete and 8è11 is recognised as an Impairment 105$ in the statement of financlal aclivilie8. 1.12 DèbtOf8 Trade and other debtors ore recognised at the settlement aTnounl after any Ir8de dlscounl cffered. Prepaymen15 are valued at the amount prep8ld net of any trade discounte due, 1.13 Cash at bink and In hand Cash at bank and In hand indudes cash and short-leTm highly 1Squid inve8lments with a short maturity ol Ihree months or less from the dale of 8CqUl811ion or Qpening of the d8posII or $irnilar account. 1.14 Llabllltb&• #nd provl8lon8 Liabllhles are recogn15ed when there13 an obligalien at the Balancts Sheet dale as a result of a past event. It 1$ PTobable that a transfer of economic benefit will be required in settlement, and the amount ol the settlement can be estimated reliably. Llabllltles are recognised al the amount that the Collegè anUclpate¥ it 11 poy to sèllle the debt or the amount it has received as advanced payments for the goods or services Il musl provide. Prov151on$ are meosured al the best esllmate ofthe amount$ requlred lo settle the obligatlon. Where the effect of the time value ol money is material, the provision is based on the present value of those amounts, discounted al the pre-tax discount rate that rellects the risks specific to the Ilabilily. The unwinding of the discount l¥ recognised in the Consolidated Slalernenl of Financial Acl1vili as a finance cost. 1.15 Finan¢lal Instruments The Group only has financial a8sels and financial liabilities of a kind that qualify as basic financial Instrumen18. Basic financial instruments aTe inib"8lly recognlsed al Iransath'on value and subsequenuy measured at their settlement value with the exception of bank loans which are subsequentiy measured al amorb'se¢J co81 using the effective interest method. 1.16 Pen•lons The Group opergtes a defined contributlon pension scheme and the pension ch¥rye repre5enl8 the amounts payable by the Group lo the fund in respect of the year. Page 29
HARLAXTON COLLEGE IA Compony Limited by Guarnnts81 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 Accountlng polS¢les {contlnugdl 1.17 Fund accountlng General funds are unrestricted funds bthich are available for Ltrse al the discretion of the Trustees in furtheran of the general objecliveB of the Group and I1ch have not been designated for othef purposes. Reslricled fundy are funtJ$ whlch are lo be used in accordance with spedflc re$triction8 Imposed ty donors or which have been raised by the Group lor particular purpoges. The costs of raising and administering such funds are charged agalnst the specific fund. The aim •nd use of each restricted fund 15 set out In the notes to the financial slalements. 1.18 Employm•nt b•nofits The co81 of 8hort-lerm employee benefrt8 ore recognlsed as a liablllty and an expense. unless tho$e costs are required la be recognlBed as part of the cost of fixed assets. The co81 of any unused holiday entttlement is recognised In thé perfod In whlch Ihe employee's servicey are received. Terminallon benefits are recogni5ed immedialety as on expense vknen the company is demonstrably commilled lo lermlnale the employment of an employee or lo provide lemilnalion benefits, 1.19 He¢98 •Jiets The group's oblecbv85 include the Testoralion, conserv8tlon and prolectlon of the historic buildings and grounds of Hadaxton Manor. In aecordBnce with the term of the property lease and the propety management agreement the group18 obliged lo maintain the Manor, as an agent, to an agreed state of repair. The group does not own the Manor and as a regult the value of the Manor is not reflected in the Statement of Financial Position. In addition. the income received and eKpenses in¢urred which are as80ciated with the re$loralon of the Mancr are induded In the Slalemenl of Financial Aclivltiej as cuuined in Note 1.21. 1.20 Exp•ndlturo on malor re•toratlon The costs of a9sociated major repalrs and resloralion work of Harlaxlon Manor is reported in the Slatemenl of Financial ActilIeS in the year il is incurred. Preservation of Harlaxton Manor is defined s work done on a major area of the buildin9 or the ground5 in order to bring the are8s back in lo their original condition. The costs of such workg are mo¥tly funded through gr8nt¥ receiwable. P8ge 30
HARLAXTON COLLEGE IA Company Limltsd by Guarantso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 GeneMI Infomiallon Harlaxlon College is a charitable private company (company number 06825976 and char5ty regi51r8lion number 1129054} and Is also registered as a charity al the Charity Commission in England and W81es. The charitable company is limited by guarantee and In the event of the Charitable company being wound up during the year of membership. or with the year following. company rnember8 are required to contribute an amount not exceeding £10. The registered offlce and princlpal place of business 18 Harfaxton Manor, Harlaxton. Granlham, Lincolnshire, NG32 1AG. The Chanlable compAny and the Group's principal objeclive are the provision of education programme5 and other facllitses in England to students of the University of Evansville and the preservation and maintenance of Hartaxton Mgnor. Crltlcal accountlng esllmato• and •r•a8 of ludgm•nt Estimates and iudgmenls are conllnually evaluated and are based on historical experience and other factors, Sndudlng expectatlon5 of future events that are believed to be rea80nable under the circumstances. Crftlcal accounting ejtlmates and 8SGumption8'. The College makes estimates and assumptions concemlng the fvture. The reBulb'ng accounting eslimales and assumptions will, by definition, seldom equal the related actual results. There are no esllmates and aggumplions that have a 5igniflcanl risk of cau8ing a material adjuJlmenl to the carrying amounts ol 88sel8 and Ilabililies wilhln the next financial ye8r. Incomo from grants R••trlctod Unrnstrfctfrd funds funds 2025 2025 Total funds 2025 Total lunds 2024 Grants from Univer8ity of Evansville Govemment grants 170 1,548,414 1,648,584 69,860 1,746,088 69.860 70,030 1.548,414 1.618,444 1, 746,088 Page 31
HARLAXTON COLLEGE IA Company Llmited by Guarnnte•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 Income from charltable •ctlvltles Re•trlclod Unro¥trlct•d funds funds 2025 2025 Totsl funds 2025 Tot81 lunds 2024 Semester fee Income, Summer prograrn8 and Student travel Land fund 1,005,452 1,005,452 48,155 1,522,328 36,486 48,155 48,155 1,005.452 1,053,607 1.558,814 Incom• from other tradlng •ctlvltl•• Incom• from non chorltabl• trndlng actlvltl•• UnrvJtrlct•d fund¥ 2025 Totsl funds 2025 Total funds 2024 Harfaxlon Manor EnleTprl888 Limited 885,731 885,731 673,343 Inve8tm•nt Incom• Unre8trfct•d funds 2025 ToLIl fund• 202S Tot81 funds 2024 Interest recelved 22.598 22,598 24, 766 Page 32
HARLAXTON COLLEGE IA C¢)mpany Llmlt•d by Guarantsg) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 30 APRIL 2025 Expendltur• on ralslng funds 0thg1 trndlng exp•n$•• Unrnltrlctsd funds 2025 Total fvnds 2026 Tot81 funds 2024 Cost of sales Admlnlslration expenses 602.821 41,868 602,821 41,888 294,786 58.198 844,669 644,009 352,984 An•ly•l• of exp•ndltur• on charftabh actlvltbo• Summjry by lund typ• R••trlctsd Unr••trlctsd fund• fund• 2015 2025 Tot•1 2025 Total 2024 Operation of study centre Pmservauon of Hadaxton Manor 69.860 48,325 3,116,606 3,186,466 48.325 3.477,369 82,926 118,185 3,116,606 3.234,791 3,554,295 Page 33
HARLAXTON COLLEGE IA Company Llmltsd by Guarantsel 140TES TO THE FINANCIAL STATEMENTS FOR TPIE YEAR ENDED 30 APRIL 2025 AnatyJl¥ of exp•ndltur8 on Charftsble activitl•s Icontinuèdl Summary by •xp•ndlture ty staff cogts Depr•clatlon l)thar c¢sts 2025 2025 2025 Totsl 2025 Tot81 2024 Oper8tlon of study centre PreseNatlon ol Harlaxton Manor 1,237.002 15.726 1,833,738 3,186,466 3,471,369 48,325 48,325 82.926 1,337,002 15,726 1,882,063 3,234.791 3,554,295 Tol812024 1,266,061 23,526 2,264, 708 3,554,295 10. Analy•l• of •xpondltur• by actlvltS•• Actlvitie• undartaken dSr•¢tly 2025 Support co•ts 2025 Totsl funds 2025 Tot81 lunds 2024 Operatii)n of study centre Preservation of Hadaxton Manor 3,179,047 48.325 7,419 3,186,468 48,325 3,471,369 82,926 3,227.372 7,419 3,234,791 3,554,295 Total 2024 3,544,665 9,630 3,554,295 P8ge 34
HARLAXTON COLLEGE IA C¢)mpany Umltsd by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 10. Analysls of gxpondltur• by actlvitio¥ lcontinuedl Analy•is of direct Costs Opfjratlon Pre•ery•tlon of study of Harlaxton centr• Manor 2026 Total fund$ 2025 Total funds 2024 2025 Staff c08ts Depreci8tion AdministTatlon General expenses Faculty and luilion Student affair¥ Physical plant Utslilies Housekeeping Gardena and 9round8 Tran8POrt Security Calerfng Summer program9 Land fund Govemance costs 1.337,002 15,726 116,453 123,850 39,459 201,655 48,950 426.117 12,867 14,419 12,405 914 513,672 302,412 1.337,002 15,726 116,453 123.850 39,459 Z01,855 48.950 426.117 12,887 14,419 12,40S 914 513,672 302,412 48.325 13,146 1,266,061 23,526 57,431 157,072 9,572 214,467 131, 151 395,467 35,610 19,853 15,414 Y23 642,849 463,576 82,928 29,567 48,325 13.146 3,179,047 48,325 3.227,372 3,544,665 Oirect costs have been alloGated to actlvity on a basis con5iStenl with the uge of resources. 11. Audltorf8 r•munerAtion 2025 2024 Fees payable to the Cc41ege's auditor for the audit of the College's annual accounts 12.705 12, 100 Fees payable to the College's auditor in respect of.. Audit serviG¥s of Ihe subsidiary company All non-audrt services not included above 4,909 8,650 4,675 5,750 Page 35
HARLAXTON COLLEGE IA C¢)mpany Umlted by Guarant•el NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 202S 12. staff costs Group 2026 Group 2024 Collog• 202S College 2024 Wage5 and Salaries Social security costs Conlributson to defined contribuOn penslon cheme8 1,191.936 90,961 1. 137,707 85,916 1.049,368 90,961 1, 137, 707 85,916 53,105 42,438 41.007 42,438 1,337.002 1,266,0$1 1,181,336 1,266,061 The average number of person8 employed by the College during the year wag as follows.. Group 2025 No. Group 2024 No. Coll•gfr 2025 College 2024 No. Management and administrallon Faculty House Keeping and estate Caterln9 and events 22 16 13 23 22 16 13 23 10 10 55 SS The average headcount expressed as full-tlme equlvalents W89 39'.12024- 471 No employee recelved remuneration amounllng lo more than £80,000 In either year. Tho Group operates a defined ¢onlrlbulion pension scheme. The assets cl the scheme are held Separately frorn those of the Group in an independently adminisl*red fund. The pension cost charge of È41,00712024 - £42,438) represen15 contributions payable by the Group lo the scheme. At the year end, the group owed the sch¢me £2,002 12024 - £2,000) included In accruals wlh respect lo contributions due. The key management per8onnel of the group comprises of the trustees and senior members of the management who are responsible for the day to day Tunning of the college. The total employee benefits for the key management personnel was £420,081 (20Z4 - £372.2971. 13. Tru8t•os' Mmunoratlon and expen805 During the year, no Trustees received any remuner0 or other benefits (2024- £NILJ. During the year ended 30 April 2025, no Trustee expenses have been Incurred (2024- £NIL). Page 36
HAftLAXTON COLLEaE (A eompaTry Llrnlt•LI byOu•rnTht•vl NOTE8 TOTHE FINANCIAL 8TATEIIÉMT8 FOA THÉ YEAR ENDED joAPR 2020 Prow Impvu¥ PIiHi& ma¢hln• •r Fllrfflltur• & Llb Cty•t or¥•lu•tkn At 1 M•y2D24 Addhknn8 iQA•4 Bll,314 7•,118 t17.151 6)4332 13,701 124•JQl AI 30 ZPZ6 io,w 313.711 .314 140,017 217,139 IOlh72 J.r At 1 Wy 2Q24 Chr9•for the On L1•pOFts 312&17 4,001 124gJW 71,711 172,•10 0.714 112 1.8•0 124•301 AI30 Awil 1021 P4qe 37
HIRLAXTON COLLeoÉ IAComwny Lknii•d tyGu•r•nts•l FIOTES TO THE FINANCIALSTATEMENTS FOR The YEAR ENOED 30APRIL 2025 Tinqlbhfix•d 411•t• Grpup Icontlnu•dl PMp•rty lrnprov rn•n •Trt & In4chlTr• Llbr4ry ¥•hkl FlxllW•A Tot•1 N•tbook W* AI 30 Apil 2026 •,71• iosJo4 J•,2 111,117 AI 30AW¥Z1 2d.lJJ t3,598 si,ooJ 4S,d2> 2•7 143,498 P•ge 38
HAIILAXTON COLLeoE IA CthThpAThy Llmltd tyQu•rnnt••l TE$ TO THE ANANUAL STATEMEfiTS FOR THE YEAR EP4DEts 10 APRIL 20 l& TarffjIflX•d 4•1•ts ItanUnu• c1•• Fr••hd Pl•rrt•nO pvop•ty ffti£hln•ry Dt(r FI*• •Trd Offle• Comp1 •qulprn•Tht •wlpm•nt Tot41 Al 1 Mlly 2024 10,8•4 3Jl.7O0 124•301 1¥,231 IZ4.Ml At 30WI 2025 10,684 311770 19,344 7•,12B 101.902 O•pr•tl•¥on Al 1 May 2D24 ChBrpÈ foilh•yMi 311,117 4,OOZ 24.113 1.•18 172,81 1gri,734 10,71• IU,93111 IZZ AL 30 Awl 2V46 3.33 2ri,7J9 17001• At JOApr12025 7.2 49,389 J•,220 127.n2 Afsow12024 7,381 2Q.faJ 11598 51.005 44029 2B7 14149 Page 38
HARLAXTON COLLEGE IA Company Llmltsd by Guarants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 14. Tangible fixad assets 1contlnu8d} All tsngible assets are used for charitable purposes. Heritage assets are not recogni8ed in the balance she•l. The Chartty maintains the hbslorlc buildings and grounds of Hadaxton Manor on behalf of the University of Evansville as detsilgd in the propety management agreefnenl and the property lease. AS explained in the accounting policies {nole 1) the Charity does not own the Manor and as a resur( the value of the Manor is not reflected in the financi81 ststements. RestoroUon work 1$ carrfed out in order to keep the Manor and gardens In a condltlon suttable for use. P8ge 40
HARLAXTON COLLEGE IA Campany Llmltsd by Guarantso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 16. Flxè(l a#8Ot inveslmonts In¥¢stm•nts In •ub•ldiary comp•ni•¥ Coll•g• Cost or valu•iSon Al 1 May 2024 AI 30 Apdl 2025 N•t book Yaluo At 30 Aprtl 2025 At 30 Aprfl 2024 Prlnclpal lubsldlarl Th6 follovAng was a subsidiary undertaking ol the College.. Company R•gl•terod office or PrincSpal •ctivlty numb?r prlnclpal pla of bu•inoss Name Class of •hara• Holdlng Hartaxton Manor Enlerpri5e$ Llmllod 02141188 Harlaxton Manor. Provision ol Harlaxton, Grantham, conference and Lincolnshire, NG32 banqueting 8etMces, 1AG making available facilities of Hadaxton Manor and providing certabn 8eNces lo students gnd the latest expansion of a pub faalty during 2025. Ordlnary 100% Page41
HARLAXTON COLLEGE (A Crfflp•ty Llmlt•d by Gu•r•nt••l IIOTES TOTHÉ FIMANUAL ¥TAIEIIENTS FOR ThE YEAR ENDÉD JO APNIL 2125 11. Flx•d u••t lfivHtsn•Trts luntltyu•dl rN$0f1e lu4ry1th8 I Surplysl ID•fl¢Wfor th•yvr M4nry EnW••s Umiied 731 •. Pv•e 42
HARLAXTON COLLEGE IA C¢)mpany Llmltsd by Guarante•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 16. Stocks Group 2026 Group 2024 Coll•g8 2026 College 2024 Consumables 97,239 93,580 43,798 54,331 17. D•btor# Group 2025 Group 2024 Colleg• 2025 Coll89 2024 Duo aftor mor• than on• y••r Other debtor8 27,478 27,478 Du• on• y••r Trade debtors Amounts owed by group und•rtaklngs Due from Unlversily of Evansvllle Prepayments and accrued Income 60,606 38.618 19,062 8S,380 1.266,349 128,293 ,121 113,510 1,978,559 152,406 1,265,349 143,886 1,978,559 153,939 1,497.319 2,171,116 1.478,084 2.253,596 Page 43
HARLAXTON COLLEGE IA Company Llmlted by Guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2026 18. CTedlt¢rn: Amounts falllng due wlthln one y••r Group 2025 Group 2024 Coll•ge 2025 College 2024 Trade creditor$ Other taxation and Soual securtty Other ¢redilor8 Accruals and deferred Iorne 260,970 63.374 2,006 441,466 274,012 44.881 2,000 896,832 125,697 23,711 2.006 183,500 222,316 23,383 2,000 736,3T3 747,816 1,217, 725 334.914 984,072 Group 2025 Group 2024 Colleg 2026 College 2024 Deferred income a11 May 2024 Resource8 deferred during the year Amounts released from previous perlods 304,714 340,317 {304,7141 372,864 874,299 863,477 130,552 (931,627) 1174,2991 760,409 674,299 (760,409) 340.317 304,714 130,552 674,299 The deferred income rolates lo advances for weddingy and grants recelved in advance. 19. Cr•dltorn: Amounts falllng du• •ft•r mor• than one yo•r Group 2025 Group 2024 Accru819 and deferred income 20,833 39, 167 Page44
HARLAXTON COLLEGE IA Company Llmlt9d by Gu•rantso1 NOTES TO THE FINANCIAL STATEhlENTS FOR THE YEAR ENDED 30 APRIL 202S 20. Ststem•nt of funds Statemènt ol funds- current year Balance at 30 Aprll 2026 Balance at I May 2024 Incom• Exp•ndltur• Unre¥trictsd fund Hgrfaxton College Harlaxton Manor Enterprlses Limlted 2.344,857 21,543 2,629,254 832,941 12,904,285) 2,069.826 {857,0101 12.5261 2,366,400 3,462,196 13,761.29SI 2.067,300 R••trlct•d funds Prejervats'on of Hadaxton Monor Grant from SKDC 48,325 69,860 {48,325) 169,8601 118.185 1118.18S1 Total of fvnd• 2,366,400 3,580,380 13,879,480) 2,087,300 Grant from SKDC '. During the year, Ihe tfust received grant8 from SKDC lotslled £69,860. The grants were ullllsed accordingly and no amount carried fOard Stat•ment of funds- prlor year Balance at l M8y 2023 B81ance at Income Expenditure 30 April 2024 Untrict•d lund• Hadaxton College Hartaxton Manor EnteTprI5es 'med 2,249,t25 21,543 3,246,742 (3. 151,010) 673,343 (673,343) 2,344,857 21,543 2,270,668 3,920,085 (3,824.353) 2,366,400 Restrlcted funds Preservation of Harlaxton Manor 82,926 (82,926) Page 45
HARLAXTOM COLLEGE IA Company Limltsd by Guarnntso) NOTES TO THE FINANCIAL STATEMENTS FOR THe YEAR ENDED 30 APRIL 2025 20. Statem•nt of funds IconUnu•dl Total of funds 2,270,668 4,003.011 (3.907,279) 2,366,400 Preservatlon of Hartaxton Manor fund 18 fvnds received for the up keep and maintenance of the land use¢J by the Colleg•. Page46
HARLAXTON COLLEGE {A Company Llmlted by Guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2026 21. Summary of funds Summary of funds . curr•nt y•ar 8•l•nce at 30 Aprll 2025 Bal•nc• at 1 May 2024 Income Expondlture General fvnds Restricted funds 2,366,400 3,462,195 118,185 13,781,295 1118.1851 2,067,300 2,366,400 3,580,380 {3.879.4801 2,067,300 Summary of funds - prlor y••r Balance 8t l May 2023 Ba18nce al Incom8 Expenditurn 30 Aprfl 2024 General funds Restrlcted fvnds 2.270,668 3.920,085 (3,824,353J 2,366,400 82,926 (82.926) 2,270,668 4,003,011 (3,907,279) 2,366,400 22. Analy818 of n•t a•s•ts b•t4•Min funds Analy8lJ of n•t •SBet• b•tvMen fund• . Current year Unr•gtrlct•d funds 2025 Total fund• 2025 Tangible fixed assety Debtors due 8fter more than one year CuThenl assets Creditors due withSn one year Creditors due In more than one year 186,167 27,478 2,622,304 {747,816) 120.833) 186.167 27,478 2.622,31M 1747,81fj1 {20,8331 To¥tal 2,067,300 2.067,300 Page47
HARLAXTON COLLEGE IA Company Limited by Guarn•rteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 22. AnaWl8 of net assets between fund* Iconllnuod) Analysls of n•t a5sots twO•n funds- prfor yeav Unrestricted funds 2024 Total funds 2024 Tanglble fixed as8et¥ Current assets Creditors due withln ono year Creditors due In more than one year 143,498 143,498 3,479, 794 3,479, 794 f7,217, 725) (1,217,725) (39, 167) (39,167) 2,366,400 Total 2,366,400 23. RoconcllSatlon of not mov•m•nl In funds to n•t ca•h flow from opgrntlng •ctlvltlo• TQUP 2025 Group 2024 Net incomelexpenditLtre for the year la8 p8r Stalem•nt of Flnancial Activrtles) 1299,1001 95, 732 Adlu•tments f¢r', Depreciation charges Interest received Decrea8ellincreasel in stocks Decrease in debtors Decrease in CTedilor8 21.035 122,5981 13,8591 701,270 (515.7161 23,526 (24,766) 11,468 47, 712 (36,516) N•t cash provld•d by1{•d In) op•ratlng actlvltlos 1118.7681 117,156 Analy81s of cish and cash equlvalont• Group 2025 Group 2024 Cash hand 1.056,224 1,215,098 Totsl cash and cash •quivalents 1.05S.224 1,215,098 Page 48
HARLAXTON COLLEGE (A Company Llmlted by Guapantsel NOTES TO THE FINANCIAL STATEPAENTS FOR THE YEAR ENDED 30 APRIL 2025 2S. Analysls of changos In n¢t debt At1May 2024 Calh flows At 30 Aprti 2025 Cash 8t bank and In hancl 1,21S,098 11 $9,874) 1.056.224 1.215.098 11 $9,874) 1,055,224 26. R•l#tsd p*ty nI¢tIon8 DurSng the ye8r Hadaxton College recelved management charges of £265,996 {2024 - £228,015) and donations the Gift M'd scheme of £0 12024 - £94.2241 from 11$ wholly owned gubsidiary, Harlaxton Manor Enterprises Limited. Al the year end the amount due to Harfaxton Manor Enlerprf8e8 Llmiled amounted lo £65,380 12024 - due from Harlaxton Mancr Enterprlges Llmiled £113,510). During the year Harfaxton College received £1,420,40912024 È2,885.8171 of grèntg from the Unlvergity of Evansville, 4¢h 18 the sole mèmber of Harfaxton College. Durlng the year H8rfaxlon College was charged expenses of £nll I2024- £nlll by the Universty of Evansvllle. Al the year end the amount due from the Unlverslty of Evansville amount•d to £1,265,349 12024 £1.978,5591. Conn•ct•d orgAnli4tlons The Universrty of Evansville Is the Sole member of Haflaxton College 8nd ha8 the powor lo appoint #nd remove tru818es. The University of Evansville is an enlily that 18 reglstered In Unitad States of America. The freehold land and bulldSng3 occupied by the College are owned by the Unlver5ity of Evansvllle and let rent free lo the College. No rental charge is included in the Statement of Financial Actlvllies. The trustees con8it1er such a rental charge to be unquanlffiable. Page 49