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 CoM￿nY 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 Cha￿ty,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 ExeCU￿Ve 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 EX￿Utive 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 Evans￿lIe %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 uni￿rs111e8 $0 that the College IB not reliant on 8 few sources. Phy$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$t attacks in the UK and Europe can and have had a real effect on US perceptions of travel risk such that College recruitment could be detrimentally affected if the UK was deemed lo be a 'risky' destination. In addition, due to the significant concentr81ion of US citizens at the College, the Trustees expect the Executive Diredor and Management Team to lake a proactive approach to Ioc81 security and safety risk management. Page4 HARLAXTON COLLEGE (A Comp•ny Limitsd by Guarantsel TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 30 APRIL 2025 Structure, Governancg and Managemont Icontinu•dl Staffing Thtr success of the c￿lege is heavily dependent on the qualty of it5 faculty and staff. The College monitors and rewews policles and procedures to ensure the continuing professional development of key staff and faculty. Performance management procedures ate robust in ensuring that 811 staff meet the very highest standards in relation to all aspects of College teaching, perfomiance, and operational management. Fraud and Management of Fund5 - There is a high level of involvement of senior management In the day-to- day running of the Colleg& who Tegularfy review management accounts and sludenl numbers. In addition, there are regular revlewsldiscussions wth the University of Evansville who also monitor monthly management accounts. The College's audllers 8180 carry out audit and compliance checks on financials systems, records, and controls a8 Part of thelr annual audit processes. ObJ•ctlv••, Strategy. Alm• •nd Pollcl The College's objectives are set lo reflect rts education81 aims and the ethos of the College. It is import8nt lo the College Ih8t it rnainlains and enhances the academic success of the College and the Universty of Evansvllle a8 whole. Th1¥ objective 18, however, set in the ¢onlext Ol the broader goal$ 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 Ph￿1¢￿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 cl￿Zens. 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 respon￿bty. 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 need￿baSed 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 exp￿SSion, 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 opportUn￿eS 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 v￿th history and the other wth a literary focu8. The College conts.nued Its program of hardwa￿ and So￿are upgrade8 to academic and administrative computing services. d. S￿dfrnt 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 $5,280 per session Page 10 HARLAXTON COLLEGE IA Company Limlted by Guarants¢l TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR E14DED 30 APRIL 2026 g. Communlty Soriic• and C¢Jmmunity Acce•• We see Hartaxton College as a part of a wider community and where we can assist the communlty without detriment to advanclng the education of our sludenlg we are delighted to do so. During the year we were delighted to host Several local schools, charitabl• events, and open the Manor and gardens to the public on several occasions during the year, in2Juding Chrislmas and E83ler. h. Ot￿r ACtlvltS•• During the financial year, Harfaxton Manor Enterprise5 Limited entered into a flve-yeaT lease agreement lo operate The Gregory Arms public hou8e, ￿￿th the aim ol generatin9 profits lo support the charity's obje¢tive5. Reg￿ttably, the venture has conslslenlly operated al a loss and ig projected lo remain unprofitable in the medlum lemi. As a result, the Ifuslees have made the strategic decision lo terminate the lease eady In accordance wlh the lea9e provi$lons. Flnancl•l Revlew and R••ults for lh• Year The College Accountant is plea8e. This was due to the increased number of weddlngs, events, visitor aclivty in general 85 well as wllh regards to the expansion ol th8 new pub venture. There ha8 been a slight decrease in the level of resources expended. Furthermo￿, £2e5,gB612024.. £228,015) in cos15 was charged by the College tc HME Ltd ￿thIn 2024-25 to rellect the 8dditlong1 work required in Ilne ￿th Ihe increased activities. The College is continually slrivlng to enhance the quallty of the fabric of bulldings and the facilitles offered lo students. A number of years ago the College established a five year repair fund" whSch is a fund designated by the Iruslees to provide resources to meet the cost of Much needed repairs to the tsbri¢ of the buildings and essential facili1Ses. The cost of this work has in the past been mel by specific grants from the University of Evansville, private donatsons, and grants from Historic England. In the current year, no major projects were undertaken, and no expen5e$ were Tecorded. On an overall basis, the Trustees, ￿POrt a deficit for the year under review of £299,100 12024 Surplus of £95,732). The College has continued lo maintain a strong financlal position with the group's assets exceeding li8bilities by £2.067,30012024.' £2,366,400). Page11 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 (contin￿dI 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$ity of Evansville and other sources for the Land U8e Fund. all funds are consldered by the Trustees lo be unrestricted in their nature. ?. Inv•stment Pollcy The Trust?es have the power to invest in such assets a8 they see fft. The College hag a policy of keeping any surplus liquid bjnds in Short term deposits whlch can be accessed readily Should the need arise. Page 12 HARLAXTON COLLEGE IA Campary Limltsd by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 APRIL 2025 Plans for lulurn ￿lIOdS Harlaxton College will conts'nue to pursue its core strategic inltiatives.. Inltiative l.. Demonstrate and communicalts the immedlale, enduring, and dlstlnclive benefits of a Harfaxton educatson. Inkiative 11.. Provlde students wth a besl-in-class curriculum, ¢on Tangible fixed assets C05tsng £1,500 or more are capltsllsed and recognised ￿ern futur6 economic benefits are probable and the c08t or value of the asset can be measured reliably. T8ngible fixed assets gre inilialty recognised at cost. After recognltlon, under the cost model, tangible fixed assets are measured at ￿5t less accumulated depreclation and any accumulated impairment losses. All costs Sn¢urre(I to brlng a tangible fixed asset into ils intended working condllion should be Included In the measurement ol cost. Depr•ci8tion 18 charged 80 as to allocate the cost ol tangible fixed assets lesB their residual value over their e$limated useful lives, uslng the glrgight-1Sne method. Depreciation13 provlded on the foll￿￿ng 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 ACti￿lIeS. Investments in $ubsidiaTles are valued al cost less provisicn for impaimienl. Page 28 HARLAXTON COLLEGE IA Company LITnlted by Guarantso) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 Accountlng pollcle& 2•7 143,498 P•ge 38 HAIILAXTON COLLeoE IA CthThpAThy Llmlt*d tyQu•rnnt••l TE$ TO THE ANANUAL STATEMEfiTS FOR THE YEAR EP4DEts 10 APRIL ￿20 l& TarffjI￿flX•d 4•1•ts ItanUnu• c￿1•￿• Fr••hd Pl•rrt•nO pvop•ty ffti£hln•ry Dt(*r FI*￿￿• •Trd Offle• Comp￿1 •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 r￿￿N$0f1￿e lu￿4￿ry1￿th8 I Surplysl ID•fl¢Wfor th•yvr M4nry EnW••s Umiied 731 •. Pv•e 42 HARLAXTON COLLEGE IA C¢)mpany Llmltsd by Guarante•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025 16. Stocks Group 2026 Group 2024 Coll•g8 2026 College 2024 Consumables 97,239 93,580 43,798 54,331 17. D•btor# Group 2025 Group 2024 Colleg• 2025 Coll89 2024 Duo aftor mor• than on• y••r Other debtor8 27,478 27,478 Du• on• y••r Trade debtors Amounts owed by group und•rtaklngs Due from Unlversily of Evansvllle Prepayments and accrued Income 60,606 38.618 19,062 8S,380 1.266,349 128,293 ,121 113,510 1,978,559 152,406 1,265,349 143,886 1,978,559 153,939 1,497.319 2,171,116 1.478,084 2.253,596 Page 43 HARLAXTON COLLEGE IA Company Llmlted by Guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2026 18. CTedlt¢rn: Amounts falllng due wlthln one y••r Group 2025 Group 2024 Coll•ge 2025 College 2024 Trade creditor$ Other taxation and Soual securtty Other ¢redilor8 Accruals and deferred I￿orne 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 fO￿ard Stat•ment of funds- prlor year Balance at l M8y 2023 B81ance at Income Expenditure 30 April 2024 Un￿trict•d lund• Hadaxton College Hartaxton Manor EnteTprI5es ￿'m￿ed 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