REGSTERED COIAPANY NUMBER.. 08800142 (Enland and W&lÈsl BEGIERED CTriIRrrY NUMBER.. 1176550 Re rt cf theTrusttt5 4nd Financial Statents for Year Ended 2024 stltute for Tec [er( r4WTE ackfriars street Hereford En414TrJ HR4 9HS
New Irtstitute forTe¢hrol ineeri Cortents of the Flnandai Statements for theyear Ended 31 Jul 2024 Referen and IAm1nlstrati Detai15 Rep)rt of the Tru5tee5 2to7 Statent of RespobIllties of theTrustees Rwrt of the lThJwwdert AdItorS 9 to 12 ststement of CoMprehenve Income 13 Statement of FinarKial Potion 14 Stateof ChReS in Re5erve5 15 Stateft*rt of Cash Flows 16 sthtrnt of Prlrtlpa knountln8 Poiiae5 17to22 Note5 to the Finafid Statements 23 to 31
NÈWhQI InstltLrte forTethrth and En Referen Jnd Mrninistrative Detai15 for the Year Ended 31 th1 2024 REFERENCE AND ADIAINISTrATIVE DAlL5 Re8iStered Company number t8C¥J142 (England and Wales) Rq15tered Charlty nuThknr 1176550 frlars Street Hereford En8Land HR4 9F ( T Jaggw (Chalrl {Regned 16 Decemèer 20241 Ik M J ktitthin (Vice Cha¢rl M Leppard Mi55 A Clark Prof. N Lieven C Courtr Yb J bY Miss E Cummlftgs (Resid 1 June 20241 Dr e Liquete IRe5i8ned 5 June 20241 J Emmet D Fljfv G Fer#l lpwinted 29 Jaryjary 20241 D Jame5 (Appointed 29 January 20241 Comwy Secret•ry 116 C ertder Audltors Thome Wbd8•ry Attountancy Ltd Ch&Ttered kcountants 2 Wyevaie bJ51ness Park Kiry re Hereford H2refordthire HR4 7BS Advlsers Bankers Bank pic 35 PM8h St Hweford HR1 2AQ Chief Executive Officer Chlef k&Jerni¢ Officer Mr James Newby Prof EerleY Gibbs (resigned Sept))bEr 2tr231 Prof DaMd Oloke (from February 20241 Terri Stevenson (until Wember 20231 Robert Jerkirs (from (ktober 20231 & San]antha Lewis Fln•nre rertOr rector of People and ¢Jwatton5
Newl•)del Institute for Tech 8md En "neerin of the Trustees for Year Ended 31 2024 The trLtstees, wh) are also directors of the tharity for the Purpre5 tsf thÈ Companfes Art 2ttO. present thelr rep)rt vnth thè finanaal 51atements of the charfty for tke yew eThJed 31 JY 20Z4. The tru5tee5 have Adopted the piovlslons of £counting and ReportinE by Hipher Educatlan.. SiaterrEnl of RecornrnErvJed Practlce aFpilcable to instltutions preparfTrg thelr wJnts In accordance with the Financial Reprrtbng StaNtsrd appllebLèln UK aThJ Repthlic of Ireland IFRS 1021 leffecknve 1 January 20191. 00cTIvES AND ACTNITIES ObJEcdYes ondactlvitles WIITE exists to address the UK'S shortage of work.rea 8raduate ennee¥S t0 tsEu5es on an inieyated appYDh to erywng tl%4l trairG and nurtures learners ¥th meaningful skilb and capabilities a5 well a5 knowledge. NE 8raduates [1 be rthty to ld eccnDmic, enrlMentaland soc(al value to a range of community and global chalLenges. Thrtxjgh thelr stuthes work wth a varietyof stakeh)ide I[uding7ndU5triaI ewreers, community groups. bUS owners and people wth specific healthcare requirernents. arvj tlw learn to seopej create validate g)lulion de518 to¥ range of real d)allen8es. TE bdieves that engirttrinl 15 an excitingaNI varied career path whlch shwld befreeiy open to Yn8 people from ail parts of lety. WTE'S StUt5 %YiIL learn what Lryne¥s ¢). how they c8n hè P05ilive impact on quailty of life, the enwronment aTrJ iTrlu51ry. To attrart students fr a variety of backgrounds, at dfifferkng st4es of Ilfe, and different uCatIOnal and eyp6rential bA(k8rounds, WTE ¥1[ consider every application indIoU&llY 8j Irrespectlve of the path prospective students have trallEd io where are tay. FnglneerS.in-trainl will experience WTES learning ty doin8" with rewiar real- life wojffts and lecture5 or tra(hana1 ern$,. unllke other enrring institutions they will Th)¢ be required to have ths or Physics A-level as these subjerts %iLI be tat ythIn the curriculum. fwiTE fs lth)kln8 entreweneurlal S?ly-M1nded indiwkn15 who want to chang2 the wortd for the better. and all e4)erice is valuable. As part of the admlsslons process, WTE eValte5 a PeTson'5 attitude, team.worknng sLL5, and mind-set and passion for desi8nlng EnrlrE solutions to today's wobiem$ 8$ weil as their qualification5. Publlc benefitoThl rharit4bl• objrtts l our tharitable artiwtie5 are dertthen to fher ow tharltabie purposes for the public b2nEfit. These aTe.' to 8dvarKe educatlon, Vth a parkncular focus on enwnethn8 and relad tJ5iness skills, aThJ to widen pJrtiupJtion in higher edlaOn by undErTewe5ented 8roups 8md those wh) are socially exduded" and to womote research for the wblic benefit to publb5h thè LtselL reytht& ACHIEVEMENTS AND PERFORIIANCE NWTE ha5 cOntIn to make sl8niflc8nt pro8re55 lowwd its ml551¢m of delivering inrvJvatlve englneerlng edStIon aThJ deNEloping a Nibrant learnlr¢ ¢¢mmunlty. Tho irtstitution has taken stride5 in ade¢ offering5, 51udent reCtTrt, and infra5tructUTe development whlie n&£a4? challawng finantsal environment. NME'S Deyee Aw¥dlng Powers WAITE Is undersolng the annual rnonitoring process a5 part of securfng éegree-aw8rdin8 poweTr frrm the Offi for stEnts. Gmd Fwre55 has been rnade, with the firsl nUal review taking Pla durlng the flnal mnths of the y69r under reNiew. Afavour&)le rewt has nce been receiNd. demrstrating 14MITE'5 commitment to xademlc qualltyand operaticKl excellen. Stt R4crultsn¢nt A record Intake of 55 students was secured In septeMr 2023. Thls milestone ththlights the increa5irq Tecwition of MWTE'S unlque approach to eryneering educaticn fts amng prosFerti¥t stlerts.
NewM£del In5tltute for Tecfvb)io and E neerin of theTru5tees for the Y88r Ended 31 2024 ntinued Est•tss Infrxtnjctwe 14WTE's e5taie de0Pment effcfts continue to JvarKe in line with its strate¢ obiectl%Es: strTWnS Grant.. TE is PrOgresn8 a t2.3m bwldinq project fundpd by a Stronger Town5 Eranl. Planning pemilssl¢x) was secured dn9 the year, vAth construrtlon set to ctsmmen In the forthcorninl Charle5 Wolf50n Charftabie TnBt Grant: A É3.Sm grant ¥Ya5 secured to delOP a new speualist lewnin8 d events spe. This project aligns with goal of transfornilng the &ackfrfars slte Into a taL for education. events. public thsco. Bloomspaet De¥eiopmenL. The property at Eien Gate w45 developed inio Bify)rnspxeTr a hub for entreprenEurial actItIes. This initiative foster5 Closer coliab)ratson between students and IndLtstrfal partne New •lv•rKed e•Thtres FtUre facilities for learnlru and Industry partnership5 lL be enabled by the de0pMent of WTE'5 new Jvanced ceTrt, the Centre for Advanced Tirnber Technology ICAThI, and the Centre for InTr)vaOn and Future S11$ ICIFSI. The CATh Is hxsed in 4 rEw purpose-l71¢ faality on I4WTE Skyion Canpu5 whlch was completed In 5eptembEr 2023. The buil(ling has achieved the highest le of attainMt In the EntL¥prfse Zone's-thrEe apple5- Xrtainability sche %Yith an Lynphasis on a fthc first 8pwoath (low thermal condUctity, redu¢¢d cold bridyng and airti8htne5$1 in a hfvid structure that utilises low carbon timber technoioges Wre possible, inwrwratiTh8 renewable Iwtions aThJ energy saving measLres toensure a redLthJ carbon footprint. WTE'S aim is that the building acts as an exemplar in the region by 8$pln% to n2t Trro carbon targets aliened with UKRI'S Industrial DeCarbonlSa0ft Strawy. CAT[ ha5 edLK4tiona and kledge trensfer strategy eypitcit iTrJustrial yJpp(rt, is now fijliy ¢peratiCal Fundralilni NWTE'S mission ConnUEs tL¥ inspire donors and partner5 to supp)rt U5. Substantial grants and dOnatIts were 5ecurtd &Jring the year which increaw the irnw the institution can deiibr and strengthens its partnershlps Ydth ioral irtstitutiws? en8ineerfw employer5. and a rarqe of othEf irstitutiwts. AtJemlc Devebprn•nt 14WTE ha5 eypaTrJed its academic offwings and strw)0hed its w51tion a5 a leader in inr¢j17veewrttr1n8 education: New ProVams.. Three new wogrammes-a B5c in CorstrLKtp)n Management, hEng in Mechanlcal Englneerfng and Beryd in Iniewated Eryneering-were launchtrj durin8 thE year. ThE5e programme5 will weitome their first cohorts in 2025, bringing the totsl number of programrrE5 offered by NWTE to three. sdÉntoUt£QrneS.. The first coknrtof stents 8ppro8chedtheerwJ oftheSrstudle5 Exceptional Success. Alstudents %eekin¢ employment secured de8ree.Levei enwn2erin8 jobs with compjnies IrKIj)Thg Eeatty, AW£ , OakYrri8hts. )Ynde1eL
New fvJdel Irtstltute for TÉrhrnlo irin Re rt of theTntstees for the Year Ended 31 Jul 2024 Continued FINANCIAL REVIEW Flnancll P051tlon ¥E sh)w5 an operating deficit for the year end 31 thjly 2024of El.521m12023 deficit E3.195rnl. The fur1 w0ded by the t>epartmentof Educationin theforrn of restricted capital and rthtnuewants have ken fuliyuti1dorCTrTrmltted. bthnce carried forward & thE hear-d for 811 ur¥e5trkted fd$ was [1.254m12l3.. 11.514ml. UThYer FE SORP li Is not permisslble to defer re%Mue yant irKome from goNErnment or other funder5 uTle55 theTP Is 5peafic pwftsrmance reqLrfrement. The flndai enfronment ts hl8her edallon rernains challenOTrg? twt P4WTE has taken proactlye wrEaxre5 to ensLTe finral stablllty. Sector Challenges: The higher education sector continues to urprecedth challenge5, irKluding tuition , ri5ine costs. aThd intense competition for UK.ba5ed Students. Loan Re5tTLKtur7 and Inve5tJnent.. WTE5ucce$5fv1ly reNWted Its St[re ioarÉ wfth the Department fcf Educatl on more fa¥our&le terffls. Adthtional finanaal ort of £5m wa5 sered from donors und2r a legally binding dEed of nt. £2.CTr of this d)natlon has already been received p)5t year end. Investment polky and Investments TE currently does not an investment puliry? lyjt thls wlll be doFed by the trustees to ensure the safe aTrJ efflIVe use of in due course. Reserves PDIICY E ha5 unre5tricied free reEervès valued at Wlve E7.641m 12023.. wtlve £6.681ml. Oth¥ reserves heid are re5thrted aTra upitsl fund5 that are rot ayjilable far general use. See rteS to the flnanctal statewnts 14 and 15 for fvrther inforrnation. GDln¥ Cpncern As a result of these ftasures, TE,$ trustees are confidert tt it remains a 8oinE corwn, vrith a solid flnarKial foundation to yow to Its sustslnable slze over the xt fr years. 0¢5Pite the thaUenWng ffnanclal dlmate In the hl8her education sector, WJTE ha5 taken Si7¢art 5tep5 10 Secure its final 5tabllity and ensure OFef8tlthMI continuity. Key factots $wportirr4 the tru5teES' 8oing conrn assessrrnt irKlude: Secured FlnaThdal Support.. During the first half of 24-25, NWTE 51Kce55fuily secured a commltment of E5 rnlulL frurn dLT5 through ally blndlns deed of srant. Thi5 sub5tartial financial injection pridES irnmedi4te liquhdity and urthrplns institutlDfb'5 ability to meet Its obliwons as they fall due. 2. Loan Restrucbjrlng: The successful renegOtiatfi of exIsAg loans wlth the Department fw Education IDfEI cfi more favorable ierTr6 has reduced the finanaal bjrden on WTE prolOed addlon81 fwbrtlty to yjpport Its operati¢i Fre Inc¢JrM neratIn.. rwiTE'5 ability to attr8Kt reccfd studert Intakes, sh as the cohort of 55 stse5 in Seember 2023, demonstrates Its growlng appeal and m¥ket demand. The iaunth of new academic programme5 in 2025 15 eted ¢0 further irKrea student enrolment tuition fee incornE. 4. C05t M•na8ement and StrateBlc knvestments.. trustees have implernented rigorows C05I mJrts4g2mt rneasures and targeted strategtc fn¥*stments that ail8n with IwfTE's 1rffi8.ierm objectiwE& T1%5eefforts tty • SU5ts1nJbl¢ finan¢iai frameth. Favourabie External Revlew5: TrE 51t1 outcome of wfEs flrrt annual revfew under the Offitè for steThts dewee.awardln8 powers e$S confinn5 the InstittiOn'S fOt opErational practice5 and financial piarnin¥.
N@wlgthèl Instltute for Techr¥)I and En neerfn of the Tfustee5 for the Year EThded 31 Jul 2024 Continued Bwd on these faotsrs, the trustees lIeVe that NMITE is well.positioned to n8gate sector.wlde urKertalntles ar achieve its growth tW. Lg a result. tw conclude that NWTE firda1 statements 8pwoprf8teiy retiert the lnrtftutsI'$ status a5 a goin8 corKern. NIAITÉ FLrtur Pkn5 WTE 15 focu&ed on deliverin8 its aMbIou$ $1¢1) for thE fuiure by ew¢ling it5academic offer1, infrastnKture. aTrJ iMpt on the community. Académlc Expans1. MwfE plan5 to iaurKh rEw proBramfrEs. irKlUdI the 8Sc in Cutstruction M8nagetMnt and in Il£chanical Enneerrf? which ill welcome t)r first cohorts In 2025. TF5e add10% aliw wrv5 Strate8y of Offr iThJu5try-reievant byucation to meet workforts demands. 2. lTrfrastrucbJre Dtvet¢pment.. The ongoinB £Z.3 rnillicffj Biackfriars te lE10pMent, SUPF¥)rted by a stro Towns Want. wll create a Vibrant hth for educati and civic engagement. A new Specialist learnire and events spKe. funded by the Charles Wolfson CharltabiÈTrn$t, I11 further efiPance this Site as a ¢tre for inmvatlon ¥nd public discourse. 3. C¢mmunlty Enwmefit and BLv¥rfe5: WTE introduced tyxsthes, sh as the"Life Char initiative, to SUFPOrt stLwJents from H2reford5hire and beyd, fosterin8 Ic¢al taLent and addre55iro barriers to higkw ed4Katlon. These bursaries a?m to create pathways into engi[ri and ieiated fields while reinf¢x¢in8 TE'5 rde as a transfrtive in ils region. 4. Leadershlp and Innov4don: With the recentawlntment of Profetsor Dad Oloke a5 Chief kndemic Qfflcer, TE has strerWerEd its xademic leadershlp. S expertise 11 supwrt the developrnt of new progratnrTJe5, partnership5, and initiativesj particularly in areas Such a5 Sustainable CortrtIOn aThl &Jvan¢ed nuf¥LtLng. enhanqre WTE'S reputatlon as an Imovator in tethnicai education Tr5e plans highlight rwJTE's torrunitment to adaressin6 national and r4(or thailerw vthile ddi¥erfng a dlsi(rKtiv and 1rnpxtf educational ÈxFwwce. STrUCTURE, GOVERNANCE AND AiAWAGEAI GovemlTh8 document The New Wodel Irtsliiu¢e for ThnDlogy and Eryneering INMITEI was Incorporated a5 a wvate company Ilmlted by wantse withojt sharecapital on 3 December 2013 and rÈg(stered a5acharity with thecharity Commission on 5 Janu 2018. Mv¥fE 15 seif-goverryng and legally ind2pMOent trrt regulated as a wbilt body. AITE Is erned by its Articles of As%Jciation. W•JTE has athpted the Commtttee of Unlv¥sfty Chairl Educatkn) CodÈof CVerna[e and is ythject to the Office for 5tudent¥ RegLatory Framewk. The Bo•r4 of Trustees and Its C•mmltt•s ThÈreare5ub comrnltthes coring matter5 inclu¢thw Ftnarte, Re¥OUesaTh Infrastructwe, ALhlit4Tr1 Sk. NOMinacs, Remweration. ThÈ Flnance sulxornmlttee bi.monthly. the Audit ano Rlsk Committee meets quarkrly. th NonMnation5 and Remuneration Committee5 are called a mir#mum of tte a year. The eoard is TE$ 54)reme governlng body. resPDr}b[2 for setting its Strat[C direction and poilcie5. aThJ for NurrEs firon5 and as5et& The A£adernic Coundl Is the hiÈhe5t academic body reportinE io the eoard of Trustee5 and re5p)nsibie for NMfiE5 xademlc poiltie5 and for re4ulatin8 adeMIC work and Standards. Recrultm•nt and apptslntment of n•w trustee5 Dwin8 the year undpr review. followir4 change5 to the &rd of Trusteès took plxe: Graerne FwAuson was appointed as an elected Staff Trth on 29th January 2ff24. V( Danlei James was wFointed 8$ an elected student trustee M 29th January 2024. Mis5 &1sè Cunir¥S st£ down as an elected student trustfnPlérch 2024 follw the explry of tr term of office. sin their appointmwt Drmaria Eiena LiqLte Cotera stotyj down, due to persmai time c(xi)miunerts. The Nornlnatlon5 Cornmittee defirs the make.up of the Board and its commlltees, balarKinE a8e¥ aVlabILIty. eender, wofesslonal eyytise. and P116¢ and private 5e£tcf industry expwtence to delivera rounded le&j5P to Teree Jagger re5iBned from thèlr pjsltlon as Chair of the eoard and trte* on 16th December 2024
NÈW Instltute for Th)i0 and En Re rt of theTru5tee5 forthe Ye2r Ended 31 JLI 2Q4 ontinued knduetlon and tr•lnln8 of new trustÈes Trustees are provided wth 5truEtured Induction tralnirty to farnlllarlse them WTE'S mls51oTr and the vArious operatlonal workstrearns which advartt it. TIEY are a150 provided Mth the Charitie5 Cornrni55i0n Gu7de The Esseti Tru5tee- and are reclpfents of wvernance secttrf llets ttffOU8h MUITES a5SOCiate member5hlp of Vce HE and ofesslonal ad¢ throuth r4MrrEs auditors •)d leÉal cwnsei. Tntstees have undertaken tralnln8 In PREVENTI Safeg4Jarding and GDPIi' and on the Board respon5ibilitie5 a5 a Regulated PA)dy under the 0. The ft41owlrB Chre5 to the took ple after the period covered ty th6$ rtew.' Th• E¥ttutsve A Cfvef Executi¥t 15 apwinted by Tstse5 manage the dty.tO-day OFeratIOr of the charity. To f711tte efferti¥E operatiorts th2 Chief ExecutiNe Officer hE5 delegated authorfty tor OFeratlonal matter5 XKth 85 fin¢, empioym•it, and academic prwamme actiwtie5. TrE Chief Officer Is the AKcount¥ble officer for ¢)f5 PLYprGes. Key manaymtnt r¢murw•tlon Th2 Tru51ee5 reeW the pay and remurEration of key m4naEernent staff annually arvj r¥)rmally Increase pay levds in accordance wth ahwage eamlngs thth ha% beknarked in the sector. Senlor staff. I1ling the CEOJ play rKJ pgrt in thtse dedsicrts. Riated partles Due to the nature of the orwlxuvn. workln8closety wlth ktal IyJ51rsx¥ oth¢reduuVoMI Instlwtlon Rtsk m•ma8•ment The Tru5tee5 haNE a dirty to fjdenfy and review the risks to which the charity 15 exposed and to ensure apprcpate controls are In place to pmide reJ5onJble assUte agalnst fraud and error. The ¢tht and Risk Commltiee oversee5 the Corporate Reglster, which is UFated on a bi-monthly bs. Where pwowate. SteMS or procEdwes have been e5t4Flished to mitlgate the risks that NwfE faces, lrtludlry externol risk5 to fvhllng. Intemal control risks are mlThlmised by the impierrontation of procedures fr( authorisation of all tran5aCtion5 and yojects. Procedures are In place to ensure compliance with health aThd safety of Staff, volunteers, &nd tOrS to WTE ioration5. The hlgher education sector in the UK faces gnIficant challen8esTr induthn8 lorff-tem tirilion f stagnatlon agalnst ri51nB operatlDnal costs and flerce competition for domestic stud2nts. These pressures he led to wide¥)re•J flmroal strain 0$5 many in5titutTons. TE, whlle not imWne to these ctOr.de I$s, has taken proKdNt measures to mltigate the5P ri51ts and enyjre ffn¥Klal stability. Key strate8les ir£Lude the succe55ful re5tructUrill8 of 1081 wlth the Dewrtment for Ethcation IDE) to achle% favourable twm5 and 5ecurinRa C5 rnillion comrnitNnt frorn doTh)rs under a legally bIndT deed of grant. These efforts dv[nOrtr¥te a robust ccmmitrnent to finanrijl rÈslllence operational efficiencyi providing the foun¢Jatiw NWTE to aChiV 5U5Lainabie growth over the next four year5. Furthennore, NMTPS innovative educational modd and close tles ith industrial partr*rs ¢thb¢e to its ability b) attrxt •nd retain stLKlents. etthanclw its ccfftpetitive p)siti despite sttsr chalL&)ges.
NewAkndeL lrtltute forThMio and en In Re rt Df theTru5teES for the Year Fnded 31 j 2024 Continued Statemert of Intern•1 Control The Board has resportsibility for maintainlng a styJThJ sM of Intsrnal control that supports the achlevem&rt of t In51itutioTh's objectlves hllst rnalntalnlng adhwerte to its polldes and owatlng procedures. The controls a50 ertsure complIte vAth the Office for Students conditiLrG of rewstration and all charity wuiation reqrements. The sy5Lun of irternal ntrol is based an ongolrq process desi8rd to Identlfy the Pri[pa1 rlsks to the &hle¥eNnt of prAicte5, airrs objectives, to evaluate the nature atbj extent of th)se rlsks aThJ to manage them efficlentlyth effectT¥eiy¥ and economlcally. It ls Oesiwed to manage rather than diminaie risks and can therefore mly pmid¢ re4$0nabie and not ab501ute asyjrance of effertlveness a8alnst ¢¥11 losses. Instltutional Risk Register is rnointsirtd, whith 15 presented at ew meetirré of the dIt a8 Rlsk Commlttee vJ ta the Board of Tru5tee%. IndivTdual risk re8iSters are maintained for all major organisatlonal projects aThJ 811 slgnlfltart bjiiding proje The rd'S oversl8ht of the effectt¥enES5 gf the 5yStwn of Intemal contro& Is Infomed tthrectly by the work of the Internal JJditors and the Ir&titution's senior marFment team. The Senior Leadership Team malntalns a sy5tern pf internal ethnmittees to £nyJre that wjlicy ueation aTrJ approval is ¢S1$tent and trsparent and to Èn5we that au tivities are ali8rtd to oryanlsationai stratw. Feedback i5 also prov¥Jed by tk External dItorS In thelr mana4emEnt letter and in other reprKts to the Ajjtht Committee. The Inrr1 Audit Stratw, approved by ¢he ptht Committee, sets out orItieS for the comin8 ye8r based on 1nsUtutlotl eI9pMerIts and ri5k5 and a wder iew of the HE sector. The Board DfTItee5 has aprKoved a"yvemarKe haThJb)ok" whlch lrtlLpJes *heddèsof d21egation T(hare wewed frem tlme totime. The S¢heduieincludes the keyreSp)nb[llcIes of theExecuve reiatinl to the Operatif of the internal control enmronment. The Board of Trustees recelvts a report from the PresidEnt and Chief Executive at each meetin8 concemin8 the owatlon of the Irtstltution emvwnE risks tnd oppOrtle7e5 affectin8 It. Volunt¢er5 4nd Donors The &)ard of Tru5tEe5 WId Ilke to pay tribjie to volunteu5 and d0Th> we 8erwousLy of thdr tlme supp(rt of the rk of lJTE.
NewAkn4e( Instltute fOrT)i0 8ThJ En rwrin of theTrustees for the Year Ended 31 JJI 2024 ttNed STArnIEKfoF TrUSTEES' RETrONSIBILrrEs The ¢rLthe5 (who •re a159 the dirertrKs of New A•odEI In51iluie fw 4nd Enwneeriw fty th¢ ol company Lawl are re5Pffft51ble for preparfr¢ the Reprt of the Trust and the flnandal statements In accordan vAth appilcabie ljw and Unlted Kln8th l£countlng Standard5 (Unfted KIdcffl GprEYally Accepted ACcnrI Prnctkel. CL¥rpwry LJW reqre5 the tru51ee5 to prepweflnJKial statements for each ffnarKlal ye¥ whlth Ove& irue and fafr eW of the state of affalrs of the chDrftsble corrpvry and of Incomlni re5ource5 appllcatlcn of re50urcesJ fncludtN8 the and expendlture. of the tharltable eompary for that perhjd. In preparfry tlbxe flmnclel stat•rnts. the trustees are rtr]thred ta setert suitsM a¢¢ourtlr¢ wlld¢s arJ then apFly thom cartsfstaiyJ tke methods and ¥ln¢lples In Charlty SORP. make judBom•nts and osllrnrte5 that are Tea50nable 4nd Prdt. prepare the finandal statements on the golng cor£ern basfs unias It Is Impproprfaie to prewfft thrt the tharlt•bh ¢om¥w wlll urtlnue In buslMss. The trustees are re5p)r751bie for keepln8 proper accountlnB record5 whfch dlsciose wlth re450nablt o¢curw it w tkne the flmnclai tIon pfth• ththt4big cornpwy and to wjble to er4ure th4l the flnNnd415t4¢ewents wmpiy wlth the Comythe5 Art 2CC6. Thw are 4159 r¢sPW51tle for $4feBu•rdlw the 4wets of ¢he ch4rftb hlno fw tWrfd reasonable steps for Prention ard detectlon of fraLkl and other Irre8arfE1es. Is r#J relevant oudlt InfamtIon of whkh the chrftsble cofflpanls audltorn are wware; ar the truknes have t4keTraU step5 th they outht to ha% ten to Thke them5•1v•5 awor• of any rd•v)t •Jtht InforrTratlon and to estJllsh that athllior5 are aware of thrt Inforfftlon. Th? tru5ts are reSpOle for the nwIntencV and Inwrlty of thè eorFtht• finknd Irbfomiatl¢n lfidud on the ¢hwfWie mPanY$ webslie, 18.12.2024 by order of of tntstees on ............................................. SIRd on Its Eehaf bf. J tEn- Vl¢• Chr of Trt4 Type text here
New Model Institute for ThrtI and En iTerin lThJe dent audfjiors. uarantee rt to the New Institute fcf Tecthoio 8nd En 'neerln 15mlted b Year Ended 31 2024 We have I(ted the finartlai Statements of New Akndei Instttuie forTecMaio8y and Ewlneln£ It,IrStltUle'} for the year ended 31 July 2024 which comFffi the Staternent of Comprehensive Irrome, the StateTrt of Finandai rM)sltion, the Statement of Changes in Reserves, the Stattyment of Cash Flows aTrJ the note5 to the finaTKial statements. irKiudinE a summary of si¥niftant accounting Fxiticies. The fir reporting frarnework that has been applied in their ratlon Is èppiltable law aThl UThted Kingdom knuntirY4 Standards. Intlu¢thn8 FRS 102 Tr Flnanclai Reportln8 StaThJard applltabie in the UK and Republic of Ilei, (Lknitsd Generally Accepted Accountin8 PrtIce1, the Staternent of RecLvnmended Practice.. knounting for FwthEr Flitsr EdUCatiL (the ' HE SORWI arKI the Offtce for Students ttyJnts D(rett( (Of5 2019.411. In OLf oplnion, the financial staternent5: v¢4 trup gJvJ fair view of the stak of the lrti¢utrf5 affair5 45 at 31 JY I24 of the Instu$ Surp1 of Income agalnst exp&)dlture, gaSrts and losses, chenges In reserves and cash flows for the year then ended. have b2en properly prepared in accordance United Kin¥6Jrn Generally kcqjted Accounting Prxtictr. have en weparedin accordarKeith the reqreMentsOfthe FEFESORP tY the(lfficeforSiwJents' kcgwt3 "rethon lo 2019.411; and h&¥ Èeen prewed In 8tt0race vrith the rewlrements of theComPares 21YJ6. 6•5ts for oplnlon We conducted our autht in a0rd¥ Yath lrtWnatiQ Standards on IUKI 11SAs IUKII and appLIc8ble law. tsjr resp)1111tre5 thg¥e st4ThJ•rds 4re fEr descriEed in the Atitor'S re5pon5ibilitie5 for audlt of the financlal statements sectiEin of our reprrt. We are Independent of the1Th5titute in accordance with the ethical requlrements that are relewttoour audlt of the finanaal staterrnts in the UK, irKludinE the FRC'sEthi¢al Standard, and v4ehave fulfilled our ather ethical resw1171itieS in accordance with the&e requirernents. We beiie%E that autht edert we have abtained is suffiCit appropriate to prowde a basis for wr opinion. In aLwJltlr8 the flnandai Sta¢ernts. have corKluded that the Trustees. Lrye of the eorKem Ws of ¢ntIng IA t prewatlon of the flntinaal statements Is approprlate. We draw attention to the Ststernent of cornvehenve Inctffie In the fin8ncl81 statsmerts, whith iThJicates a defiat of 11.521m during the yair ended 31 July 202412023: £3.195m defiatl was incurred. vrith total net assets redLring frotn C5.951m at 31 July 2023 to £4,430, at 31 July 2024. Free reserves at 31 July 2024 5tfA)d at ative 17.641m 1202l- £6.681ml Further detalls are stated in accountirvd policies under 8oinE C(YKern", where the truStee5w more detail of the Current posltlon, In¢lJ1 addlonal fukNJing YJFWrt received post year end, toeet thr rAans to ensure the OrgaSatLI Is a 8oln8 cont¥n for the foreseeable future, being & least twelve mcnth5 frrffi the date the finartial statements are aUthsed for issue. Jr responsibilities and the re5rxifGibiiitie5 of the Trus1 wlth respect to pfng eorKem are dkbed In the relevant sertions of this repcrt. Oth•r tThforn•tlon The ether information cornprises the inforrnation irKiuded in the Rewrt of Tru5tee5, Statement of Governare aTrJ lrtemai Control and Ststement on RÈSpDnbIIICIes of Trust for the Year Ended 31 My 2024, other than the finaal statements and our audltovs report tre0. The E4)ard of Trtets are re5wJrtsitrle for the other infomation. l)Jr oplnion on the rcial statements does rnt cover the other information aThJ, except to the extert otheryrise explldtly statsd In our rep)rt, we do Mt exFrnS any f¢Jm) of assur ccficiusioTh thereon. In connection wth our alt of the financial statements, our re5pon5ibility IS to read the other InformaOrt . In ¢)Ing so, considw whether the other lnformaticfi is materially incon5i5tent %ith fv finarKiaL 5trterrents our knDwltdge obtained in the aLbYit or otherwise appears to materially misstated. If we identify such material ir£onsi5t2naes or apparent material mlsstatements, teere9lrired to detennine vthether thereis a material mi55tstament in th2fina1al statsments or a materfal m15Ststement of the other InfonnattM. If, based on work we have perfcfmed, we concl thai there is a matsdal mlsstatetYrt of thls other Infma0n, we are reqUId to reF*rt that fxt. We nothi to repjrt in thls reg¥d.
New Ilrf)del Institute for Tech10 and En rEerin lThYe ndent wditors, re arantee rt to the New knel Institute Technol Ilmlted Year Ended 31 Jul 20Z4 rtinLRd Oplnlom matters westt1bed by Conwnfjes Act 2W6 In ourupinion. bssed on th8 work undertaken In the courae of the audlt.. inf(mation wven in the RepNt of Trustees, Statttnert of GI)rmfLe ar Intwnal C¢ntrol and statert RespM5ibTlitie5 of Trustee forthefin4rv41 year for whlth the 5taternents we Fffepared 15 cordsknt with I financial staterThts' report of TrLtstees, Statewt of Go%man Internal Control and 5tatennt on Responslblllt(es of Trtht N been prepared In atcor¢lance appUtaNe Legal reqLrfrements. OplnloTh OTh other matters prescrlbed by the Offlc• far Students, Acctyjnts Dlrecilon101$ 2019.411 In our opinion: fvThJs from wh8tever sowce administerèd by the Irtstitute for the speclflc pwposes ha% been appl1 to t1 purpose5 marwged in CordanCe th relevant le8l5uiti. arK fuThJs wowlded by the Office for StL¥lents I'Of5'1. the Educalion and Sknlts FundinK Agency and DepartrIrt for Educalion have been appli& in accordance with the rele¥ant temis and condIon$ attached to them. We nothlng to report In respect of the follon8 matters In reiatfon to which thE ¢Jffice fcr StLhlents' P£counts Dlrection requires us to report to yw If, In tyjreplnlcé): the Inslitute'5 grant and fee inc(The. as disclosed in thè notÈ4 to the fin)dal st8temek)ts. has been m8terfaUy mISstat. or the Institu$ exp[tUre on access 8md partIcl10n ItIeS for trR firwKial r ha5 been materially rths5tated. IAkn On whkh requlred to rep by txctptlon In the Ilght of our knowiÈd8È and thderstaThdln#of the Unlvusity and its enwmmwt obtained in thec0ue of theaudit, we have not iden¢ified rnatsral rnisststements in the ReFQrt of the Trustees, Ststemt of Go%vnance )d Intemai Cortrrl and Statennt on Re(bIlItIeS of Trustees. We ro)thing to report Tn rwert of foilowlng matter5 in rdation to which the Comp8nie5 2tt6 requlres rep)rt to yw If, In o¥r oplnlon: Yequ&te account1 rttords have r)t been kepL' or the ftnanda SLaternLts are rvjt in a8reenEnt wth the accounting recor+J5 and return5. or certain discloyjres of directcrfs, rematIcfi speufied by law are not made: or we have not reTEd all the infrAmation and eypianalTon5 reqre for r autht. Resp)nsSbfjI$ tsf the Board of Tte5 expiaired more fuuy in the Ststernent of Re5pwsibilitie5 of the Board of Trustees set out cfi Page 7, theTru5tees are responsible for the preparation of the financial statements and for beirvl satisfied that they Elve a tr aThJ falr ew, d for iniemal control a5 the Tru5tee5 determirEs is necessary to enable the prep8ratlon of fi"nanclai statements that are free froTn material mf55tatement. whether duEto fraud or error. In preparing the financial statements, the &)ard of Trustees is re5ponslbie for asse55ing the In5titute'5 ability to contin •% a gnE COem, d15clOn& as applicable, matters related to concern aThJ usin8 the Wng eortem bssls of countinE unle55 thePA)ard of Ttee5 either intend to liquidate the In5tituteor toceaseoFeratlons, or ha%* no reallsttc aitemaeivp to do 50. io
NewknJel In5tituie for Techrnlo and En rerin Inde dent altors, re uarantse rt to the 5>e1 Institute for Thl0 andE limited b Yew Ended 31 2024 Continu¥J Audltor's rewn¥lbllltl•s for th• audltof th•flnanclal ¥tatwn•r objectives are to L>tan reasonable assuran abt whether th2 finanaal statements a5 a whoLe are free fram rnateri Misstatement, vthether due to frèud or error, ar to i5sup an Al7t0.5 Report that includes our opinian. Reasorthie a$surae Isa ieNel of a5surarKe. bjt is not a guarantee that an autht conducted in XCOrdan with ISs IUKI wlll always detect a rnateriai misstaterrDt ¥vhpn it e$ts. thsstaternents can arise from fraud or error and are co[ldered If, iTrjiduaIlY or in the aggregate, could reason•Sly ke ewted to inftuence the ecorhjmic dedsions of user5 taken on the basfs of these financial statements. IrregUtIes. Inciuthn4 fra, are irfjtances of non-compliance laws and regulat10. We ¢the procedure5 in line wlth our ressibilItIes, ouUiMJ above. to dett rnaierial misStatETrents in respect of irrewlarities. irciudlng fr•Jd. The extent to whKh tyjr procedure5 are capable of detectin8 irrewiaritie5. iKiu¢thng fraud is detled below.. In fdenfy7n8 and a55essinE risksof moterial misstaterrtnt in of IrregtharttlÈs. lrtluthngfraud nDn<ompli with 18kns and regulations, we considered the follo%ing: tre of the sector, ethitrd en¥Aronment arbj the Insiiiute's performance. re$ts of ow wuire5 of mareMent and the Trustees, IlUth"n8 the conThittee5 tharged governwKe the Instltut¥s finarKe 4nd corrol, at their own identification ass5mwt of the risks of irre8uiaritie5' y mattws we Identifieil ha7n£ obtained aTrJ reviewed the 11litUte,s d¢xumentatlon of their poiiaes 4nd pr(tedures reiatirE to: identifyi¥ evaluating and complylng wlth iaY15 rtyJiation5 arjd whether they were aware of arry instances of non.compii8nce,' detfrtl resndir to the risks of fraud and whether they htre knowledge of any aciual. wected alleEed fraud; t internal controls estaNished to miti8ate of fraud or rwump1lan with laws 8ThJ reguLor., w the Instituts ensLred it met its obligation5 arising from it Eein8 financed by and subject t¢ governartÈ reqLrirerrents of ihe Of5, aThJ a5 such matsdal compliance with these obli6aiknrs Is requlred to ensure ttr Institute wll continue to receive tts public f011 and arised io 0rate, including around ttrEre is no material unauthorfsed Ltse of fvnd5 exwditure. aTrJ matters diKUd among the audit en88¥ement team and involving reLt internal Institute SFttlalists regard¥n8 how and whete fraud might occur in the fiwcial statements )d any potential IJ7c31or5 of fraud. A% a rewlt of these wocedure5, we con5id2red the oppcrtunities and InntIveS that may exlsi vAthln the Institute for fraud, whith includLIJ incorrect retognltlon of rè¥enLE and managementoverrideof controls uslrtrd manualltyjmal entrie5 and these ve identified as havin8 the 8reatest potsntial for frwd. In cmon with ail audtts uNJer ISA'S IUKI, we are also required to Ftrftfm procedures to reSpd to the risk of manaEemeTht overrtde. We also obtained an understhndlrtrd of the le881 8ThJ regulatory fram2WOfks that the Institute operales in. fOC7n9 on prOs1or of those law5 and reEulatiors that had adirerteffect on the determlnation of raal amuntsand di3ciosure5 in the finaxlai statements. The key law5 and re8uUitiors we considered in this contsxt IKILJded the Oflice for Stud2nts' k¢fAJrts Dlrectton (Ofs 2019.411 the FE SORP. In addition. v4e con5(dered prov7510n5 of other Laws regulations that do Trx have a d([L effert on thE flnanclal 5taternents bul compliarKe wlth which rnay be fundamental to Institute's ability to operattr or to avoid a rTwtsrial Fenalty. These incled 5afeguarthng regulatiorts. data wot*tian reEulation5. CupatiOnal health and safety reguiatfDns, educatign and inspections Iw51ation. and employwRnt ISlatiOn. Cknr procedure5 to reswd to rfsks Identified included the followin rewen8thefinW)8l statsment dlscloyjres and te5tinE to Supporti thtatIon to assess comPliae th Ov15 of relevant laws regulation5 d2xribed a5 having a dirKt effect on the fimndai statements" reeW[Th4 the ffin4rKiai ststemert thsciosure5 and tesknn4to yJpportinE drKLYnefitation to 858ess the recwltfon of revenu2" of the In$tUte.$ mtha8emert and Trustees coKemlng actua &rbJ KX)tenti41 litiqation 4nd £iafms' Fethmlng &tedureS tr• crmfirm material compl1ae %th the reMEnts of the ffi; li
NewA4ndel Institute for Thrni0 and En 'nperin Inde ent aL#litry5' re antee to th¢ NÈW Irtstitutè ts TeeOi0 8k)d En "neerln Ifmlied Year Ended 31 Z024 ortlnued perfwming wwiytlcai procedures to fjd any ur1 or uneypted relaonShIpS that may fnilicate ri5k5 of matwlai rni$5t)tement to fraud. re•Jlw mlnutes of MnIs of the Trlee$ ard revieir intemal control reports. and th addresslngthe T1skof fraud thrwh mDna8Erwt ¢Mrrlde of cgntrols, ie5tknB the of lourMI ethe5 aTrJ other adjurtmwts. d As1 ether the Jttymnts made In maklnB accourtlng e5tlmate5 are In¢M¢attve of • Fxitertlal bl. We aso e<ffimth)fcated rant identlfled laws and rry1411on5 potertthl fr4ud r15ks to al enyg¢m¢nt t••m memben, remalrtd alert to •my Ik)Jkatlorts of fra4 cf [nMlIance wfth la)hs and rewirtlttts thr11 t Betsuse of InnE Ilmftatlons of autht. there Is a sk that wlll not detect all Irrwlat1tl•s, Includlni ttrme ieathn8 to a m•tsri•l m155tJtemert In the nal31 ststhments or non.ttfflpllanee re8uiatton. Thls IrKreages the morethat compll8nce wlth a law or rewLntlOn 15 rtynpved from thE Èverts and transact5ans reflected In trflnanctal ststements, as ill likely to bECCqnP aware Of Inst¢¢$ of rM<ompilarKe. The rfsk Is also greater re8ardln8 IrreBuiarf¢le5 ¢[rIr$ du¢ to fraud ratr ththn error, as I1 Inwlves Intent(onol eorKe•lmtni, forKWy collwlonth omlysltm or mlyeprwentatlon. A fvrther dwthpilon of ourr•wdlbllftles for the audlt of trrtllr4rd•l statementsls ittated or th FI1•1 Reportr Cowldl's •b&e at: Th15 desthptlon fornis of our Ilt)r'S r•p)rt. Us of our repwt Ths report15 rnjdesoleiy ttrth? Inrtltute'sTntstees, 85 a In aceordarKeth CIW 3 of Part 16 of the Complnles t 2CK6. Ojr 8utht rk hbs been dertakern so that we rrrf•lt state to the ltstitLrte'5 TfUStes those matters we are fequlred to state to them in an authtrf's report ènd for other purFQ5e. TothE fullest extent pthtttrj ty law, we th) not accept w asyjme rews)lleY to anYe other thèn the Irstltute's Trwthes as ts body, for our a11 Wcfk, fc* th1$ rep trf for tht oplnlotts we hm formed. Ltsa Weavu FCCA Isenlar Ststutory hA&4ltorl Th)me Wldgery Accountsncy Ltd 2 Wyewale P4A5ine55 Pwk Kfrrfs A¢re Hereford Herefordshlre HR4 7BS 12
V4 MdE1 Irrtitute for TechrK)lo and E Statstnent of Com henve Inwme Year EThJed 31 2024 Year er¥JEd 31 lY 2024 Year Ended 31 July 2023 In¢om• TLrritTr)n fees and edtIon COntrts 742 627 307 Funding body gwts Other income 852 813 Investml irKome 21 Qon&tlorts ¥K¥J etyJownnts Tot&1 Income Exp•rAltur• Staff c05ts 2,871 2,933 ReStrtUnnI costs Other operatlng er DePreCiaOn and 8m)rttsatlon Interest and other firwntr costs 3,745 622 4,4 652 202 122 Total •XpeThthre 5urpiu51ldefidtl before other8a1n51liossesl Galnlliossl on d15F¢J5al of tawbie a55Èts Surplus I ID•fidtl bèfor• tax 13,1951 Taxation Surplus l (Defidtl for the year 11.5211 13,1951 Total eomprehen55ve Incomefor the ytar 1,521 3.195 Restricted ccfflpr£thWi¥e income fer the year Unre5trictèJ eonN)rehenslb In¢ome f¢r tr year [1671 I Items of irtome and expenditure relate to continuin4actiwiie5. The aceompanying notes and poliae5 on pages 16 to 31 form part of these finwKia statement& 13
Newllojel Institute forTec Staterrtht of nal&l PotiOn Year Ended 31 Jui 20Z 5 at 31 JLIY 2024 A% at 31 lY 2Q23 Tarybie 8ssPt5 Trade and other receivable5 10 r16 2,226 Cash aTra cash equivalert5 16 amounts falllrry thje wtthln cffle yur -1587L 11,3151 1,021 1,687 Total au•ts l•M vJrr•ni Il•blMtl 12.455 13.415 Credtors: due after mcfe thttn one yw 12 18,0251 ff,4641 Total net asaets Ital rtt•rve In¢omt and experpYltuR re Unr•5tr1¢ted R•¥eMs In¢ome and experdiwre reserve 14 14 637 15 4,430 3.Y31 %mtvollkno lrttere# 18.12.2024 The flnattlal statsments were approNtd by tht GtytmlnqEth on.......................... •nd were Its bePdf on that date by: J Flltrhin. Vkè alatr OfTrtees accomp91n& Tr)tes and pAlcle5 on pag25 16 to 31 lorm part of tFse fin18[ statements. 14
Institute forTeckwio 4nd En ineeri Staiernent of Chan Year Et¥JsJ 31 Z024 In¢ome and elperllJre re5erye Total Restricted Unresthcied aknce at 1 Auwst 2022 2.585 6,561 9,146 SLrAuslldeficitl for the year Tra[fer tween fvrtds 13.1951 Total ¢4Irpreherfv* Ir• for th• y 11,681 Balkncè at 1 Auw5t 2023 904 5,047 5.951 Swplu51ldeflcitl for the year Tran5fEr between P541 11,2671 13 ToLIl corwehensfve Int•for thé yèar 1267) 11,2541 Ba&irK• at 31 Jjly 2024 637 3,793 4,4XI 15
I Irs ineeri Statement of Cash Flows Year ETrJ Yr ended 31 Notes lY 2024 Year ended 31 ly 2023 Cash Ilowfrom apwnI4CtMd•s Surplu5 for the year before tax Adjustment for non%•%h Itery DeFYea8tion Decreaselllncre8sel In debtor5 IrKreaselldecrea5el in cre(liiors AdJustyMnt ft+r InNutlnior flrwnclnl artlvltles InteTe51 payable IGainllloss on the sale of taroible J55ets Capital grant irorne Cash flo from opera¢•1lIes Taxation 13,195 622 652 10 (251 13271 11 201 122 12 238 Net cwh outflow from operatln8 acU¥ld 1.389 Cath flow5 from lTh¥estlng rLtlvltle5 Proceeds from sales of tangible ast& Cap¥tsi Er4nt5 receipts Paynents mJe to acryrire tlAP •ssèts 12 238 13331 321 377 C•%h f1ry5 from flrbnCln8actmt& Interest paid Interest accrued on loan baiarce MÈW seojred loans Repayments of amourts borrowed 12011 564 3,120 f(Xl 12 363 IDetr¢ue)nThCre In cash cath e(wt¥tal¢Thts ln the Cash and cash equivalents at beginnirY4 of theyear Cash cash equiYdLents at end of the year 16 16 881 16
wPI&1 Instltute forThMio aThJ En Inee Staternent of Prin I kcountin Polici Year EThJ&Y 31 Jul 2024 General InfonnatAon Th2 Institution of 1wde{ Institute TKhnolo8y and Enjneerin8 Is registered with the Offi for Students in Erv4land and 15 a reei5tered Company aTrJ Charity. The address of the rew5tered office is NWTE, Biackfriars StreEt, Hereford, Erfand, HR4 9. Statement of compllanc• Thfinaal statements been prepared in xcordance with Unitsd Kingdom lttountin8 Standards, IlUdIng FlnaKlal Reptsrtlng Standard 11n IFRS 1021 and ttrE Statement of RecomTrETrJed Prtice ISORPI: kcounting for Fwthw aThJ Pmgher EdltiOn 12019 edition). Try haNE abo been wepared in accorthnce with 'carried fcy8rd' power5 and duties of previou5 le8islation (Further and Higher Ed¢Jcation N£t 1992 and the Hitrr Education Act 2Lk341, the Roya crt. thé knounts Dirertipn issued by the offi for StUdert51O1. the terffs coThJliions of funding for higher education students lo1, the terms coThJitions of fu18 for higher education irtstiiut5L)S i55ued by thp Office for Students and the term5 and conditior of Research Endand Grant. The entity previOlY fdlowed a charity SORP up until the rewstra¢ion wth OFS, trEre been Tho change income and SurFIe$ prewously reportsd. The InstitutlM Is a wblic bfil entity aThd trerefore has 4pplied the relevant knefit reqJirement of the applicable UK law5 and 8ccountln8 stsndards. B•sls of prepar4tlon The Ir6titutlon's actiwties, together the f8rtor5 likely to affect its future 0rtht, F¢rfcfMan and position are t out in operatic1 and flnancfjal review Ythith form5 part of the Board of Trustees, Rep)rt. The Prd of Trustees, Rg)crt destr(bes the fial position of the In5litution, its cash flo5, Ilqu(dfty position and borrowlrq facilitie5. The ftnaidal statrfnts are wepared in 5tsr1l vthich 15 funct(on& currerq rouTrJed to the nearest Golni Concorn The acknvities of the irtstltute, together Yrith th2 fr£tsr5 likely to affect Its futsJrÈ de¥eioF¥iiEnt and PerforMae are sèt out in the eMr5 Report. Thè financial position of the trtitute. its cash fiow, Ilquldity. and borr0v are pre5enied In the Finaal Statements and accompanying notes. Theflnartlalstatements have been prepared on 48oln8 concern ba515. TheTreeeS havewn51dered the level of fe5er¥Es held aThJ the eypthd le1 of incomeaTrJ expenditure for 12 monu from autkfflsir¢ the5efinarKialstatements. Detailed rewiews ol in5itution'5 fiCial p(65tton have been urthrtkn . see trustees report for fwtPr information. Institution continues to r¢1 fina7a1 YJFWt frcth the DofE And otherdonors whith erwres that 5uffitlert workiw capitsi Is aVailaet0 cortinue operations untll IMTE can geate yjrpluses from its ¢w) attsvitie5. trIMTEa0 has accessto fwthfvn¢lingfaalitle5if requlred. TrareoJrrently not LtsedaThJ there Isnoprospect of u5 needing io take these L¥> in the forweeable fure. eased on these factors. the ttee5 11? ft 15 aN)ropriate to prepare flnar*lai st8temertS a going concern basls. 17
Newmtykl In5titu¢e for TeclThio En 'rterin Ststement of Prin l Accountin Policie5 Year EThJtrJ 31 Jul 2024 1Thrne re¢oBnttlon Inci¥re from the sale of go&4s or serylce5 is credited to the Staterrent of CompTePrdve lrtome when the or services are supplied to the external custornEr5 or the temis of the contract have been Satisfied. Tultlon fee 1ce is slated 8r055 of Y eXpdIt vthlch Is Tr)t a ithscount and crethted to the 5tatewffil of comprehenVe IrKorr over the period in 51udents are stuokn"w. Where the alt of the tuitlon fee 15 red. by a diXot for Prpt payrront, incomÈ rece(vaNe Is shown net of the ithscounl. rSari¢S scIKlar5hips are accounted for gros5 a5 expenditure and rnt dedted from Income. Education contrxts jre reco$¢ when the InstItutic is ertitieé to irKome. fiich is tIE perf¢d In whlch stUdts are stutyn& or where relevant, %Yhen Ferformance cond1¢$ have en met. Grant fundlni WITE aOJpted the Ferfmarte mo1 for go¥vnment revenue Grt fvThJirrf includln8 research trants from go1ment source5 and grants lincludlng research gr8ntsl from rnn- fovemment sour5 are reCOlSed as Income the Irtstitutlon 15 titled to the incomE arwj rfOrniare related coTrJitioro have been met. Income reca%td in advanTr of rfOrmarKe related tondltions bein8 rnet is recognised as deferr•J income vathin ¢redltors In tke Statement of FinarKia Position and released to Income a5 the corditlor6 are met. Don•t10ns Non-exchange tram¢t(or& wlthtyjt pwforn?n rdatay conthtion5 are donations. DonatIS with domr wnp) restdrtioyts are recwi5ed in Tnt0 when il Institution 15 eDtled to the fund5. IrKLvn2 15 reialned ¥thIn the re5tricied reserve until xjth ¢irre that it 15 Utilised In I1 with such restriction5 at Ythich point the Income 6$ released. Donatlon5 with no rE5tri¢t(ons we reco1$ed in irKorne then the InsUtutfjon Is entled to the fvnd5. D(Matr of t1Thble assets are included within income. The Income reclSed is lUed u5iro a rèa50Mbie estimate of their gr¢5 value or the anyjurt actually realised. Donated tanwblt assets are ValLd and accoted for as tenble a5se<s under Ihe appropr(ate asset category. Donated #ccd5 and wofessional seCeS are recognised &% Iorne when the IlitUtion ha5 0)ntrol over the item, any conditlons associated Trmlh the dDnated Item have met. relpt of economic benèfit for we the Institution of the itcff is prcable and that eeommic bwefit can be measured reliaNy. Ital qrants The Institution has adopted the FerfonrwKe rnodei for JVEmrnEllt capltsl wants. Capital grants are recognised In In¢owE the lrntitubon is eniitied t¢ the fuTrh wbject to any performar tdated tMditlons beiTh8 met. Inve51meftt Intt¢4Tre Investment irKome Is erethted to the staterwnt of irKorne expendltLre cn a receivable basis and as either re5trfcted or unrestricted income accorthng to the iems or rthEf Te5triEtion applled to the Inthdl fuTrJ. 18
New kndel Irtltute forTechmio and En neeri Statement of Prfncf I P£countin Poilcies Year End&J 31 Jul 2024 Cortinu A¢untIn8 for reilrement b•n¢flts Defined Contr4utlon Pl Adefined contriLKrtion plaTr 15 a p05t-empioyment ber£fit pian under which tcOMF pays fixed contributiS into a separate entity voll have no Le2ai or corstrLKtive oNigation to pay further amounts. ObLi8ations for conirtbutlons to dÈflrd contribution rewgn Aans are recoEni5ed a5 an eypen5e in the irKcrtne stateMt tn the period5 during whh Servi are rethed by employees. Empknymt beneffts Shcft terni anploym)t Lvfits such a5 5aLarie5 and comFerated absee5 are recLydnised a5 an eypense in the ye4r in %Yhich the PloYeeS reThYer service to the Institutlon. kny unused bEnefit5 are accnpd and FneasL¥ed a5 additional amount the Institutlon eetts to pty As a rlt of the unled entitlement. Operndnl iw•s Costs in respect of Opera¥ lea5e5 are chwyd on a str4lght.line ba515 the lease term. Any lease premtums or incentive5 are swe¥J over t lease term. Property. pknt and ¢qU•t L•nd and bulldln Lar¥J and tr¥Jlidin8s arè capftsiised at C05t on initial reco8rrftion. After initial rKwltlon I arxl bLrildings are subseqtly measured at cost le55 acujmulated deprKiation and accumulated lffpalrnnt 1055e5. Costs irKwred in reiaiion to ar bldIng5 after Infial wrch¥e orcorrtnKtion. aCaPitalI$ed to the extent that tw increase the exwEd fuLure b2neflts to the Instituti(. Freew land 15 not dewedated as fl 15 considered to hwe indefinite useftkl life. Freehold lidITY we deprectated on a straight ne ba51s over thwr eKpected usefiA live5 as follows: Leahold LaThJ aThJ bJtlthn8s Where lease is less than 50wJ theasset Sh1 LE dEwea4ted over the lerqth of the le8se. Whve an Item of land 4nd buililin85 comprfse tY) LY rn0 majcf cornpents ¥th substantially different useful economlc live5 IUELS), eath component is accounted for separately and depreciated over Its individual UEL. Exp)diiure lating to subsequent repLKement of CL¥Yponents is ctpltali5ed a5 incurred. kj Is on a55etsln the eourse of turt7(ffj. Ckn compietlon the assets are a58e5sed aThJ any projects not goi aad are released to the Statement of Other comyehens1 IrKome. Dweciation meth)ds, useful IIN artd residual are revlewed ai the date of preparation of exh Statemert of Flnatttfal Pwtion. 19
NÈwM&el Instltute forTh)I0 and En ireri ststement of Princi I l£cwntin Pdithes Year Endd 31 Jul 2024 Contlnued Property. pknt4nd equipment1¢onttmuedl Equlprrnt EqpmentI5 capitallsed ateost Inltlai recowltlrm tkn subsequentlyat cost less xcuMud depredatt¢)n aTrJ accumulated impairmènt losses. Equipment, irKluding computers and software, costing than £l,QCiI Fer InilivldLM4 item 15 rEWlse expeTrJitwe. other equipmert 15 CaPitJli5ed. Capltallsed tr]Lripment 15 slated at cast d oNtr Its exFected ful Ilfe a5 follow5: Computer EqLripment Fixtwes 4nd fittirry5 25% redIng balance Straight Line over 5 years Where an Item of eqUient comwses two èr more mar compents ith sub5tantiolly diffwent UELS. crynen¢is accounted for separately anddeprecfated itsiThthviduoi UEL. ExpenthturETeiatlngtosubw4uent replacernt of CLYnpDnents Is taplt811sed a5 irKurred. Depreciation methods, useful live5 ar redUal values are rewewEd al the date of prep1raOn of eh Statement of Fironaal P051tion. Impalrment A revi for iryarment of proFerty. Flant equlpment 15 carried ryji if events or chanys In drajmstan indicate that the tarrylng amourt of the w(wty, pianl arml equlpmert may not be recowabie. 10 h and eqyfvaients Cash IKludes cash in hand, dewsits reptyabie daTrd 0rdraft5. Dep051ts we repayd)le LN) d)d If tw are in practice available w(thfn 24 hyJr5 withiut pcwlty. Cash equlvalents ve 5knrt term (maturity belng le5$ than three mrmtb from thE placemènt datel, hlghly Ihuid In¥estments th8t are reIlY Con%bie to ))tyJnts of cash wth Insi7Cant risk of thange In value. 11 Prty•lslons, contln8ent IlabltIeS and condnpnt xs•ts Provisions aTe reCOlSd Tn the flnanclai statements when: lal the Institution tr45 a wesent obllsation Ilegal or constructivel 05 a rewlt of 4 past event. Ibl it 15 wobable thé¢ an oufflow of etornmlc benefits wiu be reqred to settle the obligation" and Icl a reilable estimate can be made of the amount of the obilwlon. The reco8nised as a provion is determ[d by discountirtr8 the eyperted fuiure cash flows at a we.tax rate that reflects ri5k5 Specific to thE LlJlllty. A contingent liabriityartses from a past that qlves tr£ In51ibJlicffl a p0bie oblf8atlon whose exi5tertr vnll only be confirrr& by the octur¥etxe cf otherw15e of urKertain fvture events Th)t whjlly within the contrd of the Institution. Contln8ent Ilabllilie5 a150 arise in arcum5tance5 vthere a Pro5( would otherwise bE made bjt eit it 15 not PbabIe that an oufflow of re5ryJrte 1[ be rffjLrfYed or the amunt of the ob&tiOn Grynnot be rnea5ured rdlabiy. AcontlnEenta55etarise5 %YhEre an event hastaken place thatglve5the1Th5titution a Elea$Set whOSee$tel¢ wlll only be confirmed bythp oecwrence or otherwise of urKertain future eNents not v4kKlly ¥thin the control of the In5tituLion. crent assets liabilities are rn)t rewi5ed In Ststement of Financial Position bul are disclosed In tr£ note5. 20
NewP•et Instltute for Techrv)lo ineeri Statement of Prin I kcourtin Poliae5 Year 31 thJL 2024 ContirAJed 12 Tax The Is 4nexemp¢tharity wthin theffEaninqof P4rt 3 of the Chtl¢s 2011. It IstFefJre a d)lty vthIn the me4ninB of P¥4 1 of 5the4ul¢ 6 to the Fina¢ k¢ 2010 4nd xwrdingly? ttre Instituknon is potentially exempt from UK Corporation Tax in respect of income or capital gains received thin catwrie5 covered by sectiotb 478488 of the CorrA)ration Tax Act 2010 ICTA 20101 or section 256 of the Taxation of Chzrgeable Gafrts £t 1992. to the exient that such inwme Qr 84lns are appiled to eXcI1ve1Y th4rit4ble purposes. The In$tUtIOn relVeS no Milar exemption in respect of Value Added Tax (VATI. IrrKoverable VAT on eyTrJlture IrevervJE c2pitall is irKluded in the c05ts of 5uth eyTrJiture. Any irrecoverable VAT ail¢xated to fixed asEets is included in thr cost. 15 Fkn•ndl Irthtrum•nts The In5tituLion ha5 elected to adopt Sections 11 and 12 of FRS 102 In respert of the recnIon, measurement, arKI dix105ureof financial Iltru¢rnts. Financtal assetsand liabilitie5 artrecognised vthen Institution become5 party to the centrattuai Pro570 of instrument and they are cia55ified accordi to the substance of the contractual arrarMentS enter knto. A fin8rtlaL asset and a finar£ia liability are offset only when there Is a le8ally enftrteabie rit to Set off the recoenised antr)unts and an intention either io settle on a net basis, or to reallse the asset and settle the lialIty simUltaJsIy. Flnandal assets Basie financlal assets include trade and other retslvabies. cash and cash eqLrivaLent. These assets are initially rew8Trised at transvictlon prfce unle$5 the aryan82ment constitute5 a finandnstransathon, where thE tran5aCti¢n ts measured at the present vaue of the future re¢elpts dlseounted at a market rate of interest. Such ats are sthseqLthily carried at amortised cost usiTrd the effective interest rate method. Finala1 assets are assessed f Indltatois of impairment at each reporknngdats. If there 15 objective EVidee of Impairmt, an Imwrment loss rerognlsed In the statemert of crMprehwlIE irKome. FlnatKTai assets are de.reco8nised when the contr8cuwl rights to the cath flows from the asset èxplre or are settl4 or substantially all of the risks and r48rd5 of the owrrship of the asset are transferred tp 4ry)t wty. Flnwdal Ilabllltles Basic firtanaal 15abllities Incltjde tT and other payaNes and bank ioarts. These liabilities are initially reco8nTsed at tran&qction prte unless the arrgErneTht constitutes a flnandng transaction, where the debt irstrumeni Is mèasured at the present vaitsE of the future payrnents discount at a market rate of intvest. Debt irtstruments are subsequEntLy carrfed at amrtlsed cost Ing the effective interest rate method. Trade payables are oblfEation5 to pay fcf goods seNce5 that have been acquirèj in the ordlnary rowse of buslness from 5upplier5. Accounts payatAe ate cia55ified a5 current liabilities if payment Is due wtthin one or les£ If Th)t, they are PFe5ented a5 non-current liabille$. Trade payables are recoEni5ed initially at trartsaeti( price aTrJ sUbs4ttY rneawjrd at amortised cost usiw theeffertl¥¢ lrt¢re5t rate metW. FinarKial liabllltles are d2qecwi5ed when the liability fs dlscharged. carKelW, or wire5. 21
NeWMe1 Institute for and irEeri ststement of Prfncl I JntI Pdiaes Year Ended 31 Jul 2024 (onlir 14 Re5¢rv Reserves areclaSfied as restricted or renCted. Re5trktd fd5 ilded n the finartlai statements are: DfE Capital Grant . thi5 fEiate5 to C8pltal assets purchase4 wlth the inwnE frorn Department for Educalim restricted for thls pJrpose. DfE Re¥vwJe Grl- thi5 relts to the geal runnirY4 of the org8nlsation ln to [l its objective5 with the irKorrE rttefved from the Dep8rtmw¢ for Edti0Th restricted fcf thls purpose. Garfleid Weston Donation . this relate5 to the e5tabii5hm2nt of an in8enLrity studlo. Pioneer Furxl - this relate5 to the Ploneer Coh)rt. other restrleted . irKLude5 balances where the dontr has desIted a specific Wr[Se therefore WTE is tfIeted In the of the5efund Crftkal Aeeouhtlni estlmates and JudFments The preparatlrffi of the In5titutionl finarKiai stat&w)ts reqleS management to make Jud82rI. estlmates, atyj a55umplions that affect the application of aceountiw p)licies and reported amounts of a55et5 and liabllltles, Inc¢xre, and experGes. These JUdgemts, estimates. and askxiatsd a55umption5 aTe based on hlstorfcal experfence and other factor% including exp2ctatiOll5 of future events that are beli to be rary50nable uThJ the circum5t4rtÈ1. TherestI1aCeountin8 e5timate5 ill. by definition, seldDm equal the relat actual re5uI Crltlcal ludpm•rts as%UrnPtlon5 Incune recognition - 82ment 15 apAled In determlnlrYJ the value and timin8 of eertaln IrKome Items to reco15ed In the finanaal statemen Thls IKlude5 deteryninir4 when pwformanee related ¢¢dItIO[ ha% meL ImpJirmen¢ of assets . At esKh repjrtiry date fixed a5%ts we reviewEd to deterne vhthr there 15 any inth¢ation that those assets have suffered animpaiTment1055 as a result of any Indlcatlons. If theTei5 indiEati of Impairment. the (oable amount of anyaffected asset is estimated and cornp¥ed vAth its Carrylng arnnt. If theestimated recoable amount 15 lovr, thecarrylngamourtls red to its esrnala reco¥eratrle anThJurt. an Impalmt loss is recognised TmrnethaLY In gjrpius or deficit in the period it arise5. If In impaIrml $5 subsequently re5£5, the tarry Nunt of the asset is lficreased to the rpwised estimate of Its recoverable amount, but rntln exce55 of the amount that wwid have been determined had no Impalrment loss been recognised for the asset in prior years. A reversal ef an Impairrrnt ioss is recognised irnrmliately In yJrFIu5 or deficit in the period il arise5. Useful lives of property. plant 8ThJ L¥ulpment- Prwertyi plant eqLriprnent represent a sl8nlflcant proportion of the Irtstltution's totsl assets. TIrefore. the estimated useful lives can have a silniffcant fmw C the deYedati charged and the Irstitution'sreported pOrmae. Usefvl live5 aredetermined at thetimethe asset 15 9red mievEd regularly for approprf8teness. The li are based on historical eXP2rien wlth MIlar a55et5 as well as aTrtlcipation of fvtsjre vrts. 0*tts of t c¥ryngvaiues of propwty? plt and e4pMerrt are sltr)wn In note 8. 22
Newmojel Institute for TechTril •nd inri Notes io the flnanclal statements Year Enthl 31 Jui 2024 Yw Ervkd 31 ly 2024 Year Ended 31 July 2023 Tuwon fee5 and educaOn contrarts F1.¢7Me home and EU stthknts 7Q 742 307 Ythir Ended 31 July 2ff14 Year Ended 31 July 2023 FuftdlA8 body yah Other Btxn4s offi for stLnts 149 Spedfie 8raAts European s81 FLnd Dewtment fw Work- Kickstart xheme Ha Grant S(L8 Hub Giant Kwstone ProiErt fjrurt IrKcrne 127 41 59 274 627 645 N¢t.. The jr of yani fee In, induded in Th)ie 2 15 a5 foilov•S: Yelr EDdvd 31 Jdy 24 Year ended 31 ly 2023 Grant and Fee Income Grart incorre from theofs Gr*)t Income from other Lx>die5 149 478 627 168 477 645 Year Ended 31 July 2024 Year Ended 31 ly 2023 Other Inc•ffl• Other tue grants Other capltal grants l)ther income 96 238 479 12 852 813 Capital srants were pmmded in the the year by The MarEIE5 Local Erterpri5e Partnv5hip to fvnd the eonstrucknon ofskyion Park cornp Th¢y4nts fully recoEni¥ed in theyear, a5 their condit15 ha¥E been rnet. Year ErKled 31 July 2024 Year Ended 31 July 2023 [kn•tIo and endoMn•nts with re5tritho Unrestricted donaticfis 1.253 2,423 3,676 713 2.469 23
New lkndel lrtitute forTe¢hMio and E irÉe Notes to the finarKiai statements Year Ended 31 JAY 2024 Year Ended 31 July 2023 Staff costs Stsff Costs: Salarie5 2,421 253 2,463 250 SrKial security costs Other Femon costs SLb.total Re5tnJcturinq costs Total 197 220 2,871 2,933 Year Ended 31 July 2024 Year EThled 31 July 2023 Totsl rernuneratlon of the head of the In5tliutlon Basfc salary Performance-reLated payand other banwks Sums paid urvjer any perNon scheme in relation to empioyn%nt th Instltuilon 135 133 16 16 149 JustintIon tor the Pre51dAtlChlèf Exttuiive Officer The Remuneratvjn Committee has resps1b11lty fordetermlnln8 reward and remunerat¥oTr reloted matter5for txith the Presldentlchlef Execuiive Officer and other members of NMITE'S Senior Leaderslip Team. The Remuneratlon Commltteè has conflmd contlnued compllance vAth the CUC'S EdatiOn Sl0r Staff Remuneration Code aThJ. accorthnglyj the 2023124 Innuol Reward and Remurberatien Rep(rt to the of TnJ5tee5 wll be published by Sprir 2025. The PwTwJneration Committee con5ider5 a rIetY of factors when d2ailiro rernUrYation for wTE.5 PreMdent/CEO and Senior Leadership Team whith irtludès tomparative Eenthmarknng data for similar sized institutions (primarily c aThJ other reievanl dats); the national pay award for othÈr Universlty Staff. ffnanclal sustalnabllity.. Inthmdual FerforrnarKe: orpiisational perforMae. intemal eqlty and extem& market factors. Further details rElatTng to the Remwatlon cMittee,$ decisions on senicf pay will be contsined in their knual Report to thp Bo)r¢J of fjoverTh)r5. In conslderlng pay for the PresidentlCEO and the Leadership in October of the pr¥rir RemLmeration C(ammittee corsidered both the individual tygan15alicnai p*fom)arte agalnst yedÈiermlned PErforrTWte msures, Includlng not Ilmlted to: PerformarKe In yJpp)rt of the fn5titution's strateBK obiertiVE5 in arary5 as: Validation & Leadwshlp ofstsff Partnershlps external reiatlons InternatiMallyJ naiicnally¥ and locally Development of organlsatlonèl culture Mojor initiatlves and prolects bl thp 51zeJ yowth an¢J coMplety of the InstItu' the nature of tPe HE markets and Isyjes of reCrtMt aThJ retsntlon. the In5tituiion's objecknvE5 in relation to the dIvety of the workforce,. dl 24
NewMrAel Institute for Tech irttrin Note5 to thE financial ststements Yebr Ended 31 Jul 2024 Contiw stsff Costs ICohtlnuEdl The RUneratIOrt Commitiee TLuded that the Pre5identlCEO was yfrmin8 at a hiEh level, W7d7n8 clear ieadershlp to the Univermty in a Challenging contert re5ultin8 from the wide ranBe of erternal factor5 impacting on t HE The ccrnmittee ¥eed to award theCEO and Senior Leaderthip team a cost of LIng Increèseof 4%, consfstent with the pay award rOYed for othw Staff. Fbwever. the CEO elected to decline to receive the increase and his salary reThained frezen for the ftll Pay r•tl Total remurwation iThclude5 F10yer pension ClbJriQns}al1OWan¢e in lieu of employ ptt%i¢n contributicfis tay•tlei¢Trefil> Payf¢r port-timeand hjrIYpa workers have been prtrrated uptothefLII-tlme equlvalert. The of the prowider's basic salary is 3.2 t5mes the m¥Jlan pay of staff12023: 3.6 tlmesl, wl)ere the m&Jl pay is calculated a full-tirre equivalent basis f the salaries paid by the proider to itsstaff. The head of the provldw's total remUneraOn 1$ 3.4 ttmÈs the median total remuneration of staff 12Q3: 3.8 tlmesl, where the ndlan totsl remurffration 15 cakulated on a full.tlme eqValent ba5i5 for the total remuneration by tIE proMder of its 5tsff. The r¥Jml of stsff with a basfc satsry of o%r {1,(? pv ann ha% been indwjed bBiow: Yw Ended 31 July 2024 Year EndÈd 31 July 2023 B6sic salary per annum I110,0- £114,999 C120,OW. £124,999 C130,OW- £134,999 £165,0ts)- £169,999 Year End 31 July 2024 Year Ended 31 lY 2023 Averaee stsff fvil tirr eqVaLentS by major category: Academic Admlnlstrat1 aThJ eenttal 5wwce5 Premlses Other Total Dwnber of staff 27 27 17 47 51 Year Endej 31 JY 2024 31 July 2ff23 Avera8e stsff he&lctyJrt by rnajor catewy: Academic Administratic and central services Premlses 31 15 16 Total nL¥nber of staff 51 25
rin Note% to tke financial statements staff Costs Icontbndl Cafflpensatlon for ioss of offlce IWJTE pald Enil In compewtim for loss of office for siaff wmt¢rs duri the year. 12023: Enill. rrnnaeement pttstr)nel are those persons h¥thre authorfty and reSpOr111Ity fff pl•Mlng, threctlry ard controiiln8 the arti?tie5 of the University. Staff c05t5 indude5 compen5&tion pald to key manaEeThrt Fersomei. Deta115 of the management person1 Can be found on page 1. Key rnan4 perx•nnBI rompen5atTrin 430 429 Year Ended 31 ly 2024 Year Endèd 31 ly 2023 ctbjo 6 IDterEs¢ othEr costs Loan interest 189 120 charges 12 201 122 Year EnLd 31 Jly 20Z4 Yw EkNJtrJ 31 Jly 2023 7 ATr•lys15 of total ewdlture by acEl¥lty Stsff costs 2,871 315 2.933 289 demic aTrY rdated exFenthtWE Pdmlnlstratlon central thces 660 724 Premise5 lirKludirr4 service cortesslon costi Other ewses 1,156 2,438 1,142 3,075 Other operating IlUd. Operatinp lease rentals: Land and truldi Softwarelllcenses Idonatedl Deweaation 571 16 1.245 622 1,669 652 External authtors remunwation In re¥Ject of a1t seNce5 t related wurance swrf¢es 29 22 Other non.8udlt Sery(s Totsl mn-8Lkllt seCeS 29 22 8 Taxatlon There are Th) tsx charp for the NewPIKdel Institute Technology & Engineering in 2023n412022123: tith11 26
lkndel Institute forTechr andE ineeri tes to t financlal statements Year Ended 31 Jul 2024 Contir¥Jed 9 Tb1¢ASsts Prowtyi plant •nd •qulFnent Flxiure5, Flttlnos and EquSpm•nt Freehold property Assets In the Course of Conitrurtlon L•as•hold 6ulldlnR5 Improvements pmperty Totsl £'coo L'c0 £YJ £,0 c'oTr) C•st•nd valu•tkn At 1 2023 1,181 2.334 1,506 8.126 13.147 45 333 1211 R¢¢la55iflcation At 31 Juty 2024 At 1 Auw 2023 Cthv£e for the year 63 147 1.419 163 21 31 622 Dlsposa15 1161 Reci455ifiution 147 147 At 31 2024 310 109 Curyln¥ amount At 31 July 2024 846 288 At 31 July 2023 io Trade othv rttdvbles Year ETrJed 31 July 2024 Year Ended 31 lY 2023 tsmounts falllnx due within or Other trade receivables 182 irKome Prepayments 347 247 203 n7 776 27
and En 'n*rtn Notes io the financial statements r Ended 31 Jul 2024 Continu Year Ended 31 thjly 2024 Year Ended 31 July 2023 11 CredIts. amounts f4llln8due wlthln or Trade payables Scclal securfty other taution payable Other creditor5 254 833 95 10 231 373 587 12 Cred1kn5: amunts falllngdue after more than one y Ended 31 July 2024 Year Ended 31 July 2023 Se¢ured loar 8.025 Year Ended 31 July 2024 Year Ended 31 July 2023 13 naysis of secured and unsecured loan5: Due wlthlr¢ one yew gran demand DLE between tw and flye y5 In five years Due after more than ¢)ne year Total sttured unseeured loa 8,Ill5 Urtsered 104n5 repayable by 2025 or earlier 28
NewllK¢Jel Institute fOrT)i0 and E inee Notes to the finarKiai statements Year Ended 31 Jul 2024 Contiryjed Reserves ¥t restrlctions we as follows: Unspent ¢•pltsl Krts Unspent •th•r ts Donadpns Total Ba¢t3 •t 1 Auwst 2022 New grants NEW drm4¢irm5 Capital grants lIsed In the year E¥peThJiture Trarsfers between funds Total restrlcted cornpr•hen51ve Income for the year 2,079 2.760 238 934 12381 238 934 12381 5(K 15C61 128 634 •t 1 Auwst 2023 New erants New donati$ pital qrnnts utillsed In the y iture TaS between funds Tot41 restricted mrrvrehel¥• Inm for thè y 904 904 1,253 1.253 11,5071 11,5071 13 13 12671 12671 At 31 July 2024 637 637 2024 Tot41 2023 Tot41 £D)O 376 528 904 An•ly515 of othEr re5tr1cted funds Idon•tlw& by typt ot purpow. h011p5 aThJ bjrsarles General 445 192 637 15 Unrestrl¢t*d R¢s•rv•5 Total £'o 6,561 B•l•nees at l Auwst 2022 Surpluslldefidtl for the year Transfer to/from restricted fut$ Total rttted corrtprehenslv• In¢•me for the y B•i•n¢M at 1 Auou5t 2023 SuTtkn/ldeficitl for the ye¥ Transfer tolfrorn restricted fuThY5 Total unre5tr1ctsd comprehen51 In¢om• for th• y 11,2671 13 11.1541 At 31 Juty 2024 29
Newlltskl Irtstitute forTerhr)lo and En I[en Notes to flnancial statements Year Ended 31 20Z 16 Cth Ind t9¥1tts At 1st Aust 2023 Ch Fbw5 C00 At 31st Jjly 2024 c'o Cash and eqLrivaterTrts 17 FlnwKlal In$tNmwts Year Ended 31 JLiy 2Q4 31 Jjly 2023 FInda1 Sts FIRoTrciGI twets that debt in5trLNnEnts measiwed at am¢lrtlsed cost Cash and cash equtvalents Other trèje receivable5 crued Income 881 2,226 182 347 1,405 FI•1 Mabllltles FVInCid liabllltles t7tfGlr value thrwsh Staternent of ctryrehens?Tr Iorne FiTr7ntfdf Ifabllltles measl ot GTrcrtlsed cc6t Loa 8,025 254 Tr&e crethtors 833 3T3 Accruals 231 8,510 30
Notes to tke finartial statements Year Ended 31 Jul 2024 Continu 18 Ctal oth•r eommltments Prthion has not be mats for the follovlngopital commitments at 31 ly. 31 July 2024 31 JY 2023 Capital cornmitments 19 Le•se obllythn5 Totsl rentsts payable under iea%e5: 31 2024 Totsl Bulldln Equlpment 31 July 2023 É'ooo £'ooo Payable durlno th• y•ar 571 610 424 Future mlnlnwm le¥e payments du¢: t later than l year Later than 1 year and Trx law th 5 yew5 Later than 5 year5 T>t•l lew¢ p•ym¢Thts due 574 2.295 10.613 43 617 2,335 10.613 13.565 583 2.213 10,779 83 NVATE ha5 a 5ub.nominations awment in rwrd to Station Approath 5its 15 based on the abllfty to rwjrninate Students to ulili5e the accommodion. Ni41TE 15 li4bie to pay for any urvxcupied rooms dn5 a period this 15 based on the prkè Irf 1143 per room for 46 ks of the year appllcabie to 89 roLnS. Due to theocoJpAKy levels belr unknown. the lease commitment is unable to rdiably calculated. During the year the Irtstitute urtered imo transactiorts, in the ordinary course of bu51r, with other related parties. Trarsactiorfj entered into. and baiarKe5 outstanthng at 31 July 2024, are as fciiows: Duetothenature of the In$ton'S0P¥ati0ns ar¥J theec4nposltlonsof the Counal, ]ngdrawn frcm local wblic and private sertor organis)tiorfj, it is ireitable that transacti1$ will take pLace Yrith organisations in whith a merfber Trf the bDard of tru5tee5 tnay hean interest. Al trawctfjons InWIn8 sh OrlStIOnS are conducted at ¥m's length ard in aCCordce th th2 Institution Financial Regulation5 and usual procurement proce&Jres. No GOverf ha5 recei%Ed remuneratioTrlwai%d paYnts from the irstitution durirrf the year12023- rkinEI. The total e¥Fere5 paid to or behf of the trustees was 11,953 to 5 ttee5{202J- £3,583 to 7 trustees). Thi5 represents travel )d stsb$tsten exp*)ses Incurred In attendln8 meetlngs and costs Inwrred on lf of the Inststuuon. DurinE the year 14MITE received cash d)nfytiors from trustees totaiing C1,24512ff23- £8,055). 31