REGSTERED COIAPANY NUMBER.. 08800142 (Enland and W&lÈsl BEGI￿ERED CTriIRrrY NUMBER.. 1176550 Re rt cf theTrusttt5 4nd Financial Stat￿ents 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 Stat￿ent of Respo￿bIllties of theTrustees Rwrt of the lThJwwdert A￿dItorS 9 to 12 ststement of CoMprehen￿ve Income 13 Statement of FinarKial Po￿tion 14 State￿￿of Ch￿ReS in Re5erve5 15 Stateft*rt of Cash Flows 16 sthtrnt of Prlrtlpa knountln8 Poiiae5 17to22 Note5 to the Finafid￿ Statements 23 to 31 NÈW*h￿QI InstltLrte forTethrth and En Referen￿ Jnd Mrninistrative Detai15 for the Year Ended 31 th1 2024 REFERENCE AND ADIAINISTrATIVE D￿AlL5 Re8iStered Company number t*8C¥J142 (England and Wales) Rq15tered Charlty nuThknr 1176550 frlars Street Hereford En8Land HR4 9F ( T Jaggw (Chalrl {Re￿gned 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 (Resi￿d 1 June 20241 Dr e Liquete IRe5i8ned 5 June 20241 J Emmet D Fljfv G Fer#l￿ l*pwinted 29 Jaryjary 20241 D Jame5 (Appointed 29 January 20241 Comwy Secret•ry 116 C ￿e￿rtder 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 E￿erleY 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 Purpr￿e5 tsf thÈ Companfes Art 2ttO. present thelr rep)rt vnth thè finanaal 51atements of the charfty for tke yew eThJed 31 J￿Y 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 applle*bLèln UK aThJ Repthlic of Ireland IFRS 1021 leffecknve 1 January 20191. 00￿cTIvES AND ACTNITIES ObJEcdYes ondactlvitles WIITE exists to address the UK'S shortage of work.rea* 8raduate en￿nee¥S t￿0 tsEu5es on an inieyated appYD*h to erywng tl%4l trairG and nurtures learners ¥￿th meaningful skilb and capabilities a5 well a5 knowledge. N￿￿E 8raduates ￿[1 be rthty to l￿d eccnDmic, en￿r￿lMentaland 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. bU￿￿S 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 Y￿n8 people from ail parts of ￿lety. WTE'S StU￿￿t5 %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 indI￿oU&llY 8￿j Irrespectlve of the path prospective students have tra￿llEd io where are t￿ay. FnglneerS.in-trainl￿ will experience WTES learning ty doin8" with rewiar real- life wojffts and lecture5 or tra(h￿ana1 e￿rn$,. unllke other en￿r￿ring institutions they will Th)¢ be required to have ths or Physics A-level as these subjerts %*iLI be ta￿t y￿thIn the curriculum. fwiTE fs lth)kln8 ￿ entreweneurlal S￿?￿ly-M1nded indiw*kn15 who want to chang2 the wortd for the better. and all e4)eri￿ce is valuable. As part of the admlsslons process, WTE eVal￿te5 a PeTson'5 attitude, team.worknng s￿LL5, and mind-set and passion for desi8nlng En￿r￿lrE solutions to today's wobiem$ 8$ weil as their qualification5. Publlc benefitoThl rharit4bl• objrtts l our tharitable artiwtie5 are ￿dertthen to f￿her ow tharltabie purposes for the public b2nEfit. These aTe.' to 8dvarKe educatlon, V￿th a parkncular focus on enwnethn8 and rela￿d t*J5iness skills, aThJ to widen pJrtiupJtion in higher edl￿a￿On 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 ed￿StIon aThJ deNEloping a Nibrant learnlr¢ ¢¢mmunlty. Tho irtstitution has taken stride5 in ￿ade￿¢ offering5, 51udent reC￿￿t￿￿Trt, and infra5tructUTe development whlie n&￿£a￿￿4? challawng finantsal environment. NM￿E'S Deyee Aw¥dlng Powers WAITE Is undersolng the annual rnonitoring process a5 part of securfng éegree-aw8rdin8 poweTr frrm the Offi￿ for st￿Ents. 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 receiN*d. demrstrating 14MITE'5 commitment to xademlc qualltyand operaticK￿l excellen￿. St￿*￿t R4crultsn¢nt A record Intake of 55 students was secured In septeM￿r 2023. Thls milestone ththlights the increa5irq Tecwition of MWTE'S unlque approach to eryneering educaticn fts amng prosFerti¥t st￿lerts. NewM£del In5tltute for Tecfvb)io and E neerin of theTru5tees for the Y88r Ended 31 2024 ntinued Est•tss Infrxtnjctwe 14WTE's e5taie de￿0Pment effcfts continue to *JvarKe in line with its strate￿¢ obiectl%Es: st￿￿rT￿WnS Grant.. ￿TE is PrOgres￿n8 a t2.3m bwldinq project fundpd by a Stronger Town5 Eranl. Planning pemilssl¢x) was secured d￿n9 the year, vAth construrtlon set to ctsmmen￿ In the forthcorninl Charle5 Wolf50n Charftabie TnBt Grant: A É3.Sm grant ¥Ya5 secured to de￿lOP a new speualist lewnin8 d events sp￿e. 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 actI￿tIes. This initiative foster5 Closer coliab)ratson between students and IndLtstrfal partne New •lv•rKed e•Thtres F￿tUre facilities for learnlru and Industry partnership5 ￿lL be enabled by the de￿0pMent of WTE'5 new *Jvanced ceTrt￿, the Centre for Advanced Tirnber Technology ICAThI, and the Centre for InTr)va￿On and Future S￿11$ ICIFSI. The CATh Is hxsed in 4 rEw purpose-l￿71¢ faality on I4WTE Skyion Canpu5 whlch was completed In 5eptembEr 2023. The buil(ling has achieved the highest le￿ of attainM￿t In the EntL¥prfse Zone's-thrEe apple5- Xrtainability sche %Yith an Lynphasis on a fthc first 8pwoath (low thermal condUcti￿ty, redu¢¢d cold bridyng and airti8htne5$1 in a hfvid structure that utilises low carbon timber technoioges W￿re possible, inwrwratiTh8 renewable Iwtions aThJ energy saving measLres toensure a redLthJ carbon footprint. WTE'S aim is that the building acts as an exemplar in the region by 8$pl￿n% to n2t Trro carbon targets aliened with UKRI'S Industrial DeCarbonlSa￿0ft Strawy. CAT[ ha5 edLK4tiona and k￿￿ledge trensfer strategy eypitcit iTrJustrial yJpp(rt, is now fijliy ¢peratiC￿al Fundralilni NWTE'S mission Con￿nUEs tL¥ inspire donors and partner5 to supp)rt U5. Substantial grants and dOnatI￿ts were 5ecurtd &Jring the year which increaw the irnw the institution can deiib*r and strengthens its partnershlps Ydth ioral irtstitutiws? en8ineerfw employer5. and a rarqe of othEf irstitutiwts. At*Jemlc Devebprn•nt 14WTE ha5 eypaTrJed its academic offwings and strw)0he￿d its w51tion a5 a leader in inr¢j￿17veewrttr1n8 education: New ProVam￿s.. 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. s￿dÉntoUt£QrneS.. The first coknrtof st￿ents 8ppro8chedtheerwJ oftheSrstudle5 Exceptional Success. Alstudents %eekin¢ employment secured de8ree.Levei enwn2erin8 jobs with compjnies IrKI￿j)Thg Eeatty, AW£ ￿, OakYrri8hts. ￿￿)Y￿nde1eL New fv*Jdel Irtstltute for TÉrhrnlo i￿rin Re rt of theTntstees for the Year Ended 31 Jul 2024 Continued FINANCIAL REVIEW Flnancl*l P051tlon ¥￿E sh)w5 an operating deficit for the year end 31 thjly 2024of El.521m12023 deficit E3.195rnl. The fur￿1￿ w0￿ded by the t>epartmentof Educationin theforrn of restricted capital and rthtnuewants have ken fuliyuti1￿dorCTrTrmltted. bthnce carried forward & thE hear-￿d for 811 ur¥e5trkted f￿d$ was [1.254m12￿l3.. 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 fln*dai en*fronment ts hl8her ed￿allon rernains challenOTrg? twt P4WTE has taken proactlye wrEaxre5 to ensLTe fin￿r￿al 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$5fv1ly reNW￿￿ted Its ￿St[re ioarÉ wfth the Department fcf Educatl on more fa¥our&le terffls. Adthtional finanaal ￿￿ort of £5m wa5 se￿red from donors und2r a legally binding dEed of nt. £2.CTr of this d)natlon has already been received p)5t year end. Investment polky and Investments TE currently does not an investment puliry? lyjt thls wlll be d￿oFed by the trustees to ensure the safe aTrJ eff￿lIVe use of in due course. Reserves PDIICY ￿￿E ha5 unre5tricied free reEervès valued at Wlve E7.641m 12023.. wtlve £6.681ml. Oth¥ reserves heid are re5thrted aTra upitsl fund5 that are rot ayjilable far general use. See r￿teS to the flnanctal statew*nts 14 and 15 for fvrther inforrnation. GDln¥ Cpncern As a result of these ft*asures, ￿￿TE,$ trustees are confidert t￿t it remains a 8oinE corwn, vrith a solid flnarKial foundation to yow to Its sustslnable slze over the ￿xt f￿r years. 0¢5Pite the thaUenWng ffnanclal dlmate In the hl8her education sector, WJTE ha5 taken Si￿7￿¢art 5tep5 10 Secure its fin￿￿al 5tabllity and ensure OFef8tlthMI continuity. Key factots $wportirr4 the tru5teES' 8oing con￿rn assessrr*nt irKlude: Secured FlnaThdal Support.. During the first half of 24-25, NWTE 51Kce55fuily secured a commltment of E5 rnlulL￿ frurn dL￿T5 through ally blndlns deed of srant. Thi5 sub5tartial financial injection pr￿idES irnmedi4te liquhdity and urthrplns institutlDfb'5 ability to meet Its obliwons as they fall due. 2. Loan Restrucbjrlng: The successful renegOtia￿tfi of exIs￿Ag loans wlth the Department fw Education IDfEI cfi more favorable ierTr6 has reduced the finanaal bjrden on WTE pro*lOed addl￿on81 fwbrtlty to yjpport Its operati¢￿i F￿re Inc¢JrM ￿neratI￿n.. rwiTE'5 ability to attr8Kt reccfd studert Intakes, s￿h as the cohort of 55 sts￿e￿5 in Se*ember 2023, demonstrates Its growlng appeal and m¥ket demand. The iaunth of new academic programme5 in 2025 15 e￿￿ted ¢0 further irKrea* student enrolment tuition fee incornE. 4. C05t M•na8ement and StrateBlc knvestments.. trustees have implernented rigorows C05I mJrts4g2m￿t rneasures and targeted strategtc fn¥*stments that ail8n with IwfTE's 1rffi8.ierm objectiwE& T1%5eefforts tty • SU5ts1nJbl¢ finan¢iai frameth. Favourabie External Revlew5: TrE ￿51t1￿ outcome of wfEs flrrt annual revfew under the Offitè for st￿eThts dewee.awardln8 powers ￿￿e$S confinn5 the Instit￿tiOn'S fO￿t 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 n8￿gate sector.wlde urKertalntles ar achieve its growth tW. Lg a result. tw conclude that NWTE fir￿da1 statements 8pwoprf8teiy retiert the lnrtftu￿tsI'$ status a5 a goin8 corKern. NIAITÉ FLrtur* Pkn5 WTE 15 focu&ed on deliverin8 its aMbI￿ou$ ￿$1¢1) for thE fuiure by ew¢ling it5academic offer1￿, infrastnKture. aTrJ iMp￿t on the community. Académlc Expans1￿. MwfE plan5 to iaurKh rEw proBramfrEs. irKlUdI￿ the 8Sc in Cutstruction M8nagetMnt and in Il£chanical En￿nee￿rrf? which *ill welcome t￿)r first cohorts In 2025. TF*5e add1￿0￿% aliw wrv5 Strate8y of Off￿r￿ iThJu5try-reievant byucation to meet workforts demands. 2. lTrfrastrucbJre Dtvet¢pment.. The ongoinB £Z.3 rnillicffj Biackfriars *te ￿lE10pMent, SUPF¥)rted by a stro Towns Want. wll create a Vibrant hth for educati￿ and civic engagement. A new Specialist learnire and events spKe. funded by the Charles Wolfson CharltabiÈTrn$t, I￿11 further efiPance this Site as a ¢￿tre for inmvatlon ¥nd public discourse. 3. C¢mmunlty Enwmefit and BLv¥rfe5: WTE ￿ introduced tyxsthes, s￿h as the"Life Char initiative, to SUFPOrt stLwJents from H2reford5hire and bey￿d, 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 Da￿d Oloke a5 Chief kndemic Qfflcer, TE has strerWerEd its xademic leadershlp. ￿S expertise ￿11 supwrt the developrn￿t of new progratnrTJe5, partnership5, and initiativesj particularly in areas Such a5 Sustainable Cor￿tr￿tIOn aThl &Jvan¢ed nuf¥LtL￿ng. enhanqre WTE'S reputatlon as an Imovator in tethnicai education Tr*5e 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 T*hnDlogy 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 tr*rt 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 C￿Verna[￿e and is ythject to the Office for 5tudent¥ RegL￿atory Framewk. The Bo•r4 of Trustees and Its C•mmltt•*s ThÈreare5ub comrnltthes co￿ring matter5 inclu¢thw Ftnarte, Re¥OU￿esaTh￿ Infrastructwe, ALhlit4Tr1 ￿Sk. NOMina￿c￿s, Remweration. ThÈ Flnance sulxornmlttee bi.monthly. the Audit ano Rlsk Committee meets quarkrly. th NonMnation5 and Remuneration Committee5 are called a mir#mum of t￿te a year. The eoard is ￿TE$ 54)reme governlng body. resPDr￿}b[2 for setting its Strat￿[C direction and poilcie5. aThJ for NurrEs firon￿5 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 Cu￿nir¥S st£￿ down as an elected student trust*fnPlérch 2024 follw￿ the explry of t￿r term of office. sin￿ their appointmwt Drmaria Eiena LiqL*te Cotera stotyj down, due to persmai time c(xi)miunerts. The Nornlnatlon5 Cornmittee defir*s the make.up of the Board and its commlltees, balarKinE a8e¥ aV￿labILIty. eender, wofesslonal eyytise. and P￿116¢ and private 5e£tcf industry expwtence to delivera rounded le&j￿5￿P to Tere￿e Jagger re5iBned from thèlr pjsltlon as Chair of the eoard and tr￿te* on 16th December 2024 NÈW Instltute for T￿h￿)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 Esse*ti Tru5tee- and are reclpfents of wvernance secttrf ￿llets￿ ttffOU8h MUITES a5SOCiate member5hlp of ￿V￿ce 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 Ch*r￿e5 to the took pl￿e after the period covered ty th6$ r*tew.' Th• E¥ttutsve A Cfvef Executi¥t 15 apwinted by T￿stse5 ￿ manage the dty.tO-day OFeratIOr￿ of the charity. To f￿711t￿te 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 re￿eW the pay and remurEration of key m4naEernent staff annually arvj r¥)rmally Increase pay levds in accordance wth ahwage eamlngs thth ha%* ￿ be￿knarked in the sector. Senlor staff. I￿1￿ling the CEOJ play rKJ pgrt in thtse dedsicrts. R*iated partles Due to the nature of the orwlxuvn. workln8closety wlth ktal IyJ51r*sx¥ oth¢reduuVoMI Instlwtlon Rtsk m•ma8•ment The Tru5tee5 haNE a dirty to fjden￿fy and review the risks to which the charity 15 exposed and to ensure apprcp￿ate controls are In place to pmide reJ5onJble assU￿te agalnst fraud and error. The ￿¢tht and Risk Commltiee oversee5 the Corporate Reglster, which is UF￿ated on a bi-monthly b￿s. 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 h￿e led to wide¥)re•J flmroal strain ￿0$5 many in5titutTons. ￿TE, whlle not imW￿ne to these *ctOr.￿de I$*￿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 comrnitN*nt frorn doTh)rs under a legally bIndT￿ deed of grant. These efforts dv[nOr￿tr¥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 s￿ttsr chalL&)ges. NewAkndeL lrtltute forT*hMio 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 s￿M 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 complI￿te vAth the Office for Students conditiLrG of rewstration and all charity wuiation req￿rements. The sy5Lun of irternal ￿ntrol is based ￿ an ongolrq process desi8r*d to Identlfy the Pri￿[pa1 rlsks to the &hle¥eN*nt 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$0nabie and not ab501ute asyjrance of effertlveness a8alnst ￿¢¥1*1 losses. Instltutional Risk Register is rnointsirtd, whith 15 presented at ew meetirré of the ￿dIt a￿8 Rlsk Commlttee *vJ ta the Board of Tru5tee%. IndivTdual risk re8iSters are maintained for all major organisatlonal projects aThJ 811 slgnlfltart bjiiding proje The ￿rd'S oversl8ht of the effectt¥enES5 gf the 5yStwn of Intemal contro& Is Infomed tthrectly by the work of the Internal *JJditors and the Ir&titution's senior mar*Fment team. The Senior Leadership Team malntalns a sy5tern pf internal ethnmittees to £nyJre that wjlicy ueation aTrJ approval is ¢￿S1$tent and tr￿sparent 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 In￿rr￿1 Audit Stratw, approved by ¢he p￿tht Committee, sets out ￿orItieS for the comin8 ye8r based on 1nsUtutlot￿l ￿e￿I9pMerIts and ri5k5 and a wder *iew of the HE sector. The Board DfTI￿tee5 has aprKoved a"yvemarKe haThJb)ok" whlch lrtlLpJes *heddèsof d21egation ￿T(hare wewed frem tlme totime. The S¢heduieincludes the keyreSp)n￿b[llcIes of theExecu￿ve 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 oppOrt￿le7e5 affectin8 It. Volunt¢er5 4nd Donors The &)ard of Tru5tEe5 W￿￿Id 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 KI￿dcffl GprEYally Accepted ACc￿n￿rI Prnctkel. CL¥rpwry LJW req￿re5 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•r*nts. the trustees are rtr]thred ta setert suitsM* a¢¢ourtlr¢ wlld¢s ar*J then apFly thom cartsfsta*iyJ tke methods and ¥ln¢lples In Charlty SORP. make judBom•nts and osllrnrte5 that are Tea50nable 4nd Pr￿d￿t. 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 $4feBu•rdlw the 4wets of ¢he ch4rft*b￿ hlno fw tWrfd reasonable steps for Pre￿ntion ard detectlon of fraLkl and other Irre8￿arfE1es. Is r#J relevant oudlt Infam￿tIon of whkh the chrftsble cofflpanls audltorn are wware; ar the truknes have t4keTraU step5 th* they outht to ha%* t*en to Thke them5•1v•5 awor• of any rd•v*)t •Jtht InforrTratlon and to est*Jllsh that athllior5 are aware of thrt Inforff*tlon. Th? tru5t*s are reSpO￿l￿e for the nwInten￿cV and Inwrlty of thè eorFtht• finknd￿ Irbfomiatl¢n lfidud￿ on the ¢hwfWie ￿mPanY$ webslie, 18.12.2024 by order of of tntstees on ............................................. SIR￿d on Its Eehaf bf. J ￿tE￿n- Vl¢• Ch￿r of Tr￿t4 Type text here New Model Institute for T￿hrtI and En iT*erin 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 Ewlne*ln£ It￿,IrStltUle'} for the year ended 31 July 2024 which comFffi* the Staternent of Comprehensive Irrome, the State￿￿Trt 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 Pr￿tIce1, 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 J￿Y I￿24 of the Ins￿tu￿$ 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 accordarKe*ith the req￿reMentsOfthe FEFESORP t￿Y the(lfficeforSiwJents' kcgwt3 "rethon lo￿ 2019.411; and h&¥* Èeen prewed In 8tt0ra￿ce vrith the rewlrements of theComPar￿es 21YJ6. 6•5ts for oplnlon We conducted our autht in a￿0rd¥￿* Yath lrtWnatiQ￿ Standards on IUKI 11SAs IUKII and appLIc8ble law. tsjr resp)￿1￿111tre5 thg¥e st4ThJ•rds 4re f￿￿Er descriEed in the A￿titor'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 staterr*nts in the UK, irKludinE the FRC'sEthi¢al Standard, and v4ehave fulfilled our ather ethical resw1￿1￿71itieS in accordance with the&e requirernents. We beiie%E that autht e￿dert* we have abtained is suffiCi￿t appropriate to prowde a basis for wr opinion. In aLwJltlr8 the flnandai Sta¢ern￿ts. 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 cornvehen￿ve 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¢l￿J1￿ addl￿onal fukNJing YJFWrt received post year end, toeet￿ th￿r rAans to ensure the Orga￿Sat￿L￿I Is a 8oln8 cont¥n for the foreseeable future, being & least twelve mcnth5 frrffi the date the finartial statements are aUth￿sed for issue. Jr responsibilities and the re5rxifGibiiitie5 of the Trus1* wlth respect to pfng eorKem are d￿k￿bed 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 Governar￿e aTrJ lrtemai Control and Ststement on RÈSpDn￿bIIICIes of Trust* for the Year Ended 31 My 2024, other than the fina￿al statements and our audltovs report t￿re0￿. The E4)ard of Tr￿tets are re5wJrtsitrle for the other infomation. l)Jr oplnion on the ￿r￿cial 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 a￿lt of the financial statements, our re5pon5ibility IS to read the other Informa￿Ort ￿. 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, ￿te*ere9lrired to detennine vthether thereis a material mi55tstament in th2fina￿1al statsments or a materfal m15Ststement of the other InfonnattM. If, based on work we have perfcfmed, we concl thai there is a matsdal mlsstatetY*rt of thls other Inf￿ma￿0n, we are reqUI￿d to reF*rt that fxt. We nothi￿ to repjrt in thls reg¥d. New Ilrf)del Institute for Tech￿10 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 stat￿ert RespM5ibTlitie5 of Trustee forthefin4rv41 year for whlth the 5taternents we Fffepared 15 cordsknt with I financial stater*Thts' report of TrLtstees, Statewt of Go%*man* Internal Control and 5taten*nt on Responslblllt(es of Trth￿t 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 DepartrI￿rt for Educalion have been appli& in accordance with the rele¥ant temis and condI￿on$ attached to them. We nothlng to report In respect of the follo￿n8 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 partIcl￿10n I￿￿tIeS 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 thec0u￿e of theaudit, we have not iden¢ified rnatsral rnisststements in the ReFQrt of the Trustees, Ststem￿t of Go%vnance *)d Intemai Cortrrl and Staten*nt 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 SLaternL￿ts are rvjt in a8reenEnt wth the accounting recor+J5 and return5. or certain discloyjres of directcrfs, rem￿￿atIcfi speufied by law are not made: or we have not r￿eT￿Ed all the infrAmation and eypianalTon5 req￿re for ￿r autht. Resp)nsSbfjI￿*$ tsf the Board of T￿￿te￿5 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 g￿nE CO￿em, d15clO￿n& as applicable, matters related to concern aThJ usin8 the Wng eortem bssls of countinE unle55 thePA)ard of T￿￿tee5 either intend to liquidate the In5tituteor toceaseoFeratlons, or ha%* no reallsttc aitemaeivp to do 50. io NewknJel In5tituie for Techrnlo and En r*erin Inde dent a￿ltors, re uarantse rt to the ￿￿￿5>￿e1 Institute for T￿h￿l0 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￿ ab￿￿t whether th2 finanaal statements a5 a whoLe are free fram rnateri￿ Misstatement, vthether due to frèud or error, ar￿ to i5sup an Al￿7t0￿.5 Report that includes our opinian. Reasorthie a$sura￿e Isa ieNel of a5surarKe. bjt is not a guarantee that an autht conducted in XCOrdan￿ with IS*s IUKI wlll always detect a rnateriai misstaterr￿Dt ¥vhpn it e￿$ts. thsstaternents can arise from fraud or error and are co[￿ldered If, iTrji￿duaIlY or in the aggregate, could reason•Sly ke ewted to inftuence the ecorhjmic dedsions of user5 taken on the basfs of these financial statements. IrregU￿tIes. Inciuthn4 fra￿, are irfjtances of non-compliance laws and regulat10￿. We ¢the￿￿ procedure5 in line wlth our res￿sibilItIes, ouUiMJ above. to det*t rnaierial misStatETrents in respect of irrewlarities. irciudlng fr•Jd. The extent to whKh tyjr procedure5 are capable of detectin8 irrewiaritie5. iKiu¢thng fraud is det￿led below.. In fden￿fy7n8 and a55essinE risksof moterial misstaterrtnt in of IrregtharttlÈs. lrtluthngfraud nDn in the forweeable f￿ure. eased on these factors. the t￿￿tee5 ￿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 1Th￿rne re¢oBnttlon Inci¥re from the sale of go&4s or serylce5 is credited to the Staterrent of CompTeP*rdve lrtome when the or services are supplied to the external custornEr5 or the temis of the contract have been Satisfied. Tultlon fee 1￿c￿e is slated 8r055 of ￿Y eXp￿dIt￿* vthlch Is Tr)t a ithscount and crethted to the 5tatewffil of comprehen￿Ve IrKorr* over the period in 51udents are stuokn"w. Where the al￿￿t of the tuitlon fee 15 red￿￿. by a diXo￿t for Pr￿pt payrront, incomÈ rece(vaNe Is shown net of the ithscounl. ￿rSari¢S scIKlar5hips are accounted for gros5 a5 expenditure and rnt ded￿ted from Income. Education contrxts jre reco￿$¢￿ when the InstItutic￿ is ertitieé to ￿ irKome. *fiich is tIE perf¢d In whlch stUd￿ts are stutyn& or where relevant, %Yhen Ferformance cond1￿¢￿$ have ￿en met. Grant fundlni WITE aOJpted the Ferfmarte mo￿1 for go¥vnment revenue Gr￿t fvThJirrf includln8 research trants from go1￿ment source5 and grants lincludlng research gr8ntsl from rnn- fovemment sour￿5 are reCO￿lSed as Income the Irtstitutlon 15 ￿titled to the incomE arwj ￿rfOrniar￿e 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. DonatI￿S with domr wnp)￿￿ restdrtioyts are recwi5ed in Tnt0￿ when il* Institution 15 eD￿tled 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 reco￿1$ed in irKorne *then the InsUtutfjon Is en￿tled to the fvnd5. D(Mat￿r￿ of t1Th￿ble assets are included within income. The Income rec￿lSed is ￿lUed u5iro a rèa50Mbie estimate of their gr¢￿5 value or the anyjurt actually realised. Donated tanwblt assets are ValL￿d and acco￿ted for as ten￿ble a5sedie5 149 478 627 168 477 645 Year Ended 31 July 2024 Year Ended 31 ly 2023 Other Inc•ffl• Other ￿t￿ue 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 condit1￿5 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 Justin￿tIon tor the Pre51d*AtlChlèf Exttuiive Officer The Remuneratvjn Committee has resp￿s1b11lty 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 conflm*d contlnued compllance vAth the CUC'S Ed￿atiOn S￿l0r 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 rernUr￿Yation for w￿TE.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 perforMa￿e. intemal eq￿lty and extem& market factors. Further details rElatTng to the Remwatlon c￿￿Mittee,$ 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 coMple￿ty of the InstItu￿￿' the nature of tPe HE markets and Isyjes of reCr￿tM￿t aThJ retsntlon. the In5tituiion's objecknvE5 in relation to the dIve￿ty 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 R￿UneratIOrt Commitiee ￿T￿Luded that the Pre5identlCEO was yfrmin8 at a hiEh level, W￿7d7n8 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 LI￿ng 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 C￿l￿bJriQns}al1OWan¢e in lieu of employ ptt%i¢n contributicfis tay•tlei¢Trefil> Payf¢r port-timeand h￿jrIYpa￿ 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 pro*ider to itsstaff. The head of the provldw's total remUnera￿On 1$ 3.4 ttmÈs the median total remuneration of staff 12Q3: 3.8 tlmesl, where the n*dlan totsl remurffration 15 cakulated on a full.tlme eq￿Valent ba5i5 for the total remuneration by tIE proMder of its 5tsff. The r¥Jm￿l 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* eq￿VaLentS by major category: Academic Admlnlstrat1￿ aThJ eenttal 5wwce5 Premlses Other Total Dwnber of staff 27 27 17 47 51 Year Endej 31 J￿Y 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 Icontbn￿dl Cafflpensatlon for ioss of offlce IWJTE pald Enil In compewtim for loss of office for siaff w*mt¢rs duri￿ the year. 12023: Enill. rrnnaeement pttstr)nel are those persons h¥thre authorfty and reSpOr￿1￿11Ity fff pl•Mlng, threctlry ard controiiln8 the arti*?tie5 of the University. Staff c05t5 indude5 compen5&tion pald to key manaEeTh*rt Fersomei. Deta115 of the management person￿1 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 EnL*d 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 I￿lUd￿. Operatinp lease rentals: Land and truldi Softwarelllcenses Idonatedl Deweaation 571 16 1.245 622 1,669 652 External authtors remunwation In re¥Ject of a￿￿1t seNce5 t related wurance swrf¢es 29 22 Other non.8udlt Sery(￿s Totsl mn-8Lkllt se￿CeS 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 T￿￿b1¢ASs*ts Prowtyi plant •nd •qulF*nent Flxiure5, Flttlnos and EquSpm•nt Freehold property Assets In the Course of Conitrurtlon L•as•hold 6ulldlnR5 Improvements pmperty Totsl £'coo L'c￿0 £YJ £,￿0 c'oTr) C•st•nd valu•tk*n 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 rttdv*bles 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 Urtse￿red 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 Kr￿ts 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 T*a￿￿S between funds Tot41 restricted mrrvrehe￿l¥• In￿m* 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. ￿h01￿1p5 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 ￿r￿t￿tted 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￿¥￿1t￿ts At 1st Au￿st 2023 C￿h Fbw5 C￿00 At 31st Jjly 2024 c'o Cash and eqLrivaterTrts 17 FlnwKlal In$tNmwts Year Ended 31 JLiy 2Q4 31 Jjly 2023 FIn￿da1 ￿S*ts FIRoTrciGI twets that debt in5trLNnEnts measiwed at am¢lrtlsed cost Cash and cash equtvalents Other trèje receivable5 crued Income 881 2,226 182 347 1,405 FI￿￿•1 Mabllltles FVI￿nCid liabllltles t7tfGlr value thrwsh Staternent of ctryrehens?Tr￿ I￿orne FiTr7ntfdf Ifabllltles measl￿￿ ot GTrcrtlsed cc6t Loa 8,025 254 Tr&e crethtors 833 3T3 Accruals 231 8,510 30 Notes to tke finartial statements Year Ended 31 Jul 2024 Continu 18 C￿tal oth•r eommltments Prthi*on has not be￿ mats for the follovlngopital commitments at 31 ￿ly. 31 July 2024 31 J￿Y 2023 Capital cornmitments 19 Le•se obllythn5 Totsl rentsts payable under iea%e5: 31 2024 Totsl Bulldln Equlpment 31 July 2023 É'ooo £'ooo Payable durlno th• y•ar 571 610 424 Future mlnlnwm le¥e payments du¢: t later than l year Later than 1 year and Trx law th￿ 5 yew5 Later than 5 year5 T*>t•l lew¢ p•ym¢Thts due 574 2.295 10.613 43 617 2,335 10.613 13.565 583 2.213 10,779 83 NVATE ha5 a 5ub.nominations aw*ment in rwrd to Station Approath 5its 15 based on the abllfty to rwjrninate Students to ulili5e the accommod*ion. Ni41TE 15 li4bie to pay for any urvxcupied rooms d￿n5 a period this 15 based on the prkè Irf 1143 per room for 46 **ks of the year appllcabie to 89 roL*nS. Due to theocoJpAKy levels belr unknown. the lease commitment is unable to ￿ rdiably calculated. During the year the Irtstitute urtered imo transactiorts, in the ordinary course of bu51r￿, with other related parties. Trarsactiorfj entered into. and baiarKe5 outstanthng at 31 July 2024, are as fciiows: Duetothenature of the In$￿t￿on'S0P¥ati0ns ar¥J theec4nposltlonsof the Counal, ￿]ngdrawn frcm local wblic and private sertor organis)tiorfj, it is ire*itable that transacti1￿$ will take pLace Yrith organisations in whith a merfber Trf the bDard of tru5tee5 tnay h￿ean interest. Al trawctfjons InWI￿n8 s￿h Or￿lS￿tIOnS are conducted at ¥m's length ard in aCCord￿ce ￿th th2 Institution￿ Financial Regulation5 and usual procurement proce&Jres. No GOver￿f ha5 recei%Ed remuneratioTrlwai%*d paY￿￿nts from the irstitution durirrf the year12023- rkinEI. The total e¥Fer￿e5 paid to or ￿ beh￿f of the trustees was 11,953 to 5 t￿￿tee5{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