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RG Company Registration No. 11077904 (England and Wales)

Registered Charity No. 1180292

THE NORLAND FOUNDATION (A company limited by guarantee)

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

THE NORLAND FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

11077904 (England and Wales)

Registered Charity number

1180292 (England and Wales)

Registered office

York Villa York Place London Road Bath Somerset BA1 6AE

Trustees

Mr M C Clarke (Chairman) MA FCA D.Univ FRSA Mr C P Hare Mr P H Watkins FCA Mr D A Peck MA Mr M A Bray FCMA

Senior Management of Norland College Limited

Dr J Rose MA PhD PGCE FHEA (Principal of Norland College) Mrs A Edmond MA (Vice Principal of Norland College) Mrs E Burns MPhil FCCA (Executive – Chief Financial Officer)

Auditors RSM UK Audit LLP Chartered Accountants 2[nd] Floor 1 The Square Temple Quay Bristol BS1 6DG

Solicitors

Veale Wasbrough Vizards LLP Narrow Quay House Narrow Quay Bristol BS1 4QA

Bankers

NatWest Bank Plc Western Avenue Waterside Court Chatham Kent ME4 4RT

Investment advisers

Charles Stanley & Co. Limited 18 Queen Square Bath BA1 2HN

THE NORLAND FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024

The Trustees, who are also directors of the Charitable Company (the Charity) present their annual report and audited consolidated financial statements for the year ended 31 July 2024. The Charity has one subsidiary being Norland College Limited (the College).

The financial statements comply with the requirements of the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association and ‘Accounting and Reporting by Charities: Statement of Recommended Practice’ applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

The Trustees’ Report includes a Directors’ Report as required by company law. This report also includes the information required to be disclosed in a Strategic Report under the Companies Act 2006 and the Charities SORP.

OBJECTIVES AND AIMS

The objects of the Group and Charity, as set out in its governing documents are:

the advancement of education for the public benefit, in particular (but not limited to) early years education, by (but not limited to):
a. the promotion of effective education and training of student or qualified childcare and education practitioners in all aspects of early years care and the education of young children;
b. the promotion of best practice in early years care and the education of young children generally;
c. the provision of funding for specific projects and/or research relating to the promotion of best practice in early years care and education;
the promotion of social inclusion for the public benefit in particular (but without limitation) among children of early years age and their families/carers who are socially excluded from society, or part of society, as a result of their social and economic position, in particular (but without limitation) through:
a. the education of children of early years age and student or qualified childcare and education practitioners of early years education;
b. the provision of funding for specific projects and/or research to promote social inclusion; and
the advancement of such objects or purposes which are exclusively charitable according to the law of England and Wales for the public benefit in any part of the world and in such manner as the Trustees in their absolute discretion think fit.

The Charity also incorporates a Benevolent Fund, accounted for as a restricted reserve. This was formerly the Norland Institute Benevolent Fund (registered charity number 208818), founded in 1915 with the following stated purpose: “For the relief of poverty, sickness or distress of any persons connected with Norland College whether as a member of staff or as persons undergoing training as nannies, or those who have trained”.

ACTIVITIES

The Charity has continued to work closely with the College, collectively referred to as the Group.

A Deed of Undertaking between the Charity and the College remains in place to give legal reassurance that the Charity will support the College in the implementation of its Strategic Plan and to ensure the College’s compliance with the Office for Students (OfS) Framework. This includes a provision of sufficient financial support to allow the College to comply with the financial obligations imposed on it by the Framework or by the Charity directly meeting such financial obligations.

THE NORLAND FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024

This incorporates supporting the College’s agreed OfS Student Protection Plan, a plan agreed by the OfS that confirms adequate provision (£1.65m) is made for students to allow them to continue and to complete their studies (or receive compensation if this is not possible) in the event that the College is unable to provide its course or has to close.

During the year it has retained and further developed its reserves to:

support the College’s Student Protection Plan;
make provision for additional properties for educational purposes;
cover six to nine months of the Charity’s core operating costs;
provide a Benevolent Fund to financially assist persons connected with Norland College; and
meet its other charitable objects.

In the year ended 31 July 2024 the Norland Foundation has continued to fund a number of research projects. It funded a Fellowship in Early Relational Health at the University of Massachusetts for two members of staff and Literature Review on the topic of Emotion Coaching. It also funded a Research Assistant who carried out a qualitative analysis of 43 case studies that had been collected for a national Attachment Aware Schools project for Bath and North East Somerset, Stoke and Leicestershire Virtual Schools. A long report that was already in progress by other authors was completed and a short paper written.

The Foundation have continued to fund the Norland Educare Research Journal, now in its second issue. It has also made a further grant to a local charity, First Steps (Bath) that works with young children with Special Educational Needs. The funding to First Steps enables the charity to facilitate ‘Stay and Play’ sessions for Children with Special Educational Needs and their parent/carers. Parent/carers receive support from experienced Early Years Practitioners and Special Educational Need Family Support Practitioners whilst the children enjoy a well-planned, engaging environment that appeals to their interests.

PUBLIC BENEFIT

The Trustees confirm that they have complied with the duty in Section 17(5) of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public benefit. The Group was established as part of a wider restructuring of the governance arrangements in relation to the College, which has a very long and successful track record as an independent provider of specialist early years education and training. The College is registered with the OfS as an independent provider of Higher Education and delivers a BA Honours degree in Early Childhood Education and Care. The degree course is combined with a specialist, prestigious qualification known as the "Norland Diploma" which focuses on the practical skills associated with early years care and education. Students educated at the College go on to have successful careers all over the world, increasing the impact of the education and training they have received.

During the year, two part-time Charities and Communities Coordinators continued to oversee the wealth of charitable and community-based activities undertaken by staff and students at the College.

APPROACH TO FUNDRAISING

Over the year the charity did not undertake any formal fundraising activities. A fund-raising programme is being developed to enable the delivery of the Charity’s wider aims and objectives.

STRATEGIES & FUTURE PLANS

The Group intends to advance education by promoting best practice, effective education and training in all aspects of the care and the education of young children.

THE NORLAND FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024

The core activity of the College remains the education and training of students wishing to become Norlanders (a fully qualified Norland Nanny). The College successfully gained Taught Degree Awarding Powers in March 2019, and has undergone assessment for Indefinite Degree Awarding Powers during the year ended 31 July 2024, with full University title expected to follow in a further 1-2 years’ time. The College continues to review and consider its future teaching and student accommodation needs, to ensure best provision for its students and staff, as well as developing plans to expand its consultancy and commercial income streams.

The Charity continues to carefully manage and build investment funds to acquire assets for future educational and training purposes.

ACHIEVEMENTS AND PERFORMANCE

Student intake for the current academic year (2024/25) is higher than usual, with 128 first years enrolling in September 2024.

In 2023/24 67.8% of third year students who completed their degrees achieved a first class or 2:1 classification. Retention on the BA programme remains strong, with 91% of first, 99% of second and 100% of third years continuing their studies throughout 2023/24. This compares very favourably with similar courses at other institutions.

Norland was awarded top small or specialist provider in the 2024 Whatuni Student Choice awards, making the College a top two Whatuni winner for six consecutive years.

The Norland Agency has experienced a slight decrease in income in line with the recruitment industry. However, alongside the continued positive media interest and a project to invest in new software, placements for the new financial year are predicted to increase once again.

Other important activities relate to our corporate training courses for established UK and overseas companies, Continuing Professional Development (CPD) courses for qualified Norlanders and consultancy work. During the year ended 31 July 2023, Norland entered into a significant contract with the Abu Dhabi Early Childhood Authority, to provide expert consultancy advice and support on the development of its flagship Academy for Childhood Development. In the year ended 31 July 2023, the contract resulted in income of £834,800 for Norland, and related costs of £504,363, representing the majority of income and costs for Phase 1 (set up) of the Academy. Phase 1 was completed by 31 August 2023. Further support was given to the Academy during the year ended 31 July 2024, resulting in income of £227,800 and related costs of £43,000. There are a number of new overseas consultancy opportunities in the pipeline.

During the year ended 31 July 2024, Norland entered into a partnership with Emotion Coaching UK, in order to deliver Emotion Coaching training (evidence-based co-regulation strategy for children) to numerous early years settings across the UK. The project is funded by the Education Endowment Foundation and Early Years Stronger Practice Hubs, with total funding over the three year project of £324,080 from the Education Endowment Foundation and £204,830 from the Stronger Practice Hubs.

During the year ended 31 July 2024, grant funding totaling £204,830 was received from the Stronger Practice Hubs in relation to the project. Of this, £77,893 was recognized during the period in line with project delivery, with £126,937 carried forward as deferred income to match delivery at a future date. £75,252 was paid to Emotion Coaching UK for services as delivery partner.

RISK MANAGEMENT

The Group has continued to develop and embed an overarching system of internal control, including financial, operational and risk management, which is designed to protect the Group's assets and reputation.

THE NORLAND FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024

The Charity holds a comprehensive Risk Register which also considers the risks associated with the College. The register identifies the key risks, the likelihood of those risks occurring, their potential impact on the Charity and the actions being taken to reduce and mitigate the risks. Risks are rated and prioritised using a consistent scoring system.

The Charity’s principal risks reflect mainly those of the College (as below), but in addition include:

Fall in Investment Performance

Investments are required to build up reserves for the Student Protection Plan and to fund replacement educational buildings. To manage and protect its investments, the Trustees have appointed an experienced Investment Manager, to safeguard and enhance the value of its investment assets, via a set of benchmarks contained within an agreed Investment Policy Statement. Quarterly investment information is released to Trustees and the Investment Manager attends Trustees meetings as required to present a review and explanation of investment performance.

The College Board of Directors undertakes a comprehensive review of the risks to which the College is exposed. It identifies systems and procedures, including specific preventable actions which should mitigate the potential impact on the College. In addition to the review, the directors will also consider any risks which may arise as a result of a new area of work being undertaken by the College.

Outlined below is a description of the principal risk factors that may affect the College:

1. Affordability

The College’s fees are higher than those charged by a mainstream university, due to the fact that tuition is intensive and resource-heavy, and also because students study for both a degree and the Norland Diploma. Added to this, the government loan set for Independent Higher Education providers is lower than that set for mainstream institutions. As a result, affordability is a challenge for many potential and current students.

This risk is mitigated by continued investment in student recruitment, regular review of the bursary provision and sources of available funding for students, and support for students with managing budgets and personal finances.

2. Inflation and Economic Pressures

Cost increases due to inflation result in the risk of Norland being unable to deliver its services within the budget available.

This risk is mitigated by regular forecasting and review of expenditure. Additionally, commercial activity has been revived following the pandemic, with a significant contract already fulfilled and more in the pipeline, and the Norland Agency continues to exceed its revenue targets.

RESERVES POLICY

The reserves policy ensures the Charity:

Builds sufficient unrestricted reserves to safeguard its operational needs.
Holds sufficient unrestricted reserves to meet its charitable objectives.
Holds unrestricted designated reserves to support the College to meet its Student Protection Plan.
Builds sufficient unrestricted designated reserves to ensure that, in the long-term, the College has suitable property from which to operate.

At the year end, the Charity had total surplus unrestricted reserves of £667,877 (2023: £351,095) and total surplus unrestricted designated reserves of £2,090,000 (2023: £2,090,000).

THE NORLAND FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024

At the balance sheet date, the Group held total general unrestricted reserves of £5,499,724 (2023: £5,350,131) with £3,737,074 (2023: £3,931,369) held in freehold property and leasehold improvements, leaving £1,762,650 (2023: £1,418,762) in other net assets. The Group held total designated unrestricted reserves of £2,090,000 (2023: £2,090,000).

FINANCIAL REVIEW

The results for the year are set out in the annexed financial statements.

During the year the Group recorded total income of £5,659,634 (2023: £5,869,835), reflecting mainly the activity of the College. The Group showed a net increase in funds of £175,286 (2023: net decrease of £106,227). At the balance sheet date, the Group held total net assets of £7,944,783 (2023: £7,769,497).

During the year the Charity made further investments in its portfolio. At the balance sheet date the Charity held £2,963,606 (2023: £2,668,883) in investments and cash, providing reserves to enable the College to meet its Student Protection Plan.

A copy of the College’s financial statements is available from Companies House.

INVESTMENT PORTFOLIO PERFORMANCE

As at 31 July 2024, the assets in the main and legacy benevolent fund portfolios were valued at £2,643,721 and £319,834 respectively. This represents total returns for the last 12 months of +6.74% and +8.45% respectively. This is ahead of inflation and represents a welcome recovery in asset prices post covid. The US equity markets have driven the growth in the portfolio, whilst much of the income is sourced from the UK. The mega cap stocks in the US, known as the magnificent 7, have been major drivers of equity gains, but they encountered significant volatility in July as investors rotated money into smaller stocks. Equities and bonds have benefitted from the expectation that central banks would start cutting base rates.

Investments continue to be managed on a discretionary mandate in order to achieve a balance between income and growth with a medium/low level of risk.

GOING CONCERN

The Trustees have carefully considered the going concern of the Charity and the Group.

The majority of the Group’s activities sits within the College. The Trustees have reviewed three trading scenarios for the College covering an expected case, a worsening case and a worst case, through to 31 July 2026. Although such predictive work can never be relied on with complete certainty, the resultant forecasts and cash flows for each of the scenarios indicate that the College has adequate cash and other reserves to withstand, as well as the ability to adapt to, the worst-case scenario, should it occur, without the requirement for external funding.

The Trustees have considered the Charity’s formal obligation to the College to support the College in the implementation of its Strategic Plan and to ensure the College’s compliance with the OfS Framework, including its provision of sufficient financial support to meet the Student Protection Plan if required. In arriving at their overall position on going concern, the Trustees are satisfied that the Charity (and group) holds adequate free assets to meet its financial obligations in these respects.

The review demonstrates the ongoing consideration by the Trustees of its ability to cope under worsening scenario conditions, should they arise.

The Trustees are confident that the Charity and the Group remain a going concern and that the use of the going concern basis of accounting in the preparation of these financial statements remains appropriate.

THE NORLAND FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Charity constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. It was incorporated on 22 November 2017 and is governed by its Memorandum and Articles of Association dated 24 March 2021. It was registered as a charity with the Charity Commission (number 1180292) on 12 October 2018.

Its Trustees are also its Members. The liability of its Members is limited to £1, being the amount each Member undertakes to contribute to the Charity's assets if the Charity is wound up while he or she is a Member, or within one year after he or she ceases to be a Member.

Investment in Subsidiary Company

At the balance sheet date, the College remains the only subsidiary of the Charity.

Appointment of Trustees

Trustees are appointed to the Charity Board (the Board) by resolution of the Trustees. The Board is composed of no fewer than three Trustees and such maximum number as the Board determines from time to time. There are currently five Trustees. By agreement, the College nominate from their Board two Trustees comprising the Chairman ex officio and one other. The other three are independent (i.e. Trustees who are not directors, officers or employees of the College). A majority of Trustees at any time shall be Independent Trustees. The normal term of office is three years, with Trustees eligible for reelection (by the Trustees) for one further term of three years.

Induction and training of Trustees

When appointed, new trustees are fully briefed on their legal obligations under charity and company law, the Charity Commission guidance on public benefit, and informed of the content of the Memorandum and Articles of Association (the Charity’s governing document). Trustees are encouraged to attend appropriate external training events where these will help the undertaking of their role.

Trustees may receive training from the Charity’s legal, accountancy and investment advisers, either on a dedicated training day or by joining sessions offered generally by those advisers.

Trustees have access to the governing documents; previous minutes, plans, and other documentation; and to Charity Commission guidance.

Organisational Structure & Decision Making

The Board conducts the business of the Charity through formal meetings, with assistance from the College as required. The Trustees hold at least two meetings of the Board each year and each meeting is minuted.

The Charity is the sole shareholder of the College and as authorised member appoints and removes all directors of the College. The Board has delegated powers to the Board of the College to do all such things as are conducive to the achievement of the College’s purposes subject to the Articles of Association and a Governance Agreement. The College Board has established a committee of the Board, known as the Academic Board, to which all matters relating to quality of teaching and courses provided by the College are referred. The College also has a Finance Committee, Enterprise Committee, Audit Committee, Nominations & Governance Committee and a Remuneration Committee.

The Trustees maintain an oversight of the College through College budgets, College management accounts, minutes of the College Board meetings and an annual presentation from the Principal.

THE NORLAND FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024

Investments Policy & Objectives

The Trustees have a duty to preserve the purchasing power of the capital of its invested funds, in particular in support of the College’s Student Protection Plan. The investment objective of the portfolio is to have an emphasis on growth of the value of capital (subject to the preservation of the Student Protection Plan of £1.65m or as directed by the Trustees) in real terms.

The Trustees have delegated the investment management of the portfolio to an Investment Manager and to ensure performance targets are measured and defined. The performance of the Investment Manager will be monitored over a shorter timeframe than the investment horizon, in particular over a rolling 3-year horizon using the Wealth Management Association (WMA) Private Investor Total Return index applicable to the agreed risk mandate of the portfolio.

Related Parties

The trustees Mr M C Clarke and Mr M A Bray are also directors of the College.

Remuneration

The Charity’s governing document prevents its Members, Directors and Trustees from receiving payment for their duties. They may receive reimbursement for reasonable out-of-pocket expenses. The Charity did not employ any staff during the year ended 31 July 2024 (2023: Nil).

Remuneration of all staff employed by the College is approved by its Board of Directors. A Remuneration Committee advises the Board on matters relating to the remuneration of the Principal and the Executive.

Financial Management

Financial services for the Charity are provided by the College via a Shared Resources & Governance Agreement, with management accounts and forecasts scrutinised at Trustees’ meetings.

The College prepares termly management accounts three times a year, and each pack is presented to its Finance Committee and made available to the Board. A detailed yearly budget as well as longer term forecasts are presented annually.

Qualifying Third Party Indemnity Provisions

The Charity has made qualifying third-party indemnity provisions for the benefit of its Trustees during the year. These provisions remain in force at the reporting date.

AUDITORS

RSM UK Audit LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006.

THE NORLAND FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the Trustees are aware, there is no relevant information of which the Charitable Company’s auditors are unaware. Additionally, the Trustees have taken all the steps that they ought to have taken as trustees in order to make them aware of any audit information and to establish that the Charitable Company’s auditors are aware of that information.

The Report of the Trustees, was approved by the Trustees on the 12 December 2024 and signed on their behalf.

Trustee:

M C Clarke MA FCA D.Univ FRSA

P H Watkins FCA

THE NORLAND FOUNDATION

TRUSTEES’ RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 JULY 2024

TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

The trustees (who are also directors of The Norland Foundation for the purposes of company law) are responsible for preparing the Trustees' Report (incorporating the strategic report and directors’ report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the income and expenditure, of the charitable group for that period.

In preparing these financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements, and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

THE NORLAND FOUNDATION INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE NORLAND FOUNDATION FOR THE YEAR ENDED 31 JULY 2024

Opinion

We have audited the financial statements of The Norland Foundation (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 July 2024 which comprise the Consolidated Statement of Financial Activities (including the income and expenditure account), the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group’s and the parent charitable company’s affairs as at 31 July 2024 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s or parent charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Report of the Trustees other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Report of the Trustees. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

THE NORLAND FOUNDATION INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE NORLAND FOUNDATION FOR THE YEAR ENDED 31 JULY 2024

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Report of the Trustees, which includes the Directors’ Report and the Strategic Report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors’ Report and the Strategic Report included within the Report of the Trustees have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report or the Strategic Report included within the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 require us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent charitable company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ responsibilities set out on page 10, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances of non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of our audit are to identify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

THE NORLAND FOUNDATION INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE NORLAND FOUNDATION FOR THE YEAR ENDED 31 JULY 2024

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the group audit engagement team:

obtained an understanding of the nature of the sector, including the legal and regulatory framework that the group and parent charitable company operate in and how the group and parent charitable company are complying with the legal and regulatory framework;
inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;
discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud

As a result of these procedures we consider the most significant laws and regulations that have a direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Companies Act 2006, Charities Act 2011, the parent charitable company’s governing document, tax legislation and Charities (Protection and Social Investment) Act 2016. We performed audit procedures to detect noncompliances which may have a material impact on the financial statements which included reviewing the financial statements including the Trustees’ Report, remaining alert to new or unusual transactions which may not be in accordance with the governing documents, inspecting correspondence with local tax authorities and evaluating advice received from external advisors.

The most significant laws and regulations that have an indirect impact on the financial statements are the Children Act 1989 and 2004, the Office for Students Conditions of Registration and the UK General Data Protection Regulation (UK GDPR). We performed audit procedures to inquire of management and those charged with governance whether the company is in compliance with these law and regulations and inspected correspondence with licensing or regulatory authorities.

The group audit engagement team identified the risk of management override of controls as the area where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entries and other adjustments, evaluating the business rationale in relation to significant, unusual transactions and transactions entered into outside the normal course of business, and challenging judgments and estimates.

A further description of our responsibilities for the audit of the financial statements is provided on the Financial Reporting Council’s website at http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Basis for opini Kerry Gallagher

THE NORLAND FOUNDATION

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE NORLAND FOUNDATION FOR THE YEAR ENDED 31 JULY 2024

Kerry Gallagher (Senior Statutory Auditor) For and on behalf of RSM UK AUDIT LLP, Statutory Auditor Chartered Accountants 2[nd] Floor 1 The Square Temple Quay Bristol BS1 6DG

16/12/24 Date: ……………………….

THE NORLAND FOUNDATION CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2024

Restricted funds £ 10,000 10,746 - 20,746	Total 2024 £	Total 2023 £
	11,362 95,240 5,553,032 5,659,634 31,864 10,750 5,577,336 5,619,950 39,684 135,602 175,286 7,769,497 7,944,783	1,200 71,983 5,796,652
		5,869,835
		30,905 206,659 5,667,764
1,563 10,750 - 12,313 8,433 17,260 25,693 329,366 355,059
		5,905,328
		(35,493) (70,734)
		(106,227)
		7,875,724
		7,769,497

All amounts derive from continuing activities.

All gains and losses for the year are included in the consolidated statement of financial activities.

Company Registration No. 11077904

THE NORLAND FOUNDATION CONSOLIDATED BALANCE SHEET AS AT 31 JULY 2024

Notes 2024 £ FIXED ASSETS Intangible assets 11 Tangible assets 12 Investments 13 CURRENT ASSETS Stock 14 8,237 Debtors 15 369,584 Cash at bank and in hand 1,324,364 1,702,185 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 16 (633,439) NET CURRENT ASSETS TOTAL NET ASSETS THE FUNDS OF THE CHARITY: RESTRICTED FUNDS 19 UNRESTRICTED FUNDS General funds 19 Designated funds 19 TOTAL FUNDS	2024 £ 80,532 3,831,950 2,963,555	2023 £ 8,643 624,084 1,122,168	2023 £ 82,611 4,028,168 2,668,832
	6,876,037 1,068,746		6,779,611 989,886
1,702,185 (633,439)		1,754,895 (765,009)

	7,944,783		7,769,497
	355,059 5,499,724 2,090,000		329,366 5,350,131 2,090,000
	7,944,783		7,769,497

The financial statements on pages 15 to 38 were approved by the Board of Trustees and authorised for issue on 12 December 2024 and are signed on their behalf by:

Trustee:

M C Clarke MA FCA D.Univ FRSA

P H Watkins FCA

Company Registration No. 11077904

THE NORLAND FOUNDATION COMPANY BALANCE SHEET AS AT 31 JULY 2024

Notes 2024 £ FIXED ASSETS Investments 13 CURRENT ASSETS Debtors 15 1,000 Cash at bank and in hand 253,072 254,072 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 16 (104,742) NET CURRENT ASSETS TOTAL NET ASSETS THE FUNDS OF THE CHARITY: RESTRICTED FUNDS Benevolent Fund 19 UNRESTRICTED FUNDS General funds 19 Designated funds 19 TOTAL FUNDS	2024 £ 2,963,606 149,330	2023 £ 1,600 118,682	2023 £ 2,668,883 101,578
254,072 (104,742)		120,282 (18,704)

	3,112,936		2,770,461
	355,059 667,877 2,090,000		329,366 351,095 2,090,000
	3,112,936		2,770,461

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes as it prepares Group financial statements. The Norland Foundation’s total net income for the year was £206,873 (2023: £7,219) and the net movement in funds was £342,475 (2023: defecit of £35,273).

The financial statements on pages 15 to 38 were approved by the Board of Trustees and authorised for issue on 12 December 2024 and are signed on their behalf by:

Trustee: Trustee: M C Clarke MA FCA D.Univ FRSA P H Watkins FCA

THE NORLAND FOUNDATION CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2024

Notes 2024 £ CASH FLOWS FROM OPERATING ACTIVITIES: Net cash provided by/(used in) operating activities 25 330,703 NET CASH GENERATED BY/(USED IN) OPERATING ACTIVITIES 330,703 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of intangible assets (10,031) Purchase of tangible fixed assets (54,595) Purchase of investments (159,121) Proceeds on disposal of investments - Investment income 95,240 NET CASH USED IN INVESTING ACTIVITIES (128,507) INCREASE/(DECREASE) IN CASH IN THE YEAR 202,196 CASH AND CASH EQUIVALENTS AT 1 AUGUST 1,122,168 CASH AND CASH EQUIVALENTS AT 31 JULY 1,324,364	2023 £ (77,339)
	(77,339)
	(10,548) (60,867) (472,752) 319,873 71,983
	(152,311)
	(229,650)
	1,351,818
	1,122,168

THE NORLAND FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

1 ACCOUNTING POLICIES

GENERAL INFORMATION

The Norland Foundation is a private company limited by guarantee and incorporated in England and Wales. The address of the Charitable Company’s registered office and principal place of business is York Villa, York Place, London Road, Bath, Somerset, BA1 6AE.

The Group consists of The Norland Foundation and Norland College Limited.

The Charitable Company’s and the Group’s principal activities and the nature of the Charitable Company’s operations and the Group’s operations are disclosed in the Trustees’ Report.

BASIS OF PREPARATION

These financial statements have been prepared in accordance with the Charities: Statement of Recommended Practice (applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019 - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Norland Foundation meets the definition of a public benefit entity under FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the Group and Charitable Company. Monetary amounts in these financial statements are rounded to the nearest whole £1, except where otherwise indicated.

GOING CONCERN

The Trustees have carefully considered the going concern of the Charity and the Group.

The majority of the Group’s activities sits within the College. The Trustees have reviewed three trading scenarios for the College covering an expected case, a worsening case and a worst case, through to 31 July 2026. Although such predictive work can never be relied on with complete certainty, the resultant forecasts and cash flows for each of the scenarios indicate that the College has adequate cash and other reserves to withstand, as well as the ability to adapt to, the worstcase scenario, should it occur, without the requirement for external funding.

The review demonstrates the ongoing consideration by the Trustees of its ability to cope under worsening scenario conditions, should they arise.

THE NORLAND FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024

1 ACCOUNTING POLICIES (continued)

REDUCED DISCLOSURES

In accordance with FRS 102, the Charitable Company has taken advantage of the exemptions from the following disclosure requirements:

Section 7 ‘Statement of Cash Flows’ – Presentation of a Statement of Cash Flow and related notes and disclosures; and
Section 11 ‘Basic Financial Instruments’ & Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values.

GROUP FINANCIAL STATEMENTS

The financial statements consolidate the results of the Charitable Company and its wholly owned subsidiary Norland College Limited on a line by line basis. All financial statements are made up to 31 July 2024. All intra Group transactions and balances between Group companies are eliminated on consolidation.

A separate statement of financial activities and income and expenditure account is not presented for the Charitable Company itself in accordance with the exemptions afforded by section 408 of the Companies Act 2006.

INCOME

All income included in the statement of financial activities is recognised when the Group is legally entitled to the income and the amount can be quantified with reasonable accuracy.

Donations are recognised when the Charitable Company has entitlement to the funds, it is probable that the income will be received, and the amount can be measured reliably.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charitable Company; this is normally upon notification of the interest paid or payable by the bank.

Commercial trading operations income represents the value of services provided during the year, net of value added tax. Training fees are recognised when the service is provided. Employment agency fees are recognised when the contract commences. Consultancy income is recognised at the time the work is carried out.

Revenue from the contract with the Education Endowment Fund and Stronger Practice Hubs in Partnership with Emotion Coaching UK is recognised in line with delivery against specific contract milestones. Where milestone delivery is uncertain, revenue is recognised in line with costs incurred.

EXPENDITURE

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category heading. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of the expenditure.

ALLOCATION AND APPORTIONMENT OF COSTS

Charitable activities are those costs incurred directly in the carrying out of the Charitable Company’s operations. Support costs are those costs incurred directly to support the principal objectives of the Group. Governance costs are those incurred for the undertaking of the Group’s constitutional and statutory requirements.

THE NORLAND FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024

1 ACCOUNTING POLICIES (continued)

FUND ACCOUNTING

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the Board of Trustees. Designated funds are unrestricted funds of the Charitable Company which the Trustees have decided at their discretion to set aside to use for a specific purpose. The aim and purpose of each designated fund is set out in note 19 of the financial statements.

Restricted funds are funds subject to specific conditions imposed by donors. The purpose and use of the restricted funds are set out in note 19 of the accounts. Amounts unspent at the year end are carried forward in the balance sheet.

INTANGIBLE FIXED ASSETS OTHER THAN GOODWILL

Intangible assets acquired are recognised at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised as to write off the cost of assets less their residual values over their useful lives on the following bases:

Software and licences 3 to 10 years straight line

Intangible assets in the course of construction are not amortised.

TANGIBLE FIXED ASSETS

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Freehold property 2% - 10% per annum of cost Leasehold improvements 2.8% - 10% per annum of cost Fixtures and fittings 20% per annum of cost Office equipment 25% - 33% per annum of cost

Land is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

FIXED ASSET INVESTMENTS

In the Charitable Company’s financial statements, interests in subsidiaries are measured at cost less any accumulated impairment losses.

Interests in subsidiaries are assessed for impairment at each reporting date. Any impairment losses or reversals of impairment losses are recognised immediately in the statement of financial activities.

Other investments are stated at fair value and unrealised gains and losses on investments are recognised in the statement of financial activities.

CASH AND CASH EQUIVALENTS

Cash and cash equivalents include cash in hand and deposits held at call with banks.

THE NORLAND FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024

1 ACCOUNTING POLICIES (continued)

STOCK

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

LEASES

Rentals paid under operating leases are charged as an expense on a straight line basis over the period of the lease.

EMPLOYEE BENEFITS

The cost of short-term employee benefits is recognised as a liability and an expense.

Termination benefits are recognised immediately as an expense when the Group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

RETIREMENT BENEFITS

Certain employees are members of the Teachers’ Pension Scheme (TPS), a defined benefit scheme. The Group makes contributions on behalf of the employees who are members in accordance with the requirements of the scheme. Other than these contributions there is no additional liability to the company in respect of the scheme which is controlled by the Department for Education and Employment.

The TPS is an unfunded scheme and contributions are calculated so as to spread the cost of pensions over employees’ working lives with the Academy Trust in such a way that the pension cost is a substantially level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary on the basis of quadrennial valuations using a projected unit credit method. The TPS is an unfunded multi-employer scheme with no underlying assets to assign between employers. Consequently there is insufficient information to use defined benefit accounting, it is therefore treated as a defined contribution scheme for accounting purposes and the contributions recognised in the period to which they relate. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.

The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund.

FINANCIAL INSTRUMENTS

The Group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102, in full, to all of its financial instruments.

Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instrument, and are offset only when the Group currently has a legally enforceable right to set off the recognised amounts and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

FINANCIAL ASSETS

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

THE NORLAND FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024

1 ACCOUNTING POLICIES (continued)

OTHER FINANCIAL ASSETS

Other financial assets are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in other comprehensive income and where fair values cannot be measured reliably, are measured at cost less impairment.

FINANCIAL LIABILITIES

Basic financial liabilities, which include trade and other creditors, are initially measured at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Other financial liabilities classified as fair value through profit or loss are measured at fair value.

2 CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT

In the application of the Group’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The Trustees have considered whether any critical estimates or judgements have been made in the preparation of these financial statements and they believe there are none to note.

3 DONATIONS

DONATIONS
	2024	2023
	£	£
Donations received	11,362	1,200

In the current year, donations received of £1,362 (2023: £1,200) is unrestricted and £10,000 (2023: £nil) is restricted.

4 INVESTMENT INCOME

Investment income Bank interest received	2024 £ 70,152 25,088 95,240	2023 £ 58,529 13,454
		71,983

In the current year, investment income of £10,746 (2023: £9,680) is restricted.

THE NORLAND FOUNDATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024

5 CHARITABLE ACTIVITIES EXPENDITURE

		Support
	Direct	Costs (see	2024	2023
	Costs	note 6)	Total	Total
	£	£	£	£
Charitable activities	-	31,864	31,864	30,905

In the current year, £1,563 (2023: £525) of expenditure from charitable activities relating to investment management charges was restricted.

6 SUPPORT COSTS

Support Insurance Investment management fees Governance Bank charges Audit fees Accountancy fees Tax compliance fees Statutory compliance fees Trustees’ expenses	2024 £ 2,033 14,575 11 7,560 5,280 2,100 13 292 31,864	2023 £ 2,033 12,867 10 6,774 5,550 3,420 13 238
		30,905

All support costs relate to the sole charitable activity of the Group, being the provision of early years education through effective training and advancement of students.

7 STAFF COSTS

STAFF COSTS
Wages and salaries Social security costs Pension costs	2024 £ 2,887,449 302,126 333,332 3,522,907	2023 £ 2,770,468 300,994 270,436
		3,341,898

THE NORLAND FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024

7 STAFF COSTS (continued)

The average monthly number of persons employed by the Group during the year was:

Senior management Academic staff Support staff Agency staff Research, consultancy & training	2024 No 7 46 22 9 1 85	2023 No 7 49 22 6 1
		85

The Charitable Company had no employees during the current or prior year.

The number of employees whose emoluments as defined for taxation purposes amounted to over £60,000 in the year was as follows:

£60,000 in the year was as follows:
	2024	2023
	No	No
£60,001 - £70,000	3	3
£70,001 - £80,000	-	1
£80,001 - £90,000	1	1
£90,001 - £100,000	1	1
£100,001 - £110,000	-	-
£110,001 - £120,000	-	1
£120,001 - £130,000	1	-

Retirement benefits of £96,446 (2023: £69,439) are accruing to six (2023: seven) of these members of staff.

Key management personnel received aggregate remuneration including employer pension contributions of £726,531 (2023: £719,509).

8 TRUSTEES REMUNERATION

During the current or prior period no Trustees received remuneration in respect of services provided to the Charitable Company and therefore no Trustee received remuneration of more than £60,000. During the period Trustees’ expenses of £292 (2023: £238) were paid for travel expenses, to three Trustees (2023: three).

THE NORLAND FOUNDATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024

9 NET MOVEMENT IN FUNDS

Net movement in funds are stated after charging:

Net movement in funds are stated after charging:
	2024	2023
	£	£
Auditor’s remuneration:
- Statutory audit of the parent and group	7,800	7,445
- Statutory audit of the subsidiary	21,885	18,830
- Other non-audit services	9,995	9,715
- Taxation compliance services	5,260	4,960
Amortisation	12,110	8,562
Depreciation	250,813	246,821
Operating lease rentals	102,558	90,039

10 TAXATION

No liability to UK corporation tax arose on ordinary activities for the year ended 31 July 2024 or the year ended 31 July 2023.

THE NORLAND FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024

11 INTANGIBLE FIXED ASSETS

Group

Cost At 1 August 2023 Additions – separately acquired At 31 July 2024 Amortisation At 1 August 2023 Amortisation charged in the year At 31 July 2024 Net book value 31 July 2024 Net book value 31 July 2023	Software and licences £ 114,370 10,031
	124,401
	31,759 12,110
	43,869
	80,532
	82,611

Amortisation charges are included within expenditure on commercial trading operations on the statement of financial activities.

Charitable Company

The Charitable Company had no intangible fixed assets in the current or prior year.

THE NORLAND FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024

12 TANGIBLE FIXED ASSETS

Group

Cost At 1 August 2023 Additions At 31 July 2024 Depreciation At 1 August 2023 Depreciation charged in the year At 31 July 2024 Net book value 31 July 2024 Net book value 31 July 2023	Freehold property £ 1,043,582 - 1,043,582 133,826 33,260 167,086 876,496 909,756	Leasehold improvements £ 3,665,768 - 3,665,768 644,155 161,035 805,190 2,860,578 3,021,613	Fixtures and fittings £ 164,573 - 164,573 163,455 506 163,961 612 1,118	Office equipment £ 260,402 54,595 314,997 164,721 56,012 220,733 94,264 95,681	Total £ 5,134,325 54,595
					5,188,920
					1,106,157 250,813
					1,356,970
					3,831,950
					4,028,168

Company

The Charitable Company had no tangible fixed assets in the current or prior year.

THE NORLAND FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024

13 FIXED ASSET INVESTMENTS Group

FIXED ASSET INVESTMENTS Group
Listed investments Movements in fixed asset investments Valuation At 1 August 2023 Additions Valuation changes At 31 July 2024 Carrying amount At 31 July 2024 At 31 July 2023 Charitable Company Listed investments Investments in group undertakings Movements in fixed asset investments Cost or valuation At 1 August 2023 Additions Valuation changes At 31 July 2024 Carrying amount At 31 July 2024 At 31 July 2023	2024 £ 2,963,555 2024 £ 2,963,555 51 2,963,606 Listed investments £ 2,668,832 159,121 135,602 2,963,555 2,963,555 2,668,832	2023 £ 2,668,832
		Listed investments £ 2,668,832 159,121 135,602
		2,963,555
		2,963,555
		2,668,832
		2023 £ 2,668,832 51
		2,668,883
		Shares in group undertaking £ 51 - -
		51
		51
		51

In the opinion of the Trustees, the aggregate value of the Charitable Company’s investment in subsidiary undertakings is not less than the amount indicated in the Balance Sheet.

THE NORLAND FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024

13 FIXED ASSET INVESTMENTS (continued)

SUBSIDIARY UNDERTAKINGS

The Charitable Company holds more than 20% of the share capital in the following companies:

Company	Registered Office	Class	Shares held	Shares held
				%
Subsidiary undertaking			Direct	Indirect
Norland College Limited	York Villa, York Place,	Ordinary	100	-
	London Road, Bath,
Company No: 00193170	Somerset, BA1 6AE

The principal activity of these undertakings for the last relevant financial year was as follows:

Company Principal activity Norland College Limited Provision of Higher Education degree in Early Years Development and Learning and the practical skills gained through the Norland Diploma.

The aggregate amount of capital and reserves and the results of these undertakings were as follows:

Norland College Limited Norland College Limited STOCKS Stock of supplies and finished goods	Income for the year £ 5,658,543 Income for the year £ 5,877,396 Group 2024 £ 8,237	2024 Expenditure for the year £ Profit for the year £ Capital and reserves £ (5,577,323) 81,220 4,831,896 2023 Expenditure for the year £ Profit for the year £ Capital and reserves £ (5,642,747) 234,649 4,999,087 Charitable Company 2023 £ 2024 £ 2023 £ 8,643 - -

14 STOCKS

THE NORLAND FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024

15 DEBTORS Group 2024 £ 2023 £ Trade debtors 63,486 393,210 Other debtors 11,943 5,440 Prepayments and accrued income 294,155 225,434 369,584 624,084 16 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2024 £ 2023 £ Trade creditors 169,390 135,951 Taxation and social security costs 122,963 137,465 Amounts owed to group undertakings - - Other creditors 11,291 14,958 Accruals and deferred income 329,795 476,635 633,439 765,009 17 DEFERRED INCOME Group 2024 £ 2023 £ Deferred income is included within: Creditors due within one year 126,937 43,000 Deferred income at 1 August 43,000 600 Released from previous years (43,000) (600) Resources deferred in the year 126,937 43,000 Deferred income at 31 July 126,937 43,000		Charitable Company 2024 £ 2023 £ - - 1,000 1,600 - - 1,000 1,600 Charitable Company 2024 £ 2023 £ - - - - 86,025 1,013 - - 18,717 17,691 104,742 18,704 Charitable Company 2024 £ 2023 £ - - - - - - - - - -	Charitable Company 2024 £ 2023 £ - - 1,000 1,600 - - 1,000 1,600 Charitable Company 2024 £ 2023 £ - - - - 86,025 1,013 - - 18,717 17,691 104,742 18,704 Charitable Company 2024 £ 2023 £ - - - - - - - - - -


			- - -
			-

Deferred income of £126,937 in the current year relates to a commercial contract with Emotion Coaching UK. The deferred income in the 2023 relates to a commercial contract with the Early Childhood Authority in Abu Dhabi.

THE NORLAND FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024

18 FINANCIAL INSTRUMENTS Carrying amount of financial assets Equity instruments measured at fair value 19 FUNDS Group At 1 August 2023 £ Income £ RESTRICTED FUNDS Benevolent fund 329,366 20,746 UNRESTRICTED FUNDS General fund 5,350,131 5,638,888 Designated funds 2,090,000 - TOTAL FUNDS 7,769,497 5,659,634 Charitable Company At 1 August 2023 £ Income £ RESTRICTED FUNDS Benevolent fund 329,366 20,746 UNRESTRICTED FUNDS General fund 351,095 309,179 Designated funds 2,090,000 - TOTAL FUNDS 2,770,461 329,925	2024 £ 2,963,555 Expenditure £ Transfers and other gains/(losses) £ (12,313) 17,260 (5,607,637) 118,342 - - (5,619,950) 135,602 Expenditure £ Transfers and other gains/(losses) £ (12,313) 17,260 (110,739) 118,342 - - (123,052) 135,602	2023 £ 2,668,832
		At 31 July 2024 £ 355,059 5,499,724 2,090,000
		7,944,783
		At 31 July 2024 £ 355,059 667,877 2,090,000
		3,112,936

THE NORLAND FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024

At 1 August 2022 £ 335,414 5,450,310 2,090,000 7,875,724 At 1 August 2022 £ 335,414 380,320 2,090,000	Income £ 9,680 5,860,155 - 5,869,835 Income £ 9,680 330,651 -	Expenditure £ (207,184) (5,698,144) - (5,905,328) Expenditure £ (207,184) (159,876) -	Transfers and other gains/(losses) £ 191,456 (262,190) - (70,734) Transfers and other gains/(losses) £ 191,456 (200,000) -	At 31 July 2023 £ 329,366 5,350,131 2,090,000
				7,769,497
				At 31 July 2023 £ 329,366 351,095 2,090,000
2,805,734	340,331	(367,060)	(8,544)	2,770,461

Designated funds

Funds of £1,500,000 (2023: £1,500,000) have been designated to support the College’s Student Protection Plan. This plan, required by the OfS, ensures adequate provision is made for students to allow them to continue and complete their studies (or receive compensation if this is not possible) in the event that the College is unable to provide its course or has to close. A further £590,000 (2023: £590,000) is designated in respect of the anticipated cost of replacing buildings.

Benevolent fund

In 2022, The Norland Institute Benevolent Fund (registered charity number 208818) was dissolved and its assets were transferred to the Norland Foundation. The Norland Institute Benevolent Fund was originally founded in 1915, with the following stated purpose: “For the relief of poverty, sickness or distress of any persons connected with Norland College whether as a member of staff or as persons undergoing training as nannies, or those who have trained”. The ‘Norland Institute’ was the forerunner of what is now Norland College.

A resolution was passed on 15 February 2022 to close the charity and transfer its assets to The Norland Foundation, where it would be accounted for as a restricted fund and continue operating with the same stated purpose.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024

THE NORLAND FOUNDATION

20 ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS

Restricted funds £ - - 319,834 35,225	General fund £ 80,532 3,831,950 553,721 1,033,521	Total funds £ 80,532 3,831,950 2,963,555 1,068,746
355,059	5,499,724	7,944,783
Restricted funds £ 319,834 35,225	General fund £ 553,772 114,105	Total funds £ 2,963,606 149,330
355,059	667,877	3,112,936
	General fund £ 82,611 4,028,168 276,257 963,095 5,350,131 General fund £ 276,308 74,787 351,095	Total funds £ 82,611 4,028,168 2,668,832 989,886
		7,769,497
		Total funds £ 2,668,883 101,578
		2,770,461

THE NORLAND FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024

21 CONTROL

There is no ultimate controlling party. The Board of Trustees is responsible for the strategic and operational decisions of the Group.

22 LIMITED BY GUARANTEE

The Charitable Company is limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

23 OTHER FINANCIAL COMMITMENTS

At the reporting end date, the Group had outstanding commitments for future minimum lease payments under non-cancellable operating leases which fall due as follows:

Group Operating leases which expire: Within one year Between two and five years Over 5 years	2024 £ 101,435 354,639 1,912,098 2,368,172	2023 £ 88,897 333,168 1,830,380
		2,252,445

Charitable Company

The Charitable Company has no financial commitments.

24 RETIREMENT BENEFITS

The Group’s employees belong to two principal pension schemes; The Teachers' Pension Scheme for England and Wales (TPS) for academic and related staff which is a defined benefit pension scheme and for non-teaching staff the Norland stakeholder pension scheme which is a defined contribution scheme which is administered by Scottish Widows.

Total pension costs in the year:

Group Teachers’ pension scheme contributions paid Norland stakeholder pension scheme contributions paid Total pension contributions paid in the year	2024 £ 222,877 110,455 333,332	2023 £ 191,131 79,305
		270,436

The pension costs are assessed in accordance with the advice of independent qualified actuaries. The latest actuarial valuation of the TPS was 31 March 2020.

At the year end contributions of £42,795 (2023: £38,436) were outstanding and included in creditors.

THE NORLAND FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024

24 RETIREMENT BENEFITS (CONTINUED)

Teachers’ Pension Scheme

The Group participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff.

The TPS is a statutory, contributory, defined benefit scheme, governed by the Teachers' Pensions 2014. Membership is automatic for teachers in academies. All teachers have the option to opt-out of the TPS following enrolment. The TPS is an unfunded scheme and members contribute on a ‘pay as you go’ basis – these contributions along with those made by employers are credited to the Exchequer. The Group has accounted for its contributions to the scheme as if it were a defined contribution scheme. The Group has set out below the information available on the scheme.

Under the definitions set out in FRS 102 (28.11), the TPS is a multi-employer pension plan. The Group is unable to identify its share of the underlying assets and liabilities of the plan. Accordingly, the Group has taken advantage of the exemption in FRS 102 and has accounted for its contributions to the scheme as if it were a defined-contribution plan. The Group has set out above the information available on the plan and the implications for the Group in terms of the anticipated contribution rates.

Valuation of the Teachers’ Pension Scheme

The Government Actuary, using normal actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuations and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 years. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2020.

The valuation report was published by the Department for Education on 26 October 2023. The key elements of the valuation and subsequent consultation are:

Total scheme liabilities for service (pensions currently payable and the estimated cost of future benefits) of £262 billion
Value of notional assets (estimated future contributions together with the proceeds from the notional investments held at the valuation date) of £222 billion
Notional past service deficit of £40 billion
Discount rate is 1.7% in excess of CPI

As a result of the valuation, new employer contribution rates were set at 28.6% (including a 0.08% administration levy) of pensionable pay from April 2024 onwards (compared to 23.68% from September 2019 to 31 March 2024).

The next valuation will be based on data as at 31 March 2024 and will take effect from 1 April 2027.

The employer’s pension costs paid to TPS in the period amounted to £222,877 (2023: £191,131).

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024

THE NORLAND FOUNDATION

25 NOTES TO THE STATEMENT OF CASH FLOWS

Cash generated from operations Net surplus/(deficit) Adjustments for: Investment income Amortisation of intangible assets Depreciation of tangible fixed assets Net (gains)/losses on investments Movements in working capital: Decrease/(increase) in stock Decrease/(increase) in debtors (Decrease)/increase in creditors Net cash inflow/(outflow) from operating activities 26 ANALYSIS OF CHANGES IN NET FUNDS 1 August 2023 £ Cash at bank and in hand 1,122,168	2024 £ 175,286 (95,240) 12,110 250,813 (135,602) 406 254,498 (131,568) 330,703 Cash flows £ 202,196	2023 £ (106,227) (71,983) 8,562 246,821 70,734 (1,305) (437,547) 213,606
		(77,339)
		31 July 2024 £ 1,324,364

27 RELATED PARTY RELATIONSHIPS AND TRANSACTIONS

During the year the Group had the following transactions with related parties:

Prof D Timms Bed MA MSc PhD (a director of the College) provided consultancy services to the College totalling £Nil (2023: £800). At the Balance Sheet date £Nil was outstanding (2023: £Nil).

Ms R Heald (a director of the college) is married to the Managing Partner of the College’s lead provider of legal services, Veale Wasbrough Vizards LLP. The College received legal services totalling £18,638 (2023: £97,057) during the year. At the balance sheet date, the amount outstanding was £nil (2023 £4,894). The Board of Directors are satisfied as to the probity of the relationship.

During the year The Norland Foundation transacted with its fully owned subsidiary Norland College Limited. All intergroup transactions and year end balances were eliminated on consolidation.

Dr Janet Rose (Principal) is a director of Emotion Coaching UK. During the year ended 31 July 2024, Norland entered into a partnership with Emotion Coaching UK, in order to deliver Emotion Coaching training (evidence-based co-regulation strategy for children) to numerous early years settings across the UK.

THE NORLAND FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024

27 RELATED PARTY RELATIONSHIPS AND TRANSACTIONS (CONTINUED)

During the year ended 31 July 2024, grant funding totaling £204,830 (2023: £nil) was received from the Stronger Practice Hubs in relation to the project. Of this, £77,893 was recognised during the period in line with project delivery, with £126,937 carried forward as deferred income to match delivery at a future date. £75,252 was paid to Emotion Coaching UK as delivery partner. The Board of Directors are satisfied as to the probity of the relationship.

The intergroup transactions and year end balances were:

Transactions in the year
Distribution under gift aid from Norland College Limited to
The Norland Foundation
Research Project funding awarded to Norland College
Limited from The Norland Foundation
Shared resource charge made by Norland College Limited to
The Norland Foundation
Balances outstanding at the year end
The Norland Foundation holds 100% of the share capital of
Norland College Limited
The Norland Foundation owes Norland College Limited

2024
2023
£
£
248,411
280,600
60,317
48,746
20,121
18,560
51
51
86,025
1,013

RG Company Registration No. 11077904 (England and Wales)

Registered Charity No. 1180292

THE NORLAND FOUNDATION (A company limited by guarantee)

REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

THE NORLAND FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

11077904 (England and Wales)

Registered Charity number

1180292 (England and Wales)

Registered office

York Villa York Place London Road Bath Somerset BA1 6AE

Trustees

Mr M C Clarke (Chairman) MA FCA D.Univ FRSA Mr C P Hare Mr P H Watkins FCA Mr D A Peck MA Mr M A Bray FCMA

Senior Management of Norland College Limited

Dr J Rose MA PhD PGCE FHEA (Principal of Norland College) Mrs A Edmond MA (Vice Principal of Norland College) Mrs E Burns MPhil FCCA (Executive – Chief Financial Officer)

Auditors RSM UK Audit LLP Chartered Accountants 2[nd] Floor 1 The Square Temple Quay Bristol BS1 6DG

Solicitors

Veale Wasbrough Vizards LLP Narrow Quay House Narrow Quay Bristol BS1 4QA

Bankers

NatWest Bank Plc Western Avenue Waterside Court Chatham Kent ME4 4RT

Investment advisers

Charles Stanley & Co. Limited 18 Queen Square Bath BA1 2HN

THE NORLAND FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024

OBJECTIVES AND AIMS

The objects of the Group and Charity, as set out in its governing documents are:

the advancement of education for the public benefit, in particular (but not limited to) early years education, by (but not limited to):
a. the promotion of effective education and training of student or qualified childcare and education practitioners in all aspects of early years care and the education of young children;
b. the promotion of best practice in early years care and the education of young children generally;
c. the provision of funding for specific projects and/or research relating to the promotion of best practice in early years care and education;
the promotion of social inclusion for the public benefit in particular (but without limitation) among children of early years age and their families/carers who are socially excluded from society, or part of society, as a result of their social and economic position, in particular (but without limitation) through:
a. the education of children of early years age and student or qualified childcare and education practitioners of early years education;
b. the provision of funding for specific projects and/or research to promote social inclusion; and
the advancement of such objects or purposes which are exclusively charitable according to the law of England and Wales for the public benefit in any part of the world and in such manner as the Trustees in their absolute discretion think fit.

ACTIVITIES

The Charity has continued to work closely with the College, collectively referred to as the Group.

THE NORLAND FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024

During the year it has retained and further developed its reserves to:

support the College’s Student Protection Plan;
make provision for additional properties for educational purposes;
cover six to nine months of the Charity’s core operating costs;
provide a Benevolent Fund to financially assist persons connected with Norland College; and
meet its other charitable objects.

PUBLIC BENEFIT

During the year, two part-time Charities and Communities Coordinators continued to oversee the wealth of charitable and community-based activities undertaken by staff and students at the College.

APPROACH TO FUNDRAISING

Over the year the charity did not undertake any formal fundraising activities. A fund-raising programme is being developed to enable the delivery of the Charity’s wider aims and objectives.

STRATEGIES & FUTURE PLANS

The Group intends to advance education by promoting best practice, effective education and training in all aspects of the care and the education of young children.

THE NORLAND FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024

The Charity continues to carefully manage and build investment funds to acquire assets for future educational and training purposes.

ACHIEVEMENTS AND PERFORMANCE

Student intake for the current academic year (2024/25) is higher than usual, with 128 first years enrolling in September 2024.

Norland was awarded top small or specialist provider in the 2024 Whatuni Student Choice awards, making the College a top two Whatuni winner for six consecutive years.

RISK MANAGEMENT

THE NORLAND FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024

The Charity’s principal risks reflect mainly those of the College (as below), but in addition include:

Fall in Investment Performance

Outlined below is a description of the principal risk factors that may affect the College:

1. Affordability

2. Inflation and Economic Pressures

Cost increases due to inflation result in the risk of Norland being unable to deliver its services within the budget available.

RESERVES POLICY

The reserves policy ensures the Charity:

Builds sufficient unrestricted reserves to safeguard its operational needs.
Holds sufficient unrestricted reserves to meet its charitable objectives.
Holds unrestricted designated reserves to support the College to meet its Student Protection Plan.
Builds sufficient unrestricted designated reserves to ensure that, in the long-term, the College has suitable property from which to operate.

At the year end, the Charity had total surplus unrestricted reserves of £667,877 (2023: £351,095) and total surplus unrestricted designated reserves of £2,090,000 (2023: £2,090,000).

THE NORLAND FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024

FINANCIAL REVIEW

The results for the year are set out in the annexed financial statements.

A copy of the College’s financial statements is available from Companies House.

INVESTMENT PORTFOLIO PERFORMANCE

Investments continue to be managed on a discretionary mandate in order to achieve a balance between income and growth with a medium/low level of risk.

GOING CONCERN

The Trustees have carefully considered the going concern of the Charity and the Group.

The review demonstrates the ongoing consideration by the Trustees of its ability to cope under worsening scenario conditions, should they arise.

THE NORLAND FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

Investment in Subsidiary Company

At the balance sheet date, the College remains the only subsidiary of the Charity.

Appointment of Trustees

Induction and training of Trustees

Trustees may receive training from the Charity’s legal, accountancy and investment advisers, either on a dedicated training day or by joining sessions offered generally by those advisers.

Trustees have access to the governing documents; previous minutes, plans, and other documentation; and to Charity Commission guidance.

Organisational Structure & Decision Making

The Trustees maintain an oversight of the College through College budgets, College management accounts, minutes of the College Board meetings and an annual presentation from the Principal.

THE NORLAND FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024

Investments Policy & Objectives

Related Parties

The trustees Mr M C Clarke and Mr M A Bray are also directors of the College.

Remuneration

Financial Management

Financial services for the Charity are provided by the College via a Shared Resources & Governance Agreement, with management accounts and forecasts scrutinised at Trustees’ meetings.

Qualifying Third Party Indemnity Provisions

The Charity has made qualifying third-party indemnity provisions for the benefit of its Trustees during the year. These provisions remain in force at the reporting date.

AUDITORS

RSM UK Audit LLP are deemed to be reappointed under section 487(2) of the Companies Act 2006.

THE NORLAND FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

The Report of the Trustees, was approved by the Trustees on the 12 December 2024 and signed on their behalf.

Trustee:

M C Clarke MA FCA D.Univ FRSA

P H Watkins FCA

THE NORLAND FOUNDATION

TRUSTEES’ RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 JULY 2024

TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

In preparing these financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements, and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

THE NORLAND FOUNDATION INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE NORLAND FOUNDATION FOR THE YEAR ENDED 31 JULY 2024

Opinion

In our opinion the financial statements:

give a true and fair view of the state of the group’s and the parent charitable company’s affairs as at 31 July 2024 and of the group’s incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.

Basis for opinion

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

We have nothing to report in this regard.

THE NORLAND FOUNDATION INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE NORLAND FOUNDATION FOR THE YEAR ENDED 31 JULY 2024

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Report of the Trustees, which includes the Directors’ Report and the Strategic Report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors’ Report and the Strategic Report included within the Report of the Trustees have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 require us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent charitable company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of trustees’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

Auditor’s responsibilities for the audit of the financial statements

The extent to which the audit was considered capable of detecting irregularities, including fraud

THE NORLAND FOUNDATION INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE NORLAND FOUNDATION FOR THE YEAR ENDED 31 JULY 2024

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the group audit engagement team:

obtained an understanding of the nature of the sector, including the legal and regulatory framework that the group and parent charitable company operate in and how the group and parent charitable company are complying with the legal and regulatory framework;
inquired of management, and those charged with governance, about their own identification and assessment of the risks of irregularities, including any known actual, suspected or alleged instances of fraud;
discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud

Use of our report

Basis for opini Kerry Gallagher

THE NORLAND FOUNDATION

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE NORLAND FOUNDATION FOR THE YEAR ENDED 31 JULY 2024

Kerry Gallagher (Senior Statutory Auditor) For and on behalf of RSM UK AUDIT LLP, Statutory Auditor Chartered Accountants 2[nd] Floor 1 The Square Temple Quay Bristol BS1 6DG

16/12/24 Date: ……………………….

THE NORLAND FOUNDATION CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2024

Restricted funds £ 10,000 10,746 - 20,746	Total 2024 £	Total 2023 £
	11,362 95,240 5,553,032 5,659,634 31,864 10,750 5,577,336 5,619,950 39,684 135,602 175,286 7,769,497 7,944,783	1,200 71,983 5,796,652
		5,869,835
		30,905 206,659 5,667,764
1,563 10,750 - 12,313 8,433 17,260 25,693 329,366 355,059
		5,905,328
		(35,493) (70,734)
		(106,227)
		7,875,724
		7,769,497

All amounts derive from continuing activities.

All gains and losses for the year are included in the consolidated statement of financial activities.

Company Registration No. 11077904

THE NORLAND FOUNDATION CONSOLIDATED BALANCE SHEET AS AT 31 JULY 2024

Notes 2024 £ FIXED ASSETS Intangible assets 11 Tangible assets 12 Investments 13 CURRENT ASSETS Stock 14 8,237 Debtors 15 369,584 Cash at bank and in hand 1,324,364 1,702,185 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 16 (633,439) NET CURRENT ASSETS TOTAL NET ASSETS THE FUNDS OF THE CHARITY: RESTRICTED FUNDS 19 UNRESTRICTED FUNDS General funds 19 Designated funds 19 TOTAL FUNDS	2024 £ 80,532 3,831,950 2,963,555	2023 £ 8,643 624,084 1,122,168	2023 £ 82,611 4,028,168 2,668,832
	6,876,037 1,068,746		6,779,611 989,886
1,702,185 (633,439)		1,754,895 (765,009)

	7,944,783		7,769,497
	355,059 5,499,724 2,090,000		329,366 5,350,131 2,090,000
	7,944,783		7,769,497

The financial statements on pages 15 to 38 were approved by the Board of Trustees and authorised for issue on 12 December 2024 and are signed on their behalf by:

Trustee:

M C Clarke MA FCA D.Univ FRSA

P H Watkins FCA

Company Registration No. 11077904

THE NORLAND FOUNDATION COMPANY BALANCE SHEET AS AT 31 JULY 2024

Notes 2024 £ FIXED ASSETS Investments 13 CURRENT ASSETS Debtors 15 1,000 Cash at bank and in hand 253,072 254,072 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 16 (104,742) NET CURRENT ASSETS TOTAL NET ASSETS THE FUNDS OF THE CHARITY: RESTRICTED FUNDS Benevolent Fund 19 UNRESTRICTED FUNDS General funds 19 Designated funds 19 TOTAL FUNDS	2024 £ 2,963,606 149,330	2023 £ 1,600 118,682	2023 £ 2,668,883 101,578
254,072 (104,742)		120,282 (18,704)

	3,112,936		2,770,461
	355,059 667,877 2,090,000		329,366 351,095 2,090,000
	3,112,936		2,770,461

The financial statements on pages 15 to 38 were approved by the Board of Trustees and authorised for issue on 12 December 2024 and are signed on their behalf by:

Trustee: Trustee: M C Clarke MA FCA D.Univ FRSA P H Watkins FCA

THE NORLAND FOUNDATION CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2024

Notes 2024 £ CASH FLOWS FROM OPERATING ACTIVITIES: Net cash provided by/(used in) operating activities 25 330,703 NET CASH GENERATED BY/(USED IN) OPERATING ACTIVITIES 330,703 CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of intangible assets (10,031) Purchase of tangible fixed assets (54,595) Purchase of investments (159,121) Proceeds on disposal of investments - Investment income 95,240 NET CASH USED IN INVESTING ACTIVITIES (128,507) INCREASE/(DECREASE) IN CASH IN THE YEAR 202,196 CASH AND CASH EQUIVALENTS AT 1 AUGUST 1,122,168 CASH AND CASH EQUIVALENTS AT 31 JULY 1,324,364	2023 £ (77,339)
	(77,339)
	(10,548) (60,867) (472,752) 319,873 71,983
	(152,311)
	(229,650)
	1,351,818
	1,122,168

THE NORLAND FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

1 ACCOUNTING POLICIES

GENERAL INFORMATION

The Group consists of The Norland Foundation and Norland College Limited.

The Charitable Company’s and the Group’s principal activities and the nature of the Charitable Company’s operations and the Group’s operations are disclosed in the Trustees’ Report.

BASIS OF PREPARATION

The Norland Foundation meets the definition of a public benefit entity under FRS 102.

GOING CONCERN

The Trustees have carefully considered the going concern of the Charity and the Group.

The majority of the Group’s activities sits within the College. The Trustees have reviewed three trading scenarios for the College covering an expected case, a worsening case and a worst case, through to 31 July 2026. Although such predictive work can never be relied on with complete certainty, the resultant forecasts and cash flows for each of the scenarios indicate that the College has adequate cash and other reserves to withstand, as well as the ability to adapt to, the worstcase scenario, should it occur, without the requirement for external funding.

The review demonstrates the ongoing consideration by the Trustees of its ability to cope under worsening scenario conditions, should they arise.

THE NORLAND FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024

1 ACCOUNTING POLICIES (continued)

REDUCED DISCLOSURES

In accordance with FRS 102, the Charitable Company has taken advantage of the exemptions from the following disclosure requirements:

Section 7 ‘Statement of Cash Flows’ – Presentation of a Statement of Cash Flow and related notes and disclosures; and
Section 11 ‘Basic Financial Instruments’ & Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values.

GROUP FINANCIAL STATEMENTS

INCOME

All income included in the statement of financial activities is recognised when the Group is legally entitled to the income and the amount can be quantified with reasonable accuracy.

Donations are recognised when the Charitable Company has entitlement to the funds, it is probable that the income will be received, and the amount can be measured reliably.

EXPENDITURE

ALLOCATION AND APPORTIONMENT OF COSTS

THE NORLAND FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024

1 ACCOUNTING POLICIES (continued)

FUND ACCOUNTING

INTANGIBLE FIXED ASSETS OTHER THAN GOODWILL

Intangible assets acquired are recognised at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised as to write off the cost of assets less their residual values over their useful lives on the following bases:

Software and licences 3 to 10 years straight line

Intangible assets in the course of construction are not amortised.

TANGIBLE FIXED ASSETS

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Freehold property 2% - 10% per annum of cost Leasehold improvements 2.8% - 10% per annum of cost Fixtures and fittings 20% per annum of cost Office equipment 25% - 33% per annum of cost

Land is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

FIXED ASSET INVESTMENTS

In the Charitable Company’s financial statements, interests in subsidiaries are measured at cost less any accumulated impairment losses.

Other investments are stated at fair value and unrealised gains and losses on investments are recognised in the statement of financial activities.

CASH AND CASH EQUIVALENTS

Cash and cash equivalents include cash in hand and deposits held at call with banks.

THE NORLAND FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024

1 ACCOUNTING POLICIES (continued)

STOCK

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

LEASES

Rentals paid under operating leases are charged as an expense on a straight line basis over the period of the lease.

EMPLOYEE BENEFITS

The cost of short-term employee benefits is recognised as a liability and an expense.

Termination benefits are recognised immediately as an expense when the Group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

RETIREMENT BENEFITS

The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund.

FINANCIAL INSTRUMENTS

FINANCIAL ASSETS

THE NORLAND FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024

1 ACCOUNTING POLICIES (continued)

OTHER FINANCIAL ASSETS

FINANCIAL LIABILITIES

2 CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT

The Trustees have considered whether any critical estimates or judgements have been made in the preparation of these financial statements and they believe there are none to note.

3 DONATIONS

DONATIONS
	2024	2023
	£	£
Donations received	11,362	1,200

In the current year, donations received of £1,362 (2023: £1,200) is unrestricted and £10,000 (2023: £nil) is restricted.

4 INVESTMENT INCOME

Investment income Bank interest received	2024 £ 70,152 25,088 95,240	2023 £ 58,529 13,454
		71,983

In the current year, investment income of £10,746 (2023: £9,680) is restricted.

THE NORLAND FOUNDATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024

5 CHARITABLE ACTIVITIES EXPENDITURE

		Support
	Direct	Costs (see	2024	2023
	Costs	note 6)	Total	Total
	£	£	£	£
Charitable activities	-	31,864	31,864	30,905

In the current year, £1,563 (2023: £525) of expenditure from charitable activities relating to investment management charges was restricted.

6 SUPPORT COSTS

Support Insurance Investment management fees Governance Bank charges Audit fees Accountancy fees Tax compliance fees Statutory compliance fees Trustees’ expenses	2024 £ 2,033 14,575 11 7,560 5,280 2,100 13 292 31,864	2023 £ 2,033 12,867 10 6,774 5,550 3,420 13 238
		30,905

All support costs relate to the sole charitable activity of the Group, being the provision of early years education through effective training and advancement of students.

7 STAFF COSTS

STAFF COSTS
Wages and salaries Social security costs Pension costs	2024 £ 2,887,449 302,126 333,332 3,522,907	2023 £ 2,770,468 300,994 270,436
		3,341,898

THE NORLAND FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024

7 STAFF COSTS (continued)

The average monthly number of persons employed by the Group during the year was:

Senior management Academic staff Support staff Agency staff Research, consultancy & training	2024 No 7 46 22 9 1 85	2023 No 7 49 22 6 1
		85

The Charitable Company had no employees during the current or prior year.

The number of employees whose emoluments as defined for taxation purposes amounted to over £60,000 in the year was as follows:

£60,000 in the year was as follows:
	2024	2023
	No	No
£60,001 - £70,000	3	3
£70,001 - £80,000	-	1
£80,001 - £90,000	1	1
£90,001 - £100,000	1	1
£100,001 - £110,000	-	-
£110,001 - £120,000	-	1
£120,001 - £130,000	1	-

Retirement benefits of £96,446 (2023: £69,439) are accruing to six (2023: seven) of these members of staff.

Key management personnel received aggregate remuneration including employer pension contributions of £726,531 (2023: £719,509).

8 TRUSTEES REMUNERATION

THE NORLAND FOUNDATION

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024

9 NET MOVEMENT IN FUNDS

Net movement in funds are stated after charging:

Net movement in funds are stated after charging:
	2024	2023
	£	£
Auditor’s remuneration:
- Statutory audit of the parent and group	7,800	7,445
- Statutory audit of the subsidiary	21,885	18,830
- Other non-audit services	9,995	9,715
- Taxation compliance services	5,260	4,960
Amortisation	12,110	8,562
Depreciation	250,813	246,821
Operating lease rentals	102,558	90,039

10 TAXATION

No liability to UK corporation tax arose on ordinary activities for the year ended 31 July 2024 or the year ended 31 July 2023.

THE NORLAND FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024

11 INTANGIBLE FIXED ASSETS

Group

Cost At 1 August 2023 Additions – separately acquired At 31 July 2024 Amortisation At 1 August 2023 Amortisation charged in the year At 31 July 2024 Net book value 31 July 2024 Net book value 31 July 2023	Software and licences £ 114,370 10,031
	124,401
	31,759 12,110
	43,869
	80,532
	82,611

Amortisation charges are included within expenditure on commercial trading operations on the statement of financial activities.

Charitable Company

The Charitable Company had no intangible fixed assets in the current or prior year.

THE NORLAND FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024

12 TANGIBLE FIXED ASSETS

Group

Cost At 1 August 2023 Additions At 31 July 2024 Depreciation At 1 August 2023 Depreciation charged in the year At 31 July 2024 Net book value 31 July 2024 Net book value 31 July 2023	Freehold property £ 1,043,582 - 1,043,582 133,826 33,260 167,086 876,496 909,756	Leasehold improvements £ 3,665,768 - 3,665,768 644,155 161,035 805,190 2,860,578 3,021,613	Fixtures and fittings £ 164,573 - 164,573 163,455 506 163,961 612 1,118	Office equipment £ 260,402 54,595 314,997 164,721 56,012 220,733 94,264 95,681	Total £ 5,134,325 54,595
					5,188,920
					1,106,157 250,813
					1,356,970
					3,831,950
					4,028,168

Company

The Charitable Company had no tangible fixed assets in the current or prior year.

THE NORLAND FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024

13 FIXED ASSET INVESTMENTS Group

FIXED ASSET INVESTMENTS Group
Listed investments Movements in fixed asset investments Valuation At 1 August 2023 Additions Valuation changes At 31 July 2024 Carrying amount At 31 July 2024 At 31 July 2023 Charitable Company Listed investments Investments in group undertakings Movements in fixed asset investments Cost or valuation At 1 August 2023 Additions Valuation changes At 31 July 2024 Carrying amount At 31 July 2024 At 31 July 2023	2024 £ 2,963,555 2024 £ 2,963,555 51 2,963,606 Listed investments £ 2,668,832 159,121 135,602 2,963,555 2,963,555 2,668,832	2023 £ 2,668,832
		Listed investments £ 2,668,832 159,121 135,602
		2,963,555
		2,963,555
		2,668,832
		2023 £ 2,668,832 51
		2,668,883
		Shares in group undertaking £ 51 - -
		51
		51
		51

In the opinion of the Trustees, the aggregate value of the Charitable Company’s investment in subsidiary undertakings is not less than the amount indicated in the Balance Sheet.

THE NORLAND FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024

13 FIXED ASSET INVESTMENTS (continued)

SUBSIDIARY UNDERTAKINGS

The Charitable Company holds more than 20% of the share capital in the following companies:

Company	Registered Office	Class	Shares held	Shares held
				%
Subsidiary undertaking			Direct	Indirect
Norland College Limited	York Villa, York Place,	Ordinary	100	-
	London Road, Bath,
Company No: 00193170	Somerset, BA1 6AE

The principal activity of these undertakings for the last relevant financial year was as follows:

Company Principal activity Norland College Limited Provision of Higher Education degree in Early Years Development and Learning and the practical skills gained through the Norland Diploma.

The aggregate amount of capital and reserves and the results of these undertakings were as follows:

Norland College Limited Norland College Limited STOCKS Stock of supplies and finished goods	Income for the year £ 5,658,543 Income for the year £ 5,877,396 Group 2024 £ 8,237	2024 Expenditure for the year £ Profit for the year £ Capital and reserves £ (5,577,323) 81,220 4,831,896 2023 Expenditure for the year £ Profit for the year £ Capital and reserves £ (5,642,747) 234,649 4,999,087 Charitable Company 2023 £ 2024 £ 2023 £ 8,643 - -

14 STOCKS

THE NORLAND FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024

15 DEBTORS Group 2024 £ 2023 £ Trade debtors 63,486 393,210 Other debtors 11,943 5,440 Prepayments and accrued income 294,155 225,434 369,584 624,084 16 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2024 £ 2023 £ Trade creditors 169,390 135,951 Taxation and social security costs 122,963 137,465 Amounts owed to group undertakings - - Other creditors 11,291 14,958 Accruals and deferred income 329,795 476,635 633,439 765,009 17 DEFERRED INCOME Group 2024 £ 2023 £ Deferred income is included within: Creditors due within one year 126,937 43,000 Deferred income at 1 August 43,000 600 Released from previous years (43,000) (600) Resources deferred in the year 126,937 43,000 Deferred income at 31 July 126,937 43,000		Charitable Company 2024 £ 2023 £ - - 1,000 1,600 - - 1,000 1,600 Charitable Company 2024 £ 2023 £ - - - - 86,025 1,013 - - 18,717 17,691 104,742 18,704 Charitable Company 2024 £ 2023 £ - - - - - - - - - -	Charitable Company 2024 £ 2023 £ - - 1,000 1,600 - - 1,000 1,600 Charitable Company 2024 £ 2023 £ - - - - 86,025 1,013 - - 18,717 17,691 104,742 18,704 Charitable Company 2024 £ 2023 £ - - - - - - - - - -


			- - -
			-

THE NORLAND FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024

18 FINANCIAL INSTRUMENTS Carrying amount of financial assets Equity instruments measured at fair value 19 FUNDS Group At 1 August 2023 £ Income £ RESTRICTED FUNDS Benevolent fund 329,366 20,746 UNRESTRICTED FUNDS General fund 5,350,131 5,638,888 Designated funds 2,090,000 - TOTAL FUNDS 7,769,497 5,659,634 Charitable Company At 1 August 2023 £ Income £ RESTRICTED FUNDS Benevolent fund 329,366 20,746 UNRESTRICTED FUNDS General fund 351,095 309,179 Designated funds 2,090,000 - TOTAL FUNDS 2,770,461 329,925	2024 £ 2,963,555 Expenditure £ Transfers and other gains/(losses) £ (12,313) 17,260 (5,607,637) 118,342 - - (5,619,950) 135,602 Expenditure £ Transfers and other gains/(losses) £ (12,313) 17,260 (110,739) 118,342 - - (123,052) 135,602	2023 £ 2,668,832
		At 31 July 2024 £ 355,059 5,499,724 2,090,000
		7,944,783
		At 31 July 2024 £ 355,059 667,877 2,090,000
		3,112,936

THE NORLAND FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024

At 1 August 2022 £ 335,414 5,450,310 2,090,000 7,875,724 At 1 August 2022 £ 335,414 380,320 2,090,000	Income £ 9,680 5,860,155 - 5,869,835 Income £ 9,680 330,651 -	Expenditure £ (207,184) (5,698,144) - (5,905,328) Expenditure £ (207,184) (159,876) -	Transfers and other gains/(losses) £ 191,456 (262,190) - (70,734) Transfers and other gains/(losses) £ 191,456 (200,000) -	At 31 July 2023 £ 329,366 5,350,131 2,090,000
				7,769,497
				At 31 July 2023 £ 329,366 351,095 2,090,000
2,805,734	340,331	(367,060)	(8,544)	2,770,461

Designated funds

Benevolent fund

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024

THE NORLAND FOUNDATION

20 ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS

Restricted funds £ - - 319,834 35,225	General fund £ 80,532 3,831,950 553,721 1,033,521	Total funds £ 80,532 3,831,950 2,963,555 1,068,746
355,059	5,499,724	7,944,783
Restricted funds £ 319,834 35,225	General fund £ 553,772 114,105	Total funds £ 2,963,606 149,330
355,059	667,877	3,112,936
	General fund £ 82,611 4,028,168 276,257 963,095 5,350,131 General fund £ 276,308 74,787 351,095	Total funds £ 82,611 4,028,168 2,668,832 989,886
		7,769,497
		Total funds £ 2,668,883 101,578
		2,770,461

THE NORLAND FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024

21 CONTROL

There is no ultimate controlling party. The Board of Trustees is responsible for the strategic and operational decisions of the Group.

22 LIMITED BY GUARANTEE

The Charitable Company is limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

23 OTHER FINANCIAL COMMITMENTS

At the reporting end date, the Group had outstanding commitments for future minimum lease payments under non-cancellable operating leases which fall due as follows:

Group Operating leases which expire: Within one year Between two and five years Over 5 years	2024 £ 101,435 354,639 1,912,098 2,368,172	2023 £ 88,897 333,168 1,830,380
		2,252,445

Charitable Company

The Charitable Company has no financial commitments.

24 RETIREMENT BENEFITS

Total pension costs in the year:

Group Teachers’ pension scheme contributions paid Norland stakeholder pension scheme contributions paid Total pension contributions paid in the year	2024 £ 222,877 110,455 333,332	2023 £ 191,131 79,305
		270,436

The pension costs are assessed in accordance with the advice of independent qualified actuaries. The latest actuarial valuation of the TPS was 31 March 2020.

At the year end contributions of £42,795 (2023: £38,436) were outstanding and included in creditors.

THE NORLAND FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024

24 RETIREMENT BENEFITS (CONTINUED)

Teachers’ Pension Scheme

The Group participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff.

Valuation of the Teachers’ Pension Scheme

The valuation report was published by the Department for Education on 26 October 2023. The key elements of the valuation and subsequent consultation are:

Total scheme liabilities for service (pensions currently payable and the estimated cost of future benefits) of £262 billion
Value of notional assets (estimated future contributions together with the proceeds from the notional investments held at the valuation date) of £222 billion
Notional past service deficit of £40 billion
Discount rate is 1.7% in excess of CPI

The next valuation will be based on data as at 31 March 2024 and will take effect from 1 April 2027.

The employer’s pension costs paid to TPS in the period amounted to £222,877 (2023: £191,131).

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024

THE NORLAND FOUNDATION

25 NOTES TO THE STATEMENT OF CASH FLOWS

Cash generated from operations Net surplus/(deficit) Adjustments for: Investment income Amortisation of intangible assets Depreciation of tangible fixed assets Net (gains)/losses on investments Movements in working capital: Decrease/(increase) in stock Decrease/(increase) in debtors (Decrease)/increase in creditors Net cash inflow/(outflow) from operating activities 26 ANALYSIS OF CHANGES IN NET FUNDS 1 August 2023 £ Cash at bank and in hand 1,122,168	2024 £ 175,286 (95,240) 12,110 250,813 (135,602) 406 254,498 (131,568) 330,703 Cash flows £ 202,196	2023 £ (106,227) (71,983) 8,562 246,821 70,734 (1,305) (437,547) 213,606
		(77,339)
		31 July 2024 £ 1,324,364

27 RELATED PARTY RELATIONSHIPS AND TRANSACTIONS

During the year the Group had the following transactions with related parties:

Prof D Timms Bed MA MSc PhD (a director of the College) provided consultancy services to the College totalling £Nil (2023: £800). At the Balance Sheet date £Nil was outstanding (2023: £Nil).

During the year The Norland Foundation transacted with its fully owned subsidiary Norland College Limited. All intergroup transactions and year end balances were eliminated on consolidation.

THE NORLAND FOUNDATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 JULY 2024

27 RELATED PARTY RELATIONSHIPS AND TRANSACTIONS (CONTINUED)

The intergroup transactions and year end balances were:

2024
2023
£
£
248,411
280,600
60,317
48,746
20,121
18,560
51
51
86,025
1,013

Paper No:
Agenda Item:
Committee/BOARD:	Norland Foundation Board of Trustees
Date of Meeting:	9 December 2024
Date Distributed:
Paper Title:	RSM Audit Findings Report for theyear ended 31.7.24(Group)
Prepared By:	Emma Burns
Version No:	V0.1/EB/1.12.24

Purpose of this paper:

This Audit Findings Report summarises Norland’s external auditor’s key findings in connection with the audit of the Group (Foundation & College) in respect of the year ended 31 July 2024.

Context:

External audit gives an independent opinion on the Financial Statements, and adds credibility as to their accuracy and content.

Recommendation:

The report should be reviewed and discussed.

Risk:

During the audit and accounts preparation, RSM will report their findings including significant issues and adjustments made to the accounts.

If any such issues were left unaddressed, they could create a weakness in College accounting controls, reporting processes and content.

STRICTLY PRIVATE & CONFIDENTIAL

Audit findings report

Issued to:

The Norland Foundation Year ended 31 July 2024

20 November 2024

3 4 7 8

Executive summary Key audit risk findings Qualitative aspects of accounting Recommendations on controls Appendix

Executive summary

Unadjusted audit misstatements

Status and overview of the audit

Our audit progressed as planned. The work is now complete.

Final materiality

Materiality has not materially changed since we presented our audit plan.

Unadjusted misstatements

No unadjusted misstatements have been identified through the course of our audit testing. Any adjustments noted have been reflected in the recent drafts of the financial statements by management.

----- Start of picture text -----
Unadjusted audit misstatements
£Nil
TOTAL EXPENSES
£153k
----- End of picture text -----

Audit findings report | 3

Key audit risk findings

(See Appendix for risk description and planned work)

We have set out below details of those areas that we considered to be the key audit risks arising when we presented our audit plan. There have been no changes to the risks identified.

Audit risks summary

Risk	Risk identified	Change in
item		risk
1	Management override of controls	
2	Abu Dhabi contract	
3	Revenue recognition	
4	Related party transactions	
5	Going concern	
6	Fund accounting	
7	Accruals	
8	EEF Grant	

Audit findings report | 4

Audit risks

Risk	Findings
Management	We have reviewed general ledger entries on a sample basis using our Alteryx data analytics software. We have found no evidence of unusual or inappropriate entries. The
override of	ledger entries reviewed appeared to represent bona-fide business transactions.
controls –
Significant risk	In the course of our testing, we noted two journal transactions which did not balance. The reason for this was investigated with the help of our data analytics experts and
	confirmed the difference was trivial at only £2 (£1 for each transaction). To try to understand how this could have occurred we observed a member of the finance team
	attempting to post an unbalanced journal and confirmed it was not possible through normal access. We also noted that, consistent with a finding last year, there are different
	lines of the same transaction with different transaction IDs. As a result of our follow up work, we are satisfied there is no impact on the ledger other than the above £2
	difference. We understand from discussions with management that inquiries they have made with Sage, who are unsure as to how this could occur, which gives comfort
	there are no significant errors in the system itself. We recommend management maintain awareness of the issue when reviewing financial statements as part of normal
	month end processing.
	We performed specific testing over user IDs within the system to understand who is posting certain journals to the ledger and confirmed these to be in line with our
	expectations and understanding.
	We have reviewed key judgments and estimates. Further commentary can be found on these below. No significant transactions have been noted outside the ordinary course
	of business for the group.
	A control recommendation has been made further down in this report in respect of the financial management of The Norland Foundation, which we recommend should be
	through an accounting software package to minimise the risk of miss-postings.
Abu Dhabi	We updated our review of the Abu Dhabi (ECA) contract and confirmed no specific changes to terms in the agreement. We noted that whilst the contract itself extends to
contract –	August 2025, the second phase of the contract was effectively cut short due to cost saving measures by the ECA, and so only extended in practise to September 2023.
Higher risk
	As such, all invoiced income to date has been recognised by Norland and we concur with this treatment, which is in compliance with FRS102 and delivery terms on the
	contract itself. We observed correspondence which confirmed ECA’s agreement with this.
	No concerns or issues were raised as a result of our testing.
Revenue	We performed substantive analytical review by performing a proof in total over fee income taking the number of pupils and the termly fees and agreed a sample back to
recognition –	supporting documentation to confirm the accuracy and completeness of the reports used. No material differences were noted between the recalculation and the reported
Higher risk	income.
	We have also reviewed and performed substantive testing over all other income streams. No material issues were noted with the sample tested and all were recognised in
	the group in accordance with the SORP recognition criteria.

Audit findings report | 5

Audit risks (continued)

Risk	Findings
Related party	We have confirmed that the financial statements include the expected disclosures needed as per Charities SORP.
transactions –
Higher risk	We have reviewed the disclosures made and not noted any material misstatements regarding the completeness or accuracy of these.
Going concern –	Management have made an assessment of the going concern basis for Norland College and The Norland Foundation as a group, through preparing profit & loss budgets
Higher risk	and cashflows under 3 different scenarios. We have performed detailed testing on the three scenarios including performing a detailed review of the cashflows expected for
	the period to July 2026. Management have conducted sensitivity analysis on the budgets and cashflows prepared, by looking at their best, worse and worst-case scenarios,
	flexed for movements in key assumptions such as student numbers, inflation, and cost savings. We have reviewed these key assumptions and challenged management on
	some of the key movements from audited results for the 2024 financial year. No significant doubt is raised over the going concern assumption, which is ultimately based on a
	sustainable model of consistent student numbers and a carefully controlled cost base, which maintains positive cash flow with upside from additional consultancy projects.
	Following a review of these documents we concluded that there is no material uncertainty over these matters and our audit opinion has not been modified in respect of this.
	We have reviewed the disclosures within the Trustees Report and Strategic Report and confirmed that adequate disclosures have been made.
Fund	We have confirmed that the accounting and disclosure of the funds of the group are in line with their nature. We noted one donation which had been miss-classified as
accounting –	unrestricted when in fact restrictions were made by the donor. This has been adjusted by management in the financial statements, and a control recommendation made
Higher risk	further down in our report.
EEF grant –	We obtained and reviewed a copy of the agreement between EEF and Norland College, and the Memorandum of Understanding (MOU) between Norland College and
Higher risk	ECUK. We discussed the terms of the contract with management to ensure we fully understand the application of them in income recognition for the Norland accounts. The
	contract is on a milestone basis however the total value of the contract is not allocated exactly against milestone terms; which limits a milestone-based approach to
	recognition; and in practise only costs incurred will be repaid by the funders, EEF. As such, management have taken a cost recovery approach to the recognition of income
	which we consider to be appropriate and in line with FRS102 guidance. We recommend that going forwards as costs become more material, Norland, together with ECUK,
	undertake an exercise to map the costs per the ‘master tracker’ budget against milestone terms in the contract, which will allow management to more easily demonstrate
	how income recognised relates to each milestone. This will also ensure that any over- or under-spend can be flagged to the funders at the earliest opportunity, and
	appropriate adjustments to the accounts made in a timely way.
	As the majority of income received by Norland is passed directly to ECUK, in their position as delivery partner, the net income for Norland is trivial in value and recognised
	based on time spent to date. We undertook an exercise to ensure appropriate recognition of this income under the FRS102 principal vs. agent criteria to confirm whether the
	full grossed up income and costs should be recognised in Norland’s P+L, or just the portion retained by the College. We concluded that in this scenario Norland College is
	the ‘principal’ and therefore confirmed the treatment applied by management to show the total gross balances is correct.

	We	corroborated balances to supporting documentation such as funder invoices and correspondence between the different parties. No issues or concerns were noted.	corroborated balances to supporting documentation such as funder invoices and correspondence between the different parties. No issues or concerns were noted.
	We	recommended management update the turnover accounting policy disclosed in the financial statements to reflect this new contract.
Audit findings report			6

Qualitative aspects of accounting

Management judgements and accounting estimates

The following areas are considered to be the principal management judgements and estimates. The graphic below visually represents the impact (lower or higher) on the financial statements of a change in management’s estimate. In overview, a reasonably possible change in estimate that has a low impact means that such a change will have limited impact on the financial statements.

Areas of judgement / estimate	Low impact	High impact
Provision for bad debts
Accruals
Useful economic lives of fixed assets
Recognition of income on grants and contracts

Audit findings report | 7

Recommendations on controls

We have set out below recommendations on internal controls which came to our attention during the course of our audit work. This does not constitute a comprehensive statement of all internal control matters or of all improvements which may be made and has addressed only those matters which have come to our attention as a result of the audit procedures performed. An audit is not designed to identify all matters that may be relevant to you and accordingly the audit does not ordinarily identify all such matters.

Control observation Recommendations and response

Recommendations

Agency income reconciliation

We understand management had identified this as an appropriate control and have implemented this process post year end. Therefore we recommend this reconciliation continues to be regularly performed and reviewed by the finance team.

We have noted that there is no formal reconciliation between SAGE and the Agency/NQN Income spreadsheets. We have been provided with an example post year end that shows this is possible, but it doesn't appear this is formally a part of termly or annual processing. There is a risk over the completeness and accuracy of the ledger as a result.

Management response

This had already been identified by the Finance team and a new monthly procedure has been implemented.

Journals imbalance and Foundation records

Recommendations

We recommended management contact the Sage support team to understand how these journals are created and ensure there is no risk of unbalanced postings being made. Following further discussions with management we understand conversations with Sage have confirmed it is not possible to post unbalanced journals, however the risk should be considered by management in their normal financial review procedures.

We noted in our testing of journals for Norland College that there are two transactions which don’t balance. This presents a risk over errors or fraud in the ledger.

All accounting records for The Norland Foundation are maintained in excel, rather than a formalised accounting programme. There is an increased opportunity for error as a result.

We also recommend management formalise the accounting process for Foundation, by implementing a software package such as Sage for this entity as well as College.

Management response

The issue of the immaterial unbalanced journal will be escalated with Sage. Management to review and consider moving the Foundation records onto an accounting package.

----- Start of picture text -----
Control recommendation
----- End of picture text -----

----- Start of picture text -----
Significant control
recommendation
Assessment
key Other control recommendation
----- End of picture text -----*

Agency income reconciliation

Journals imbalance and Foundation records

* = these represent a risk of material misstatement to the financial results

Audit findings report | 8

Recommendations on controls (continued)

Control observation Recommendations and response

PO ageing

Recommendations

Whilst no error was noted from our review of the list of outstanding POs, we would recommend management regularly check and clear down the system to ensure there are no ageing POs which may need to be posted.

We have noted that Planergy has some outstanding POs from more than 9 months ago. This could indicate costs in the ledger are understated, with POs not being posted as PIs into the system.

Control recommendation

----- Start of picture text -----
Significant control
recommendation
Assessment
key Other control recommendation
PO ageing
Fund classifications
----- End of picture text -----*

Management response

Fund classifications

We noted in the course of our testing that one donation was miss-classified in the ledgers as unrestricted income, when in fact restrictions were in place. Whilst this item has been adjusted in the financial statements, and no other errors were noted, there is a risk that funds are misstated and donor balances mis-treated as a result of improper classification.

Noted - Finance team to implement a new procedure.

Recommendations

We recommend careful consideration is given to restrictions made by donors on donations received. This should be subject to segregated review by a senior member of the finance team.

Management response

Noted – Finance team to implement a new procedure.

* = these represent a risk of material misstatement to the financial results

Audit findings report | 9

Recommendations on controls (continued)

Control observation

Recommendations and response

Staff expense approvals

Recommendations

We recommend that a strict process of approval is implemented for all expense claims, regardless of staff member. Alternatively, if this type of preventative control is not appropriate, a detective control to review claims on an ad-hoc basis by an independent party (potentially a trustee) should be put in place.

In the course of our testing on expect claims, we noted that the FD and delegated manager could approve their own expense claims. This presents the risk that inappropriate claims are made and paid by the College or ultimately the Charity.

Management response

Control recommendation

----- Start of picture text -----
Significant control
recommendation
Assessment
key Other control recommendation
----- End of picture text -----*

Staff expense approvals

* = these represent a risk of material misstatement to the financial results

Noted – Finance team to adjust procedures.

Audit findings report | 10

Appendix

Summary of unadjusted misstatements

No unadjusted misstatements were identified during the course of our work.

Audit findings report | 12

Financial statement disclosures

During the course of our audit, we reviewed the adequacy of the disclosures contained within the financial statements and their compliance with both relevant accounting standards and the requirements of the Companies Act 2006, Charities Act 2011, and the Charities SORP.

The following disclosure matters were brought to your attention and subsequently adjusted / not adjusted in the revised financial statements.

Unadjusted disclosures	Adjusted disclosures
Reclassification of £10k donation balance to restricted fund.
Disclosure of Principal and Vice-Principal overtime payment in the year in respect of the Abu Dhabi consultancy work.
Update to narrative disclosure of the impact of the ECA contract in the year, within the Trustees’ report.
Updates to KPI figures where required in Norland College Strategic Report.
Additional sentence added in the turnover accounting policy in Norland College accounts for the new EEF grant.
Clarification in the employees note in Norland College for the reason for change in employee numbers.

Audit findings report | 13

Other matters to be reported

Representations requested

In addition to those representation which we request on all audit assignments (http://www.rsmuk.com/standard-representations) we will be seeking specific representations from the Board on the following matters:

No specific representations expected

Independence

In accordance with the International Standard on Auditing (UK) 260 “communication with those charged with governance”, there are no changes to the details of relationships between RSM UK Audit LLP including its related entities and persons in a position to influence the conduct or outcome of the audit and Norland and its connected parties that may reasonably be thought to bear on our independence, integrity and objectivity and the related safeguards from those disclosed in the audit plan.

Audit findings report | 14

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Audit findings report | 15

Illllil Audit risk summary taken from the audit plan

Audit risk summary

Abu Dhabi contract	Last year, this contract was a significant new revenue stream for the College. The contract between the College and the Abu Dhabi Early Childhood Authority is still in place for the 2023-2024 financial year. The revenue recognition on this contract was audited in the prior year and no significant areas of concern were noted. This year, the financial impact of the contract is expected to be lower than last year, and therefore our risk assessment has also reduced from ‘significant’ to ‘higher’ as shown on page 7.	We will review the terms of the contract and understand any changes in terms or application from the prior year. We will compare the recognition to FRS 102 and the Charities SORP criteria to ensure it is compliant. We will corroborate invoiced and receipted revenue to provide comfort over the recoverability of these amounts. We will review the disclosure required in the financial statements to ensure it gives a true and fair view subject to commercial limitations.
Revenue recognition	For Norland College Limited we need to confirm that fee income has been recognised correctly, along with ensuring that other sources of income have been recognised in the correct period. Income recognition policies for the group need to be implemented in accordance with the 3 recognition criteria of entitlement, probability and measurement included within the Charity SORP. The group could also be in receipt other sources of income including donations and legacies. This income also needs to be accounted for in accordance with the SORP criteria.	We will review the pupil fee reconciliation to ensure that income has been appropriately recognised. We shall perform detailed substantive testing over other sources of income in Norland College. Consideration shall be given to the accounting policies adopted, specifically the 3 recognition criteria of entitlement, probability and measurement in respect of other sources of income for the group.
Related party transactions	Under Charities SORP there are a number of disclosure requirements in respect of related party transactions. This includes disclosure of: • Remuneration received by Trustees; • Expenses reimbursed to Trustees; and • Transactions and year end balances with entities within the group	We will review the disclosures made in the financial statements ensuring that these are complete and accurate, including in respect of any new transaction types this year. We are aware that significant transactions with Emotion Coaching will need to be disclosed (see EEF grant below).

Audit risk summar continued y ( )

Risk Description Response Major events, such as the current economic situation and geoAs part of our audit we will consider:
Going concern political issues in Ukraine and Israel represent sources uncertainty • Management’s analysis of the potential impact of current geo-political and economic which may expose entities to new opportunities and/or risks, or issues on the entity’s business model and strategies e.g. revenues, costs etc.
change the scale and likelihood of existing ones, that affect their business model and strategies. Particularly for Norland College and • The forward-looking assumptions used by management in their assessments relating to the group, such economic uncertainty stems from the ability to asset impairment reviews, going concern, taxation liabilities, etc. attract and retain sufficient student numbers.

Fund accounting	Under Charity accounting an entity can have any number of different funds – unrestricted, designated, restricted and endowment. The consolidation of Norland College Limited into The Norland Foundation charity financial statements may result in the creation of a number of these funds depending on the purpose of the income received.	We will review the accounting and disclosure of the funds of the group to ensure these are in line with our understanding of the nature of these. We will review documentation for evidence of any restrictions and ensure that these are adequately disclosed.
Accruals	There were a number of accruals noted in previous periods where there was either uncertainty over the timing of the payment or the amount due to be paid. There is therefore a risk that amounts included as accruals are presented incorrectly and should be shown as provisions. We understand from discussions with management at the planning stage of the audit that these accruals are expected to be released prior to year-end. As such, we have down-graded this risk from ‘higher’ to ‘other’.	We shall sample test accruals to ensure that they are supported by valid documentation and calculations. We shall review these in accordance with the requirements of FRS 102 to ensure they meet the definition of an accrual or provision.
Audit findings report	18 EEF Grant	We understand a new grant has been provided by the Education Endowment Fund to the College in partnership with Emotion Coaching UK. This contract will create a new income stream for the College as well as significant consulting costs charged via the College to Emotion Coaching UK, which will require consideration of the Agent vs. Principal criteria under FRS 102 to ensure balances are appropriately recognised.

RSM UK Audit LLP 2nd Floor 1 The Square Temple Quay Bristol BS1 6DG United Kingdom T +44 (0)117 945 2000 rsmuk.com

Our report is prepared solely for the confidential use of The Norland Foundation and solely for the purpose of explaining the scope and timing of the audit, and to highlight the significant risks and other audit areas that we will be focusing our audit work upon. This forms part of the ongoing communications we are required to make under the International Standard on Auditing (UK) 260 – Communication with those charged with governance.

For the avoidance of doubt, the auditor is not required to design audit procedures for the specific purpose of identifying matters of governance interest, nor does the audit relieve management or those charged with governance of their responsibilities. Throughout this document the terms partner and principal are interchangeable.

The UK group of companies and LLPs trading as RSM is a member of the RSM network. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm each of which practises in its own right. The RSM network is not itself a separate legal entity of any description in any jurisdiction.

The RSM network is administered by RSM International Limited, a company registered in England and Wales (company number 4040598) whose registered office is at 50 Cannon Street, London EC4N 6JJ. The brand and trademark RSM and other intellectual property rights used by members of the network are owned by RSM International Association, an association governed by article 60 et seq of the Civil Code of Switzerland whose seat is in Zug.

RSM UK Corporate Finance LLP, RSM UK Legal LLP, RSM UK Restructuring Advisory LLP, RSM UK Risk Assurance Services LLP, RSM UK Tax and Advisory Services LLP, RSM UK Audit LLP, RSM UK Consulting LLP and RSM UK Creditor Solutions LLP are limited liability partnerships registered in England and Wales, with registered numbers OC325347, OC402439, OC325349, OC389499, OC325348, OC325350, OC397475 and OC390886 respectively. RSM UK Employer Services Limited, RSM UK Tax and Accounting Limited and RSM UK Management Limited are registered in England and Wales with numbers 6463594, 6677561 and 3077999 respectively. All other limited companies and limited liability partnerships are registered at 6th Floor, 25 Farringdon Street, London, EC4A 4AB. The UK group of companies and LLPs trading as RSM is a member of the RSM network. RSM is the trading name used by the members of the RSM network. Each member of the RSM network is an independent accounting and consulting firm which practises in its own right. The RSM network is not itself a separate legal entity in any jurisdiction.

2024-07-31-accounts

RG Company Registration No. 11077904 (England and Wales)

THE NORLAND FOUNDATION REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

Registered Charity number

Registered office

Trustees

Senior Management of Norland College Limited

Solicitors

Bankers

Investment advisers

THE NORLAND FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024

OBJECTIVES AND AIMS

ACTIVITIES

THE NORLAND FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024

PUBLIC BENEFIT

APPROACH TO FUNDRAISING

STRATEGIES & FUTURE PLANS

THE NORLAND FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024

ACHIEVEMENTS AND PERFORMANCE

RISK MANAGEMENT

THE NORLAND FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024

1. Affordability

2. Inflation and Economic Pressures

RESERVES POLICY

THE NORLAND FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024

FINANCIAL REVIEW

INVESTMENT PORTFOLIO PERFORMANCE

GOING CONCERN

THE NORLAND FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

Investment in Subsidiary Company

Appointment of Trustees

Induction and training of Trustees

Organisational Structure & Decision Making

THE NORLAND FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024

Investments Policy & Objectives

Related Parties

Remuneration

Financial Management

Qualifying Third Party Indemnity Provisions

AUDITORS

THE NORLAND FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2024

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

THE NORLAND FOUNDATION

TRUSTEES’ RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 JULY 2024

TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

THE NORLAND FOUNDATION INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE NORLAND FOUNDATION FOR THE YEAR ENDED 31 JULY 2024

Opinion

In our opinion the financial statements:

Basis for opinion

Conclusions relating to going concern

Other information

THE NORLAND FOUNDATION INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE NORLAND FOUNDATION FOR THE YEAR ENDED 31 JULY 2024

Opinions on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

Responsibilities of trustees

Auditor’s responsibilities for the audit of the financial statements

The extent to which the audit was considered capable of detecting irregularities, including fraud

THE NORLAND FOUNDATION INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE NORLAND FOUNDATION FOR THE YEAR ENDED 31 JULY 2024

Use of our report

THE NORLAND FOUNDATION

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE NORLAND FOUNDATION FOR THE YEAR ENDED 31 JULY 2024

THE NORLAND FOUNDATION CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2024

THE NORLAND FOUNDATION CONSOLIDATED BALANCE SHEET AS AT 31 JULY 2024

THE NORLAND FOUNDATION COMPANY BALANCE SHEET AS AT 31 JULY 2024

THE NORLAND FOUNDATION CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2024

1 ACCOUNTING POLICIES

GENERAL INFORMATION

BASIS OF PREPARATION

GOING CONCERN