Company Reglstratlon Number: 11426256 (England & Wales) NEWFRIARS COLLEGE (A company Ilmlted by guarantee) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
NEWFRIARS COLLEGE IA company Ilmlted by guarantee} CONTENTS Page Referenca and admlnlstratlv8 det8118 Trusteès, réport Statement of trustees. responslblllt185 Independant audltor's report on th• financlal statements statement of flnanclal actlv511es Incorporatlng Income and expandlture account Balance sheet 10 15 16-17 Statement of cash flows 18 Notes to the flnanclal statements 79-43
NEWFRIARS COLLEGE IA company limited by guarantea) REFERENCE AND ADMINISTRATIVE DETAILS M8mbèr The Shaw Educallon Trust Trustè&8 Mr O Bateson OBE Mrs J Heard (resigned 28 March 20251 Mr R Tawor Mr R Warner lappolnted 31 March 20251 Company reglslered number 11426256 Company nama N8wfriars College Reglstered offlce Kidsgrove Secondary School Gloucester Road Kidsgrove Slone-On-Tr6nt ST7 4DL Prlnclpal operatlng offlce C88118 Grove Bucknall Sloke-On-Trent Collagè Leaders Mr R Millington, Head ol Collegè Ms J Marshall, Deputy Hoad ol College Indep8ndent aud51or Crowe U.K. LLP Black Country House Rounds Green Road Oldbury W8sI Midlands B69 2DG Bankers Natwgsl Bank 135 Bishopsgale London EC2M 18J Sollcltors Brown8 J8cobson LLP Mowbray House Castle Meadtsw Road Nollingham NG2 7BJ Page 1
NEWFRIARS COLLEGE IA company Ilmlted by guarantèè) TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Thè Trustees present Iheir annual report together wllh th8 financlal slalem8nts and auditorfs report of the Charitable company for the 1 September 2023 10 31 August 2024. The annual report serves Ihe purpose of both Iruslees. report. and a directors, report under company law. Newtrtars College is a Specialist Independent College, with, in 2023-24, 205 leamers aged 16-25 years. The College is based in Stoke on Trent gnd draws learners from Sloke on Trent. Staffordshirè, ChÈshlre East and Shrop5hlr8 Local Aulhorilies. College Newfrlars Coll8g8. Cast18 Grove, Newhouse Road. Bucknall, Stoke-on-Tr8nt, Staffordshire ST2 8BH Provision Date of Incor oratlon Learners Specialist College 116-25 years) June-18 205 Structurei govarnanea and management a. Constllutlon N8Wtriars College is a charilable company Ilmlled by guarantee and an exernpl charity. The Charilable companls memor8ndLJm and articles ofassocialion are the primary goveming documenls ol the charitable company. The Trustees of Newfriars College are also the dlreclors of the charitable company for Ihe purposes of company law. The Charllablts company operates as Newfriars College. a subsidiary company ofThe Shaw Educallon TrLF81. Details ol the Trustees who seNed during the yèar. and lo lh8 dalè Ihese accounts are approved are included in the Reference an(S admlnlslralive details on pag8 2. b. M¢mb8rs'118bility Each member of the Charitable company undertakes lo oonlribule lo the assets ol the Char41able company in Ihe event ol it being wound up whlle they are a m8mber, or wthin one year after they cease lo be a member, such amount as m8y b8 required. not exceeding £10, for Ihe debts and Ilabilities conliacted before they c88sed lo be a member. c. Trustees. Indèmnlt1È5 Newfriars College15 Insvred by Q8E UK Ltd. This aangernent includes £1.000.000 Trijslees, Indemni(y cover. Page 2
NEWFRIARS COLLEGE (A company limited by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDEO 31 AUGUST 2024 structure, governance and management Icontlnuedl d. Mothod of recrultmenl and appointment or election of Trustees The man8gemenl of the Charitable company is the responsibility of the Trustees who are elected and co-opted under the terms of Ihe articles of association. The TrusteÈ Board has further recruilmenl due in 2024125. In addlllon to the Trustee5, Ngwfriar8 College has a College Counal who are recruiled to provide appropriate skills and expertise. e. Pollclas adopted for th8 Inductlon and Iralnlng of Trustees Trvstee recruilmenl would be largeled at both Ihe ability of prospective truslees to support the College as well as any skills needs identified by the board evaluallon process. As such, a careful balance of expeiience and expertise 15 ensured. Tru51ees should undertsk8 an allnual skills analysis and any deficits in knowledge or exp8rience should be reviewed and training should be considered. New Trustees ale provided with all necessary documents lo undertake their role. enrolled with the National Governors, A550cialion and h8v8 acce55 to formal IralnSng Ihrough external agencles upon Idenlificalion of need or on request. f. Organlsatlonal structure The Shaw Edue#litsn Trijst is the parent wmpany of Ngwfrl8rs College. Newfriars College provides specialist education to young people aged 16-25. A leg81 agreement exists between The Shaw Education Trust and Newfriars College that lolmalises the relationship between Ihem. Prior lo the 1st ApAI 2022 all employees were seconded from The Shaw Educallon Tnjsl. Newfriars College works In collaborallon wilh the Shaw Education Trust. This Includes adopting Ihe policy framework of Ihe Shaw Education Trust including those for govemance and finance. Policies are adapted to the College context as requiied. Davld B818son, Trustee of Newfiiars Colleg8, is also a Trustee of The Shaw Education Trust. Joanne Heard a Trustee of Newfriars College, is also an employee ol the Shaw Educatlon Trusl. Beth Barbw, Company Secretary. is an employee of Ihg Shaw Education Tru51. The College Trustees have delegated responsibilllies lo the Newfriars College Councll, ond these are describfjd the D818galed Accounlability Framework. Newfriars College Council meets 3 limes a year lo discuss the activities and performance of Ihe College. The College Council has Iwo sub-commillees (Finance and ResourceslAudil and Rlsk. and Edu¢ational Performan¢8 and Slandards) whlch meat on a tglmly b851s. All acllvities of thes8 Commille88 are reported lo Ihe Council Board. Pay and remunerallon Ss revlewed wSlh support ol the Shaw Educalion Tru51 Nomlnallons and Remunerallons Committee whlch meets annually. All d8fAsion8 regarding Pay and Remuneration ale the responsibility of N8wfri8rs College Trustees. Thts College Council has d81egated the day-l04ay management and responsibility for the running of Newfriars College lo the Head of College. who is suppotled by The Shaw Education Trust Executive Leadershlp Team. The Flead of College reports direclly lo Ihg N8lion81 Director of Education Specialist, th8 College Council an(1 the Trust Board. Page 3
NEWFRIARS COLLEGE IA company Ilmlted ljy guarantéè) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST2024 Structure. governance and managèment Icontlrbuedl Newfiiars Colleg8 Council assisl in the moniloring and advising of st8ndards and target selling 81 the establishment. They also have delegated authorily to ensur8 policies and procedures are effectively deployed within Ihe day-to-day running of the College. The College Council has an important communily-facing role, ensuring that the College meets Ihe needs of ils community and Ihe learners attending th6 Collega. The College Council Composile has parental and staff represenlalSves as 8 8lalulory requirement. g. Arr8ng8menls for setllng pay and remuneratlon of key management pèrsonnèl The Head of College makes recommendalions lo Ihe Trustees for the pay and remuneratlon of key management personnel. Any iecommendation wll consider 8 variety of factors such as.. role5 and responsibilities, perforrnance Ihiou9h the annual review process {for leaching staff applying to progress to teacher Upper Pay Scales) and benchmarking pay across the academies sector. Pay and iemuneraliorh Is not linked lo performance objectives. h. Related partles and other connected charllles and organlsatlons The Shaw Edueation Tiust lan Academy Tiust} is the parent company of N8wfrlars College. Thg membershlp defines The Shaw Education Trust's rol8 and responsibilities over Newtriars College in accordance wlh the Governance Handbook 2021. This relationship is defined as a related party and as such any business that The Shaw Eduealion Trust has with NewfrSars College Is tt)nducted .81 cost. following 8 compelS1ivè procuremènl exercfjse which ensures best value. Object5ves and activit5es t. Objècts and alm5 Our Mission is 'To Transform th8 lives of Young Peop18 with Special Needs through Collaboration. Innovation. Partnership and Celebralion". Our vision is lo be a firsl-class provider of academic, personal and social achievement., where the college teamwork in parinershlp with our learners and their families lo ensure they recelve ovlslanding education and care and lo be a Genlre of Excellence lor learning, prep8ralion for adulthood and research. Our Values. which underpSn everythlng th81 we do, are lo be: Inspiring- We lislen. We encourage. We are positive, We molivate. Inclusive- We are a teatm. We are lalr, We believe in equ81 opporlunily, We work in partnership Supportive- W8 are caring, We are respecttul, We are friendly, We are Compassionate. Innovative- We are enlhusiaslic. We lake risks. We are crealive, We are experts EvolvSng- We have a passlon to ba Ihe best at everythSng we do. Wè emb¥8ea change. Wè are ambS1Sous. Learners are at the heart of everyihing we do. and Iheii curriculum is highly personalised lo help them achieve their ambitions. The educallon. care and support are provlded by our very dedlcaled, skllled and frfendly slaff. We offer multiple opportunities lo learn in the community through a range of partnerships with local employers. services and our mainstream college parlners. Page 4
NEWFRIARS COLLEGE IA company Ilmlled by guarantee) TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Oblectlves and actlvltles {eontlnuedl We provide highly differenlialed and stimulating learnlng p81hw8ys which wll enable young people lo gain independen. confidence. sell-8s188m and daily living skills. We allow our learners to develop skills which will help Ihern to prepare lor 8dullhood, access the wider communily, develop independent living skills and move into further education or employmen(. We offer a holisllc loarnlng 8nvironm8nt with spe¢ially trained staff and resources lo best support the needs ol OUT young people. Our staff are well Ifained. valued and molivaled lo empower olhers. b. Oblectlves. strategles and actlvltlès In June 2022. Olsted completed a Full Inspection ol the College. Olsted graded Newfriars College as Good Overall with Behaviour and Alliludes and Personal Development judued Outslandlng. The Ofsled Full lrnspecllon Report published in September 2022 ludged that.. Under Ihe inspirational leadership of the headleacher. staff work wllh energy and commSlmenl lo produce 8 positive climate in which students excel. Leaders and managers have developed an aspirÈtion81 cyrriculurn aimed al Preparing students well for working and living more Independently. Leaders are highly ambitious for all thelr students. The Senior Leadership Team at Newfriars College has continued to be ambitious in pushing forward further rapid change over 2023124 embedding Ils Innovallve curri¢ulurn model judged by Ofsled lo be 'aspiralional'. c. Growth Plan Newfriars is one of the largest Specialist Colleges in the Counlry. Leainer places have grown Irotn 155 Irh 2018119.. 166 places in 2019120,. 173 in 2020121 to 181 in 21122 10 192 in 2022123 and 205 in 2023124. Learners ar8 enrolled on Programmes of Sludy across three Palhways in addition lo our Projecl Search Supporled Internship programme with the Royal Stoke Universlty Hospllal. The supported Inlernshlp programm8 has lurther increased this yearwilh furthgr organls8tions offering new Opportunities for employment. Public Benefit General guidance on public benefit when reviewing Ihe College objective And alms in plannlng lulure actlvllles for the period. Th8 Trustees consider that Ihe College can clearly demonstrate Ihal ils aims are lo 8dvance edu¢otlon for publlc benefit. The 7 Nolan PiSncSpals are adhered lo In our practice. P8ge 5
NEWFRIARS COLLEGE IA company limited by guarantee) TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Slrateglc report Achlevements and performance Key performance Indlcators Newfriars College provides the Trustees wlh a comprehensive evaluation of the College's performance as part of the annual sell-assessmenl report. The data indud6 external analysls lèxamSnallons and Ofsled) and inlernal monitoFlng. evaluation and quality 8s$ur8nce. Ofsted Full Inspectlon Junè 2022 The Senior Leadership Team has developed a comprehensive and ambilious Action Plan in response lo the Ofsted Monitoring Vi51t in December 2019. The Ofsted Report PLiblished in September 2022 provides strong reassurance Ihe College is delivering an '8spiralional' eurflculum whèr8 lèarners 'ex¢el'. The Coll8ge 188dar8hlp from Iho Head Tèach8r Ss d8scribed as 'inspirational'. b. GoSng concern After maklng appropriate enqulries. Newfriars Collegè h85 ad8quale resources to conllnue In operational existence for the foreseeable future. For this reason, it conlinues lo adopt the going concern basis in preparing the financial slalemenls. Further details regarding the adoption ol the going concern basis can be found in Ihe Slalgmenl of Accounl*ng Policies. c. Promotlng the success of the company Under sectlon 172 01 the Companles Act 2006. Trustees must acl In a way mosl Ilkely to promote the success of th8 company, and in doing so rnust have regard lo.. the likely consequences of any decision in Ihe long term Ihe interests of the comp8nsls employees the need to losler Ihe compansls business relationships with suppliers. customers and others Ihè Impact of the companls operations on the community and Ihe envlronment the desirability of the company maintaining a reputation for high standards ol business conduct thè ne8d lo act falrly as beeen members of the company The Governance structure ol the College enables Trustees to engage with slakeholders and lo understand tho Issues to whlch they musl have regard. The College Leadership Team presents evidence lo the Trustees al meelings of Ihe board or anothor relevant time which gives them a55urance over the decislons and Strategies during Ihe financial year made by the appropriate person with delegated author+ty las sel out in the D818ga18d Accounlabllily Framework) within the organisalion. Newfriars College has regard lo employees and seeks lo opera18 in Ihgir b8sl inleresls. Th8 Trustees and College Council receives staff feedback via suNeys.' meetings.. consullalion activity and open invitation. We aim lo be an employer ol choice and are proud of Ihe offer of Ir8inin9 and development programmes through Ihe Shaw Education Trust's Inslilule ol Educalion. We work openly and Iransparenlty wth the support ol the Shaw Edueallon Trust lo work with Unlons and ensure all policies go through a consullalion process. There are robust processes in place for performance and lalenl management lo ensure fairness lo all. Page 6
NEWFRIARS COLLEGE IA company limited by guarante8} TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 Strataglc report Icontlnuedl Achievements and pèrformance Iconlinuedl Newfriars College engages in relationships with ils customers, suppliers and others in a business relationship wilh the College on a regular basls and through vaTiOUS mediums. We Ilve by our mlssSon. valu8s, and alm lo seNe the people wlhin our College and our wider communllles. Flnanclal revlew The financlal obleclSves are lo enable Newfriars College to consistenlly provlde hlgh quality education for all le8rners whilst vndertaking lo provide the best V81ue for money on resources expended and to conduct all business in accordance with the hlgh standards 01 inlegrily. Financial objectives and policies are regularly reviewed Ihioughoul tho financial year. The risk managemenl oblecllve Is lo ensure that IheTe are no events that can substantially Snlluence the provision of education. A budget with expenditure balances Ègainst expected Income frorn the Education and Skills Funding Agency IESFAI Is set, without the r81iance on reserves. Addilional expendilure may be approved in year against addition81 income or reserves as deemed fit by the Trnstees. Newfriors College is fully COn501id8led into The Shaw Educalion Trust group accounts In addS1ion lo the standalone ac£ounls provided. The overarehlnu pollcy of the College is to review risks arising and address Ihem at TrustÉ8s' m8Ètlngs, Coll&g8 Council Meetings or sooner if required. Durfng Ihe year, the College made a surplus of £3.190.000 after acluarlal adluslmeftls on the defined benefit pension scheme {2023.' £105.000). 6-19 Tuition Fund Newfrlars ieeelved £46,000 in 23124 which supported addilional staffing hours to delSver ealch-up programme8 10 develop employabilily skills- good heallh and progiammes with 8 focus on EHCP outcomes and closing progress gaps. Pagè 7
NEWFRIARS COLLEGE IA company limited by guarantee} TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 a. Reserves pollcy The Trustees have adopted a policy Ihal eonslders Ihe following principles.. Reserves have a specific purpose related lo future spending or covering current and future risks The size of the reserves balances the benefit of current spending wilh the risks the reserves cover They are transparent and maintain the link wilh the purpos8 for which Ihe income was giv8n They ensure that sufficient r8s0uices are available 80 that unexpected events can be accommodated wilhoul causing currenl year problems. generalinu a defi¢ll or cash flow diffi¢ulll&s. Reserves have been maintained by the Newfriars College lo ensure.. Current reserves manage known risks whlch are not Insurable or where Insurance does nol prode value for money Equalisalion reserves aTe available to smoolh oul irregular spending Specific capltal reserves are avallable to fund capital expenditure and olher Investments that would nol be affordable if financed from a single year's funding. There is a general reserve to provide for unexpecled and unpredictable needs. Cash flow tnanagement enables v8riable cash demands 8cr055 the College to b8 m8n8ged. At 31 August 2024. total reseNes were In a surplus of £2,774.000 (2023.. deficil £417.000), of this. unreslricled r858rv85 are 8 surplus of £215,000 (2023.. £140,000), restricted funds, excluding capital and Ihe pension reserve. al the end ol the period are a surplus of £61.000 {2023.' deficil of £61.000). logether these represent the College's free reserves. The College aims to maintain a level of contingent free reserves equal lo one month's payroll c4)sts. For the year ended 31 Augusl 2024. Ihls eoualed lo £392.000 (2023.. £2DT.OOtI) (before acluarfgl movements). b. Investment pollcy Newtriars College currently has no materlal inveslments. e. Prlnelpal rlsks and uncèrtalntlès The Trustees ensure that the idenlificalion, evaluation and moniloTing of significant risks Is a conllnuous process. Emerglng rlsks and ch8nges to the rlsk piofllg 8rg Idenllfied wllh support fiom Thts Shaw Edu¢8tlon Trust Execulive Leadership Team and reported lo the Audit Committee and main Truslee Board through a Corporate Risk Register. The College Board ol Trustees and College Council reviews new and existing risks. challenges risk ratings and assesses the effectiveness of miligaling aolions and controls. 11 a150 considers whelh8r other risks should be reviewed and advises managemenl accordingly. The assessment ol risk is linked to the evolving College strategy and the following are monitored lor potential risks.. The inability to achieve growth and developmenl objectives set by the board of Irustees both cullurally and commercially to enable Ils long-lerm wabllily. The Inability lo deliver Ihg requir8d educational, pastoral or fln8ncl818land8rds Physicallrnental or emotional harm caused to others. Loss or damage to premises andlor physical assels. The unexpected interruption in normal servic8 delivery. Robust assessment of all financial and educalional risks Page 8
NEWFRIARS COLLEGE IA company limited by guarantee) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 The College Truslees ale taking appropriate steps to monilor and miligate the rlsks to th& organlsation by ensuring.. The adoplion of a range of policies and procedL)res Ihal clearfy set out Ihe conlrols that will Ènable the effeclive management ol risk and regulatory carnpliance. Objecllv8S. Strategies and laclical plans are clearlydefined and communicated. The independent review and audit of all College aclivilies on a regular basls. All staff recruited ar8 approprlalely qualified and experienced. Effeclive CPD lo develop skills sel clear expectations and objeclives and lo drive improvement. Adequate engagement and dialogue with stakehold&rs to address issues and concerns. Robust assassmènl of all financlal and educational risks of new premises for the delivery of college aclivily. Fundralslng Newliiais College does nol us8 ony exlernal fundrai8er8. The Trusle8s monitor all fundraising undertaken during the year togelher with potential grant funding opportunilies as discussed durin9 College Council meetings. Plans for futur8 P8rlods Business plans lor future financial years include a forecast increase in NOR, wlh investment in staffing lo enhance the personalisation of curriculum. We are working closelywilh our advisers at SET & Natspec to ensure Ihal available lunds ara invested wisely and predDrninalely into teaching and enhancing our curriculum offer. Dlsclosure of informatlon to auditor In so far as the Truslees are aware.. Ihere is no relevant audit Information ol whlch the chafltable companls audllor Is unaware, and Ihat Truste65 havè taken all steps that th8y ought lo have taken lo make themselves aware ol any relevanl audit Inlorfflalion and lo establish that the audilar is aw8re of Ihal Informalion. Our parent cc>mpany. The Shaw Education Trust, in conjunGlion with The College Trusleos will be recomm8nding lo the members 81 the next AGM that the currenl 8udilor is re8ppoinled for 2024-25. The Trustees, report. incorporating a strategic report. was approved by order of the Board of Tiustees. as the companydire¢lors and signed on ils behalf by.. Mr D Bateson OBE Trustee Oale.. af 2oJ£ Page 9
NEWFRIARS COLLEGE IA company limited by guarante81 STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees (who are 8lso Ihe dlreclors of the eharilable company lor Ihe purposes ol company lawl 8r¢ responsible for preparing Ihe Trustees, report and the flnanclal slalemenls in accordance with the Acadernies Accounts Direction published by the Education and Skills Funding Agency. United Kingdom Accounting Standards (United Kingdom Gènèrally Aceepled Accounting Practice) and appllGab16 law and regulations. Company law requires the Trvstees lo prep8ie flnanclal slalements for each finanual . Und8r company law, Ihg Trustees must not approve Ihe financial slalemenls unless they are 5atislled that they give a Irue and laSr view of Ihe stale of affairs of the ch8ritable company and of ils incoming resources and applicalion of resources, Including Ils Income and expendilvre, foT that period. In pr8paiSng these financial slalemenls, Ihé Trustees are required lo: selecl suilable accounting policles and then apply them consislenlly., obseNe the methods and principles of the Charities SORP 2019.. make judgements and accovnling eslimates that ale reasonable and prudent,. slate whether applicable UK Accounting Sl8ndard$ have been followed. subject lo arhy materi81 departures dlsclosed and explained in the financial sla18rn8nts'. prepaie the financial statements on Ihe going concew basls unless il is inappropriate lo presume that Ihe charitab18 companywill continue in bvsiness. The Truslees are responsible for keeplng adequate accounting records that are sufficlent lo show and explain the charitable compan¥s transactions and disclose wilh reasonable accuracy at any time Ihe financial posilion of the chaiilable company and enable them to ensure Ihat Ihe financial slalemenls comply wth the Companles Acl 2006. They are also responsible for saleguarding the assets of the charitable company and hence for taking reasonable steps for the prevenlion and deleclion of fraud and other Irregularities. The Trustees are responslble for ensuring that in its conducl and operallon the eharilable comp8ny applles rinancial and oth8r eonlrols. which conform with the requirements bolh of propriety and of good financial management. They are also rèsponsSble lor ensuring granls rec8iV8d from ESFAIDIE have been 8ppllÈd lor the purposes intended. Thg Trustees are responsible lor Ihe maintenance and Integrity of the corporale and financial Information included on th8 ch81i18b19 oompanvs website. Legislalion Sn the UnSled Kingdom goveming the prep8ralion and dlsseminalion ol financial slalemenls may dlffer from legislalion in other jurisdlcllons. Approved by order of Ihe members of the Board of Trustees and signed on ils behalf by.. Mr D Bateson OBE Twslee Dale.. 28 May 2025 Page 10
NEWFRIARS COLLEGE IA company Ilmlted by guarantee) INDEPENDENT AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF NEWFRIARS COLLEGE Oplnlon We havè audlted the financial statemenls ol Newfriars College (the 'charilable company) for Ihfy year ended 31 August 2024 which comprise the Stalem8nl of fin8nclal aclivilies. Ihe Balance sheet, the Slalemenl of c85h flows and Ihe related noles, including a surnmary of significant accounting polleles. The financial reporting framework Ih8t has bèen applied in their preparation is applicable law. United Kingdom Accounting Standards Iunited Kingdom Genera15y Accepted Accounting Pr8clic81, Including Flnanclal Rèporting Standard 102 'The Flnanclal Reporting Slandard applicable in the UK and Republic ol Ireland. and th8 Chari118s SORP 2019. In our opinion the financ181 s¢a18m8nts: give a true and lair view of the slate of the charllable componls 8ffalrs as al 31 August 2024 and of ils incoming resources and application of resources, includlng Ils Incomè and expenditure for the year then ended.. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Praclioe- and have been prtsp8red In accordance with the iequirements of the Companies Act 2006 and thts Charities SORP 2019. Basls for oplnlon We conducted our audit in aecordance with International Slandards on Auditing IUKI IISAS {UKII and applicable law. Our responsibilities under those sland8rds are lurlher described in the Auditorfs responsibilitie8 for the audit of the financ4al statements section of our report. We are ind8p8nd8nt of the Charilable company in accordance wilh the elhlcal requlr8menls that are relevant lo our audil of the financial sla18rn8nls In tho Unlled Kingdom. including the Financial Reporling Counci15 Elhbcal Standard. and we have fulfilled our olher ethical f8spon51bilities In aceordance with Ihese requirements. We believe that the audil evidence we have obtained is sufficient and appropriate lo provide a basis lor our opinion. Concluslons relatlng to going concern In auditing the financial statements. we have concluded Ihat th8 Trustees, use ol the going concern basis of accounting in the prep8ralloA ol thè financial statements is appropriale. Based on the work we have performed, we have not Id8nllflÉd any materlal uncertainties relating lo evenls or conditions that, 1nd1vidallY or colleclively, may cast significant doubl on Ihe Charitable companls ability lo continue as a goirng concern for a p8rtod of at least e1ve months liom when Ihe financS815t8temenls are aulhorised for issue. Our iesponslbllilles and the responsibilities of the Trustees with rospecl lo golng concem are described in the relevant sections of this report. Page 11
NEWFRIARS COLLEGE (A company limlted by guarantee) INDEPENDENT AUDITOR'S REPORT ON THE FINANCIAL STATEMEhlTS ro THE MEMBERS OF NEWFRIARS COLLEGE ICONTINUEDI Other Informatlon The olher Information compr15e8 the infomalion includ8d in the Annu81 report other Ih8n th8 fin8nclal st8temenls and our Audilorfs report Ihereon. The Truslees are responsible for the other information contained within Ihg Annval report. Our opinion on the flnanelal statements does nol cover Ihe other information and. excepl to Ihe exlenl olherwise explicitly slated in our report, we do not express any form ol a55ur8nce conclusion Ihereon. Our responsibility is to read the other information and. in doing so, consider whether the other information is materially incoTrsislent wilh the financi81518lemenls or our knowledge ob18ined in the COLJrse ol Ihe audit, tsr otherwise app88rs lo be materially misstated. If we identify such material inconsistencies or apparent material misslalemenls. we are required lo determlne whelher this gives rise lo a malerial misslalement in Ihe financial $talem8nls Ihgmselves. If, based on th8 work we havo performed, wo conclude that there is a material misslalemenl of Ihis other inlormalion. we are required lo report Ihal fact. We have nothing lo report in this regard. Oplnlon on other matters prescrlbed by the Companles Act 2006 In our opinion. based on the work undertaken in the course ol the audit- the Informallon olven In the Trustees, report Includlng the Slrategic report lor Ihe financial yeaf for which the financial statements ale prepared is consistent wilh the financial siatemenls. th9 Trustees, report and the Strateglc report have been prepared In accordance wilh applicable legal r8qulr8mÉnls. Matters on whlch we are requlred to report by excepllon In the light of our knowledge and understandlng of thè Charitable company and ils environment obtained in Ihe course ol the audit, we have not identified material missl8lernenls in the Truslees, report includin9 the Slrètegio report. We h8v8 nothSng to rèport Sn respect of the followng matters in relalion to which the Companies Act 2006 requires us lo report lo you il, in our opinion.. adequate accounling records have not been kept, or ielums adequate for our audit have not been reee5ved from branches not visited by us.. or Ihe flnanclal slalemenls are nol in agreement wllh the accounling records and reluins.. or certain dlsclosures of Tru51ees' remunerallon speelfled by law are not made.. or we hav8 not received all the information and explan8lions we require for our audit. Page 12
NEWFRIARS COLLEGE IA company Ilmlted by guarantee} INDEPENDENT AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF NEWFRIARS COLLEGE ICONTINUEDI Responslb115tles of Trusteas As explalned more fully In the Sta18menl of Iruslees. responsibilities. the Trustees (who are aLso the directors of th8 Charitable company for the purposes ol company lawl are responsible for the preparation of the financial statemenls and lor being satisfied Ihat they glve a Ifue and fair view, and for such internal control as Ihe TrusleÈs dèt8rmina is necessary lo enable Ihe preparation of financial statements that are free from malerial misslatemenl. whether due lo fraud or error. In preparing the financial slatem6nls. lh& Trust88s ar8 r8sponsibl8 for ass85sing the Charitable oompan¥s ability lo continu8 as a going concern, disclosing. as applicable, matters ielated lo going concern and using Ihe going concern basis of accounling unless Ihe Trustees either intend to liquldate the Cha1ble company or to ceasè operalions. or have no reallstic allemalive bul lo do so. Audltor's responslbllllles for the audll of the flnanclal statements Our objectives are to obtain reasonable assurance aboLtI whèther the fln8n¢l81 sl8lemenls 85 a whole arè free from tnalerial misststement, whether due lo fraud or error, and lo issue an Audilorfs report that includes our opinion. Reasonable assurance is a high level of assurance, bLJt is not a guaranlee Ihat an audit conducted in accordance wilh ISAS IUKI will always deteet a malerlal missl818menl when 11 exists. M155lalem9nts can arlse from fraud or error and ore considered material if, individualty or in the aggregate, they could reasonably b8 8xpecled lo influence Ihe economic declsions ol users taken on Ihe basis of these finandal slalements. Irregularities. including fraud. are Inslanees of non-compllance with laws and regulallons. We de51gn procedures n line wilh our responsibililies, oullined abov8, to delecl material misslatemenls in respect of irregularities, including fraud. The extent lo which our procedures are capable of delecling irregularities, including fraud is datailed below.. We obiained an understandlng of Ihe legal and regulatory frÈmeworks wllhln vthlch the Charitable company operates, focusing on Ihose laws and regulations Ihal have a direct effect on th8 delerminalion of malerial amounls and disclosvres in the financial slalemenls. The laws and regulations we considered in this context were the Charities Act 2011 together wilh the Charities SORP IFRS 10218nd Companies Act 2006. We assessed the required complianoe with these laws and regulations as part ol our audit procedures on Ihe related rinancial 8lalem8nl items. In addition, we considered provisions of other laws and regulalions Ihal do not have a direct effect on the financial slalemenls but compliance with which might be fundamental to the Charitable eompanls abillly lo operate or lo avold a material penalty. We also considered Ihe opportunitie5 and incentives that may exist within the Charitabl8 company lor fraud. The key laws and regulations we considered in Ihis conlexl were General Data Protection Regulation. health and safety legislallon. Ofsted and employee leglslallon. Auditing standards limit the required audit procedures to identity non-compliance with Ihese laws and regulations lo enquire of the Trustees and olher management and Inspecllon ol regulatory and legal corfespondence. if any. We IdenlifI8d the greatest risk of malerial impact on the financial slalemenls from irregvlarilies. including fraud, to be Ihe override of controls by management. Our audit procedures lo respond lo these risks included enquiries of managem8nl and th8 Board about their own idenlificalion and ass85smenl of the risks of irregularities, sample tesling on the posting of journals. ieviewing accounting eslimales for biases, reviewing regulatory correspondence with Ihe ESFA. and readlng minul&s of m6&llngs of those charged wllh governance. Page 13
NEWFRIARS COLLEGE IA compjny Ilmlled by guarantee) INDEPENDENT AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF NEWFRIAR8 COLLEGE ICONTINUEDI Owing lo th8 inh8Tent Ilmltallons of an audit, there is an unavoidable risk that w8 may not have detected som8 malerial misstatements Sn th8 financi31 statements. even though we have property planned and performed our 8tJdit In accordance wilh auditing slandards. For exampl8, the further removed non-compliance wlh laws and regulations lirregularitiesl is from the events and liansaclions rellecled in th8 financial statemenls. Ihe less likely the inherently limited procedures required by audltSng standards would identify it. In addition, as with any audit, there remained a higher risk of non-deleclion of irregularities, as these may invoFve collusion. forgery, intentional omissions. misrepresentations, or lh8 ovèrride of internal controls. We are not responslble for preventing noncompliance and cannot be expected lo delecl non-compliance wSth all laws and regulations. A further d88cllpllon ol our responsibilities for Ihe audil of Ihe finanrial 8lalements Is localed on the Finandal Reporting Council's websi18 al.. www.fro.OT .uklaudilorsres onsibililies. This d8SCfiplion forffls part of our Audllovs leporl. Use of our report ThSs report is made solely lo the Charitable companls members. as a body, in aCrdanO wllh Chaplei 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so Ihat we might sl819 lo the Charitable c4)mpanls m8mb8rs those matters we are required to slate lo them Sn an Auditovs report and for no othei purpose. To the fullesl exlenl permilled by law, we do not accept or assum8 responsibillty to anyone other Ihan the Charitable company and ils members. as a body, for our audit work. lor this report, or for the oplnlons we have formed. Matt Doyle-Healey (Senior statutory audlt for and on behalf ol Crowe U.K. LLP Black Country HoLJSe Rounds Green Road Oldbury Wesl hAidl8nd5 B69 2DG Dale.. 29 May 2025 Page 14
NEWFRIARS COLLEGE (A company Ilmltad by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 AUGUST2024 Restrlcted flx8d a5S8t funds 2024 £000 Unrestrlcted funds 2024 £000 Restrlct8d fund5 2024 £000 Tolal funds 2024 £000 Tol81 funds 2023 £000 Note Incomè from.. Donalions and capital grants Other trading activities Charitable activities 2.745 2.745 57 5,531 153 43 4,389 57 32 5.499 Total Incoma 89 5,499 2,745 8,333 4,585 Expenditure on: Chaiilable activities 14 5,231 161 5,406 4.613 Total expendltur8 14 5.231 161 5,406 4.613 Net Incom81{èxpèndltural Trans16rs b81ween funds 75 268 2,584 2,927 (28) 15 38 1381 Net movement In funds before other recognlsed galnslllossesl 75 306 2,546 2.927 (28) other recognlsed ga5nslllossesl'. Actuarial gains on definèd b8n8fil p8nsion schemes 22 263 263 133 Nel movement In funds 75 569 2.546 3.190 105 Reconclllatlon of funds.. Tolal funds brought forward Nel movement in funds 140 11,0571 569 501 14171 3.190 (522) 105 75 2,546 Total funds carrled fOard 215 14881 3,047 2,774 (417J The Stotem8nl of financial aclivities includes all gains and losses recognised in Ihe ye8f. The notes on pages 19 to 43 form part of the8e fin8nci81 slalemenls. Page 15
NEWFRIARS COLLEGE IA company limlted by guarantee) REGISTERED NUMBER.. 11426256 BALANCE SHEET AS AT 31 AUGUST 2024 2024 £000 2023 £000 Note Flxed assets Tangible assets 2,974 453 Currenl assets Debtors Cash al bank ar in hand 12 86 1,253 62 877 1,339 939 Current Ilabllltles CTedilors'. amounls falling due wilhin one year 13 19401 (752J Net current assets 399 187 Total assets less curr8nt Ilabllltlès 3,373 640 Creditors.. amounts falling due after more than one year 14 150) {60) Net assets excludlng penslon Ilablllty Defined benefil pension scheme liability 3,323 {5491 580 22 (996) Total net assets I Illabllltlèsl 2,774 (416) P8g8 16
NEWFRIARS COLLEGE IA company Ilmlted by guarantee) REGISTERED NUMBER: 11426256 BALANCE SHEET ICONTINUEDI AS AT 31 AUGUST 2024 2024 £000 2023 £000 Notè Funds of th8 Charltabla company R•strlctèd funds.. Fixed asset funds Reslricted income funds 15 15 3,047 61 501 (61J Reslricled funds excluding pension assel Pension reserve 15 3.108 440 15 15491 f996) Total restrlcted funds Unrastrl¢l•d Incomè funds 15 15 2,559 215 (556) 140 Total funds 2,774 (416) Th8 financl81 statements have been prepared in accordance wth the provisions applicable lo enlilies sublecl lo the small companies regime. The flnanclal statements on pages 15 10 43 were approved and aulhorised lor issue by the Trustees and 8Te signed on their behalf, by. Mr D Bateson OBE (Chalr ol Trustees) Dale.. 28 May 2025 The notes on pages 19 10 43 lorm part of Ihese financial slalemenis. Page 17
NEWFRIARS COLLEGE IA company Ilmlted by guarantee} STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 £000 2023 Natè Cash flows from operatlng actlvltl&s Net cash provlded by operatlng a¢livllies 17 317 398 Cash flows from Investlng acllvllles 19 69 49 Cash flows from flnanclng actlvltlos 18 1101 (io) Changè In cash and cash equl¥alent$ In the year 376 437 Cash anil cash equivalents al the beginning of the year 877 440 Cash and cash aqulvalents at tha ond of thè y•ar 20, 21 1,253 877 Th8 notes on pages 19 to 43 form part of these financial slalements Page 18
NEWFRIARS COLLEGE IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng pollcle8 A summary ol ihe prlnapal accounting policies adopled {whSch have been applied consislenlly, gxcept where noted), judgements and kgy sources of eslbmallon uncertabnly. Is Set out below. 1.1 Basls of praparatlon of flnanclal statamènts These financial statements have been prepared in accordance wilh Ihe Chaiilies SORP IFRS1021- Accounllng and Reporting by Charitiès.. Statement of R8comm8ndÈd Pracllc8 applicable lo charities prepaTing their accounts in accoTdanc8 wilh'lhe Finance Reporting Standard applicable in the Unlted Kingdom and the Republic of Ireland. IFRS 1021 and the Companies Act 2006. The College is a public benefil entity and has therefore applied Ihe relevant public benefit requirements ol FRS102. Assèts and liabilities are initially recognised at historical cost or transaction value unless otherwise slated in the relevant aocounling policy. The finanelal statements are prepared in compliance vAlh FRS102 which requires the use of certain critical accounting eslimates. 11 also requires management lo ex8rcise judgement In 8pplsdng the College's accounting policies. In Ihe event of Ihe College being wound up, the liability in respect of the guarantee Is limltèd io £10 per member ol the College. In order to align the classification of income and expenditure with Ihe updated requlrgmenls ol Iha Accounts Dlrection and the structure ol reporting in Ihe annual accounls ieturn, certain c4)mparativ8 rigures have been reclassified lo provide comparability with th8 current year flgures. 1.2 Company statu8 The Charitable Company is a company limited by guarantee. The Charitable Trust is incorporated in England and Wales, registered number 11426256. The reglslered office Ss Head Office. Kidsgrove Secondary School, Gloucester Road. Kidsgrove, Stoke-On-Trenl, ST& 4DL. 1.3 Golng concern The Tiuslees assess whèthèr the use of going concem is appropriate i.e. whether there are any material uncertainties related lo events or conditions that may cost slgnSficant doubl on the ability of the Charitable company lo continue as a going concern. The Trustees make this assessment in respect of 3 period of al least ane year from the date of auth0ri5alion lor issue ol the financial slalemenls and have concluded that the Charitable company has adequate resour¢8s lo conlillu8 In opèrational èxlslènee for the foreseeable future and there are no material uncertainties about Ihe Charitable compan51s ability lo continu8 as a going concern, thus they conllnue to adopl the going concern basis of accounting in preparing the financial statements. Page 19
NEWFRIARS COLLEGE IA company Ilm5ted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2024 Accountlng pollcles Icontlnu•dl 1.4 Income Grants Grants are included In Ihe Slalemenl of financlal activities on a receivable basis. The balance of incom$ re¢eived for specific purposes bul not expended during Ihfj period is shown in the ielevant lunds on the Balance sheet. Where income is received in advance ol meeting any perform8nce- related conditions Ihere Is not uneondilional entillement to the Ineome and ils reeognilion is deferred and included in creditors as deferred incom8 until the perform8nce-relaled condilions are met. Where enlillemenl occurs before income is received, the income is accrued. Core Education and Skills funding15 recognised in full In Ihe Slalemenl of fin8ncl818clivitles In Ihe year for which it is receivable and any abatemenl in respeet of the year is deducted from income and recognls8d as a li8blllty. Capital gr8nls ar6 recognised in full when Ihere is arn uncondilional enlillemenl to the granl. Unspent amounts of capital grants are reflected In the Balarice sheet in th8 restricted fixed asset fund. Capllal grants are recognised when there is entitlement and are not deferred over the life of the asset or) whlch they ar8 exp8ndgd. Donatlons Donalions are recognised on a receivable basis (where there are no perfomiance.relaled condilionsl where the recelpl Is probable and the amount can be reliably measured. Other Incomè Other Income, SnelLJdlng the hire ol facilities. is recognised in Ihe year it is receivable and lo the exlenl the Charitable company has provided the goods or Services. Donated flxed a5S&ts Where the donated good is a fixed assel it 19 measured at fair value. unless il is impractical lo measure this reliably, in which case the cost of thg Item to Ihe donor ShOld be used. The gain is recognised as 'lncome Irom Donations and Capital Grants. and a corresponding amount ss Included In the appiopriale fixed asset category and deprecialed over the useful economic lire in accordance with the Charitable companls accounting poliole5. 1.5 Expendlture Expendllur6 Is ieeognlsed once there is a legal or constructive obligation lo transfer economic benefit lo a Ihiril party, il is probable that a Iransfer ol economlc beneflls wlll be required in selllement and the amount of the obligation can be measured reliably. Expenditure is classified by a¢livity. The costs of each acllvlty are made up ol Ihe lolal ol direct costs and shared costs. including support costs Involved in undertaking each activity. Direct costs atlfibu13ble lo a single aclivily are allocated directly to Ihal aclivily. Shared cosls which oontribule lo more than on8 activity and support costs which are not allribulable lo a single aclivily are apportioned between those activi1188 on a basis consislenl with the us8 of resources. Cenlral staff costs are allocated on Ihe basis of lime spent. and depreciation charges allocated on Ihe portion ol the asset's use. Expendllure on ralslng funds This includes all expenditure incurred by the Chgrll8ble company lo ialse funds for Its charilable purposes and incldeS c4)sls of all fundraising aclivilies evenls and non-ch8ri18ble tr8ding. Page 20
EWFRIARS COLLEGE IA ¢ompany limited by guaranteal NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Aceountlng pollcles {contlnu8dl 1.5 Expendllure Iconllnuedl Charitable actlvltles These are costs incur¥ed on the Charitable companys educallonal operations, Including support costs and costs relating lo the governance of Ihts Charitable company apportioned to ¢h8ril8blè aclivilies. All resources expended are inclLFsive of iriecoverable VAT. 1.6 Tanglble flxed ass•tS Assets costing £3,OOfl or morè are pItalISed as langlble fixed 8ssets and are carried al cosl. n81 of depreciation and atty provision for impairment. Where tangible fixed ass&ls have been acquiied with tha aid of specific grants. either from the government or from the private sector. Ihey are Included in the Balance sheet at cost and d&pr8clal8d over Iheir 8xpecled useful economic life. Where Ihere are speclfle condSllons altaohed lo Ihe funding TequiTing the continued use of the asset. the related grants are credited lo a reslricted fixed asset fund in Ihe St818m8nl of financial activ511es and carried forward in the Balance sheet. Depreciallon on the relevant assets is charged direotly lo the reslricled fixed asset fund In the Ststemenl of financial aclivilies. Where langlbl8 fixed assets have been acqulrèd with unreslricled funds. deprecialion on such assets Is charged lo the unresliicted fund. Depreciation Is provided on all tangible fixed assels other than assets under conslfuclion. al rales ¢8lculaled lo write off Ihe cost ol each asset on a slraight-line basis over ils èxp8¢ted useful1Sfe. Depreclation is prowded on the following bases.. Long-term leasehold property Leasehold improvements Furniture and equipmenl ICT equlpment Motor vehicles 125 years 10 years - 4 years 4 years 4 years Assets in thÈ course of construction are included al cost. D8predalion on these assets is not chargèd until Ihey are brought inlo use and reclas5ifi8d lo Ifeehold or leasehold land and buildlngs. A revlew for impairment of a fixed asset Is carrled out if events or changes in circumstances Indlcate th81 Ihe carrying value of any fixed asset may nol be recoverable. Shortfalls b8tween the carrying value ol fixed as5els and their recoverable amounts are recognls8d as impairments. Impairment losse5 are recogniseLI in the Slalement ol financial 8divilte8. 1.7 Debtors Trade and other debtors are recognls¢d 81 the selllemenl amount after any Ir8d8 dlscount offered. Piepayments are valued 81 the amount prepaid nel of any Iradg discounts due. Page 21
NEWFRIARS COLLEGE IA company Ilmlted by guarantt8} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng pollel•s {cantlnuedl 1.8 Llabllltles Li8bililies are recognised when there is an obligation at the Balance sheet dale as a result ol a past event, il is probable that a 118nsfer of economic benefit will be required in selllemenl. and Ihe arntsunl ol the settlement can be eslim8led reliably. Liabilities are recognised al the amounl that the Charitable oompany anlielpates il will pay to setlle Ihe debl or the amounl il has rerBlvÉd as advanced paymenls for the goods or servlces 51 must provide. 1.9 Operallng leases Rentals paid under operating leases are charged lo the Ststement of financial aclNilies on a slraighl- line basis over Ihe lease lerm. 1.10 Penslons RelireM8rhl benefits to employees of the ChaThlable eompany are provided by the Teachers, Pension Scheme {"TPS"l and th$ Local Government Pension Schern81"LGPS'}. These are defined benefit schemes. The TPS is an unfund8d scheme and contributions are ¢alculated so as to spread lh8 cosl ol penslons over employees. working lives with the College in such a way that Ihe pension cost is a substantially level percenlage of current and futur8 pensionable payroll. The contributions are determined by the Government Actuary on the basis of qu8drennlal valuations using a projected unit credit m8thod. The TPS is an unlvndeil mulli-employer scheme with no underlyng assets lo assign belween employers. Consequently, the TPS is Irealed as a defined conlribullon scheme lor 8CCOL)nling purposes and the conlribulions are recognised in the period lo which they relate. The LGPS is a funded mulll-employer scheme and the assets are held separately from Ih05e of the College separale Irustee administered funds. Pension scheme ass8ts are measured al fair valug and li8bililiss aTe measured on an actuarial basls using the projected unil credit method and discounled al a rale equiv8lent to the curienl rate of return on a high-qualily corporate bond of eguivalènt term and currency lo th8 liabllltles. The actuarial valuations ar8 tsbtained al least triennially and are updated al each balance sheet dale. The asset values are reported using esllmalèd asset allocations prepared by Ihe scheme Actuary. The asset value is calculated at each triennial valuation. Thereafter it is rolled forward lo accounting dales using inveslmenl returns, contribulions received and benefits pald out. During each annual reporting period between triennial valuations, asset returns are estimated using 11 months ol market experience and one month of extrapolation being assumÈd. All staff wèrè employed by The Shaw EdurAllon Trust and seconded lo Newfrlars College on an exclusive and full-lime basls until 31st March 2022. From 1st April 2022 all staff were employed direclly by Newfriars College. Following the transfer on 181 Aprll 2022. the Trvsl now recogn188S It9 proportion tsl ihe LGPS liability on th8 balance sheet al year end. AcluarSal galns and losses are recognlsed immediately in other recognlsèd galns and losses. Page 22
NEWFRIARS COLLEGE IA company limited by guaranteè) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng pollelès Icontlnuadl 1.11 Fund accountlng Unreslii¢led Income funds repiesent those resources which fflay be used towards meeting any of the charitable objects of the Charit8ble company at Ihe discrelion of th8 Trustees. Restricted fixed asset funds are resources which are lo b8 applied to specific capilal purposes Imposed by Ihe lunders where the asset acqulred or created is held for 8 specific purpose. Reslricled general funds comprise all olher reslricled funds r8ceived wlth restrictions irnp088d by the funderldonor and include grants from the Oepartment for Education Group. Crltlcal aceountlng estlmates and areas of ludg•ment Eslimates and judgemenls ale conlSnually ovaluated and are based on historical experience and other factors. including 8xpaclations of future evenls th81 are believed to b8 reasonable under the circumstances. Critical accounting 88llmales and assumptions.. Th8 College makes eslimales and assumpllons eoncernSng the future. The re5ulllng accounting eslim81e8 and assumptions VAII. by definilion, seldom equal th8 related oclual results. Estimates and judgements are onllnually evaluated and ar8 based on hlslorical experience and olhei faclors including expeclallons ol future events Ihal are believed lo be reasonable under the circumstances. Th8 Trustees do not consider Ihal there are any significanl erilical accounting eslimales or 855umptions. The present value ol thè Local Government Penslon Scheme defined benefit 118blllly depends on a number of factors that are d&lermlned on an actuarial b8sis using a variely of assumplions. The assumptions used in determining the net cosl or income for pensions Snclude the discount rate. Any changes in these a55umplions. which are disclosed In note 22, will impact th8 CaTng amount ol Ihe pension liability. Furthermore 8 roll forward approach which projecls fesults from the lalesl full 8cluarial valuation performed al 31 March 2022 has been L)sed by the actuary in valulng the pensions liability 8131 August 2024. Any differences between Ihe figures derived from the roll forward 8ppro8ch and a lull Èeluarlal valuation would impacl on Èh6 carfying amount of the penslon Ilabllily. Page 23
NEWFRIARS COLLEGE IA company Ilmiled by gu8r8nlee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Incom& from donallons and capltal grants Re51rlcted fixed asset funds 2024 £000 Total funds 2024 £000 L8nd and buildings transferred from The Shaw Educallon Trust Capital granls 2,557 188 2.557 188 Total 2024 2.745 2,745 Resfricted Ixedassef funds 2023 £000 153 Total funds 2023 £000 153 Capitsl grants Page 24
NEWFRIARS COLLEGE IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Fundlng for the Ch8rllabl8 company's charltable actlvllles Unr•strlcted Restrlcted funds funds 2024 2024 £000 £000 Total funds 2024 £000 DfEIESFA grants Core education and skllls lunding Olh8r DfEIESFA granls 2.409 f55 2,409 155 2,664 2.564 Other Government grants SEN funding Malrix led funding Other income from thè Charltable company's aducatlonal operatlons 97 2,829 97 2,829 32 41 Total 2024 32 5.499 5.531 Unreslrlcled funds 2023 £000 Restricled runds 2023 £000 Totgl runds 2023 £000 DfEIESFA granls Core education and skills funding Other DfE Group grant$ 2.194 iio 2, 194 iio 2,304 2,304 Other Gov8rnment grants Matrix led funding Other Income from tha Charltable company's èdueatlonal operations 2,052 2.052 13 33 Tolal 2023 20 4.369 4,389 Page 25
NEWFRIARS COLLEGE IA company limited by gu8r8nte81 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 AUGUST 2024 Income from other tradlng acllvltles Unrestrlcted fund5 2024 £000 Total funds 2024 £000 Other incom8 57 57 Unr8s1rlcled fund8 2023 £000 Total lunds 2023 £000 Olher income 43 43 Expendlture staff Costs 2024 £000 Pr8mlses 2024 £000 other 2024 £000 Total 2024 £000 Educallonol Operations Dlrecl costs 3,795 544 155 369 164 379 4,114 1,292 Alloealed support costs 4.339 524 543 5,406 S18ff Cosls 2023 £000 Premises 2023 £000 Olher 2023 £000 Tol81 2023 Educational Operallons Direct cos($ Allocaled suppt)rt costs 3. 123 517 161 228 190 394 3,474 I,t39 3,640 389 584 4,613 Page 26
NEWFRIARS COLLEGE IA company Ilmiled by guaranteè) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 AUGUST2024 Analysls of expendlture by aGtlvltl8S Actlvltl8S undertaken dlrectly 2024 £000 Support costs 2024 £000 Tol81 funds 2024 £000 Eduealional operations 4,114 1.292 5,406 AclivAlies undertaken directly 2023 Support costs 2023 £000 Total funds 2023 Educational oper8tions 3,474 1. 139 4,613 Analysis of support costs Total funds 2024 £000 Tolal funds 2023 £000 Staff costs Technology costs Other support eosls Premises costs ProfessiorTral servlc8s Governance costs 544 95 181 369 88 517 96 247 228 38 13 1,292 1,139 GoveTn8ncg costs comprise of th8 C081 of audiling the College's finan¢lal statements and the cost of exlernal governor sÈrvlcès. Pag8 27
NEWFRIARS COLLEGE IA company limlted by gubrant891 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 N8t {Incomellexpendlture Net lincomeyexp6ndilure for the year includes: 2024 £000 2023 EOOO Operating lease rentals Depreciation of tangibl8 fixed assets Oonation of land and buildings Fees pald Io auditor for.. audit other seNlces 31 28 155 100 (2.5571 Pag8 28
NEWFRIARS COLLEGE IA company Ilm51ed by gu8r8ntee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Staff a. Staff costs and employèa banèflts Staff costs during the year were as follows- 2024 £000 2023 £000 2,597 247 Wages and salaries Soaal security costs Pension costs 3,200 302 774 T07 4.276 3.551 Agency Staff costs Staff reslruclurlng costs 56 T6 13 4,339 3,640 Staff reslruclvring costs comprise.. Redundancy payments 13 Ther6 is a £20,000 penslon strain cost included 2024 pension cosls12023.' £nill. b. Staff numbers The av8ra98 number of peisons employed by the Charilab18 company during the yearwas as follows.. 2024 No. 2023 Teachers Adminislrallon and Support Man8gemonl 25 98 19 75 126 loo P8ge 29
NEWFRIARS COLLEGE (A company Ilmlled by guaranle81 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 st8ff {contlnued} c. Hlgher pald staff The number of employees whose employee benefi18 (èxcluding employer pension c05ts} exceeded £60.000 was.. 2024 No. 2023 No. In the band £60,001- £70,000 In Ihe band £70,001- £80,000 In Ihe band £80,001- £90,000 In Ihe band £90,001 £100,000 d. Key management personn•l The key m8nag6ment personnel of the Ch8rilable company comprise th8 Trustees and the sonior management team as 1Ssted on page 1. The lolal amount of key management personnel benefits (including employer pension conlribullons and employer nalional insurance contribulions} received by key management parsonn61 for Iheir services lo the Charltable company was £228,240 (2023- £204,098). 10. Trustees. remunèratlon and expenses During the y8ar, no Trustees received any remunerallon or other benefits (2023- £NIL). During the year ended 31 August 2024. no Trustee expenses have b8en incurred {2023- £NIL). Pag8 30
NEWFRIARS COLLEGE IA Company Ilmlt8d by guaranteol NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 11. T8nglble Ilxed assets Furnlture, Long-term equlpment, leasehold Leasehold Assets under plant and Motor property Improvaments constructlon machlnery vehicles £000 £000 Total £000 £000 £000 £000 Cost or valuallon Al 1 September 2023 Additions Transfers inlra group Transfers behveen cl85898 431 59 206 56 752 119 28 51 40 2.557 2,557 1591 59 Al 31 August 2024 2,557 459 316 96 3.428 Depreclation At 1 September 2023 Charge for the year 136 46 135 62 28 299 15S 23 Al 31 August 2024 23 182 197 52 454 Nat book value At 31 August 2024 2,534 277 119 44 2,974 Al 31 August 2023 295 71 28 453 12. Debtor¥ 2024 £000 2023 £000 Oue wlthln one year Trade debtors Olher debtors Prepayments and accrued income 31 10 76 23 86 62 Page 31
NEWFRIARS COLLEGE IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 13. Credllor8: Amounts falllng due wlthln one year 2024 £000 2023 £000 Government loans 10 io Trade c¥edilors Amounts owed to group undertakings Olher taxation and social security Olher creditors Accruals and deferred Income 76 48 522 67 357 TO 94 171 84 183 940 752 Included above are loarks 01 £10.000 (2023.. £10.OOOJ from ESFA which carry an interest rale of 1.23 / nd are due lo be repaid over 10 years. The Government grants are nSidered to be concessionary loans under FRS102. 2024 £000 2023 D8f8rrèd Ineome al 1 September 2023 Resources defetred during the year Amounts released from previous periods 33 67 {641 32 65 (64) 36 33 Creditors includ8s £36.000 (2023.. £33,000) of income which has been deferied into the following year due to the timing of the collÈgè's enllllement lo income. Th8T8 are no unfulfilled condillons attached lo Ihis income at Ihe balance sheet date. 14. Credltors: Amounts falllng due after more than one year 2024 £000 2023 £000 Olher k)ans 50 60 The 8ggragatO 8mount of liabilities payable or repayable wholly or in part more than five years afler the reporting dat8 18.. 2024 £000 2023 £000 Paydble or repayable by instalmenls 10 20 Page 32
NEWFRIARS COLLEGE IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 15. Statement of funds Balaneè at Y September 2023 £000 Belanee at Galnsl 31 August {Lossesl 2024 £000 £000 Transfers Inloul £000 Income Exp8ndltur• £OOD £000 Unreslrlcted funds General Funds 140 89 (141 215 Restricted general funds DFEIESFA rants 1741 2,S64 (2,4671 38 61 Olher government grants Other reslricted funds Pension reserve 2,928 12.9261 13 19961 122) 263 1549} {1,0571 5,499 15,231} 38 263 14881 Restricted fixed ass8t funds Reslricled fixed assets fund CspSt81 grants Donated leasehold propèrly from SET Governmenl loans 453 118 {1551 161 2,676 1167 2,974 133 188 2.557 12,5571 1701 10 1801 501 2,745 11611 (381 3,047 Total Restrlcted funds {556) 8.244 (5,3921 263 2,559 Total funds 14161 8.333 (5.4061 263 2.774 Pag8 33
NEWFRIARS COLLEGE IA company Ilmltèd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 15. Slalement of funds (contlnu•dl Th8 speafie purposes for which the fLinds are lo be applied are as follows.. Restrlcted General funds Th8sè eomprise all reslricled funds other Ihan reslricled fixed assèt funds and include grants from th6 Education and Skills Funding Agency and local aulhortlies. Unrestrlcted funds These comprise resources that May be used towards meeling any of th8 charitable obleclives of the College 8t the disuetion ol the Iruslees. Rèstrlcted Flxed Asset Funds Theso comprise iesou¥ces which are lo be applied to specific capital purposes imposed by the Educallon and Skills Funding Agency and local authorities where the asset acquired or Gre8ted is held for a specific purpose. Also included are unspent capital grants. whlch are subject lo reslriclions imposed by Ihe Education 8nd Skills Funding Agency and local aulhorilies. Under the funding agreement with Ihe Secretary of Slate, th6 Charilable company was not subj8cI to 8 limit on the amount of GAG it could carry lotwaid al 31 August 2024. Page 34
NEWFRIARS COLLEGE IA company Ilmltèd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 15. Statement of funds Icontlnv8dl Comparative information in iespecl of the preceding yoar Is as follows- Balance al I Saplembei 2022 £000 B8lanGe at 31 August 2023 £000 Transfers In/oul £000 Gèln (Loss8sJ £000 Income Expenditure £000 £000 Unrestrlcted funds General Funds 119 64 (43) 140 R8strlcted general lunds DFEIESFA grants Olher government grants Other reslricled funds PensSon reserve 25 2,304 (2.393) (10) {74) 2,052 (2.052) 13 13 {996) (1, 104) (25) 133 (1.079J 4,369 (4,470) (io) 133 (1,057? Restrlctad fixed asset funds Reslricled fixed assets fund Capital grants Government loans 449 (loo) 104 (104) 453 118 69 153 (80) io (70) 438 153 (iooj io 501 Total Reslrlcted funds (641) 4,522 (4.570) 133 (556) Total funds (522J 4,586 (4.613) 133 (416) P8g6 35
NEWFRIARS COLLEGE IA company Ilmlt8d by guarant8è} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 16. Analysls of net assets belween funds Analysis of net a55els between funds - current period Restrlcted Unreslrlcled Reslrlcted flxed asset funds funds funds 2024 2024 2024 £000 £000 £000 Total fund5 2024 £000 Tanglble fixed assels Current assets 2,974 133 2,974 1,339 19401 {501 {549) 215 991 19301 Creditors due wilhln one year Creditors due in more than one year Provisions lor liabilities and charges 1101 1501 1549} Total 215 (4881 3.047 2,774 Analysls of net assets ljetween funds - prlor perlod RgsfriGlfjd Reslrlcled fixedassel funds lunds 2023 2023 £000 Unrestricted funds 2023 £000 Total funds 2023 EOOO Tangible fixed assets Curfent assets CredStois due wilhln one ar Credilois due in more than one year Provisions for liabiliti88 and charg8S 453 453 939 (752) (60J f996J 140 680 (74q) 118 (ioj (60) 1996) Total 140 fl,057J 501 (416) Page 36
NEWFRIARS COLLEGE {A company limited by guarant98} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 17. Reconclllatlon of net Incomel{expendllur&l to net cash flow from operatlng actlvlll85 2024 £000 2023 £000 Net incomellexpendilurel for the period las per Slalement of financial 2,927 (28) AdJustments for: Oeprecialion Capilal grants from DfE and other capital Income Defined benefit pension scheme cost less contributions payable Defined benefil pension scheme finance cost Ilncreaselldeciease in debtors Increase in creditor8 Donated land and building8 155 11881 12301 46 100 (153) (21) 46 1241 188 272 182 12,5571 N8t eash provldad by operallng acllvltles 317 398 18. Cash flows from flnancing activities 2024 £000 1101 2023 £009 flo) Repaymenls of borrowing Net cash used In finanelng actlvltles (io) 19. Cash flow5 from Invastlng acllv511es 2024 £000 11191 188 2023 £000 (104) 153 Purcha8e of langlble fixed assels Capital grants Irom DIE Group Net cash provlded by Investlng actlvltles 69 Page 37
NEWFRIARS COLLEGE {A company1Smlted by guarantee) NOTES TO THE FINANCIAL STATEMEhlTS FOR THE YEAR ENDED 31 AUGUST2024 20. Analy818 of cash and cash equlvalents 2024 £000 1,253 2023 £000 Cash In hand and al bank 877 21. Analys15 of ehang•s In net debt At1 S8Ptember At31 2023 Cash flows August 2024 £000 £000 £000 Cash at bank and in hand 877 1101 160) 376 1.253 110) 150} Debt due wilhln 1 year Debt du8 after 1 year 10 807 386 1,193 22. Penslon commltm8nts The Charit8blg companls employees belong to two principttl pension schemes- th8 Teachers, Pension Scheme England and W8185 ITPSI lor academic and rela18d sl8ff,' and Ihe Local Government P8fbslon Scheme ILGPSI lor non-leaching slalf, which is managed by Hymans Robertson LLP. Both are mulli- employ8r d8finÈd benefit schemes. The 18tesl actuarial valualior) of the TPS related lo the period ended 31 March 2020 and of the LGPS 31 March 2022. Conlrlbullons amounting lo £92,011 w8r8 payab16 to the schemes al 31 August 2024 (2023 £81.065J and are included within credilors. Teachers, P8nslon Schame The Teaehers, Pension Scheme ITPSI Is a stalutory. conlribvlory, d8fined benefit scheme, governed by Ihe Teachers, Pension Scheme Regulations 2014. Membership is automatic for full-llme leachers in academies. All le8¢hÈrs have Ihe option to opt-oul of lh8 TPS following enrolmenl. The TPS Is an unlunded scheme lo whlch both Ihe member and employer makes contribulions. as a percentage of salary - Ihese contributions are credi18d lo the Exchequer. Reliremenl and other pension benefits are paid by public funds provided by Pailiamenl. Page 38
NEWFRIARS COLLEGE IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 22. Penslon commllments Icontlnuedl Valuation of the TeJ¢hers' Penslon Sch&mè The Government Aclvary, using normal actuarial principles. conducts a formal actvari81 revlew ol the TPS in accordance with the Public Servlce Penslons (Valuations and Employer Cost Capl Directions 2014 Pkjblished by HM Treasury every 4 years. The airn of the r8view is lo ensure scheme costs are recognised and managed appropriately and the revlew specifies the level of future contributions. ActU8rial scheme valuations are dependent on assumptions about the value of future eosts. design of benefits and many other factors. The lalesl actuarial valuation of Ihe TPS was carried oul as 8131 March 2020. The valuation report was published by the Department for Education on 27 October 2023, wlh the SCAPE rate. set by HMT. applwng a notional investment return based on 1.7010 abovè the rate of CPI. The key elements of the valuation outcom8 ar8.. Employer contribution rates set al 28.680/0 of penslonable pay IlnclLJdlng 3 0.08% adminislralion levyl. This is an increase of 5% in employer contributions and thé cosl control result is such that no change in tnember benefits Is needed. Total scheme liabilities Ipenslons currently in payment and the eslimaled cost of future benefilsl for service lo Ihe effective date of £262.000 million and nolional assels leslimaled lulurg contributions together with the notional Snveslfflenls held at the valuation datel of £222,200 mlllion. gSving a notional past service d8fi¢il of £39.800 mlllion. The result of this valu8lion wlll b8 Smplemènted from 1 April 2024. The next valuallon rÈsull Is due to be Implemented from 1 April 2028. The employerfs pension costs paid lo TPS In the year amounled to £332.000 (2023- £257,000). A copy ol the valuation report And supporting documentation is on the Te8ch8rs' PènsSons website Ihllps-.IlwM.leacherspensions.co.ukln8wslemployers120191041teachers-pensions-valualion-report.8spxl. Under Ihe definitions Sel oul In FRS 102. the TPS Is an unfunded mulli-employgr pension scheme. The Charitable company is unable fo identify ils share of the underlying assets and liabilities of th8 plan. Accordingly, the ChaiSlable company has taken advantage of the exempllon in FRS 102 and has accounted for its contributions lo the scheme as if it were a defined conlribulion schetllg. The Charitable company has set out above Ihe information available an the scheme. Page 39
NEWFRIARS COLLEGE {A company Ilmlt8d by guarantèa) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 22, Penslon commllment8 Icontlnuedl Local Government Penslon Scheme The LGPS is a funded defined benefit pension scheme, wilh the assets held in separate trustee- administered funds. The tolal eonlribullon mad8 for th8 year 8nded 31 August 2024 was £731,000 (2023- £433,000), of which 8mployerfs conlribulions tolalled £623,000 (2023 £357,000) and employees, conlribulions lolalled £108.000 (2023 - £76,OQO). The agreed contrlbutlon rales for fuluie years are 19.3- 27.2 per cent for employers and 12.5 per cent for employees. As described in ntste Ihe LGPS obligatSon ielates lo the employees of Ihe Charitable company, who were the employees transferred as part of the conversion from the maintained school and new employees who were eligible lo, and did, join the Scheme in Ihe year. The obligalion in respect of employees who transferred on conversion represents Iheir cumuladve 8ervlco al both the predecessor school and the Charitable company al the balance sheet date. The College has enlered Into agreement to make conlribulion8 in 8ddition to normal funding levels.11 is anticipated additional conliibulions will be paid over Ihe following years as follows.. 2024125- £136,000 2025126- £140.000 Prlnclpal acluarlal assumptlons 2024 2023 Rale of increase in salaries 3.15 3.45 Rate of increase for pensions in paymenvinflalion Discount rate for scheme liabilities 2.65 5.00 2.95 Inflation as8uniption ICPII 2.65 2.95 The current mortality assumptions include sufficient allowance for future improvemenls in mortality rates. Th8 8ssum8d life exp8clations on r811remenl auè 65 ar8.. 2024 Years 2023 Years Reliring foday Males Females Retiring in 20yeBrs Males Females 19.7 24.0 19.8 24.1 20.1 2S.1 20.2 25.1 Page 40
NEWFRIARS COLLEGE IA company Ilmltèd by gu8ranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 22. P8nslon commllment8 Icontlnuedl Sensltlvlty analysls Impact on obllgBllon¥ 2024 £000 2023 £00 Discounl rale +0.1% Discourst r818-0.10/0 Mortallly assumpllon- 1 year Incre8s8 Mortality assuwpllon- 1 year decrease CPI rate +0.10 11201 120 188 (1881 115 11051 105 162 {162J 92 (92) CPI rale -0.1Q 11151 Share of scheme as8el8 The Charitable comp8nls share of the assets in the schem8 was- At 31 Af 31 August August 2024 2023 £000 £000 Equities Corporate bonds Propety Cash and other Ilquld assets 2,649 1,118 290 82 2,050 703 245 61 Total market value of assets 4.139 3,059 The 8cIu81 return on scheme a55el8 was £432,000 (2023- £235,000). The amounts recognlsed In the Slalemenl ol financlal acllvities are as follows.. 2024 £000 2023 £000 Current 5ervlce cost Inlerest Income Interest C051 393 {1761 222 336 fl 12) 158 Total amount recognlsed In the Slalement of flnanGlal acllvllles 439 382 Page41
NEWFRIARS COLLEGE IA company Ilmlted by guarantaa} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 22. Penslon eommltm8nt8 Icontlnuedl Changes in the present value of Ihe defined benefit obligalions were as follows- 2024 £000 2023 £000 Al 1 September Current service cost 4,055 393 222 108 171 1831 3,544 336 158 16 {io) {49J Interest cost Employee conlrlbutSons Acluarlal gaSns Bèn8fitS P8ld Al 31 August 4.688 4.055 Changes in the lair value ol the Charitable companys share of scheme ossets were as follows.. 2024 £000 2023 £000 At 1 September Interest inc4)me Actuarial gains Employer conlrlbullons Employ88 COFilribulSons Benefits p8ld 3.059 176 256 623 108 {831 2.440 112 123 357 16 (49) At 31 August 4.139 3,059 23. Operatlng lease commltmants At 31 August 2024 the Charitable company had commllmenls lo make lulure mlnimum lease payments under non-cancellable operating leases a5 follows.. 2024 £000 2023 £000 Amounts due within one year Amounls due in two and five years 21 15 28 27 36 55 Page 42
NEWFRIARS COLLEGE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 24. Mambers. Ilablllty Each member of the charitsble company undertakes lo eonliibut8 lo Ihe assels of the company in the event of il being wound vp while helshe is a member, or within one year aller helshe ceases to be a member, such amount as may be required, not exceeding £10 for Ihe debts and li8bililies conliacled before helshe ceases lo be 8 member. 25. Ralatad party trahsactlons Newfriars College is a wholty owned subsidiary of The Shaw Educallon Trust company registration 09067175, and tho annual results for Newfriars College are included in Ihe consolidated accounts of The Shaw Education Trust. In prgvIou5 years, land and buildings are owned by Th8 Shaw Education Trus( and therefore are not included in the accounts of Newfri8rs College. Newfriars College are provided vAlh access lo such parts ol ihe premises at the college as they reasonably requi¥e for the purposes of providing services. No rental charge is incurred by Newlriars Coll8g8. Al the start of the year. the value ol thè propèrly u58d by NeriarS was Iranslerred from The Shaw Education Trust as a donated assol under a long term lease agreèment. Th8 fair value of the property was consldered lo be the carrwng value of the property at Ihe point of transfer of £2,557,000. In addlllon, Newfiiars College has several servlce level agreemer)Is in place with The Shaw Education Tiusl, for the provision of HR sewices, payroll, accounting. and financial services. These servicos are recharged al cost to N8wfriars College. The cost incurred for these agr88m8nls during Ihe year was £45,00012023.' £44,OOOJ. The balance owed al the year end was £522,000 (2023.. £357.000J. Mrs L Tayltjr, wife of Mr R TaOr. is employed by Newfriars College on a salary commensurale with the position held and was employed in lin8 Imlh th8 College's recruilmenl policy. 28. Agency arrangements Thg Charitable Company distributes 16-19 bursary funds 10 51udenls as an agent of the ESFA. In the accounting period endlng 31 August 2024 the College reiVed £67.080 12023.. £65.3951 and dlsburs8d £63,742 12023.. £63,828) from the fund. At the balance sheel dale Ihere were undislribuled funds of £36,457 {2023.' £33.119). 27. Controlllng party The Immediate parent undertaking is The Shaw Educallon Trust, wmpany r8gislralion nurnber 09067f 75. a company limited by guarantee, registered 8nd domici18d in England and Wales. The ultimate parent undertaking is The Shaw Trust Llmlled. company registration number 01744121, a company limiled by guarantee, registered and dtsmlci18d in England and Wales. There Is not deemed ¢0 be an ultimate controlllng paty. Pag8 43