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 a￿angernent 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 be￿een 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 pro￿de 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, 1nd1vid￿allY 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 Cha￿1￿ble 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 aC￿rdan￿O 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
fO￿ard
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 ShO￿ld 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 incl￿deS 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 CaT￿ng 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
Ne￿riarS 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 Ta￿Or. 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 re￿iVed £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