Company Ragistration Numbèr.. 11426256 (England & Wales) NEWFRIARS COLLEGE IA company limited by guarantee) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
NEWFRIARS COLLEGE IA company limitgd by guarantee) CONTENTS Page Refèrence and admlnlstrallve details Trustee$. rgport Statement of trustees. rgsponsibilities Independent auditorfs report on the flnancial statements Statement of financial activities incorporatlng Income and expenditure a¢¢ount Balance sheet 10 15-16 17-18 Statement of cash flows 19 Notes to the flnanclal stat8ments 20-47
NEWFRIARS COLLEGE IA company limited by guarantee) REFERENCE AND ADMINISTRATiVE DETAILS Member The Shaw Education Trust Tru$tees Mr D Bateson OBE Mr M Howes (appointed 17 Dember 20251 Mrs J Heard Jones (resigned 28 March 20251 Mr R Taylor Mr R W8rner lappoinled 31 Mareh 20251 Mrs N L Bireh lappoinled 9 February 20261 Mrs L S Walkins lappointed 9 February 20261 Mr S M Bartram lappoinled 17 Decembèr 20251 Mr5 J L Owèn lappoinled 17 Dember 20251 Company reglstered number 11426256 Company name Newfriars College Registered offl¢e Newfriars COlle Castle Grove Off Newhouse Road Buckn211 Sloke-On-Trenl ST2 8BH Principal operating office Castle Grove Bucknall Sloke-On-Trent Company secretary Mrs B Barlow Accounting Offic9r Mr R Millington, Chief Executive ofFir Independent audltor Crowe U.K. LLP Black Country House Rounds Green Road Oldbury Wesl Midlands B69 2DG Bankers Natwesl Bank 135 Bishopsgate London EC2M 1BJ Solicitors Browne Jacobson LLP Mowbray House Castle Meadow Road Nottingham NG2 18J Page 1
NEWFRIARS COLLEGE IA company limitèd by guarant&g1 TRUSTEES. REPORT FOR THE YEAR ENDED 31 AUGUST 2025 The Trustees pre5Ènt their annual report together wth the financial slalemen15 and auditorfs report of the Charitable company ft)rthe 1 September 2024 to 31 August 2025. The annual report serves the purpose of both Iruslee5' report, and a directors, report under company law. Newfriars College is a Specialist Independent College, with, 227 lèarners aged 16-25 years 12023-24.. 205 leamersl. The College is based in Stoke on Trent and draw5 leamers from Stoke on Trent, Slaffordshire, Cheshire East and Surrounding Local Aulhor(ties. College Provsion Dyte of incorporation No. Leamet5 Newfriars College. Castle Grcmfft. Newnouse Road. Bud(nall. Stoke-on-TrenL Slaffordshire. ST2 BBH Specialist College 11e-25 years) June-18 227 Structure. governance and management a. Constltutlon Newfriars College is a Charitsble company limf(ed by guarantee and an exempt charity. The Charitable company s mernorandum and articles of association are the primary governing documents of the Charitable company. The Trusle6s of Newfriars College are also th& directors of the Charitsble company for the purposes of company Thè Charitable Company operates as Newtriars College. Details of the Trustees who served during the year, and to the dale these accounts arè approved are in¢luded in the Reference and adminislratDie details on pag& 1. b. Members, Ilability Each member of the Charitable Company undertakès ID contribute to the assgts of the Charitable Company in the event of it being wound up while they are a mernber, or within one year after they cease ID be a member, such amount as rnay be required, not 8xceeding £10, for the debts and liabilities contractad before they caased lo ba a member. c. Trn$tees' indemnltles Newfriars Gollege is insured by QBE UK Ltd. This arrangement includes £1.000,DOO Trustees, Indemnity eover. d. Mgthod of reeruitment and appointment or olgction of Trustge$ The m8nagemenl of the Charrfiablè Company is thè responsibility of the Trustees who are trlecled and co-opted under the terms of the articles of association. Since the year end date the Trugtee Board has appointed additional trustees including hrtark Howes, Nicola Birch, Lynn Walkins, Simon Bartram and Joanne Owen. Page 2
All decisions regarding Pay and Remuneration are the responsibility of the Board of Trustees.
NEWFRIARS COLLEGE IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2025 Oblectlves and activlties Icontinuedl Our vision is lo be a first-class provider of academic, personal and social achievement-, where the college teamwork in partnership with our learners and their families to ansure they receive oulst8nding education and Care and lo be a Centre of Excellence for learning, preparation for adulthood and research. Our Values, which underpin everything that we do, are lo be.. Inspiring- We listen, We en¢ourage, We are positive. We molivale. Inclusive - We are a team, We are fair, We believe in equal opportunity, We work in partnership Supportive - We are caring, We are respecfful, We are friendly, We are Compassionate. Innovative- We are enlhusiaslic, We lake risks, We are creative, We ale experts Evolving - We have a passion to be the best al everything we do, We embrace change, We are ambitious. Learnèrs are al the heart of everything we do, and their curriculum is highly recognised ID hèlp them achieve their ambitions. The education. Carg and support are provided by ciur very dedicated, skilled and friendly staff. We offer multiple opportunities to learn in the community through a range of partnerships with local employers, services and our mainstream college partners. We provide highly differentiated and slimulaling learning pathways which will enable young people tD gain independence, confidence, self-esleem and daity living skills. We allow our learners lo develop skills which will help them tD prepare for adulthood, access the wider community, develop independent living skills and move into further education or employment. We offer a holistic leaming environment with specially trained staff and resources ID best support the needs of our young people. Our staff are well trained, valuèd and molivaled to empower others. b. Objectiv0$, strategies and activities In June 2022, Ofsted completed a Full Inspection of the College. Otsled graded Newfriars College as Good Overall wrf(h Behaviour and Attitudes and Personal Development judged Oulslanding. The Ofsled Full Inspèction Rèport published in Septembèr 2022 judged that.. Under the inspirational leadership of the Chief Executive Officer, staff work with energy and commitment lo produce a positive climate In which students excel. Leaders and managers have developed an aspirational curriculum aimed at preparing students well for working and living more independently. Leaders are highly ambitious for 811 their students. The Senior Lèadership Team al Newfriars College has continued lo be ambitious in pushing forward further rapid change Ovèr 2024125 embedding ils innovative Curriculum model judged by Ofsled lo be 'aspiralional'. Page 4
NEWFWARS COLLEGE IA company Ilmlted by guaranteel TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2025 Objoctives and activltles Icontlnuedl . Growth Plan Newfriars is one o* the largest Specialist Colleges in the Country. Learner places have grown from 155 in 2018119.. 10 227 in 2024125. Learners are enrolled on Programmes of Study across three Pathways in addition lo the Project Sèarch Supported Inlemship programme with th& Royal Stoke Universty Hospital. The supported internship programme has further increased this year wrf£h further organisations, offering new opportunlcies for emplDymenl. The College plans lo continue growing and expanding the number of students il supports. Public Benefit General guidance on public benefit when reviewing the College objective and aims in planning future adivities for the period. The Trustees consider that the College can Clear demonstratè that its aims are to advance education for public benefit. The 7 Nolan Principals are adhered lo In Dur practice. Stratsglc report Achievements and performance a. Key performance Indicators The College's Executive Leadership team provide Trustees wl(h a comprehensive evaluation of the College's performance as part of the annual self-assessmenl report. The data include extemal analysis lexaminalions and Ofstedl and internal monitoring, evalu8tion and quality assurance. Otsted Full Inspection June 2022 The Otsled Report published in September 2022 provides strong reassurance the College is delivering an '8spiralional' curriculum where leamers 'excel'. The College leadership fiom the Head Teacher is described as 'inspiralional'. b. Going concern After making appropriate enquiries, Newlriarg College has adequate resources lo continue in operational existence for the foreseeable future. For this reason, il continues to adopt the going concern basis in preparing the financial slalements. Further delaiI5 regarding the adoption of the going concern basis can be found in the Slalemenl of A¢counling Policies. c. Promotin9 the success ofthe company Under section 172 of the Companies Act 2006, Thè Board of Trustèes musl act in a way most likely to prtsmole the succès$ of the company, and in doing $0 must have regard lo". the likely Consequences of any decision in the long temi the interests of the company's employees the need lo f051er the company's business relationships with suppliers. customers and others the irnpa¢l of the company's operations on the community and thè environment the desirability of the Company maintaining a reputation for high standards of business conduct the need to act fair as betseen m8mbers of the company Pag? 5
NEWFRIARS COLLEGE IA company limited by gLtaranteel TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2025 Strategic report Icontinuedl A¢hlgv6ments and performance Icontlnuedl The Governance Structure of the College enables The Board of Trustees to engage with stakeholders and lo understand the issues to which they musl have regard. The College Sènior Leadership Team presents evidence to the Trustees al meetings of the board OT another relevant lime which gives them assurance over the decisions and strategies during the financial year made by the appropriate pèrson with delegated aulhority13s Sgt out in the Delegated Accountabilty Framework). Newfriars College has regard lo employees and seeks lo operate in their best inleresls. The Board of Trustees receives staff feedback via surveys., meetings,. consuhation aclivty and open invilaliDn. Newtriars College engages in relationships wrth its customers, suppliers and others in a business relationship wi(h the College on a regular basis and through various mediums. Financial review The financial objectDies are lo enable Newfriars College lo consistently provide high quality education for all learners whilst undertaking lo provide the best value for money on resources exp2nded and lo condLJCt all business in aCCDrd8nce with the high standards of inlegrty. Financial objectives and policies are regularly review throughout the financial year. The risk management objective is to ensure that there a no events that can substantially influence the provision of èducation. A budget with expenditure balances against expected income from the Department for Education IDfEI is sel, wilhoul the reliance on reserves. Additional expendrture may be approved in year against additional income or reserves as deemed f11 by the Trustees. Newfriars College was ful consolidated into The Shaw Trust group accounts up until 31 March 2025, following a an assessment from SET Trustee5 that determined SET ceased lo control Newfriars College at this dale. The overarching policy of the College is to review risks arising and address them at Trusleas, meetings, Board of Trustees Meetings or sooner if required. During the year, the College made a surplus of £1,529,000 after actuarial adjustmonts on the defined benefit pension scheme (2024.. £4. 105.000). Page 6
NEWFRIARS COLLEGE A company Ilmited by guarantee) TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2025 a. Rasèrves policy The Trustee5 have adopted a policy that considers the following principles". Reserves have a specific purpose related to futurè spending Dr covering current and futurè risks The size of the reserves balances the benefit of current spending with the risks the reserves cover They are transparent and maintain the link with the purpose for which the income was given They ensure that sufficient resources a available so that unexpecl&d èvents can be accommodalgd wilhoul causing current year problerns, generating a deficit or cash flow d[lCUltIes. Reserves have been maintained by the Newfriars Collège lo ensure.. Current reserves managg known ri$k$ which are not insurable or where insurance does not provide value for money Equalisalion resereS are available lo smooth out irregular spending Specific capital reserves are available lo fund capital expenditure and other investments that would not be affordable rf financed from a single year's funding. There is a general reserve to provide for unexpected and unpredictable needs. Cash flow management enablès variable cash demands across the College ID be managed. At 31 August 2025, total reserves were in a surplus of £5,218,000 f2024.' £3, 689,000), of this, unrestricted reserves are a surplus of £295.000 (2024. £275.000), restrictèd funds, excluding capital and the pension reserve, al the end of the period are a surplus of £905,000 (2024.. £67,oooJ, together these represent the College's free reserves. The College aims lo maintain a level of contingent free cash reserves equal lo six week's costs including payroll osls. For the year ended 31 August 2025, this equal&d lo £910,000. b. Invostmant poll¢y N&wFri8rs College currently has no material inveslmenls. Page 7
NEWFRIARS COLLEGE IA company limited by guaranteè) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2025 c. Principal risks and uncertalntles The Trustees ensure that the identification, evaluation and mDnrf(oring of signrficant risks is a continuous proces5. Ernerging risks and changes lo the risk profile are identified wi(h support and reported ID the Audit Committee and main Trustee Board through a Corporate Risk Register. The Board of Trustees reviews new and existing risks, challenges risk ratings and assesses the effectiveness of mitigating actions and controls. 11 also considers whether other risks should be reviewed and advises management accordingly. The assessment of risk is linked to the &volving College strategy and the following are mpnitored for Potential risks." The inability lo achievè growth and development objectives sel by the board of Irusle&s both culturally and Commercially lo enable its long-lerm viability. The inability to deliver the required educational, pastoral or financial standards Physicallmental or emDlional harm caused to others. Loss or damage lo premises andlor physical ass@ts. The unexpected interruption in normal service delivery. Robust assessment ol all financial and educational risks The Board of Trustees a taking appropriate steps lo monitor and mitigate the risks to the recognised by ensuring". The adoption of a range of policies and procedures that clearty sel out the eonlrols that will enable the effective rnanagement of risk and regulatory compliance. Objeclwes, strategies and tactical plan5 are Clear defined and communicated. The independent rèview and audit of all College activities on a regular basis. All staff recruited are appropriately qualified and expèrienced. Effective CPD lo develop skills sel clear expectations and objectives and to drive improvement. Adequate engagement and dialogue with stakeholders to address issues and concerns. Robust assessment of all financial and educational risks Df new premises for the delivery of college Fundralslng Newfriar5 Collège does not use any extemsl fundraisèrs. The Trustees monitor all fundraising undertaken during the year together with potential grant funding opportunities as discussed during Board of Trustees meetings. Plans for future pèriods Business plans for future financial years recognised are robust. The College is working closely with advisers lo ensure that available funds aro invested wisely and predominately into teaching and enhancing its curri¢ulum offer. Disclosure of information to audttor In so far as the Trustees are aware.. there is nts relevant audit information of which the Charitable cornpany's auditor is unaware, and that Trustee8 have taken all steps that they ought to have taken lo rnake themselves aware of any relevant audit information and to establish that the auditor is aware of that information. Our member, The Shaw Education Trust, in conjunction with The Collegè Trustees will be recommending lo the members at the next AGM that the current auditor is reappointed for 2025-26. Page 8
NEWFRIARS COLLEGE IA company Ilmlted by guarantee) TRUSTEES, REPORT ICONITINUEDI FOR THE YEAR ENDED 31 AUGUST 2025 The Trustees, rèport, incorporating a strategic report. was approved by order Df the Board of Trustees, as the company directors, on 19 May 2026 and signed on ils behalf by". Mr D Batesorb OBE Trustee Page 9
NEWFRIARS COLLEGE IA company limited by guarantee) STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2025 The Trustees (who are also the directors of the Charitable company for the purpose5 Of Company lawl are responsiblè for prèparing the Trustees, rèport and the financial statements in accordance with the United Kingdom Accounting Standard5 (United Kingdom General Accepted Accounting Pracli¢el and applicable law and regulations. Company law requires the Trustees lo prepare financial slalements for each financi81 year. Under company law, the Trustees musl not approvè the financial 51atemenls unless they are satisfied that they give a true and fair view of the state of affairs ol the Charitable company and of its incoming resourcès and application of resources, including ils income and expenditure, for that period. In preparing thesè financial statements, the Trustees arè required Ic). select suitable accounting policies and then apply them Consistent., observe the methods and principles of the Charities SORP 2019", make judgement5 and accounting estimates that are reasonable and prudent., slate whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in thè financial slalemenls", prepare the financial slalemenls on the going concern basis unless f( is inappropriate to presume that the Charitable company will continue in business. Thè Trustee$ are responsible for keeping adequate accounting records that are suffi¢iant to show and explain the Charitablè company's transactions and disclose with reasDnable accuracy at any lime the financial posrtion of the Charitsble company and enablè them to ensure that the financial slalemenls comply with the Companies Act 2006. They a also responsible for safeguarding the assets of the Charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for ensuring that in (cs conduct and operation the Char(table company applies financial and other controls, which conform with the requirements both of propriety and of good financial management. They are also responsible for &nsuring grants received from DE have been applied for the purpoBes intended. The Trustèas are responsible for the maintenance and integrrty of the corpor8le and financial information included on the Charitable company's website. Legislation in th8 United Kingdom goveming the preparation and dis5Èminalion of financial slalements may differ from legislation in other jurisdictions. Apprc)ved y order the mèmbers of the Board of Trustees and signed on its behalf by: Mr D Bateson OBE Trustee Dale. Lt Page 10
NEWFRIARS COLLEGE IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF NEWFRiARS COLLEGE Opinion We have audited the financial statements of Newfriars College (the 'Charrtable cDmpanYI for the year ended 31 August 2025 which comprise the StaleTnent of financial activities, the Balance sheet, the Slalement of cash flows and thè rèlated notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law, United Kingdom AccoLJnling Standards (United Kingdom Generally Accepted Accounting Praclicel, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in th& UK and Republic of Ireland, and the Charitie5 SORP 2019. In our opinion the financial slalemenls.. give a true and fair view of the stale of the Charitable company's affairs as al 31 August 2025 and of ils incoming resources and application of resources, including its income and expenditure for the year then ended., have been properfy prepared in accordance wth United Kingdom Generally Accepted A¢counling Practice., and have been prepared in accordance wrth the requirements of the Companies Act 2006 and the Charities SORP 2019. Basis for opinlon We conducted our audit in accordance with International Stsndards on Auditing IUKI IISAS IUKII and applicable L4w. Our responsibilities under those stsndards are further described in the Auditor's responsibilities for the audit of the financial slalemenls section of our report. We are independènt of the Charitable company in accordan with the ethical requirements that are rèlevant to our audit of the financial slalemènts in the United Kingdom, including the Financial Reporting Council's Ethical Standard. 8nd we have fuWilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eviderice we have obtained is sufficient and apprDpriale to provide a basis for our Opinion. Conclusions relating to going concern In auditing the financial slalements, we have Concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial slalemenls is appropriate. Based on thè work we have performed. we have not identified any rnalerial uncertainties relating lo events or conditions that, indThiidualty Dr collectively, may cast significant doubl on the Charitable companls abilify lo continue as a going concem fc)r a period of al least tsMelve months from when the financial slalements are recognised for issue. Our responsibilities and the responsibi5ilies of the Trustees with respect to going concern are described in the relevant sections of this report. Page 11
NEWFRIARS COLLEGE IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF NEWFRIARS COLLEGE ICONTINUEDI Other Information The other information comprises the information ineluded in the Annual report other than the financial statements and our Audilols report thereon. The Trustees are responsible for thè other infomalitsn contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except lo the extent olhetwise explicit slated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears lo be materially misstatèd. If we identify such material inconsistencies or apparent material misslalements, we are requirèd lo detemine whether this gives rise lo a material misslatemenl in the financial 51alemenls themselves. If, based on the work we have performed, we conclude that there is a material misstalemenl of this other information, we are required lo report th81 fact. We have nothing to report in this regard. Opinion on other matters prescribgd by thg Companies Act 2006 In our opinion, based on the work undertaken in the course of the audf('. the information given in the Trustèes, report including the Strategic report for the financial year for which the financial slalements are preparèd 15 consislenl with the financial statements. the Trustees, report and the Strategic report have been pr&pared in accordance with applicable legal requiremènts. Mattèrs on which we are requlrad to rèport by exception In thè light of our knowledge and understsnding of the Charitable company and ils environment obtained in the course of the audit, wè have not identified material mis5tatemenls in the Trustees, report including the Strategic report. We have nothing lo report in respect of the following Matters in relation lo which the Companies Act 2006 roquires us lo report lo you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us,. or the financial slalements are not in agra6ment with the accounting records and retums,. or certain disclosures of Trustees, remuneration specified by law arè not made., or we have not received all the information and explanations we require for our audit. Page 12
NEWFRIARS COLLEGE IA company Ilmited by guarantee) INDEPENDENT AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF NEWFRIARS COLLEGE ICONTINUEDI Responsibilities of Trustees As explained rn0 fully in the St8temenl of trustees, responsibilitiès, the Trustees (who are also the directors Df the Charitable company for the purposes of company lawl are responsible for the preparation of the financial slalemenls and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation Df financial slalements that are free from material misslalemenl, whether due lo fraud Dr error. In preparing the financial slatemenls. the Trustees are responsible for assessing the Charitable company's abilty to continue a5 a going concern, disclosing, as applicable, matters related lo going concern and using the going ¢on¢ern basis of acGounling unles5 the Trustees either intend lo liquidate the Charitable company or to cease operations, or have no realistic allernalive but to do so. Auditorfs rgsponslblllties for the audit of the financial statements Our objectives are ID obtain reasonable assurance about whether the financial statements as a whole 8re free from material misslatemenl, whether due lo fraud or errDr, and lo issue an Auditor's report that includes our opinion. ReasDnable assurance is a high level of assurance, bLrt 15 not a gLJarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misslalemenl when il exists. Misslalements can arise from fraud or error and are considered material if, individually or in the sggregale, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial slalements. Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delecl material misstatements In rèspect of irregularities, including fraud. The extent to whi¢h our procedures are capable of detecting irregularities, in¢ludin9 fraud is detailed below-. We obtained an understsnding of the legal and regulatory frameworks within which the Charitable Company operates, focusing on those laws and regulations that have a direct effect on the delerminalion of material gmounts and disclosures in the financial $18temenls. The laws and regulations we considered in this context were the Charities Act 2011 together w((h thè Charities SORP IFRS 1021 and the Companies Act 2006. We assessed thè required compliance with these laws and regulations as part of Dur audit procedures on the related Inancial slalement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial slalements but compliance with which might be fundamental to the Charitable Company's ability to operate or to avoid a material penaty. We also considered the opportunities and incentives that may exist within the Charitable Company fDr fraud. Th2 key laws and regLJlalions we considered in this context were General Data Protection R8gulation, health and safety le9i51ation, Ofsted and gmployee legislation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regul8tions to enqui of the Governors and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, lo be in th& following aa5.. the override of controls by management, including posting of unusual journals., inappropriate tieolmenl of non-rouline transactions and areas of estimation uncertainty. Page13
NEWFRIARS COLLEGE IA company limtted by guarantee) INDEPENDENT AUDITOR'S REPORT ON THE FINANCIAL STATEMENTS TO THE MEMBERS OF NEWFRIARS COLLEGE ICONTINUEDI Our audit procedures lo respond to these risks included enquiries of management and the Board abDLrt their own idenlificalion and assessment of the risks of irregularities, sample testing on the posting of journals, reviewing accounting 6Stimates for biase5, reviewing regulatory corrèspondence with the Department for Education, and reading minutes of meetings of those charged with governance. We are not responsible for prèventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. Owing lo the inherent limitslions of an audrt. there is an unavoidable risk that we rnay not have detected some matèrial misstatements in the firiancial stalemenls, èven though we have properly planned and performed our audit in accordanee with audf(ing standards. For example, the further removed non-compliance with laws and regulations lirregularitiesl is from the events and transactions reflected in the financial stalemenls. the less likely the inhèrently limited procedures required by auditing standards would identify it. In addrtion, as with any audit. there remained a higher risk of non4èleclion of irregularities. as these may Invofve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected ID delecl non-compliance with all laws and regulations. A further dèscription of our SponSIbl11112s for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.1rc.or .uklaudilorsres Audilorfs report. on5ibilities. This description forms part of our Use of our rfyport This report is made solely lo the Charitable company's member, as a body, in accordance with Chspter 3 of Part 16 of the Companiès Act 2006. Our audit work has been undertaken so that we might slate to the Charitable company's member thos& matters we are required to state to them in an Audrf(orfs report and for no othèr purpose. To the fullest extent permitted by law, we do not accept or assume responsibilty lo anyone other than the Charitsble company and ils member, a5 a body, for our audit work, for this report, or for the Dpinions we have formed. Matt Doyle-neaiey iaenior $Eatuwry auditor) for and on behalf of Crowe U.K. LLP Black Country House Rounds Green Road Oldbury West Midlands B69 2DG Date.. 28 May 2026 Page 14
NEWFRIARS COLLEGE IA company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 AUGUST 2025 Restrlcted rixed asset funds 2025 £000 As reststed Total funds 2024 £000 Unrestricted funds 202S £000 Restricted funds 2025 £000 Totsl funds 2025 £000 Note Income from: Donations and capital grants Other trading activities Investments Charitable activities 28 18 474 18 3,660 57 85 6,842 6,927 5,53f Total income 132 6,842 446 7,420 9,248 Expenditure on: Exceptional items Charitable activitie$ 14501 6.158 14501 6,532 52 322 5,406 Total expenditure 52 5,708 322 6,082 5,406 Net income Transfers between funds Net movement in funds bèfore othar recognised gainslllossesl 80 1.134 124 1,338 3,842 17 68 1681 BO 1,202 56 1,338 3, 842 Other reeognisèd gainslllossesl.. Actuarial gsins on defined benefit pension schemes Pension surplus not recDgnised Net movemènt in funds 24 1,260 1.260 263 24 11.0691 11,0691 80 1,393 56 1.s29 4.105 Page 15
NEWFRIARS COLLEGE IA company limlted by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2025 Restricted fixed asset funds 2025 £000 As stated Total funds 2024 £000 Unrestrlcted funds 2025 £000 Restricted funds 2025 £000 Total funds 2025 £000 Nots Reconciliation of fund$'. Total funds brought forward as previous staled Prior year adjustment 17 16 215 14881 3.047 915 2,774 915 (416) Total funds brought forward as rest*ed Nel movement in funds 17 215 14881 1.393 3,962 56 3,689 1,529 (416) 4, 105 17 80 Total funds carried forward 295 905 4,018 5,218 3, 689 The Slalement of financial activities in¢ludes all gains and losses recognised in the year. The notes on pages 20 to 47 form part of these financial statements. Page 16
NEWFRIARS COLLEGE IA company limited by guaranteel REGISTERED NUMBER.. 11426256 BALANCE SHEET AS AT 31 AUGUST 2025 As restated 2024 £000 2025 £000 Note Fixed assets Tangible fixed assets 12 3,708 3,889 Current assets Debtors Cash al bank and in hand 13 117 2,499 86 7,253 2,616 1,339 Current liabilities Creditors.. amounts falling due within one year 14 11,079} (940) Ngt current assets 1.537 399 Total assetslgss current liabilitles Creditors.. amounts falling due after more than one year Net asset5 excluding pension Ilabilitylassets Defin6d benefit pension &cheme liability 5,245 4,288 15 1271 f50J 5.218 4.238 24 (549) Total net assets 5,218 3, 689 Page 17
NEWFRIARS COLLEGE A company limited by guarant8el REGISTERED NUMBER: 11426256 BALANCE SHEET ICONTINUEDI AS AT 31 AUGUST 202S As reslaled 2024 £000 2025 £000 Note Funds of the Charitable company Restricted funds: Fixed asset funds Restricted income funds 17 4.018 905 3.962 61 17 17 Pension reserve (549) Total r8Strictgd funds Unrestricted Income funds 17 17 4.923 295 3,474 215 Total funds 5,218 3, 689 The financial slalements Dn pages 15 10 47 were approved and recognised for issue by the Trustees and are signgd on their behalf, by.. Mr D Bateson OBE (Chair ol Tru Dale.. 1026 The notes on pages 10 47 form part of these financial slalements. Page 18
NEWFRIARS COLLEGE IA company Ilmtted by yuaranteel STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025 As restatsd 2024 £000 2025 £000 Note Cash flows from operating activitiès Net cash provided by operating activrties 19 938 317 Cash flows from investing activities 21 372 69 Cash flov from financing activitlos 20 1641 (10) Change in cash arkd cash 9quivalents In the year 1,246 376 Cash and cash equivalents al the beginning of the year 1,253 877 Cash and cash equlvalents at the end of the year 22, 23 2,499 1.253 The notes on pages 20 to 47 form part of these finanGial slalements Pag¢ 19
NEWFRIARS COLLEGE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Accounting pollcles A summary of the principal accounting policies adopted (which have been applied consislenlly, except where noledl. judgèments and key Sources Df estimation uncertainty. is set out below. 1.1 Basis of preparation of flnaneial statgmgnts These financial 5talemenls have been prepared in accordance with the Charities SORP IFRS1021- Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with "the Finance Reporting Standard applicable in the United Kingdorn and the Republic of Ireland" IFRS 1021 and the Companies Act 2006. The Collegè is a public benefit entty and has therefore applied the relevant public benèfit requirements of FRS102. Assets and liabilities are Initial rècognised at historical wsl or transaction valuè unless otherwise slated in the relevant accounting policy. The financial statements are prepared in compliance wf(h FRS102 which requires the usè of certain critical accounting estimates. 11 also requires managèment lo exercise judgement in applying the College's accounting policies. In the event of the College being wound up, the liability in respect of thè guarantee is limited lo £10 per member of the College. 1.2 Company status The Charitsble company is a company limited by guarantee. The Charitable Company is incorporated in England and Wales, registered number 11426258. The registered office is Newfriars College Castle Grove Off Newhouse Road, Bucknall, StDke-On-Tr&nt, England, ST2 8BH. 1.3 Going concern The Trustees assess whether the use of going concern is appropriate i.e. whether thère are any material uncertainties related lo events or conditions that may cast significant doubt on the ability of the Charitable company lo continuè as a going concern. The Trustee5 make this assessmènt in respect of a period of al least onè year from the date of aulhorisation for issue of the financial slalements and have concludèd that the Charitable company has adequate resources lo ¢c>ntinue in operational existence for the foresee8ble future and there are no material uncertainties about the Charitable company'5 ability to continue as a going concern, thus they continue to adopt the gging conrn basis of aceounling in preparing th& financial ststements. Page 20
NEWFRIARS COLLEGE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Accountlng policies Icontinuedl 1.4 Income Grants Grants are included in the Statement of financial activities on a receivable basis. The balance of income received fDr specrfi¢ purposes bul not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advancè of meeting any performance- related conditions therè is not unconditional enlillement to the income and ils recognition is deferred and included in creditors as deferred income until the perfornance-relaled Condlcions are mel. Where entillemenl occurs before income is received, the income is accrued. Core Education and Skills funding is recpgnised in full in the Slalemenl of financial activities in the year for which il is receivable and any abatement in respect of the year is deduclod from income and recogni5ed as a liability. Capital grants are rècognised in full when there is an unconditional enlillemenl lo the grant. Unspent amounts of ¢apilal grants are reflected in the Balance sheet in the reslricled fixed asset fund. Capital grants are rècognisèd when there is entitlement and are not deferred over the life of the asset on which they are expended. Donatlons Donations are recognised on a receivable basis (where there are no performance-relaled condrf(ionsl where the receipt 1$ probable and the amount can be reliably measured. Other income Other income, including the hire of facilities, is recognised in the year rt is receivable and lo the extent the Charitable Company has provided the goods or services. Donated fixed assets Where the donated good is a fixed asset il is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as 'lncome from Donations and Capital Grants, and a corresponding amount is included in the appropriate fixed asset category and depreciated over the useful economic life in accordance with the Charitable Company s accounting policies. 1.5 Expenditure Expenditure is recognisèd once thera is a legal Dr constructive obligation to transfer economic benefit lo a third paty, il is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by adp4ity. The costs of e8Gh activity a macle up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attiibulable lo a single activity are allocal&d directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportionecl beeen those activities Dn a basis Consistènt wrf£h the use of resources. Central staff costs are allocated on the basis of lime spent, and deprèGialion charges allo¢aled on the portion of the asset's use. Expenditure on ralsing funds This includès all expenditure incurrèd by the Charitable company ID raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Page 21
NEWFRIARS COLLEGE IA company limited by guaranteg) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Accounting poli¢ia$ lcontlnuedl 1.5 Expenditure Icontinuedl Charitable activitios These are costs incurred on the Charitable compan$ educational oper81ion5, including support costs and costs relating to the governance of the Charrtable company apportioned to charitable activities. All reSourS expended are inelusThie of irrecoverable VAT. 1.6 Government grants Government gran15 relating lo tangible fixed assets and other grants are credf(ed to the Ststemenl of financial activities as the related expenditure is incurred. 1.7 Tangibla fixed assets A$sets costing £3,000 or more are capilalised as tangible fixed assets and are carried at cost, nel of deprèciation and any piovision for impairment. Where tangible fixed assets have been acquired with the aid of specffic grants, either from the government or from the private sector, they are included in the Balance sheet al cost and depreciated over their expected useful economic life. Where thère are specrfie conditions attached to the funding requiring the continued use of the asset, the related grants are credited lo a restiicled fixed asset fund in the Statement of financial activities and carried forward in the Balance sheet. Depr&cialiDn on the relevant as5els is charged directly to the restrictèd fixed asset fund in the Statement of financial aclivilies. Where tangible fixed assets have been acquirecl with unreslricled funds, depreciation on such assets is chargecl lo the unrestricted fund. Depreciation is provided on all tsngible fixed assets Dther than assets under conslruclion, al rates calculated to write off the cost of each asset on a slraigh14ine basis ovei rf(5 expected useful lrfe. Depreciation is provided on the following bases.. Long-lerm leasehold propety Leasehold improvements Furniture and equipment ICT equipment Motor vehicles 125 years 10 years - 4 years 4 years 4 years Assets in the course of construction are included al cost. Depreciation on these assets is not charged until they are brought into use and reclassifièd to freehold or leasehold land and buildings. A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are reco9nised in the Statemènt of financial actwities. P8ge 22
NEWFRIARS COLLEGE IA company limited by guarante&l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Accounting policies Icontinuedl 1.8 Financial instruments The Charitable company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the Charitable company and their measurement bases arè as follows.. Financial assets trade and other debtors are basic financial instruments and are debt instruments measured al amortised cost as detailed in note 13. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at face value. Financial liabilities trade creditors, accruals and other creditors are financial instruments, and a measured at amortised cost as detailed in notes 14 and 15. Taxation and social security are not included in the financial Instruments disclosu dèfinition. Deferred income is not deemed lo be a financial liability, as the cash selllemenl ha5 already taken place and there is an obligation lo dèliver setvices rather than cash or another financial inslrumenl. Amounts due to the Charitable company's member, SET are held at face value less any impairment. 1.9 Finance 18asè$ and hire purchase Leasing agreements, which transfer lo the college substsntially all the risks and rewards incidental to ownership of an asset, aro Irealed as finance leases. Assets held under finance leases arè recognised initially al the fair value of the leased asset or, if lower, the present value of minimum lease paymanls 85 determined at th& inceptlDn of the lease. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation. Assets held under finance leases are included in tangible fixed assets and deprecial@d over the shorter of the lease term and the eslimaled useful economic life of the asset and assessed for impairment losses in the same way as for owned assets. Minimum lease payments are apportioned between the financè ch3rge and the reduction of the outstanding liability. The finance charges are allocated lo the slalemenl of financial activities, over the peiiod of the lease, in proportion lo the Capital element outstanding. 1.10 Operating 18ase$ Rentals paid under operating leases are charged lo tha Slalemenl of financial activities on a slraighl- line basis over the lease term. Page 23
NEWFRIARS COLLEGE IA company limited by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Accounting policies Icontinuedl 1.11 Penslons Retirement benefits to employees of the Charitable company are provided by the Teachers, Pension Schemè I"TPS"l and the Local Government Pension Scheme I'LGPS"). These are defined benefit 5chernes. The TPS is an unfunded scheme and contributions are calculated so as lo spread the cost of pensions over employees, working lives with the College in such a way that the pension cost is subslanlially level percentage of current and future pensionable payroll. The contributions are determined by the Government Actuary on the basis of quadrennial valuations using a projected unil credit method. The TPS is an unfunded mulli-employer scheme with no underlying assets lo assign tseeen employers. Consequently, the TPS is Irealed as a defined contribution scheme for accounting purposes and the contributions are recognised in the period to which they relatè. The LGPS 15 a funded mulli-employer scheme 8nd the assets are h91d separately from those of the College in separate trustee administered funds. Pension scheme assets are measured at fair value and liabilities are measured on an actuarial basis using the projectecl unit cred(c method and discountèd 8t a rate equivalent lo the current rale of rètum on a high-quality ¢orporale bond of equivalent term and currency lo the liabilities. The actuarial valuations are Obtain at least triennially and are updated al èach balance sheet dale. The asset values are reported using estimated asset allocations prepared by the scheme Actuary. The asset value is calculated at each triennial valuation. Thereafter it is rolled forward lo accounting dales using investment returns, conlribuliDns received and benef(ts paid Dut. During each annual reporting period beeen triennial valuations. 8ssel returns are eslimaled using 11 months of market experience and one month ol extrapolation being assumed. Actuarial gains and losses are rècognised immèdiately in other recognised gains and losses. 1.12 Fund accountlng Unrgslricled income funds represent those resources which may be used towards meeting any of the ¢h8rilable objects of the Charitable company at the discretion of the Trustees. Restricted fixed asset funds are resources which are lo be applied to specific capital purposes imposed by the funders where the asset acquired or created is held for a specific purpose. Reslricled general funds comprise all other reslricled funds received with reslriclions imposed by the funderldonor and include grants from the Department for Education. Investment incDme, gain5 and losses are allocated lo the appropriate fund. Page 24
NEWFRIARS COLLEGE IA company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Critical accounting estimates and areas of judgement Eslimales and judgements are continually evaluated and are based on historical experience and Dlher factors, including expectations of future events that are believed lo be reasonable under the circumstances. Critical accounting eslimales and assumptions.. The College makes eslimales and assumptions concerning the future. The resulting accounting eslimales and assumptions will, by definition. seldDm equal the related actual results. Estimates and judgements are continually evaluated and are based on historical experience and other factors including expectations of future events that ar2 believed to be reasonable under the cirEurnslance5. The Trustees do not consider that there are any significant critical accounting eslimales or assumptions oulsido the pension valuation. Thè present value of the Local Government Pension Scheme defined benefit liability depends on a number of factors that are determined on an actuarial basis using a variety of assumptions. The assumptions used in deternining the nel cost Dr income for pensions include the discount ratè. Any changes in these assumptions, which are disclosed in note 24, will impact the carrying amount of the pension liability. Furthermore a roll forward approach which projects results from the latest full actuarial valuation pèrformed at 31 March 2022 has bèèn used by the actuary in valuing the pensions liability at 31 August 2025. Any differences between the figures derived from the roll forward approa¢h and a full actuarial valuation woulcl irnpacl on the carrying amount of the pension liability- The ass?1 values arg reported using eslimaled asset allocations prepared by the scheme Actuary. The asset value is Calculated al each Iriennial valuation. Thereafter il is rolled forward to accounting dates using investment returns, contributions received and benefits paid out. During each annual reporting period beeen triennial valuations, asset return5 are estimated using 9-11 months of market experience and 2-3 month of extrapolation being assumed basecl on market IndiS. Where a schem& is in a surplus according lo the accounting valuation the associated asset has not been recognised on the basis that il is not likely lo be recoverable either through future reductions in contributions rates or future repayments. Further details of pension assets not recognised can be found with the pensions note to the financial Statements. Page 25
NEWFRIARS COLLEGE {A company limitèd by guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 In¢omg from donatlons and capltal grants Restricted Unrestricted fix8d asset funds funds 2025 2025 £000 £000 Total fund5 2025 £000 Donations DfE capital grants Other capital grants 28 28 153 293 153 293 Total 2025 28 446 474 As tsstated Reslrict&d As stated fixed asset Total funds fvnds 2024 2024 £000 £000 Land and buildings transferred from The Shaw Education Trust (Note 161 DE capital grants 3,472 788 3,472 168 Total 2024 as Stlèd 3.660 3, 660 Page 26
NEWFRIARS COLLEGE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Fundlng for the Charitable company's charitable activities Unrestrictsd Restrlcted funds funds 2025 2025 £000 £000 Total fund$ 2025 £000 DfE grants General annual grant Other DfE grants Other DfE grants 2,780 2,780 161 161 2,941 2.941 Other Government grants SEN funding Matrix led funding Other government grants Other income from the Charitable company's activities 37 3,856 37 3,8S6 85 85 85 6.842 6,927 UnTrslricled funds 2024 ReslriGted funds 2024 £000 Totsl funds 2024 £000 DfE grants General annual grant Other DfE grants Other DE grants 2,409 2.409 155 155 Other Government grants SEN funding Matrix led fundin9 Other income from the Charitable ¢ompany's activities 2.564 2,564 97 2, 829 97 2.829 41 32 32 5,499 5,531 Page 27
NEWFRIARS COLLEGE IA company limited by guarantael NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Income from other tradlng activities Unrestricted funds 2025 £000 Total funds 2025 £000 Other income 18 18 Untpstricled funds 2024 Total funds 2024 £000 Other income 57 57 Expenditure Staff Costs 2025 £000 Premises 2025 £000 other 2025 £000 Total 2025 £000 Exceptional items Educational Operations Direct costs Allocated support costs 14501 1450) 4,450 623 168 417 5,035 1,497 398 478 5,073 566 443 6.082 SIBff Costs 2024 Premises 2024 £000 Other 2024 £000 Total 2024 £000 Educational Operations Direct costs Allo¢aled support costs 3, 795 544 155 369 164 379 4,114 1,292 4,339 524 543 5,406 Page 28
NEWFRIARS COLLEGE IA company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Exceptional Items Restricted funds 2025 £000 Total funds 2025 £000 Total funds 2024 £000 Exceptional item - reduction in amounts owed to members- Note 28 14501 14501 Analysis of expenditure by activities Activities undertaken directly 2025 £000 Support costs Total funds 2025 £000 2025 £000 Educational operations 5,035 1,497 6,532 Activities undertakgn d1cl1Y 2024 £000 Support costs 2024 £000 Total funds 2024 £o(x7 Educational operation8 4,114 1.292 5,406 Page 29
NEWFRIARS COLLEGE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Analysis of expgnditure by activltles Icontinuedl Analysis of sUPPOrt costs Total funds 2025 £000 Total funds 2024 £000 Staff cost5 Technology costs Other support costs Premises costs 624 90 544 95 300 398 67 18 781 369 88 Professional services Govemance costs 15 1.497 1,292 Governance costs comprise of thè cost of audi(ing the College's financial slalements and the CDSI of external governor services. Nèt lincomellexpenditurg Net lincomellexpenditure for the year includes.. As stated 2024 2025 £000 Operating lease rentals Depreciation of tsngible fixed assets Reduction in amounts owed lo members- Note 7 Donation of land and building5 Fees paid lo auditor for.. audit 29 322 31 155 14501 (3,472) 13 other services Page 30
NEWFRIARS COLLEGE IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 10. Stsff . staff costs and employee benefits Staff costs during the year were as follows.. 2025 £000 3,700 404 903 2024 £000 3.2(Xl 302 774 Wages and salaries Social security costs Pension costs 6,007 4,276 Agency staff costs Staff restructuring Costs 66 56 5,073 4,339 Staff restruduring costs comprise.. Redundancy payments There is a £137,000 pension strain cost included in 2025 pension costs (2024.. £20.(j). During the year a settlement payment has been accrued tolalling £20,128 f2024.. £Nil). b. Staff numbers The average number of persons employed by the Charitable company during the year was 8s follows.. 2025 No. 2024 No. TeachÈT5 Administration and Support Management 25 120 25 98 149 726 Pagè31
NEWFRIARS COLLEGE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 10. Staff Icontlnuedl e. Higher paid staff The number of employees whose employe& benefits lexcluding employer pension costs) ex¢eeded £60,000 was. 2025 No. 2024 No. In the band £60,001 - £70,000 In the band £70,001 - £80,000 In the band £90,001- £100,000 In the band £100,001 - £110,000 d. Key managemènt personnel The key management personne1 of the Charitable company comprise the Trustees and the executive leadership tearn as listed on pagè 1. The total amount of key management personnel benefits lin¢luding employer pension CDnlribulions and employer national insurance conlribulionsl reiVed by key management personnel for their services lo the Charitable company was £253,286 (2024- £228,240). 11. Trustees, remuneration and exp9nses During the year. no Trustees received any remuneration Dr other benefits (2024- £NIL). During the year ended 31 August 2025. no Trustee expenses havts been incurred [2024- £NIL). Page 32
NEWFRtARS COLLEGE IA company limited by guarante&l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 12. Tangible fixed assets Furnlture, gquipment, plant and Motor machinery vehicles £000 £000 Long-term leasehold Leasehold Assets under propety improvements construction £000 £000 £000 Total £000 Cost or valuation At 1 September 2024 las previously staled) Prior Year Adjustment 2.557 1,069 915 316 96 4.038 915 Al 1 September 2024 las reslatedl Additions 2.557 1,984 316 79 96 4,953 141 62 Al 31 August 2025 2,5S7 1,984 62 395 96 5,094 Depreciation At 1 Seplemb?r 2024 Charge for the year 23 23 792 199 197 52 24 1,064 322 76 Al 31 August 2025 991 273 76 1,386 Net book value At 31 August 2025 2,511 993 62 122 20 3,708 Al 31 August 2024 (as slated) 2,534 1, 192 119 44 3,889 13. Debtors 202S £000 2024 £000 Due within one ygar Trade debtors Other debtors Pr8payments and acerued income 10 76 107 117 86 Page 33
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The comparative amount was owed to group companies at 31 August 2024.
NEWFRIARS COLLEGE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 15. Creditors- Amounts falling duè after morè than onè year 2025 £000 2024 £000 Other loans Net obligations under finance lease and hire purchase contracts 50 27 Prlor year adSustment During the year, the Charitable Company identified that certain assets transferred from a related paty. SET in the prior year had not been recorded in the financial slalemenls. To correct this omission. a prior year adjuslmenl has been made to recognise leasehold improvements with a nel book value of £915,000 as at the prior year end. Donation income of £915,000 lating to the same transaction has been recognised in the prior year comparatives. These adiuslments have been reflected in the wmparative figures prèsented in these financial slalemenls. Page 35
NEWFRIARS COLLEGE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 17. Statem9nt of funds As restated Balance at 1 Septembèr 2024 £000 Balanco at Gainsl 31 August (Losses) 2025 £000 £000 Transfers inlout £000 In¢omè Expenditure £000 £000 Unrestricted funds General Funds all funds 215 132 1521 295 Restrlcted general funds DfE grants Other government grants Pension reserve 61 2.941 12.1661 68 905 3,901 13.9011 358 15491 191 4881 6,842 15,7081 68 191 905 Restrlctèd fixed asset funds Restricted fixed assets fund Capital grants Finance lease Govemment loans 3,889 133 13221 141 3,708 364 1541 446 12151 1541 60 3,962 13221 1681 4,018 Total Restricted funds 3,474 7.288 16,0301 191 4,923 Total funds 3,689 7,420 16,0821 191 5,218 PagÈ 38
NEWFRIARS COLLEGE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 17. Statement of funds Icontinuedl The specrfic purposes for which the funds are to be applied are as follows.. Restricted General funds These comprise all restiicted funds other than restricted fixed asset funds and include grants from the Department of Education and local aulhorilies. Unrestricted funds These comprise resources that may be used towards meeting any of the charitable objectives of the College al the discretion of the tru51ees. Restricted Fixed Asset Funds These comprise resources which are lo be applied lo spècrfic eapital purposes imposed by the Departrnenl of Education and local authorities where the asset acquired or created is held for a specific purpose. Also included are unspent capital grants. which are subject to reslriclions imposed by the Department of Education and local authorities. Page 37
NEWFRIARS COLLEGE IA company limitèd by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 17. Statement of fund5 Icontinuedl Comparative information in respect of the preceding year is as follows.. As restated Balance al 31 August 2024 £000 Balance 81 1 September 2023 £000 As reslaled Transfer3 inlout £000 Gainsl (Losses) £000 Income E¥penditure £000 £000 Unrgstrict9d funds General Funds 140 89 (14) 215 Rèstricted ggneral funds DfE grants Other government grants Other rèslricled funds Pension reserve (74) 2,564 (2,467) 38 61 2,926 (2,926) 13 f996) (22) 184 263 f549) (1,057) 5,499 (5,231) 38 263 f488) R8stri¢ted flxed asset funds Reslricled fixed assets fund Capital grants Donated leasehold property from SET 453 118 (755) 3,591 (167) 3,889 133 188 3,472 (3.472J Government loans (70) 10 (60) 501 3, 660 (161) (38) 3.952 Total Rostricted funds (556) 9, 159 f5,392J 263 3,474 Total funds (416) 9,248 (5,406) 263 3. 689 Page 38
NEWFRIARS COLLEGE IA company limited by guarant&91 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 18. Analysis of net assets between funds Analysis of net assets between funds - current year Restricted Restricted flxed asset funds funds 2025 2025 £000 Éooo Unrestricted funds 2025 £000 Total funds 2025 £000 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 3,708 365 1281 127) 3,708 2.616 11,0791 1271 323 1,928 11,0231 1281 Total 295 905 4,018 5,218 Analysls of net assets between funds - prior year As r8slaled Restricted As fftstaled Restricted fixed &sset Total funds fvnds funds 2024 2024 2024 £000 £000 £000 Unreslricled funds 2024 Tangible fixed assets Current assets Creditors due within one year Creditors due In more than one year Provisions for liabilities and charges 3,889 733 (10) f50J 3,889 1,339 (940) 215 991 (930) f549) (549) Total As restatod 215 (488) 3,962 3, 689 Page 39
NEWFRIARS COLLEGE IA Company Ilmit&d by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 19. Reconclliation of ngt income to net cash flow from operating activities As resla18d 2024 £000 2025 £000 Net income for the year las per Statement of financial aclimliesl 1,338 3, 842 Adjustments for: Dèprèciation Capital grants from DfE and other capital income Investment income Defined benefi( pension scheme cost less contributions payable Defined benefrt pension scheme finance cost Increase in debtors Increase in ¢reditors Donated land and buildings 322 1447} 755 (788) 1376) (230) 46 (24) 188 f3,472) 131} 115 Net cash provided by operating a¢tlvltles 938 317 20. Cash flows from financlng actlvities 202S £000 1601 141 2024 £000 Repayments of borrowing Repayments of finance leases (10) Net cash used in financing a¢tlvttles 1641 (70) 21. Cash flows from investing activities 2025 £000 2024 £000 (iigj 188 Purchase of tangible fvxed assets Capital grants from DfE Group Investment income 1211 392 Net cash provided by investlng a¢tivities 372 69 Page 40
NEWFRIARS COLLEGE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 22. Analysis of cash and cash equivalents 2025 £000 2,499 2024 £000 1,253 Cash in hand and al bank 23. Analysis of changes in net debt At1 Sgptomber 2024 Cash flows £000 £000 Other non- cash At31 changes August 2025 £000 £000 New flnance leases £000 Cash al bank and in hand Debt du8 within 1 year Debt due after 1 year Finance leases 1.253 1101 1501 1,246 60 2,499 1501 50 1581 1541 1,193 1,310 1681 2,445 Pension commitments The Charitable company's employees belong lo 0 principal pension schemes.. the Teachers, Pension Scheme England and Wales ITPSI for ac8demic and related staff., and the Loc81 Government Pension Scheme ILGPSI for non-teaching staff. which is managed by Hymans Robertson LLP. Both are mulli- employer defined beneff( schemes. The latest aduarial v8lu3tion of the TPS related to the period gnded 31 March 2024 and of Ihg LGPS 31 March 2022. Contributions amounting lo £108,885 were payable to the schames 8131 August 2025 (2024 - £92,011) and are included within creditors. Teachers. Pension Schèmg The Teachers, Pension S¢heme ITPSI is a 51atutory, contribLJlory, defined benefit Scheme, governed by the Teachers, Pension Scheme Regulations 2014. Membership is automatic for full-tirne teachers in academies. All teachers have the option to Opt-out of the TPS following enrolmenl. The TPS is an unfunded scheme to which both the member and employgr makes contributions, as percentage of salary - thèse contributions are credited lo the Exchequer. Retirement and other pension benefrf(s are paid by public funds provided by Parlismènt. Page 41
NEWFRIARS COLLEGE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 24. Penslon commitments Icontinuedl Valuatlon of the Teach9rs' Pension Scheme The Government Actuary, using normal acluariaS principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Va5ualions and Employer Cost Capl Directions 2014 published by HM Treasury every 4 years. The 3im of the review is to ensure scheme costs are recognised and managed appropriately and the review specffjies the level of fvlure contributions. Aduarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The 18test actuarial valuation of the TPS was carried out as al 31 March 2D20. The valuation report was published by the Departmènt for Education on 27 October 2023, with the SCAPE rate, sel by HMT, applying a notional investment return based on 1.70A above the rale of CPI. The key èlements of the valuation outcome ale.. Employer contribution rates sel al 28.680h of pensionable pay (including a 0.08Q/o administration levyl. This is an increase of 5 /D in employer conlribulion5 and the cost control result is such that no change in member benefits is needed. Total scheme Iiabililies (pensions currently in payment and the eslimaled cost of future benefits) for sèrvice to the effective date of £262,000 million and notional assets (estimated future contributions logelhèr wrth the notional investments held at the valuation dalè) of £222,200 million, giving a notional past service deficit of £39,800 million. The resuk of this valuation was implemented on 1 April 2024. The next valuatlon resu is due lo be implemented from 1 April 2027. Thè Company 15 aware of the 2023 ruling in the Virgin Media vs NTL P9nsion Trustee case and subsequent court of appeal ruling published in July 2024. These ruled that certain amèndments made lo the NTL Pension Plan were invalid because they were not ac¢ompanied by the correct aduarial confimalion. There remains signific8nt uncertainty as lo whether the judgements will result in additional liabilities for UK pension schemes and il is possible that the Department of Work & Pensions will introduce lègislation to allow changes to be certified relrospeclively. The Trustees have no reason to bèlieve that any changes lo the scheme did not h¥ve the correct actuari31 confirmation bul a detailed review has not been carried out. As a result, the Company has not reflected any potential additional liabilities in its pension disclosures. The employer's pension costs paid lo TPS in the year amounted lo £380.000 (2024 - £332.000). A copy of the valuation report and supporting documentation is on the Teachers, Pensions website Ihttps".IlwNw.leacherspensions.co.ukl-Imedialdocument51member/documentslfadorslvalualionllps-ew- 2020-valuation-resulls-report-261023Q02.ashxl. Under the definitions sel out in FRS 102, the TPS is an unfunded mutti-employer pension schemè. The CharilablÈ company is unable to identify ils share of the underlying assets and liabili£ies of the plan. Accordingly, the Gharitable company has taken advantage Df the exemption in FRS 102 and has accounted tor its conlribulion5 to the scheme as if il were a defined contribution scheme. The Charitable company has sèt out above the information available on the scheme. Page 42
NEWFRIARS COLLEGE IA company limited by guarant991 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 24. Pension commitments Icontinuedl Local Government Pension Schème The LGPS is a funded defined benefit pension scheme, with the assets held in Separate trustee- administerèd funds. The total contribution made for the year ended 31 August 2025 was £935,000 (2024 - £731,OOOJ, of which employer's contributions lolalled £797,000 (2024 £623, 000) and employees, contribution5 lolalled £138,000 (2024 - £108,000). The agreed contribution rates for future years are 19.3- 27.2 per ¢ènt for eplOyerS and 12.5 per cent for employees. As described in note the LGPS obligation relates lo the employees of the 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 the year. The obligation in respect of emplDyees who transferred on conveision represents their cumu13tiv& service al both the predecessor school and the Charitable company at the balance sheet dale. The College has entered into an agreement lo make contributions in addition lo normal funding levels, during 25125 £140,000 per annum was payable which ceases from 1 April 2026 following the surplus recognition. Princlpal actuarial assumptions 2025 2024 Rale of increase in salaries Rale of increase for pensions in paymenvinflalion Discount rate for scheme liabilitiès Inflation assumption ICPI} 3.20 3.15 2.65 2.70 6.10 2.70 5.00 2.65 The current mortality assumptions include sufficient all¢)wance for future improvements in mortality rates. The assumed life expectations on retirement age 65 are.. 2025 Years 2024 Rètiring today Males 20.0 24.1 19.7 Fernales Retiring 20 yea Males Females 24.0 20.3 25.0 20.1 25.1 Page 43
NEWFRIARS COLLEGE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Penslon commitments Icontinuedl Sensltlvlty analysls - impact on obligatiOll5 2025 £000 2024 £000 Discount rale +0.1°/ 11021 102 (120) 120 788 (788) 115 Discount rale -0.10 Mortality assumption - 1 year increase Mortality assumption - 1 year decrease CPI rate +0.10 CPI rale -0.1. 170 11701 99 1991 (115) Share of scheme assets The Charitable companls share of the assets in the scheme was.. At 31 Al 31 August August 2025 2024 £000 £000 Equities Corporate bonds Propety Cash and other liquid assets Pension derecognition 3,248 1,544 426 2,649 1,118 290 82 106 11,0691 Total market value of assets 4,255 4, 139 The actual return on scheme assets was £303,000 (2024- £432,000). The amounts recognisad in the Stslemenl of financial adivities are as follows.. 2025 £000 2024 £O(x) Current service cost Interest income Intest cost 14211 229 (393) 176 f222) 12471 Total amount recognised in the Statement of financial activities 14391 (439) Paga 44
NEWFRIARS COLLEGE IA company Ilmitgd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Pension commitments Icontinuedl Changes in the present value of the defined benefit obligations were as follows.. 2025 £000 2024 £000 At 1 September Current service cost 4.688 421 247 4,055 393 Interest $t Employee contributions Actuarial gains Benefits paid 222 108 138 {1,1861 1531 (83) At 31 August 4.25S 4, 688 Changes in the fair value of the Charitable company's share of scheme assets wera as follows". 2025 £000 2024 £000 At 1 September Interest income 4,139 229 74 3.059 176 256 623 (83) 108 Actuarial gains Employer contributions Benefits paid Employee contributions Pension derecogn((ion 797 1531 138 11,069) At 31 August 4.255 4, 139 25. Operatlng lease commitmènts At 31 August 2025 the Charitable company had commitments lo make future minimum lease payments under non-can¢ellable Operating leases as follows. 2025 £000 2024 £000 Amounts due within one year Amounts due in fv40 and five years Later than 5 years 49 91 21 15 142 36 Page 45
NEWFRIARS COLLEGE IA ¢ompany Ilmltsd by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 26. Finance lease commitments 2025 £000 2024 £000 Total of future minlmum lease payments which the academy trust Is committed to In one year orloss Btheen and fwe years 27 27 54 27. Members. liability Each member of the Charitable company undertakes lo contribute lo the assets of the company in the event of rt being wound up while helshe 15 a member, or within one year after helshe ceases to be a member, such amount as may be required, not exceeding £10 for the debts and liabilities ¢ontracted before helshe ceases to be a member. 28. Related party transactions NewFriars College was a wholly owned subsidiary of The Shaw Education Trust - company registration 09067175. Following recent govemance changes from 31 March 2025, The Board of Trustees of The Shaw Education Trust do not recognise The Shaw Education Trust a5 a controlling Parent of Newfriars College. In the prior year, the value of the property US8d by Newfriars was transferred from The Shaw Education Trust as a donated asset under a long term lease agreement. The fair value tsf the prDpety was conSided to be the carrying value of the propety al the point of Iiansfer of £3,320,000. During the current year il w3s identified assets were not fully transferred (see below note). In addilipn, Newfriars College has several Service level agreements in place with The Shaw Education Trust. for the provision of HR services, payroll, accounting, and financial services. These services are recharged al cost to Newfriars College. The cost incurred for these agreements during the year was £62,000 12024.. £45,000). The balance owèd al the year end was £200,000 (2024.. £522,OOOJ after reaGhing agreement with The Shaw Education Trust on the reversal of previously recognised balances owed of £450.000 (2024.. £Nil) tD the Slatemgnl of Financial Aclivili@s Is&e below nolol. Mrs L Taylor. wrfe of Mr R Taylor Itrusteel, is employed by Newfriars College on a salary commensurate with the posrtion held and was employ in line with the College's recruitment policy. Page 46
NEWFRIARS COLLEGE IA company limlt&d by guaranta81 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 29. Post balance sheet events Related Party Post-Balance Sheet Events: Debt Adjustment As al 31 August 2025, an amount of £650,000 was owed by the College lo The Shaw Education Trust in respect of historical recharges and services. A subsequent review identified that certain charges had been overslaled and that opening reserves had not been fully recognised al CDnversion. In December 2025, the Trustees of The Shaw Eclucation Trust agreed to adjust the oulslanding balance, confirming that a significant portion of the debt was not validty owed as al 31 August 2025. This resulted in rèducing the amount owed to £200,184, by way of a £450,000 credit. This credit related to historical recharges overcharged and assèts on conversion not previously passed onto the College. As the agrèement provides evidence of a condition existing al the balance sheet date, this conslitules an adjusting post-balance sheet evènt under FRS 102. The adjustment has been recognised as Exceptional Incomo in these financial slalemenls (see note 71. Related Party Post-Balanc8 Shoot Evgnts: Asset Transf9r In December 2025, The Shaw Education Trust transferred land and building improvements lo the College for nil consideration. The assets, with a cost of £1,526,000 and accumulated depreciation of £763,000 as at 1 September 2024. were previously excluded from the College's asset register when a 125-year lease was granted by the Trust. The transfer confirms the College had a valid right to the assets as at 31 August 2025. This constitutes an adjusting posl-balance sheet event under FRS 102. The assets have been recognised in these financial 51alements at their nel book value of £763,000. with a orre5ponding Gredil lo Exceptional Income in the Slalemenl of Financial Activities 30. Agency arrangements The Charitable Company distributes 16-19 bursary funds lo students as an agent of the DfE. In the accounting period ending 31 August 2025 the College received £74,000 (2024.. £67, 000) and disbursed £68,000 (2024.. £64,000) from the fund. Al the balance sheet dale there were undistribuled funds of £42.000 (2024.. £36,000) 31. Ultimate Parent Undertaking Whilst The Shaw Education Trust I'SET") legalty remain the sole membèr of the College, following operational changes in March 2025, SET is no longer considered the UlMate parent undertaking. New members are actively being recruited in accordance with the College's Articles of Association. Page 47