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 De￿mber 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 De￿mber 20251
Company reglstered
number
11426256
Company name
Newfriars College
Registered offl¢e
Newfriars COll￿e
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 ofFi￿r
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 bets￿een 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 reser￿eS 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 a￿a5.. 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 con￿rn 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 be￿een 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 reSour￿S 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
tse￿een 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 be￿een 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 be￿een triennial valuations, asset return5 are estimated using 9-11 months of market experience
and 2-3 month of extrapolation being assumed basecl on market Indi￿S.
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 ￿St￿lèd
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
d1￿cl1Y
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 re￿iVed 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

* 

* 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 e￿plOyerS 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
Inte￿st 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
conSide￿d 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 U￿lMate parent undertaking.
New members are actively being recruited in accordance with the College's Articles of Association.
Page 47