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Goodenough College
(A company limited by guarantee)
Annual Report and Financial Statements
for the year ended 31 August 2022
Company Registration No. 00246919
Registered Charity No. 312894 (England and Walesl and SC039173 (Scollandl

Goodenough College
Trustees, Annual Report and Strategic Rewlrt
for the year ended￿ August 2022
Goodenough College Chairman's Personal Welcome
It's a pleasure to introduce our Annual Report ar)d Financial Staternenls for the year ended
31st August 2022, a period during which we saw a welcome steady consolidation of the
College's social and financial recovery following the favages of the Covid pandemic.
The Trustees set a cautious budget for the reporting period, mindfvl of possible conlinuing
reduced revenue to the College. Member occupancy for 2022-23 uncertain and our holel
closed Ifirsl during the pandemic. then for refurbishment). l am deligmed to report that, in the
event, the College maintained high occupancy Ihroughout bolh the academic year and the
ensuing summer season". our short-stay and extemal events operations both secured a good
level of business; the College management worked hard to rationalise expenditure- and the
result has been an operating surplus signlficantty higher than expected.
This is r￿t to say that the College did not continue to field unprecedented challenges. The
surge in the Omicron variant at the end of 2022 saw cases of Covid infection rise rapidly
among Members= support for all those isolating, including individual delivery of three daily
meals. placed a huge ￿rden on the College administration. r(seW depleted by the virus. A
second rapid uplid( in Covid infection in June 2022 threatened to derail end-of-year
celebrations for our Members but was fortunately of brief duration. Meanwhile. an overheated
job market has made recruitinent and retention of slaff a rnajor challenge, and the College
found Itself carying a number of vacancies over the reporting period. Inflation in the UK
economy made il increasingly difficult to hold down rents and catering costs for our Members,.
a small {but growing) number faced finarrial difficutties vthi¢h required recourse to our
emergency fund.
A key theme for the College leadership during the reporting peri￿1 has been how to attract to
our community the very best intemational scholars coming to study in London. We have taken
steps to raise the College's visibilty wilh scholarshipa%&varding bodies in the UK and overseas,
and wtth British diplomatic missions overseas and the London-based intemational diplomatic
community. Meanwhile. in tune wder GU￿ural shifts in UK and elsewhere, the College
has been reviewing its strategy for embeddiThJ equalty. diversity and inclusion across our
community. Nol least, promoting access to the College for exceptional students of limited
financial means through an enhancement of our scholarships programme, a judicKsus
expansion of our emergency fund. and facilrtated access to accommodation for Chevening
and Cornmonwealth scholars from lower-income backgrounds and countries.
The College has worked hard to deliver an exceptional enrichment programme. wth a we8Mh
of intellectual, cultural and social content. There were exp8nded opportunities during this
reporting period for our College Members to engage in sludy Irips and cros$4isciplinary
collaborations 8t seminars with scholars from respected academic inslilutions across the UK.
We are proud, too, of Ihe mentsl health and welfare services that the College continued to
provide to Members, drawng on the skills of professional providers and trained College staff.
Extensive use was made of The Bum. our Scottish academic ￿treat, during the reporting
period. It proved 8 valuable amenty for College Members wishing to relax, try new intellectual
and physical pursuits and enjoy communal activf(ies. The Bum's business operation (primarily
the provision of academic retreats for Scottish university study groups) continued lo be
adversely affected by the constraints facing the Scottish academic sector. Terrible stomis
during the winter of 2021-22 devastated much of The Bum's V￿0dland estate and restr(ution
has been slow and costly.

Goodenough College
Trustees, Annual Report and Strategic Rep)rt
for the year ended ￿ August 2022
The College took advantage of the enforced closure of'The Goodenough. hotel to undertake
much-needed refurbishment of ils bedrooms. The renovations precipitated myriad further
tasks, from roof-lining repairs to repainting ceilings with fire retardant. We are proud thal the
project was concluded on time. on budget. and has led to our best*ver levels of revenue on
the hotel reopening.
Looking ahead, we wll continue tr) focus on maintaining full occupancy ofour accommodation,
selecting as our Members those who wll most benefrt from. and contribLrte to. our collegiale
community- A new College IT Strategy and Strategic Plan. the resurt of a substantive review
of our IT capabilities during the reporting period. will be implemented over coming months. We
will pursue our plans to renovate 4￿7 Mecktenburgh Square as fvrther accomrnodation for
Members.
/_IqLI,-
Stuart Shilson LVO DL
Chair of the Board
24 January 2023

Good¢nough College
Th￿tee$, Annual Report and Stratryc Report
for the year ended ￿ August2022
Contents
Page
Goodenough College Chaimian's Personal Welcome
Trustees, Annual Report and Strategic Report
Company InfO￿natiOn
Structure, govemance and management
Strategic Report
Objectives and activities
Achievements and perforniance
Financial review
6-8
8-10
10-16
Plans for future periods
Statement of Trustees. Responsibiltties
16-17
17-18
Independent Auditorfs Report
1&22
Financial Statements
Consolidated statement of financial activities
23
Balan￿ sheet
24
Consolidated cash flow statement
25-26
Charity statement of financial activities
Statement of financial activities for the 17 months ended 31
August 2021
Notes to the financial ststements
27
28
29-50

Goodenough College
Trustees, Annual Report and Strategic Report
for the yeor ended 31 August 2022
Th8 Board of Truslees pr8s8nt their Report and audit8d Financial Statements for the year ended 31 August 2022 under
the Charities Act 2011 and the Companies Act 2006
COMPANY INFO111￿TION
PATRON
Queen Elizabeth11
TRUSTeE BOARD
Stuart Shilson LVO- Chaimian
Darne Maura McGowan DBE- Vieè Chair
Alex Acland
Andrew Brown KC
David Sulman (Appointed 1 Sept￿ber 20221
Roger Chadwck OBE
Corey Cook
Grahame DavieslResigned 26 July 20221
Lindsay Dodsworth IAppoinled 1 September 20221
James Douglas
Guy Par50ns IApry)inted 26 July 20221
Meredith Pierce Hunter
Martin S¢hwab
Dani8118 W8es8 IApFK)inted 1 S8Ptember 20221
Senior Stsff
COll￿e Director
Director of Finance and Resour￿5
(Company Sgcretary,. Deputy lo th8 Dir8ctor)
Director of Operations
Director ol Developrnent and Alufflni Relalions
Dire¢tor of Devek)prnent and External Relations
Dean
Registrar
Bursar, The Bum
The Hon Alic8 w￿pOl0 OBE
Richard Bather
Janine 8inks
Andrew McGowan Ifrorn 5 D8cember 20221
Hannah Ou Gray luntil 24 June 20221
The Rev Dr Alan Mccormack
Caroline Persaud
David Turner OBE
Address and Registered Office
London House
Mecklenburgh Square
London
WC1N 2AB
W•b$it8: wwi.
oodenou
h.ac.uk
ProfessionalAthrysers
Auditor..
BDO LLP
55 Baker Street
London
W1U7EU
L¢gal AdvlsoTS:
Cripp8 LLP
Number 22
Mount Ephraim
Tunbridge Wells, Kent
TN4 8AS
Investment Managers-
Rathbone Brother5 PIC
8 Finsbury Circus
London
EC2M 7AZ
Bznkers=
Barclays Bank PLC
1 Churchill Place
Canary Wharf
London
E14 5HP

Goodenough College
Trustees, Annual Report and Strdtegic Report
for the yeor ended31 August2022
The full name of the Charty is Goodenough College {Ihe College,).
The College was formed as a company limited by guarantee v￿oUt share capital on 28 March 1930,
registered company number 00246919. It is registered V￿th the Chartty Commission, Charity number
312894 (England and Wales) and SC039173 (Scouand). The College's purposes are sel OLrt within
its Articles of Association.
on 25th January 2022, the Board of Trustees resofved to implement the re￿mmendatIOnS of a 2021
governance review of the College, which had recommended streamlining the College's governance
structure. The Board noted that a meeting of the College's Advisory Council on 161h November 2021
had expressed support for the dissolution of the Advisory COU￿1[ and Ihe retention of the Board of
Trustees as the College's single goveming body. The Board would act as Members of the Company
under the Companies Acts and continue to a(A as Directors and Trustees of the Charity.
AcLordingly. on 24th January 2023, the Company Mern￿rs met in General Meeting and resolved to
adopt a revised set of Articles of Association for the Company. the goveming document of the
Charity, replacing those last amended on 15 October 2019. The revised articles set outthe following
main features of the govemance str￿tUre of the College:
A Board of ￿15 Directors are legally and financialty responsible for the management of
College affairs. These are the charity Trustees and the Directors of the company. The Board
holds meetings on a regular basis an expectation of four meetings being held over the
course of a calendar year.
The Articles of Association require each Director to be appointed for temis not exceeding three
years.
A Director shall not nomially remain in office after the ninth annNersary of the date of their first
appointment (wth the provision that any director in office on 24th January 2023 shall remain in
office until the erKJ of their current tem)).
In accordance vthh the revised Memorandum of knocialion, every Member is liable to contribute a
sum of £1 in the event of the company being wound up. At 31 August 2022, there were 26 members
{2021.' 30 members).. on 24th January 2023 there were 13 members.
The Trustees are satisfied that the revised govemance prO￿se$ enable the College to er¥Jage
more effectNely wth its mission and objectives. The Truslees consider thal they have paid due
regard to the Charity Commission's guidan￿ in respect of their duties and obligations as Trustees
of Goodenough College.
The Board will continue to review the College's governan￿ arrangements during 2022123 in further
consideration of the Charity Govemance Code for larger charities.

Goodenough College
Trnstees, Annual Report and Strategi¢ Report
for the year ended31 August 2022
Appointment of Direetors
The pro(*ss for the appointment of Board Directors is set out wthin the College's Articles of
Association. Appointrnenls are made on the re￿mmendatIon of the Nominakn'ons and Remuneration
Commtttee at Board meelings.
No Trustee has any financial interest in the Charity or any group companEs.
During the year and up to the date of approval of the Annual RetK)rt and Financial Statements, there
was a qualifying third paty indemnity in place for directors. as allowed by Section 234 of the
Companies Act 2006.
Board of Tr￿SteeS
The Board of Trustees holds ullimate respx)nsibility for the governance and strategic direction of the
College, ensuring that the Chartty upholds Its etkK)s and values and delivers its objectives.
The Board has a written schedule of matters reserved for decision by the whole Board and delegates
certain responsibilities to Board Committees. The Trustee Board meets quartedy.
New Trustees undertake an induction programme to familiarise them ￿th the College. its objectives
and its structure. aksngside their roles and responsibilities under legislation and College govemance.
The Board has adopted revised temis of reference for its own operation. based upon
recommendations set out wilhin the Charity Govemance Code.
Committees
Trustees, Fellows and advisors May serve on one or more Board Committees. as set out below..
Academic Committee
Audit & Risk Advisory Committee
Bum Management Committee
Donations Advisory Committee
Equality, Diversity and Inclusion Committee
Finance & Inveslment Cornmittee
Nominations & Remuneration Committee
Subsidiary Company Boards
The Board ￿vieWed and updated the terms of reference of each of tts Committees during 2022.
Details of the comt)OStbon of each Comrnttiee are held by the Governance Officer.
Management
Operation81 management of the College is delegated by the Trustee5 to the College Director, tho
is accountable to the Board of Trustees for the stesvardship of the Charity- The College Director and
the senior leadership team (the Executive Committee) atteThJ fomial Board and Committee meetings.
The College sets the pay of its key staff through its Nominations and Remuneration Committee,
supported by the College Director. The Committee makes reference to general inflation,
comparalive salaries aThJ pay a￿￿rdS within the charity, HMJher Education and hospitality sectors
and historical increases in pay. The ￿MuneratiOn of the College Director is sel by Ihe Board.

Goodenough College
Trustees, Annual Report and Str4tegic Report
for the year ended31 August 2022
Group structure and relationships
The College has ￿ wholly-ovffled subsidiary companies. both registered in England and Wales:
Goodenough Glub Limited (Company No. 026843781 provides ovemighl accommodation. The
subsidiary tskes on responsibility for the trading of The Goodenough on Mecklenburgh Square
and the provision of 'Short Stay. accommodation in London House and William Goodenough
House. Ils annual proffts a￿ donated to the College as qualfying distributions under deed of
covenant,. and
Goodenough Ventures knmited (Company No. 09342926) provides events, venue hire and
catering and commercially-let accommodation at The Bum. Its annual profits are also donated
to the College as qualifying distributions under deed of covenant.
At its meeting on 26th July 2022, the Board of Goodenough College resolved to transferthe 8Ctivitie5
currentiy caNied out by Goodenough Ventures Limiled to Goodenough Club Limited from 1st
September 2023. subject to the relevant approvals of the Company Boards.
The Bum estate in AThJus, Scotland la propety donated to the College in 1947) is used by Members
of the College for educational and recreational activities, as well as by many Scottish universities as
a centre for reading parties, study groups and for educational events and seminars and. The Burn's
assels are a restricted fund of the College.
Investment powers and policies
The Trustees have the authortiy conferred by the articles of association to invest the monies of the
College not immediately required for tls purposes in or upon such investments, securtties or property
as may be thought ftt, subject nevertheless to such conditions (rf any) and such consents Irf any) as
may for th8 time being be imposed or requir￿￿ by18W.
The Trustees wsh to pursue a wlicy that provides revenue for rls current purposes and enhances
income and Capital growth over the longer terrn, thereby enabling them to meet their current and
future objectives in accordance with the purposes of Goodenough College. Investment management
is overseen by the College's Finance arKI Investment Commtttee.
Investment management is delegated to and managed by Rathbones. The Trustees require the
managers to pay attention to the standard investment crtteria. namely the suitability of the class of
investment and the need for diversification insofar as is appropriate lo the circumstances of
Goodenough College. Any restrictions on the type of investments or markets in which the manager
would invest on the client's behalf are set out in wrtling. The Trustees have normally agreed
investment mandates matching the timing of the College's expected call on those fvnds and their
attitude to risk. Stocks not quoted on a recognised stock exchaThJe or othemise actively traded, and
sub investment grade or unrated tonds, may not be held wthin the wrtfolKI, Without prior approval
of the Truslees.

Goodenough College
Trustees, Annual Report and Strategic Report
for the year ended31 AugUSt2022
STRATEGIC REPORT
The following sections comprise the strategic rerK)rt reqUI￿j by the Companies Act 2006 (Strategic
Report and Directors, Report) Regulations 2013..
Objectives and activities
Achievements and perfomance
Financial Review
Plans for future period.
The history of the institution that is now Goodenough College began in 1930 when Frederick
Craufurd Goodenough, Chaimian of Barclays Bank, established a student residence in London for
international postgraduate students. Goodenough's vision was the creation of a hall of residence
for Imale) students from Commonwealth countries. offering a collegiate community in the heart of
London to promote friendships and enhar￿e intemational understanding. The College has
expanded greatly since that time and now consists of a six hundred-strong ￿MMunity of
postgraduates. some ￿￿th accompanwng families. from across the world.
The College's charitable objects, as set out in its Memorandum and Articles of Association. are:
"To organise. encourage and assist the education in England of stLKlents ('Resident Members of the
College,) from any part of the worfd, giving preference to students from the Commonwealth {with
priority for students from those nations less able from time to time to provide resources and facilities
of their own).
We will continue to build uwn our stroTrJ foundations to achieve our current vision and mission=
Vision
A fellowship of global citizens with shared v81ues of tolerance, respect, understanding, seNice and
togetherness (refleGting the spirit of the UK and th8 principl8s of th8 Commonwealth).
Mission
To creat8 a sfimulating, inclusiv8 and mutually supportive, residential communty in the heart of
London where outstanding postgraduate students exchange ideas, openly debate values and form
lasting friendships.
Our kéy objectives. as outlined in the College's 202(￿2025 Strategic PL8n. are to..
Enhance the Resident Memberfs experien￿ to deliver our Mission and maximise the charitable
benefft we deliver;
Recruit (especialty Commonwealth) Members ￿171 benefft most from what we offer and best
contribute to the life of the College-
Build a stronger fellowship of Aumni and others closely associated wth the College.

Goodenough College
Trustees, Annual Report and Strategic Re￿rt
for the year ended 31 August 2022
These three key objectives are underpinned by a series of enabling objectives focusing on, inter alia.
governance, the College estate. financial managemenL communication and delivery, which will help
the College to achieve its ambitions.
The College pre$enls its 2021122 expendtture in the pur5Utt of our strategic goals:
To attracl outstanding postgraduate students from a wide geographic. academic and soctal base.
giving preference to those from the Commonwealth:
. To transfomi College Members through the experience of living in a values-based community which
inspires intellectual engagement and endeavour, encourages CroS￿U￿ural understanding and
offers an ex¢eplional swal environment:
To raise the College profile, intemationally and wlthin the UK, by developing key opportunrties and
pursuing strategic partnerships consistent th our values and ambitions. and
To sustain Ihe College as an enduring instltution. underpinned by secure finances, a well-
maintained estate and high-qualty staff. with a commthent to minimising f(s environmental impact.
The College measures its perfornian￿ through regular Key Perfomian(t Indicators {KPls) that
compare surKess in the rerM)rting ￿r[0d prior years. These KPIS cover areas including
OCCUP8ncy; diversity of membership.. delivery of cultural, social, sportiry and educational events.,
volume of Scholarships and Bursaries; and number of Alumni conlacts. Further infomalion is
contained wthin the Financial Review and Achievements and PerfoThance.
College members attend over forty academic arKI professional institutions in London. The College
works to maintain a balance be￿en the broad faculties of medicine and natural sCien￿s, law,
business. wlitical and social sciences. and the arts and humanthes. The College attracts scholars
from a wide range of international schemes including Chevening. Commonwe8tlh. Monash, Windle
and Marshall.
The College provides a wide public benefft. The Trustees are aware ofarKI have regard to the Ch8rtty
Commission's public berefft guidance when exercising any powers or duts'es to thich the guidance
is relevant. College Members retum to their home nations or elsewhere wbth a broadened
perspective on the wodd and a much*xpanded kr￿w[edge of and affection for the culture and
politics of the UK. This contribuiion to intemational toleran￿ and understanding serves an ever
greater purpose in todals world of polrtical and economic Un￿rtainty-
The College frames its distinctNe paradNJm through the vectors of'commensality, and 'convivi81ity-
common eating and common living. Members jointly engage in many intellectual. cuttural, social,
experiential and developmental acttvities. Talks. seminars and cnlloquia. where renowned
individuals lecture and share knowledge and lrfe exFerience. are a regular feature of Ihe College
calendar. A series of 'GoodSkills' weeks take place to refine the non-academic skills base of College
Members. College Members live and work amongst a broad spread of social. national and economic
backgrounds, developing urKlerslanding and empathy across a wide spectrum of experience within
a rich peer group. An external programme enables College Members to grow their capacity for
understanding of the UK - and ne￿rkIng across a rarKJe of extemal institutions in Ihe Cities of
London and Westminster and beyond. The College seeks to secure and provide an increasing level
of Scholarships and Bursaries to support tPM)se VAKJ strwgle to meet the costs of their
accommodation at Ihe College.

Goodenough College
Trustees, Annual Report and Strategic Report
for the yeor ended31 August 2022
The Bum, our Scottish estate and academic retreat, ky)th welcomes College Members, in study
groups or privately. and 8¢1ively supports Scottish universilies, offering its facilities to national and
intemational students and academic groups. As social and travel restrictions have eased in the wake
of the pandemic, The Bum has provided a valuable opportunty for Tts guests to relax amongst their
peers, undertake quiet or group study, build friendships and take pleasure in the natural world.
The College is opened to the public for concerts. operas. cOnferer￿e$ atMI thtures. A large number
of external organisations and individuals also use the College's facilf(ies for their own events and
aclivities.
After reduced Mernber occupancy in 2020121 the College saw occupancy return to normal levels
during the 2021 Michaelmas tenn and higher than pre-pandemic levels over the summer period.
The project to refurbish the Hotel bedrooms achieved practical completion on 28th July 2022 and the
Hotel reopened on 131 September 2022. The Bum continued lo see ￿dU￿d a¢tivty wth Scottish
University and commercial activibes not retuming to p￿ pandemic levels. Excluding the Hotel and
The Burn, the College's operating income and surplus retumed to pre pandemic levels. The College
conlinues to review its Str8tegtc Plan in light of changing priorities as a result of the impact of the
COVID 19 pandemic.
The impact of the College's activtties on Members is a growth in confidence through their experience
at Goodenough, wilh broadened perspeclives, strong cultural, sockql and professional netwofks and
a positive image of the UK and the Commonwealth. Supported by this growth we expect our Alumni
to be outstanding leaders in their fiehjs. eroaged global citvzens and advocates of the College
Postgraduate students o)ntinue to have an overbthelmingly positive experience at Goodenough
College.
During 2021122 £7.6m {17 Months to 2021= £10.5m} was spent against the goal of 'Transforming
College Members,, reflecting the operating costs of the College buildings (that so infiuence College
lrfel alongside the influential Dean's programme_ The reduclion on Ihe prior period is predominantly
due to the extended 17 month prior year period in 2020121.
The Dean's programme for the 2021122 academic year delivered (including Member4ed activities)
33 sporting fixtures.. 161 C￿￿Ural. music and arts-based events., 120 evening lecture 'Port Talks,,
transfom18tive skills-based sessions {the 'GocKISkills' programmes) and academic seminar
segments and Study trips, all of them delivered in perwn, wth a small number of blended events.
A very full Dean's programme was run through Ihe traditionalty quiet summer months of June, July
and August in response lo the greaterthan usual ￿Ve1 of Member occupancy in College during these
months. This resulted in many more programme outputs.
The Dean's offi￿ carried out an extensive and tailored programme of activities to support individual
Member wellbeing through the academic year. Particular guidance and support was provkled during
the period of national mouming attendant upon the death of Her late Majesty The Queen.
During 2021122 the College maintained its accreditatron against the Nation81 Code for Assured
Accommodation, vthich demonstrates the College's commitment to the highest standards in
delivering its accommodation and supporting its communty. The College vras again awarded the
Global Student Living IrKJex Best Speaalist Accommodation Award in OCto￿r 2022. Previously

Goodenough College
Trustees, Annual Report and Strntegic Report
for the year ended31 August 2022
awarded by the National Student HousiTrJ Survey. the College has been the winner of this award
every year since 2012.
Throughout the period The Bum has continued to suptKJrt the Higher Education (HE} sector by
offering a unique academic retreat venue to enrich and enhance the student experience. This period
has seen a transthon away from the restriclÈve practices of the COVID pandemic and the return to
the more familiar academic rhythms. As a restricted fur)d wthin the Gochdenough College portfolio,
The Burn has continued lo drive towards the goal of long-leTh sustainabilty by increasing its
operating income. Full recovery from the COVID-19 pandemic is expected to take longer than
anticipated but the bonds vthh Scottish univers5ties remain stroThJ. The Bum now plays a more
prominent role in support of GoTrlenough College aThJ The Bum 'eXperien￿. is considered to be a
key highlight within the member programme.
The £1.2m costs of'Attracting outstanding postgraduale students, {17 Months to 2021.. £1.5ml reflect
Ihe costs of our vital student registry fun¢lion ak)ngside our Scholarship and Bursary schemes and
marketing aclivty. The College spent £597k on sCho￿rShips and Bursaries in 2021122. (£739k in
Ihe 17 months to 2021).
Scholarships, Bursaries and Mecklenburgh (hardship) funds are avrdrded by the College to individual
current and potential College Members, predominantly as reductions in rent. on the basis of financial
need, the College saw additional demand for such funding during 2021122 and responded
accordingty. The College recognises the imp)rtance of beiThJ 8ble to $uptKJrt Members with limited
financial means thanks to the generosty of friends and Atumni.
During the period the College received 1.598 applutÈons {2021122- 1,2381 for its 2022123 academic
year intake. three and a half applicalions for each available pla￿ at ihe College {2021122= 31. The
prowrtion of applications from EU counlries stayed steady at 11 % {2020121= 11 ty/ol and applications
from Commonwealth countries increased to 49 % (2021122.. 470/0). The College continued to invest
in additional marketing and engagement actions to maintain and develop the numI￿r of suitable
applicants to the College and the appropriate Commonweatth representation.
During the 2021122 academic year Members came from 95 {2020121: 80} counlries (India 10 /.' UK
9410 Canada 9°/o', China 50/0. Pakistan 5°hl, of which 51.6/. {2020121= 50/1 were from the
Commonwealth. These Members We￿ studying at 38 {2020121: 37) academic institutions {UCL 29 /',
LSE 23 /LTr'. Kings 100/•}- vAth 66.1012021122: 66°/0) U￿lertakIng Masters Courses- 29°/. {2020121= 28 /0)
PhD and other research programmes.. 5¥0 (2021122.. 6010) other fomis of postgraduate
qualrfications. Their academic subject matter continued to be as drverse as their backgrounds.
The College spent £0.3m (17 Months to 2021.. £0.5m) in raising the College's profile. Member
represenlational visits to institutions in London arKI throughoLrt the UK were resumed.
Members made six lrips to The Burn for 4 day long educational retreats. subsidised by the College.
Including the £1.2m 2021122 interest costs of the College's debt (17 Monlhs lo 2021= £1.8m) and the
osts of supportiThJ the development and the stralegic financial management of the College, £2.3m
was spent on 'Sustaining the College, during the year117 Months to 2021.. £3.2ml. Excluding loan
interest, the College spent £1.1 m on sustaining the College {17 Months to 2021: £1.4m).
The College applied funds of £2.4m {17 Months to 2021: £1.6m) in replacements and enhan￿ments
to the College estate and IT services. the majority of vthich related to the refurbishment of the Hotel
bedrooms.

Goodenough College
Trustees, Annual Report aDd Strategic Report
for the year ended31 August2022
Fundraising costs were £179k for the year {17 Months to 2021: £317kl. Fundraising costs have not
yet retumed to pre pandemic levels due to reduced aclivity levels on events such as overseas travel.
Following a review of the College's fundraising and extemal relations ambitions during the period. a
new Executive 8ppointment W8s created and the new Director of Development and Alumni Relations
joined the College staff on 5 December 2022.
The College's commercial actNitses (operated through its subsidiary companies) were severely
impacted by the closure of services and the downtum in the market during the pandemic. Both
subsidiary companies relumed to profrt in 2021122. despile the closure of Ihe Holel throughout the
year, making a combined surplus of £162k before the payment of taxable profits to the College. The
companies generated combined losses of £659k in the prior period. The provision of £0.1 m of net
debt arrangements by the College to Goodenough Ventures Limited at 31 August 2021 vras repaid
during the year. The College continues to consider its investment in these companies to be beneficial
to the future of the College. During the year the College rewewed its govemance arrangements for
its subsidiary Companies and the directors of the subsidiaries regulady ￿vieWed their confidence
overlheir going concern. In the interest of operational efficiency the Tnjstees have made the decision
to combine all of the College's trading activtties ￿thin one subsNliary from 1 September 2023.
The College generated gmup revenues of £11.3m in the year to 31 St August 2022 {17 months to
2021.. £10.6m). Income from charttable activtties (predominantly income generated from rents from
Member accommodation) was £8.2m117 months to 2021.. £7.4m}" wth in¢reased occupancy and
higher rents countering the shorter accounting period. Average Member occupancy in the 2021122
academic year vras 91.40/0 compared to the 62.50A achieved in the prior year and 92.6QA in the pre
pandemic year of 2018119.
Consolidated income from tradiro activrf(ies (predominantly short stays, catering and event and
venue hirel for the year was £1.8m {17 Months to 2021.. £0.8ml as desprte the closure of the Hotel,
commercial events. catering and short stay business ￿cked up as pandemic restrictions were lifted.
Consolidated ￿VenUeS from the Goodenough Club Ltd were £0.7m (17 Months to 2021.. £0.3ml.
Revenue in 2021122 consisted of StrK)rt Stay accommodation income of £0.7m {17 Months to 2021".
£0.3m). Goodenough Club Limiled generated a profit of £42k for the year {17 months to 2021.. a loss
of £536kl. Goodenough Ventures Limited generated consolidated revenues of £1.1 m {17 Months to
2021.. £0.5m), wth £0.7m generated from Events and Venue Hire (2021.. £0.2m).' and £0.4m from
providing catering to College Members (2021." £0.3m).Goodenough Ventures Limited generated
profit of £128k for the year {17 months to 2021- a loss of £123k)
The Trustees and Directors remain confident of the potential for the subsidiary companies to
generate surpluses to be donated to the College in future years (subject to the planned cessation of
activities through Goodenough Ventures Limited) and continue to monitor perf0mlan￿ of the
companies.
On 25 August 2022 Ihe Directors of GoTrlenough Ventures Limtied approved a budget for the
2022123 financial year showng an £89k profrt and a business plan showing substantial surpluses
thereafter. On 21 October 2021 the Trustees of Goodenowh College approved a temporary loan
facility to Goodenough Ventures Limtted to cover losses or shortfalls of cash that arise between 1
April 2020 and 31st August 2023 up to a maximum of £500,000. The loan wa5 agreed on the
condf(ion that tt would be ￿paid by 31 January 2025 and superseded the previous facility. An amount
of £123k was drawn down at 31 August 2021 but repaid priorto 31 August 2022.
10

Goodenough College
Trustees, Annual Report and Strat¢gic Report
for the year ended 31 August 2022
On 25 August 2022 the Directors of Goodenough Club Ltd approved a budget for the 2022123
financial year showng a £1.Om surplus and a business plan showng increasing surpluses thereafter.
Whilst a temporary loan facilty had been agreed with College in October 2021, Ihis was not utilised
and is not expected to be going forwards. now that the Hotel has ￿0pened.
The Consolidated Ststement of Financial Activities for the year shows a £2.Om loss before g8ins and
losses on investment assels and financial instruments {17 Months to 2021: £7.1 m loss). The College
bore £1.2m in loan interest charges {17 Months to 2021.. £1.7m) and depreciation of £2.4m {17
Months to 2021.. £3.4ml demonstrating an EBITDA gain lexduding debt and asset impaimient costs)
of £1.6m {17 Months to 2021.. £2.Om lossl. The gain was due to the move towards nomial operating
conditions (except for the Hotel business) as set out above. On 26 July 2022 the Trustees approved
consolidated budget for the 2022123 academic year showng an EBITDA surplus of £2.2m. The
Trustees remain confident that the Colwe will achleve a significant operating surplus in 2022123.
The College holds investment t)ortfolios with RathiK)ne Brothers PIC under four separate mandates.
Where appropriate, composite benchmarks for the funds are developed by the Investment Manager
In consultation with the Investment CornM￿ee. recognising agreed asset allocation ranges, along
with separate long-term perfomiance objertives. All long-term perfoThance objectives are after fees.
The College main wrtfolio includes the College reserve and the Asset Replacement Reserve and is
invested for the longer term with a lorvJ-temi performance objective of CPI + 5.10 (net of fees). As at
31 August 2022 this fijnd held £9.2m under invesknenL
The Burn portfolio is invested on a similar horizon bul. reflecting the annual requirement for income
and draw down from that fund to support The Bum's operations,. it has a long-tem perfomian
objective of CPI + 3.5°k (net of fees). As at 31 August 2022 this fund held £1.1m under investment.
The tolal ￿turn on the College main fund over the period was a loss of -8.3D/ty. and for The Bum
portfolio, a gain of 0.8 %, the composite benchmark perfomiance measures for these funds were a
gain of 0.6 % and loss of -2.0 /0 respectively. These funds have achieved a total return of 27.00/¢ and
24.4°/o respectively over the last five years. against CA)mpo$f(e benchmarks of 33.4 % and 21.60/0
respectively. Their long-tem perfomiance objectNes were 51.4 % and 40.9°A respectively over the
same period.
The College No.2 portfolio held funds anticipated to be drawn in the medium tenn from, the College
Development Reserve along wth General Funds. and has a long-temi perfomance objective of CPI.
The fvnd was established in 2016 and achieved a total retum of 0.9°/o for the year. As at 31 August
2022 this fund held £7.Om under investment.
The College No.3 portfolio ￿4$ established in 2017 and holds funds anticipated to be required in the
shorter tenn from the College Development Reserve Funds Reserve and General Funds. The fund
is invested primarily for capital preseThation and achieved a total retum of 0.0 /0 for the year. During
2021122 £1.6m was wthdrawn from this fund to provide cash to support the project to refurbish the
Hotel bedrooms. As at 31 August 2022 this fund hekl £2.1 m under investment.
The perfomance of the investment portfolios and the investment manager is reviewed regularty by
the College's Finance and Investment Commtttee and the Trustees continue to be satisfied with their
management and the perfomance of the funds over the long tem. All inveslmenls acquired during
the year were in accordance with Trustees. powers. The value of the portfolio at 31 August 2022 is
shown in note 11.

Goodenough College
Trustees, Annual Report and Strategic Re￿rt
for the year ended31 August2022
Working through the Finance and Investment Committee and with its investment managers the
Trustees continue to review the investment perfomiance and strydtegies of it5 funds under investment
as the College's financial perfomiance, reserve postlion and capital ambition develops.
Funds and reserves
The College's reserves are dNided behveen unrestricted and restricted funds. Unrestricted funds
are further divided inlo designated and other unrestricted fU￿Js.
Unrestricted funds total £137.6m (2021: £141.Om}, wh￿h includes designated reseNes of
£129.3m (2021.. £132.4m). general funds otthe charity of£8.2m {2021: £8.5ml and general funds of
the subsidiaries of £0.2m {2021'. £0.1 m). See Not8 17 for further details.
The Trustees have desynated the value of the College's non-investrnent fixed assets (net offunding
from the long-terni loan) as the Tangible Fixed Asset reserve. The value of this reserve is adjusted
annually to reflect the net value of these assets and stsnds at £116.6m at the year-end 12021:
£116.8m). The Trustees have deswJnated the value of the College's investment properties
Irecognising the College's strategy to retain investment properties for the benefit of future
beneficiaries} as the Investment Property Reserve at £3.1m12021.' £3.5m). reflecting the revaluation
of the investment properties at the balance sheet date.
During 2016 the College established a lorKJ temi forecast, enabled the College to agree a
revised framework for the management of ils unrestricted funds and to quantfy the level of liquid
assets required to sustain the College as 8n erKluring institution. The College has established a
plan to ensure that suff￿lent levels of cash 8re available to secure a well maintained eslale. This
established the requirement for an Asset Repl8￿ment Reserve {ARRI to suptM)rt the costs identified
for the replacement and refurbishment of the buildings, fixtures. fittings and equipment of London
House, William Goodenough House and the hotel over a 30-year period to 2046. The required value
of this fund was agreed to be deswJnated from the available ftJr)ds accumulated by the College from
annualty generated operating surpluses and drawn do￿ against ￿levant costs.
In light of the continuing imp&t of the COVID-19 pandemic on the Colwe and Hotel financial
perfomance Ihe Trustees designated an additional sum of £1.Om into the ARR, representing the
shortfall in anticipated ARR contribution compared to that which would have been generated by the
College and Hotel under nornial operations over the year. After debiling appropriate 8sset
replacement expendrture and accounting for income. gains and losses, the value of the ARR stands
at £7.9m on 31 August 202212021.. £7.5m). The Trustees review the value of this designated fund
annually as IÈ accumulates and is Lrtilised for Asset Replacement. The ARR is represented by
investment funds with investment mandates las overseen by the InveStn￿nt Commtttee} matching
the investment objectives and horizons of this reserve.
Followng the completion of the debt restructuring eXer￿se in June 2017. the Tnjstees designated
£11.9m of funds secured in excess of that required to settle the previous long lemi loan and swap
arrangements, as a designated fund referred to as the College Developmenl Reserve ICDRI. The
Trustees originally aimed to apply these additional funds. secured at a 3.102 /0 interest rate. to take
opportunities to further develop the College's activities and its estate over future years. The CDR Ss
represented by investment funds ¥Mth an investment mandate las overseen by the Finance and
Investment Committee) matching the investment objectives and horizons of this reserve. This fjjnd
bore the interest cost of this ex￿5$ borrowing.
12

Goodenough College
T￿￿tees, Annual Report and Strategic Report
fvr the year ended 31 August 2022
During 2021122 the Board approved the reduction of funds held ￿1h1n the College Development
Reserve by £3.6m in support of the refurbishment of the Hotel bedrooms. shortfalls in College
surpluses to maintain the value of the College's General Funds lils freely available reserve} and to
maintain the previously planned contribution to the Asset Rep1a￿rnent Reserve. The value of the
CDR stands at £0.7m on 31 August 202212021.. £4.3m). The Board furtherdesignated an additional
£0.8m to the 4347 Mecklenburgh Square Reserve from General Funds.
The Trustees have reviewed the College's reserves policy. The policy considers the nature of the
income and expenditure streams, the need to match vari8ble income Y￿th fixed commitments and
the need to provide for known essential estate maintenance expenditure. To allow the College to
be managed efficiently and to provide a bLJffer against inlerrupted services, the policy require8 that
general reserves in the range from £5 million- £8 million should be maintained. This range is based
on managing to sustsin CO￿ College activty rf there were a fall in Member income of 250/0 for three
years {c£5 million) and a loss of 50°/0 of Goodenough on Mecklenburgh Square net revenue for
years {c£2 million). In addition. a minimum of £1 million is considered ne￿SSary to deal wth major
estate issues, such as a failure of heating. plumbing or electrical seNices in either House.
The College wll further consider the fvnds now available to deliver the planned refurbishment of 4&
47 Mecklenburgh Square in addition to the £883k of designated funds held in support of this project.
The College continues to develop tts plans forthe site under the guidance of its Steering Committee.
The Trustees continue to consider the value ofthe College's General Funds in light oflhe experience
of the COVID-19 pandemic. The College's freely available funds, stsnd at £8.2m on 31 August 2022
(2021.. £8.5m, see note 17 for more detsils)-
The Trustees have assessed the value of reserves and the operations of the College and do not
consider that there remain material uncertainties related to these or other events or Conditions that
cast signrficant doubt on the College's ability to conts'nue as a going concem. The College remains
very financially stable with freely available funds of £8.2m; other unrestricted designated reseNe
funds of £9.4m and unrestricted investment properties Valued at £3.1 m.
Restricted funds are ￿presented by assets and investments that can only be used or spent for a
particular purpose as stated by the donors. The total value at 31 August 2022 was £12.7m (2021..
£12.7m). See Note 16 for further details.
Restricled funds include The Bum Fund of £12.2m {2021.' £12.1 m) and other restricted funds of
£0.5m12021.' £0.6ml- The Bum fund includes the operating land. building and assets of the site
represenled by a tangible fixed assets reserve of £10.2m {2021.' £10.3m)', investment properties
reserve of £0.9m {2021.' £0.8m) and a general restricted fund of £1.2m {2021: £1.Om). The general
restricted fund is represented by The Bum investment portfolio.
The other restricted funds have been donated to the College for a number of restricted purposes
including restricted Scholarships and Bursaries funds of £472k {2021. £582k). The College has
adopted a policy to increase the level of support lo its important Scholarships and Bursaries activity
provided through donations. Expenditure on Scholarships and Bursaries from reslricled or
designated donated funds was £437k in Ihe year compared to £490k in the preceding 17 rnonths.
13

Goodenough College
Trustees, Annual Report and Strategic Report
for the year ended￿ August2022
Borromryngs and bank facilities
On 2 June 2017, the College secured a £40m non-amortising 30-year loan wilh Rolhesay Life at a
fixed interest rate of 3.1020/0. The loan is secured against London House and William Goodenough
House.
Principal risks and uncertainties
To optimise the College's management of risk. the College Board and staff are briefed on the nature
of risk and accept responsibility for risks associaled wtth their area of authority- Senior management
provides appropriate support. assistance and (x)mmitment to ensure that both operational and
strategic risk is managed on a daily basis to the best of the College's ability. This risk management
process provides reasonable. but not absolute, assura￿ thal the org8ni8ation is protected.
We define key strategic and operational risks as those that, without effective and appropriate
mitigalion, would have a severe impact on our wt)rk. our reputation or our ability to achieve our
ambitions. The College continually improves the Process by which il reviews. registers and rnitigates
risks that may impact on College lrfe and operations. These risks {including likelihood, impact arKI
mitigation measures) are listed in a Strategic Risks Register, which is regularly reviewed by the
College Board and senior managemenL The risk management prO￿sS encourages the Trustees to
challenge any 8ssumptions senior management has made atout risks and interrogate the context in
which decisions are tsken. This helps ensure thal the most serious risks a￿ being mitigated
effectively.
Revenue shortfall, primarily through a downtum in Member application numbers, has been identrfied
as a fundamental financial Tisk for Goodenough College. ￿￿OrOuS promolion of the College through
public outreach, strategic partnership building and enhancing the College's digital presence is given
high priority in order to mitigate this risk.. tcwJether V￿th market-sensitive pricing of accommodalion
and a robust admissions policy maknng maximum use of search engine optimisation, peer reviews.
advertising and approaches to educational institutions and scholarship bodies {within London. the
UK and internationally). Application numbers are reviewed on a ￿Ular basis and Ihe admissions
str8tegy adjusted on the basis of findings.
The maintenance of a diverse College communty (including enabling access for students wllh limited
financial resources) is recognised by the Trustees as a key area of risk. The College wll continue to
focus on targeting its outreach on less represented geographic areas and socio-economic groups. It
continues to enhance its Scholarships and Bursaries schemes (including developing partnership
schemes ¥Mth other scholarship providers} lo support ￿sS affluent studenis. The College maintains
tis focus on fundraising for Scholarships and Bursaries (including hardship funds allocated as The
Mecklenburgh Fund). The College reviews its rent annually and any increases applied are based on
sound market infoTmalion and consultation th the College Member communty.
A key strategic objectNe of the College is to deliver a transfoThative experience for co1￿6 Members
through community. cross-cuttural understanding and an exceptional inlellectual and soci81
programme. The College's ability lo provide such an experience fa￿d unprecedented challenges
during the Covid pandemic, and has infomied the College's efforts to expand the ways in which the
programme is delivered in future. The College implements a rigorous process of risk assessment for
all activities. toJether with impact reviews and ROI assessments of enrichment activities.
The College has previously recognised that failing to secure SLtffictent fvrKls to implement its Asset
Replacement Plan represents a key risk to the Co[￿e. The College considers that it has
14

C(KJdenough College
Trustees, Annual Report and Strategic Report
fvr the year ended31 August 2022
substantially mlligated Ihal risk through development of a comprehensive Asset Replacement Plan,
long temi finan￿81 planning and the securing of £40m of 30-year non-amortising debt. The Finance
and Investment sU￿c0￿M[￿ee of the College Board reviews the long-term financially suslainable
perf0rrnan￿ of the College and provides further diligence on the application of available funds. The
College has demonstrated to itself. through ch8llenging scenarios and stress testing. that it will be
able to meet its Asset Replacement Plan for at least unlil 2046.
The level of the College's unrestricted freely available reserves. combined with its designated funds
(see below). reassure the College as to ils going concem.
The 30-year fixed-interest debt minimises the College's exposure to variations in debt financing
costs. Further details can be found in Note 15.
As the College's main base of operations is in central London, Ihe College recognises that terrorist
activity, trM)th local lo the College and woddwde, has the potential signrficanuy to affect the College,
through restricting physical a￿sS to the College- reducing fuiure applications to the College- and
directly on the welfare of College Mernbers. The College exercises care in maintaining its access
control and se¢urity arrangements. holds financial reserves. specrfic appropriate insUrar￿e cover,
effective business conlinuty plans and robust welfare systems in order to mitigate that risk.
With accommodation at its heart, fire risk management fomis a key consideration in the College's
operation and development. The College regulady reviews its fire management pK)licies and (2rries
out annual fire risk assessments and complies y￿th all slalutory obligations and best practi￿.
To counter the risk of diminishing revenue generated by the College's wholly-owned hotel, The
Good8nough on Mecklenburgh Square, the College undertook an extensive refurbishment of the
hotel's 65 bedrooms in 2021122, followng reopening on 1 * September 2022 this asset loperaled
through its subsidiary company) has fetumed to substantial operating surplus.
Wtth the majorrty of the College's income streams generated in-year from Member rents, hotel
charges, letting of a lease to a commercial venture and other business in(x)me. the impact of these
trading environments will affect the financial perfomiance of the College. The College is confident
that its planning, risk m8n8gement and operab'onal management activities sufficiently manage these
risks and enable the College to put in place appropriate mitigation measures.
The College takes safeguardirvJ very seriously. The College is ￿nfident that it provides 8 safe 8nd
Irusted environment and promotes an organisation81 culture that prioritises safeguarding. The
College considers that it maintains adequate safeguarding r)olicies, prO￿dureS and measures to
protect people. These are reviewed regulady. and kept up to date in line wth Govemment guidance
and best practice. The College has reviewed ils safeguarding govemance and management
arrangements wthin the last 12 months.
In response to the Corporate Criminal Offence of Failure to Prevent the Facilitation of Tax EvasK)n
introduced by the Criminal FInar￿eS Act 2017. the College carried out a risk assessment and made
a Top Level Commitsnent to a zero tolerance to the criminal facilitation of tax evasion at its Board
meeting in March 2018. The College continues to apply due diligence- apply and communicate its
procedures., and monitor and review ils position.
Goodenough College continues to meet the reqU1￿MentS of the G8neral Data Protection
Regulations (GDPR} and the Privacy and Electronic Communications Regulations {PECR). building
on its previous programme of work to achieve compliance. The Trustees ￿main content that the
College is fully complying wth the Regulations.
15

Goodenough College
Trustees, Annual Report and Strategic Report
for the year ended￿ August 2022
Fundraising standards
The College's fvndraising activtlies are undertaken by its Development and Alumni Relations team.
The College does not use third party fundraisers or commercial participators.
The College is a member of The Council for Al￿an￿ment and Supwrt of Education (CASE), a
profession81 association serving educational inslTtLrtions and the professionals who work on Iheir
behalf in alumni relations, communications. development. marketing and allied areas. As part of its
work, CASE sets standards and an ethical framework for the fundraising profession, which the
College follows.
The College has established a Donations Advisory Committee that meets as ne￿SSary to review
the acceptance of any large gtfts. During the ￿porting period, the Donations Advisory Committee
revised and updated the College's Grft Acceptano Policy.
During 2021-22. the College's fundraising programme was supplemented by a 'Safe Haven, appeal
in February 2022 to raise funds in support of offering College acwmmodation to Ukrainian
academics.
Contacts Ytho are judged to have an interest in Goodenough College are encouraged to make a
donation. Those who have opted out of fvndraising appeals are, of course, exempted from thls
programme of activity. There is a clear focus on enabling supporters to reengage and reconnect wth
the College. as well as making an infomed decision on supporting the College financially. The
College does not accept donations where we have reason to believe that the donor may be
vulnerable. or where we judge aciEpting the donalion would be ethically wrong or cause hann to the
donor. To help infomi our approach, we refer to the Fundraising Regulator's Code of practi￿ and
the Chartered Institute of Fundraising's slaternent on vulnerable donors. We regularly review industy
standards to ensure we are meetiro requirements. No complaints have been received by CASE, the
Chartty Commission, the Fundraising Regulator or by the College about its fundrdising activ(iies in
either the year ended 31 August 2022 or the 17 months ended 31 A￿￿$t 2021.
PLANS FOR FtrruRE PERIODS
As the College moves forward into the 2022-23 academic year, the business and academic
environments in which tt funcbons ￿m81n less prediclable than they were before the global
pandemic, whose imp8Ct on our oper81ions remains considerable. Nonetheless. plans for the
future of the College, including the Strategic Plan, the Asset Replacement Plan. 8 Staffing review,
implementation of the re￿￿1 Govemance Review and the College investment plans, remain on
track. The College has retumed to full occupancy.. the hotel has reopened, the extemal events and
short-stay operatsons are securing ample business.. and the intellectual, social and cultural
enrichment programme for MemtrRrs is the most ambitious ever delivered by the College.
The long-term impact of the COVID-19 crisis on the College has primarily been in the financial
domain, as detailed in the Finanual Review sectTron of this report, wtth College reserves
significantly depleted- a continuing lack of income from the hotel during the reporting period- and
the College's Scottish estate. The Bum. still feeling the effects of pandemic restrictions on the
Scottish academic sector.
Tuming to the future, we will develop the College's estate. including exploiting Ihe opportuntty to
expand our Member accommodation offer presented by the retum of Houses 43-46 Mecklenburgh
Square to College control. We are currently looking at how we might secure philanthropic
16

Goodenough College
Trustees, Annual Report and Strategic Report
for the year ended 31 August 2022
inveslment from our Alumni and friends to help fijnd the redevelopment of Ihese properties. We will
continue to seek to idenlify sufficient funds to ensure thal the College's Assel Replacement
Reserve is sufficient to maintain the College's assets in perpetuty. The Burn management team is
exploring innovative ways of attracting a new clientele to our Scottish estate through more effective
and ambitious marketing.
As the effects of the pandemic slowty diminish, keeping our community safe and well remains our
priority. We will continue to focus on mentsl hea￿h awareness for both Members and staff, and on
staff professional and individual development.
We will continue lo look for cost-effeclive ways to raise the College's public profile, building on
valuable new partnerships now being established with scholarship bodies. academic charities,
educalional instrtulions and diplomatic missions. among olhers, to ensure we continue to attract
and secure the most talented intemalional postgrdduate students.
Through our Alumni engagement arKI fundraisir@ strategies. we are looking at ways in which we
can build connection with Alumni, using channels such as dNJital communications, events and
volunteering. On the back of this eruagement and reconnection, we aim to increase voluntary
income lo enable as many postgraduate students as rx)ssible. irrespective of background. to have
a chance lo join the College community- Voluntary income wll also support Ihe provision of our
emergency financial assistance fund (The Mecklenburgh Fund) and College capital projects.
Followng completion of the Board's review of the College's governan￿ arrangements, in line with
the Charity Governance Code, College senior management are working lo implement its
recommendations, wth a view to embedding best govemance Practi￿ for the sustainable long-
temi management of the College. The College will also embed equalty, diversty and inclusion
inf(iatives across our operations to ensure we deliver fully on our diversity ￿MMitMents.
The College remains extremely grateful to tts Trustees. Fellow3, Alumni and other stakeholders
who continue to offer their time. expertise and fin8ncial support to enhan￿ our College communty.
STATEMENT OF TRusfEES' RFSPONSIBIiifIFS
The Trustees {who are also directors of the College forthe purposes of company law) are responsible
for preparing the Annual Report, incorporating the Strategic Report. and the Financial Statements in
accordance wth applicable law and regulatiorns.
Company law requires the Trustees to prepare finanoal statements for each financial year in
accordance with Untled Kingdom Generalty Accepted Accounting Practice {United Kingdom
Awounting Standards and applicable law). Under company law the Trustees must not approve the
financial statements unless they are satisfied thal they give a true and fair view of the stste of affairs
of the group and charity and of the incnming resources and application of resources, including the
income and expenditure. of the group and charity for that Feriod. In preparing these financial
statements the Trustees are required to..
Select suitable accountir¥J policies and then appty them consistentty"
Make judgements and accounting estirnates that are reasonable and prudent.,
Slale whether applicable UK accounting standards have been followed. subject to any material
departures disclosed and explained in the financial slatements- and
17

Goodenough College
Trustees, Annual Report and Skntegic Report
for the yeor ended 31 August 2022
Prepare the financial statements on the goir¥J concem basis unless it is inappropriate to
presume that the Charity and group wll continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show
and explain the charitable companls transactions and ￿tch disclose wth ￿asonable accuracy at
any time the financial position of the charitable company and group and to enable them to ensure
that the accounts compty wth the Companies Act 2006.
They 8re also reswnsible for safeguarding the assets of the charitable company and group and
hence for taking reasonable sleps for the prevention and detection of fraud and other irregularities.
Financial statements are published on the charity's website in accordance legislation in the
Unlted Kingdom goveming the preparation and dissemination of financial statements, which may
vary from legislation in other jurisdictions. The maintenance and integrrty of the charity's website is
the responsibilty of the Irustees. The trustees, responsibilty also extends to the ongoing integrity of
the financial statements contained therein.
DISCU)SURE OF INFORMATION TO AUDrroR
In the case of each of the persons who a￿ directors of the company at the date when this report
was approved:
So far as each of Ihe directors is aware, there is no relevant audrf( infomiation (as defined in
the Companies Act 2006) of thich the company's auditors are unaware., and
Each of the directors has taken all the steps thal helshe ought to have taken as a director to
make himselflherseff aware of any relevant audit infomation las defined) and to establish that
the company's audilors are avrare of that infoTmatiin.
This confirnation is gtven and should be interpreted in accordan￿ with the provisions of S418 of
the Companies Act 2006.
The Trustees. ReFX)rt and Strategic Report were approved by the Trustees in their capactty as
Directors of the Charitsble Company and signed on their behatf by..
O.ILI,-.
Stuart Shilson
Chalrman
24 January 2023
18

INDEPENDEKf AUDrroR'S REPORT TO THE MEMBERS AND TRUSTEES OF
GOODENOUGH COILEGE
Opinion
In our opinion, the financial statements..
give a true and fair view of the state of the Group's and of the Parent Charitable Company's
affairs as at 31 August 2022 and of the Group's incoming resources and application of resources
for the year then ended;
have been propedy prepared in aC￿r￿ancE wtth Uniled Kingdom Generally Accepted
Accounting Practice: and
have been prepared in a(xx)rdanc8 wlh tho requirements of the Companies Act 2006, the
Charities and Trustee Investment IScotland} Act 2005 and regulations 6 and 8 of the Charities
Accounts (Scotland} Regulations 2006, as amended in 2010.
We have audited the financial statements of Goodenough College {"the Parent Charitable
Company") and ils subsidiaries (Yhe Group) for the year ended 31 August 2022 thich comprise the
onsolidated statement of financial activities (incorporating an income and expenditure account), the
Group and Charity balance sheet. the consolidated (zsh flow statement. the charity slalement of
financial activities and notes to the financial statements. including a summary of signrficanl
accounting wlicies. The financial reportiTrJ framework that has been applied in their preparation is
applicable law and United Kingdom Accounting Standards, including Financial ReFM)rting Standard
102 The Financial Rewrttng Standard applicable in the UK and Republic of Ireland (United Kingdom
Generally Accepted Accounting Practice).
Basis for opinion
We conducled our audtt in accordan￿ ￿th Intemational Standards on Auditing IUKI IISAS (UK))
and applicable law. Our responsibilities under those standards are further descritsed in the Auditor's
responsibilities for the audtt of the financial statements section of our report. We believe that ihe
audit evidence we have obtained is suffiaent aThJ appropriate to provide a basis for our opinion.
Independence
We remain independent of the Group arml Parent Charitsble Company Sn accordance wth the ethical
requirement$ that are relevant to our audr( of the financial staternenls in the UK, including the FRC'S
Ethical Standard. and we have fulfilled our other ethiral responsibilities in a(Lordance with these
requirements.
Conclusions related to going eoncern
In auditing the financial statements. we have concluded that the Trustees, use of the going concern
basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have perfonned, we have nol idenlified any material uncertainties relating to
events or conditions that. indiv￿UallY or collectively. may (2st sKJnrficant doubt on the Group and the
Parent Charitable Company's ability to continue as a going concem for a period of at least twelve
months from ￿en the financial statements are authorised for issue.
Our responsibilities and the ￿SponSIbl11t1eS of the Trustees wtth respect to going concem are
described in the relevant sections of this reFQrt.
19

Goodenough College
Independent Report of the Auditor (continued)
for the year ended 31 August 2022
(ther Inforn￿tiOn
The Trustees are responsible for the other infonnation. The other infoThalion comprises the
information included in the Annual Report and financk81 ststements, other than the financial
statements and our auditorfs report thereon. The other information comprises Trustees, Annual
Report and Strategic Report and the Goodenough College Chairman's Personal Welcome. Our
opinion on the financial statements does not cover the other infoThation and. eX￿pt to the extent
otherwise explicf(ly staled in our re[￿. we do not expr8ss anYf0￿ ofassurance conclusion thereon.
Our responsibilty is to read the other infomiatron aTKJ, in doing so. consider whether the other
information is materially incon5islent wth the financial statements or our knowledge obtained in the
audit or otherwse appears to be materially misstated. If we identify such material inconsistencies or
apparent material rnisstatemenls, we are required to detemiine whether there is a material
misstatement in the financial statements or a material misstatement of the other infomiation. If,
based on the work we have performed. we conclude that there is a material misstatement of this
other infomiation, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
the information given in the Trustees, Report. which includes the Directors, Report and the
Strategic reKM)rt p￿pared for the purposes of Company Law. for the financial year for which
the financial ststemerts are prepared is consistent with the financial statements" and
the Strategic report and the Directors. Report, which are included in the Trustees. Report, have
been prepared in accordan￿ vAth applicable legal requirements.
In the light of the knowledge and understanding of the Group and the Parent Charttable Company
and tts environment obtained in the course of the audf(. we have nol identrfied material misstatement
in the Strategic report or the Trustees, report.
We have nothing to report in respecl of the follwng matters in relation to which the Companies Acl
2006 and the Charities and Trustee Investment (Scolland) Act 2005 requires us to report to you rf,
in our opinion;
prO￿r and adequate accounting records have not been kept by the Parent Charttable
Company. or retums adequate for our audil have not been r￿￿ed from branches not visited
by us- or
the Parent Charitable Company financial statements are not in agreement with the accounting
cords and retums,. or
certain disclosures of Directors. remuneration specified by law are not made" or
we have not received all the information and explanations we require for our audiL
20

Goodenough College
Independent Report of the Auditor (continued)
for the year ended 31 August 2022
Responsibilities of Trustees
As explained more fully in the Truslees, responsibilthes ststement, the Trustees {who are also the
directors of the charitable company for the purtx)ses of company lawl are responsible for the
preparation of the financial statements and for being satisfied that they give a true and fair view, and
for such inlemal control as the Tnjstees dete￿nine is necessary to enable the preparation of financial
statements that are free from material misstatement, ￿ether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the Group's and
the Parent Charitable Company'5 abilty to continue as a going cOn￿r￿, disclosing. as applicable,
matters related to going concem and using the goiThJ concem basis of accounting unless the
Truslees either intend to liquidate the Group or the Pa￿nt Charitable Company or to cease
operations, or have no realistic aRemative trNJt to do so.
Auditor's responsibilities for the audit of the financial statements
We have been appointed as auditor under section 44{1 Xcl of the Chaiitses and Trustee Investment
{Scotlandl Act 2005 and under the Companies Act 2006 and ￿port in accordance wth the Acts and
relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assuran￿ atout whether the financial slatements as a
whole are free from material misstatemenl. whether due to fraud or error. and to iSSLJe an audltorfs
report that includes our opinion. Reason8bte assurance is a high level of assurance, but is not a
gu8rantee that an audtt conducted in aCcOrda￿e with ISAS (UK) wll always detect a material
misstatement when tt exists. Misststements can arise from fraud orerror and are considered material
individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial ststements.
Exttent to which the audit ￿pable of detecting irregularities, induding
fraud
Irregularities. including fr8LKI, are instsnces of nOn￿MplIan￿ Trmth laws and regulations. We design
procedures in line wth our responsibiltties, outlined ab)ve. to detect material misstatements in
respect of irregularities, including fraud. The extent lo which our procedures are capable of detecling
irregulartlies, including fraud is detailed below.
enquiry wtth Those Charged wtth Govemance aThJ management regarding k￿wn or
suspected instances of r￿n-Compliance with laws and regulation and fraud, including aclual
or potential Ittigalion arKI claims-
reviewing minutes of meetings of Those Charged wth Govemance and corresF)oThJence ￿th
regulators"
assessing the design and operatirBJ effectiveness of conlrols and procedures relevant to the
p￿paratIOn of the financial statements and the detection and prevention of irregulartties and
fraud",
reviewing financial statement disclosures and testing to supporting documentation to assess
Complian￿ wth applicable laws and regulations..
challenging the 8ssumptions and judgements made by management for key estimates. In
particular the assumptions used to value investrnent properties-
21

Goodenough College
Independent Report of the Auditor (continued)
for the year ended 31 August 2022
identifying and lestiw the appropriateness of journal entries and other adjustmenls, with
particular focus on large and unusual ioumals, for example unusual account combinations.
and
incorporating unpredictabilrty into our testing approach through amending the nature and
extent of audit procedures.
Our audit procedures We￿ designed to respond to risks of material misstatement in the financial
statements, recognising that the risk of nol detecting a material misstalemenl due to fraud is higher
than the risk of not detecting one resulting from error. as fraud may involve deliberate concealment
by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in
the audit prO￿dureS performed and the further removed non-compliance with laws and regulations
is from the events and transactions reflected in the financial statements. the less likely we are to
become aware of it.
A further description of our resw)nsibilities for the audit of the financial statements is located at the
Financial Reporting Council's ("FRC's"} website at.. httpsJlwww.frc.org.ukJauditorsresponsibilities.
This description fonns part of our auditorfs report.
Use of our report
This report is made solely to the Charitabk Companvs members, as a body, in accordance with
Chapter 3 of Part 16 of the Companies Act 2006. and to the Charitable Company's trnstees, as a
body, in accordance ¥Mth the Charities and Trustee Investment {Scotlandl Act 2005. Our audit work
has been undertaken so that we might stale to the Charrtable Company's members and trustees
those matters we are required to stste to them in an audrtorfs report and for no other purpose. To
the fullest extent pemiitted by law. we do not accept or assume responsibility lo anyone other than
the Charitable Company, the Charitable Company's members as a l)ody and the Charilable
Company's trustees as a body. for our audit work, for this report. or for the opinions we have fomed.
Do¢u8pJr*d by..
73DeB T8FE9AC4C9
Jill Haword {Senior Ststutory Auditor}
For and on behalf of BDO LLP, Statutory Auditor
London, UK
Date.. 30 January 2023
BDO LLP is a limited liabilty partnership registered in England and Wales (with registered number
OC305127).

Goodenough College
Consolidated statement of financial activities (ineorpordting a eonsolidated Incorne
and Kypendtture account)
for the year ended31 August 2022
CONSOLIDATED STATEMENf OF FINANCIAL AcrIvrTIFS FOR THE YEAR ENDED
31 AUGUST 2022
Notes Unrestricted
Funds
Year to
2022
Restricted
Funds
Year lo
2022
Total
Funds
Year to
2022
Total
Funds
months
2021
£'ooo
£'ooo
£'o
£'ooo
Income from..
Donations and legacies
Charitable activities..
College ¢ommuntty accommodation
Trading actiwlies..
Commercial accommodation
Catering, Events and Venue Hire
Investments
Other income
Total
331
365
7,851
318
8,169
7,434
733
1.058
733
1.058
1.005
281
107
1,456
257
10,627
10.574
756
11.330
Expendlture on:
Raising funds
Investment management
Fundraising
Tr8ding a¢tiwties
Charitable acliwties..
Attrdcting outstanding poslgrdduate students
Transfomiing College Members
Raising the College's profi
Sustaining the College
Total
97
179
1,621
104
179
1,621
177
317
1,476
407
1.248
7.582
341
2.294
13.369
1,527
10,506
7.180
341
2,280
12,539
14
830
3,221
17,711
Net Iloss) before other gains I Ilo$sesl
(1.9651
1741
12,0391
17,0841
Net Ibssesl I gains on investments
11
{1,3531
11,3471
5,841
Net {expondlture)
{3.3181
168
13,3861
11,2431
Transfers betsveen funds
16, 17
141
Not movemont in funds
{3.3221
164}
13,3861
11,243}
Re¢on¢illatlon of funds:
Total funds brought lorvrard
Net movement in funds
Total funds carried forward
140,951
3,322
12.742
153,693
3,386
150,307
154,936
1,243
153 693
12,678
R•¢on¢lliation of funds for ￿ar endod 2021
Total funds brought forvdrd
Net movement in ftjnds
Totsl funds carried forward
142.631
1,680
140,951
12.305
437
12,742
154,936
1,243
153.693
157,075
2,139
154,936
I results derive from continuing operations. gains and105ses recognised in the period are induded
8bove. The notes on pages 29 10 50 form part of these Finanaal Statements.
23

Goodenough College
Balance Sheets
as at31 August2022
Company Roglstratlon No: 00246919
BALANCE SHEEfs AS AT 31 AUGusf 2022
GIDUP
Charity
Notgs
31
August
2022
31
August
2021
31
Au9USt
2022
£'ooo
31
August
2021
FIXED ASSETS
Tangible assets
Freehold land and buildings
Heritsge assets
Fixiures, fittings plant & equipment
165,3SI
310
1,130
166.797
19.341
3,928
165,495
310
1,322
167,127
21,782
4,330
165.357
310
1.130
166,797
19,341
3.928
250
190,316
165,495
310
1,322
167,127
21,782
4.330
250
193,489
lob
ioc
Investments
Investment properties
Investments in subsidiaries
Ilb
17b
12
190.066
193.239
CURRENT ASSErs
Stocks
Debtors
Cash al bank and in hand
10
1,313
2,201
3.524
10
1.531
1.945
13
1.160
2.741
3.￿9
1,079
2,157
3,244
CURRENT LIABILITIES
Amounts falling due within one year
14
13.6681
(3.0701
13,424)
13,331 }
NET CURRENT ASs￿S1￿LIABlLrnES)
241
454
{180)
155
TOTAL ASSETS LESS CURRENT
LIABIUTIES
19),307
193,693
190.136
193.644
Creditors.. amounts falling due after
more than one year
15
140.0001
(40.000)
{40.0001
140,0001
TOTAL ASs￿s
150.307
153.693
150,136
153,644
Restricted funds
Designated funds
General funds
16
17
17
12,678
129.259
8.3TO
12.742
132,431
8.520
12,678
129,259
8,199
12,742
132,431
8,471
TOTAL FUNDS
1S0.307
153.693
150,136
153,644
The notes on pages 29 to 50 form part of these Finanaal Statements.
These Financial Statements we apprn￿ and authorised for issue by the Trustees on 24 January 2023 and
edonlh
r behalf by.
uart Shilson
Chairman
24

Goodenough College
Consolidated Statement of Cash Flows
for the year ended ￿ August2022
CONSOLIDATED STATEMENf OF CASH FLOWS FOR THE YEAR
ENDED 31 AUGUST 2022
17
Months
2021
Notes
Year to 2022
£'ooo
£'ooo
Cash flows from operating adivities:
Net cash provided by operating activities
Interest paid on loan
Loan costs
{a)
1.726
{1.2411
(3,954)
11.241)
18
15.213}
Ngt cash generated fftvm /(used In) operating a¢livitses
477
Cash flows from Invostlng adlvitles:
Diwdends, interest and ￿nIS fr(m investsnents
Purchase of property, plant and equipment
Proceeds from sale of inve51ments
Purchase of investments
1.005
12.4121
2.498
1.779
16881
1,456
11.583)
12.858
6,192
6,539
N8t cash (us8d in) /generat8d fn)m invesling a¢tfvltles
Change in cash and cash gquivalents in thè rnporting pwlod
12111
1,326
Cash and cash equrvalenls al the beginning of the reporting period
3.932
Cash and Cash equivalents at the ond of the reporting period Ibl
5.258
Analysis of changes in nat d8bt
31 August
2021
£'ooo
Cash
31 August
2022
£'ooo
£'ooo
Cash
Cash equivalents
2.201
3,057
5358
2,741
751
{211)
5,047
Loans falling due after mtye than one year
{40.1￿)
140.0001
Total
34.742
211
34,953
25

Goodenough College
Consolidated Statement of Cash Flows (continued)
for the year ended 31 August2022
17
Months
2021
£'ooo
Year to 2022
£'ooo
la) Reconciliation of net income to net
cash (oufflowl l inflow from operating activities
Net lexpenditurel for the reporting Ftriod
Adjustments for:
Depreciation ¢h8rges
Losses I Igainsl on invesknents
Di￿1dendS. interest an¢J rents from investsnent
Impairnient
Loss on disposal
Interest payable on k)8n
Loan Costs
Decrease in stock
Decrease I Ilncrease) in deblo
Increase in creditors
(3.3861
{1,243}
2,425
1.373
(1.0051
3,372
{5.841}
{1.4561
21
1.241
1,761
18
153
18711
304
Net cash inflow I louffi¢Av) from operating activities
3,954
(bl Analysis of Cash and Cash Equivalents
31 August
2021
Cash
flows
£'ooo
31 August
2022
£'ooo
Cash in hand
Cash held by investsnent manager
Tot￿ Cash and cash aquival•nts
2,201
3,057
5,258
2,741
751
211
5,047
26

Goodenough College
Charity only ststement of financiaj aetivities
fvr the year ended31 August2022
Total
Funds
17
Months
2021
£'oDo
Unrestricted
Funds
Year to
2022
£'ooo
Restricted
Funds
Year to
2022
£'ooo
Total
Funds
Year to
2022
£'ooo
Note5
Incom• from:
Donations and legacies
Charitable activities..
College community acwFnmodatiL
Investments
Other income
Total
331
413
7.851
318
107
8.169
1,005
7.434
1,456
257
9,810
8.831
756
9.$87
Expendlture on:
Raising funds
Investment management
Fundraising
Charitable activities..
Attracting outstsnding p)stgraduale stydents
Transforniing College Member5
Raising the College's profile
Sustainin9 the College
Total
97
179
104
179
177
317
407
402
1,248
7,582
341
2,294
11,748
1,527
10.506
7,180
341
2,280
10,918
14
830
3,221
16,235
Net (losses beforè othw gains I (losses)
12.087)
1741
(2.161)
16.4251
Net Ilossesl I gains on investsments
(1.3531
{1,3471
5,841
Not Ilo$se$)
13,4401
(3.5081
(5841
Transfers betsveen funds
(4)
Not movement In funds
3,508
584
Raconclliation of funds:
Total funds brought forward
Nel movement in funds
Total funds ¢arried fonvard
140.902
12.742
153,644
3,508
150.136
154.228
584
153.644
137,458
12,678
27

Goodenough College
Consolidated Statement of Financial Activities for the 17 months ended 31 Auwt
2021
CONSOLIDATED STATEMENf OF FINANCIAL AcrIvrriFS FOR THE 17
MoNfHS ENDED 31 August 2021
Unrestricted
Funds
Restricted
Funds
Total Funds
2021
£'ooo
£'ooo
£'ooo
Income from:
Donabons and legacies
Charitable activities..
College community accommodation
Trading activities..
Commercial accommodation
Catering, Events and Venue Hire
Investsnents
Other income
Total
113
550
7,296
138
281
536
1,318
257
9M01
138
257
10,627
826
Expendltura on:
Raising funds
Investrnent management
Fundraising
Trading aclivilie5
Charitable activities..
Attracting outstsnding postgraduate students
Transforming College Member5
Raising the COl￿ge.5 profile
Stjstaining the College
Total
164
317
1.476
13
177
317
1,476
1.294
10.007
233
499
1,527
10,506
277
1,022
3,221
17,711
16.689
Net Ilos$l before other galns l (los￿$)
{68881
11961
17.0841
Nel gains on investments
5.223
618
5,B41
Net (expenditure) l incomo
(1.8651
{1,2431
Transfers bett•￿en funds
{151
Net movement in funds
437
1.243
Recon¢lllatlon of funds:
Total funds brought for¥vdrd
Net movement in funds
Total funds carriad forward
142,631
12.305
437
12.742
154,936
1,243
153.693
140,951
28

Goodenough College
Notes to the Financial Statements
For the year ended￿ August 2022
ACCOUNfING POLICIFS
(a) Ba815 of Preparation
The Financial Statements have bèen prepared under Ihe historical cost convention, as modified by the
inclusion of investmenls and investment properbes at fair value at balance sheet date.
The financial statements have been prepared in accordance wth A¢￿Unting and RepDrbng by
Charities.. Statement of Recommended Practi￿ appticable to charities preparing their accounts in
accordance wth the Finanual Reporbng Stsndard applicable in the UK and Republic of Ireland IFRS
1021 (effective 1 January 20191- (Charibes SORP IFRS 10211, the Financial Reporting Stsndard
applicable in the UK and Republic of Ireland IFRS 102) and the Companies Act 2￿8 antj the Charities
Ac12011.
They also comply with the Charities and TnJslee Investrnent (Scollandl Act 2005 and the Charities
Accounts (Scolland) Regulations 2006 and applicable aixounting slandards. The accounting policies
have been applied Consistenlly throughout the accounts.
Concem
The Trustees reviewed the col￿e'S budget for the year 2022r23 and the subsequent long term forecast
in July 2022 and were contenlthal these plans were affordable and thatthe ac¢ounls should be prepared
on a going COn￿M basis.
However, given the impact of the COVID-19 outbreak and its finanaal effect, the Executive team and
Trustees continue to rewew financial plans for the next 12 months to ensure that the College can
continue its busine5S-critical acb'wb"e5 and remain a going concem.
The ￿ntinUIng closure of the Hotel has had a ￿g￿rf￿anI eff￿1 on the col￿e'S financial situation despite
the return towards nomi81ity of all other areas of income. In July 2022 the Board of Trustee5 approved
a cautious budget shos*ing the College achiewng a significant consolidated operating surplus in 2022123
followng the opening of the Hotel.
There has been a high volume of appiicalions for pl8ces in the College for the 2022123 academic year,
with occupancy levels achiewng ex￿tatIOns. The Hotel has reopened in September 2022 and ha5
oulperfomied budget by a signrficant margin. Business perfonnance is being ¢areftJlly monitored
against budget and finanaal stability reviesyed as matters progress. CUr￿n1 2022123 financial
perfomance is ahe&l of budgeL
The Coll￿e holds in ex￿$ of £21m in unrestricted funds not representing Current operating assets, of
wh￿h £3m is in investrnent propety and £18m in liquid invesknents managed through our investment
managers. The invested portfolio includes in excess of £9m invested in short and medium lemi funds
where capital preservation is the key investsnent str8tegy. In lotsl these reserves are wetl in excess of
the annual lumover and annual cash flow ￿qUIrementS of the College.
Given the strength of the balance sheet and the availability and liquidity of unrestricted investments the
Trustees believe that, while uncertainty e￿Sts. this does not pose a material uncertainty that would cast
doubt on the charity5 8bilty lo continue as a going concem. The Trustees, therefore. consider it
appropriate for the accounts to be prepared on a going cOn￿M basis.
Further detsil on the availabilty of unrestri(Xed funds can be found on p12 of the Trustees, Report
29

Goodenough College
Notes to the Financial Statements (continued)
for the year ended31 August 2022
I. ACCOUNTING POLICIES (continued)
{a} Basis of preparation (eontinued)
The group statement of finan￿al activilies {SOFAI and balance sheeL con501idale the Financial
Statements of the Charity and its wholly OVA￿1 subsidiaries. all of which were made up to 31 August
2022 on a line by line basis.
Ibl Company status
The Charity is a company limited by guarantee. The Members of the Company are the Trustee Board
named on page Iwo, who are also the Directors of the Company for the purrK)ses of company law. In
the event of the Company being ￿￿Und up. the liability in ￿s￿e¢l of the guarantee is limited to one
pound per Member of the Company.
(c) Key ￿suMptiOnS and estin￿teS
Key assumptions and estimates are continually evaluated and are based on historical experience and
other factors, including exwtations of future events that are believed to be reasonable under the
circumstances. The assumptions and estimates that are likety to cause any material impact to the
accounts are set out below:
Valuation of Investment Properbes - as (Jisdosed in Th)te 11. the fair values of the investment
properties are rewewed at the bala￿e sheet dale to detennine any changes in value. This is done
by revievAng key property price indic8tor5 for the local area or an external valuation by RICS
registered valuers.
Depreciation- Fixed Assets are depreaated on a straight line basis as set OLrt in note 11) Tangible
Fixed Assets.
(d) Incolne
income is recognised in the SOFA when the Charity has mel condilions for receipt, receipt is probable
and the amount can be quantified with suffiuenl reliability.
Inv8slment income.. Invesbnent income is accounted for vthen receivable.
L8gacies.' Legacies are deemed receivable from the date of nottfication, promded that sufficient
infomiation has been received to enable the Group to calculate entiuemenl and receipt is
probable.
Gifts in Klnd.. Donations in kind are recognised at their value lo the Charity when they are
rewved. No amounts are included for semces donated by volunteers.
Government grants.. Income frrAn Govemment and other grants, whether 'captial' grants or
'revenue' grants, is recogniwj when the charity has entiuemenl lo the funds. any perfomian
condibons attached to the grants have been me( il is probable that the income will be r￿e1Ved
and the amount (3n t* measured reliably and is not deferred. In respect of the furtough 9rant,' all
conditsons, wlh reswl to the eligible costs being daimed, need to be mel

Goodenough College
Notes to the Financial Statements (continued)
for the year ended & August 2022
i. ACCOUNfiNG POLICIES (continued)
(e) Expenditure
l expenditure is accounted for on an accruals basis and has been classified under headings that
aggregate all cos15 related lo that category. Investment Management Costs represent the fees incurred
on raising Investment Income. Fundraising costs ￿present expenditure in relalw)n to fund-rals￿ng and
publicity costs. Direct expenditure incurred on Charitsble acb"wties is identsfied against one of the four
strategic goals of the charity. Support costs rep￿sent expenditu￿ incurred in general management,
Trustee related costs and audit ￿sts and are apporbowj across the frrtjr strategic goals. See nots 6
for further information.
(f) Fwld accounting
The College maintains various types of funds as follovts:
i) Restricted funds
The Burn Restricted funds include donations re¢eived which were allocated by the donor for the
upkeep of The Bum, a S￿)ttiSh study and holsday centre for students and graduates.
In addition other donations whKh are earmarked for particular purrM)ses are treated as reslricted funds.
ii) Unrestricted ￿ndS
Designaledr8s&rves are amounts Ythich have been put a$ide at the discretson of the Trustees and
comprise..
Tangible fixed a&set reserve represenbng the value of all reserves used for operating
tsngible fixe(J assets {ex¢luding those ofThe Bum. which are restricted} and only ￿aLisable
by the disposal of th￿tse fixed assets.
Inveslmenl ryoperty reserve represents the value of all reserves held in investment
properties and only realisable by the disp￿1 of these fixwj 8s5els.
Asset Replacemenf Reserve (ARRJ has been established lo hold the current level offunds
idenlffied for the future replacement and refurbishment of the buildings. fixtures, fittings and
equipment of London House. William Go(Klenough House and the Club in support of the
Asset Replacement Plan currently covering 8 30 year period to 2046.
College DevelopntentReserrfe (CDR) was establishe(I to hold the funds in excess of those
required lo settle preV￿u$ borrowing when the College's debt was restructured in June
2017. These funds have been designated by the trustees lo fund the further development
of Goodenough College above and beyond the refurt)ishmenl and replacement of existing
assets as provided for in the Asset Replacement Reserve and lo include invesbmenl in
'inlangible' matters other than fixed assets. The final criteria for its use would be
delerwnined through the development of the College Strategy.
4347 Mecklenburgh Square Reserve vrds established by the trustees to support the future
development of 4347 Me¢klenburgh Square.
(Xh8r deswnaled funds reserye represents other funds desvJnated by the trustees for
particular purwses.
General unreslridedfvnds represent funds vknich a￿ expendable atthe dI￿retiOn ofthe Trustees
in the ftjrtherance of the objects of the cofflpany. Such funds may be held in order to finance
working capital or capital investrnent and include the Col￿ge'S reserve.
31

Goodenough College
Notes to the Financial Statements Iwntinued)
for the year ended 31 August 2022
i. AccouNfING POLICIES (continued)
Financial assets and financial liabilities are recognised when the College becomes a party lo the
contrathjal provisions of the instnjment Al finan¢ial assets and liabilities are initially measured at
transaction price (including transaction ￿$ts1- Basic financial instruments are inits.ally recognised al
transaction value and subsequently measured at their sewernenl value. Trdde and other debtors are
recognised at the setdement 8mounl due after any trdde discount offered. PrepayTnents are valued al
the amount prepaid net of any trade discounts due. Creditors and promsions are recognised where the
College has a present obligabon resulting from a p8s1 event that will probably resu￿ in the transfer of
funds lo a third party and the amwnl due lo settle Ihe obligation can be measured or estimated reliably.
Creditors and provisions are nomlally reo)gni5ed at their Sett￿rnent amounl after allowng for any trade
discounts due.
Other financial instruments are initially recognised at fair value and any changes to their fair value are
subsequently re￿nIS& in the SOFA urthr'net gains l {losses) on fina￿181 instruments,.
(h) T&￿tion
Goodenough Cdlege is a Charttywithin the meaning of Paragraph 1 Schedule 6 Finance Act 2010 and
therefore il meets the definition of a Charitab￿ company for UK corpM)ratson tax purposes. Accordingly
the company is potentially exempl from taxation in respect of income or ￿pital g8ins received within
categories covered by Chapter 3 of Part 11 of the Corporation Tax Act 2010 or Section 256 of the
Taxation of ChargeaNe Gains Act 1992. to the extent that sud) irvJ)me or gains a￿ applied exclusively
to eharitable purposes.
The subsidiaries mae qualIf￿.￿g donations of all taxable profit to Goodenough College. Income from
Gift tax reclaimed is recognised in relation to qualifying donations received.
The College is regislefed for Value Added Tax (VATI. kny irreLa)verable VAT is charged lo the
ststement of Finarrial Activtiies.
{1) Tangible fLTed assets
The College has elected to present Ihe deemed cost of its freehold assets al the value held at 1 April
2014. as pemiitted under the FRS102 transibonal arrangements. Where there is an indication of an
asset being ifflpaired the recoverable amount is idenbfied and the impairment loss is recognised as
expenditure in the Slalement of Financial Aclivities.
Deprecialion on fixed assets is tharged so as to Yntte down the value of properties and material
components over their expected useful lives. on a 5trdight line basis as follows:
Lrfe {yearsl
100
15-50
25-30
10-25
10-15
10
Freehold buildings
Roof y￿rk
Bathrooms. heating, water. electrical and gas systems. and boiler equipment
Venlilalion and fire dele¢tion systems and fire stopping ￿rI[S
Access and telephone system
Vehicles
Cornputer and other office equipment
Computer sofivftre
Fumiture
Improvements to Freehold {including r¢)om refurbishment)
Other plant and equipment and other fixtyres and fittings
8-20
6-15
4-15
32

Goodenough College
Notes to the Financial Statements Icontinued)
for the year ended 31 August2022
I. ACCOU￿ING POtJCILS (continued)
(i) Tangible fixed assets (eontinued)
The mixed use property is 8c¢ounled for using the cost mcdel as alk*wed under the
Charities SORP IFRS 1021 as the fair value of the investment component cannot be
measured reliably, and it is rented out to a group entity.
(i) Heritage Assets
The College has ethted to present the deemed cost of its Heritsge Assets 81 the value held at 1 April
2014. as pemiitted under the FRS102 transitional arrangements. Herrtage Assets are not depreaated.
The College has reMe￿d its Heritage Assets and does not consider that any impairment at 31 Atjgust
2022 is necessary.
(k) Investments
Invesknenls are valued at bid value as al the balance sheet dale and the surplus or deficit arising from
this revalu*ion is shown wrthin 'nel gains I Ibssesl on investments, on the face of the SOFA. Realised
gains and losses represent the ￿tffe￿nce between the sale proceeds and the opening mathet value of
an investment or cost rf purchas&l during the year and a￿ also shown ¥￿thin this line.
O) Investment properties
Investment properties are heloj initially al Cost and subsequentty at fair value at the reporbng dale. Any
Gains or Losses are recognised under'Net gainsl IhJsses} on investments, on the Statement of Finanaal
Activities. Investsnent properties are not depreualed.
(m)Stotk5
Stocks are stated at the lower of cL)st arKI nel realisable value and comprise consumable goods.
(n) Operating leases
Rental costs under operating leases are charged to the SOFA in equal amounts over the period of the
leas8.
(o) Borrowing costs
Interest and charges are expensed and chargwj to the SOFAwhen Ir￿Urred.
(p) Pension aeeouttting policy
Goodenough College makes contributions to employees, defined contribution pension plans.
Contributions are charged to the SOFAas they become payable_ They 8re 8nalysed across expenditure
according lo the activity of the scheme m￿nbe[s.
(q) Casbfiow statement
Cash and cash equivalents indudes lash in hand, deposits IMth banks and cash held within the
investment portfolio. Interest paid is dassified as a cashflow from operating activities as they are
included in the statement of financial activitses. this dassification is consistent wtih wor periods.
33

Goodenough College
Notes to the Financial Statements (continued)
for the year ended31 August 2022
2 DONATIONS AND IEGACtEs
Total
funds
17
monlhs
to 2021
£'ooo
un￿triCted
funds
year to
2022
£'¢)00
Restricted
funds
year to
2022
£'ooo
Totsl funds
year to 2022
£'ooo
Donations
Consolidated donations income
Donations from subsidiaries
Charity donations income
331
365
663
331
365
663
82
331
413
663
Of the total funds stated for 2021, £550k was restr￿ed and £113k unrestiicled.
Of these donations £64k12021 .. £70kl was received from Twslees.
Restricted
funds year
Total
funds
yaar to
Total
funds 17
rnonths
to 2021
Unrestrictwj
funds
year to 2022
2￿22
2022
£'coo
Income from UK listed investsnents
Income from overseas listed investmwtts
Rent from property
Other interest- short-term deposits
42
190
275
110
857
214
57
107
1.005
Of the total fvnds stsled for 2021. £138k was restricted and £1.318k unrestricted.
4 TRADING INCOME
Trading income comprises income arising from the College's trading SUbs￿laneS as detailed in note 12.
Included wthin trading income is a lolal of £12k117 months to 31 August 2021.. £41kl arising from
Coronawrus related business grants received by Goodenough Club Limited and Goodenough Ventures Limited.

Goodenough College
Notes to the Financial Statements (continued)
for the year ended￿ AugUSt2022
5 INCOME FROM COILEGE CHARITABLE AcrIvrTILs
Totsl
funds
17
n￿nthS
2021
Total
funds
arto
2022
Unrestrict
fvnds
year to 2¢Y22
R8stricted
fvnds
yèar to 2022
£'ooo
£'ooo
College accommodation inQ￿e
7.851
7,851
7,296
The Bum incL¥ne
318
318
138
7.851
318
7.434
Included wrthin incoming resources fr(￿ cdlege charitable a£b'vities for the period is £1.5k
relating to the Coronavirus Job Retention Scheme and £2.1k relating to other coronavTr¥Js grant funding.
Of the total funds slated for 2021. £138k was reslrictwj and £7.296k was unrestricted.
6 EXPENDITURE FOR CHARITABLE PURPOSES
"rect
Costs
year to
SuprKtrrt
Costs
y88r to
2022
Total
year to
2022
Total 17
months
2022
to 2021
£'ooo
£'ooo
Attracting outstanding postgraduate students
Transfomiing Cdlege Members
Raising the College's profile
Sustaining the College
1.062
1,527
10,506
7,582
341
51
487
2,138
2,294
3,221
9,973
11.465
The College has paid £597k12021.. £760kl to Cdlege memb￿5 as Scholarships and bursaries, including
hardship funds.
35

Goodenough College
Notes to the Financial Statements
For the year ended31 August2022
SUPPORT COSTS
Year to
2022
£'ooo
17
months lo
2021
£'ooo
553
820
331
Finance
559
212
HR
Govemance
Other general overheads
37
523
35
e19
2.358
These support ¢osls 8re spltt across the followiThJ areas:
Raising funds
Ch8ritsble activTrties
182
105
2,253
1,492
1,674
GOVERNANCE COSTS
17
monihs
to
2021
Year to
2022
£'ooo
£'ooo
Support cost5
Council and Board meeting costs
Fees payable to the auditors- College
Other Fees
35
37
35
Included within direct costs are fees pardble to the audrtors ￿l811ng to the subsidiary companies of
£25k117 months to 31 August 2021= £29k}.
17 months
Fees Payab￿ to the Cclnpan￿s audrtors:
Yearto
2022
2021
StalLrtory audit
Tax admsory serwces
Other admsory services
19

Goodenough College
Notes to the Financial Statements (continued)
for the yeor ended ￿ August 2022
NET oirrGOlNG RFSOURCLS
17
months
lo
2021
£'ooo
Year to
2022
£'ooo
Net outgoing reS(￿￿S for the year are stated after charging..
Amounts pay8ble to auditors IGroupXnote 7)
Depreciation of tangible fixed assets
Operatsng lease charges
67
2.425
3,372
tNFORMATION REGARDtNG
Headccmjnt
2022
No.
Full Time Equivalent
2022
2021
No.
2021
No.
Average number ol empbyees Idtjring
period=
College
Hotel
The Bum
72
71
62
62
20
95
23
11)0
11
79
72
17
Months
lo
2021
£'ooo
Yearto
2022
£'ooo
w￿e$ and salaries
ScKial securily costs
Pensions
Other benefits
2.769
305
136
71
3.281
4,199
431
202
95
4.927
37

Goodenough College
Notes to the Financial Statements
For the year ended31 August2022
INFORMATION REGARDING ￿AFFAND TRUSTEES Icontinuerlj
The number of stsff paKI over £60,000 during the rewrtsng period (salary plus taxab￿ benefits
excluding pension coniribulionsl was..
17
months
to
2021
Yearto
2022
No.
Year to
2021
No.
£60,001- £70.000
£70,001- £80.000
£80,001 - £90,000
£90-001 - £1[￿1,000
£100.001- £110.000
£110,OQ1- £120,000
£120.OD1- £130,000
£130,001 -£140.000
£140.001- £150.000
£160.001- £170,000
£170,001- £180,000
The 17 month prior K*riod means that staff are induded in baTrJing5 for that Feriod in excess of where
they would be in a comparable 12 month finanual period.
The figures for the prior pericmj that ￿lated to the 12 months lo 31 August 2021 have the￿f0￿ been
provided for comparative purrx)ses. as they V￿re in the financial stslements to 31 August 2021.
Trustees, remunèration
Members of the Board of Trustee5 (who are all directors bmthin the meaniThJ of the Companies Act 20061
re￿1ve no remuneration or taxable benefrts for their ser￿￿S.
During Ihe year ￿0<2021.. threel Tnjstees %%ere reimbursed or had amounts paid on their behalf for
sundry Board expenses incurred totalling £342 12021.. £3211 relating to travel and sundry Board
expenses).
Pension schemes
The Company operates stakeholder pension schemes administered by Legal and General. The
employer's contributs'ons are 100/0 of pensionable sa18ry for senior staff and are matched to those of the
qualifyng employees to a maximum of 5% of pensionable salary for other staff and amounted lo
£135.569117 Months to 2021.. £201.837). At 31 August 2022 outstanding payments due lo the scheme
were £22,14812021: £21.1701.
Ke
man
ement
orsonnel
Key management personnel of Goodenough College comprise the Trustees and those employees
making up the Executive team, LX)nsisting of the Director. the Director of Finance and Resources. the
Director of Operations, the Directorof Development and Extemal Rela110115. the Dean, the Registrar and
Ihe Bursar to the Bum.
The aggwate compensation Iremuneratton plus beneffts and employerfs N8tional Insurance
Contributions} or payable to 'key management personnel. during this reporting period was..
£870,816 {17 Months to 2021= £1,160,175).
Redundanc
and torniination
onts
Totsl payments made during this year in ￿lation to ￿dUndanGY 8ThJ termination pay were £25,750
12021". £37,878). The accounting policy is to rec(yJnise terminab.on payment liabilits.es on Communication
of redundancy or termination and when quanlifiable. Such pay7nents are accounted for as staff costs.

Goodenough College
Notes to the Financial Statements (continueio
fvr the year Ended￿ August2022
io TANGIBLE FIXED ASSETS
(a) Freehold properties
Consolldat•d and company
Collog•
The Bum
A580ts under
¢onstru¢tlon
Total
Land and buildings al deemed cost
000
ro¢J)
Brought forward deemed cost at 1
September 2021
Addthons
Transters
Impaimenl
At 31 August 2022
1￿.142
1.g)O
11.104
11,655
178,901
2,249
14991
296
11.209
158.541
11.104
180,854
Deprect81ion
Brought forward at 1 September 2021
Charge for the year
At 31 August 2022
12.569
1.976
14.545
837
115
952
13,406
2,091
15.497
Net book value at 31 August
2022
143.996
10.152
11.209
165,357
Nel book value at 31 August 2021
143.573
10.267
165,495
Freehold properties o)nsi5ted of sludentaccommodation. the holel (The Goodenough on MeC￿enburgh
Squarel and The Bum. They were all the subje¢l of independent valuations, for inclusion in the accounts
at 31 Ma￿h 2013. provided by Drivers Jonas Deloitte, Willis Ltd. Ecclesiaslical, Bell Ingram and Wpha
Browett Taylor.
Assets under construction consist mainly of the properties al 4>46 Meck1enl￿rgh Square, previously
held as investment properties. The lease on Ihe pro￿rtieS expired on 26 November 2019 and the
intention of the College is to convert them into additional student a¢commodab"on. Accordingly they are
no longer held as investments and were transferred to freehold properties at a value of £11m in the year
ended 31 March 2020 and are treated as being at deemed wsl. This is based on 8 valuation provided
by Apha BrO￿tt Taylor included in the accounts at 31 March 2018 and confirmed by them in June
2019. Further work on the project as VEII a5 other ongoing works at the college premises during the
year amount to £349k.. No depreciab.on is applied to these assets as they are not in operational use.
Also induded in Freehold PropertEs are the College's Royal Albert Hall seats, held al histor￿ cost of
£350. The seats were purchased by the College in 1967 and are held on a 999 year lease from 1867
39

Goodenough College
Notes to the Financial Statements (continued)
for the year ended ￿ August 2022
io TANGIBI￿ FIXED ASSETS Icontinued)
Excluding 4>46 Mecklenburgh Square. the histOriC81 cost nel book value of the land and buildings if the
revaluation had not taken place would be £31.4m 12021.. £30.2m). The historical cost of 4346
Mecklenburgh Squ8re cannot be detemiined.
One of the Coltege's properbes is used by Gocdenough Club Ltd, trading a5 The Goodenough on
Mecklenburgh Square, a wholly 0￿ed subsidiary of Goodenough College. It is a mixed use property,
in that it provides overnight acwmmodation for bu5inesse5 and private individuals but also for those
involved in College actiwties, ineluding Colle9e Aumni. promding College Aumni the opportunity to be
a part of the College community even after they are longer full time residents.
At 31 August 2022 the net book value of the mixed use property is £16.1m. wth accumulated
depreciation of £1.7m and an in-year depreciatson charge of £331L
{b} Heritage ass•ts
Consolidated and company
College
£'ooo
Bum
£'ooo
Total
£'ooo
Deemed cost al 1 September 2021
310
Additions
At 31 August 2022
20
310
Heritage assets ¢omprise paintings and fumilure %thich are available for use and enjo￿￿ent of College
members, stsff and guests throughout the College and Bum.
The Director of Finan￿ arKI Resources leads on the preservation and management of Heritage assets.
The College maintains an asset register which detsils the location. value and descriptson of the assets
and ensuw that they are l¢xated in an appropnately secure and managed environment.
A valuation of the heritage assets vrds carried out in 2013 an¢J is treated as deemed cost. The Trustees
do not consider that any impaimienl at 31 August 2022 is ne￿Ss8ry. The deemed cost at 1 April 2017
was £300k, and the only subsequent Iransaclw)n was an additvjn of £1 Ok in the year ended 31 March
2019.

Goodenough College
Notes to the Financial Ststements (￿ntinued)
fvr the year ended31 August2022
io TANGIBIE FIXED A&SE15 (eontinu*d)
{cl Fixtures. frttings. plant and equipment
Consolidated and company
Assets
under
construction
£'ooo
College
£'ooo
Bum
Total
£'ooo
Cost at 1 September 2021
Additions
Transfers
Disposals
At 31 August 2022
3.251
87
39
163
{1531
3,377
163
153
34
3,506
3,370
87
49
Depreciation at 1 September 2021
Charge for year
Disposals
At 31 August 2022
1,975
2.055
334
13
2.376
13
2,294
Not book value at 31 August 2022
1.076
49
Nel book value at 31 August 2021
1.276
39
1.322
li
The
Bum
Cdlgje
Tolal
{al Invèstment properti8S
Land 8nd buildings 81 valuation..
£'ooo
Carried forward al 1 Awil 2020
Revaluation
At 31 August 2021
3.520
452
3,068
810
4,330
402
3,928
860
The College investrnenl properties were the Subject of an independent market valuation for indusion al
31 August 2022 by Ajpha Browett Ta￿Or. RICS registered valuer wth the necessary kno￿edge and
expertise to prO￿lde this valuats'on. In 2021122 the College investment properbes were revalued
downwafds by £452k as a result12021'. upwards by £357kl.
The Bum investment properties ￿Ere the subject of an independent mar1(el valuation for inclusion al 31
August by J & E Shepherd, RICS registered valuer with the necessary kno￿edge and expertise to
prowde this valuation. The properties were revalued upwards by £50k12021: £110kl.
41

Goodenough College
Notes to the Financial Statements (Continued)
for the yeor ended 31 August 2022
Consolldated and Company
31 August
2022
31 August
2021
Ibl Listed investments
Notes
£'ooo
Market Value at 1 September
Addits'ons at cost
Proceeds from disposals
Realised gain
Unrealised Ilossl I gain
Market value at 31 August
18.725
1.TT9
12.4981
141
1.112
17.035
19,970
6,192
112.802}
136
5,229
18,725
Listod invostmants comprise the following=
Investments listed on a recognised stock exchange- Equibe5
Investments listed on a recognised stock exthange- Bonds
lemakn've Funds
Market value at 31 August
9.410
625
7.000
10,293
1,429
7,003
18,725
Inve5trnenl assets in the United lthngdom
Inve51rTtenl assets outside the Unrted Kingdom
Market value at 31 August
12.337
13,564
5,161
18,725
17.035
Cost at 31 August
13.751
14,199
Total invostments
Listed investsnenls (market value)
Short terni deposits in the portfolio
Inveslrnenl properties (market value)
Investments at 31 August
11b
17.035
2.306
3,928
18,725
3,057
4.330
26,112
11a
42

Goodenough College
Notes to the Finanaal Statements (continued)
for the year ended31 August2022
12 SUBSIDIARYUNDERTAKINGS
The College oyms 1CQ% of the issued capital of the fOlkn￿ng companies.
Company
Investment
Cost
Subsidiary undertaking
Goodenough Club Limr(ed
Goodenough Ventures Lifflit
250,000
The registered office 0f￿th subsidiarie5 is London House. Med(lenburgh Square, LoThJon, WC1N 2AB.
Summarised financial results of Grx)denough Club Limited (Company Registration 2684378) are sel out
below and are induded in the consoltdaled SOFA AJI a¢tiwties relate to continuing operations. The
followng inlercompany transactions S￿ included wthin the subsidiary results.
The £733k 12021= £281kl lot81 income includes £Nil 12021-. £891 for sales to the parent
company. Commercial aecc1mmodatl￿ income of £733k (2021.. £281kl has been included within the
cons(Aidated slalement of fina￿la1 activtties in relation to the acttvttses of this subsidiary.
The £691 k12021.. £817kl 'Cosl of Sales. include5 £258k12021.. £174kl in charges lo the subsidiary by
the parent company for the use of parent company resources, £Nil12021'. £891 in Costs of providing
seNices to the parent company and £1 k12021'. £10kl in charges from Goodenough Ventures for the
provision of seTrices. Trading activrty expendf(ure of £691k12021= £807kl has been induded wthin the
consdidaled stalemenl of financial activtbes in relation to the aclrwties of this subsidiary.
17 Ny)nths to
31 August
2021
Y￿rI0 31
August 2022
£,￿0
Tumover
Cost of sales
n7
691
240
817
15771
41
Other income
Qualify'ng distribution under deed of covenant
Profftllloss}
536
Assets
Liabilities
Shareholders, funds
516
95
421
135
421
43

Goodenough College
Notes to the Financial Statements (continued)
for the year ended 31 August 2022
12 SUBSIDIARY UNDERTAKINGS (continued)
Goodenough Ventures Limited (Company Registration 09342926) is an events and venue hire business
which commenced trading in October 2015.
Summari5ed financial results of Goodenough Ventures Limited are sel out below and are induded in
the consolidated SOFA. Al activities rdate lo ¢onbnuing operation5, although il is the intention that
followng the 31 August 2023 these activitses will be transfer￿ to Goodencmjgh Club Limrted. The
followng intercompany tranSaCti￿S are included wthin the subsidiary results.
The £1,644k 12021." £1,179kl total income includes £584k 12021.. £833kl for sales lo the parent
company, and £1 k 12021.. £10kl for sales to other group entibes. Catering Events and Venue Hire
income of £1,058k 12021.. £536kl has been induded within the consolidated statement of financial
actiwty'es in relation lo the actrwties of this subsidiary.
The £1,S16k12021". £1,302k) 'Cost of Sales, includes £163k12021: £104kl in charges to the subsidiary
by the parent company for the use of Pa￿nI company resources and £585k (2021." £633kl in costs of
providing catering supplies for the parent comp¥lly. The subsidiary wa5 a150 charged £12312021.. £Nil}
by the parent company in 108n inleresl.Trading 8CtMty expendf(ure of £930k12021.' £669k} has been
Included wilhln Ihe consolidated ststement of financial actiwties in retation to the aclimties of this
sub5idi8ry.
The net liabilities of the subsidiary at 31 August 2021 were u)vered by an interest bearing loan {0.1¥0}
from the parent charity, which was repaid in August 2022.
17 months
to31
August
2021
£'ooo
Y¢ar to 31
August 2022
Tumover
Cost of sales
1,638
1.516
122
1,179
1.302
11231
Other income
Qualifwng distribution under deed of covenant
Profitl{lossl
123
123
Assets
abilities
Shareholders, fundslldeficit)
301
301
405
528
123

Goodenough College
Notes to the Financial Statements (contiMi￿)
for the year ended31 August 2022
13 DEBTORS
Consolldated
31
August
2022
Company
31
August
2022
31 August
2021
31 August
2021
ro(A)
rooo
Trade debtors
Arnounl from subsidiary undertaking
Other debtors
Taxes recoverable
Prepayrnents and accrued Income
519
518
436
359
15
181
126
172
172
15
224
555
282
263
1.313
1,079
1,531
Th8 arnounl due from the subsidiary undertaking lo the Charity represents the amount due from
Goodenough Ventures knmited. Included within Ihe prior year balance is an amount due after more
than one year of £123k.
14 CREDrroRS: amounts falling due within one year
Consolidated
31
August
2022
£'ooo
Company
31
August
2022
£'ooo
31 AugLL%t
2021
31 August
2021
Trdde creditor5
Amounts due to subsidiary undertakir
Taxation and soaal security
Other credf(ors
Ac¢ruals
Deferred income
1.095
1.097
975
451
929
1,304
857
893
1,230
56
3,424
852
42
3,070
42
3,668
The amount due to the subsidiary undertaking from the Charity represents the amount due to
Goodenough Club Ltd.
£728k of deposts previousty included in trade ugjitors forthe 17 month period lo 31 August 2021 have
been reclassified to other creditors.
45

Goodcnough College
Notes to the Financial Statemenls (continued)
for the year ended31 August2022
14 CREDrroiLS: amounts falling due within one year (continued)
Deferred income conststs entirely of commercial rent r￿1Ved from tenants in advance. Prior year
deferred income related in full lo ir￿orne recognised in the year ended 2022. A reconciliation is set oul
below:
Movement in deferred in¢offlo in year
Consolidated
31
August
2021
Company
31
August
2021
31 August
2022
31 August
2022
£'ooo
£'ooo
£'ooo
Balance brought fowdrd
Released..
Added
Balance carried forward
42
{421
1421
{71
42
42
171
42
42
15 CREDITORS: aniounts falling due in greaterthan one year
31
August
2022
31
August
2021
£'ooo
£'ooo
Bank borrowing
Falling due in more than 5 years
40.000
40,000
Total
40.000
40.000
Bank borrowin
On 2 June 2017 the College secured a £40m non amortising 30 year loan wtih Rolhesay Lrfe al a fixed
interest rate of 3.1020/0. This loan is repayable in fvll in June 2047. The Rothesay loan is secured
against London House and William Grx)denough House.
Flnancial instruments
Al the balance sheet date the College held CoMp￿X financial instruments.
46

Goodenough College
Notes to the Financial Statements (continued)
for the year ended31 August 2022
1 Sep'21 Transler Income
Gains l Expenditur8 31 Aug'22
2021122
£'¢XQ £'Lkn)
£'oc()
£'ooo
Burn Fund
General fijnd
Specific donations
Investment propety ￿Sey￿e
Tangible fixed asset ￿SerVe
Total Burn Fund
Other restrl¢ted funds
Scholarships and Bursaries
Specific donat￿n$
Total other rostricted fvnds
Total restricted funds
121
421
{231
{403}
{5)
1,158
810
10.294
12.146
117
10,177
12,195
426
27
314
{21)
{403}
19
422
472
11
14
596
16
330
21
12.742
756
31
AugusV21
1 Aprf20 Transler IncL￿8
Gains I
Expenditur8
2020121
£'(KN) £'oc
rooo
Burn fund
General fund
Specific donations
Investment wopety reserve
Tangible fixed asset reserve
Total Burn Fund
Other restricted funds
Scholarships 8nd Bursaries
Specific donations
Total other r8stricted funds
811
142
272
325
{5081
1042
700
10,421
11.932
110
810
10,294
12,146
127
15
272
435
508
306
67
373
362
192
554
1S)
{2361
278
514
582
14
183
Total restricted funds
12.305
15
826
618
1.022
12.742
The Burn Fund represents the assets and liabiliti"e5 of The Bum. including a tangible fixed assets reseNe, an
Investment property reserve and a general restricted fvnd. A transfer of £117k has been made frorn the
tangible fixed assets reserve to the gener81 restricted fund representing the movement in the net book value
of fixed assets in the year. A transfer of £4k has been made frun the Charity's general ftjnds to The Bum
general reslricled fund represerbb.ng the element of profft from Goodenough Ventures Limited actimty that was
generated al The Bum.
SGholarships and Bursaries are donations speafi¢al￿ made for providing stholarships and bursaries to
quality'ng members.
Specific donations are those to support specffic aspects of COl￿e ac11￿ty and projects.
47

Goodenough Collegc
Notes to the Financial Statements (continued)
fvr the year endedsi August2022
Ga"nsl ExpèrKlitu
Incx)me (k)ssesl
31
Aug'22
1 Sep?1
Trwsfer
2021122
£,￿￿1 £'LKX)
t'ooo
Tangible fixed asset
Long tem) loan
Tangible fixed asset reserve
Investment property reserve
Asset Repl8￿ment reserve
Cdlege Development Reserve
43-47 Mecklenburgh Square ReseNe
Other designated reserves
Totsl designated reserves
General funds of the Charitable
Company
Total funds of tho charitabla
company
156,833
40.000
116,833
3.520
7,517
4.311
250
{2131
156,620
40,000
116,620
3,068
7,863
668
1040
{2131
1452)
1717}
{381
(24)
969
(3.6401
811
129
135}
1171
132.431
(2.0731
219 {1,231)
1871 129,259
8.611
122
10.830
8,199
140,902
{4}
8.830 {1,353)
(10,9171 137,458
General funds of the subsidiaries
1.744
11,622)
171
Total consolidatad unrestricted
funds
140.951
10.574
1.353
12.539
137.629
Gainsl
Incx)me {h)ss&%} Eynditure
£,0￿ £'O(M)
31
Aug'21
£'ooo
1 Aprf20
Transfer
2020121
Tangible fixed asset
Long temi loan
Tangible fixed asset reserve
Investment property reserve
Asset Replacement reSe￿e
College Developrnent reserve
43-47 Me¢￿enbUrgh Square Reserve
158,495
40,000
118,495
3,212
4.011
7.649
11.6621
156.833
40,000
116.833
3.520
7.$17
4.311
250
11.6621
1491
1,430
13.7431
250
357
1.969
774
144
(371
14091
Other designated reserves
Totsl deslgnated roserrfas
General funds of the Charitsble
Company
Total funds of tha charitabla
company
93
117
2&
17021 132.431
133.460
(3.7741
301
3.146
8.463
3,759
8683 2.077
14,511
8,471
141,923
115}
8.984 5223
{15,213} 140.902
General funds of the subsidiaries
817
114761
Total consolldated unrestrkted
funds
142.631
15
9.801
5,223
16,689
140,951
48

Goodenough College
Notes to the Financial Statements (continued)
for the yeor ended31 August2022
17 UNRESTiucfED FUNDS (continued)
The designated reserves are fvrther discussed in the fina￿la1 review on page 12.
The transfer of £213k from the tangible fixed assets reserve represents the movement in the net book value
of tsngible fixed assets during the year.
The transfer of £969k to the Asset RetA8cemenl Reserve represents the cash suWus for the year excluding
investment income.
The transfer of £3.6m from the College Development Reserve was approved by the B08rd in support of the
refurbishment of the Hotel bedrooms. shortfalls in COl￿e surpluses to maintain the value of the College's
General Funds (its freely available reseNe) and to maintain the previously planned contribution to the Asset
Replacement Reserve.
The Board furthef designated an additional £0.8m to fv 4>47 Mecklenburgh Squafe Reserve from General
Funds .
18 ANALYSIS OF ASSEfs AND IIABILTTIES BEfwEEN FUNDS OF THE CHARrrY
2021r22
Restricted
Funds-
Resln"cted
The Bum Funds- other
£'ooo
£'ooo
Designated
reserves
£'ooo
General
Funds
£'ooo
Charity
Total
£'ooo
Tangible fixed assets
Invesbnents
Investment properties
Investments in subsidiaries
Amounts due to subsidiaries
Other current assets
Cash at bank and in hand
Current and bng lerni liabilities
10.177
1,111
156.620
9.571
3,068
166.797
19.341
3.928
250
8,459
250
68
883
1.806
3,267
8,199
71
954
2,157
43,359
283
40,000
12.195
Restri¢twJ
Funds-
Restricted
The Bum Funds- other
£'ooo
£'o
Designated
reseNes
General
Funds
Charity
Total
2020121
£'ooo
£'ooo
£'ooo
Tangible fixed assets
Investsnents
Investment properties
Investments in subsidiarie5
Amounts due to subsidiaries
Other current assets
Cash al bank and in hand
Current and long tem) liaknlities
10.294
1,520
810
156.833
11.828
3,520
167.127
21.7B2
4,330
250
192)
1.1B2
1.945
42,880
153.644
49
246
8,188
250
1921
28
78
250
1,517
2,296
8,471
40,000
132,431
12,146

Goodenough College
Notes to the Financial Statements (continued)
for the year ended￿ August 2022
19 IEASING COMmITm￿s
At 31 August 2022 the charitable (x)mpany had the followThJ amounts payable for equipment under non-
C8ncellable operating lease5.
2022
2021
£'ooo
Operating leases which expire wthin one year
Operating leases which expire bets￿ one and five years
19
19
74
93
73
These kase$ prowde printers and phOt(￿op1erS to support th8 College's operat￿n$.
As at 31 August 2022 the College had no material capFtal commiknents.
21 RELATED PARTY TRANSAcfioNS
Aice Walpole was appointed Director of Goodenough College in April 2021. and as part of this role
served as a d1￿ctor of Goodenough Club Limited and Goodenough Ventures Limited between April
2021 and August 2022. In September 2021 private event was hosted at the College and Charged to the
Director al a total cost of £16,839. This cost was red￿￿d by the agreed discount of 10% of the room
hire element lonlyl that ap￿leS lo staff, cOl￿e members and alumni, bringing the total wsl including
VAT to £16,299.
Chrislophercobb vrds appointed Interim Director of G¢xthnough College betsveen De￿mber 2020 and
April 2021. As part of this role he also served as a director of Goodenough Club Limited and
Goodenough Ventures Limited. During this periLxJ. transactions lotslling £26,500 relating to his semce
as Interim Director of the College look Pla￿ befvleen Goodenough College and Cobbco Ltd, a cornpany
of which Christopher Cobb has been a director since August 2020.
Included in redundancy and temiination paJ7nents are non-conlractual payments totalling £23k to one
of the key management personnel who left the Cdlege during the year, specifically the Director of
Development and Extemal relations. Hannah Du Gray.
There have been no other related party transactions during the year other than those disclosed with
group entities in notes 12, 13 arKI 14.