Ci()odeiioLigh _Z Cc)IILgfe Goodenough College (A company limited by guarantee) Annual Report and Financial Statements for the year ended 31 August 2023 Company Registration No. 00246919 Registered Charity No. 312894 IEngland and Wales) and SC039173 Iscollandl
Goodenough College Trustees, Annual Report and Strategic Rert for the year ended31 August 2023 From the President of the College (and Chair of the Board) l am delighted to Introdu Goodenough College's Annual Report and Financial Statements for the year ending 31 August 2023. Itwas a period which saw a strong admissions field, high occupancy levels in our accommodation, an exlIent take•UP by College Members of our intellectual, social and cultural enrichment programme, and an exceptional financial perfomiance by the College's hotel, short-slay and sabbatical accommodation. which has helped put us on a fimi financial footing for the year ahead. It was clear, at the start of the year under rewew. that we faced significant strategic risks from inflationary pressures on the economy, rising staff, food and energy costs, UnrtaintY about Member occupancy and concems about the resilien of the markel for the College's trading activities. Against this challenging background, it was pleasing to see a significant rise in the number of applicants for accommodation for academic year 2022-23, reflecting an increasing awareness of the College's SuSS in delivering highquality accommodation, an unrivalled enrichment programme and sustained welfar8 SUPPOrt for tts postgraduate community. 11 was a year of lively community actiwty. College Members engaged in UK-wide and overseas study trips. several successful retreats on our Scottish estate, The Bum. and a wide variety of cross-disciplinary talks and seminars falitated by eminent public figures. opinion-fomiers and scholars. We were delighted to be able to offer a number of musical events, including opera and orchestral perfomiances, following the establishment of a generous endowment by the Argyris family, in memory of their son Christopher. a fom)er College Member. In common with many other residential institijtions. the College continued to field significant challenges throughout the year. The heated UK job market posed difficulties for Ihe recruitment and retention of staff. Rapidly rising inflation and energy costs pLad huge pressure on the College budget. leading to a necessary but uncomfortable decision to increase catering costs for College Members and make preparations for future rent rises. In mitigation, we expanded our scholarships and bursaries programmes. increased our emergency fund, and 8Stablish8d a budget to ensure students with limited financial means could continue to participate across the Dean's programme. A new Director of Development and Alumni Relations was appointed in Decernber 2022, who is reinwgorating the College's engagement with ils philanthropic supporters, including establishing new scholarships and reconnecting with Alumni communities. Looking ahead, our main objective will be to ensure that the College continues to attract high numbers of eXpIlonaI students from across the worfd, who will mak8 the most of their time al the College to build friendships. contacts, knowledge and experiences which will serve them and their communities in their subsequent lives and career. Areas for particular focus will include continuing outreach to countries (especially in the Commonwealth) where our visibility remains low. repositioning and relaunching our events and venue hire business to increase funding for our charitable enterprise,. and enhanced marketing of our Scottish estate. The Bum. to build ils financial sustainability. Preparations will continue for the proposed renovation of five Georgian townhouses on the College's estste, which will enable the College to offer further lower-st sludent accommodation to students with limited financial means. l.Ik[,.. Stuart Shilson LVO DL President of the College (and Chair of the Board)
Contents Page Goodenough College Chainnan's Personal Welcome Trustees, Annual Report and Strategic Report Company information Structure. govemance and management Strategic Report Objectives and activities Achievements and performance Financial review 8-10 10-16 Plans for future periods Statement of Trustees. Responsibilities 16-17 18-19 IndeperKlent Auditorfs Report 20-23 Financial Statements Consolidated statement of financial activities 24 Balance sheet 25 Consolidated cash flow ststemenl 26-27 Comparative Consolidated Statement of financial activities Notes to the financial statements 28 29-51
Goodenough College Trustees, Annual Report and Strategic Report for the yeor ended31 August 2023 The Board of Trustees present their Report and audited Financial Stst8rnents for the year ended 31 August 2023 under the Charties Act 2011 and the Companies Act 2006. COMPANY INFORLlATIoN PATRON Queen Elizabeth 11 TRUSTEE BOARD Stuart Shilson LVO OL- President of the College land Chair of ihe Board) Dam8 Maura McGowan DBE- Vico President ofthe College land VI Chair of the Board) Andrew Brown KC- Vice President ol the College land Ve Chair of the Boardl Alex Acland (Resigned 13 ju 20231 David Bulrnan IAppoinled 1 Seplernber 20221 Roger Chadwi¢k OBE IRewgn8d 6 Fabruary 20231 Corey Cook Lindsay Dodsworth (Appointed 1 September 20221 Jarlles Douglas Guy Parsons (Appointed 26 July 20221 Meredith Pierce Hunter (Resigned 31 M¥r¢h 20231 Martin Schwab (Resigned 12 January 20241 Danielle We8se IAppoint8d 1 Sept8mb8r 20221 Fiona Wilkinson (Appointed 18 February 20231 Serrior Staff College Director Director of Finan¢s and R8sour¢8s (Company Secretary,. Deputy to the LTrr6ctDr) Director of Operations Dir8Ctor of Dev81oprn&nl and Alumni Relations Dean Registrar Bursar, The Bum The Hon Aice Walpole OBE Richard Barker Janine Binks luntil 15th September 20231 Andrew McGowan Ifrom 5 Decemb8r 20221 The Rev Dr Alan Mccomiack Caroline Persaud Oavid Turner OBE Addre58 and Reglstered Office London House Mecklenburgh Square London WC1N 2AB Wabsittt: www. oodeno h.ac.uk Professional Adser5 Audltor.. Buzzacott LLP 130 Wood Street London EC2V 6DL Legal Advisor8'. Cripps LLP Nurnber 22 Mount Ephrdim Tunbridge Wells, Kent TN4 8AS Investmont Manag•r$= Rathbone Brothgrs PIC 8 Finsbury Circus London EC2M 7AZ Bankers: Barclays 8ank PLC 1 Churchill Place Canary Wharf London E145HP
Goodenough College Trnstees, Annual Report and Strategic Report for the year ended 31 August 2023 The full name of the Charity is Goodenough College {Ihe College.). The College was fomied as a company limiled by guarantee withoul share capital on 28 March 1930, registered company number 00246919. It is registered with the Charity Commission, Charily number 312894 {England and Wales) and SC039173 (Scotland). The College's purposés are set out within its Articles of Association. The governing docLtment of the charity is the Artides of Assoryation of Goodenough College Limited as adopted on 24 January 2023. The artides sel out the following main features of the govemance structure of th6 College.. A Board of 8-15 Directors who are legally and finanallY 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 with an expectation of four meetings being held over th& course of a calendar year. The Articles of Association require each Director to be appointed by the Board for tèmis nol exceeding three years. A Director shall not remain in office after the ninth anniversary of the date of their first appointmenl (with the prowsion that any Director in office on 2 January 2023 shall remain in office until the end of their current term). The prOsS for the appointment of Board Directors is sel out wthin the College's Articles of Association. Appointments are nomally made on the recommendation of the Nominations and Remuneration Committee at Board meetings. The Member5 ofthe Company (as defined in the Articles of Association) Ixn appoinuremove any Director nolwithstanding the provisions available to the Board. On 24 October 2023 the Members resolved to r8-appoint Andrew Brown as a Director. for a period of up to e1ve months from 12 January 2024. Andrew Brown was appointed to the Board on 13 October 2009. In accordance with the revised Memorandum of Association, every Member is liable to contribute a sum of £1 in the event of the company being wound up. At 31 August 2023, there were 11 members (2022: 26 members}.' on 25 January 2024 there were 10 members. Tho Trustees are satisfied that the revised govemance prO$se$ enable the College to engage more effectively with its mission and objectives. The Trustees consider that they have paid due regard to the Charity Commission's guidance in respect of their duties and obligations as Trustees of Goodenough College and the Chartty G0veMan Code for larger charities. No Trustee has any financial interest in the Charity or any group companies.
Goodenough College Trustees, Annual Report and Strategic Report for the year ended31 August 2023 Board of Trustees The Board of Trustees holds ultimate responsibility for the govemancE and strategic direction of the College. ensuring that the Charity upholds its ethos 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 quarterfy. New Trustees undertake an induction programme to familiarise themselves with the College, its objectives and its structure. alongside their rolès and responsibilities under legislation and College govemanca. The Board has temis of reference for its own operation, based upon recommendations set out within the Charity G0Veman Code. Trustees, Fellows and adwsors may seNe on one or more Board Committees, as set out below.. Academic Committ88 Audil and Risk Adwsory Committee Burn Management Committee Equality, Diversity and Inclusion Committee Finance & Investment Committee Nominations & Remuneralion Committee Subsidiary Company Boards Details of the composition and the Terms of Reference of each Committee are held by the Govemance orricer. Management Operalional managèment of the College is delegated by the Trustees to the Collegè Director, who is accountable to the Board of Trustees for the stewardship of the Charity. The College Director and the senior leadership team (the Executive Committee) attend fomal Board and Committee meetings. The College sets the pay of ils key staff through its Nominations and Remuneration Committee, supported by Ihe College Director. The Committee makes referenc& to general inflation, comparative salaries and pay awards within the charity, Higher Education and hospilalily sectors and historical increases in pay. The remuneration of the College Director is set by the Board. The Board delegates the operation of the College through an approved scheme of delegation overseen by the Audit Committee. The scheme provides for the mosl significant finanal and operational decisions to be carried out by the Board. Group structure and relationships The College had two wholly-owned subsidiary companies, iM)th registered in England and Wales.. Goodenough Trading Limited [FertY Goodenough Club mited){cOMpanY No. 02684378) provides ovemight accommodation. The subsidiary takes on responsibility for the trading of Th8 Goodenough Hotel, London and the provision of 'Shorl Slav accommodation in London Housa
Goodenough College Trustees. Annual Report and Strategic Report for the year ended31 August2023 and William Goodenough House. Its annual profits ar8 donated lo the College as qualifying distributions under deed of covenant.. Goodenough Ventures Limited {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. The activities previously carried out by Goodenough Ventures Limited were transferred to Goodenough Trading Limited from 1 September 2023. following which Goodenough Ventures Limited has ceased trading. The Bum estate in Angus, Scottand {a property donated to the College in 1947) is used by Members of the College for edurAtional and recreational activities, as well as by many Scottish universities as a ntre for reading parties. study groups and for educational events and seminars and. The Bum's assets are a restricted fund of the College. Investment powers and policies The Trustees have the authority conferr8d by tha Arbcles of Association to invest the monies of the College not immediately required for its purposes in or upon such investrnents, securities or property as may be thought fit, subject nevertheless to such conditions (rf any) and such consents (rf any) as may for the time being be imposed or required by law. The Trustees wish to pursue a policy that enhances income and capital growth over the long8r tem, and maintsins the capital value. whilst providing some protection from inflation for particular designated funds, thereby enabling them to meet their current and future objectives in accordanc8 with the purposes and plans of Goodenough College. Investrnent management is overseen by tho College's Finance and Investment Committee. Investment management is delegated to and managed by Rathbones. The Trustees require the managers to pay attention to the standard investment criteria, namely the suitability of Ihe class of investment and the need for diversification insofar as is appropriate to 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 writing. The Trustees have nomially agreed investment mandates matching the timing of the College's expected call on those funds and their attitude to risk. Stocks not quoted on a recognised slock exchange or otherwise actively traded, and sub investment grade or unrated bonds. may nol be held within the portfolio. without prior approval of the Trustees.
Goodenough College Trustees, Annual Report and Strategic Report fvr the year ended 31 August2023 STRATEGIC REPORT The following sections comprise the strategic reFQrt required by the Companies Act 2006 (strategic Report and Directors, Report) Regulalions 2013: Objectives and activities Achievements and perfomance Financial review Plans for future period. The history of Ihe institution that is now Goodenough College began in 1930 when a group of individuals led by Frederick Craufurd Goodenough, Chairman of Barclays Bank, established a student residen in London for intemational postgraduate students. Goodenough's vision was th& creation of a hall of residenGe for (male) students from Commonwealth countries. offering a collegiate ommunity in the heart of London to promote friendships and enhance intemational understanding. The College has expanded greatiy since that time and now consists of a six hundred-slrong Gommunity of postgraduates, some with accompanying families, from across the world. The College's charitable objects, as set out in its Articles of Association, are: °To organise, encourage and assist the education in England of students {'R&sident Members of Ihe College'l from any part of the worfd. giwng preferen to students from the Commonwealth {with priority for students from those nations less able from time to time to provide resources and facililies of Iheir own)." We will continue to build UFon our strong foundations to achieve our current vision and mission.. Vision A fellowship of global citizens with shared values of tolerance, respect, understanding, service and togetherness (reflecting the spirit of the UK and the principles of the Commonweatth). Mission To create a stimulating, incluswe and mutually supwtive, re&denLTal community in the heart of London where outstanding postgraduate students exchange ideas, openly debat& values and form lasting friendships. The College presents Tts 2022123 expendtiure in the pursuit of four strategic goals: To attract oulstanding postgraduale students from a Vde geographic, academic and social bas6. giving preferenGe lo those from the Commonwealth. . To transform College Members through the experience of living in a values-based community which inspires intellectual engagement and endeavour. encourages cross-c#Jliural understanding and offers an exceptional social environment.,
Goodenough College Trustees, Annual Report and Strategic Report for the year ended 31 August 2023 To raise the College profile. intemationally and within the UK, by developing key opportunilies and pursuing strategic partnerships consistent with our values and ambitions. and To sustain the College as an enduring institution, underpinned by secure finances. a well- maintained estate and highquality slaff. with a commilment to minimising its environmental impact. The College measures its perfom)ance through regular Key Perfornian Indicators {KPls) that compare success in the reporting period with prior years. These KPIS cover areas including occupancy,. diversity of membership.. delivery of Gultural, social, sporting and educational events,. volume of Scholarships and Bursaries.. and number of Aumni contscts. Further information is conlained within the Financial Review and Athievements and Perfornian. College Members attend over forty academic and professional institub'ons in London. The College works to maintain a balancé between the broad faculties of mediane and natural sciences, law. business. political and social Scien$. and the arts and humanities. The College attracls scholars from a wide range of inlemational schemes including Chevening. Commonwealth, Monash, Windle and Marshall. The College provides a wide public benefit. The Trustees are aware ofand have regard to the Charity Commission's public benefit guidan when exerasing any powers or duties to which the guidance is relevant. College Members retum to their home nations or elsewhare with a broadened perspective on the wodd and a muCh-expandj knowledge of and affection for the culture and politics of the UK. This contribution to international tolerance and understanding serves an ever greater purpose in today's wodd of political and economic UnrtaInty. The College frames its distinctive paradigm through the vectors of 'commensality' and 'conviviality'_ common eating and common living. Members jointly engage in many intellectual, cultural, social, experiential and developmental activities. Talks, seminars and colloquia, where renowned individuals lecture and share knowledge and life experience. are a regular feature of the College calendar. A series of 'G¢JodSkills' weeks take pla 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 underslanding and empathy across a wide spectrum of experience within a rich peer group. An external programme enables College Members to grow their capacity for underslanding of the UK - and neOrkIng across a range of exlernal institutions in the Cities of London and Westminster and beyond. The College seeks to secure and provide an increasing level of Scholarships and Bursaries to support those who struggle to meet the costs of their accommodation at the College. The Bum, our Scottish estate and academic retreat, both welcomes College Members, in study groups or privately, and aclively supports Scottish universities, offering ils facilities to national and internalional students and academic groups. As social and travel reslriclions have eased in the wake of the pandemic. The Bum has provided a valuable opportunity for its guests to relax amongsl their peers, undertake quiet or group study. build friendships and take pleasura in the natural world. The College is opened to the public for concerts, operas. conferences and lectures. A large number of external organisations and individuals also use the College's faolities for their own events and activities.
Goodenough College Trustees, Annual Report and Strdtegic Report for the year eled3] August 2023 ACHIEVEMENfs AND PERFORMANCE College Member occupancy in 2022123 remained high throughout the academic year and over the summer period. The College saw very strong commercial performance from ils Hotel, Short stay and Sabbatical room businesses. The Bum and Ihe College events and venue hire business struggled to generate revenues sufficient to cover their increased costs resulting from high food and labour costs in parbcular. The impact of the College's activities on Members is a growth in confidence through Iheir experience at Goodenough, with broadened perspectives. strong cultural, social and professional networks and a positive image of the UK and the Commonwealth. Supported by this growth we expect our Aumni to be outstanding leaders in their fields, engaged global citizens and advocates of the College. Postgraduate students continue to have an overwhelmingly positive experience at Goodenough College. During 2022123 £8.2m {2022'. £7.6m) was spent against the goal of 'Transfoming College Members., reflecting the operating costs of the College buildings (that so influence College life) alongside the influential Dean's programme. The Dean's programme for the 2022123 academic year delivered (including Member-led activities) 177 sporting fixlures or physical activity sessions., 125 cultural. music and arts-based events.. 120 evening lecture 'Port Talks.. transfornative skills-based sessions (the 'GoodSkills' programmesl and academic seminar segments and study trtps, all of them delivered in person. with a small number of blended events. In particular a series of lebratOry events was organised to mark the Coronation of HM The King. The Dean's Office carried OLrt an extensive and tailored programme of aclivities to support individual Member wellbeing through the academic year which involved indiwdual as well as group pastoral activity. During 2022123 the College maintained its accreditation against the National Code for Assured Accommodation. which demonstrates the College's commitment lo the highest standards in delivering its accommodation and supporting tts community. The College was again awarded the Global Student Living Index Best Specialist Accommodation Award in October 2023 and the new Global Student Living Platinum Certification for achiewng the thresholds for seven metrics (Structural scores - Intemet, Condition & Quality. Bedroom. Value for Money., Operational scores - Care & Support, ReGyGling & Environmental Facilities. Overall Managemenl). Platinum Certification was only awarded to five operators and one university nationally. The Burn has continued to fulfil its charitable objectives through the provision of an academic retreat and event venue to the Scottish HE seclor and the wider academic marketplace. The Burn aims to add value by prowding a unique and enriching student experien. The drive for long-term sustainability continues and this period has seen both footfall and income increase along with rising levels of interest from a range of new Gustomers. The Bum has yet to realise the high activity levels enjoyed during the pre-COVID year but there are now positive signs of a rising marf(et. The Burn's relationship with the Scottish university sector- The Burn's principal marf(etplace - remains strong. This association offers Ihe greatest potential for future business Sucss. In addition, The Bum is now fully engaged with supporting the Member programme within Goodenough College where it is seen as a key asset.
Goodenough College Trustees, Annual Report and Strategic Report for the year ended31 August 2023 The College spent £0.6m on Scholarships and Bursaries in 2022123, {2022". £0.6m}. The College continues to review the allocalion of Scholarships and Bursaries to ensure that College is best able to target the appropriate students and match allocated scholarship funds to appropriate need. The budget for Scholarships and Bursaries grew in 2022123 in line wilh the September 2022 increase in the level of rents. Scholarships. Bursaries and Mecklenburgh (hardship) funds are awarded by the College to individual current and potential College Members. predominantly as reductions in rent, on the basis of financial need. The College recognises the importance of being able to support Members wilh limited financial means thanks to the generosty of friends and Alumni. During the period the College received 2.003 applications12022123: 1,598) for its 2023124 academic year intake, 4.9 for each available place at the College (2022123: 3.5). The proportion of applications from EU countries stayed steady at 110kn (2022123= 11Yo) and applications from Commonwealth countries decreased to 45 /0 (2022123.. 49%). The College continued to invest in additional marketing and engagement actions to maintain and develop the number of suitable applicants to the College and the appropriate Commonwealth representation. During the 2022123 academic year Members came from 95 {2021122: 80) countries (India 10 %, UK Canada 90A.. China 5Y.: Pakistan Soh), of which 52% {2021122'. 500/0) were from the Commonweallh. These Members were studying at 3812021122.. 37) academic institutions {UCL 290/0,. LSE 23 /o- Kings 10¥0)- with 64Y. {2021122'. 660/0) undertaking Masters Courses. 290/0 {2021122.' 28 % ) PhD and other research programmes" and 7Yo {2021122.' 690) other forms of postgraduate qualifications. Their academic subjeGt matter continued to be as diverse as their bad(grounds. The College spent £0.3m (2022: £0.3m) in raising the College's profile. Memb&r representslional visits to institutions in London and throughout the UK were continued. Members made four trips to The Bum for four-day long educational retreats. subsidised by the College. Other Bum trips were planned and recruited but cancelled due to industrial action on the rail network, making Scotland largety Inassible to visiting groups from London. Including the £1.2m 2022123 interest costs of the College's debt (2022-. £1.2m) and the costs of supporting the development and the strategic financial management oflhe College, £2.Om was spent on 'Sustaining the College. during the year {2022: £2.3m). Excluding loan interest, the College spent £0.8m on sustaining the College {2022.' £1.1m). The College applied funds of £1.2m (2022: £2.4m) in replacements and enhancements to the College eslale and IT services, of which £0.3m relatèd to the finalisation of works on the Hotel bedroom refurbishment, £0.2m on the ongoing development of 43-47 Meckienburgh Square with the balance across the College estate. Fundraising costs were £0.1 m for the year (2022: £0.2ml. Fundraising costs have not yet retumed lo pre pandemic levels due to reduced activity levels on events such as overseas travel and changes within the department following a review of the College's fundraising and extemal relations ambitions during the prior period. as part of which a new Executive appointment was crealed and the new Direclor of Development and Alumni Relations joined the College staff on 5 Deomber 2022. The College's wholly owned subsidiary companies traded successfully throughout 2022123. During the year Goodenough Club Limiled was renamed Goodenough Trading Limited. The Boards of Goodenough Trading Limited and Goodenough Ventures Limited were reinvigorated with Ihe
Goodenough College Trustees, Annual Report and Strategic Report for the year ended31 August2023 appointment of two new independent Non-Executive Directors with skills and exp8ri8nce in Ihe activities of Ihe companies. The activities of Goodenough Venlures Limited were transferred to Goodenough Trading Limiled from 1 September 2023, with Goodenough Ventures Limited ceasing trading from that dale. Goodenough Ventures Limited's activities in the delivery of Events. Venue Hire and Catering activities were particulady hit by the increased inflationary costs of food and labour. This saw the College's subsidy for providing catering activities increase. Despite an increase in revenue of 21 Chl , the 28¥0 increase in costs saw the company's profits before qualifying distribution fall. Following the reopening ofthe Hotel on 1 September 2022 {after completion ofan extensive bedroom refurbishment project in the prior year) Goodenough Trading Limiled saw strong performan from both the Hotel and the Short Stay and Sabbatical businesses, the company's profit before qualifying distribution rebounded to £2.7m, with both businesses generating substantially increased revenues compared to the pre-pandemic period. FINANCIAL REVIEW The College generated group revenues of £16.7m in the year to 3 August 2023 (2022". £11.3m). Income from charitable actiwties {predominantly income generated from rents from Member accommodation) was £8.6m {2022: £8.2m)" with increased occupancy and higher rents. Average Member occupancy in the 2022123 academic year was 93.5% compared to the 91.4% achieved in the prior year and 92.6¥0 in the pre pandemic year of 2018119. Consolidated income from trading activities for the year was £6.3m (2022.. £1.8m} as the reopened Hotel generated £3.9m alone. Consolidated revenues from the Goodenough Trading Lld were £5.Om12022.. £0.7m). Revenue in 2022123 consisted of Hotel income of £3.9m {none in 20211221 and Short Stsy accommodation income of £1.1m (2022: £0.7m). Goodenough Trading Limited generated a profit of £2.7m for the year (2022= a profit of £42k). Goodenough Ventures Limited generated consolidaled revenues of £1.2m {2022= £1.1 ml. wilh £0.7m generated from Events and Venue Hire 12022.. £0.7ml'. and £0.5m from providing catering to College Members 12022.. £0.4m).Goodenough Ventures Limited generat8d a profit of £44k for the year (2022". profil of £128k). The TnJst8es and Directors remain confident of Ihe tK)tential for GOOderUgh Trading Limited to generale surpluses to be donated to tha College in futu years and continue to monitor perfomiance of the company. It is the intention to wnd-up Goodenough Ventures Limited in the current year. following the transfer of all activitias to Goodenough Trading Limited on 1 September 2023. On S July 2023 the Directors of Goodenough Trading Ltd approved a budget forthe 2023124 financial year showing a £2.5m surplus and a business plan showing increasing surpluses thereafter. Post year end trading conditions remain strong. The Consolidated Statement of Financial Activities for the year shows a £1.2m net income before gains and losses on investment assets {2022'. £2.Om loss). The College bore £1.2m in loan interest charges {2022: £1.2m) and depreaation of £2.6m (2022.. £2.4m) demonstrating an EBITDA gain (excluding debt and asset impaimenl costs) of £5m (2022: £1.6m gain). The gain was due to the move towards nonnal operating conditions {except for the Hotel business) as set out above. On 25 July 2023 the Trustees approved a consolidated budget for the 2023124 academic year showing an EBITDA surplus of £3.9m. The Trustees remain confident that the College will achieve a significant operating surplus in 2023124. 10
Goodenough College Trustees, Annual Report and Strategic Rert for the year ended31 August 2023 INVESTMENf PERFORMANCE The College holds investment portfolios with Rathbone Brothers PIC under four separate mandates. Where appropriale, composite benchmarks for the funds are developed by the Investrnent Manager in consultation with the Investment Committee, recognising agreed asset allocation ranges, along with separate long-teTm perfomiance objectives. All long-temi perfomance objectives are afterfees. The College main portfolio indudes the College reserv8 and the Asset Replacement Reserve and is invested for the longer temi with a long-temi perfom)ance objective of CPI + 5¥0 {net of fees). As at 31 August 2023 this ftjnd held £9.6m under investrnenL The Bum portfolio is invested on a similar horizon but. reflecting the annual requirement for income and draw down from that fund to support The Bum's operations; it has a long-lemi performance objeclive of CPI + 3.5OA {net of fees). As at 31 August 2023 this fund held £0.9m under investment. The total relum on the College main fund over the period was a gain of 1.90k, and for The Bum portfolio, a loss of -3.80A,' the composite benchmark perfomance measures for these funds were a gain of 6.1 % and loss of 3.1 /0 respectively. These funds have achieved a total return of 25.10ts and 16.4 % respectively over the last five years. against composite benchmarks of 35.2Vo and 19.9Yo respectively. Their long-tem perfom)ance objecttves were 57.8% and 46.9% respectively over the same period. The College No.2 portfolio held funds anticipated to be drawn in the medium lemi from, the College Development Reserve along with General Funds. and has a long-temi performancE objective of CPI. The fund was established in 2016 and achieved a total retum of-3.6Yo for the year.. As at 31 August 2023 this fund held £6.7m under investment and held only General Funds. The College No.3 portfolio was established in 2017 and held funds anticipated to be required in the shorter tem from the College Development Reserve Funds Reserve and General Funds. The fund is invested primarily for capital preservation and achieved a total return of 2.5% for the year. No balances were withdrawn from the fund during 2022123. As at 31 August 2023 this fund held £2.2m under investmenl. £1.2m of which related to the fund for fulure development of 4347 Mecklenburgh Square. and th8 balance relating to General Funds. The perfomance of the investment portfolios and the investment manager is reviewed regularly by the College's Finance and Investment Committee and the Trustees continue to be salisfied with their management and the perfomance ofthe funds over the long temi. All investments acquired during the year were in accordance with Trustees, powers. The value of the portfolio al 31 August 2023 is shown in note 11. During the year the College engaged the services of Yoke & Co. Ltd to provide advice to the College's investment management and investment strategy. The Finance and Investment Committee. working wth its advisors. expect to have concluded a review of the management of the College's investment portfolio during 2023124. Working through the Finance and Investment Committee and with its investment managers the Trustees continue to review the investment Performan and strategies of its funds under investment as the College's financial perfomlance. reserve Fosition and capital ambition develops.
Goodenough College Trustees, Annual Report and Strategie Rewrt for the year ended 31 August 2023 Funds and reserves The College's reserves are dimded beeen unrestricted. restricted and endowment funds. UnrestriGted funds are fijrther divided into designated and general unrestricted funds. Unrestricted funds total £138.6m (2022". £137.6m}, which includes designated reserves of £130.3m12022.. £129.3m). general funds oflhe charity of£8.1 m (2022.. £8.2m) and general funds of the subsidiaries of£O.2m (2022= £0.2m). See Note 17 forfvrther details. The Trustees have designated the value of the College's non-investment fixed assets (net offunding from the long-lemi loan) as the Tangible Fixed Asset reserve. The value of this reserve is adjusted annually to reflect the net value of these assets and stands at £115.3m at the year-end (2022.. £116.6m). The Trustees have designated the value of the College's investment properties (recognising the College's strategy to retain investment properties for the benefit of future beneficiaries} as the Investment Property Reserve at £3.1 m (2022.. £3.1 m). rellecting the revaluation of the investment properties at 31 Augusl 2022. During 2016 the College established a long temi forecast. which enabled the College to agree a revised framework for the management of its unrestricted funds and to quantify the level of liquid assets required to sustain the College as an enduring institution. The College has established a plan to ensure that sufficienl levels of cash are available to secure a well maintained estate. This established the requirement for an Asset Replacement Reserve (ARR) lo support 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 3i>year period to 2046. The requiréd valu oflhis fund was agreed to be designated from the available funds accumulated by the College from annually generated operating surpluses and drawn down against relevant costs. In light of the excéptional financial perf0mlan of the College and Hotel the Trustees designated the budgeted Contribution from perfornian to the ARR. After debiting appropriate asset replaGement expenditure and accounting for income, gains and losses. Ihe value of the ARR stands at £8.4m on 31 August 2023 (2022= £7.9m}. The Trustees review the value of this designated fund annually as it arKumulates and is ulilised for Asset RePlarnent. The ARR is represented by investment funds with inveslment mandates (as overseen by the FInarI and Investment Committee) matching the investment objectives and horizons of this reserve. During 2022123 the Board approved the utilisation of the College Development Reserve to continue to support the refurbishment of the Hotel bedrooms. with the balance of the fund to be transferred to the fund for Ihe development of 47 Mecklenburgh Square. At 31 August 2023 the College Development Resèrve had been fully utilised (2022.. £0.7m). Trustees had prewously designated funds totalling £1 m for the planned future development of 43- 47 Mecklenburgh Square. In light of the stronger than expected perfornian of the College and the Hotel. Trustees have further designated the Overperfoance against budget into this fund, alongside the balance of the CDR. Combined with net investment perfomiance the fund at 31 August 2023 stood at £3.5m (2022.. £1.Om). The College continues to develop its plans for the site under the guidance of its Steéring Committee. The fund is held with the College's inveslment portfolio. The Trustees have reviewed the College's reserves policy. The policy considers the nature of the income and expenditure streams, the need to match variable income with fixed commitments and the need to provide for known essential estate maintenance expenditure. To allow the College to be managed efficiently and lo provide a buffer against interrupted services, the policy requires that 12
Goodenough College Trustees, Annual Report and Strategic Report for the yeor ended31 August 2023 general reserves in the range from £6m - £gm should be maintained. This range is based on managing to sustain core College aclivily if there were a fall in Member income of 25010 for three years {c£6m) and a loss of 50¥0 of The Goodenough Hotel. London and the College Short Stay and Sabbatical business net operating surplus for years {c£2m). In addition. a minimum of £1 m is considered necessary to deal with major estate issues. such as a failure of heating, plumbing or electrical services in either House. The Trustees also continue to consider the value of the College's General Funds in light of the experience of the Cov119 pandemic. The Trustees have assessed the value of reserves and the operations of the College and do not consider that there remain malerial uncertainties relaled lo these or other events or conditions that cast significant doubt on the College's ability to continue as a going concem. The College remains very financially stable wtth freely available funds on 31 August 2023 of £8.1m (2022.. £8.2m, see note 17 for more details)", other unrestricted designated reserve funds of £11.9m (2022.. £9.6m) and unrestricted investment propertÉes valued at £3.1m. Restricted funds are represented by assets and investments that can only be used or spent for a particular purpose as staled by the donors. The total value at 31 August 2023 was £12.3m (2022.. £12.7m). See Note 16 for further detsils. Restricted funds include The Bum Fund of £11.9m (2022.. £12.2m) and other restricted funds of £0.4m {2022= £0.5m). The Bum fund includes the operating land, building and assets of the site represented by a tsngible fixed assets reserve of £10.Om (2022: £10.2ml; investment properties reserve of£O.9m (2022= £0.9m) and a general restricted fund of£1.Om {2022: £1.2m). The general restricted fund is mainly represented by The Bum investment wrtfolio. The other restricted funds have been donated to the College for a number of restrtct8d purpos8S including restricted Scholarships and Bursaries funds of £0.4m (2022.. £0.5m). The College continues to seek to increase the level of support to its important Scholarships and Bursaries activity provided through donations. Expenditure on Scholarships and Bursaries frorn restricted or designated donated funds was £0.4m in the year compared to £0.4m in the preceding year. Endowment funds comprise the Christopher G. Arg$ Student AGtiMty Fund which is an expendable endowment fund promding support for community participation at the College. and particularly the perfornian of opera and Dean's Seminars. £281k was received in the year with a further £2k generated from investmenls (after charges) and £12k spent supporting college aclivities. The remaining balance of £271 k is held within the College's long temi investment portfolio except for the element drawn down for spend in the year. Borrowings and bank facilities On 2 June 2017, Ihe College secured a £40m non-amortising 3LVyear loan with Rothesay Life at a fixed interest rate of 3.102 % . 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 stsff are briefed on the nature of risk and acc6pl responsibility for risks associated with their area of authority. Senior management provides appropriate support, assistance and commitment 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, assurance that the organisation is protected. 13
Goodenough College Trustees. Annual Report and Strategic Report for the year ended31 August 2023 We define key strategic risks as those that, without effective and appropriate mitigatM)n. would have a severe impact on our work, our reputab'on or our ability to achieve our ambitions. The College continually improves Ihe process by which it reviews, registers and mitigates risks that may impact on College life and operations. These risks (including likelihood, impact and mitigation measures) are listed in a Strategic Risks Register, which is regularfy revlewed by the College Board and senior management. The risk management process encourages the Trustees to challenge any assumptions senior management has made about risks an¢J interrogate the context in which derisions are taken. This helps ensure that the most serious risks are being mitigated effeGtively and the impact of mitigation is assessed. Revenue shortfall, primarily through a downlum in Member application numbers, has been identified as a fundamental financial risk for Goodenough College. Vigorous promotKJn 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. together with market-sensitive pricing of accommodation and a robust admissions policy making maximum use of search engine optimisation, peer reviews, advertising and approaches to educational institutions and scholarship bodies (within London, the UK and internab'onally). Application numbers are reviewed on a regular basis and the admissions strategy adjusted on the basis of findings. The maintenance of a diverse College community (including enabling access for studenls with limited financial resources} is recognised by the Trustees as a key area of risk. The College will 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 with other scholarship providers) to support less affluent students. The College maintsins its focus on fundraising for Scholarships and Bursaries {induding hardship funds allocated as The Mecklenburgh Fund). The College reviews its rent annually and any increases applied are based on SOLtnd market infom)ation and consultation with the College Member wmmunity. A key strategic objective ofthe College is to delrver a transfomiative experience for College Members through community. cross-cultural understanding and an exceptional intellectual and social programme. The College's ability to provide such an experience faced unprecedenled challenges during the Covid pandemic. and has infoThed the College's efforts to expand the ways in which th8 programffle is delivered in future. The College implements a rigorous prOsS of risk assessment for all activities, together with impact rewews and ROI assessments of enrichment activities. Tha College has prevÈously recognised that failing to secure sufficient funds to implement its Asset Replament Plan represents a key risk to the College. The College considers Ihat il has substantially mitigated that risk Ihrough development of a comprehensive Asset Replacement Plan, long lemi financial planning and the securing of £40m of 30-year non-amortising debt. The Finance and Investment sub-committee of the College Board rewews the long-term financially sustainable perfornian of the College and provides further diligen on the application of available funds. The College has demonstrated to itself, through challenging scenarios and stress tesb'ng, that it will be able lo meet its Asset Replacement Plan for al least unlil 2046. During Ihe year the Board had particular fows on the risk thal the College is the target of a cyber atlack. Working with specialisl advisors, Maxi¢2 Ltd, Ihe College has developed a revised IT Strategy and rewewed its approach to IT security. The revised strategy included a number of high level and detail*l-fecorTTmendations including the establishment of an IT Strategic Planning Executive Advisory Committee {ITSPGI, the adoption of a 'cloud-preference' approach to systems. the development of IT working practices and seeking to adopt Ihe 'Cyber Essentials. standard for 14
Goodenough College Trustees. Annual Report and Strategic Report for the year ended31 August 2023 cyber security. The Board approved the rewsed stralegy at its meeting in Oclober 2022. implementation of the strategy is ongoing under the management of the ITSPG, overseen by the Audit Committee. The level of the College's unrestricted freely available reserves, combined with its designated funds (see below), reassure Ihe College as to its 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. The Board continues to oversee the College's business conlinuity and contingency arrangements, should the College suffer from a major disaster affecting the College estate, be impacted by terrorism or disease outbreak or pandemic. The Board is confident that the College's plans, controls and insurance arrangements. adequately mitigate these risks lo a tolerable level. As the College's Thain base of operations is in central London. the College recognises that teorist activity. both local to the College and worldwde. has the potential significanuy lo affect the College, through restricting physical access to the College- reducing future applications to the College; and directly on the welfare of College Members. The College exerases care in maintaining its aCsS control and security arrangements. holds financial reserves, specific appropriate insurance covar, effective business continuity plans and robust welfare systems in order to mitigate that risk. Wilh accommodation at its heart. fire risk management fomis a key consideration in the College's operation and development. The College regularly reviews its fire management policies and rries out annual fire risk assessments and complies wilh all statutory obligations and best practice. To counter the risk of diminishing revenue generated by the College's wholly-owned hotel, The Goodenough Hotel, London. the College undertook an exlensive refvrbishmenl of the hotel's 65 bedrooms in 2021122, following reopening on 1 September 2022 this asset (operated through its subsidiary company) has retumed to substantial operating surplus. With the majority of the College's income streams generated in-year from Member rents, hotel charges.16tting of a18ase to a commercial venture and other business income. the impact of Ihese trading environments will affect the financial perfomiance of the College. The College is confident that its planning, risk managemenl and operational management activities sufficiently manage these risks and enable the College to put in place appropriate mitigation measures. The skillsets of the College staff and the Diredors of the subsidiary companies are particulady focussed on the management of this risk. The College lakes safeguarding very seriously. The College is confident that il provides a safe and trusted environment and promoles an organisational culture thal prioritises safeguarding. The College considers that it maintains adequate safeguarding policies, prOdureS and measures to protect people. These are reviewed regularly. and kept up to date in line with Govemment guidance and best practice. The College has reviewed its safeguarding govemance and managemant arrangements within the last 12 months. In response to the Corporate Criminal offen of Failure to Prevent the Facilitation of Tax Evasion introduced by the Criminal Finances Act 2017, the College carried out a risk assessment and made a Top Level Commitment to a zero tolerance to the criminal facilitation of tax evasion at its Board meeting in March 2018. The College continues to apply due diligènce., apply and Communicate its procedures., and monitor and review its position.
Goodenough College Trustees, Annual Report and Strategic Report fvr the year ended31 August 2023 Goodenough College continues to meet the requirements of Ihe General Data Protéction Regulalions (GDPRI and Ihe Privacy and Eledronic Communications Regulations (PECR}, building on its previous programme of work to achieve compliance. The Trustees remain content thal the College is fully complying with the Regulations. Fundraising standards The College's fundraising activities are undertaken by its Development and Alumni Relations team. The College does not use Ihird party fundraisers or commercial participalors. The College is a member of The Council for Advancement and Support of Education (CASE), a professional association semng educational institutions and the professionals who work on their behalf in alumni relations, communications, development. and allied areas. As part of its work, CASE sets stsndards and an ethical framework for the fundraising profession. which the College follows. The College has established a Donations Advisory Committee that meets as necessary to review the acceptan of any large gtfts. Contscts who are judged to have an interest in Goodenough College ara encouraged to donate. Those who have opted out of fundraising appeals are. of course, exempted from this programme of actiMty- There is a clear focus on enabling supporters to reengage and reconnect with the College. as well as making an infomied decision on supporting Ihe College financially. The College does not acp1 donations where we have reason to believe Ihat the donor may be vulnerable, or where we judge accepting the donation would be ethically wrong or cause hartn lo the donor. To help infomi our approach, we refer to the Fundraising Regulalorfs Code of Practice and the Chartered Institute of Fundraising's statement on vulnerable donors. We regularly review industry standards to ensure we are meeting requirements. No complaints have been received by CASE, the Charity Commission, the Fundraising Regulator or by the College about its fundraising activities in the year ended 31 August 2023. PLANS FOR FufuRE PERIODS The approved budget for 2023-24 reflects the College's ambitions and priorities for the year, including its increasing focus on scholarships for exptiOnal students with limited financial means and its commttm8nt to a major renovation project to enhance student accommodation on the College estate. The College remains confident of its capacity to attract high calibre students who will make a substanlive contribution to the College community- Applicalions for admission for the 2023-24 academic year were the highest in a decade. with five appli¢2tions for each available pla. The College is at full occupancy and expects to remain at this level throughout the academic year. including over the summer period. Notwilhstsnding, the College will continue to develop and refine its marketing and admissions processes and ProdureS for the 2024-25 intske and Ihereafler- not least, in light of coming changes to UK visa regulations for dependants of intemalional students. which is likely lo reduce the number of applications from intemational students with accompanying family members. 16
Goodenough College Trustees, Annual Report and Strategic Report for the year ended31 August2023 Meanwhile, the College has commtited to enhancing and diversty'ng its scholarship programme in future years. Working with alumni, partner bodies IsuGh as the Chevening scholarships programme and London universities) and other stakeholders, the College is seeking to expand access to the College for those from lower income backgrounds and nations. Following the appointment of a new Director of Development & Alumni Relations in December 2022. the College has been working to develop a substantive philanthropic impulse among College alumni. partners and other stakeholders, Ihereby growing funding for scholarships and College activities. A very significant future focus will be a two-year capital fundraising campaign to enable the College to refurbish five Georgian townhouses at the north end of the College estate to provide cheaper student accommodation for members of limited means. The Dean will continue to develop the College's renowned programm8 of events and activities, supported, inter alia, by the Argyris endowTnent, College Fellows and the goodwill of friends and stakeholders. The College will continue to exert downward pressure. wherever possible. on Guent inflationary overhead costs through a programme of careful housekeeping and cosl-effective expenditure. For example, since the conclusion a of three-year fjxed-price energy contract in September 2023, the College has begun procuring ils energy in an efficient. effective and sustainable manner through judicious pre-purchase mechanisms. This innovative energy acquisition programme will be fonmally assessed after its first year of operation. The Director continues to develop the College's operations in consultation with the Board of Trustees. The College Director's 2022-23 staffing review has led to changes in a number of College staff posts, including the creation of a Director of Estates role. the lemination of the Director of Operations role, the arrival of a new Director of Development & Alumni Relations and the unification of HR capabilities within a single HR Manager position. Plans for the development of the College estate will include a substantive rewew of the College's Asset Replacement Plan, to Commen in 2024 under the aegis of the new Director of Estates. The planned renovations for 4347 Mecklenburgh Square will be further developed, with Listed Building Consent for the College's development plans to be sought in 2024. Subjeci to the availability of funds for the project. the College will stsrt preparing the tendering of fvlly designed works. The College will continue lo maintain and develop its commercial activilbes, as overseen by the Directors of Goodenough Trading Ltd, conscious of the risks of relwng excessively upon ongoing strong market conditions for continuing growth in the College's commercial operations. The College will continue to review its arrangements with its commercial advisors, induding completing a review of its investrnent manag8ment arrangernents. The College wll ensure thal the College's actiVitS in Scotland. delivered through its 8slate The Burn, remain well-targeted, financially sustainable and in line with its charitable objectives in consultation with Scottish universities and the College Member community. With the impending retirement of the current Bum Bursar, the College will be seeking lo recruil an appropriate replacemenl. The Board of Trustees expects. in the coming year. to see the College further develop its impact, efficiency and opportunity- and to ensure that delivery of the College's objects to organise, encourage, and assist education - remain at the forefront of the College's successful endeavour. 17
Goodenough College Trustees, Annual Report and Strategic Rert for the year ended 31 August 2023 srATEMENT OF TRUSTEFS, RFSPONSIBILITIFS 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 with applicable law and regulations and United Kingdom Accounting Standards (United Kingdom Generally ACpted Accounting Practi). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the income and expendilure of the charitable group for that period. In preparing these financial slatements the Trustees are required to: Select suitable accounting policies and then apply thèm consistentty., observe the methods and principles in the Accounting and Reporting by Chariiies: Slatement ofRecommended Practice applicable to charities preparing theiraccounls in accordance with the Financial Reporting Standard applicable in the United lQngdom and Republic of Ireland (FRS102)'. make judgements and estimates that are reasonable and prud8nt', slate whether applicable UK Accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements,. and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charitable company will continue in business. The Truslees ar8 responsible for keeping adequate and proper accounting records that disclose with r8asonable accuracy at any time of the financial position of the charitable company and enable them lo ensure that the financial statements comply with the Companies Act 2006 the Charities and Trustee Investment (Scollandl Act 2005 and the Charities Accounts (Scotland) Regulations 2006 las amended). They are also responsible for safeguarding the assets of the chantable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Financial slalements are published on the charity's website in a¢cordan with legislation in the United Kingdom goveming the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The Maintenan and inlegrily of the charity's websile is the responsibility of the trustees. The trustees. responsibility also extends to the ongoing integrity of the financial statements contained therein. 18
Goodenough College Trustees, Annual Report and Strategic Rert for the year ended31 August 2023 DISCLOSURE OF INFORMATION TOAUDrroR In the case of each of the persons who are Diredot5 {Trustees) of the charitable company at the date when this report was approved: So far as each of the Directors is aware, there is no relevant audit infomiation (as defined in the Companies Act 2006) of which the charitable companys auditors are unaware.. and Each of the Directors has taken all the steps that helshe ought to have taken as a director to make himselflherself aware of any relevant audit infomation (as defined) and to establish that the charitable companls auditors are aware of that infomiation. This confimiation is given and should be interpreted in accordan with the provisions of S418 of the Companies Act 2006. The Trustees. Report and Strategic Report were approved by the Truslees in their capacity as Directors of the Charitable Company and signed on their behalf by: Stuart Shilson LVO DL President of the College (and Chair of the Board) Date: ',/'/., 19
INDEPENDENf AUDITOR'S REPORT TO THE MEMBERS AND TRUSfEES OF GOODENOUGH COLLEGE Opinion We have audited the finanal statements of Goodenough College (Ihe '¢haritsble parent companll and ils subsidiaries (the 'group') for the year ended 31 August 2023 which comprise the group statement offinancial activities, group and charitable parent wmpany balan sheets and statement of cash flows. the prinapal accounting policies and the notes lo the financial siatements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounling Standards, induding Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practi). In our opinion, the financial statements: • give a true and fair view of the state of the group's and of the charitable parent company's affairs as at 31 August 2023 and of the group's income and expenditure for the year then ended., • have been properly prepared in accordan with United Kingdom Generally Accepted Accounting Practice" and • have been prepared in accordance th the requirements of Ihe Companies Act 2006. th6 Charities and Trustee Investment (Scouand) Ad 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended). Basis for opinion We conducted our audit in accordan with Intemational Standards on Auditing (UK) IISAS {UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordants with the ethical requirements that are relevant to our audit of the financial slalements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eviden we have obtained is sufficient and appropriate to provide a basis for our opinion. conclS1OnS relating to going concern In auditing the financial statements. we have conduded that the trustees. use of the going concem basis of accounting in the preparation of the financial ststements is appropriate. Based on Ihe work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually or colleclively, may cast significant doubt on the group and charitable parent company's ability to continue as a going concem for a period of at least te1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevanl sections of this report. Other information The trustees are responsible for the other information. The other infomiation comprises thè information included in the annual report and financial statements. other than the financial slatements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent othémse explictuy stated in our report, we do not express any fom of assurance conclusion thereon.
Goodenough College Independent Report of the Auditor (continue(O for the year ended31 August2023 Other information (continued) In connection with our audit of the financial statements, our responsibility is to read the other information and. in doing so. consider whether the other infomation is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether there is a material misststement in the financial statements or a material misstalement ofthe other infomiation. If, based on the work we have perfomied, we conclude that there is a material misstatement of this other infOatiOn, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the thmpanies Act 2006 In our opinion. based on the WO undertaken in the course of the audit: • the infonnation given in the trustees. report. which is also the directors, report for the purposes of company law and includes the strategic report, for the financial year for which the financial statements are prepared is consistent wth the financial statements,. and • the trustees, report , which is also the directors. report for the purposes of company law and includes the strategic report. has been prepared in accordan with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the group and the charitable parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the truslees, reporl including the slralegic report. We have nothing to report in respect of the following matters in relalion to which the Companies Act 2006 and the Charities Accounts {ScoUand) Regulations 2006 (as amended) requires us to report to you if, in our opinion: proper and adequate accL)unling records have not been kept by the charitable parenl company. or retums adequate for our audit have not been received from branches not visited by us- or + the Gharitable parent wmpany financial statements are not in agreement with the acwunting records and retums,. or + certain disclosures of trustees, remuneration specified by law are not made" or • we have not received all the information and explanations we require for our audit. Responsibilities of trSteeS As explained more fully in the trustees. responsibilitvas statement, the truslees (who are also the directors of the charitsble company for the purposes of company law} are responsible for the preparation of the financial stalements and for being satisfied that they give a true and fair view, and for such intemal control as the trustees detenIne is necessary to enable Ihe preparation of financial statements that are free from material misstatement, whether due to fraud or emr. In preparing the financial statements, the trustees are resFonsible for assessing the group's and the charitable parent company's ability to continue as a going concern, disclosing. as applicable, matters related to going concem and using the going conrn basis of accounting unless the trustees either intend to liquidate the group or the charitable parent company or to cease operations, or have no alistic altemative bLrt to do so. 21
Goodenough College Independent Report of the Auditor (continued) for the year ended 31 August 2023 Auditor's responsibi]ities for the audit of the finaneial statements Our objectives ara to obtain reasonable assuran about whether the financial statements as a whole are free from material misslalement, whether due to fraud or error, and to issue an auditor's report Ihat includes our opinion. Reasonable assuran is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS {UK) will always detect a material misstatementwhen it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregale, they could reasonably be expected to ir7flUen the economic decisions of users laken on the basis of these financial statements. Irregularities, including fraud, are instances of non-complian with laws and regulations. We design ProdureS in line with our responsibilities. outlined above, lo detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below= Our approach to idenbfytng and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: • the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or renISe non-complian wilh applicable laws and regulations- • we obtained an understanding of the legal and regulatory frameworks thal are applicable to the group and the charitable parent company and detemined that the most significant frameworks which are directly relevant to specific assertions in the finanaal statements are those that relale lo Ihe reporting framework (Statement of Recommended Practi.. Accounting and Reporting by Charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 1021 and the Charities Act 2011) and those that relate lo data protection (General Data Protection Regulationl- and • identified laws and regulations were communicated within the audit team regularfy and the team remained alert to InStanS of non-compliance throughout the audit. We assessed the sUsptibIlity of the group's and the charitsble parent compan$ financial statements to material misstatement, induding obtsining an understanding of how fraL might occur. by.. • making enquiries of management as to their knoledge of actual. suspected and alleged fraud,. and • considering the intemal controls in pla to mitigate risks of fraud and non-complian with laws and regulations. To address the risk of fraud through management bias arKI override of controls, we: + perfomied analytical procedures to identfy any unusual or unexpected relationships., • tested joumal entries to identfy unusual transactions" • ass8ssed whether judgamants and assumptions made in detemiining the accounting estimates were indicative of potential bias- and • tested authorization controls on expenditure ilems, including staff expense claims, to check that all expenditure was approved in line with the group's and the parent ¢haritable company's financial pro¢edurés- 22
Goodenough College Independent Report of the Auditor (continued) for the year ended31 August 2023 AuditoFs responsibilities for the audit of the financial statements (continued) In response to the risk of irregularities and non-mplIance with laws and regulations, we designed procedures which included, but were not limited to: • agreeing financial statement disdosures to underfwng supporting documentation: • reading the minutes of meetings of thos& charged with govemance.. and • enquiring of management as to actual and potential litigation and claims. There are inherent limitations in our audii procedures described above. The more removed that laws and regulations are from financial transactions. the less likely it is that we would become aware of non-Gompl1an. Auditing standards also limil the audit procedures required to identify non- Complian wilh laws and regulations to enquiry of the trustees and other managemenl and the inspection of regulatory and legal corresponden, rf any. Material misstatements that arise due to fraud can be harder to deted than those that arise from error as they may involve deliberate cOnalment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at vpMY.frc.org.uklaudiiorsresponsibilities. This description fOS part of our auditor's report. Use of our report This report is made solely to the charitable company's members, as a bcdy, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charity's trustees as a body, in accordance with Seclion 44(1){Gl of the Charities and Tnjslee Investment (Scotland} Act 2005 and Regulation 10 of the Charities Accounts {Scotiand} Regulations 2006. Our audit work has been undertaken so that we might state to the charitable CoMpanS members those matters we are required lo state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not a¢pt or assume responsibility to anyone other Ihan the Gharitable company and the charitable companvs members as a body. for our auditwork, for this report, or for the opinions we have formed. Katharine Patel (Senior Statutory Auditor} For and on behalf of Buzzacott LLP, Statutory Auditor 130 Wood Street London EC2V 6DL Date.. 01 February 2024 Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006. 23
Goodenough College
Consolidated statement of financial activities (incorporating a consolidated Income
and Expen(liture account)
for the year ended31 Augilst 2023
End
Goodenough College Balance Sheets as at31 August 2023 Company Reglstratlon No: 0024ts19 BAIANCE SHEETS AS AT 31 AUGUST 2023 Group Charity Noles 31 August 2023 £'ooo 31 August 2022 £'IK)O 31 August 2023 £'ooo 31 August 2022 £'ooo FIXED ASSETS Tangible assets Freehold land and buildings Heritage assets Fixtures, fittings, plant & equipment 163.973 310 1,071 165.354 19,396 3,976 165.357 310 1,130 166.797 19.341 3,928 163,973 310 1.071 165.354 19.396 3.976 250 188.976 165,357 310 1.130 166,797 19,341 3,928 250 190,316 Iob Investments Investment properties Investments in subsidiaries 11b Ilb 12 188,726 1.066 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 13 806 5.953 6.762 1.160 2,741 3.909 838 4735 5,576 1,079 2,157 3,244 CURRENT LIABILITIES Amounts falling due within one year 14 (42501 13,668} (3.485) {3.4241 NET CURRENT ASSETSIILIABILMES) 2,512 241 2.091 11801 TOTAL ASSETS LESS CURRENT LIABILITIES 191.238 1,307 191.067 190,136 Creditors: amounts falling due after more than one year TOTAL NET ASSETS 15 (40.0601 (40.000) {40.060) 140,000) 151.178 150,307 151,007 150,136 Restricted funds Endowment Funds Unrestricted funds Designated funds General funds 16 12,289 271 12.678 12,289 271 12,678 17 17 130.332 8.286 129.259 8.370 130,332 8,115 129,259 8,199 TOTAL FUNDS 151.178 150.307 151,007 150.136 The notes on p8ge$ 29 to 51 fom) part of these Finarrial Statements. These Financi81 Statements were approved and aulhorised for issue by the Tnjslees on 25 January 2024 and ned on their behalf by- Stuart Shilson LVO DL President of the College (and Chalr of the Board) 25
Goodenough College Consolidated Statement of Cash Flows for the year ended31 August2023 CONSOLIDATED STATEME[ OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2023 Notes 2023 £'ooo 2022 £'ooo Cash flows from operating actlvltles: Net cash provided by operating activities Interest paid on loan Loan costs {a) 4,858 {1,241} 1,726 {1,241) Net cash generated fmm operating activitses 3.609 477 Cash flows from investing activities: Dividends, interest and rents from investments Purchase of property, plant and equipment PrOedS from sale of investments Purchase of investments 1,228 {1.211} 1.186 3,459 (2,256} 1,(N)5 12,4121 2,498 1,779 1688) Net cash (used in) investlng actlvhles Change In cash and cash equlvalents In the reporting period 1.353 12111 Cash and cash equNalenls al 1 September 5,047 5,258 Cash and cash equivalents at 31 August (b) 6,400 5,047 Analysis of changes in net debt Cash flows 31 August 2023 Sgpternber 2022 £'ooo £'ooo £'ooo Cash al bank Cash equivalents 2,741 2,306 5.047 3.212 1,859 1,353 5,953 447 6,400 Loans falling due after more than one year (40.0001 140.000) Total 34.953 1,353 33,600 26
Goodenough College Consolidated Statement of Cash Flows (a>ntinued) for the year ended 31 August 2023 2023 £'ooo 2022 £'ooo (a) Rgconciliation of net incomg to ngt cash providgd by opgrating activities Nel incomel{expendilurel fof the reping period Adjustments for. Depreciation charges Losses on inveslments Dwidends, interest and rents from investment Impairment Loss on disposal Interest payable on loan Loan costs Decrease in stock Decrease in debtors Increase in creditors 871 {3,386} 2,631 2.425 1,373 11.0051 296 21 (1,228) 23 1.241 1,241 354 642 153 Net cash Infiow from operating activiiies 4.858 1,726 Ib} Analysls of Cash and Cash Equivalonts 1 Soptembgr 2022 £'ooo Cash flows £'ooo 31 August 2023 £'ooo Cash al bank and in hand Cash held by investment manager Total cash and cash equlvalents 2.741 2.306 5.047 3,212 1,859 1,353 5.953 447 6.400 27
Goodenough College Consolidated Staternent of Financial Activities fi)r the year ended 31 August 2022 CONSOIIDATED STATEMEhY OF FINANCIALAcrtvrrILs FOR THE YEAR ENDED 31 AUGU 2022 Unrestricted Funds Year to 2022 £'ocN) Restrcted Funds Year lo 2022 £'o Total Funds Yearto 2022 £'ooo Notes Income from: Donations and legacies Charitable aclwilie$= College community a(xommodation Trading aclivilies.. Commercial accomrnodalion Catering, Events and Venue Hire Investments 331 365 7,851 318 8.169 733 1,058 733 1.058 1.005 107 Total 10,574 756 11.330 Expenditureon: Raising funds Investment management Fundraising Trading acltvilies Charitable activities.. Attracting outstanding postgraduate students Transforming College Members Raising the College's profile SusL9ining the College Total 97 179 1,621 104 179 407 402 1.248 7.582 341 2,294 13,369 7,180 341 2,280 12,539 14 830 Not {expenditure) bèfore other gains l {lossesl 11,9651 174) {2,039) Net {lossesl I gains on investments 11,353) {1,3471 Ngt1gxpondituro} (3,3181 (681 (3.3861 Transfers between funds 16, 17 14) Ngt movèmont in funds (3,3221 (641 (3,3861 Rgconciliation of funds: Total funds br(iught forward Nel movement in funds Total funds carried forward 140,951 3,322 137,629 12,742 153.693 3,386 150,307 12,678 28
Goodenough College Notes to the Financial Statements For the year ended31 Augilst 2023 AccouNfiNG POLICIFS (al Basis of preparation The Financial Stslements have been prepared under the historical cost Convention, as modrfied by the inclusion of investments and investment properties at fair value at balance sheet date. The financial slalements have en prepared in accordance wtth Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 {effeclive 1 January 20191- (Charities SORP IFRS 1021), the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) and the Companies Act 2006 and the Charities Act2011. They also comply wth the Charities and Trustee Investment Iscouandl Act 2005 and the Charities Accounts (Scollandl Regulations 2006 and applicable accounting standards. The accounting policies have been applied consistenuy throughout the aetounts. Goin COrern The Truslees reviewed the College's surplus operating budget the year 2023124 arTrd the subsequent long term forecast in 2023 and were content Ihat these plans were affordable and that the accounts should be prepared on a going concern basis. There has been a hvJh volume of applications for places in the College for the 2023124 acadern year, with occupancy levels achieving expectations. The Hotel reopened in September 2022 and subsequently outperfornied budget by a signrficant margin and continues generate a higher contribubon than was historically achieved . Current 2023124 finanal perfomance ahead of budget. The College holds in excess of £21 m in unrestricted funds not representing current operating assets, of which £3m is in investment property and £18m in liquid investments managed through our investment managers. The invested portfolio indudes in eXsS of £8m invested in short and medium term funds where capital preservation is the key investment strategy. In total these reseNes are well in excess of the annual turnover and annual cash flow requirements of the College. Given the strength of the balance sheet and the 8V8ilabilrty and liquidtty of unrestricted investments the Trustees believe that, while uncertainty exists. this does not pose a materi81 uncertainty that would cast doubl on the charity's ability to continue as a going concem. The Trustees, therefore, consider il appropriate for the aco)unls lo be prepared on a wing nCern basis. Further detail on the availabilty of unrestricted funds can be found on p12 of the Trustees, Rgport {bl Company status The Charity is a company limited by guarantee. The Members of the Company are the Trustee Board named on page two, who are also the Director5 of the Company for the purposes of company law. In the event of the Company being wound up. the liabilty in respect of the guarantee is limited to one pound per Member of the Company. 29
Goodenough College Notes to the Financial Statements (continued) for the year ended31 August 2023 i. AccouNfING POLICIES (continued) (c) Key assurnptions and estimates Key assumptions and estimates are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under th8 circumstances. The assumptions and estimates that are likely to cause any material impact to the accounts are set out below.. Valuation of Investment Properties - as disdosed in note 11, the fair values of the investment prOrtIeS are reviewed al the balance sheet date lo delerniine any changes in value. This is done by reviewing key propety price indicators for the local area or an external valuation by RICS registered valuers. Depreciation- Fixed Assets are depreciated on a straigm line basis as set out in note 1 i) Tangible Fixed Assets. (d) Income l income is recognised in the SOFAwhen the Charity has met Cnd[l10n5fOr receipt, receipt is probable and the amount can be quanlrfE(J with sufficient reliabiltty. Investment income: Investment income is accounted for when receivable. Legacies.. Legacies are deemed recetvable from the dale of notrficalion, provided that sufficient information has en received lo enable the Group lo calculate enlitlemenl and receipt is probable. Grfts in Kind.. Don8tN)ns in kind are recognised al their valLte to the Charity when they are received. No amounts are induded for services donated by vdunleers. GOvernnt grants.. Income from Govemment and other grants, whether 'caprtal' grants or 'revenue' grants, is recognised when the charity has entiuement lo the fvnds, any performance conditions attached lo the grants have been mel. it is probable that the income will be received and the amount can be measured reliably al is not deferred. In respect of the furl(KJgh grant,. all conditions, wrth respect to the eligible cos15 being daimed, need lo be mel. (e) endIture All expenditure is acxx)unled for on an accruals basis and has beer¢ classrf*d under headings that aggregate 211 costs related lo that category. Investment Management costs represent the fees incurred on raising Investment Income. Fundraising costs represent expenditure in relation to fund-raising and publicity costs. Direct expenditure incurred on charitable activities is identified against one of the four strategic goals of the charity. Support costs represent expenditure incurred in general management. Trustee related costs and audit costs and are apportioned across the fixjr strategic goals. See note 6 for further information.
Goodenough College Notes to the Financial Statements (continued) for the yeor ended 31 August2023 I. ACCOUNTING POIICIES (continued) (D Fund accounting The College maintains various offunds as follows: i) Restrieted funds The Burn Restricted fvnds indude donaliorts f1Ved which were allocated by the donor for the upkeep ofThe Bum, a Scollish study aThJ holK18y (*ntre for students and graduates. In additM)n other donations which a earmarked for parbcular purF#)ses are trealed as restricted funds. ii) Endowment FunqL8 Endowment funds comprise the Chiistopher G. Argyns Student Activity Fund which is an expendable endowment fund providing support community participation at the College, and particularfy the performance of opera and Oean's Seminars. Total distributions from the Fund in any year are not lo exceed 5% of the fund unless the value of the fund falls below £12,500, in which case the balance may be distributed and the fijnd dosed. iii) Unrestricted funds Designated reserves are amounts which have been put aside al the discretion ofthe Trustees and comprise.. Tangible fixed asset reserve representing the value of all reserve5 used for operating tangible fixed assets lexduding Ihose of The Bum, which are re5tritedl and only realisable by the disposal of these fixed assets. Inveslment woperty reserve represents the value of all reseNes held in investment properties and only reali5atAe by the disposal of these fixed assets. AssetReplacement Reserve (ARR) has been established to hold the current level of fijnds identified for the future replacement and refurbishment of the buildings. fixtures, fittings and equipment of London House, William GOCenOugh House and the Hotel in support of the Asset Replacement Plan currenuy covering a 30 year period to 2046. College Development Reserve (CDR) was established lo hold the funds in excess of those required to settle previoLbS borri)wing when the College's debt was reslructLtred in June 2017. These funds have been designated ty the twslees lo fund the further development of Goodenough College above and beyond the refurbishment and replacement (rf existing assets as provided for in the Asset Rea¢ement Reserve and to include inveslfflenl in 'intangible' matters otherthan fixed assets. The final criteria for its use would be determined Ihmugh the development of the Cdlege Strategy. 4347 hAecklenburgh Square Reserv& was established by the Tfuslees to support the future development of 4347 Mecenburgh Square. Other desunaled funds reser represents olher funds designated by the Trustees for particular purposes. Gen8ral unreStrted funds represent fvnds which are expendable al the éiscrelion of the Trustees in the furtheran of the objects of the company. Such funds may be held in order to finan working capital or capital investment aNI include the College's reserve. 31
Goodenough College Notes to the Financial Statements (continued) for the year ended 31 August 2023 i. ACCOUNTING POIJCIES leontinued) (g) Financial instruments Financial assets and financial liabilities are recognised when the College becomes 8 party lo the contractual provisions of the instrument. All financial assets and liabilitS are initially measured al transaction Pri (including transaction costs). Basic finanual instnjments are initially recognised al transaction value and subsequendy measured at their setuemenl value. Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. Creditors and provisions are recognised where the College has a present obligation resulting from a past event that wll probably result in the transfer of ftjnds to a third paty and the amount due lo settle the olJigalion can be measured or estimated reliably. Creditors and provisions are normally recognised al their sethement amount after allowing for any trade discounts due. Other financial instruments are initially recognised at fair value and any changes to their fair value are subsequendy recognised in the SOFA under'net gains I Ilossesl on financial instruments,. (h) Taxation Goodenough Cdlege is a Charity within the meaning ol Paragraph 1 Schedule 6 Finance Act 2010 and therefore il meets the definition of a chariiable company for UK corporation purposes. Accordingly the company is potentially exempl from taxation in respect of I)me or capital gains received within categories covered by Chapter 3 of Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1932. to the extent that such income or gains are applied exclusively to charitable purposes. The subsidiaries make qualifying donations of all taxable profft lo Goodentrjgh Cdlege. Income from Grft Aid tax redaimed is recognised in relatn to qualrfying donation5 receNed. The College is registered for Value Added Tax {VATI. Any irrecoverdble VAT is charged lo the Slalemenl of Financial Activities. {1) Tangible fixed assets The College has elected to present the ¢Yeemed cost of its freehold assets at the value held al 1 April 2014, as permitted under the FRS102 transtiional arrangements. Where there is an indication of an asset being impaired the recoverable amount is idenithed and the impairment Ios5 is recogllised a5 expenditure in the Statement of Financial AclNilies. Depreciation on fixed assets is charged so as to write down the value of properties and material components over their expected useful lives, on a straight lirTre basis as follows.. 32
Goodenough College Notes to the Financial Statements (continued) for the year ended31 August 2023 I. ACCOUNfiNG POLICIES (continue(O (i) Tangible fixed assets {continued) Lrfe {years) Freehold buildings Roof work Lifts Bathrooms. healing, water. electrical and gas systems, and boiler equipment Venlilalion and fire detection systems and fire slopping works Access and telephone system Vehicles Computer and other offe equipment Computer soffvtsre Furniture Improvements to Freehold {including room refurbishment) Other plant and equipment and other fixtures and frttings 15-50 25-30 10-25 10-15 10 &20 15 4-15 The mixed use property is accounted using the o)st model as allowed under the Charities SORP IFRS 1021 as the fair value of the investment comp)nent cannot be measured reliably, and it is rented out lo a group entity. (i) Heritage Assets The College has elected lo present the deemed cost of its Heritage Assets al the value held at 1 April 2014, as pemiitted under the FRS102 transitional 8rr8ryments. Heritage Assets are not depreciated. The College has reviewed its Herttage Assets and does not consider that any impairment al 31 August 2022 is necessary. (i) Investments Investments are valued at bid value as at the balance sheet dale the surplus or deficit arising from this revaluation is shown within 'net gains I Ilossesl on investments, on the face of the SOFA. Realised gains and losses represent the drfference beeen the sale preedS and the opening market value of an investment or cost rf purthased during the year and are also shown wtthin this line. (k) Investment properties Investment properties are held initially at cost and subsequently at fair value at the reporting dale. Any Gains or Losses are recognised under'Nel gainsl {losses) on investrnenls, on the Statement of Financial Aclivilies. Investment properties are not depre¢iated. (l) Stocks Stocks are slated al the lower of cost and net realisable value and comprise consumable goods. (m)Operating leases Rental costs under operating leases are charpj to the SOFA in equal amounts over the period of the lease. (n) BoTroMryng costs Interest and ¢harge5 are expensed and charged lo the SOFA when incurred.
Goodenough College Notes to the Financial Statements (continued) for the year ended 31 August 2023 I. ACCOUNfING POIJCIFS (continued) (o) Pension accounting policy Goodenough College makes contributions lo emFAoyees' defined o)nlribulion pension plans. Contributions are charged to the SOFA as they become payable. They are analysed across expenditure according lo Ihe activity of the scheme members. (p) Caslfflow statement Cash and cash equivalents irludeS cash in harKJ. deposits with banks and cash held withSn the investment portfolio. Interest paid is dassffied as a cashflow from operating aclivf(ies as they are induded in the stslemenl of finarKial activities. this dasSffitn Is consistent wtth prior periods. DONATIONS AND GACIFs Unrestricted funds 2023 £'o¢xJ Reslricted f¥Jnds 2023 End0Ment funds 2023 £'ooo Total funds 2023 000 Total funds 2022 £'ooo Donations Consolidated donations income Donations from subsidiaries (note 171 23 235 281 539 365 23 235 281 $39 2,717 2.717 48 Charity donations income 2.740 235 281 3.256 413 Of the lolal funds staled for 2022. £331 k was restricted and £34k Un$ted. There was no endowment income in 2022. Of these donations £2k12022'. £64k) was received from Trustees. EndowTnent funds 2023 £'ooo T<)tsl fijnds 2023 Total fvnds 2022 Jnds 2023 fijnds 2023 £'ooo £'o Income from UK listed investments Income from overseas listed investments 145 31 179 128 68 Rent from propety Other interest- short-temi deposits 758 699 97 97 48 1,128 1,228 1,005 Of the total funds stated for 2022, £107k was restrthd and £898k unrestricted. There was no endowment income in 2022.
Goodenough College Notes to the Financial Statements (continued) for the year ended31 August2023 4 TRADING INCOME Trading income comprises income arising from the College's two trading Subsidiaries as detailed in note 12. Included wtthin trading income is a total of £Nil {2022'. £12kl arising from Coronavirus related business grants received by Goodenough Trading Limited {fomiedy Goodenough Club Limiledl and Goodenough Ventures Limited. 5 ll¥COME FROM COLLEGE cHARrrAB AcTlFs Unrnstricted funds 2023 Endowment funds 2023 fvnds 2023 Total funds 2023 Totsl ftbnds 2022 £YJTh) £'ooo £'LK)o College a¢xommodation income 8,294 7.851 The Bum income 318 8.642 8,169 Included within income from College charitable activiknes for the prior period is £1.5k relating lo the Coronavirus Job Retention Scheme and £2.1 k rdaling to other coronavirus grant funding. There was no such funéing in the current year. Of the lolal funds stated for 2022. £318k was reslricted and £7,851k wa5 unrestricted. There was no endowment income in 2022. Direct Costs 2023 Support Costs 2023 Total funds 2023 Total funds 2022 £00 rooo £'ooo Attracting outstanding sx)slgraduate students Transforming College Members Raising the College's profile SustainiTrJ the College 1.028 1.234 1,248 7,582 6,937 1.257 8.194 274 329 341 123 1,984 2,294 10.100 1,641 11.741 11,465 The College has paid £5k12022. £597k) to College members a$ scholarships and txJrsarie$, including hardship funds. 35
Goodenough College Notes to the Financial Statements For the year ended31 August 2023 SUPPORT COSTS 2023 £'ooo 382 2022 £'ooo Finance 343 559 622 341 35 468 HR 212 37 Governan Other general overheads 523 1,848 These support costs are spl¢t across the followng areas". Raising funds Charitable aclivittes 207 182 1,492 1,641 1.848 Yoar to 2023 Year to 2022 £'ooo £'ooo Support Costs Council and Board meeling costs Fees payable to the auditors - College Other Fees 35 37 Included within direcl costs are fees payable lo the audttors relating lo the subsidiary companies of £15k (2022: £25k}. Y•ar to 2023 £'ooo Year to 2022 £'ooo Fees payable to the COmpanS audrtm.. ststulo audit Current auditors Previous auditors Tax adviso services Current aLJdilors PrevKJus auditors 36 48 12 19 52 67
Goodenough College Notes to the Financial Statements (continued) for the year ended31 August2023 Year to 2023 £'ooo Year to 2022 £'ooo Net incomellexpenditurel for the year is stated after charging.. Amounts payable to auditors IGroupMnote n Depreciation of tsngible fixed assets Operating lease charges 52 2.631 19 67 2,425 INFORMATION REGARDING STAFF AND TRUSTEFS Headcount 2023 No. Full Time Equivalent 2023 2022 No. No. 2022 No. Average number of employees {during the perii)d.. College Hotel The Bum 72 59 10 10 79 62 10 19 95 20 95 72 Year to 2023 £'ooo Year to 2022 £'ooo Wages and salaries Social security costs Pensions Other benefits 2,492 281 119 59 2.951 2,769 305 136 71 3,281 37
Goodenough College Notes to the Financial Statements For the year ended 31 August 2023 INFORIUTION REGARDING STAFF ND TRUSTEFS (continued) The number of staff paid over £60.000 during the reporting pericmj {salary plus laxable benefits excluding pension contn"bulions) was.. Yearto 2023 No. Year to 2022 No. £60,001 - £70,000 £70.001- £80,000 £80,001- £90,000 £110,001- £120,(M)O £120,001 - £130,CK)o £130,001 -£140,IXJO £160,001- £170.000 Trustees, remuneration Members of the Board of Trust*s (who are all directors within the meaning of the COmpanS Act 21X)61 receive no remuneration or taxable benefits for their seryws. During the yearsix (2022.. two) Trustees were reimbursed or had amounts paid on their behafffor sundry Board expenses ineurred tolalling £3,358 {2022.' £3421 relating to travel and subsistence. Trustees may stay in College accommodation in the course of their duties as tnjstees. During the year and up lo the date of approval of the Annual Report and Finanaal Stalemenls, there was a qualfying third-paty indemnity in Pla for directors. as allowed by Section 234 of the Companies Act 2006. Pension schemes The Company operates stakeholder penSn schemes administered by Legal and General. The employer's contn"bulions are 10Vo of pensionable salary for senior staff and are matched to those of the qualrfying employees lo a maximum of 5Yo of pensionable salary for other staff and amounted to £119,32312022.. £135,569). Al 31 August 2023 outstanding payments due to the scheme were £23 12022.. £22,148). Kg mana gment orsonnel Key management personnel of Goodenough College cornprise the Trustees and those employees making up the Executive team. consisting of the Director, the Director of Finance and Resources, the Director of Operations, the Director of Development and External Relations, the Dean. the Registrar and the Bursar to the Bum. The aggregate compensation Iremuneralion plus benefits and employerfs National Insurance Contribulionsl paid or payable to 'key management personnd, during this reporting period was.. £852,68812022= £870.816). Rgdundan and termination ments Total payments incijrred during this year in relation to redundancy and termination pay were £67,000 12022.. £25,750) paid lo tsvo individuals. The accounting policy is lo recognise termination payment liabilities on communution of redundaney or termination and when quantrfiable. Such payments are aoUnted for as staff costs.
Goodenough College Notes to the Financial Ststements (continue(O for the year ended 31 August 2023 io TANGIBIE FIXED ASSETS la) Fr•ohold proporties consolidat and company Astset$ under onstruction £'ooo Land and buildings at deemed cost College £'ooo Th• Bum £'ooo Total £'ooo Brought forward deem cost at 1 September 2022 Additions Transfers Disposals At 31 August 2023 158.541 620 11.104 11,209 319 {561 180,854 213 181.S85 159,¢X19 11.109 11,467 DepTecialion Brought forward at 1 September 2022 Disposals Charge for the year At 31 August 2023 14,545 1208) 2,207 16,544 952 15.497 (208} 2.323 17.612 116 1.068 Net book value at 31 August 2023 142,465 11,467 163.973 Net book v81ue at 31 August 2022 143,996 10.152 11.209 165.357 Freehold properties consisted of sbjdent ac(rtrmmfyYation, the hotel (The G)enOugh Hotel, London) and The Bum. They were all the subject of independent valuations, for inclusion in the accounts at 31 March 2013, provided by Drivers Jonas Deloitte, Willis Ltd, Ecclesiasti1, Bell Ingram and Alpha Browett Taylor. Assets under construction (#)nsist mainly of the properbes al 4346 Mecklenburgh Square. previously held as investrnent properties. The lease on the properties expired on 26 November 2019 and the intention of the College is lo convert them into addilDnal student accommodation. Accordingly they are no longer held as investments and were trdn5feffed lo freehold properties al a value of £11 m in the year ended 31 March 2020 and are treale(l as being al deemed cost. This is based on a valuation provided by Alpha Browett Taylor induded in the accounts al 31 March 2018 and confirmed by them in June 2019. Further work on the project as well as other ongoing works at the college premises during the year amount lo £319k. No depreciation is applied lo these assets as Ihey are not in operational use. Also included in Freehold Properties are the College's Royal Albert Hall seats, held al historic cost of £350. The seals were purchased by the College in 1967 2nd are held on a 999 year lease from 1867 Excluding 4346 Mecklenburgh Square. the historul cost nel Ixx)k value of the land and buildings rf the revaluation had not tsken place would be £30.2m {2022'. £31.4m}. The hislorul cost of 4346 Meckienburgh Square cannot be determined. One ofthe College's properties is used by Goodergh Trading Ltd, trading as The Goodenough Hotel, London. a wholly owned subsidiary of Goodenough College. The purpose is lo provide short-slay accommod21ion close to the college for alumni and others assocled with the College as well as supporting college events. The hotel is also open to external guests. Due to the level of shared facilities and services with the College it is not possible lo separate out the proportion of the site that relates to external guests so the entire property is treated as a functional fixed asset and held al depfeciated cost of £15.9m1£16.1 m in 2022). 39
Goodenough College Notes to the Financial Statements (continue(O for the year ended 31 August 2023 io TANGIBLI FIXED A&SET3 (continued) {bl Heritage assets Consolldated and company The 8urn £'o(x) College £'ooo Total £'ooo Deemed cost al 1 September 2022 Additions At 31 August 2023 310 29) 310 Heritage assets comprise paintings and fumitu whtch are available for use and enjoyment of College members, staff and guests throughout the College and Bum. The Director of Finance and Resources leads on the preservation and management of Heritage assets. The College maintains an asset register which details the location, value and description of the assets and ensures that they ar8 Iced in an appropriately se(JJre arKJ managed environment. A valuation of the herilage assets was carried out in 2013 and is treated as deemed cost. The Trustees do not consider that any impairnienl al 31 Augusl 2022 is necessary. The deemed cost at 1 April 2017 was £300k, and the only subsequenl transaction was an addition of £10k in the year ended 31 March 2019. (c) Flxtures. flttings. plant and equlpment Consolidated and company Assets under construction £'ooo The Burn £'ooo College Total Cost al 1 September 2022 Additions Transfers Disposals Al 31 August 2023 3.370 266 32 87 3,506 267 132} 118) 18 3.755 87 Depreciation at 1 September 2022 Charge for the year Al 31 August 2023 82 2,376 308 2.684 307 2,601 Net book value at 31 August 2023 1,067 1.071 Nel book value at 31 August 2022 1,076 49 1,130 li 40
Goodenough College Notes to the Financial Statements (continued) for the year ended 31 August 2023 The Bum £'ooo la} Investment properties Land and buildings at valUan.. College Totsl £'ooo Carried forward at 1 September 2022 Revaluation Al 31 August 2023 3.068 860 18 878 3.928 3.098 3.976 The College investment properties were the subject of an independent market valuation for indusion at 31 August 2022 by Apha Browett Taylor, RICS registered valuer with the necessary knowledge and expertise to provide this valuation. In 2022123 an inlemal exercise was carried out lo assess rf the value of similar properties in the local area had changed during the financ1 year. The College investment properties were revalued upwards by £30k as a result (2022.. dolWardS by £452kl. The Burn investment properties were the subject of an indepermlent market valuation ft)r indusion at 31 August 2022 by J & E Shepherd, RICS registered valuer wlh Ihe necessary knowledge and expertise to provide this valuation. In 2022123 an intemal exercise was carried out lo assess rf the value of similar properties in the Iwal area had changed during the financial year. The Bum investment properb'es were revalued upwards by £18k as a result (2022.. £50k). Consolidated and Company 31 August 31 August 2023 2022 {b) Ll$t¢d Invostmonts £'ooo £'ooo Market Value at 1 September Addition5 at C05t Proceeds from disposals Realised {loss}Igain Unrealised Ilossl arket value at 31 August 17.035 3,457 {1.186} 181) 276 18.949 18,725 1,779 12.498} 141 1.112 17.035 Llsted Investments cornprlse the followlng: Investments listed on a recognised stock exchange - Equities Investments listed on a rec4)gnised stock exchange- 8onds lemalive Funds Market value at 31 August 9.459 2,203 7.287 18.949 9.410 625 7,000 17,035 Investment assets in the Uniled Kingdom Investment assets outside the United Kingdom Market value at 31 August 12,860 6.089 18.949 12,337 4,698 17,035 Cost at 31 August 15,799 13,751 41
Goodenough College Notes to the Financial Statements (continued) for the year ended31 August 2023 11. IIWESTMEIVTS HEII) AS FIXED ASSETS (Contimd) Total investments Listed investments Imarkel value) Short term deposits in the portfolio Investment properties Imarkel value) Investments at 31 August 11b 18,949 447 3,976 17,035 2,306 3,928 23,269 11a At 31 August 2023 the College held the following investments which represented more than 50h of the portfol value: £'ooo % of portfollo CG Absolute Return Fund Class M Shares Link Fund Solutions Trojan S Inme Treasury OVD T-Bill 1811212023 2,438 4,136 2,095 12.9% 21.8% 11.1% 12 SUBSIDIARYUNDERTAKINGS The College owns 100% of the issued capital of the following companies. Company Inv•stment at Cost Subsldlary und&rtaklng Goodenough Trading Limited Goodenough Ventures Limited 250.000 250,2 Th8 registered office of both subsidiaries is London House. Mecklenburgh Square, London, WC1 N 2AB. Summarised finanaal results of Goodenough Trading Limited {Comp8ny Registration 2684378} are sel out below and are induded in the consolidated SOFA. All activities relate to continuing operations. The following inlercompany transactions a induded wrthin the subsidiary results. The £5.027k 12022: £733kl lotal income includes £3k 12022.. £nil) for sales to the parent company. Commercial accommodation income of £5,024k12022- £733k) has been included within the consolidated slalemenl of finanoal activities in relation to the activities of this subsidiary. The £2,353k (2022.. £691 k) 'Cost of Sales. indudes £241 k12022'. £258k) in charges to the subsidiary by the parent company for the use of parent company resources, £3k12022'. £Nill in costs of providing services lo the parent company and £133k12022'. £1k) in charges from Goodenough Ventures for the provision of services. Trading activity expenditure of £2,217k {2022.. £691 kl has been included within the consolidated stslemenl of financial activities in relation to the activities of this subsidiary. 42
Goodenough College Notes to the Financial Statements (continued) for the year ended31 August 2023 12 SURSIDIARY UNDERTAKINGS (continued) Year to 31 August 2023 £'ooo Year to 31 August 2022 £'ooo Hotel accommodation Short Stay accommodation Turnover Cost of Sales 3.936 1.091 5,027 2.353 2,674 727 727 691 Other income Qualrfying distribution under deed of covenant Profitlllossl 2.674 42 Assets Liabilities Shareholders. fund$ 1.226 805 421 556 135 421 Goodenough Ventures Limited (Company Registration 09342926) is an evenls and venue hire business which commenced trading in October 2015." Summarised financial results of Goodenough Ventures Limited are set out below and are included in the con501idated SOFA. Al actwilies relate to continuing operations. although these operation were transferred to Goodenough Trading Limited from 1 September 2023. The following inlercompany Iransaclions are included wrthin the subsidiary results. The £1,987k {2022: £1.644kl total inLxJrne indudes £617k (2022.. £584k) for sales to the parent Company, and £133k12022.. £1 kl for sales lo other group entities. Catering Events and Venue Hire income of £1,238k {2022.. £1,058k) has been included within the consolidated statement of financial activities in relation to the activities of this subsidiary. The £1.943k12022.. £1,516kl 'C05t of Sales, includes £177k (2022.. £163kl in charges to the subsidiary by the parent company for the use of parent company resources and £617k12022'. £585kl in costs of providing catering supplies for the parent company. The subsidiary was also charged £Nil12022'. £1231 by the parent company in loan interest. Trading activity expendibjre of £1.326k {2022'. £930kl has been included within the consolidated statement ol financial activtties in relation to the activities of this subsidiary. 43
Go(Klenough College Notes to the Financial Statements (continued) for the year ended 31 August 2023 12 SUBSIDIARY UNDERTAKINGS (continued) Year to 31 August 2023 £'ooo Year to 31 August 2022 £'ooo Events and Venue Hire Feeding College Members Hotel Breakfasts Turnover Cost of sales 807 1,047 133 1.987 720 916 1.638 1,516 122 Other income Qualifying distribution under deed of covenant Profivlloss) 123 Assets Liabilities Shareholders, fundslldeficil) 392 392 301 301 DEBTORS Consolidated 31 August 31 August 2023 2022 Charlty 31 August 2023 £'ooo 31 August 2022 £'ooo Trade debtors Amount due from subsidiary undertaknng Other debtors Taxes recoverable Prepayments and accrued Income 418 639 294 518 204 25 126 172 25 32 172 67 331 282 315 263 1,160 838 1,079 The amount due from the subsidiary undertaking to the Charity represents the amount due from Goodenough Ventures Limited.
Goodenough College Notes to the Financial Statements {ntInued) for the year ended31 August 2023 CREDrroRS: amounts falling due within one year Consolldated 31 August 31 August 2023 2022 £'ooo £'ooo Charity 31 August 2023 £'ooo 31 August 2022 £'ooo Tra¢Ye edItorS Amounts due to subsidiary undertaking Taxation and social securty Other creditors Accruals DefeThed income Other deferred discount 1.169 741 1,097 79 133 1.024 58 225 1,221 1.572 929 1.304 893 1.230 56 20 4.250 20 3.485 3,424 The amount due to the subsidiary undertaking from the Charity represents the amount due lo Goodenough Trading Ltd. Deferred income consists entirely of commercial rent reIVed from tenants in advance. Prior year deferred income related in full lo income rec4)gnised in the year ended 2023. A reconciliation is set out below". Movement In doferred Incomè In yoar Consolidated 31 August 31 August 2023 2022 £'ooo £'ooo Charlty 31 August 2022 £'ooo 31 August 2023 £'ooo Balance brought forward Released: Added Balance carried forward 42 1421 56 156} 42 142} {$6) 45
Goodenough College Notes to the Financial Statements (continued) for the year ended31 August 2023 CREDrroRS: amounts falling due in greater than one year Consolidated and charlty 31 August 31 August 2023 2022 £'ooo £'ooo Bank borrong Falling due in more than 5 years 40,000 40,000 Other Deferred Distount Falling due between 1 and 2 years Falling due btheen 2 and 5 years 20 Total 40,060 40,000 Bank borrowln On 2 June 2017 the College secured a £40m non amorbsing 30 year loan wrth Rothesay Life al a fixed interest rale of 3.1020/0. This loan is repayable in full in June 2047. The Rolhesay loan is secured against London House and William Goodenough House. Flnanclal Instruments Al the balance sheet dale the College held no complex financial instruments. Other deferred dlscount During 2022123 the College entered into a new 5 year catering contract. The lenns of the contra included the supplier refurbishing the College's catering ouuels. The value of the works has been treated as a discount to the contract whith will be applied equally to each remaining year of the contract, which will expire during 2027128.
Goodenough College Notes to the Financial Statements (continued) for the year ended31 August 2023 1 Sep'22 Tran8t8r In¢x¥rne Gains I losses EXpetX1itu 31 Aug'23 2022123 £'o(xJ £'coo £'cMxs £'ooo £'ocxJ £'ooo Burn Fund General fund Specrfic donations Investment property reserve Tangible red asset reserve Total Bum Fund Other restricted funds Scholarships and 8ursarie5 Specrfic donatkins Total other restricted funds Total restricted funds 1,158 121 438 (771 {6701 970 18 878 10,065 11,915 10,177 12.195 112 59 670 472 11 236 (3451 363 11 374 237 12.678 677 59 1,016 12.289 1 Sep?1 Transfer Income Gains I lS Expenditure 31 Aug'22 2021122 £'tXK) £'(MTJ £'ocN) £'ooo Burn Fund General fund Specrfic donations Investment propety reserve Tangible fixed asset reserve Total Burn Fund Other rèstricted funds Scholarships and Bursaries Specific donations Total other restrfcted fund$ Totsl rostricted funds 1.042 121 421 1231 (4031 15) 1,158 810 10,294 12.146 117 10,177 12.195 426 408 582 14 314 16 330 121) {403) 472 11 21 422 12.742 756 830 12,678 The Burn Fund represents the assets and liabilities of The Bum. induding a tangible fixed assets reserve, an investment property reserve and a general restricled fvnd. A transfer of £121 k has been made from the tangible fixed assets reserve lo the general restricted fund representing the movement in the net book value of fixed assets in the year. A transfer of £9k has been made from the Chartty's general funds to The Bum general restricted fund representing the element ol profit from Goodenough Ventures Limited activity that was generated at The Bum. SGhol8rship$ 8nd Bur$arS are donations specifically made for providing sthdarships and bursaries lo qualrfying merFTrbers. Only one specrfic fvnd {2022-. None) held more than £SOk at the 31 AugLtst 2023. This fund was for providing support lo Scholars at Risk. Specific donations are those to support specrfic aspects of College activty and projects. 47
Goodenough College Notes to the Financial Statements (contimied) for the year ended31 August2023 Gainsl Expendtbjra Inccrne Ilossesl £'oco £'o 31 Aug'23 £'ooo f Sep'22 £'ooo Transfer 202W23 £'c4)0 Tangible fixed assel Long term loan Tangible fixed asset reserve Investment propety reseNe Asset Replacemenl reserve College Development Reserve 4347 Mecklenburgh Square Reserve Other designated reserves Total designated reserves General funds of the Charitable Company Total funds of the charltable company 156.620 40.000 116.620 3.068 7,863 (1,3311 155,289 40,000 115,289 3,098 (1,331 } 454 (6861 2,414 170 22 (2} {1} {2} (371 (31 151 1040 3,481 16 1521 130,332 23 129,259 249 25 8.199 11,913 10.853 8,115 137.4S8 {9> 12,162 (2591 (lo.5) 138.447 General funds of the SUbslaries {3,5441 171 Total Gonsolidated unrgstricted funds 137.19 15,706 259 14,449 138,618 Gainsl Expenditure In¢xxne (losses) £'ooo £'LhJo 31 Aug'22 £'ooo 1 Sep'21 Transfer 2021122 £'ooo Tangible fixed asset Long lerni loan Tangible fixed asset reserve Investment property reserve Asset Replacement reserve College Development Reserve 4347 Mecklenburgh Square ReseNe Oltter designated reserves Total dosignated reservos General funds of the Charitale Company Total funds of th8 charitablg company 156.833 40,0 116.833 3.520 7.517 4,311 250 (2131 1 56.620 40,000 116,620 3.068 7.863 (2131 (452) 1717) (381 {241 129 52 1351 1171 13.6401 811 1040 132,431 (2.073) 219 {1,231) 187) 129,259 8,471 2.069 8,611 122 10,830 8,199 140.902 (4) 8,830 (1,353) {10,917) 137.458 General iijnds of the subsidiaries 1.744 (1,6221 Totat consolidated unrestricted funds 140.951 10,574 1.353 12.539 137,629
Goodenough College Notes to the Financial Statements (continued) for the year ended31 August 2023 17 UNRESTiucfED FUNDS (continued) The designated reserves are fvjrther discussed in the financial review on page 12. The transfer of £1,331 k from the tangible fued assets reserve represents the movement in the net t*)ok value of tangible fixed assets during the year. The transfer of £454k to the Asset Replacement Reserve represents the budgeted cash surplus for the year excluding investment income. The IransfeT of £3.6m from the College Development Reserve was approved by the Board in support of the refurbishment of the Hotel bedrooms and continuing support of the project lo develop 4347 Mecklenburgh Square. The Board further designated an addili)nal £2.4m {incFuding the £129k balance on the College Development Reserve) lo the 4347 Med(lenburgh Square Reserve from the overperforniance to the budgeted cash surplus arising predominanuy on the Hotel business. 18 ANALYSIS OF ASSETS AND IJABILTfIEs BEfwEEN FUNDS OF THE CHARITY 2022123 Reslricled Funds - Restricted Endowment Designated The Bum Funds- other Funds reserves £'o £'ooo General Funds £'ooo Charlty Total £'ooo Tangible fixed assets Investments Investment properties Investments in subsidiaries Amounts due lo subsidiaries Other current assets Cash al bank and in harKI Current and long term 10.065 937 878 155,289 9,190 3,098 165.354 19,396 3,976 141 270 8,858 250 250 (61) 73 81 186 125 416 4,735 233 2.755 1,665 40.000 130,332 3,187 8.115 43.245 151,007 11,915 374 271 49
Goodenough College Notes to the Financial Statements (continued) for the year ended 31 August 2023 (continued) 2021122 Restricted Funds- Restricted EThJowment Designated The Bum Funds - other Funds reserves £'ooo £..o(J) General Funds £'ooo Charity Total £'ooo £'ooo Tangible fixed assets Investments Investment properttes Investments in subsidiaries Amounts due to subsidiaries Other current assets Cash al bank and in hand Cuent and long term 10.171 1,111 156.620 9,571 3.068 166,797 19.341 3.928 8,459 250 250 71 954 2.157 283 1,806 92 12.195 40,000 129.259 3,267 43,359 150.136 Al 31 August 2023 the charitable company had the following amounts payable for equipment under non- cancellable operating leases. 2023 £'ooo 2022 £'ooo Amounts payable within one year Amounts payable between two and fNe years 19 35 19 73 These leases provide printers and photocopiers lo supwrt the College's operations. 20 CAPITAL COMMTfMENrs As a131 August 2023 the College had no material capital commitments.
Goodenough College Notes to the Financial Statements (continued) for the year ended 31 August2023 21 REL4TED PAR]Y TRANSAcfioNS Alice Wal¥iole was apwinted Director of Goodenough College in April 2021. and as part of this role served as a director of Go(Klenough Trading Limited {formedy Goodenough Club Limiledl and Goodenough Ventures Limited beeen Awil 2021 and August 2022. In September 2021 a private event was hosted al the College arKI charged lo Ihe Direclor al a lolal cost of £16,839. This cost was redUd by the agreed discount of 10010 of the room hire element lonlyl that applies lo staff, college members and alumni, bringing the lolal cost irKluding VAT to £16.299. Included in redundancy and termination payments are non-contracbjal payments 101811ing £40k to one of the key management personnel who left the College shoruy afterthe year end, spectFically the Director of Operations, Janine Binks. Durtng 2021122 £23k was included within redundancy and lemiinalion payments regarding non-contractual payments to one of the key management personnel who left the College during the year, specifically the Direclor of Development and Extemal relations, Hannah Du Gray. There have en no other related party transacbons during the year olher Ihan those disdosed with group enlilies in notes 12, 13 and 14. 51