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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 Re￿rt
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 ex￿lIent 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, Un￿rtaintY 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 Su￿SS 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 fa￿litated 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 pLa￿d 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 eX￿pIlonaI 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 INFORL￿lATIoN
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 V￿e 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 Ad￿ser5
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 finan￿allY 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 prO￿sS 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 finan￿al 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 [F￿ertY 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 V￿de 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-expand￿j 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 Un￿rtaInty.
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 ne￿OrkIng 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 el￿ed3] 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 Suc￿ss. 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 Ina￿ssible 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 GOOder￿Ugh 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 Re￿rt
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 be￿een 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 RePla￿rnent. 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 4￿7 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 Overperfo￿ance 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 Cov1￿19 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 prO￿sS 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
Repla￿ment 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 te￿orist 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 aC￿sS 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, prO￿dureS 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
ac￿p1 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 ex￿ptiOnal 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 Pro￿dureS 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 Gu￿ent 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 actiVit￿S 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 Re￿rt
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 AC￿pted 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 Re￿rt
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 finan￿al 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.
concl￿S1OnS 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 t￿e1ve
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 infO￿atiOn, 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 tr￿SteeS
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 dete￿nIne 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 con￿rn 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
Pro￿dureS 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 re￿nISe 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 InStan￿S of non-compliance throughout the audit.
We assessed the sUs￿ptibIlity 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 knol￿edge 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 cOn￿alment 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
fO￿S 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 CoMpan￿S 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<yATh¢nt
Funds
2023
£'o
Total
Funds
2023
£'ooo
Total
Funds
2022
£'ooo
Funds
2023
Fund$
3J23
ÉO(M>
Income from..
Donations and legaoes
Charitable aclMb&s=
118g8 ￿MMunity wuJmmodalk?n
Trading acb"witres'.
C¢Mnmercial accommodati
Catedng, Ev￿ts and VaNe Hlr8
Investments
23
235
281
8.169
5.023
S,023
1,238
1,228
733
1.D58
1.005
1,128
Total
15.706
6T1
287
18,670
11,330
Expendlture on..
Raising funds
Invesbnent management
Fundraising
Tradiro actfvlb8S
Charitable aCti￿lt&S-.
Attracting outstanding p￿tgraduate
St￿ents
Transfomilng Ccdlege Members
R￿SIng the College's profi
Sustainlro the CollèJe
Tot
93
103
104
179
1,621
103
17
1,234
1,248
7,516
329
12
8,194
329
7.582
341
2.294
13.369
14.449
1.016
16
15,481
Nat Inccffl8 I lexp8ndltur81 before other{h)5585)
1257
13391
271
1,189
12.0391
Nel IIos5esl cn irwestmerts
12591
1591
13181
11,3471
Nat Inccffle I (ex￿ndItuTel
{3981
271
871
13.3861
Tratisfers be￿een funds
191
Not mo¥em¢nt In fund8
{3891
271
871
13,3861
Reconcfjlla￿0Tr of fund8'.
Totsi fvnds brought fNward
Nei movemwt in funds
TotJ fvnds cathed forward
137.629
12.678
150,307
271
871
271 151178
153.693
3.386
I results derive from continuing operatjons.
Al gains and losses recognised in Ihe perv)d are included above. The notes on pages 29 to 51 form part of
these Financial Slalemenls.
24

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
PrO￿edS 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 rep￿ing 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
COr￿ern
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 finan￿al 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 eX￿sS 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
prO￿rtIeS 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 C￿nd[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.
GOvernn￿￿t 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 f￿1Ved 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 GOC￿enOugh 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 Re￿a¢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 Mec￿enburgh Square.
Other desunaled funds reser￿ represents olher funds designated by the Trustees for
particular purposes.
Gen8ral unreStr￿ted 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 liabilit￿S 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 relat￿n 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 off￿e 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 be￿een the sale pr￿eedS 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 ir￿ludeS 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 dasSffi￿t￿n Is consistent wtth prior periods.
DONATIONS AND ￿GACIFs
Unrestricted
funds
2023
£'o¢xJ
Reslricted
f¥Jnds
2023
End0￿Ment
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
$39
2,717
2.717
48
Charity donations income
2.740
235
281
3.256
413
Of the lolal funds staled for 2022. £331 k was restricted and £34k Un￿$t￿ed. 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￿ AcT￿lFs
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 £5￿k12022. £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 COmpan￿S 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 COmpan￿S 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 penS￿n 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
a￿oUnted 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, Ecclesiasti￿1, 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 Gooder￿gh 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 assoc￿led 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 Ic￿￿ed 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 valUa￿n..
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 financ￿1 year. The College investment
properties were revalued upwards by £30k as a result (2022.. do￿lWardS 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 (Contim￿d)
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 In￿me
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 re￿IVed 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 borro￿ng
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 r￿ed 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
￿l￿S
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$ar￿S 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 SUbs￿laries
{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 Charital￿e
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
Cu￿ent 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 be￿een 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 redU￿d
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