Z College
Goodenough College
(A company limited by guarantee)
Annual Report and Financial Statements
for the year ended31 August 2024
Company Registration No. 00246919
Registered Charity No. 312894 (England and Wales) and SC039173 (Scotland)

Goodenough College
Trustees, Annual Report and Strategic Report
for the year ended 31 August 2024
President's Welcome
l am pleased to introduce Goodenough College's Annual Report and Financial Statements for
the year ending 31 August 2024. The period was characterised by a strong admissions field,
high occupancy levels in our accommodation and a wide take-up by College residents
("Members") of our renowned intellectual, social and cultural enrichment programme.
Encouraging financial performances by the College's hotel, short-stay and sabbatical
accommodation and events and venue-hire business helped consolidate our firm financial
footing. We were able to expand our scholarships programme and retain an emergency fund
for those Members facing unexpected financial difficulty.
The year under review saw modest but welcome relaxation in the strategic risks (inflationary
pressures on the economy, rising staff, food and energy costs) which had characterised the
previous year. Any early uncertainty about filling our accommodation in both 2023 and 2024,
in light of the UK Government's changes in visa eligibility from 1 January 2024, was alleviated
by a strong stream of applicants in both admissions periods. A significant number of families,
of those eligible to bring dependents to the UK during their study, continue to reside among
and enhance our community.
This is not to deny that the College continued to field significant challenges throughout the
year under review. The lack of clarity on implications for student accommodation of the draft
Renters, Reform Bill made it difficult to plan strategically or allocate some budgets.
Disappointing outcomes in the management of the College estate led to a decision to bring
the process in-house, with the attendant challenge of building a strong Estates team in a
heated job market. Our Scottish estate continued to face challenges in attracting clients from
a Scottish Higher Education sector with significant funding constraints. Afebrile global political
environment and heated public protest, including within many of London's academic
institutions, threatened the College's signature spirit of global collaboration,. in the event, we
were proud of our Members, capacity to maintain a friendly and constructive atmosphere
across our campus. including between those whose nationalities might put them on opposing
sides of fierce political debate.
During the year. there were multiple opportunities for College Members to engage in UK-wide
and overseas study trips, several successful retreats on our Scottish estate, The Burn, and a
wide variety of cross-disciplinary talks and seminars delivered with public figures and scholars
from respected academic institutions across the UK. We were delighted to be able to offer a
splendid array of musical events, including opera and orchestral performances by the College
membership, drawing on a generous endowment by the Argyris family in memory of their son
Christopher, a former College Member.
Meanwhile, the College's Director of Philanthropy and Alumni Relations expanded
engagement with philanthropic supporters, including establishing new scholarships,
reconnecting with Alumni communities and launching the early phase of a capital campaign to
enable renovation of five Georgian townhouses on the College's estate, which will offer
increased aC￿sS to lower-cost accommodation for students of more limited financial means.
Looking ahead, our main objective for 2024-25 will be to ensure that the College continues to
attract high numbers of exceptional students from across the world, who will make the most
of their time at the College to build friendships, contacts, knowledge and experiences which
will serve them in their subsequent lives and career. Areas for particular focus will include
continuing outreach to countries of the global south (especially in the Commonwealth) where

Goodenough College
Trustees, Annual Report and Strategic Report
for the year ended 31 August 2024
our visibility remains low,. marketing of our Scottish estate, The Burn, to a wider customer
base,. enhancing its long-term sustainability., and the raising of significant funds - and selection
of a contractor
for renovations which will increase the provision of lower-cost College
acc
modation on the north side of Mecklenburgh Square.
-i{iL_
Stuart Shilson LVO DL
Chair of the Board

Contents
Page
Goodenough College President's Personal Welcome
Trustees, Annual Report and Strategic Report
Company information
Structure, governance 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
17-18
Independent Auditor's Report
19-22
Financial Statements
Consolidated statement of financial activities
23
Balan￿ sheet
24
Consolidated cash flow statement
25-26
Comparative consolidated Statement of financial activities
Notes to the financial statements
27
28-52

Goodenough College
Trustees, Annual Report and Strategic Report
for the year ended 31 August 2024
The Board of Trustees present their Report and audited Financial Statements for the year ended
31 August 2024 under the Charities Act 2011 and the Companies Act 2006.
COMPANY INFORMATION
PATRON
King Charles 111
TRUSTEE BOARD
Stuart Shilson LVO DL- Chair, President of the College
Dame Maura McGowan DBE - Vice Chair
Andrew Brown KC (until 18 October 2024)
David Bulman
Corey Cook (until 1 March 2024)
Charles Cormack (from 5 September 2024)
Lindsay Dodsworth
James Douglas
John Fitzgerald (from 29 February 2024)
Guy Parsons
Martin Schwab (until 12 January 2024)
Danielle Weese
Fiona Wilkinson
Senior Staff
College Director
Director of Finance and Resources
(Company Secretary," Deputy to the DireGtor)
Director of Operations
Janine Binks (until 15 September 2023)
Director of Estates
Sarfraz Arfan (from 29 January 2024)
Director of Philanthropy and Alumni Relations Andrew McGowan
Dean
The Rev Dr Alan Mccormack
Registrar
Caroline Persaud
Bursar, The Burn
David Turner OBE (until 29 March 2024)
Jan Wallwork Clarke (from 25 March 2024)
The Hon Alice Walpole OBE
Richard Barker
Address and Registered Office
London House
Mecklenburgh Square
London
WC1N 2AB
Webslte: www.
oodenou
h.ac.uk

Goodenough College
Trustees, Annual Report and Strategic Report
for the year ended 31 August 2024
COMPANY INFORMATION (continued)
Professional Ad￿serS
Auditor:
Buzzacott LLP
130 Wood Street
London
EC2V 6DL
Legal Advisers:
Cripps LLP
Number 22
Mount Ephraim
Tunbridge Wells. Kent
TN4 8AS
Bankers: Barclays Bank PLC
1 Churchill Place
Canary Wharf
London
E145HP
Investment Managers:
CCLA
One Angel Lane
London
EC4R 3AB
Rathbone Investment Management Ltd
8 Finsbury Circus
London
EC2M 7AZ
Company number 00246919

Goodenough College
Trustees, Annual Report and Strategic Report
for the year ended 31 August 2024
STRUCTURE, GOVERNANCE AND MANAGEMENr
The full name of the Charity is Goodenough College {'the College,).
The College was formed as a company limited by guarantee without share capital on 28 March 1930,
registered company number 00246919. It is registered with the Charity Commission, Charity number
312894 (England and Wales) and SC039173 (Scotland). The College's purposes are set out within
its Articles of Association.
The governing document of the charity is the Articles of Association of Goodenough College Limited.
as adopted on 24 January 2023. On 2 May 2024 the College passed a written resolution to amend
the Articles of Association of the Company.
The amended articles set out the following main features of the governance structure of the College:
A Board of 8-15 Directors who are legally and financially 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 the
course of a calendar year.
The Articles of Association require each Director to be appointed by the Board for temis not
exceeding three years. A Director shall not remain in office after the ninth anniversary of the date
of their first appointment (with the provision that any Director in office on 2 January 2023 shall
remain in office until the end of their current term).
The process for the appointment of Board Directors is set out within the College's Articles of
Association. Appointments are normally made on the recommendation of the Nominations and
Remuneration Committee at Board meetings.
The Members of the Company (as defined in the Articles of Association) can appoinuremove any
Director notwithstanding the provisions available to the Board.
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 2024, there were 11 members
(2023.. 11 members); on 21 January 2025, there were 10 members.
The Trustees are satisfied that the revised governance pro￿sseS 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 Charity Governance 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 ended 31 August 2024
Board of Trustees
The Board of Trustees holds ultimate responsibility for the governance 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 Board meets quarterly.
New Trustees undertake an induction programme to familiarise themselves with the College, its
objectives and its structure. alongside their roles and responsibilities under legislation and College
governance. The Board has terms of reference for its own operation, based upon recommendations
set out within the Charity Governance Code.
Committees
Trustees, Fellows and advisors may serve on one or more Board Committees. as set out below:
Academic Committee
Burn Committee
Donations Advisory Committee
Equality, Diversity and Inclusion Committee
Finance & Audit Committee
Nominations & Remuneration Committee
Subsidiary Company Board.
Details of the composition and the Terms of Referen￿ of each Committee are held by the College's
Governance Officer.
Management
Operational management of the College is delegated by the Trustees to the College 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 formal Board and Committee meetings.
The College sets the pay of its key staff through its Nominations and Remuneration Committee. The
Committee makes reference to general inflation, comparative salaries and pay awards within the
charity, Higher Education and hospitality 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 Finance and Audit Committee. The scheme provides for the most significant
financial and operational decisions to be carried out by the Board.
Group structure and relationships
The College had two wholly-owned subsidiary companies, both registered in England and Wales:
Goodenough Trading Limited (Formerly Goodenough Club Limited) (Company No. 02684378)
provides overnight accommodation, events. venue hire and catering and commercially-let
accommodation at The Burn. The subsidiary takes responsibility for the trading of The

Goodenough College
Trustees, Annual Report and Strategic Report
for the year ended 31 August 2024
Goodenough Hotel, London and the provision of short-stay accommodation in London House
and William Goodenough House, as well as the College's Events and catering businesses. Its
annual profits are donated to the College as qualifying distributions under deed of covenant. and
Goodenough Ventures Limited (Company No. 09342926) did not trade in the year ended 31
August 2024 as its activities were transferred to Goodenough Trading Limited on 1 September
2023. The company was voluntarily dissolved on 19 November 2024.
The Burn estate in Angus. Scotland (a property donated to the College in 1947) is used by Members
of the College for educational and recreational activities, as well as by many Scottish universities as
a centre for reading parties, study groups and for educational events and seminars and. The Burn's
net assets are a restricted fund of the College.
Investment powers and policies
The Trustees have the authority conferred by the Articles of Association to invest the monies of the
College not immediately required for its purposes in or upon such investments, securities or property
as may be thought fit, subject nevertheless to such conditions (if any) and such consents (if any) as
may for the time being be imposed or required by law.
The College's Investment Policy is set out within its Investment Policy Statement. The College has
divided its reserves into a long-temi fund and a short-term fund. The College seeks to produce the
maximum financial retum within an agreed level of uncertainty about future values for each of its
long-term resenies and its short-term funds.
The investment objective for the long-term fund is to grow its value at least in line with inflation to
fund future asset replaTrment liabilities and maintain the remainder of the fund in real terms. The
target is CPI plus 4 % (after fees) over rolling economic cycles (five or more years). The investment
objective for the short-temi reserve is to maximise its returns while taking no capital risk and
providing full liquidity.
The College delegates to its investment manager its requirement to invest only in companies that
are aligned with it values of Tolerance, Respect, Understanding, Service and Togetherness, and
Environmental care as set out in its Responsible Investing policy. In addition, the College expects to
see its portfolio invested with an integrated and engaged approach to stewardship and voting.
including disclosing any company identified in breach of the UN Global Compact.
STRATEGIC KEPORT
OBJEcfIvES AND AcfIvITIES
The history of the 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 residence in London for international postgraduate students. Goodenough's vision was the
Greation of a hall of residen￿ for (male) students from Commonwealth countries, offering a collegiate
community in the heart of London to promote friendships and enhance international understanding.

Goodenough College
Trustees, Annual Report and Strategic Report
for the year ended 31 August 2024
The College has expanded greatly since that time and now consists of a six hundred-strong
community 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 and Scotland of students ('Resident
Members of the College,) from any part of the world, giving preference to students from the
Commonwealth (with priority for students from those nations less able from time to time to provide
resources and facilities of their own).
We will continue to build upon our strong foundations to achieve our current vision and mission:
Vision
A fellowship of global citizens with shared values of tolerance, respect, understanding, Se￿ICe and
togetherness (reflecting the spirit of the UK and the principles of the Commonwealth).
Mission
To create a stimulating, inclusive and mutually supportive, residential community in the heart of
London where outstanding postgraduate students exchange ideas, openly debate values and form
lasting friendships.
The College presents its 2023124 expenditure in the pursuit of four strategic goals:
To attract outstanding postgraduate students from a wide geographic, academic and social base,
giving preferen￿ to those from the Commonwealth.,
To transform College Members through the experien￿ of living in a values-based community which
inspires intellectual engagement and endeavour, encourages cross-cultural understanding and
offers an exceptional social environment"
To raise the College profile, internationally and within the UK, by developing key opportunities 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 high-quality staff, with a commitment to minimising its environmental impact.
The College measures its performance through regular Key Performan￿ Indicators (KPIS) that
compare success in the reporting period with prior years. These KPIS cover areas including
occupancy,. diversity of membership., delivery of cultural, social, sporting and educational events.,
volume of Scholarships and Bursaries., and number of Alumni contacts. Further information is
contained within the Financial Review and Achievements and Perfomiance.
College Members attend over forty academic and professional institutions in London. The College
works to maintain a balance between the broad faculties of medicine and natural sciences, law,
business, political and social sciences, and the arts and humanities. The College attracts scholars
from a wide range of international schemes including Chevening, Commonwealth, Rotary, Marshall,
Windle and others.

Goodenough College
Trustees, Annual Report and Strategic Report
for the year ended 31 August 2024
The College provides a wide public benefit. The Trustees are aware of and have regard to the Charity
Commission's public benefit guidance when exercising any powers or duties to which the guidance
is relevant. College Members return to their home nations or elsewhere with a broadened
perspective on the world and a much-expanded 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 world of political and economic uncertainty.
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 'GoodSkills' weeks take place to refine the non-academic skills base of College Members.
College Members live and work amongst a broad spread of social, national and economic
backgrounds, developing understanding and empathy across a wide spectrum of experience within
a rich peer group. An external programme enables College Members to grow their capacity for
understanding of the UK- and network across a range of external institutions in the Cities of London
and Westminster and beyond. The College seeks to secure and provide an increasing level of
scholarships to support those who struggle to meet the costs of their accommodation at the College.
The Burn, our Scottish estate and academic retreat, both welcomes College Members, in study
groups or privately. and actively supports Scottish universities, offering its facilities to national and
international students and academic groups. Higher Education institutions took a while to return to
previous levels of off-campus activity once pandemic restrictions were lifted, meaning a lower level
of take-up of The Burn's retreat venue offer. However, the emergence of a different audience for the
unique, tranquil environment means a slight rise in bookings for private groups. Other charitsble
groups are discovering The Burn and this financial year (2023-2024) has brought welcome new
clients. The Burn provided a valuable opportunity for all its guests to relax amongst their peers,
undertake quiet or group study, build friendships and take pleasure in and learn more about the
natural environment through engaging with the high-value habitat for wildlife on The Burn estate.
The College is opened to the public for concerts, operas, cOnferen￿S and lectures. A large number
of external organisations and individuals also use the College's facilities for their own events and
activities.
ACHIEVEMENfs AND PERFORMANCE
Its resident postgraduate students continue to have an overwhelmingly positive experience at
Goodenough College.
The impact of the College's activities on Members includes a growth in confidence, broadened
perspectives, strong cultural, social and professional networks and a positive image of the UK and
the Commonwealth. Enriched by these experiences, many of our Alumni become outstanding
leaders in their fields, engaged global citizens and advocates of the College.
College Member occupancy in 2023124 remained high throughout the academic year and over the
summer period. The College saw strong commercial performance from its Hotel, short-stay and
sabbatical rooms and its Events & Venue Hire businesses. The Burn continued to struggle to
generate revenues sufficient to cover its cost base.

Goodenough College
Trustees, Annual Report and Strategic Report
for the year ended 31 August 2024
During 2023124 £8.7m (2023: £8.2m) was spent against the goal of 'Transforming 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 2023-24 academic year delivered (including Member-led activities)
205 sporting fixtures or physical activity sessions,. 152 cultural, music and arts-based events,. 144
evening lecture 'Port Talks,, transformative skills-based sessions (the 'GoodSkills' programmes) and
academic seminar segments and study trips, all of them delivered in person. The Dean's Office also
undertook an extensive and tailored programme of activities to support individual Member wellbeing
through the academic year, which involved individual as well as group pastoral activity.
During 2023-24, the College maintained its accreditation with the National Code for Assured
Accommodation, which demonstrates the College's commitment to the highest standards in
delivering accommodation and supporting its community. The College was awarded the Global
Student Living Index Best Specialist Accommodation Award in October 2023 and the new Global
Student Living Platinum Certification for achieving the thresholds for seven metrics (Structural scores
Internet, Condition & Quality, Bedroom, Value for Money,. Operational scores - Care & Support,
Recycling & Environmental Facilities, Overall Management).
The Burn has continued to fulfil its charitable objectives through the provision of an academic retreat,
event venue and unique and enriching student experience to the Scottish Higher Education sector
and the wider academic marketplace. 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
customers. The Burn has yet to realise the high activity levels enjoyed pre-pandemic but there are
now positive signs of a rising market. The Burn's relationship with the Scottish university sector -
The Burn's principal marketplace - remains strong. In addition, The Burn, under the leadership of its
new Bursar, is more actively engaged with supporting the Member programme within Goodenough
College, where it is seen as a key asset.
The College spent £0.6m on scholarships and the Mecklenburgh Fund in 2023-24 (2022-23: £0.6m).
Scholarships and Mecklenburgh (hardship) funds are awarded by the College to Members,
predominantly in the form of reductions in rent, on the basis of financial need. Half of the scholarships
were from donated funds., the rest through the generosity of friends and Alumni. The College
continues to review the allocation of scholarships to ensure that College is targeting suitable students
and matching allocated scholarship funds to appropriate need. The budget for Scholarships and
Bursaries grew in 2023-24 proportionate to a September 2024 increase in the level of rents.
During the period the College received 1,847 applications (2023-24.. 2,003) from more than 120
countries for its 2024-25 academic year intake, 4.5 applications per available place at the College
(2023-24: 4.9). The proportion of applications from EU countries stayed steady at 1 OQ/o (2023-24..
11 % ) and applications from Commonwealth countries decreased to 39 % (2023-24: 45% ). 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 2023-24 academic year, Members came from 90 (2022-23.. 95) countries (UK 10 %, India
Canada 8%, China 5%, Pakistan 4%) of which 47% (2022-23: 52%) were from the
Commonwealth. These Members were studying at 39 academic institutions (UCL 280/0., LSE 22 %,
Kings 10%),. with 630/0 (2022-23: 64%) undertaking Master's courses,. 31 % (2022-23: 29%
undertaking PhD and other research programmes; and 5% (2022_23.' 6%) other forms of

Goodenough College
Trustees, Annual Report and Strategic Report
for the year ended 31 August 2024
postgraduate qualifications. Their academic subject matter continued to be as diverse as their
backgrounds.
Including the £1.2m 2023-24 interest costs of the College's debt (2023.. £1.2m) and the costs of
supporting the development and the strategic financial management of the College, £2.2m was spent
on 'Sustaining the College, during the year (2023: £2.Om).
The College applied funds of £1.Om (2023.. £1.2m) in replacements and enhancements to the
College estate and IT services, of which £0.1 m related to fire protection measures, £0.1 m related to
replacement of beds and mattresses in London House, £0.2m to the ongoing development of 43-47
Mecklenburgh Square, with the balance across the College estate. Fundraising costs were £0.1 m
for the year (2023: £0.1 m).
Goodenough Trading Limited continued to trade successfully during 2023124, with the Hotel business
meeting a challenging revenue target and exceeding the prior year, although cost increases led to
slightly reduced profit. The Events, Venue Hire and Catering activities were a combination of strong
Events performance combined with lower than anticipated catering interactions with Members. The
short-stay and sabbatical rooms business had another very strong summer. Overall the company's
profit before qualifying distribution remained strong at £2.6m (compared with the exceptional £2.7m
in the prior year).
All activities of Goodenough Ventures Limited were transferred to Goodenough Trading Limited from
1 September 2023, with Goodenough Ventures Limited ceasing trading from that date.
FINANCIAL REVIEW
The College generated group revenues of £18.1 m in the year to 31 August 2024 (2023: £16.7m).
Income from charitable activities (predominantly income generated from rents from Member
accommodation) was £9.4m (2023: £8.6m); with increased occupancy and higher rents. Average
Member occupancy in the 2023-24 academic year was 93.7 % , compared with 93.5 % achieved in
the prior year and 92.6 % in the pre-pandemic year of 2018-19.
Consolidated income from trading activities through Goodenough Trading Ltd for the yearwas £6.6m
(2023: £6.3m across both subsidiaries) with the Hotel alone generating £4.Om. Revenue in 2023-24
consisted of Hotel income of £4.Om (£3.9m in 2022-23), short-stay accommodation income of£1.2m
(2023: £1.1 m), Events and Venue Hire income of £0.8m (2023.. £0.7m), and £0.6m from providing
catering to College Members (2023: £0.5m). Income of £76k (2023: £18k) was derived from the
Burn's commercial trading activities. Goodenough Trading Limited generated a profit of £2.6m for
the year (2023.. £2.7m).
The Trustees and Directors remain confident of the potential for Goodenough Trading Limited to
generate surpluses to be donated to the College in future years and continue to monitor perfomiance
of the company. Following the transfer of all of its activities to Goodenough Trading Limited on 1
September 2023, Goodenough Ventures Limited was voluntarily dissolved on 19 November 2024.
On 22 July 2024, the Directors of Goodenough Trading Ltd approved a budget for the 2024125
financial year showing a £2.4m surplus and a business plan showing increasing surpluses thereafter.
Post year-end trading conditions remain strong.
io

Goodenough College
Trustees, Annual Report and Strategic Report
for the year ended 31 August 2024
The Consolidated Statement of Financial Activities for the year shows a £1.3m net income before
gains and losses on investment assets and financial instruments (2023.. £1.2m). The College bore
£1.2m in loan interest charges (2023: £1.2m) and depreciation of £2.7m (2023: £2.6m),
demonstrating an EBITDA gain (excluding debt and asset impairment costs) of £5.2m (2023.. £5m).
On 30 July 2024, the Trustees approved a consolidated budget for the 2024-25 academic year
showing an EBITDA surplus of £3.9m. The Trustees remain confident that the College will achieve
a significant operating surplus in 2024-25.
INVESTMENf PERFORMANCE
On 28 August 2024, the Trustees enacted their decision to transfer the College's long-term
investment funds and the Burn investment fund. from Rathbone Investment Management Limited to
CCLA Investment Management Limited (CCL4), each to be invested within the CCLA COIF Charities
Investment Fund (the fund). The fund is a common investment fund, governed by the Charities Act
2011 (as amended) and authorised by the Charity Commission. The fund is managed as an
unregulated collective investment scheme and as a UK alternative investment fund in line with the
Alternative Investment Fund Managers Directive (AIFMD), as defined in the scheme particulars.
The fund is an actively managed, diversified portfolio of assets designed to help protect charities
from the effects of inflation (as measured by the consumer price index). It will have an emphasis on
equities (between 50 % and 85 % ) but will also include property. bonds and other asset classes, which
may be either liquid or illiquid in nature. Exposure to these assets may be through direct holdings
andlor through investment in other funds (including those managed by the manager or their
associates).
As at 31 August 2024 the long-term fund held £18.Om under investment. As at 31 August 2024 the
Burn fund held £0.9m under a separate investment account.
The total return on the College main fund over the period was a gain of 9.6 % , and for The Burn
portFolio, a gain of 8.7 %, the composite benchmark performance measures for these funds were a
gain of15.2 % and 14.5 % respectively. These funds have achieved a total return of 35.3 % and 23.2 %
respectively over the last five years, against composite benchmarks of 49.8/0 and 31.8%
respectively.
The College's short-temi fund is held for the purpose of meeting the cash requirement for an
anticipated capital investment project. The short-term fund is held across a portFolio of UK
Government Bonds, UK Investment Grade Bonds and Time Deposits (managed by Rathbones
Investment Management Ltd), and the CCLA COIF Charities Deposit Fund. The Deposit Fund is a
UK Common Deposit Fund managed by CCLA. a short-term fund. designed for the charity sector.
Under the Money Market Fund Regulation, the COIF Charities Deposit Fund is Gategorised as a
short-term Low Volatility Net Asset Value Money Market Fund. The Deposit Fund principally invests
in call accounts, temi deposits, and money-market instruments, but may invest in other assets.
The short-term fund achieved a total return of 4.5 % for the year. As at 31 August 2024 this fund held
£6.1 m under investment.
The College No.2 (medium-term) portfolio was closed during the year with all funds transferred to
the long-term fund.
li

Goodenough College
Trustees, AJ]nual Report and Strategic Report
for the year ended 31 August 2024
During the year. with the support of the Finance & Audit Committee. the Trustees were advised by
Yoke & Co. Ltd on the College's investment management, its investment strategy, the selection of
the College's investment manager and the selection of investment funds.
Working through the Finance & Audit Committee and with its investment managers, the Trustees
continue to review the investment performance and strategies of its funds under investment as the
College's financial performan￿, reserve position and capital ambition develop.
Funds and reserves
The College's reserves are divided between unrestricted, restricted and endowment funds.
Unrestricted funds are further divided into designated and general unrestricted funds.
Unrestricted funds total £140.8m {2023: £138.6m), which includes designated reserves of
£131.7m (2023.. £130.3m), general funds of the charity of £8.9m (2023: £8.1 m) and general funds of
the subsidiary of £0.2m (2023.. £0.2m). See Note 17 for further details.
The Trustees have designated the value of the College's non-investment fixed assets (net of funding
from the long-term 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 £114.Om at year-end (2023: £115.3m).
The Trustees have designated the value of the College's investment properties (recognising the
College's strategy to retain investment properties as reliable long-term assets) as the Investment
Property Reserve at £2.2m (2023.. £3.1 m). This reduction reflects a revaluation of the investment
properties on 31 August 2024 and the transfer of a floor of one building to an asset for charitable
use.
The College has an established long-term forecast, which enables 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 sufficient levels of cash arè available to secure a well-maintained estate. This established
the requirement for an Asset Replacement Reserve (ARR) to 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 30-year period to 2046. The required value of this
fund was agreed to be designated from the available funds accumulated bythe College from annually
generated operating surpluses and drawn down against relevant costs.
After continued exceptional financial performance by the College and Hotel, the Trustees designated
the budgeted contribution from performance to the ARR. After debiting appropriate asset
replacement expenditure and accounting for income. gains and losses, the value of the ARR stands
at £10.7m on 31 August 2024 (2023: £8.4m). The Trustees review the value of this designated fund
annually as it accumulates and is utilised for asset replacement. The ARR is represented by
investment funds with investment mandates (as overseen by the Finance & Audit Committee)
matching the investment objectives and horizons of this reserve.
The Trustees have designated a further £1.2m to the planned future development of 43-47
Mecklenburgh Square. The fund at 31 August 2024 stands at £4.6m (2023: £3.5m). The College
continues to develop its plans for the development site under the guidance of its Steering Committee.
The fund is held with the College's short-term investment fund.
12

Goodenough College
Trustees, Annual Report and Strategic Report
for the year ended 31 August 2024
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 to provide a buffer against interrupted services, the policy requires that
general reserves in the range from £6m £9m should be maintained. This range is based on
managing to sustain core College activity if there were a fall in Member income of 25 % for three
years (c£6m) and a loss of 50 % of The Goodenough Hotel, London and the College short-stay and
sabbatical rooms business net operating surplus for two 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 have assessed the value of reserves and the operations of the College and do not
consider that there remain material uncertainties related to these or other events or conditions that
cast significant doubt on the College's ability to continue as a going COn￿rn. The College remains
financially stable with freely available funds on 31 August 2024 of £8.9m (2023.. £8.1 m, see note 17
for more details)., other unrestricted designated reserve funds of £15.5m (2023: £11.9m) and
unrestricted investment properties valued at £2.1 m.
Restricted funds are represented by assets and investments that can only be used or spent for a
particular purpose as stated by the donors. The total value at 31 August 2024 was £12.4m (2023:
£12.3m). See Note 16 for further details. Restricted funds include The Burn Fund of £11.8m (2023:
£11.9m) and other restricted funds of £0.6m (2023: £0.4m). The Burn fund includes the operating
land, building and assets of the site represented by a tangible fixed assets reserve of £9.9m (2023:
£10.Om)' investment properties reserve of £0.9m (2023: £0.9m) and a general restricted fund of
£0.9m (2023: £1.Om). The general restricted fund is mainly represented by The Burn investment
fund.
The other restricted funds have been donated to the College for a number of restricted purposes
including restricted Scholarships and Bursaries funds of £0.4m (2023". £0.4m) and donations towards
the refurbishment of 43-47 Mecklenburgh Square of £0.2m. 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 from restricted or designated donated funds
was £0.3m in the year compared to £0.4m in the preceding year.
Endowment funds comprise the Christopher G. Argyris Student Activity Fund which is an
expendable endowment fund providing support for community participation at the College. and
particularly the performance of opera and Dean's Seminars. £24k was received in the year with a
further £22k generated from investments (after charges) and £10k spent supporting College
activities. The remaining balance of £313k is held within the College's long term investment portfolio,
except for the element drawn down for spend in the year.
Borrowlngs and bank facilities
On 2 June 2017, the College secured a £40m non-amortising 30-year loan with Rothesay Life at a
fixed interest rate of 3.102 %. The loan is secured against London House, William Goodenough
House and 47 Mecklenburgh Square.
13

Goodenough College
Trustees, Annual Report and Strategic Report
for the year ended 31 August 2024
Principal risks and uncertainties
To optimise the College's management of risk, the College Board and staff are briefed on the nature
of risk and accept responsibility for risks 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, assuran￿ that the organisation is protected.
We define key strategic risks as those that, without effective and appropriate mitigation, would have
a severe impact on our work, our reputation or our ability to achieve our ambitions. The College
continually improves the 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 regularly reviewed by the College Board and senior
management. The risk management process encourages the Trustees to challenge any assumptions
senior management has made about risks and interrogate the context in which decisions are taken.
This helps ensure that the most serious risks are being mitigated effectively and the impact of
mitigation is assessed.
Revenue shortfall, primarily through a downturn in Member application numbers, has been identified
as a fundamental financial risk for Goodenough College. Vigorous promotion 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 intemationally). 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 students 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 geographiG areas and socio-economic groups. It
continues to enhance its scholarships schemes (including developing partnership schemes with
other scholarship providers) to support less affluent students. The College maintains its focus on
fundraising for scholarships (including hardship funds allocated as The Mecklenburgh Fund). The
College reviews its rent annually and any increases applied are based on sound market information
and consultation with the College Member community.
A key strategic objective of the College is to deliver a transformative experience for College Members
through community, cross-cultural understanding and an exceptional intellectual and social
programme. The College implements a rigorous process of risk assessment for all activities,
together with impact reviews and ROI assessments of enrichment activities.
The College has previously recognised that failing to secure sufficient funds to implement its Asset
Replacement Plan represents a key risk to the College. The College considers that it has
substantially mitigated that risk through development of a comprehensive Asset Replacement Plan,
long term financial planning and the securing of £40m of 30-year non-amortising debt. The Finance
and Investment sub-committee of the College Board reviews the long-term financially sustainable
performance of the College and provides further diligence on the application of available funds. The
College has demonstrated to itself, through challenging scenarios and stress testing, that it will be
able to meet its Asset Replacement Plan for at least until 2046.
14

Goodenough College
Trustees, Annual Report and Strategic Report
for the year ended 31 August 2024
The level of the College's unrestricted freely available reserves, combined with its designated funds
(see below), reassure the College as to its going concern.
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 continuity and contingency arrangements,
should the College sufferfrom a major disaster affecting the College estate, be impacted byterrorism
or disease outbreak or pandemic. The Board is confident that the College's plans, controls and
insurance arrangements, adequately mitigate these risks to a tolerable level. As the College's main
base of operations is in central London, the College recognises that terrorist activity, both local to the
College and worldwide, has the potential significantly to 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 exercises care in maintaining its access control and
security arrangements, holds financial reserves, specific appropriate insurance cover, effective
business continuity plans and robust welfare systems in order to mitigate that risk.
With accommodation at its heart, fire risk management forms a key consideration in the College's
operation and development. The College regularly reviews its fire management policies and carries
out annual fire risk assessments and complies with all statutory obligations and best practi￿.
The College takes safeguarding very seriously. The College is confident that it provides a safe and
trusted environment. and promotes an organisational culture that prioritises safeguarding. The
College considers that it maintains adequate safeguarding policies. procedures and measures to
protect people. These are reviewed regularly and kept up to date in line with Government guidance
and best practice. The College has reviewed its safeguarding governance and management
arrangements within the last 12 months.
In response to the Corporate Criminal Offence 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 diligen￿. apply and communicate its
procedures., and monitor and review its position.
Goodenough College continues to meet the requirements of the General Data Protection
Regulations (GDPR) and the Privacy and Electronic Communications Regulations (PECR), building
on its previous programme of work to achieve compliance. The Trustees remain content that the
College is fully complying with the Regulations.
Fundraising standards
The College's fundraising activities are undertaken by its Philanthropy and Alumni Relations team.
The College does not use third party fundraisers or commercial participators.
The College is a member of The Council for Advancement and Support of Education (CASE), a
professional association serving 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 standards and an ethical framework for the fundraising profession. which the College follows.
15

Goodenough College
Trustees, Annual Report and Strategic Report
for the year ended 31 August 2024
The College has established a Donations Advisory Committee that meets as ne￿SSary to review
the acceptance of any large gifts.
Contacts who are judged to have an interest in Goodenough College are encouraged to donate.
Those who have opted out of fundraising appeals are, of course, exempted from this programme of
activity. There is a clear focus on enabling supporters to reengage and reconnect with the College,
as well as making an informed decision on supporting the College financially. The College does not
accept donations where we have reason to believe that the donor may be vulnerable, or where we
judge accepting the donation would be ethically wrong or cause harm to the donor. To help inform
our approach, we refer to the Fundraising Regulator's 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 2024.
PLANS FOR FtrruRE PERIODS
The approved budget for 2024-25 reflects the College's ambitions and priorities for the year, including
its continued focus on scholarships for exceptional students with limited financial means. its
commitment to a major renovation project to enhance lower-cost student accommodation on the
College estate, the reallocation of funds to deliver an in-house managed maintenance, asset
replacement and building development service and the delivery of the College's enhanced IT
strategy.
The College remains confident of its capacity to attract high calibre students who will make a
substantive contribution to the College community. Applications for admission for 2025-26 were
strong. The College is at full Member occupancy and expects to remain at this level throughout the
academic year, with any Member room vacancies let as short-stay accommodation.
Notwithstanding, the College will continue to develop and refine its marketing and admissions
processes and procedures for the 2025-26 intake and thereafter as the political and economic
climate develops.
Meanwhile, the College remains committed to enhancing and diversifying its scholarship programme
in future years, continuing to work with alumni, established partner bodies (such as the Chevening
scholarships programme and London universities) and other stakeholders. The College will seek to
develop new partnerships. further expanding access to the College for those from lower income
backgrounds and nations currently under-represented.
The Director of Philanthropy & Alumni Relations will work to further develop a substantive
philanthropic impulse among College alumni. partners and other stakeholders, thereby growing
funding for scholarships and College activities. A public capital fundraising campaign is underway
to enable the College to refurbish five Georgian townhouses comprising 43-47 Mecklenburgh
Square.
The Dean will further develop the College's renowned programme of events and activities.
supported. inter alia, by the Argyris endowment, College Fellows and the goodwill of friends and
stakeholders.
16

Goodenough College
Trustees, Annual Report and Strategic Report
for the year ended 31 August 2024
The College will continue to exert downward pressure, wherever possible, on overhead and running
costs through a programme of careful housekeeping and cost-effective expenditure. The Director
continues to develop the College's operations in consultation with the Board of Trustees. During the
year, the College will continue to remobilise and seek to gain ever greater value and impact from its
catering, housekeeping and cleaning contracts, following their review during 2024-25.
The College will build on the review of the College's Asset Replacement Plan, carried out by the
Director of Estates in 2024, to ensure that the funds held within the Asset Replacement Reserve are
best targeted at the College estate. Having achieved the necessary planning and Listed Building
Consent during 2024, and subject to the Trustees confirming sufficient funds are available from
donors and cash reserves, the renovations of 43-47 Mecklenburgh Square are expected to
commence early in 2025.
The College will continue to maintain and develop its commercial activities, as overseen by the
Directors of Goodenough Trading Ltd, conscious of the risks of relying excessively upon ongoing
strong market conditions for the support of the College's charitable operations.
The College will ensure that the College's activities in Scotland, delivered through its estate, The
Bum, and under the aegis of the new Burn Bursar, are well-targeted, financially sustainable and in
line with its charitable objectives of providing a welcoming aGademic retreat for Goodenough
members and Scottish university students.
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 international academic collaboration remain at the forefront of the College's successful
endeavour.
STATEMENT OF TRUSTEES, REsPONsIBIL￿IEs
The Trustees (who are also directors of the College for the 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 Accepted Accounting Practice).
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
incoming resources and application of reSoUr￿s, including income and expenditure of the charitable
group for that period.
In preparing these financial statements the Trustees are required to:
select suitable accounting policies and then apply them consistently.
observe the methods and principles in the Accounting and Reporting by Charities.. Statement
of Recommended Practice applicable to charities preparing their accounts in accordance with
the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland
(FRS102)"
make judgements and estimates that are reasonable and prudent.,
state whether applicable UK Accounting standards have been followed, subject to any
material departures disclosed and explained in the financial statements; and
17

Goodenough College
Trustees, Annual Report and Strategic Report
for the year ended 31 August 2024
prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the charitable company will continue in operation.
The Trustees are responsible for keeping proper and adequate accounting records that disclose with
reasonable accuracy at any time of the financial position of the charitable company and enable them
to ensure that the financial statements comply with the Companies Act 2006. They are also
responsible for safeguarding the assets of the charitable company and the group and hence for
taking reasonable steps for the prevention and detection of fraud and other irregularities.
Financial statements are published on the charity's website in accordance with legislation in the
United Kingdom governing the preparation and dissemination of financial statements, which may
vary from legislation in other jurisdictions. The maintenance and integrity of the Gharity's website is
the responsibility of the Trustees. The Trustees, responsibility also extends to the ongoing integrity of
the financial statements contained therein.
DISCLOSURE OF INFORMATION TO AUDrroR
In the case of each of the persons who are Directors (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 information (as defined in
the Companies Act 2006) of which the charitable company's 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 information (as defined) and to establish that
the charitable company's auditors are aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of S418 of
the Companies Act 2006.
The Trustees, Report and Strategic Report were approved by the Trustees in their capacity as
Dire
of the Charitable Company and signed on their behalf by:
Stuart Shilson LVO DL
President of the College (and Chair of the Board)
Date: 21
18

INDEPENDEiYf AUDrroR'S REPORT TO THE MEMBERS AND TRUSTEES OF
GOODENOUGH COLLEGE
Opinion
We have audited the financial statements of Goodenough College (the 'charitable parent company,)
and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the group
statement of financial activities, group and charitable parent company balance sheets and statement
of cash flows, the principal accounting policies and the notes to the financial statements. The
financial reporting framework that has been applied in their preparation is applicable law and United
Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial
Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally
Accepted Accounting Practice).
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 2024 and of the group's incoming reSoUr￿S and application of resources,
including its income and expenditure for the year then ended.,
• have been properly prepared in accordance with United Kingdom GenerallyAccepted Accounting
Practice., and
+ have been prepared in accordance with the requirements of the Companies Act2006, the
Charities and Trustee Investment (Scotland)Act 2005 and regulation 8 of the Charities Accounts
(Scotland) Regulations 2006 (as amended).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (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 accordance with the ethical requirements that are relevant to our audit of the financial
statements 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 evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees, use of the going concern
basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed. we have not identified any material uncertainties relating to
events or conditions that, individually or collectively, may cast significant doubt on the group and
charitable parent company's ability to continue as a going concern for a period of at least twelve
months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going con￿rn are
described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the
information included in the annual report and financial statements, other than the financial
statements and our auditor's report thereon. Our opinion on the financial statements does not cover
the other information and, ex￿pt to the extent otherwise explicitly stated in our report. we do not
express any form of assurance conclusion thereon.
19

Goodenough College
Independent Report of the Auditor (continued)
for the year ended 31 August 2024
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 information 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 misstatement in the financial statements or a
material misstatementof the other information. If, based on the work we have perfonned, we conclude
that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
• the information given in the trustees. report, which 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 with 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 accordance 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 Gharitable parent company and
its environment obtained in the course of the audit, we have not identified material misstatements in
the trustees, report including the strategic report.
We have nothing to report in respect of the following matters in relation to which the Companies Act
2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to
you if, in our opinion:
+ proper and adequate accounting records have not been kept by the charitable parent company,
or returns adequate for our audit have not been received from branches not visited by us., or
+ the charitable parent company financial statements are not in agreement with the accounting
records and returns., 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 trustees
As explained more fully in the trustees, responsibilities statement, the trustees (who are also the
directors of the charitable company for the purposes of company law) are responsible for the
preparation of the financial statements and for being satisfied that they give a true and fair view, and
for such internal control as the trustees determine is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible 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 concern and using the going concern basis of accounting unless the trustees either
intend to liquidate the group or the charitable parent company or to cease operations. or have no
realistic alternative but to do so.
20

Goodenough College
Independent Report of the Auditor (continued)
for the year ended 31 August 2024
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's
report that includes our opinion. Reasonable assurance 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
misstatement when it exists. Misstatements can arise from fraud or error and are considered material
if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities. outlined above, to 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 identifying and assessing the risks of material misstatement in respect of
irregularities, including fraud and non-complian￿ 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 recognise non-complian￿ with applicable laws
and regulations.
+ we obtained an understanding of the legal and regulatory frameworks that are applicable to the
group and the charitable parent company and detemiined that the most significant frameworks
which are directly relevant to specific assertions in the financial statements are those that relate
to the reporting framework (Statement of Recommended Practice.. Accounting and Reporting by
Charities preparing their accounts in accordance with the Financial Reporting Standard
applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011)
and those that relate to data protection (General Data Protection Regulation),. and
• identified laws and regulations were communicated within the audit team regularly and the team
remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the group's and the charitable parent Company's financial
statements to material misstatement, including obtaining an understanding of how fraud might occur.
by:
• making enquiries of management as to their knowledge of actual, suspected and alleged fraud,.
and
• considering the intemal controls in place to mitigate risks of fraud and non-compliance with laws
and regulations.
To address the risk of fraud through management bias and override of controls, we..
• performed analytical procedures to identify any unusual or unexpected relationships.
• tested journal entries to identify unusual transactions.
+ assessed whether judgements and assumptions made in detennining the accounting estimates
were indicative of potential bias., and
• tested authorization controls on expenditure items, including staff expense claims, to check that
all expenditure was approved in line with the group's and the parent charitable company's
financial procedures.
21

Goodenough College
Independent Report of the Auditor (continued)
for the year ended 31 August 2024
Auditor's responsibilities for the audit of the financial statements (continued)
In response to the risk of irregularities and non-compliance with laws and regulations, we designed
procedures which included, but were not limited to:
• agreeing financial statement disclosures to underlying supporting documentation-
• reading the minutes of meetings of those charged with governance., and
• enquiring of management as to actual and potential litigation and claims.
There are inherent limitations in our audit 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-compliance. Auditing standards also limit the audit prO￿dureS required to identify non-
compliance with laws and regulations to enquiry of the trustees and other management and the
inspection of regulatory and legal corresponden￿, if any.
Material rnisstatements that arise due to fraud can be harder to deteGt 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 www.frc.org.uk]auditorsresponsibilities. This description
forms part of our auditor's report.
Use of our report
This report is made solely to the charitable company's members. as a body, 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 Section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 10
of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that
we might state to the charitable company's members and trustees those matters we are required to
state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than the charitable company and the
charitable company's members as a body and the charitable company's trustees as a body, for our
audit work, 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.. 28 January 2025
Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.
22

Goodenough College
Consolidated statement of financial activities (incorporating a consolidated Income
and Expenditure account)
for the year ended 31 August 2024
Unrestrlcted
Funds
2024
£'ooo
Restrlcted
Funds
2024
£'ooo
Endowment
Funds
2024
£'ooD
Total
Funds
2024
£'ooo
Total
Funds
2023
£'ooo
Notes
Incomè from:
Donations and legacies
Charitable activities..
College community accommodation
Trading aclivllies..
Commercial accommodation
Catering, Events and Venue Hlre
Investsnents
25
565
24
614
539
9,117
342
9,459
8,642
5,195
1,373
1.352
5.195
1.373
1,454
5,023
1,238
1,228
96
Total
17,062
1.003
30
18,095
16,670
Expenditure on:
Raising funds
Investment management
Fundraising
Trading activitie5
Charitable acbvilies..
Attracting outstanding postgraduate
students
Transforming College Members
Raising the College's profile
Sustsining the College
Total
106
113
148
3.934
93
103
12
3,934
1,037
308
1,345
1,234
8,025
374
2,173
15,797
682
10
8.717
374
2,176
16,807
8,194
329
1,984
15.481
998
12
Not income before other galnslllossesl
1,265
18
1,288
1.189
Nel gainsl{lossesl on investments
11
50
24
1,039
13181
Net Incomg
2,230
55
42
2,327
871
Transfers between funds
16, IT
126)
26
Net movement In funds
2.204
81
42
2,327
871
Reconciliation of funds..
Total funds brought forward
Net movement in funds
Total funds carried forward
138.618
12.289
271
151,178
150.307
2,204
140 822
81
42
313
2.327
153 505
871
151,178
All results derive from continuing operations.
All gains and losses recognised in the period are included above. The notes on pages 28 to 52 form part of
these Financial Statements.
23

Goodenough College
Balance Sheets
as at 31 August 2024
Company Registration No: 00246919
BALANCE SHEETS AS AT 31 AUGUST 2024
Group
Charity
31 August
2023
£'ooo
Notès
31 August
2024
£'ooo
31 August
2023
£'ooo
31 August
2024
£'ooo
FIXED ASSETS
Tangible assets
Freehold land and buildings
Heritage assets
Fixtures. fittings plant & equipment
108
lob
IOC
162,786
281
957
164,024
25,210
3,046
163,973
310
1,071
165,354
19,396
3,976
162,786
281
957
164,024
25,210
3,046
250
192,530
163,973
310
1,071
165,354
19,396
3,976
250
188,976
Investments
Investment properties
Investments in subsidiaries
Ilb
Ilb
12
192,280
188,726
CURRENT ASSETS
Stocks
Debtors
Cash at bank and in hand
13
962
4,509
5,477
806
5,953
6,762
767
3,821
4,594
838
4,735
5.576
CURRENT LIABILITIES
Amounts falling due within one year
14
(4,214)
(4,250)
{3,752}
(3,485)
NET CURRENT ASSETS
1,263
2.512
842
2,091
TOTALASSETS LESS CURRENT
LIABILITIES
193,543
191,238
193,372
191,067
Creditors.. amounts falling due after
more than one year
TOTAL NET ASSETS
15
{40,038)
(40,060)
(40,038)
(40,060)
153,505
151,178
153,334
151,007
Restricted funds
Endowment Funds
Unrestricted funds
Designated funds
General funds
16
12,370
313
12,289
271
12,370
313
12,289
271
17
17
131,724
9,098
130,332
8,286
131,724
8,927
130,332
8,115
TOTAL FUNDS
153,505
151,178
153,334
151,007
The notes on pages 28 to 52 form part of these Financial Statements.
The group statement of financial activities (SOFA) and balance sheet, consolidate the Financial Statements of
the Charity and its wholly owned subsidiaries, all of which were made up to 31 August 2024 on a line by line
basis. The net surplus of the charity for the year ended 31 August 2024 was £2,327k (2023- £871 k).
These Financial Statements were approved and authorised for issue by the Trustees on 21 January 2025 and
on their behalf by:
stuart Shilson LVO DL
President of the College {and Chair of the Board)
24

Goodenough College
Consolidated Statement of Cash Flows
for the year ended 31 August 2024
CONSOLIDATED STATEMEiYf OF CASH FLOWS FOR THE YEAR
ENDED 31 AUGUST 2024
Notes
2024
£'ooo
2023
£'ooo
Net cash provided by operating activities
(a)
3,504
4,858
Cash flows from financing activities
Interest paid on loan
Loan costs
Net cash (used in) financing activities
(1,244)
(1.241)
(1,252)
(1,249)
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
1,454
(952)
22,733
25,825
(2,590)
1,228
(1,211)
1,186
3,459
(2,256)
Net cash (used in) investing activities
Change in cash and cash equivalents in the reporting
period
(338)
1,353
Cash and cash equivalents at 1 September
6,400
5,047
Cash and cash equivalents at 31 August
(b)
6,062
6,400
Analysis of changes in net debt
Cash
flows
31 August
2024
September
2023
£'ooo
£'ooo
£'ooo
Cash at bank
Cash held by investment managers
5,953
447
6,400
(1,444)
1,106
(338)
4,509
1,553
6,062
Loans falling due after more than one year
(40,000)
(40,000)
Total
33,600
338
33,938
25

Goodenough College
Consolidated Statement of Cash Mows (continued)
for the year ended 31 August 2024
2024
£'ooo
2023
£'ooo
(a) Reconciliation of net income to net
cash provided by operating activities
Net income for the reporting period
Adjustments for:
Depreciation charges
(Gains) I losses on non-cash investments
Dividends, interest and rents from investment
Loss on disposal
Interest payable on loan
Loan costs
(Increase)IDecrease in stock
(Increase)IDecrease in debtors
(Decrease)Ilncrease in creditors
2,327
871
2,667
(1,100)
(1,454)
29
1,244
2,631
311
(1,228)
23
1.241
(3)
{156)
(58)
354
642
Net cash inflow from operating activities
3,504
4,858
(b) Analysis of Cash and Cash Equivalents
Cash
flows
31 August
2024
September
2023
£'ooo
£'ooo
£'ooo
Cash at bank and in hand
Cash held by investment manager
Total cash and cash equivalents
5,953
447
6,400
(1.444)
1,106
338
4,509
1,553
6,062
26

Goodenough College
Consolidated Statement of Financial ACti￿tieS for the year ended 31 August 2023
CONSOMDATED STATEMENT OF FINANCIAL AcfivITIES FOR THE YEAR
ENDED 31 AUGUST 2023
Unrestricted
Funds
2023
£'ooo
Restricted
Funds
2023
£'ooo
Endowment
Funds
2023
£'ooo
Total
Funds
2023
£'ooo
Notes
Income from:
Donations and legacies
Charitable activities..
College community
accommodation
Trading activities-
Commercial accommodation
Catering, Events and Venue
Hire
Investments
23
235
281
539
8,294
348
8,642
5,023
1,238
5.023
1,238
1,128
94
1,228
Total
15,706
677
287 16,670
Expenditure on:
Raising funds
Investment management
Fundraising
Trading activities
Charitable activities:
Attracting outstanding
postgraduate
students
Transforming College Members
Raising the College's profile
Sustaining the College
Total
83
103
3,544
93
103
3.544
12
890
344
1,234
7,516
329
1,984
14.449
666
12
8,194
329
1,984
16 15,481
1,016
Net income l (expenditure) before other
(losses)
1,257
{339)
271
1,189
Net (losses) on investments
11
(259)
(59)
(318)
Net income l (expenditure)
998
(398)
271
871
Transfers between funds
16, 17
(9)
Net movement in funds
989
389
271
871
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried fO￿ard
137,629
989
138,618
12,678
389
12,289
150,307
271
871
271 151,178
27

Goodenough College
Notes to the Financial Statements
For the year ended 31 August 2024
AccouNfING POLICIES
(a) Basis of preparation
The Financial Statements have been prepared under the historical cost convention, as
modified by the inclusion of investments and investment properties at fair value at balance
sheet date.
The financial statements have been prepared in accordance with Accounting and Reporting
by Charities: Statement of Recommended Practice applicable to charities preparing their
accounts in accordance with the Financial Reporting Standard applicable in the UK and
Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the
Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the
Companies Act 2006 and the Charities Act 2011.
They also comply with the Charities and Trustee Investment (Scotland) Act 2005 and the
Charities Accounts (Scotland) Regulations 2006. The accounting policies have been applied
consistently throughout the accounts.
The group statement of financial activities (SOFA) and balance sheet, consolidate the Financial
Statements of the Charity and its wholly owned subsidiaries, all of which were made up to 31
August 2024 on a line by line basis. The net surplus of the charity for the year ended 31 August
2024 was £2,327k (2023: £871 k).
Goin
cOn￿M
The Trustees reviewed the College's surplus operating budget for the year 2024125 and the
subsequent long term forecast in July 2024 and were content that these plans were affordable
and that the accounts should be prepared on a going concern basis.
There has been a high volume of applications for places in the College for the 2024125
academic year. with occupancy levels achieving expectations. The Hotel reopened in
September 2022 and subsequently outperformed budget by a significant margin and
continues to generate a higher contribution than was historically achieved.
The College holds in excess of £26m in unrestricted funds not representing current operating
assets, of which £2m is in investment property and £24m in liquid investments managed
through our investment managers. In total these reserves are well in excess of the annual
turnover and annual cash flow requirements of the College.
Given the strength of the balan￿ sheet and the availability and liquidity of unrestricted
investments the Trustees believe that, while Un￿rtaintY exists, this does not pose a material
uncertainty that would cast doubt on the charity's ability to continue as a going concern. The
Trustees, therefore, consider it appropriate for the accounts to be prepared on a going concem
basis.
Further detail on the availability of unrestricted funds can be found on p12 of the Trustees.
Report.
28

Goodenough College
Notes to the Financial Statements (continued)
for the year ended 31 August 2024
I. ACCOUWllNG POLICIES (continued)
(b) Company status
The Charity is a company limited by guarantee. The Members of the Company are the Trustee
Board named on page ￿0, who are also the Directors of the Company for the purposes of
company law. In the event of the Company being wound up, the liability in respect of the
guarantee is limited to one pound per Member of the Company.
(c) Key assumptions 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 the circumstances. The assumptions and estimates that are likely to cause
any material impaGt to the accounts are set out below:
Valuation of Investment Properties
as disclosed in note 11, the fair values of the
investment properties are reviewed at the balance sheet date to determine any changes in
value. This is done by reviewing key property price indicators for the local area or an
external valuation by RICS registered valuers.
Depreciation - Fixed Assets are depreciated on a straight line basis as set out in note 11)
Tangible Fixed Assets.
(d) Income
All income is recognised in the SOFA when the Charity has met conditions for receipt, receipt
is probable and the amount can be quantified with sufficient reliability.
Investment income.. Investment income is accounted for when receivable.
Legacies.. Legacies are deemed receivable from the date of notification, provided that
sufficient information has been re￿]Ved to enable the Group to calculate entitlement and
receipt is probable.
Gifts in Kind." Donations in kind are recognised at their value to the Charity when they
are received. No amounts are included for services donated by volunteers.
Government grants." Income from Government and other grants, whether'capital. grants
or 'revenue' grants, is recognised when the charity has entitlement to the funds. any
performance conditions attached to the grants have been met, it is probable that the
income will be received and the amount can be measured reliably and is not deferred.
In respect of the furlough grant., all conditions, with respect to the eligible costs being
claimed, need to be met.
29

Goodenough College
Notes to the Financial Statements (continued)
for the year ended 31 August 2024
i. AccouNfING POLICIES (continued)
(e) Expenditure
All expenditure is accounted for on an accruals basis and has been classified under headings
that aggregate all costs related to 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 four strategic goals. See note 6 for further information.
(D Fund accounting
The College maintains various types of funds as follows..
i) Restricted funds
The Burn Restricted funds include donations received which were allocated by the donor
for the upkeep of The Burn. a Scottish study and holiday centre for students and
graduates.
In addition other donations which are eamiarked for particular purposes are treated as
restricted funds.
ii) Endowment Funds
Endowment funds comprise the Christopher G. Argyris StudentActivity Fund which is an
expendable endowment fund providing support for community participation at the
College, and particularly the performance of opera and Dean's Seminars. Total
distributions from the Fund in any year are not to exceed 5 % of the fund unless the value
of the fund falls below £12,500, in which case the balanTr may be distributed and the
fund closed.
iii) Unrestricted funds
Designated reserves are amounts which have been put aside at the discretion of the
Trustees and comprise:
Tangible fixed asset reserve representing the value of all reserves used for
operating tangible fixed assets (excluding those of The Burn, which are restricted)
and only realisable by the disposal of these fixed assets.
Investmentpropertyreserve represents the value of all reserves held in investment
properties and only realisable by the disposal of these fixed assets.
Asset Replacement Reserrfe (ARR) has been established to hold the current level
of funds identified for the future replacement and refurbishment of the buildings.
fixtures, fittings and equipment of London House, William Goodenough House and
the Club in support of the Asset Replacement Plan currently covering a 30 year
period to 2046.
43-47 Mecklenburgh Square Reserve was established by the Trustees to support
the future development of 43-47 Mecklenburgh Square.
30

Goodenough College
Notes to the Financial Statements (continued)
for the year ended 31 August 2024
I. ACCOUNTING POLICIES (continue(O
iii) Unrestricted funds (continued)
Other designated funds reserve represents other funds designated by the Trustees
for particular purposes.
General unrestricted funds represent funds which are expendable at the discretion
of the Trustees in the furtherance of the objects of the company. Such funds may
be held in order to finance working capital or capital investment and include the
College's reserve.
(g) Financial instruments
Financial assets and financial liabilities are recognised when the College becomes a paty to
the contractual provisions of the instrument. All financial assets and liabilities are initially
measured at transaction price (including transaction costs). Basic financial instruments are
initially recognised at transaction value and subsequently measured at their settlement value.
Trade and other debtors are recognised at the settlement amount due after any trade discount
offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Creditors and provisions are recognised where the College has a present obligation resulting
from a past event that will probably result in the transfer of funds to a third party and the amount
due to settle the obligation can be measured or estimated reliably. Creditors and provisions
are normally recognised at their settlement 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 subsequently recognised in the SOFA under 'net gains l (losses) on financial
instruments,.
(h) Taxation
Goodenough College is a Charity within the meaning of Paragraph 1 Schedule 6 Finance Act
2010 and therefore it meets the definition of a charitable company for UK corporation tax
purposes. Accordingly the company is potentially exempt from taxation in respect of income
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 1992. to the extent that
such income or gains are applied exclusively to charitable purposes.
The subsidiaries make qualifying donations of all taxable profit to Goodenough College.
InGome from Gift Aid tax reclaimed is recognised in relation to qualifying donations received.
The College is registered for Value Added Tax (VAT). Any I￿eCoVerable VAT is charged to the
Statement of Financial Activities.
31

Goodenough College
Notes to the Financial Statements (continued)
for the year ended 31 August 2024
i. AccouNfING POLICIES (continued)
(i) Tangible fixed assets
The College has elected to present the deemed cost of its freehold assets at the value held at
1 April 2014, as permitted under the FRS102 transitional arrangements. Where there is an
indication of an asset being impaired the recoverable amount is identified and the impairment
loss is recognised as expenditure in the Statement of Financial Activities.
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 line basis as follows:
Life (years)
100
15-50
25-30
10-25
Freehold buildings
Roof work
Lifts
Bathrooms, heating, water, electrical and gas systems, and boiler
equipment
Ventilation and fire detection systems and fire stopping works
Access and telephone system
Vehicles
Computer and other Offi￿ equipment
Computer software
Furniture
Improvements to Freehold (including room refurbishment)
Other plant and equipment and other fixtures and fittings
10-15
10
8-20
6-15
4-15
The mixed use property is accounted for using the cost model as allowed under the Charities
SORP (FRS 102) as the fair value of the investment component cannot be measured reliably,
and it is rented out to a group entity.
(i) Heritage Assets
The College has elected to present the deemed cost of its Heritage Assets at the value held at
1 April 2014. as permitted under the FRS102 transitional arrangements. Heritage Assets are
not depreciated. The College has reviewed its Heritage Assets and does not consider that any
impairment at 31 August 2024 is ne￿Ssary.
(i) Investments
Investments are valued at bid value as at the balan￿ sheet date and the surplus or deficit
arising from this revaluation is shown within 'net gains l (losses) on investments, on the face
of the SOFA. Realised gains and losses represent the difference between the sale proceeds
and the opening market value of an investment or cost if purchased during the year and are
also shown within this line.
32

Goodenough College
Notes to the Financial Statements (continued)
for the year ended 31 August 2024
I. ACCOUNfING POLICIES (continued)
(k) Investment properties
Investment properties are held initially at cost and subsequently at fair value at the reporting
date. Any Gains or Losses are recognised under 'Net gainsl (losses) on investments. on the
Statement of Financial Activities. Investment properties are not depreciated.
(l) Stocks
Stocks are stated at the lower of cost and net realisable value and comprise consumable
goods.
(m)Operating leases
Rental costs under operating leases are charged to the SOFA in equal amounts over the
period of the lease.
(n) Born)wing Costs
Interest and charges are expensed and charged to the SOFA when incurred
(o) Pension accounting policy
Goodenough College makes contributions to employees, defined contribution pension plans.
Contributions are charged to the SOFA as they become payable. They are analysed across
expenditure according to the activity of the scheme members.
(p) Cashfiow statement
Cash and cash equivalents includes cash in hand, deposits with banks and cash held within
the investment portfolio. Cash equivalents are defined as balances with a term of less than
three months., any accounts with a term greater than three months are classified as short temi
deposits. Interest paid is classified as a cashflow from operating activities as they are included
in the statement of financial activities, this Classification is consistent with prior periods.
33

Goodenough College
Notes to the Financial Statements (continued)
for the year ended 31 August 2024
2 DONATIONS AND LEGACIES
Unrestricted
funds
2024
£'ooo
Restricted
funds
2024
£'ooo
Endowment
funds
2024
£'ooo
Total
funds
2024
£'ooo
Total
funds
2023
£'ooo
Donations
Consolidated donations
income
Donations from
subsidiaries (note 17)
Charity donations
income
25
565
24
614
539
25
565
24
614
539
2,634
2,634
2,717
2,659
565
24
3,248
3,256
Of the total funds stated for 2023, £235k was restricted. £23k unrestricted and £281 k was endowment
income.
Of these donations £102k (2023: £2k) was received from Trustees.
3 INVESTMENT INCOME
Unrestricted
funds
2024
£'ooo
Restricted
funds
2024
£'ooo
Endowment
funds
2024
£'ooo
Total
funds
2024
£'ooo
Total
funds
2023
£'ooo
Income from UK listed
investments
Income from overseas listed
investments
Rent from property
Other interest- short-term
deposits
231
25
259
179
200
826
13
57
216
883
148
804
95
96
97
1,352
96
1,454
1,228
Of the total funds stated for 2023, £94k was restricted, £1,128k unrestricted and £6k arose on
endowments.
4 TRADING INCOME
Trading income comprises income arising from the College's trading subsidiary (two trading
subsidiaries in the year ended 31 August 2023) as detailed in note 12.
34

Goodenough College
Notes to the Financial Statements (continued)
for the year ended 31 August 2024
5 INCOME FROM COLLEGE CHARITABLE ACTIVITIES
Unrestricted
funds
2024
Restricted
funds
2024
Endowment
funds
2024
Total
funds
2024
Total
funds
2023
£'ooo
£'ooo
£'ooo
£'ooo
£'ooo
College accommodation
income
9,117
9.117
8,294
The Bum income
342
342
348
9,117
342
9,459
8,642
Of the total funds stated for 2023, £348k was restricted and £8,294k was unrestricted. There was
no endowment income in 2023.
6 EXPENDITURE FOR CHARrfABLE PURPOSES
Direct
Costs
2024
Support
Costs
2024
Total
funds
2024
Total
funds
2023
£'ooo
£'ooo
£'ooo
£'ooo
Attracting outstanding postgraduate
students
1,136
7,467
316
209
1.345
8.717
374
1,234
8,194
329
Transfomiing College Members
Raising the College's profile
Sustaining the College
1,250
58
2,032
10,951
144
2,176
12,612
1,984
11,741
1,661
The College has paid £635k (2023: £590k) to College members as scholarships and bursaries,
including hardship funds. This is included within Attracting outstanding postgraduate students
above.
35

Goodenough College
Notes to the Financial Statements
For the year ended 31 August 2024
SUPPORT COSTS
2024
£'ooo
448
670
213
35
512
1,878
2023
£'ooo
382
622
341
35
468
1,848
Finance
HR
Governance
Other general overheads
These support costs are split across the following areas..
Raising funds
Charitable activities
217
1,661
1,878
207
1,641
1,848
GOVERNANCE COSTS
2024
£'ooo
2023
£'ooo
Support costs
Council and Board meeting costs
Fees payable to the auditors - College
31
35
30
35
Included within direct costs are fees payable to the auditors relating to the subsidiary companies
of £12k of which £8k was for audit services (2023.. £15k, of which £8k was for audit ServI￿s).
Fees payable to the Group's auditors:
2024
£'ooo
2023
£'ooo
Statuto
audit
Current auditors
Previous auditors
Tax adviso
services
Current auditors
Previous auditors
39
36
12
43
52
36

Goodenough College
Notes to the Financial Statements (continued)
for the year ended 31 August 2024
NET INCOME
2024
£'ooo
2023
£'ooo
Net income for the year is stated after charging:
Amounts payable to auditors (Group) (note 7)
Depreciation of tangible fixed assets
Operating lease charges
43
2,667
19
52
2,631
19
INFOR1￿TIoN REGARDING STAFF AI¥D TRUSTEES
Headcount
2024
No.
Full Time Equivalent
2024
2023
No.
No.
2023
No.
Average number of employees (during
the period:
College
Hotel
The Burn
65
11
20
96
66
10
19
95
60
11
10
81
59
10
10
79
2024
£'ooo
2023
£'ooo
Wages and salaries
Social security costs
Pensions
Other benefits
3,453
375
157
116
4,101
3,189
346
145
82
3,762
37

Goodenough College
Notes to the Financial Statements
For the year ended 31 August 2024
INFORMATION REGARDING STAFFAND TRUSTEES (continue(O
The number of staff paid over £60,000 during the reporting period (salary plus taxable
benefits excluding pension contributions) was:
2024
No.
2023
No.
£60,001- £70,000
£70,001- £80.000
£80,001- £90,000
£90,001- £100,000
£110,001- £120,000
£130.001 -£140,000
£160,001- £170,000
£170.001- £180,000
Trustees, remuneration
Members of the Board of Trustees (who are all directors within the meaning of the Companies
Act 2006) receive no remuneration or taxable benefits for their services.
During the year six (2023: six) Trustees were reimbursed or had amounts paid on their behalf
for sundry Board expenses incurred totalling £3,662 (2023.. £3,358) relating to travel and
subsistence. Trustees may stay in College accommodation in the course of their duties as
Trustees.
During the year and up to the date of approval of the Annual Report and Financial Statements,
there was a qualifying third-party indemnity in pla￿ for directors, as allowed by Section 234 of
the Companies Act 2006.
Pension schemes
The Company operates stakeholder pension schemes administered by Legal and General.
The employer's contributions are 10 % of pensionable salary for senior staff and are matched
to those of the qualifying employees to a maximum of 5 % of pensionable salary for other staff
and amounted to £156,799 (2023: £144,710). At 31 August 2024 outstanding payments due
to the scheme were £Nil (2023: £23).
mana
ement
ersonnel
Key management personnel of Goodenough College comprise the Trustees and those
employees making up the Executive team, consisting of the College Director, the Director of
Finance and ReSoUr￿s, the Director of Operations, the Director of Estates, the Director of
Philanthropy and Alumni Relations, the Dean, the Registrar and the Bursar at The Burn.
38

Goodenough College
Notes to the Financial Statements (continued)
for the year ended 31 August 2024
INFORMATION REGARDING STAFFAI¥D TRUSTEES (continued)
Ke
mana
ement
ersonnel (Gontinued)
The aggregate compensation (remuneration plus benefits and employer's National Insurance
Contributions) paid or payable to 'key management personnel, during this reporting period was:
£852,913 (2023. £852,688).
During the year, two members of key management personnel made payments of £14,636 for
use of facilities of the College for private events. These payments were on the terms available
to all Members, Alumni and staff.
Redundanc
and termination
ments
Total payments incurred during this year in relation to redundancy and termination pay were
£4,572 (2023.. £67,000) paid to one (2023.. two) individual. The accounting policy is to
recognise termination payment liabilities on communication of redundancy or termination and
when quantifiable. Such payments are accounted for as staff costs.
io TANGIBLE FIXED ASSETS
(a) Freehold properties
Consolidated and company
Assets
under
construction
£'ooo
The
Burn
£'ooo
Land and buildings at deemed cost
College
£'ooo
Total
£'ooo
Brought forward deemed cost at 1
September 2023
Additions
Transfers
Disposals
Transfer from Investment properties
At 31 August 2024
159,009
377
78
(830)
449
159,083
11,109
11,467
404
(78)
181,585
781
{830}
449
181,985
11,109
11,793
Depreciation
Brought forward at 1 September 2023
Disposals
Charge for the year
Transfer from investment properties
At 31 August 2024
16,544
(830)
2,265
35
18,014
1,068
17,612
(830)
2,382
35
19.199
117
1,185
Net book value at 31 August 2024
141.069
9,924
11,793
162,786
Net book value at 31 August 2023
142,465
10,041
11,467
163,973
39

Goodenough College
Notes to the Financial Statements (continued)
for the year ended 31 August 2024
io TANGIBLE FIXED ASSETS (continued)
(a) Freehold properties (continued)
Freehold properties consisted of student accommodation, the hotel (The Goodenough Hotel.
London) and The Burn. They were all the subject of independent valuations, for inclusion in
the accounts at 31 March 2013, provided by Drivers Jonas Deloitte, Willis Ltd, Ecclesiastical,
Bell Ingram and Alpha Browett Taylor.
Assets under construction consist mainly of the properties at 43-46 Mecklenburgh Square,
previously held as investment properties. The lease on the properties expired on 26 November
2019 and the intention of the College is to convert them into additional student accommodation.
Accordingly, they are no longer held as investments and were transferred to freehold properties
at a value of £11 m in the year ended 31 March 2020 and are treated as being at deemed cost.
This is based on a valuation provided by Alpha Browett Taylor included in the accounts at 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 to £404k. No depreciation is
applied to these assets as they are not in operational use.
Also included in Freehold Properties are the College's Royal Albert Hall seats, held at historic
ost of £350. The seats were purchased by the College in 1967 and are held on a 999 year
lease from 1867
Excluding 43-46 Mecklenburgh Square, the historical cost net book value of the land and
buildings if the revaluation had not taken place would be £29.3m (2023: £30.2m). The
historical Gost of 43-46 Mecklenburgh Square cannot be determined.
One of the College's properties is used by Goodenough Trading Ltd, trading as The
Goodenough Hotel, London, a wholly owned subsidiary of Goodenough College. The purpose
is to provide short-stay accommodation close to the college for alumni and others associated
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 to 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 at depreciated cost of £15.6m (£15.9m in 2023).
During the year the decision was taken to transfer one of the investment properties into
tangible fixed assets due to it being brought into use as an operating charitable asset. At 31
August 2024 the property was revalued from its opening market value down to its depreciated
historic cost, and transferred from investment properties (note 11) to College tangible fixed
assets above.
40

Goodenough College
Notes to the Financial Statements (continued)
for the year ended 31 August 2024
io TANGIBLE FIXED ASSETS (continued)
(b) Heritage assets
Consolidated and company
The
Burn
£'ooo
College
£'ooo
Total
£'ooo
Deemed cost at 1 September 2023
Disposals
At 31 August 2024
290
29
261
20
310
29
281
20
Heritage assets comprise books, paintings and furniture which are available for use and
enjoyment of College members, staff and guests throughout the College and Burn.
The College Director 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 are located in an appropriately secure and managed
environment.
A valuation of the heritage assets was carried out in 2013 and is treated as deemed cost. The
Trustees do not consider that any impairment at 31 August 2024 is necessary. The deemed
cost at 1 April 2017 was £300k, and the only subsequent transaction was an addition of £1 Ok
in the year ended 31 March 2019.
{c) Fixtures. fittings, plant and equipment
Consolidated and company
Assets
under
construction
£'ooo
The
Burn
£'ooo
College
£'ooo
Total
£'ooo
Cost at 1 September 2023
Additions
Transfers
Disposals
At 31 August 2024
3,668
164
87
3,755
171
(1)
1,782
2,051
1,782
2,144
87
Depreciation at 1 September 2023
Charge for the year
Disposals
At 31 August 2024
2,601
284
1,782
1,103
83
2,684
285
1,782
1,187
84
Net book value at 31 August
2024
948
957
Net book value at 31 August 2023
1.067
1,071
41

Goodenough College
Notes to the Financial Statements (continued)
for the year ended 31 August 2024
11 INVESTMEKfs HEIJ) AS FIXED ASSETS
The
Burn
£'ooo
(a) Investment properties
Land and buildings at valuation:
College
£'ooo
Total
£'ooo
Carried forward at 1 September 2023
Revaluation
Transfer to fixed assets (see note 10)
At 31 August 2024
3,098
(509)
414
2,175
878
(7)
3,976
{516)
414
3,046
871
The College investment properties were the subject of an independent market valuation for
inclusion at 31 August 2023 by Alpha Browett Taylor, RICS registered valuer with the necessary
knowledge and expertise to provide this valuation. In 2023124 an internal exercise was carried
out to assess if the value of similar properties in the local area had changed during the financial
year. The College investment properties were revalued downwards by £509k as a result (2023:
upwards by £30k). £319k of this devaluation was due to the revaluation of one property down
to its depreciated historic cost prior to being transferred to fixed assets (see note 10).
The Burn investment properties were the subject of an independent market valuation for
inclusion at 31 August 2023 by J & E Shepherd, RICS registered valuer with the necessary
knowledge and expertise to provide this valuation. In 2023124 an internal exercise was carried
out to assess if the value of similar properties in the local area had changed during the financial
year. The Burn investment properties were revalued downwards by £7k as a result (2023:
upwards by £18k).
Consolidated and Company
31 August
31 August
2024
2023
£'ooo
£'ooo
(b) Listed investments
Market Value at 1 September
Additions at cost
PrO￿edS from disposals
Realised (loss)
Unrealised gainl{loss)
Market value at 31 August
18,949
25,825
(22,733)
(25)
1,641
23,657
17,035
3,457
(1,186)
(81)
276
18,949
42

Goodenough College
Notes to the Financial Statements (continue(O
for the year ended 31 August 2024
li
INVESTMEiYfs HELD AS FIXED ASSETS (continued)
(b) Listed investments (continued)
Listed investments comprise the following:
Consolidated and Company
31 August
2024
£'ooo
31 August
2023
£'ooo
Investments listed on a recognised stock exchange -
Equities
Investments listed on a recognised stock exchange -
Bonds
Alternative Funds
COIF Charities Investment Fund account
Market value at 31 August
9,459
4,808
2.203
7,287
18,849
23,657
18,949
Investment assets in the United Kingdom
Investment assets outside the United Kingdom
Market value at 31 August
23,657
12,860
6,089
18.949
23,657
Cost at 31 August
23,588
15,799
At 31 August 2024 the College held the following investments which represented more than 5 %
of the portfolio value:
£'ooo
/0 of portfolio
COIF Charities Investment Fund account
18,849
Total investments
Listed investments (market value)
Cash held in the portfolio
Investment properties (market value)
Investments at 31 August
11b
23,657
1,553
3,046
28,256
18,949
447
3,976
23.372
11a
Net gains l (losses) on investments as shown on the Statement of Financial Activities comprise
net gains on listed investments of £1,616k (2023.. losses of £357k), net losses on cash held at
investment managers due to foreign exchange movements of £61 k (2023.. £9k) and net losses
arising on investment properties of £516k (2023: gains of £48k).
43

Goodenough College
Notes to the Financial Statements (continued)
for the year ended 31 August 2024
12
SUBSIDIARY UNDERTAKINGS
The College owns 100 % of the issued capital of the following companies.
Company
Investment at
Cost
Subsidiary undertaking
Goodenough Trading Limited
Goodenough Ventures Limited
250,000
250,002
The registered office of both subsidiaries is London House, Mecklenburgh Square, London,
WC1N 2AB.
Summarised financial results of Goodenough Trading Limited (Company Registration
2684378) are set out below and are included in the consolidated SOFA. All activities relate to
continuing operations. The following intercompany transactions are included within the
subsidiary results.
The £7,346k (2023: £5,027k) total income includes £7k (2023.. £3k) for sales to the parent
ompany relating to accommodation. Commercial accommodation income of £5,118k (2023:
£5,024k) has been included within the consolidated statement of financial activities in relation
to the activities of this subsidiary. Total income further includes £772k (2023:£Nil) of sales to
the parent company relating to catering and events. Catering Events and Venue Hire income
of £1,373k has been included within the consolidated statement of financial activities in relation
to the activities of this subsidiary.
The £4,712k (2023.. £2,353k) 'Cost of Sales, includes £451 k (2023: £241 k) in charges to the
subsidiary by the parent company for the use of parent company resources, £7k (2023: £3k)
in costs of providing services to the parent company and £Nil (2023: £133k) in charges from
Goodenough Ventures for the provision of services. Trading activity expenditure of
£3.934k (2023.. £2,217k) has been included within the Gonsolidated statement of financial
activities in relation to the activities of this subsidiary.
44

Goodenough College
Notes to the Financial Statements (continued)
for the year ended 31 August 2024
12 SUBSIDIARY UNDERTAKINGS (Gontinued)
Goodenough Trading Limited
31 August
2024
£'ooo
31 August
2023
£'ooo
Hotel accommodation
Short Stay accommodation
Burn Commercial Trading
Events and Venue Hire
Feeding College Members
Turnover
Cost of Sales
3,960
1,165
75
1,039
1,107
7.346
4,712
2,634
2,634
3.936
1,091
5,027
2,353
2,674
2,674
Qualifying distribution under deed of covenant
ProfiU(loss)
Assets
Liabilities
Shareholders, funds
1,291
870
421
1,226
805
421
Goodenough Ventures Limited
Goodenough Ventures Limited (Company Registration 09342926) was an events and venue
hire business which commenced trading in October 2015. The company has not traded since
31 August 2023 as all operations were transferred to Goodenough Trading Limited from 1
Septernber 2023. The company was voluntarily dissolved in 19 November 2024.The following
intercompany transactions were included within the subsidiary results for the prior year.
31 August
2024
£'ooo
Year to 31
August 2023
£'ooo
Goodenough Ventures Limited
Events and Venue Hire
Feeding College Members
Hotel Breakfasts
Tumover
Cost of sales
807
1,047
133
1,987
1,943
44
Other income
Qualifying distribution under deed of covenant
ProfiV(loss)
44
Assets
Liabilities
Shareholders, fundsl(defiGit)
392
392
45

Goodenough College
Notes to the Financial Statements (continue(O
for the year ended 31 August 2024
13 DEBTORS
Consolidated
31 August
31 August
2024
2023
£'ooo
£'ooo
Charity
31 August
31 August
2024
2023
£'ooo
£'ooo
Trade debtors
Amount due from subsidiary
undertaking
other debtors
Taxes recoverable
Prepayments and accrued
income
379
418
250
294
204
25
95
25
32
95
488
962
331
806
422
767
315
838
The amount due from the subsidiary undertaking to the Charity in 2022123 represents the
amount due from Goodenough Ventures Limited.
CREDITORS: amounts falling due within one year
Consolidated
31 August
31 August
2024
2023
£'ooo
£'ooo
Charity
31 August
2024
£'ooo
31 August
2023
£'ooo
Trade creditors
Amounts due to subsidiary
undertaking
Taxation and social security
Other creditors
Accruals
Deferred income
other deferred discount
1,722
1,169
1,280
741
407
109
977
877
79
133
1,024
1,445
43
20
3,485
134
1,317
939
64
38
4,214
225
1.221
1,572
43
20
4.250
38
3,752
The amount due to the subsidiary undertaking from the Charity represents the amount due
to Goodenough Trading Ltd.
Deferred income consists of commercial rent received from tenants in advance. Prior year
deferred income related in full to income recognised in the year ended 2024. A reconciliation
is set out below:
46

Goodenough College
Notes to the Financial Statements (continued)
for the year ended 31 August 2024
14
CREDITORS: amounts falling due within one year (continued)
Movement in deferred income in year
Consolidated
31 August
2023
£'ooo
Charity
31 August
2023
£'ooo
31 August
2024
£'ooo
31 August
2024
£'ooo
Balance brought forward
Released..
Added
Balance carried forward
43
(43)
56
(56)
43
43
43
(43)
64
64
56
(56)
43
43
CREDITORS: amounts falling due in greater than one year
Consolidated and charity
31 August
31 August
2024
2023
£'ooo
£'ooo
Bank borrowing
Falling due in more than 5 years
40,000
40,000
Other Deferred Discount
Falling due between 1 and 2 years
Falling due between 2 and 5 years
20
18
20
40
Total
40,038
40,060
Bank borrowin
On 2 June 2017 the College secured a £40m non amortising 30 year loan with Rothesay Life
at a fixed interest rate of 3.1020/y. This loan is repayable in full in June 2047. The Rothesay
loan is secured against London House and William Goodenough House.
Financial instruments
At the balance sheet date the College held no complex financial instruments.
Other deferred discount
During 2023124 the College entered into a new 4 year catering contract. The terms of the
contract included the supplier refurbishing the College's catering outlets. The value of the
works has been treated as a discount to the contract which will be applied equally to each
remaining year of the contract, which will expire during 2026127.
47

Goodenough College
Notes to the Financial Statements (continued)
for the year ended 31 August 2024
16 RESTRIcfED FUNDS
1 Sep'23 Transfer Income
Gains l Expenditure 31 Aug'24
losses
£'ooo
Consolidated and Charity
2023124
£'ooo
£'ooo £'ooo
£'ooo
£'ooo
Burn Fund
General fund
Specific donations
Investment property reserve
Tangible fixed asset reserve
Total Burn Fund
Other restricted funds
Scholarships and Bursaries
43-47 Mecklenburgh Square
Specific donations
Total other restricted funds
Total restricted funds
970
144
438
57
(670)
(2)
939
878
10,065
11,915
(7)
871
9,947
11,762
118
26
443
50
672
363
363
180
17
560
26 1,003
(308)
418
180
10
608
12,370
11
374
12,289
18
326
998
50
1 Sep'22 Transfer Income
Gains l Expenditure 31 Aug'23
losses
£'ooo
Consolidated and Charity
2022123
£'ooo
£'ooo
£'ooo
£'ooo
£'ooo
Burn Fund
General fund
Specific donations
Investment property reserve
Tangible fixed asset reserve
Total Burn Fund
other restricted funds
Scholarships and Bursaries
Specific donations
Total other restricted funds
Total restricted funds
1,158
121
438
(77)
(670)
970
860
10,177
12,195
18
878
10,065
11,915
112
440
59
670
472
11
483
12,678
236
(345)
363
11
374
12.289
237
677
346
1,016
59
The Burn Fund represents the assets and liabilities of The Burn, including a tangible fixed assets
reserve, an investment property reserve and a general restricted fund. A transfer of £121 k has been
made from the tangible fixed assets reserve to the general restricted fund representing the
movement in the net book value of fixed assets in the year. A transfer of £26k has been made from
the Charity's general funds to The Burn general restricted fund representing the element of profit
from Goodenough Trading Limited activity that was generated at The Burn.
48

Goodenough College
Notes to the Financial Statements (continued)
for the year ended 31 August 2024
16 RESTRICTED FUNDS (continued)
Scholarships and Bursaries are donations specifically made for providing scholarships and bursaries
to qualifying members. Only one specific fund (2023: One) held more than £50k at the 31 August
2024. This fund was for providing support to Scholars at Risk.
43-47 Mecklenburgh Square represents restricted donations raised to support the redevelopment
of 43-47 Mecklenburgh Square into student accommodation.
Specific donations are those to support specific aspects of College activity and projects.
17 UNRESTRIcfED FUNDS
Gainsl Expenditure
1 Sep'23 Transfer Income (losses)
£'ooo
£'ooo
£'ooo
£'ooo
31 Aug'24
£'ooo
2023124
£'ooo
Tangible fixed asset
Long term loan
Tangible fixed asset reserve
Investment property reserve
Asset Replacement reserve
43-47 Mecklenburgh Square
Reserve
Other designated reserves
Total designated reserves
General funds of the Charitable
Company
Total funds of the charitable
company
155,289
40,000
115,289
3,098
8.448
(1,212)
154,077
40.000
114,077
2,175
10,734
(1,212)
(414)
1,449
(509)
723
161
(47)
3,481
16
130,332
1,144
73
25
259
32
(4)
29
(80)
4,726
12
131,724
967
246
8,115
993
12,869
719
11,783
8,927
138,447
(26) 13,128
965
(11,863)
140,651
General funds of the subsidiaries
171
3,934
(3,934)
171
Total consolidated unrestricted
funds
138,618
26
17,062
965
15.797
140,822
49

Goodenough College
Notes to the Financial Statements (continued)
for the year ended 31 August 2024
17 UNRESTRICTED FUNDS (continued)
Gainsl Expenditure
Income (losses)
£'ooo
£'ooo
31
Aug'23
£'ooo
1 Sep'22 Transfer
£'ooo
£'ooo
2022123
£'ooo
Tangible fixed asset
Long term loan
Tangible fixed asset reserve
Investment property reserve
Asset Replacement reserve
College Development Reserve
43-47 Mecklenburgh Square
Reserve
Other designated reserves
Total designated reserves
General funds of the Charitable
Company
Total funds of the charitable
company
156,620 (1,331)
40.000
116,620 (1,331}
3,068
7,863
668
155,289
40,000
115,289
3,098
8,448
30
(2)
(1)
454
{686)
170
22
(37)
(3)
1040
2,414
34
23
249
(2)
(5)
3,481
16
(52) 130,332
129,259
851
25
8,199
860
11,913
284
10,853
8,115
137,458
(9)
12,162
(259)
(10,905) 138,447
General funds of the subsidiaries
171
3,544
(3,544).
171
Total consolidated unrestricted
funds
137,629
15,706
259
14,449
138,618
The designated reserves are further discussed in the financial review on page 12.
The transfer of £1,212k from the tangible fixed assets reserve represents the movement in the net
book value of tangible fixed assets during the year.
The transfer of £1,449k to the Asset Replacement Reserve represents the budgeted cash surplus
for the year excluding investment income.
The transfer of £1,144k to the 43-47 Mecklenburgh Square Reserve arises from the
overperformance to the budgeted cash surplus from the Hotel, Catering and Events and main
College businesses.
50

Goodenough College
Notes to the Financial Statements (continued)
for the year ended 31 August 2024
18 ANALYSIS OF ASSETS AND LIABILITIES BETWEEN FUNDS OF THE GROUP
2023124
Restricted
Funds-
The Burn
£'ooo
Restricted
Funds - Endowment Designated General
other
Funds
reserves
Funds
£'ooo
£'ooo
£'ooo
Group
Total
£'ooo
£'ooo
Tangible fixed assets
Investments
Investment
properties
Amounts due
between funds
Other current assets
Cash at bank and in
hand
Current and long
term liabilities
9,947
900
154,077
12.868
164,024
25,210
298
11,144
871
2,175
3,046
(54)
46
54
922
968
94
608
15
2,604
1,188
4,509
42
11,762
40.000
131.724
4,210
44.252
9,098 153,505
608
313
2022123
Restricted
Funds -
The Burn
£'ooo
Restricted
Funds - Endowment Designated General
other
Funds
reserves
Funds
£'ooo
£',000
£'ooo
Group
Total
£'ooo
£'ooo
Tangible fixed assets
Investments
Investment
properties
Amounts due
between funds
Other current assets
Cash at bank and in
hand
Current and long
temi liabilities
10,065
937
155,289
9,190
165,354
19,396
141
270
8,858
878
3.098
3,976
(61)
73
61
515
588
81
233
2,755
2,883
5,953
58
11,915
40,000
130,332
4,031
44,089
8,286 151,178
374
271
51

Goodenough College
Notes to the Financial Statements (continue(O
for the year ended 31 August 2024
19 I￿ASING COMMITMENrs
At 31 August 2024 the charitable company had the following amounts payable for equipment
under non-cancellable operating leases.
2024
£'ooo
2023
£'ooo
Operating leases which expire within one year
Operating leases which expire between one and five
years
19
19
16
35
35
54
These leases provide printers and photocopiers to support the College's operations.
20 CAPITAL COIITrIITMENrs
As at 31 August 2024 the College had no material capital commitments.
21 RELATED PARTYTRANSACTIONS
Included in redundancy and temiination payments during 2022-23 were non-contractual payments
totalling £40k to one of the key management personnel.
There have been no other related paty transactions during the year other than those disclosed in
notes 9, 12, 13 and 14.
52