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2021-04-30-accounts

THE UNITED WORLD COLLEGES (INTERNATIONAL) (Company Limited by guarantee)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 APRIL 2021

UK Company Number: 00908758

UK Registered Charity Number: 313690

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

Table of Contents

Presidents, Patrons, Directors and Officers 3
Members of the UWC International Council 4
Staff of UWC International at Year End 5
Advisers 6
Statement of the Chair 8
Directors’ Report 10
Statutory and Financial Information 16
Statement of Directors’ Responsibilities 19
Independent Auditor’s Report to the Members of the United World Colleges (International) 20
Consolidated Statement of Financial Activities 23
Consolidated Balance Sheet 24
Company Balance Sheet 25
Consolidated Statement of Cash Flows 26
Consolidated Statement of Funds 27
Accounting Policies 29
Notes to the Financial Statements 32
Prior year statement of funds and notes 44

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THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

Presidents, Patrons, Directors and Officers

President of the United World Colleges

Her Majesty Queen Noor

International Patrons

Mr Shelby M C Davis Mr Lu Pat Ng

Directors of the Board

The Directors who held office at 30 April 2021 are as follows:

Officers of the Board : Country of Residence Dr Musimbi Kanyoro (Chair) Kenya Mr Pål Brynsrud (Vice Chair) Norway Mr Colin Habgood (Treasurer) Spain

Directors:

Ms Mariana Arrobas Portugal Ms Laura Carone Argentina Mr Driek Desmet UK Ms Carma Elliot Singapore Mr Gabriel Abad Fernandez Armenia Mr Christian Hodeige Germany Ms Maria Inês Kavamura USA/Brazil Ms Lin Kobayashi Japan Ms Victoria Mora USA Mr Marco Provencio Mexico Mr Aram Rabadi Jordan Ms Veronika Zonabend Russia

(from January 2021)

(from January 2021)

(to September 2021)

Directors who retired during year :

Mr Peter Howe UK Ms Nicole Severino Philippines Ms Eva Eschenbruch Germany

(to December 2020) (to December 2020) (to July 2020)

Committees

The Board has nine sub-committees:

Finance and Audit Committee Community Engagement Committee Committee for the Governance of the National Committee System Committee of the National Committees International Development Committee Personnel and Remuneration Committee Nominating and Governance Committee College Chairs’ Committee College Heads’ Committee

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THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

Members of the UWC International Council The Members at 30 April 2021 are as follows:

Chair of UWC Council

Mr Quique Bassat

Spain

UWC Council Members

Ms Amantia Muhedini Ms Anna Marsden Mr Anthony Tong Mr Arnett Edwards Ms Berit Virtanen-Thewlis Mr Bob (Robert) Harayda Ms Christine Hemelings Ms Chulu Chansa Mr Craig Davis Ms Cristina Ravaglia Mr Dzenan Hakalovic Mr Dawit Dejene Ms Ebru Fergan Mr Eric Munoz Ms Fleur Meijs Ms Gauri Bhure Mr Hans Lindemann Ms Hege Myhre Mr Hein Schreuder Mr Isaac Vun Ms Ivana Situm Mr Jason McBride Ms Jelena Fomiskina Mr Jon Schneider Ms Jill Longson Ms Juliana Bitarabeho Ms Kate de Pury Mr Laurence Nodder Mr Lodewijk van Oord Ms Lori Sterling Ms Lucy Telfar Barnard Mr Madan Menon Dr Mark Mills Mr Mark Wang Mr Mauricio Viales Mr Max (Vasiliy) Bardadymov Mr Michael Emery Mr Murray McCartney Ms Nicola Upham Ms Nicole Severino Mr Over Gonzales Ms Patricia Angoy Mr Pelham Lindfield Roberts Mr Peter Howe Mr Piotr Maciej Hołysz Mr Roderick Jemison Ms Soraya Sayed Hassen Mr Stephen Tengan Ms Susan Mullins Mr Taha Ismael Ms Tamaisha Eytle Mr Ulhas Yargop Mr Vahid Monadjem Mr William Morrison

Albania Tanzania Hong Kong Hong Kong Finland/USA UK Tanzania (to June 2021) Zambia Canada Italy (to August 2021) Bosnia & Herzegovina Ethiopia Turkey USA UK (to June 2021) India Norway Norway Netherlands Hong Kong USA Thailand (to June 2021) Latvia USA UK/Spain Uganda Russia/UK Germany The Netherlands Canada New Zealand Singapore Eswatini China Costa Rica Russia/Armenia UK/Norway Zimbabwe Thailand Philippines (to June 2021) Colombia (to June 2021) Eswatini China UK (to August 2021) Poland/USA Japan India (to June 2021) Ghana (to June 2021) USA Libya Jamaica (to June 2021) India UK UK

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THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

Mr William Turner Italy Ms Zeina Bali Syria

Council Member who retired during year : Mr Tyrone Pile Canada Mr Stephen Lowry Eswatini Mr Sajjad Akhtar Singapore Mr Philipp von Hardenberg Thailand Mr Morten Spenner UK Ms Mariana Arrobas Portugal Ms Kristin Vinje Norway Ms Jo Loiterton Norway Mr Geir Jørgen Bekkevold Norway Mr Gabriel Abad Fernandez Armenia Mr David Opoku Ghana Ms Charlotte Meyer UK Mr Aram Rabadi Jordan Ms Anne McLellan Canada

(to August 2020) (to June 2021) (to December 2020) (to June 2021) (to July 2020) (to December 2020) (to June 2021) (to September 2020) (to July 2020) (to August 2020) (to December 2020) (from July 2020) (to December 2020) (to May 2020) (to July 2020) (to October 2020) (to December 2020) (to September 2020) (to December 2020) (to July 2020) (to July 2020)

Staff of UWC International

Management as at 30 April 2021:

Jens Waltermann Hannah Tümpel Matthias Rosenberg Mary Stannard Philine Nau Semra O’Reilly

Executive Director Deputy Executive Director Head of Programmes Finance Director Head of Programme Development Head of Human Resources

Staff (in alphabetical order) as at 30 April 2021:

Belinda Abraham Berianne Coutts Celia König Clara Cruz Daniela Lipia Delphine Poschmann Douglas Chang Eva Kontidi Fiona Harris Isabella Carey Lachlan Keen Laura Deller Mane Manukyan Michael Royce Natalie Powers Radka Pudilova Sarah Haberl Sheri Uludag Victoria Gee

Funded Programmes Manager Senior Financial Accountant Communications and Engagement Officer Digital Communications Coordinator Communications Coordinator Institutional Partnerships Manager Programmes Officer Programmes Officer Funded Programmes Officer Programme Development Officer Philanthropy Manager Senior Programmes Officer Executive Office Coordinator Senior Programmes Officer Office Administrator Data Analyst Office Administrator Funded Programmes Coordinator Programmes Coordinator

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THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

Advisors:

International Fund Development:

Peter Verhille

National Committee Fundraising programme:

Ailin Fernandez Andrew Mahlstedt Haneen Eldiri Kaya Karam

Harvard Impact Study:

Bruno Della Chiesa Vanessa Christoph

UWC International would not be able to fulfil its mission without the invaluable help of its many volunteers. Although it is impossible to know exactly, our calculation is that at any point in time the global UWC movement is supported by over 4,000 active volunteers who run UWC national committees (NCs), boards, task forces, steering groups and other working groups. The Directors feel deeply indebted to these individuals for their passion, and wish to express gratitude for their on-going support.

16 Volunteers directly supported the work at the UWC International Office during the year in the following areas:

Commitment to Diversity

UWC International aims to reflect its core value of diversity in every possible way, including through its staff and interns. Throughout the year, 22 staff and interns represented the following nationalities and ethnic backgrounds: Armenian, American, Australian, Belgian, Canadian, Czech, Cypriot, English, French, German, Greek, Irish, Indian, Israeli, Italian, Nigerian, Portuguese, Palestinian and Turkish.

In 2020, the UWCIO also developed a diversity statement which is now published with each job advertisement and which reads as follows: UWC places deliberate diversity at the heart of our educational model because of its critical importance in our mission ‘to unite people, nations and cultures for peace and a sustainable future’. At the UWC International Office, we believe this commitment to deliberate diversity must be reflected within our team, organisational practices, policies and culture. We recognise people with different backgrounds, skills, attitudes and experiences bring fresh ideas and perceptions, and we encourage and leverage these differences to make our work more relevant and approachable. We will not discriminate or tolerate discriminatory behaviour on any grounds such as, but not limited to, race, gender, disability, nationality, national or ethnic origin, religion or belief, marital/partnership or family status, sexual orientation, age or socioeconomic background. We strive to be an inclusive workplace where everyone feels a sense of belonging, has a voice, can raise concerns, and feels comfortable and confident. We expect everyone who works with us to share this commitment and to act accordingly, as we aspire to best serve the UWC mission and our global community. It is an ongoing journey and we welcome all those who are ready to travel with us.

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THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

Auditors

Haysmacintyre LLP 10 Queen Street Place, London EC4R 1AG UK

LM Audit & Tax GmbH Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft

Paul-Gerhardt-Allee 50 81245 München Germany

Solicitors

Russell Cooke 2 Putney Hill, Putney, London SW16 6AB, UK

Bankers

Royal Bank of Scotland plc 1 Fleet St, Temple, London EC4Y 1BD, UK

Scottish Widows Bank PO Box 12757, 67 Morrison Street, Edinburgh EH3 8YJ, UK

Hypovereinsbank (Member of UniCredit) UniCredit Bank AG Arabellastraße 12, 81925 München, Germany

Investment Managers

Cazenove Capital Management 12 Moorgate, London EC2R 6DA UK

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REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

Statement of the Chair

I am pleased to introduce the Annual Report and Accounts of the United World Colleges (International) for the year from 1 May 2020 to 30 April 2021.

At the start of this period it was not clear what position the world and our global movement of 18 schools on four continents and over 155 UWC national committees would be in one year later. A time marked by change and adaptation, hurdles and the search for solutions, hard work and moments of relief and celebration.

One year later, we can proudly say that the UWC movement made it through this period of global and unforeseeable challenges stronger than we expected. This is thanks to the selfless work, support, commitment and trust of people from across the organisation and beyond. It gives me great joy to therefore share a glimpse of this last year and our current financial standing with you.

As an international movement founded to bring together young people from all backgrounds, cultures and social groups to learn with each other and from each other how to solve tomorrow’s problems by getting out there and ‘doing’, the realities of COVID-19 shook UWC to its core. Most of our campuses were forced to close during the early months of this reporting period and were challenged to find ways of reopening in time for the start of a new academic year during an ongoing pandemic. Many of our students had to travel back to their home countries early. Others remained in safe accommodation in their host country, organised by their school either on or off campus. The UWC education experience, one that is grounded in experiential learning, had to adapt to the online sphere. Students, staff members and volunteers were stretched to re-think the boundaries of a UWC experience and to explore new ways to form and maintain communitybonds.

And I am proud to share that they did all of this and more. By December 2020, all but one UWC campus was fully operational again, bringing together 93% of the full student body. Almost 200 students were transferred to another UWC campus in cases where visa and travel restrictions did not allow them to attend their originally allocated UWC campus. In April of this year, the final UWC campus - Waterford Kamhlaba UWCSA - reopened its doors. In the meantime, those students momentarily unable to travel to their campus continued their UWC experience online. Students and teachers alike collaborated to find innovative ways of bringing the UWC spirit and experience to students’ screens across time zones and continents. The result of this innovation has ultimately led to crucial new ways of accessing a UWC education. One example is a brand new online on

boarding programme that will now be offered to help incoming students to acclimatise to the UWC experience before they have even arrived on campus.

In May 2020, the world and our movement also witnessed the murder of George Floyd and took part in the subsequent global reckoning around the sustained, painful and damaging presence of racism in institutions and communities around the world. This included UWC. These discussions moved towards action as the Anti-Racism, Diversity Equity and Inclusion Steering Group of the UWC International Board was formed shortly thereafter to coordinate UWC’s global developments in this area.

Throughout this period of flux and challenge, we have been humbled by the unflinching support of all those who contribute their time, treasure and talent to make UWC possible.

Our special thanks goes out to our donors. It is thanks to you that UWC is what it is: a diverse movement and a network of schools that are home to anyone with the spark and the motivation to make a difference. We were delighted to be able to build upon existing partnerships this past year. This included extending the bridges of mutual understanding between Turkish and Greek Cypriot communities even further with the expanded support of the European Commission to fund more UWC activities in Cyprus. It also saw the completion of the challenge for each UWC school to raise USD 1 million with the help of match-funding from Davis Philanthropies. And we warmly welcomed new partnerships, with Rise helping us to launch a new education programme at Kakuma Refugee Camp in Kenya and committing their support for five students per year from refugee backgrounds to attend UWC on full scholarships.

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Our most sincere gratitude also goes out to our UWC national committee volunteers who, in addition to their annual responsibility to seek out the next generation of UWC students, went above and beyond in the global effort to bring UWC students home safely and to help them arrive on or return to their UWC campuses in the middle of a global pandemic.

I am deeply thankful to the staff members - from the UWC schools to the UWC International Office (UWCIO) - who most admirably kept the UWC movement going, adapting to its difficulties, and trailblazing its solutions. Going far beyond the call of duty in the process.

It is thanks to all of you that we celebrated the graduation of the class of 2021 this May. After a challenging 18 months, watching the smiles of this most resilient generation as they took their first steps into life after UWC carried much symbolism with it for all that we have overcome and accomplished as a community during this period.

It is with this image that I would also like to thank Jens Waltermann, Executive Director of UWC International as he leaves his current post and passes the torch on to Hannah Tümpel, Deputy Executive Director, Advancement. As Interim Executive Lead, Hannah will lead the UWCIO forward together with the members of the UWCIO management team in a time of transition. During that time, a Recruitment Task Force of the UWC International Board recruited for the next Executive Director and appointed Faith Abiodun to the role. Mr Abiodun will join UWC International on 1 December and will be based in London.

The content of this report shows only the final - and most challenging - stretch of the innovative, forward-thinking and impactful six years of Jens Waltermann’s tenure.

Now, it is time to look forward to the next chapter as we continue to strive ahead in our mission to make education a force for peace and a sustainable future.

Dr Musimbi Kanyoro Chair of the UWC (International) Board

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THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

Directors’ Report

The Directors of The United World Colleges (International) (the ‘company’) present their statutory report for the year ended 30 April 2021. The Directors make up the International Board of Directors (the ‘Board’) of the United World Colleges (‘UWC’) International organisation. Together with the members of the International Council (the ‘Council’) they form the membership of UWC International.

Identity and constitution

The company is a United Kingdom company limited by guarantee (Company Number 908758) and a United Kingdom registered charity (Charity Number 313690). The liability of members in the event of the company being dissolved is limited to not more than £1 per member. There is no share capital. The governing document of the company is the Memorandum and Articles of Association, the current version of which is dated 8 September 2020.

Governance and Management

The Articles of Association provide for an International Board of Directors of up to 16 members. Directors serve for a term of three years and may be re-appointed for a second term of three years, and potentially for one extra year in the case of officers and Board committee chairs. The Articles of Association also provide for a UWC Council of up to 80 members.

The Board, at its June 2021 meeting, approved the proposed changes to the Governance Structure as presented by the Governance Review Steering Group. This includes the reduction in size of the Board from a maximum of 16 to 13 and the creation of a new Committee Structure. The Committee of National Committees, Finance & Audit and Personnel & Remuneration committees remain and will be joined by Governance, Nominating, Education, International Philanthropy and ARDEI Committees. The Board will work with members to action these changes as soon as it is practicable. The revised Articles of Association reflecting these changes will be put forward to the next UWC Members meeting for approval.

In 2020-2021, the Board met remotely five times (June, October and November 2020, January and March 2021).

The UWC Council met remotely twice, in November 2020 and March 2021. The Directors are satisfied that the current pattern of meetings gives sufficient scope to attend to matters of UWC’s organisational and strategic development as well as items of governance and financial oversight.

Appointment and Induction of Directors and Company Members

The Articles of Association stipulate that the Directors are elected by the UWC Council and give the Board responsibility for appointing members of the UWC Council. The Nominating and Governance Committee of the Board is responsible for making recommendations for election and appointment, usually following an annual nominating process preceded by a public call for nominations.

In making recommendations for election and appointment, the Nominating and Governance Committee seeks to achieve a level of diversity that goes some way to reflecting the diversity of the UWC International movement. The Committee also monitors the mix of skills, attributes, experience and backgrounds and identifies gaps.

Potential nominees to the Board and UWC Council are provided with information about the work of both bodies, together with a copy of a policy on the expectations and responsibilities of membership. The Nominating and Governance Committee has further responsibility for issues associated with the induction, training and selfevaluation of Board Members.

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REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

Committees

The Board has nine sub-committees:

Day-to-day Management

The Directors have delegated day-to-day management responsibilities to the Executive Director. Staff are based at the company’s offices (the ‘UWC International Office’) in London and Berlin. Since March 2020, all employees have been following national guidelines related to COVID-19, with most of them working from home and only occasionally and when needed working from the office in either London or Berlin.

This period of remote working has been greatly aided by the use of technology to ensure that work is not disrupted. Slack remains the main internal communication platform and video conferencing takes place via Zoom, Skype and Google.

The company’s activities are funded in large part through annual payments from the UWC schools and colleges and in smaller parts through investment income and donations from individuals and charitable foundations.

Memoranda of Understanding

The relationship between the schools and colleges and UWC International is set out in Memoranda of Understanding (‘MoU’). These define mutual responsibilities and expectations and set down UWC International’s responsibilities on behalf of the organisation as a whole. A similar MoU has been rolled out between UWC International and the National Committees, with 113 MoUs signed as of April 2021.

Objectives and activities

The objective of the company is to advance the purposes of the UWC International movement and its constituent parts in line with the UWC mission:

To make education a force to unite people, nations and cultures for peace and a sustainable future.

This mission gives the UWC organisation an overall aim and sense of purpose and direction. The mission is embraced throughout the organisation and the Directors believe that it encapsulates the commitment of UWC’s members and supporters while at the same time articulating a continuing challenge.

In 2020-21, UWC International implemented its mission and objectives through 18 UWC schools and colleges and over 155 UWC national committees, currently selecting students in their respective countries and territories. The total number of students in the schools and colleges in 2020-2021 was 11,262. There are nearly 60,000 UWC alumni.

United World Colleges International gGmbH a wholly owned subsidiary entity has been consolidated into the group financial statements for the year ended 30 April 2021.

The Directors confirm that they have had due regard to the Charity Commission guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities and setting policies. Public benefit is

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FOR THE YEAR ENDED 30 APRIL 2021

embedded in the Charity’s strategy and operations. Primarily, it delivers benefits to the public through offering financial support, bursaries and scholarships to beneficiaries towards the provision of education. Further details of these activities are provided in the notes to the financial statements.

Strategy

In October 2017, the Board approved the UWC Strategy entitled “UWC Strategy – 2018 and Beyond” which is available on the UWC website.

The overarching aim of the Strategy is to increase UWC’s impact in making education a force for a more peaceful and sustainable future. It broadens UWC’s ambition from providing transformative education for its students to becoming a global voice for values and diversity-based education for peace and sustainability. UWC aims to increase its impact by focusing on three keyareas:

  1. Seek: UWC will seek a deliberately diverse group of students for our schools and colleges from across the globe through the UWC national committees and strive to enable access to a UWC education for these students independent of socio-economic means.

  2. Educate: UWC will educate our students based on trust, responsibility and autonomy in order for them to develop the agency, values, attitudes and competencies to be forces for peace, sustainability and social justice.

  3. Inspire: UWC will inspire members of the UWC community to live and act in accordance with the UWC mission and it will inspire its partners and other actors in education to embrace values-based education celebrating diversity and promoting peace, sustainability and social justice.

The Strategy sets the direction and defines the strategic goals for the entire UWC movement. It is to be read in conjunction with the Action Plans, which outlines specific steps and measurable targets for the UWC movement to act on during a specific period of time.

Within the financial year 2020-2021, UWC (International) continued to implement the initiatives under its strategic action plan as set out below. One of the key areas of activity was dealing with the consequences of the COVID-19 outbreak. During the period covered by this report, all UWC schools and campuses were severely affected by the global pandemic leading to temporary closures of most UWC campuses, the need to move learning online, severe disruption of students’ journeys to and from UWC campuses due to travel and visa restrictions, the continuous need to adapt protocols and procedures to local and international COVID-19 requirements and so on. The UWC International Office took a coordinating role in this regard, alongside offering direct crisis management in some cases. In particular, it ensured the regular coordination of key stakeholders (Heads of schools, admissions staff, key NC volunteers etc) through setting up coordination calls (at times on a daily basis and later more sporadically depending on need) and Town Halls, providing online information resources and organising a UWC movement wide transfer process for students who could not reach their originally allocated UWC school, alongside a financial compensation mechanism between the schools.

With regard to the standing strategic priorities, the work of the UWC International Office focused on:

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FOR THE YEAR ENDED 30 APRIL 2021

encouraged the adoption of application fees and membership subscription fees to boost NC revenue streams. They supported these structures with group workshops and best practice sharing, and enabled groups of committees to run successful crowdfunding drives by providing campaigns, strategy, stewarding and data sharing structures. In parallel, the NCFP worked with other UWC IO teams on the smooth functioning of donation payments across the system and helped streamline reporting processes.

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from a refugee, displaced or persecuted background who was supported by a generous circle of donors who matched the 76% participation rate of the 2019 UWC Pledge) began their UWC journey at UWC Thailand in 2020.

In order to enable our goals in the areas of Seek, Educate and Inspire, a number of supporting areas needed to be shaped up significantly. The action plan sets specific objectives under finance, fundraising, governance, communications and technology.

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the coordination of a UWC selection for the five UWC scholarships to be awarded from the 100 Rise winners. This has been postponed until September 2021 due to Rise’s own delays in their selection processes.

and short course organisers, as well as keeping the UWC community engaged and informed. Highlights for the year include:

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THE UNITED WORLD COLLEGES (INTERNATIONAL)

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FOR THE YEAR ENDED 30 APRIL 2021

originally allocated school be transferred to a different, more accessible UWC school or college. The COVID-19 pandemic led to additional Board meetings and specific focus for many staff and trustees during this financial year.

Statutory and Financial Information

Activities

Our consolidated financial statements presented include both The United World Colleges (International) and its wholly owned subsidiary United World Colleges International gGmbH in Berlin. In general, the activities of the company did not change significantly during the year, however due to the COVID pandemic our operating budget was considerably reduced due to travel restrictions. Our risk level was minimised due to the rapid response and planning. All activities reported in the financial statements are continuing activities.

Results

The financial results for the year are set out in the Statement of Financial Activities. Total income of £6,250k compared with £6,913k in the previous year. Unrestricted income was 8% lower at £2,585k (2019-20: £2,806k) of which fees from schools and colleges amounted to £2,482k (2019-20: £2,676k), a net decrease of 9% mainly as a result a reduction of expenditure of schools and colleges due to the impact of COVID-19. Restricted income of £3,665k was 11% lower than last year mainly due to a number of our scholarship programmes coming to term. It is important to note in this context that the Davis-UWC Dare to Dream funding of USD 5 million had been stewarded and managed by UWC International and allocated through the national committee system in which funding is transferred directly to UWC schools and colleges via UWC-USA, and is not included in the results of UWC International.

Total expenditure including grants made was 1.8% lower at £5,666k compared with £5,770k in 2019-20. Total expenditure from unrestricted funds was 5% lower at £2,246k (2019-20 £2,375k) while expenditure from restricted funds was 0.7% higher at £3,420k (2019-20: £3,395k).

Total funds (net assets) increased by £960k (2019-20: increase of £885k) to a total of £8,656k (2019-20: £7,696k k) of which £2,382k is unrestricted, £2,709k is restricted, £50k is designated and £3,515k is endowments. This includes £339k surplus on unrestricted funds (2013-20: £431k) and unrealised gain of £579k on investments for the year (2019-20: loss of £258k) and £245k surplus on restricted funds (2019-20: £712k deficit).

Reserves

As of 30 April 2021 free reserves were £2,283, being the net current assets within unrestricted funds. All of this is held in cash in Sterling, Euros and US dollars current and deposit accounts with The Royal Bank of Scotland. Total cash balance at the year-end was £5,844k.

UWC International´s reserve policy requires at least six months of budgeted unrestricted expenditure to be held as reserves. This amounts to £1,284k. In recognition of the fact that 30 April does not represent the low-point of

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free reserves in the year and given the level of risk identified for the organisation, the amount of reserves held is deemed adequate to the needs of UWC International. Explicitly, the risks associated with the COVID-19 pandemic have been appropriately taken into account in this determination.

Finance & Audit Committee

The company’s Articles of Association stipulate that an Audit Committee needs to be in place. The Auditors

communicate with the Committee about their annual audit of the company and about any matters arising from their audit in respect of the company’s financial controls and procedures.

Risk Management

During the year, the organisation initiated a review of its risk management framework and the analysis identified five principal risk areas:

  1. Management/Strategic: given the wide-spread and diverse nature of the UWC movement, having the right management, key personnel and clear strategies in place is essential to mitigate risks, and therefore continues to be an important focus of the Directors. Strengthening approaches and coordination on mental health and wellbeing, as well as safeguarding, across the movement has also emerged as key risks in this area;

  2. Operational/People: The UWC movement relies heavily on a network of volunteers. The recent growth of the UWC movement has created more impact and more opportunities for students, but it is also placing additional pressure on the volunteer network and the Directors are currently actively seeking to strengthen the support systems for those volunteers by allocating specific funds to national committee development. With the creation of the NC Fund new mechanisms and resources have been put forward to support the work of volunteers;

  3. Governance/Regulatory: as a federated movement of legally and financially independent constituents, the Board gives great priority to strengthening the governance models that govern the entire movement, as well as establishing best practice in areas such as governance, child protection, health and safety, and financial/legal compliance. The key risks in this area remain a fast-changing and uncertain regulatory environment and the ability to attract a more diverse representation within UWC governance and management structures;

  4. Financial: The UK’s hard exit from the EU led to initial uncertainty on the financial exposure in terms of the Euro to British Pound exchange rate movements. UWC International’s income is largely in USD and Euros and a significant part of expenditure is in GBP, foreign exchange risk is significant. Mitigation includes regular cash flow forecasting by currency matching inflows and outflows, as far as is possible, and reviewing how this can be potentially offset in grant agreements. Fundraising relies on a relatively small, albeit growing, pool of large donors which means that any sudden withdrawal of funding for reasons beyond UWC International’s control poses a significant risk;

  5. Reputation: a rising profile for the organisation, coupled with increasing reach of social media has required UWC to strengthen its crisis response, centrally as well as across its constituent parts.

The Executive Director works directly with directors and the management team to monitor and mitigate identified risks. Additional risks arising from the effects of COVID-19 have been considered. To date, the impact had been less than initially anticipated. Most of our schools and colleges have remained open and their financial position, although in some cases challenging, has not deteriorated significantly. Regular communications internally and with our Schools and Colleges has been key to keeping up to date. Debtors at the year-end were significantly lower than the previous year with amounts outstanding having dropped back to pre COVID-19 levels.

The company does not actively use financial instruments as part of its financial risk management. It is exposed to the usual credit risk and cash flow risk associated with operations and manages this through credit control procedures. The nature of its financial instruments means that they are not subject to material price risk or liquidity risk. The equity portfolio is considered a long term investment.

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Management of Investments

Pursuant to the company’s Memorandum of Association, management of investments, including cash deposits, is delegated to experienced investment managers on a discretionary basis. The delegation arrangements and investment policy are reviewed annually by members of the Finance Committee, the Finance Director and the Executive Director.

Pay Grade System

The company has a clear policy on salaries, which are considered on an annual basis after a performance review.

Both German and UK pay bands are benchmarked against the not-for-profit markets in their respective countries and are reviewed by management on a regular basis.

Directors’ Interests

Chairpersons and Heads of the governing bodies of the 18 UWC schools and colleges are members of the company and three school and college chairpersons and three Heads serve as Directors; three chairpersons or other officers of national committees are also appointed as Directors. Grants, donations and financial support are provided by the company to UWC schools and colleges and national committees in which these Directors may have an interest, although not a financial interest; the Heads are employees of their schools and colleges but the Directors are confident that this model of Board representation of UWC stakeholders is to the benefit of UWC International and that any direct conflicts of interest can be managed as they arise. An annual declaration of interest register update process is in place, with Directors and Senior Management required to provide an updated declaration on a yearly basis, while Company Members are required to provide one upon joining or in case of significant changes.

Fundraising policy

The fundraising function of UWC International has two primary areas of work: to raise money internationally from major gifts, and to act as a professional resource and liaison for fundraising for UWC constituents including schools and colleges, national committees and alumni groups.

Direct fundraising activities cover high and ultra-high net worth individuals, international foundations and international corporations as well as governments and public entities who have an affinity and desire to support UWC. Donor and prospect activities are undertaken through direct contact often via introductions from UWC alumni and supporters. Gifts range from single scholarship provisions directly managed from UWC International in London and Berlin, to multi-million-pound global gift programmes. We do not use third party fundraisers, all fundraising activities are recorded on a best-practice donor management system that is compliant with UK and German data protection regulations. No fundraising complaints have been received.

As a central resource for all UWC constituents with regard to fundraising, the UWC International Office team oversees UWC's fundraising protocols, fundraising strategy, UWC governance reporting relating to fundraising, and supports the fundraising initiatives of the UWC International Board.

At its meeting in March 2021, the UWC International Board reviewed and approved an update to the UWC International’s common Gift Acceptance Code (“GAC”). The proposed update to the GAC seeks to clarify and strengthen some of its provisions, in particular by lowering the monetary threshold which triggers an automatic review by the Board of the integrity of an intended gift or donor. Originally set at USD 500,000, a figure of USD 200,000 is felt to be advisable in order to better protect UWC’s interests and reputation in the face of growing public and community scrutiny of charitable donations. The UWC International Board is asked to renew its request to UWC schools, colleges and national committees which have an active fundraising activity, to review their existing gift acceptance practices, and adopt and abide by a local policy which is aligned with and conforms at least with the same minimum standards as UWC International’s GAC.

18

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

Information made available to auditors

Each of the Directors has confirmed that so far as they are aware, each Director has no relevant audit information of which the company’s auditors are unaware and that they have taken all the steps that they ought to have taken as a Director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

On behalf of the Board,

C W Habgood

C W Habgood (Nov 8, 2021 16:38 GMT+1)

Colin Habgood Treasurer

Statement of Directors’ Responsibilities

The Directors are responsible for preparing the Directors’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Directors to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the net income or expenditure, of the charity for the year. In preparing, those financial statements the directors are required to:

The Directors are responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

19

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

Independent Auditor’s Report to the Members of the United World Colleges (International)

Opinion

We have audited the financial statements of the United World Colleges (International) for the year ended 30 April 2021 which comprise the Consolidated Statement of Financial Activities (incorporating the Income and Expenditure Account), The Consolidated and Company Balance Sheets, the Consolidated Statement of Cash Flows, the Consolidated and Charity Statement of Funds, and notes to the financial statements, including a summary of significant accounting policies. 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 and parent charitable company’s affairs as at 30 April 2021 and of the group’s net movement in funds, including the income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

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 charitable company 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 charitable 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 concern 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 Trustees’ Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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 misstatement of the other information. If, based on the work we have performed, 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.

20

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

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 directors’ report included within the Trustees’ Report have 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 charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report (which incorporates the directors’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us]; or

or

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 19, 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 charitable 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 charitable company or to cease operations, or have no realistic alternative but to do so.

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:

Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the Companies Act 2006 and the Charities Act 2011 and we considered the extent to which non-compliance might have a material effect on the

21

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

financial statements. We also considered other factors such as income tax, payroll tax and sales tax.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and concluded that the risk was low. Audit procedures performed by the engagement team included:

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. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's 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, for our audit work, for this report, or for the opinions we have formed.

Murtaza Jessa (Senior Statutory Auditor) For and on behalf of Haysmacintyre LLP, Statutory Auditors 10 Queen Street Place, London, UK Date: 12[th] November 2021

22

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

Consolidated Statement of Financial Activities (Incorporating the Income and Expenditure account)

Note
Income & Endowments from:
Donations and legacies
Fees from schools and colleges
1
Grants and donations
2
Investments
Interest and investment income
3
Other
Total income
Expenditure on:
Raising funds
Fundraising costs
4
Charitable activities
Grants towards scholarships and other
disbursements
5
Communications and Engagement
6
Programme Management and
Development
7
Strategy and development
8
Total expenditure
Net income before other recognised
gains and losses
Transfers between funds
Designated funds
Solidarity fund expenditure
Unrealised gain /(loss) on investment
assets
10
Net income
Net movement in funds
Total funds brought forward
20
Total funds carried forward
20		 Unrestricted
Funds
Restricted
Funds
Designated
Funds
Endowment
Funds
Total
2021
Total
2020
£'000
£'000
£’000
£'000
£'000
£'000
2,482
445
-
-
2,927
3,507
1
3,140
-
-
3,141
3,209
102
34
-
-
136
168
-
46
-
-
46
29
2,585
3,665
-
-
6,250
6,913
509
-
-
-
509
656
176
3,203
-
-
3,379
3,032
315
-
-
-
315
318
673
217
-
-
890
1,149
573
-
-
-
573
615
2,246
3,420
-
-
5,666
5,770
339
245
-
-
584
1,143
(300)
300
-
-
-
-
(50)
(139)
-
(189)
-
-
(14)
-
-
(14)
-
-
-
-
579
579
(258)
(11)
531
(139)
579
960
885
(11)
531
(139)
579
960
885
2,393
2,178
189
2,936
7,696
6,811
2,382
2,709
50
3,515
8,656
7,696

The notes form part of these financial statements. Details of comparative figures by fund are given in note 23.

23

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

Consolidated Balance Sheet

Note
Fixed assets
Tangible fixed assets
9
Investment fixed assets
10
Current assets
Debtors
Cash at bank, and in hand
12
13
Creditors(amounts falling due within one year)
14
Net current assets
Net assets
Unrestricted funds
20
Restricted funds
20
Designated funds
20
Endowment funds
10		 2021
£'000
£'000
99
3,515
213
5,844
6,057
(1,015)
5,042
8,656
2,382
2,709
50
3,515
8,656		 2020
£'000
£'000
132
2,936
1,042
4,788
5,830
(1,202)
4,628
7,696
2,393
2,178
189
2,936
7,696		 2020
£'000
£'000
132
2,936
1,042
4,788
5,830
(1,202)
4,628
7,696
2,393
2,178
189
2,936
7,696
5,830
(1,202)
7,696
2,393
2,178
189
2,936
7,696

The notes form part of these financial statements.

The financial statements are prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved and authorised for issue by The Board of Trustees on the of 6[th] November 2021, and were signed below on its behalf by:

……………………………………………….

Dr Musimbi Kanyoro

Chair

C W Habgood

C …Mr Colin Habgood W H … abg … ood … (No … v 8, … 202 … 1 16 … :38 G … MT … +1) ……………………. Treasurer

24

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

Company Balance Sheet

Note
Fixed assets
Tangible fixed assets
9
Investment fixed assets
10
Investment in subsidiary (UWC gGmbH)
11
Current assets
Debtors
Cash at bank, and in hand
12
13
Creditors(amounts falling due within one year)
14
Net current assets
Net assets
Unrestricted funds
20
Restricted funds
20
Designated funds
20
Endowment funds
10		 2021
£'000
£'000
88
3,515
21
215
5,029
5,244
(245)
4,999
8,623
2,393
2,665
50
3,515
8,623		 2020
£'000
£'000
114
2,936
21
1,042
4,759
5,801
(1,192)
4,609
7,680
2,377
2,178
189
2,936
7,680		 2020
£'000
£'000
114
2,936
21
1,042
4,759
5,801
(1,192)
4,609
7,680
2,377
2,178
189
2,936
7,680
5,801
(1,192)
7,680
2,377
2,178
189
2,936
7,680

The notes form part of these financial statements.

The financial statements are prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

25

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

Consolidated Statement of Cash Flows

Cash flow from operating activities:
Net cash provided by (used in) operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of property, plant and equipment
Net cash provided by (used) in investing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of reporting period
Cash and cash equivalents at the end of reporting period
RECONCILIATION OF NET INCOME/(EXPENDITURE) TO
NET CASH FLOW FROM OPERATING ACTIVITIES
Net Income for the reporting period
(as per the statement of financial activities)
Adjustments for:
Depreciation charges
Profit / (Loss) on investments
Dividends, interest and rents from investments
Loss/(profit) on the sale of fixed assets
Decrease / (Increase) in debtors
(Decrease) / Increase in creditors
Net cash provided by/(used) in operating activities
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash in hand
Total cash and cash equivalents		 2021
£’000
£’000
927
136
(7)
129		 2020
£’000
£’000
868
168
(68)
100
968
3,820
4,788
2019
£’000
885
33
258
(168)
34
(815)
641
868
2019
£’000
4,788
4,788		 2020
£’000
£’000
868
168
(68)
100
968
3,820
4,788
2019
£’000
885
33
258
(168)
34
(815)
641
868
2019
£’000
4,788
4,788
1,056
4,788		 968
3,820
5,844 4,788
2021
£’000
960
40
(579)
(136)
-
829
(187)		 2019
£’000
885
33
258
(168)
34
(815)
641
927 868
2021
£’000
5,844		 2019
£’000
4,788
5,844 4,788

26

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

Consolidated and Charity Statement of Funds

Unrestricted Funds
General Fund (see note 20)
Designated Funds
Harvard Impact study
Online learning platform
Designated PR Fund
Total Unrestricted Funds
Restricted Funds
Scholarship Funds
The Eric & Wendy Schmidt Fund for
Strategic Innovation
Horizon Scholarship Fund
Bianca Vetter Foundation
International Scholarship Fund
Johanna Braun
UWC Norway/Andresen Scholarship
Fund
Refugee Initiative Scholarship Fund
Big Heart Foundation Scholarship
Partners in Equity (Amala UWC
Scholarship)
Aman Foundation Scholarship Fund
Kelly Income Fund
Mountbatten Income Fund
Haggar DMCC
Gildred Income Fund
Generational Circle Fund
HM Queen Noor Fund
Aurora UWC Gratitude Scholarship
Stichting Careduca Foundation
Al Qasimi Foundation
RSAcademic
Pestalozzi International Fund
United X Fund
Mohn Scholarship Fund
EBRD - Oliver Descamps Award
MECT Scholarship Fund
Davis UWC Dare to Dream
Other Scholarship Funds		 At 1 May
2020
£’000
Income
£’000
Expenditure
£’000
Unrealised
losses on
investment
assets
£’000
Transfers
and other
movements
£’000
At 30
April
2021
£’000
2393
2,585
(2,246)
-
(350)
2,382
117
-
-
-
(117)
-
72
-
-
-
(72)
-
-
50
-
-
-
50
2,582
2,635
(2,246)
-
(539)
2,432
-
285
-
-
-
285
221
448
(520)
-
-
149
52
55
(36)
-
-
71
109
14
(64)
-
-
59
-
60
(2)
-
-
58
70
18
(39)
-
-
49
23
44
(19)
-
-
48
44
-
(2)
-
-
42
-
30
-
-
-
30
20
-
-
-
-
20
17
2
-
-
-
19
15
4
-
-
-
19
2
18
(1)
-
-
19
12
1
-
-
-
13
26
-
(13)
-
-
13
12
-
-
-
-
12
11
136
(135)
-
-
12
4
30
(25)
-
-
9
4
71
(69)
-
-
6
5
20
(19)
-
-
6
-
326
(322)
-
-
4
1
-
-
-
-
1
1
23
(23)
-
-
1
16
30
(46)
-
-
-
-
393
(393)
-
-
-
-
3
(3)
-
-
-
22
3
(6)
-
-
19
687
2,014
(1,737)
-
-
964

27

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

Project Funds
National Committee Fund
The Eric & Wendy Schmidt Fund for
Strategic Innovation
Harvard Study Project
Gourlay Funds
EU Scholarship Programme for
Cypriot Youth
Other Funds
Other Restricted Funds
Donations for Schools & Colleges
Donations for National Committees
Solidarity Fund
Other Funds
Unrealised currency loss on
Restricted Funds
Total Restricted Funds
Endowment Funds
UWCI Endowment Fund
UWC Norway / Andresen
Endowment Fund
Polish Scholarship Fund
Mountbatten Fund
UWCI Scholarship Fund
Kelly Fund
Gildred Fund
Total Endowment Funds
Total Consolidated Funds		 At 1 May
2020
£’000
Income
£’000
Expenditure
£’000
Unrealised
losses on
investment
assets
£’000
Transfers
and other
movements
£’000
At 30
April
2021
£’000
916
491
(217)
-
(361)
829
-
109
(53)
-
-
56
74
118
(163)
-
-
29
3
-
-
-
-
3
-
18
(18)
-
-
-
1
-
-
-
-
1
994
736
(451)
-
(361)
918
435
855
(986)
-
-
304
53
55
(41)
-
-
67
-
-
-
-
647
647
9
5
-
-
-
14
-
-
(205)
-
-
(205)
497
915
(1,232)
-
647
827
2,178
3,665
(3,420)
-
286
2,709
2,035
-
-
401
-
2,436
471
-
-
93
-
564
146
-
-
29
-
175
98
-
-
24
-
122
102
-
-
15
-
117
50
-
-
10
-
60
34
-
-
7
-
41
2,936
-
-
579
-
3,515
7,696
6,300
(5,666)
579
(253)
8,656

28

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

Accounting Policies

The principle accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Basis of preparation

The financial statements have been prepared in accordance with the Statement of Recommended Practice for charities, second edition, effective January 2020 Financial Reporting Standard 102 (applicable in UK & Ireland) and Companies Act 2006. The Directors have taken advantage of the exemption, under section 408 of the Companies Act 2006, from presenting the unconsolidated statement of financial activities. The financial statements are consolidated financial statements, and include The United World Colleges (International) and its wholly owned subsidiary entity, UWC gGmbH. The financial statements have been presented in GBP Sterling.

The Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

Preparation of accounts on a going concern basis

The trustees consider there are no material uncertainties relating to going concern. The review of our financial position, reserves levels and future plans gives trustees confidence the charity remains a going concern for the foreseeable future.

Income and expenditure account

To satisfy the requirements of the Companies Act 2006, an income and expenditure account has been incorporated in the Statement of Financial Activities (SOFA).

Income

Donations and legacies are included in full in the SOFA when receipt is probable. Revenue

grants are credited to the SOFA when received or receivable whichever is earlier.

Where unconditional entitlement to grants receivable is dependent upon fulfilment of conditions within the company’s control, income is recognised when there is sufficient evidence that conditions will be met. Where there is uncertainty as to whether the company can meet such conditions or if the agreement expressly stipulates that these conditions relate to future period, the income is deferred.

Other income in relation to sale of services is recognised in the year where the services are delivered.

Expenditure

All expenditure is recognised in the SOFA. Expenditure is recognised on an accrual basis and is categorised and aggregated under headings, which reflect the nature of the expenditure and the activities of the company.

Expenditure which cannot be attributed directly to a single heading is apportioned and allocated on a basis which reflects the use of the resources the expenditure represents. In most instances, apportionment is by reference to head-count and employment costs; in other cases, apportionment is related to the specific objectives and outcomes of the expenditure.

Expenditure includes attributable VAT, which cannot be recovered.

Transactions in foreign currencies

Transactions denominated in foreign currencies are translated into sterling at the exchange rate prevailing at or about the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the rates ruling at that date. Translation differences are dealt with in the SOFA.

29

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

Taxation

The company is a charity within the meaning of Paragraph 1, Schedule 6 of the Finance Act 2010. Accordingly, the company is potentially exempt from taxation in respect of income within categories covered by Chapter 3 of Part II of the Corporation Tax Act 2010, to the extent that such income is applied exclusively to charitable purposes. No tax charge arose in the period.

Tangible fixed assets

Tangible fixed assets are stated at cost less provision for depreciation. Assets costing more than £1,000 are capitalised.

Depreciation is provided on cost in equal annual instalments over the estimated useful economic lives of the assets. The rates of depreciation are:

Office Furniture and Fixtures 20% Computer equipment and software 33% General Office Equipment 33%

Investments

Investments are a form of basic financial instruments and are initially shown in the financial statements at market value. Movements in the market values of investments are shown as unrealised gains and losses in the Statement of Financial Activities.

Profits and losses on the realisation of investments are shown as realised gains and losses in the Statement of Financial Activities. Realised gains and losses on investments are calculated between sales proceeds and their opening carrying values or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year-end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

Investments held as fixed assets are stated at market value at the balance sheet date. Net gains and losses arising on revaluations and disposals are recognised in the SOFA.

Debtors

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.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short-term highly liquid investments.

Creditors and provisions

Creditors and provisions are recognised where the charity 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.

Operating Leases

Operating lease rentals are charged in the SOFA on a straight-line basis over the year of the lease.

Funds accounting

Funds held by the company are:

30

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

Further information about the aim and use of the company’s funds is contained in the Statement of Funds.

Employee benefits

Short-term benefits

Short-term benefits including holiday pay are recognised as an expense in the period in which the service is received.

Employee termination benefits

Termination benefits are accounted for on an accrual basis and in line with FRS 102.

Pension scheme

The charity operates a defined contribution pension scheme for the benefit of its employees. The assets of the scheme are held independently from those of the charity in an independently administered fund. The pensions costs charged in the financial statements represent the contributions payable during the year.

Foreign exchange

Assets and liabilities in foreign currencies are transferred into Sterling at the exchange rate ruling at the balance sheet date. Transactions during the year in foreign currency are transferred into Sterling ruling at the date of transaction.

Estimates and Judgements

The financial statements include the following areas of estimation and judgement: depreciation of tangible fixed assets, valuation of investments, and allocation of costs. Depreciation has been calculated using the Directors’ best estimate of the useful economic lives of the assets. Investments have been valued using publicly available market information. Costs have been allocated in accordance with the organisation’s records of activities undertaken. There is a low degree of estimation uncertainty.

31

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

Notes to the Financial Statements

tes to the Financial Statements
1
Annual fees of schools and
colleges:
UWC Atlantic College
UWC South East Asia
UWC Pearson College
Waterford Kamhlaba UWC of
Southern Africa
UWC USA
UWC of the Adriatic
Li Po Chun UWC of Hong Kong
UWC Red Cross Nordic College
Mahindra UWC of India
UWC Costa Rica
UWC Mostar College
UWC Maastricht
UWC Robert Bosch
UWC Dilijan
UWC Changshu
UWC Isak
UWC Thailand
UWC East Africa
New Applications
Total
2
Grants and donations receivable
towards Scholarships
Horizon Foundation
MECT Scholarship Fund
Pestalozzi International Fund
The Eric & Wendy Schmidt Fund
for Strategic Innovation
Aurora UWC Gratitude Scholarship
Johanna Braun
Bianca Vetter Foundation
Al Qasimi Foundation
EBRD Oliver Descamps Award
Stichting Careduca Foundation
Partners in Equity (Amala UWC
Scholarship)
Mohn Scholarship Fund
Haggar DMCC
RSAcademics
UWC International Scholarship		 Unrestricted
Funds
Restricted
Funds
Endowment
Funds
Total
2021
Total
2020
£'000
£'000
£'000
£'000
£'000
202
119
-
321
340
574
3
-
577
827
94
27
-
121
198
57
18
-
75
66
179
23
-
202
248
79
14
-
93
109
151
23
-
174
211
111
17
-
128
142
66
14
-
80
124
58
33
-
91
163
35
16
-
51
71
161
56
-
217
238
110
6
-
116
119
84
28
-
112
157
302
24
-
326
250
97
14
-
111
119
59
6
-
65
61
63
4
-
67
64
-
-
-
-
-
2,482
445
-
2,927
3,507
Unrestricted
Funds
Restricted
Funds
Endowment
Funds
Total
2021
Total
2020
£'000
£'000
£'000
£'000
£'000
-
448
-
448
776
-
393
-
393
411
-
326
-
326
179
-
285
-
285
-
-
136
-
136
-
-
60
-
60
-
-
55
-
55
117
-
71
-
71
70
-
30
-
30
62
-
30
-
30
29
-
30
-
30
-
-
23
-
23
22
-
18
-
18
21
-
20
-
20
20
-
10
-
10
17
-
3
-
3
9

32

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

Davis UWC Dare to Dream
Programme
UWC Refugee Scholarship Fund
Other Scholarship Funds
for other purposes
Donations for Schools and Colleges
Harvard Impact Study
The Eric & Wendy Schmidt Fund
for Strategic Innovation
Donations for national committees
EU Scholarship Programme for
Cypriot Youth
General Fund
Total		 -
44
-
44
3
-
3
-
3
60
-
855
-
855
1,122
-
118
-
118
255
-
109
-
109
-
-
55
-
55
34
-
18
-
18
-
1
-
-
1
2
1
3,140
-
3,141
3,209

In the year ended 30 April 2020 all grants and donations receivable were attributable to restricted funds, with the exception of donations of £2k attributable to unrestricted funds.

3
Interest and investment income
Deposits, bank interest & exchange
rate gains/losses
Dividends and investment
distributions
Total		 Unrestricted
Funds
Restricted
Funds
Endowment
Funds
Total
2021
Total
2020
£'000
£'000
£'000
£'000
£'000
24
-
-
24
41
78
34
-
112
127
102
34
-
136
168

In the year ended 30 April 2020 all interest and investment income was attributable to unrestricted funds, with the exception of £39k attributable to restricted funds.

4
Philanthropy Costs
Staff costs
Direct costs
Other allocated costs
Total		 Unrestricted
Funds
Restricted
Funds
Endowment
Funds
Total
2021
Total
2020
£'000
£'000
£'000
£'000
£'000
246
-
-
246
220
160
-
-
160
70
103
-
103
336
509
-
-
509
656

In the year ended 30 April 2020 all fundraising costs were attributable to unrestricted funds.

33

THE UNITED WORLD COLLEGES (INTERNATIONAL)

FOR THE YEAR ENDED 30 APRIL 2021

REPORT AND FINANCIAL STATEMENTS

Unrestricted Restricted Endowment Total Total
5 Grants and Donations disbursed: Funds Funds Funds 2021 2020
£'000 £'000 £'000 £'000 £'000
Scholarship Grants - 1,738 - 1,738 1,847
Donations to schools and colleges - 1,027 - 1,027 759
Project grants - 233 - 233 316
Staff costs 124 - - 124 78
Other allocated costs 52 - - 52 32
Unrealised currency loss - 205 - 205 -
Total 176 3,203 - 3,379 3,032
6 Communications and Engagement Unrestricted Restricted Endowment Total Total
Funds Funds Funds 2021 2020
£'000 £'000 £'000 £'000 £'000
Staff costs 180 - - 180 173
Other allocated costs 75 - - 75 68
Other Direct cost 24 - - 24 41
Design & production 9 - - 9 7
Community Engagement Strategy 20 - - 20 29
Website & database development 7 - - 7 -
Total 315 - - 315 318
In the year ended 30 April 2020 all communications and publication costs were attributable to unrestricted funds.
7 Programme Management & Unrestricted Restricted Endowment Total Total
Development Funds Funds Funds 2021 2020
£'000 £'000 £'000 £'000 £'000
National Committee Fund - 217 - 217 473
Staff Costs 446 - - 446 411
Other allocated costs 186 - - 186 166
Regional Meetings - - - - 27
Training and development 23 - - 23 31
Other 18 - - 18 41
Total 673 217 - 890 1,149

In the year ended 30 April 2020 all costs relating to service to the national committee, schools and colleges were attributable to unrestricted funds, with the exception of restricted costs of £473k on the National Committee Fund.

34

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

8
Strategy and development
Staff Costs
Other allocated costs
Governance costs
Cost of meetings & Directors
expense reimbursements
Education
Other direct costs
Total		 Unrestricted
Funds
Restricted
Funds
Endowment
Funds
Total
2021
Total
2020
£'000
£'000
£'000
£'000
£'000
387
-
-
387
320
162
-
-
162
129
3
-
-
3
26
5
-
-
5
120
16
-
-
16
15
-
-
-
-
5
573
-
-
573
615

In the year ended 30 April 2020 all strategy and development costs were attributable to unrestricted funds.

35

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

9
Tangible fixed assets - Charity
Cost
At 1 May 2020
Disposals
Additions
At 30 April 2021
Accumulated depreciation
At 1 May 2020
Disposals
Depreciation for the year
At 30 April 2021
Net book value
At 1 May 2020
At 30 April 2021
Consolidated
Cost
At 1 May 2020
Disposals
Additions
At 30 April 2021
Accumulated depreciation
At 1 May 2020
Disposals
Depreciation for the year
At 30 April 2021
Net book value
At 1 May 2020
At 30 April 2021		 Furniture
& Fixtures
Equipment
IT
Hardware
Total
£'000
£'000
£'000
£'000
118
5
19
142
(3)
-
-
(3)
-
-
5
5
115
5
24
144
(22)
(2)
(4)
(28)
3
-
3
(23)
-
(8)
(31)
(42)
(2)
(12)
(56)
96
3
15
114
73
3
12
88
Furniture &
Fixtures
Equipment
IT Hardware
Total
£'000
£'000
£'000
£'000
137
7
21
165
(3)
-
-
(3)
-
-
7
7
134
7
28
169
(26)
(2)
(5)
(33)
3
-
-
3
(29)
(1)
(10)
(40)
(52)
(3)
(15)
(70)
111
5
16
132
82
4
13
99

36

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

10
Investments – Consolidated & Charity
Carrying value (market value) as at 1 May 2020
Net gain on revaluation
Carrying value (market value) as at 30 April 2021		 £'000
2,936
579
3,515
UWCI Office Endowment Fund
UWC Norway / Andresen Endowment Fund
Polish Endowment Fund
Mountbatten Scholarship Endowment Fund
UWCI Scholarship Endowment Fund
Kelly Capital Fund
Gildred Capital Fund		 Schroder Charity
Multi-Asset Fund
Units
£’000
4,000,833
2436
926,879
564
286,715
175
200,103
122
192,213
117
96,861
60
67,823
41
5,771,427
3,515

11 Investment in subsidiary

Investment at cost
Net Assets of Subsidiary
Total Income
Total Expenditure
Surplus / (Deficit)		 2021
£’000
2020
£’000
21
21
11
25
694
220
661
219
33
1

United World Colleges (International) holds 100% of the issued share capital of United World Colleges International gGmbH, Berlin. The company was incorporated on 4 December 2019 under HRB 213353 at the Berlin District Court (Amtgericht Charlottenburg).

12
Debtors and prepayments
Due from Colleges
Other debtors
Prepayments		 Consolidated
2021
Charity
2021
Consolidated
2020
Charity
2020
£'000
£'000
£'000
£'000
63
63
956
956
101
103
60
60
49
49
26
26
213
215
1,042
1,042

37

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

13
Cash on deposit, at bank and in
hand
Interest bearing accounts at banks
Cash in hand
14
Creditors
Trade and other creditors
Accruals
Taxation and social security
Deferred Income		 Consolidated
2021
£’000
Charity
2021
£’000
Consolidated
2020
£’000
Charity
2020
£’000
5,841
5,026
4,786
4,757
3
3
2
2
5,844
5,029
4,788
4,759
Consolidated
2021
Charity
2021
Consolidated
2020
Charity
2020
£'000
£'000
£'000
£'000
85
78
1,093
1,090
190
162
99
99
15
5
10
3
725
-
-
-
1,015
245
1,202
1,192

15 Indemnity Insurance

Indemnity insurance on behalf of the Directors has been embedded in a Comprehensive Charity Insurance, which the company has purchased.

16 Directors remuneration and reimbursed expenses:

Directors do not receive remuneration but they are entitled to reimbursement of expenses in connection with the company's activities.

During the year the Chair received £4,654.82 by way of reimbursement of expenses (2020: nine Trustees and £20,212.82) and five members of Senior Management received £2,101.98 by way of expenses paid for by the company (2020: nine members £66,432.74). All expenses related to travel and accommodation. The total amount of donations received from Trustees for the year £304.99 (2020: £2,609.84).

17
Staff costs and number - Consolidated
Aggregate payroll costs were as follows
- salaries
- social security costs
- pension contributions
- Termination payments		 2021
2020
£'000
£'000
1,202
1,057
143
85
38
60
104
-
1,487
1,202

38

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

The company contributes to employees' individual pension schemes and has auto-enrolled its staff to a pension scheme from 1[st] January 2017, as required. The cost of contributions by the company to the scheme during the year is shown above.

Four employees earning in excess of £60,000 received pension contributions of £5,139.84 during the year (2020: Seven employees and £15,646.72).

2021 2020
The average number of persons employed by the 27 22
company during the year was:
The number of employees earning in excess of £60,000 in gross remuneration during the
year was:
£200,000-£209,999 1 1
£100,000-£109,999 1 1
£80,000-£89,999 - 2
£70,000-£79,999 1 2
£60,000-£69,999 1 1

Total remuneration for key management personnel for the year was £634,206.19 (2020: £702,406.45). Key management personnel include the Trustees, who are all volunteers.

17
Staff costs and number – Charity
Aggregate payroll costs were as follows
- salaries
- social security costs
- pension contributions
- Termination payments
The average number of persons employed by the
company during the year was:
The number of employees earning in excess of £60,000 in gross remuneration during the
year was:
£200,000-£209,000
£80,000-£89,000
£70,000-£79,000
£60,000-£69,999		 2021
2020
£'000
£'000
780
951
68
85
38
41
104
-
990
1,077
2021
2020
18
19
1
1
-
2
1
1
-
1

No redundancy cost had been incurred during the period.

39

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

18
Net income/(expenditure) for the
period
This is stated after charging:
- operating lease rentals of land and
buildings
- operating lease rentals of equipment
- depreciation
- auditors’ remuneration
19
Lease commitments – Consolidated
Operating lease commitments are:
-commitments expiring in the first
year, inclusive
- commitments expiring in the second
to fifth years, inclusive
Lease commitments - Charity
Operating lease commitments are:
- commitments expiring in the first year,
inclusive
-commitments expiring in the second to
fifth years, inclusive		 Consolidated
2021
Charity
2021
Consolidated
2020
Charity
2020
£'000
£'000
£'000
£'000
404
373
100
72
17
17
6
6
37
28
33
28
35
24
13
11
493
442
152
117
Land and
buildings
2021
Other
2021
Land and
buildings
2020
Other
2020
£'000
£'000
£'000
£'000
159
4
165
3
266
13
452
14
424
17
617
17
Land and
buildings
Other
Land and
buildings
Other
2021
2021
2020
2020
£'000
£'000
£'000
£'000
128
3
128
3
245
14
378
14
373
17
506
17
20
Analysis of net assets by fund
category - Consolidated
Funds at 30 April 2021
Represented by:
Tangible fixed assets
Investment fixed assets
Net current assets		 Unrestricted
Funds
Restricted
Funds
Designated
Funds
Endowment
Funds
Total
£'000
£'000
£’000
£'000
£'000
2,382
2,709
50
3,515
8,656
99
-
-
-
99
-
-
-
3,515
3,515
2,283
2,709
50
-
5,042
2,382
2,709
50
3,515
8,656

40

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

Funds at 30 April 2020
Represented by:
Tangible fixed assets
Investment fixed assets
Net current assets		 Unrestricted
Funds
Restricted
Funds
Designated
Funds
Endowment
Funds
Total
£'000
£'000
£’000
£'000
£'000
2,393
2,178
189
2,936
7,696
132
-
-
-
132
-
-
-
2,936
2,936
2,261
2,178
189
-
4,628
2,393
2,178
189
2,936
7,696

Analysis of net assets by fund category - Charity

Funds at 30 April 2021
Represented by:
Tangible fixed assets
Investment fixed assets
Investment in subsidiary
Net current assets		 Unrestricted
Funds
Restricted
Funds
Designated
Funds
Endowment
Funds
Total
£'000
£'000
£’000
£'000
£'000
2,393
2,665
50
3,515
8,623
88
-
-
-
88
-
-
-
3,515
3,515
21
-
-
-
21
2,284
2,665
50
-
4,999
2,393
2,665
50
3,515
8,623
Funds at 30 April 2020
Represented by:
Tangible fixed assets
Investment fixed assets
Investment in subsidiary
Net current assets		 Unrestricted
Funds
Restricted
Funds
Designated
Funds
Endowment
Funds
Total
£'000
£'000
£’000
£'000
£'000
2,377
2,178
189
2,936
7,680
114
-
-
-
114
-
-
-
2,936
2,936
21
-
-
-
21
2,242
2,178
189
-
4,609
2,377
2,178
189
2,936
7,680

Unrestricted Funds

Unrestricted funds may be applied at the discretion of the Directors in furtherance of the objects of the company. The General Fund is available to finance the day-to-day operations of the company.

UWC have reserved £300k for the Congress which is scheduled to take place in 2022/ 23. In addition we have reserved £100k for any possible funds needed to support potential student transfer costs, as a result of COVID 19.

Designated Funds

If part of an unrestricted fund is earmarked for a particular project it may be designated as a separate fund, but the designation has an administrative purpose only, and does not legally restrict the trustees’ discretion to apply the fund.

UWC has designated funds for PR costs, which will be used for unexpected communications in case of an emergency. A transfer of £50k was made from unrestricted to designated funds for this purpose.

41

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

Restricted Funds

Restricted funds are subject to trusts or undertakings and may be used only for purposes consistent with those trusts or undertakings. Restricted funds are classified in the Statement of Funds according to their principal purposes. The scholarship funds hold monies to be disbursed to schools and colleges as scholarship awards. In the case of endowed scholarship funds, the monies held are the investment earnings on the capital of the related scholarship endowment funds. All other scholarship funds hold donated monies.

The UWC International Scholarship Fund, Mountbatten Scholarship Fund and Gildred Scholarship Fund hold both investment income and donated monies, and can be used for scholarship awards at the discretion of the Directors. The Kelly Scholarship Fund and the Polish Scholarship Fund meet the needs of students from the Bahamas and Poland respectively and can be used at the discretion of these National Committees. The Andresen/UWC Norway Scholarship Fund generates income towards scholarships for students from low income and/or conflict-ridden countries, and is disbursed at the discretion of the International Office subject to approval of the donors.

The principal donated funds that are currently active are the MECT Fund, which funds scholarships at UWCUSA; the Velux Scholarship Fund, which funds students from marginalised communities in central and eastern European countries through its Young Change Makers programme; the Aman Foundation Scholarship Fund, which funds Pakistani students; the Sudan Scholarship Support Fund, which meets the needs of students from Sudan and South Sudan; the Aurora UWC Gratitude Fund, which sponsors students from the Middle East and North Africa; the Horizon Fund, which funds students who come from refugee, internally displaced or exiled background.

Project funds hold donated monies towards the costs of specific projects. The Harvard Study fund supports the implementation of a multi-year study of UWC’s impact, implemented by Harvard University. The National Committee Fund supports the National Committee network by strengthening the capacity of UWC’s volunteer committees. Gourlay Fund is available to meet emergency needs of national committees and UWC students and alumni.

Endowment Funds

The company owns, and is the beneficiary of, the UWC International Endowment Fund. The investment earnings on the capital are transferred to the General Fund and are utilised to finance day-to-day operations. The company’s other endowment funds are the scholarship endowment funds. The capital may not be used and the investment earnings are credited to the related scholarship income funds, as mentioned above.

Dormant funds

Funds on which no movement has occurred for a period of one year or longer are reviewed to determine whether or not they could have become dormant. No funds were considered dormant as of 30 April 2021.

21
Information about allocated costs -
Consolidated
Allocated costs
Payroll costs
Other costs
Rent
Other premises costs
Computer and equipment costs
Telephone, post and other communication costs
Travel and subsistence
Recruitment and other staff cost
Other management and admin costs		 2021
£’000
2020
£’000
1,383
1,202
146
70
74
130
21
11
20
24
-
41
11
43
306
442
1,961
1,963

42

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

Allocation
Philanthropy
Grants and donations
Communications and Engagement
Programme Management & Development
Strategy and development
Total for 2021
Total for 2020
Charity
Allocated costs
Payroll costs
Other costs
Rent
Other premises costs
Computer and equipment costs
Telephone, post and other communication costs
Travel and subsistence
Recruitment and other staff cost
Other management and admin costs
Allocation
Philanthropy
Grants and donations
Communications and Engagement
Programme Management & Development
Strategy and development
Total for 2021
Total for 2020		 Staff costs
Other costs
£'000
£'000
246
103
124
52
180
75
446
186
387
162		 Total
2021
£'000
349
176
255
632
549		 Total
2020
£'000
232
179
350
598
604
1,383
578		 1,961
2021
£’000
886
117
63
11
18
-
9
264
1,202
761		 1,963
Staff costs
Other costs
£'000
£'000
158
86
80
43
120
66
293
159
235
128		 2020
£’000
1,077
43
80
14
43
433
1,368 1,754
Total
2021
£'000
244
123
186
453
362		 Total
2020
£'000
203
173
286
531
561
886
482		 1,368
1,077
677		 1,754

The basis of cost allocations is staff time, applied to overhead costs across all activities.

22 Business names

The United World Colleges (International) and its subsidiary United World Colleges International gGmbH carries on business in their own name and other names, which include "UWC", "UWC Int.", "UWCIO", "UWCBIO" and "UWCI". None of the names are registered whether in the United Kingdom or elsewhere.

43

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

23 Activities by Fund in Previous Year

Note
Income & Endowments from:
Donations and legacies
Fees from schools and colleges
1
Grants and donations
2
Investments
Interest and investment income
3
Other
Total income
Expenditure on:
Raising funds
Fundraising costs
4
Charitable activities
Grants towards scholarships and other
disbursements
5
Communications and Engagement
6
Programme Management and
Development
7
Strategy and development
8
Total expenditure
Net income before other recognised
gains and losses
Transfers between funds
Unrealised loss on investment assets
10
Net income
Net movement in funds
Total funds brought forward
22
Total funds carried forward
19		 Unrestricted
Funds
Restricted
Funds
Designated
Funds
Endowment
Funds
Total
2020
£'000
£'000
£’000
£'000
£'000
2,676
831
-
-
3,507
1
3,208
-
-
3,209
129
39
-
-
168
29
-
-
29
2,806
4,107
-
-
6,913
302
-
-
-
302
179
2,922
-
-
3,101
427
-
-
-
427
697
473
-
-
1,170
770
-
-
-
770
2,375
3,395
-
-
5,770
431
712
-
-
1,143
(189)
-
189
-
-
-
-
-
(258)
(258)
242
712
189
(258)
885
242
712
189
(258)
885
2,151
1,466
-
3,194
6,811
2,393
2,178
189
2,936
7,696

44

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

24a. Prior Year Statement of Funds

Project Funds
National Committee Fund
Harvard Study Project
Gourlay Funds
Other Funds
Other Restricted Funds
Donations for Schools & Colleges
Donations for National Committees
Other Funds
Total Restricted Funds
Endowment Funds
UWCI Endowment Fund
UWC Norway / Andresen
Endowment Fund
Polish Scholarship Fund
UWCI Scholarship Fund
Mountbatten Fund
Kelly Fund
Gildred Fund
Total Endowment Funds
Total Consolidated Funds		 At 1 May
2019
£’000
Income
£’000
Expenditure
£’000
Unrealised
losses on
investment
assets
£’000
Transfers
and other
movements
£’000
At 30
April
2020
£’000
529
860
(473)
-
-
916
135
255
(316)
-
-
74
3
-
-
-
-
3
1
-
-
-
-
1
668
1,115
(789)
-
-
994
-
1,122
(687)
-
-
435
91
34
(72)
-
-
53
7
2
-
-
-
9
98
1,158
(759)
-
-
497
1,466
4,107
(3,395)
-
-
2,178
2,214
-
-
(179)
-
2,035
513
-
-
(42)
-
471
159
-
-
(13)
-
146
111
-
-
(9)
-
102
106
-
-
(8)
-
98
54
-
-
(4)
-
50
37
-
-
(3)
-
34
3,194
-
-
(258)
-
2,936
6,811
6,913
(5,770)
(258)
-
7,696

24b. Prior Year Notes to Financial Statements

Annual fees of schools and Unrestricted Restricted Endowment Total
colleges: Funds Funds Funds 2020
£'000 £'000 £'000 £'000
UWC Atlantic College 203 137 - 340
UWC South East Asia 815 12 - 827
UWC Pearson College 143 55 - 198
Waterford Kamhlaba UWC of 42 24 - 66
Southern Africa
UWC USA 185 63 - 248

45

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

UWC of the Adriatic
Li Po Chun UWC of Hong Kong
UWC Red Cross Nordic College
Mahindra UWC of India
UWC Costa Rica
UWC Mostar College
UWC Maastricht
UWC Robert Bosch
UWC Dilijan
UWC Changshu
UWC Japan
UWC Thailand
UWC East Africa
Total		 77
32
-
109
151
60
-
211
116
26
-
142
67
57
-
124
72
91
-
163
37
34
-
71
165
73
-
238
107
12
-
119
103
54
-
157
182
68
-
250
105
14
-
119
45
16
-
61
61
3
-
64
2,676
831
-
3,507
Grants and donations receivable
towards Scholarships
Horizon Foundation
MECT Scholarship Fund
Pestalozzi International Fund
Bianca Vetter Foundation
Al Qasimi Foundation
EBRD Oliver Descamps Award
Big Heart Foundation
Stichting Careduca Foundation
Generational Circle Fund
Mohn Scholarship Fund
Haggar DMCC
RSAcademics
UWC International Scholarship
Davis UWC Dare to Dream
Programme
UWC Refugee Scholarship Fund
Other Scholarship Funds		 Unrestricted
Funds
Restricted
Funds
Endowment
Funds
Total
2020
£'000
£'000
£'000
£'000
-
776
-
776
-
411
-
411
-
179
-
179
-
117
-
117
-
70
-
70
-
62
-
62
-
34
-
34
-
29
-
29
-
26
-
26
-
22
-
22
-
21
-
21
-
20
-
20
-
17
-
17
-
9
-
9
-
3
-
3
10
7
-
-
700
1,834
(1,847)
687

46