2022-04-30-accounts

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

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 APRIL 2022

UK Company Number: 0908758

UK Registered Charity Number: 313690

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

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	17
Statement of Directors’ Responsibilities	20
Independent Auditor’s Report to the Members of the United World Colleges (International) 21
Consolidated Statement of Financial Activities	24
Consolidated Balance Sheet	25
Charitable Company Balance Sheet	26
Consolidated Statement of Cash Flows	27
Consolidated Statement of Funds	28
Accounting Policies	30
Notes to the Financial Statements	33
Prior year statement of funds and notes	44

2

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

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 2022 are as follows:

Officers of the Board : Dr Musimbi Kanyoro (Chair) Ms Victoria Mora (Vice Chair) Mr Colin Habgood (Treasurer)

Country of Residence Kenya USA Spain

Directors:

Ms Amantia Muhedini Ms Carma Elliot Mr Christian Hodeige Mr Daniel Genberg Mr Driek Desmet Mr Gabriel Abad Fernandez Ms Laura Carone Ms Lin Kobayashi Ms Maria Inês Kavamura Ms Mariana Arrobas

Albania/USA Singapore Germany Sweden/Belgium UK Armenia/Spain Argentina Japan USA/Brazil Portugal

(from January 2022)

(from January 2022)

Directors who retired during year : Mr Pål Brynsrud Norway Mr Aram Rabadi Jordan Mr Marco Provencio Mexico Ms Veronika Zonabend Russia

(to December 2021) (to September 2021) (to December 2021) (to December 2021)

Committees The Board has nine sub-committees: Finance and Audit Committee Schools and Colleges Committee Committee of the National Committees Personnel and Remuneration Committee Governance Committee Education Committee Nominating Committee International Philanthropy Committee Anti-Racism, Diversity, Equity & Inclusion Committee

3

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

Members of the UWC International Council

The Members at 30 April 2022 are as follows:

Chair of UWC Council Mr Quique Bassat

Spain

UWC Council Members

Ms Alexandra Zografou Ms Andrew Macdonald Ms Angelique Paulussen Ms Anna Marsden Mr Anthony Tong Mr Arnett Edwards Ms Berit Virtanen-Thewlis Mr Bob (Robert) Harayda Ms Cecilia Egan Ms Christine Hemelings Mr Craig Davis Ms Cristina Ravaglia Ms Dale Taylor Mr Dawit Dejene Ms Ebru Fergan Mr Emil Pulido Ms Fleur Meijs Mr Hans Lindemann Ms Hege Myhre Mr Hilarie Zimmermann Mr Isaac Vun Ms Ivana Situm Ms Jelena Fomiskina Mr Jon Schneider Ms Jill Longson Ms Juliana Bitarabeho Ms Kate de Pury Mr Klever Descarpontriez Rojas Mr Laurence Nodder Mr Lodewijk van Oord Ms Lori Sterling Ms Lucy Telfar Barnard Ms Lural Ramírez Mr Madan Menon Mr Manolo Espinosa Mr Mark Wang Ms Martin Martinek Mr Mauricio Viales Mr Max (Vasiliy) Bardadymov Mr Michael Emery Mr Naheed Bardai Ms Nicola Upham Ms Nolwazi Nosisa Ngwenyama Ms Patricia Angoy Mr Roderick Jemison Ms Sadia Zakara Ms Sibongile Gumbi Mr Simon Head Ms Sonia Rawat Ms Susan Mullins Mr Taha Ismael Mr Ulhas Yargop Mr Vahid Monadjem Ms Veronika Zonabend

Greece USA Netherlands Tanzania Hong Kong Hong Kong Finland / USA UK Chile/Venezuela Tanzania Canada Italy India Ethiopia Turkey Belize UK Norway Norway Canada Hong Kong USA Latvia USA UK/Spain Uganda Russia/UK Bolivia Germany The Netherlands Canada New Zealand Thailand Singapore USA, Spain, Ecuador China Czech Republic Costa Rica Russia/Armenia UK / Norway Canada/UK Thailand Eswatini Eswatini Japan Niger/USA Eswatini China Bosnia & Herzegovina USA Libya India UK Russia

(from January 2022) (from January 2022) (from January 2022)

(from July 2021)

(from June 2021)

(from July 2021)

(from January 2022)

(from January 2022)

(from July 2021) (from June 2021)

(from January 2022)

(from January 2022)

(from August 2021)

(from July 2021)

(from July 2021) (from January 2022) (from December 2021) (from August 2021)

(from January 2022)

4

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

Ms Vivian Feng USA Mr William Morrison UK Mr William Turner Italy Ms Zeina Bali Syria

(from January 2022)

(to August 2020) (to June 2021) (to December 2020)

Council Members who retired during

(to June 2021) Zambia (to June 2021) Columbia (to June 2021)(to June 2021) Ghana (to June 2021)(to July 2020) Thailand (to June 2021) India (to June 2021) (from July 2020) Philippines (to June 2021) India (to June 2021) Jamaica (to June 2021) Bosnia & Herzegovina (to July 2021) UK (to July 2021) Netherlands (to December 2021) Zimbabwe (to December 2021) Poland / USA (to December 2021) China (to December 2021) USA (to December 2021) Albania (to December 2021) Eswatini (to December 2021) Jordan (to September 2021)

the year : Ms Chulu Chansa Mr Over Gonzales Mr Stephen Tengana Mr Jason McBride Ms Soraya Sayed Hassen Ms Nicole Severino Ms Gauri Bhure Ms Tamaisha Eytle Mr Dzenan Hakalovic Mr Peter Howe Mr Hein Schreuder Mr Murray McCartney Mr Piotr Maciej Hołysz Mr Pelham Lindfield Roberts Mr Eric Munoz Ms Amantia Muhedini Dr Mark Mills Mr Aram Rabadi

Staff of UWC International

Management as at 30 April 2022:

Faith Abiodun Jens Waltermann Hannah Tümpel

Matthias Rosenberg Mary Stannard Philine Nau Semra O’Reilly

Executive Director (from December 2021) Executive Director (to June 2021) Deputy Executive Director/Interim Executive Director ( to April 2022) Head of Programmes Finance Director Head of Programme Development Head of Human Resources

Staff (in alphabetical order) as at 30 April 2022:

Berianne Coutts Brooke Cichosz Clara Cruz Daniela Lipia Delphine Poschmann Douglas Chang Eva Kontidi Isabella Carey Kelly Mullally Lachlan Keen Laura Deller Louise Morgan Mane Manukyan Michael Royce Natalie Powers Radka Pudilova

Senior Financial Accountant Programmes Officer (Maternity Cover) Digital Communications Coordinator Communications Coordinator Institutional Partnerships Manager Programmes Officer Programmes Coordinator Programme Development Officer Global Selection Programme Administrator Philanthropy Manager Senior Programmes Officer Communications and Engagement Officer Executive Office Coordinator Senior Programmes Officer Office Administrator Data Analyst

5

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

Sheri Uludag Victoria Gee

Funded Programmes Coordinator Programmes Coordinator

Advisors:

International Fund Development:

Peter Verhille Shraddha Bhosale

National Committee Fundraising Programme:

Ailin Fernandez Andrew Mahlstedt Kaya Karam Nabanita Choudhury

Harvard Impact Study:

Bruno Della Chiesa (to December 2021) Vanessa Christoph (to December 2021)

Communications and Engagement:

Haneen Eldiri

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.

Six volunteers directly supported the work at the UWC International Office during the year in the following areas:

• Communications and Engagement

• Programme Development including National Committee Fundraising Team (NCFP)

• Programmes including Short Courses

• Philanthropy

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, 23 staff and two interns represented the following nationalities and ethnic backgrounds: Armenian, American, Australian, British, Cypriot, Czech, French, German, Greek, Indonesian, Irish, Italian, Jewish, Nigerian, Portuguese, Scottish, Swiss and Turkish.

In 2021, through a set of workshops run by a Diversity expert, we focused on improving our knowledge and understanding of different biases, including unconscious bias in the workplace. We are working on finalising our Diversity and Inclusion Policy to build on our diversity statement which is published with each job advertisement.

6

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

Auditors

Buzzacott LLP 130 Wood Street London EC2V 6DL UK

LM Audit & Tax GmbH Wirtschaftsprüfungsgesellschaft Steuerberatungsgesellschaft Germany

Solicitors

Russell Cooke 2 Putney Hill, Putney, London SW16 6AB UK Paul-Gerhardt-Allee 50 81245 München Germany 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

7

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

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 2021 to 30 April 2022.

We have continued to see the need for transition and adaptation this year, as the world slowly started to recover from the worst effects of the COVID-19 pandemic, while also facing up to the reality of mounting global tensions, which spilled over into conflict and war in some areas. As an education movement with a global reach and prosocial mission, we have been called upon to meet the challenges of these turbulent times, supporting our community, and redoubling our efforts to reach young people most in need of transformative educational opportunities.

In June, the UWC International Board approved the proposed changes to the governance structure as presented by the Governance Review Steering Group. In the same month, Jens Waterman stood down as Executive Director of UWC International after six years, and I was proud to see the way in which the UWC International Office oversaw plans for the interim period with Hannah Tumpel taking on the position of Interim Lead. This gave the incoming Executive Director, Faith Abiodun, ample time to familiarise himself with his appointment as the new Executive Director, and enabled him to really ‘hit the ground running’ when he officially took up the post in December 2021. We are delighted to have Faith on board, and we are grateful for the energy and commitment he has already brought to the role.

The easing of travel restrictions have given Faith the opportunity to visit some of our schools. However, the effects of the pandemic have continued to be felt across the movement this year, with several schools unable to accept all of their students at the start of the academic year. A few schools were forced to temporarily close their doors, but were able to pivot quickly to online learning. However, most UWC schools were able to take up full operations, with the exception of UWC Changshu China, which still remains unable to obtain visas for international students to enter China.

Our attention was drawn away from the pandemic in late August 2021, however, and the community was shocked and saddened to hear of the news coming from Afghanistan. The Taliban’s return to power in the country posed a serious threat to the education of young people, and especially girls. Supporting youth from disadvantaged and conflict backgrounds is key to our mission to make education a force for peace, and we have been providing lifechanging pathways for young refugees since the launch of our dedicated UWC Refugee Initiative in 2016. We know the impact a UWC education can have on the lives of young refugees, and the communities they are part of, and so plans were quickly put in place to raise funds for 20 additional places for 20 Afghan students. After several months of hard work, and thanks to the overwhelming generosity of the UWC community, I am pleased to say we were able to meet our target. We look forward to welcoming these new Afghan scholars to our schools in the coming years.

Several months later, we were reminded again of the need to hold our community close, with the devastating effects of the Ukrainian invasion being shown in the mass media. Again, we were quick to act, reaching out to our stakeholder communities. We expressed solidarity with our Ukrainian students, faculty, staff members and volunteers, as well as our Russian and Belarusian community members who joined us in condemning the unprovoked and unjustified aggression being shown to Ukraine. Our schools and colleges extended additional scholarship offers to incoming students from Ukraine, Russia and Belarus - raising funds for the humanitarian response, and providing logistical support to those fleeing the violence. The Ukrainian National Committee also showed great fortitude in continuing to conduct selections in the most challenging circumstances.

It is testament to the strength of belief in our values-based mission, which enables our community to respond with such compassion and positive action. We have long since spoken of the pro-social impact of our educational model on the world, and with the Harvard UWC Impact Study now coming to a close, we have empirical evidence to prove this. In 2017, UWC commissioned The Good Project of Project Zero at the Harvard School of Education to investigate the impact of a UWC education on its students and alumni, with a particular focus on which aspect

8

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

may be most likely to influence and encourage ethical habits and pro-social actions. Involving repeated observations of the same variables over a period of time, this is the first longitudinal study of its kind in the history of the UWC movement, showing the impact of UWC and providing valuable lessons for the world of education as a whole. The UWC International Office provided a comprehensive plan to ensure the effective dissemination of the report, ensuring that our key stakeholders were made aware of the study's many positive findings, the areas for continued work and the ample lessons for the global education sector. The study is testament to the movement’s desire to remain open to change, as we continually review our educational experience so that the young people we support can go on to have a long-lasting positive impact in the world.

As I reflect back on the past year, I am constantly reminded of the people who make up our community. No matter the challenges we are faced with, we have shown time and again that we stand together, united and with a clear sense of purpose. I am deeply grateful to all our staff and volunteers, to our donors and partners, and to our students and alumni for the unceasing commitment they have shown to our mission. I remain confident that the resilience the movement has shown over the past year means that we will continue to be able to adapt and flourish, as we look to the future and the opportunities it brings for us to make education a force for peace and a sustainable future.

Dr Musimbi Kanyoro Chair of the UWC (International) Board

9

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

Directors’ Report

The Directors’ of The United World Colleges (International) (the ‘company’) present their statutory report for the year ended 30 April 2022. 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 12 November 2021.

Governance and Management

The Articles of Association provide for an International Board of Directors’ of up to 13 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.

At its June 2021 meeting, the Board approved the proposed changes to the Governance Structure as presented by the Governance Review Steering Group. These include the reduction in size of the Board from a maximum of 16 to 13 (with 12 members effectively in place at the time of writing) 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 revised Articles of Association reflecting these changes were approved by UWC Members in November 2021.

In 2021-2022, the Board met remotely six times (May, June, August and November 2021, plus January and March 2022).

The UWC Council met remotely twice, in November 2021 and March 2022. 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.

The UWC Council met remotely twice, in November 2021 and March 2022.

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 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 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 Committee has further responsibility for issues associated with the induction, training and self-evaluation of Board Members.

10

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

Committees

The Board currently has nine sub-committees:

• Finance and Audit Committee

• Committee of the National Committees

• Schools and Colleges Committee

• Personnel and Remuneration Committee

• Governance Committee

• Education Committee

• Nominating Committee

• International Philanthropy Committee

• Anti-Racism, Diversity, Equity & Inclusion Committee

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 working from the office in either London or Berlin at least one day per week (pro rata for part-timers).

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 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 121 MoUs signed as of 30 April 2022.

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 2021-22, 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 2021-2022 was 10,987. 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 2022.

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 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.

11

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

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 key areas:

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 outline specific steps and measurable targets for the UWC movement to act on during a specific period of time.

Within the financial year 2021-2022, UWC (International) continued to implement the initiatives under its strategic action plan as set out below. This period of time also saw significant changes in leadership at UWC International, with former Executive Director, Jens Waltermann, leaving his post after six years in June 2021. From June to December 2021, Hannah Tumpel, former Deputy Executive Director Advancement, took on an Interim Lead role. In December 2021 the new Executive Director, Faith Abiodun, joined UWC International. These changes in leadership led to the creation of an Action Plan covering the transition phase (from August 2021 and until the end of the financial year).

Based on the Action Plan and the wider strategic priority areas outlined above, the work of the UWC International Office focused on the following.

Seek: our work in this area focused primarily on strengthening the reach and capacity of our network of national committees over the following key initiatives:

• NC Fund: Following approval of the revised NC Fund remit early in 2021, the UWCIO began implementing a number of programmes aimed at building the capacity of NCs in the areas of Promotion, Selection, and Fundraising, alongside general capacity building programmes. The UWCIO also produced four quarterly progress reports that enabled the programmes to be tweaked and improved where necessary.

• In 2021, the National Committee Fundraising Programme (NCFP) enlarged their scope of work and restructured to give any NCs with the desire and readiness to fundraise the possibility to benefit. From June onwards, they delivered multiple workshop series within the three streams of Promotions, Alumni & Community Engagement and Fundraising. They tailored these to various NC stages of development by offering the workshops at different levels (Nascent, Early Stage and Established), and gave all NCs individual consulting to help them define their specific needs and objectives.

• To cater for the group of Senior Fundraising NCs (those independently fundraising more than USD100,000 annually), they hosted bi-monthly meetings for them to share learnings and fundraising projects. Other special initiatives have included the running of two fundraising incentive initiatives March-July 2022 for twenty NCs, and the piloting of giving pages through NCs’ own websites. The NCFP also liaises between the UWCIO Finance and NCs to issue monthly financial reports for NCs.

• The Global Selection Programme (GSP) entered its fourth year of operation with 227 applications completed. Global selection events took place online as a result of COVID-19 challenges. 174 candidates were nominated to UWC schools and colleges, but 17 of them decided to withdraw their nomination after

12

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

being offered a place.

• The revised Financial Needs Assessment (FNA) tool developed last year was launched ahead of entry 2022 and supported through a series of training workshops for national committees coinciding with this year’s nomination windows. Overall attendance was roughly 35%, with good feedback on the improved effectiveness of the tool, which will be further developed ahead of entry 2023, alongside targeted training for specific economic contexts, aimed at improving the effectiveness of the FNA process and further increasing the proportion of NCs conducting thorough financial needs assessments.

• There was strong take up of Survey Monkey Apply (SMA) by NCs as the preferred platform for managing their application and selection processes, with at least 109 NCs out of 159 now having adopted the platform. Efforts to support NCs to use the platform for nominations as well as applications and selections were less successful, with the platform proving to be relatively ineffective in its current guise.

• The revamped NC Space was launched in June 2021, and continues to be improved and populated with resources linked to ongoing capacity building programmes for NCs to access.

• UWC International has continued to oversee the assessment and refining of processes for the selection, preparation and support of scholars under the UWC Refugee Initiative, which will continue to be a key priority in the months and years ahead.

Educate: work in this area has focused on the review of current educational models across the movement and rollout of a leadership development programme to identify the future generation of leaders within UWC schools and colleges, specifically:

• Harvard UWC Impact Study: the five-year long research commissioned by UWC International to The Good Project of Project Zero, a major research centre at the Harvard Graduate School of Education, has come to a close. The research investigated the impact of a UWC education on its students and alumni, with a particular focus on which of its aspects may be most influential in encouraging ethical habits and prosocial actions. Data collection across all 18 UWC schools and colleges was completed by July 2021, with a draft report shared in early 2022. UWC International and UWC schools and colleges were given time to review and revert with comments and feedback, for the researchers to provide clarifications and in some cases make amends to the report. The researchers equally shared individual school reports, with the idea of offering further feedback for the schools’ internal use and benefit. Finally, the researchers shared appendices to the report. A final version of the main report was published on 1 July 2022.

• The Education Committee: the Education Strategy Steering Group of the UWC International Board worked on proposals for future work of the UWC movement in the area of education, in particular around the ideas of a UWC Global Campus and a possible UWC Global Diploma.

• Develop and Increase Short Courses: the 2019 partnership with the UWC Spanish National Committee, called the Short Course Development Initiative, continued beyond its nine-month pilot into 2021 and has continued to be instrumental in supporting course organisers with going virtual due to the complications of the pandemic. In 2021, 14 UWC short courses decided to run either online or in person. In early 2022 all short course organisers and facilitators attended mandatory safeguarding, risk management and first aid support training in order to be able to run their short course. Also, all short courses are required to share with the Short Course Development Initiative their annual COVID-19 policy and update their risk assessment.

• COVID-19 consequences: UWC schools were mostly able to take up full operations (with COVID-related local precautions) again, with some remaining challenges around delayed students arrivals at and temporary school closures. UWC Changshu China unfortunately remains unable to obtain visas for international students to enter China.

Inspire: our work in this area focused on enhancing our advocacy among our stakeholders and external partners around our mission and values:

• UWC Hub: Daily administration and running of UWC Hub continued as usual. It was decided to continue the contract for another two years with a view to giving the new Executive Director the chance to work on future community engagement vision and strategy. The UWC Hub Digest has continued to be sent out monthly, except between December 2021 and March 2022 when the Communications and Engagement Officer role was vacant.

• UWC Unlocked Talks: No more UWC Unlocked Talks were organised since May 2021, as part of a

13

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

reprioritization due to both lack of internal capacity and general “zoom fatigue” across community members. Three UWC Unlocked Community Village Meetings were organised: one about the UWC financial model (October 2021) and two to introduce the new UWC International’s Executive Director, Faith Abiodun (February 2022).

• UWC Day: We celebrated UWC Day across the UWC movement on September 21, 2021 under the theme “Reimagine Tomorrow”. Events took place in 40 locations, and the UWCIO supported events organisers by creating a dedicated microsite with useful resources. Work to define the theme of UWC Day 2022 is underway.

• Young Aurora: The UWCIO has been liaising with Young Aurora (and canvassing opinions from schools) over proposed changes to the Young Aurora timeline. The new cycle was announced and shared with the schools, as well as the wider community.

• UWCx: The absence of an Engagement Coordinator since May 2020 means that new applications for UWCx initiatives continue to be on pause. UWCx initiatives that were previously approved have continued to be running.

• “UWC Pledge” (formerly known as "Generational Commitment"): The absence of an Engagement Coordinator since May 2020 as a result of an ongoing hiring freeze equally means that UWC International’s support to UWC schools and colleges in the rolling out of the UWC Pledge was deprioritised and downsized during the period of time covered by this report. UWC International has continued to share with the UWC schools and colleges available resources and encouraged them to make use of existing tools.

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.

• Finance: The focus on financial sustainability as a key pillar of the strategy is ongoing. One of the main objectives, in partnership with the NCs and schools and colleges, is to deliver the optimum mix of students and funding that would enable the latter to fulfil the mission in a financially sustainable manner. To this end, efforts continue to generate stable funding streams to develop the capacity at the national committee and regional level as well as centrally to raise funds and enable a highly diverse cohort of students. The school-led Financial Sustainability Group has been working with school Finance Leads and Heads of schools to share and use financial management information to better control costs and manage school and college finances.

• Fund: UWC International continued to prospect, cultivate and convert into donations relationships with major philanthropic donors in support of the movement’s extensive scholarship programmes . Highlights for the year include:

• A continuation of the USD 5 million annual commitment made by long-standing donor and partner, Shelby Davis, under the Davis-UWC Dare to Dream Programme to fund 100 two-year scholarships each year across the UWC movement. Mr Davis continued to support UWC graduates through the Davis-UWC Scholars Programme, providing scholarships to access 99 selected partner US colleges and universities, which in turn match the Programme's contribution.

• In September 2021, UWC International launched the expansion of the Dare to Dream Programme announced by Mr Davis in June 2021. The additional pledge of USD 5 million annually goes on top of the existing USD 5 million annual commitment under the same programme and will be utilised as a match-fund for each new scholarship raised by the UWC schools, national committees and UWC International’s newly-constituted International Philanthropy Committee. For the 2021 and 2022 students intakes, the Programme funds 100 two-year scholarships with no matching requirement and the match requirements will kick-off from the 2023 students intake.

• All major donors that were due for renewal confirmed their commitment for entry 2022. Renewal of funding from Pestalozzi International Foundation for entry 2022 was concluded in January 2022. The Pestalozzi International Foundation has added UWC Mostar as a new partner school in addition to UWC Atlantic and expanded the funding from five to six scholarships for students from Bhutan, Uganda, Indonesia, Belize, Zambia and Zimbabwe to attend the two UWC schools from September 2022. Renewal of funding from Horizon Foundation for entry 2022 to provide 11 scholarships for students from Palestine,

14

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

Palestinian Camps in Lebanon, Syria, and Tibet (as refugees in India) to attend UWC Atlantic, UWC Maastricht, UWC Mostar, and UWC Red Cross Nordic in September 2022 was confirmed in January 2022.

• The “UWC for Afghan Youth” Appeal launched in August 2021 to secure 20 additional scholarships for Afghan youth has been successfully closed in January 2022. The Appeal, a joint initiative from UWC International, UWC schools and the Afghanistan national committee, is a blueprint for a collective resource mobilisation campaign across the UWC movement with ten scholarships fundraised by UWC International and ten by UWC schools. The webinar "From Kabul to Kakuma: Why Education is the Pathway for Refugees" held on 8 December 2021 was attended by 100 participants and directly helped UWC secure three new donors.

• UWC International secured funding from six new major donors this year with the involvement of the newly established International Philanthropy Committee and through the UWC for Afghan Youth Appeal: four individual donors in the United States, one in Singapore and one NGO in the UK to fund thirteen scholarships and leadership development at UWC International.

• In the second year of UWC International’s partnership with Schmidt Futures/Rise, the first cohort of 100 Rise Winners was announced. UWC International was pleased that over 10% of the Winners had an affiliation with UWC, including a participant in the UWC-Amala Foundation Programme held at the Kakuma refugee camp in Kenya.. Rise has agreed to fund 13 full scholarships for Winners, who will study at a UWC school in 2022-2024. Selections for the 2022 Rise Winners are currently underway, and once again a high number of finalists have a UWC affiliation.

• UWC International delivered the 2nd programmatic year of its EU-funded peace education initiative in Cyprus. This comprised bi-communal youth engagement activities on the island, UWC short courses for Cypriot youth and the selection of ten new scholars who will study at one of four eligible UWC schools in 2022-24. The programme is managed through a combination of paid staff and consultants at UWC International, the UWC Cyprus national committee, and local volunteers.

• Once again, our most sincere thanks go to all UWC donors, both organisations and individuals, that have put their trust in us and have taken an active role in supporting the UWC mission.

• Communicate: UWC International continued to strengthen its communication efforts to promote the UWC brand to external audiences, while at the same time supporting UWC schools, national committees and short course organisers, as well as keeping the UWC community engaged and informed. Highlights for the year include:

• UWC.org website: A comprehensive review and refresh of the entire website together with digital communications agency Pickle Jar Communications began in April 2021 and lasted several months. This included a user-testing project to test website usability, with a special focus on the How to Apply section, and a complete copy review.

• Social Media: year on year, our LinkedIn page experienced the largest increase in followers (34%, 4,200 accounts), followed by our YouTube (20%, 1,200 accounts) and then our Instagram (15%, 4,500 accounts). We increased our reach on Facebook by 57% (42,000 accounts) and 24% (21,000 accounts) on Instagram. We reposted content from the schools and colleges consistently, created social media series around topics such as International Women’s Day as well as focus on peace-related stories, organised Instagram Live sessions with the schools, and promoted partners like Rise, the Global Citizen Academy, and the Quad Fellowship by Schmidt Futures. A social media review and strategy project with digital comms agency Pickle Jar Communications started in April 2022, with the goal of developing a new social media strategy for UWC International's channels.

• We produced the UWC International Annual Review 2021, available in print and digital versions.

• UWC Communications and Engagement Portal: In October 2021, a new microsite was finalised and launched and shared with schools/colleges, NCs, short course organisers and other UWC stakeholders who might benefit from accessing promotional and engagement resources, templates, tools, guides and publications.

• Resources: New Canva based resources in support of the UWCIO Philanthropy team, as well as schools/colleges and national committees were created, including a Dare to Dream 2 brochure, a template case for support and a “pitch deck” presentation.

• Short Courses Communications: Promotional support to short course organisers was provided in the form of content creation for the uwc.org website and social media promotion.

• The UWC International Newsletter continued to be published once a month.

15

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

• Global Advancement Digest: The digest continued to be sent out to all advancement (communications, engagement, philanthropy) colleagues at the schools once a month, sharing updates, reminders and

requests around global projects and opportunities.

• Rise promotion: On 25 October 2021, Rise announced the names of the first cohort of 2021 Rise Global Winners and 10 out of 100 winners were affiliated with UWC. The UWCIO supported Rise in promoting the news, particularly highlighting the stories of the 10 UWCers and promoting the opening of the second round of applications, cascading the request also to UWC schools and NCs for them to promote the opportunity amongst their networks.

• UWC for Afghan Youth: the appeal was launched in August 2021 to secure 20 additional scholarships for Afghan youth. The UWCIO Communications team worked closely with the colleagues in the Philanthropy team to provide assets, including newsletters, dedicated website content, visuals, a video, and more.

• Video speeches: In light of the many events that have been taking place across the UWC movement (school anniversaries, IBDP student graduations, school board meetings, etc.), the UWCIO assisted in producing several speeches for UWC International spokespeople. These include the recording of video messages from HM Queen Noor of Jordan (for UWC Costa Rica, UWC Mostar, UWC South East Asia and UWC Mahindra College). And Dr. Musimbi Kanyoro (for Li Po Chun United World College of Hong Kong, UWC Costa Rica, Waterford Kamhlaba UWC of Southern Africa, UWC Mostar, UWC Thailand and UWC Maastricht). Additionally, a total of 10 speeches were created for Dr. Musimbi Kanyoro and Faith Abiodun for them to deliver live during a number of events.

• Crisis Communications: the UWCIO Communications team continued to work closely with several schools/colleges on arising crisis communications challenges. If and when needed, a UWCIO PR consultant was also included in the conversations. The Crisis Communications Guidelines and templates continued to be shared with new school communications staff members as part of their induction. Crisis communications also remains one topic for the induction sessions for new Heads and Chairs. Resources continue to be shared regularly with communications teams across the schools.

• Public Relations: Due to a lack of budget being allocated to UWC International’s PR work at present, we are not being regularly supported by a PR agency during the reporting period. However, we remain in good contact with our previous PR agency, Campaign Collective, with whom we collaborate on an ad hoc basis. Proactive work included pitching the UWC for Afghan Youth appeal on global media, resulting in an article on The Times featuring a refugee student from UWC Atlantic.

● Governance:

• The Governance Review Steering Group (GRSG) presented their final proposed RASCI (Responsible, Accountable, Supporting, Consulted and Informed) and Committee structure to the UWC International Board at their June 2021 meeting, which the Board approved. The Board also approved the Proposed Remits of the 9 recommended Committees and the reduction in Board size by 3 to a maximum of 13 members. The necessary amendments to the Articles of Association, to action these changes, was passed by the members in November 2021.

• All committees were formed by January 2022. Members of staff, from the UWC International Office, have been assigned to provide administrative support to the committees.

• The COVID-19 pandemic continued to impact the UWC movement with several schools unable to accept all of their students at the start of the 2021-22 academic year. It was not necessary to operate another student transfer process, but online learning was needed for varying periods of time. Final compensation payments were made to schools from the Solidarity Fund in October 2021. Several schools declined some or all of the payments due to them which allowed others to receive higher payments. This generosity was a true reflection of the movement working together.

16

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

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, Germany. 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 £6,497k compared with £6,250k in the previous year. Unrestricted income was 6% higher at £2,744k (2020-21: £2,585k) of which fees from schools and colleges amounted to £2,574k (2020-21: £2,482k), a net increase of 4% mainly due to an increase in expenditure of schools and colleges. Restricted income of £3,753k was 2% higher than last year mainly due to an increase of scholarship fund income. It is important to note in this context that the Davis-UWC Dare to Dream funding of USD 7.5 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 8% lower at £5,241k compared with £5,680k in 2020-21. Total expenditure from unrestricted funds was 19% lower at £1,823k (2020-21: £2,246k) while expenditure from restricted funds was in line with the prior year at £3,418k (2020-21: £3,434k).

Total funds (net assets) increased by £1,276k (2020-21: increase of £960k) to a total of £9,932k (2020-21: £8,656k) of which £3,329k is unrestricted, £3,018k is restricted, £50k is designated and £3,535k is endowments. This includes £921k surplus on unrestricted funds (2020-21: £339k) and unrealised gain of £20k on investments for the year (202021: gain of £579k) and £335k surplus on restricted funds (2020-21: £245k surplus).

Reserves

As of 30 April 2022, free reserves were £3,260k, 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 £6,118k.

UWC International´s reserve policy requires at least six months of budgeted unrestricted expenditure to be held as reserves. This amounts to £1,417k. In recognition of the fact that 30 April does not represent the low-point of 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.

17

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

Risk Management

During the year, the organisation reviewed its risk management framework. Risks are grouped under 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 have 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.

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.

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. An amount of 4% is taken as 1% per quarter from the income generated by the investments. The investment management aim is to generate a return of 4% above inflation. Recent market conditions have been challenging.

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. The salary of the Executive Director is set by the Board. The Executive Director is responsible for setting all staff salaries.

18

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

Directors’ Interests

Chairpersons and Heads of the governing bodies of the 18 UWC schools and colleges are members of the company and two school and college chairpersons and two Heads serve as Directors; two 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 an annual 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.

UWC International supported the dissemination among UWC schools, colleges and national committees of UWC International’s common Gift Acceptance Code (“GAC”) approved by the Board in March 2021. The updated GAC strengthened 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, the USD 200,000’s new threshold is felt to better protect UWC’s interests and reputation in the face of growing public and community scrutiny of charitable donations. UWC International provided needs-based support to UWC schools, colleges and national committees 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. At the time of writing, 12 UWC schools & colleges have either developed their own gift acceptance policy which meets the minimum standards, or have endorsed the UWC International GAC for the acceptance of gifts. There are a further four schools & colleges that are due to have a code-compliant policy approved in forthcoming board meetings to take place in October 2022.

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,

Colin W Habgood

Colin W Habgood (Sep 12, 2022 19:19 GMT+2)

Colin Habgood Treasurer

19

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

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:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgments 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;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

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.

20

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

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 2022 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 2022 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

• have been prepared in accordance with the requirements of the Companies Act 2006.

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 directors’ 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 directors’ with respect to going concern are described in the relevant sections of this report.

Other information

The directors’ are responsible for the other information. The other information comprises the information included in the Directors’ 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.

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 Directors’ Report (which includes the directors’ report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements; and the directors’ report included within the Directors’ Report have been prepared in accordance with

21

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

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 Directors’ 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

• the charitable company financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors’ remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit; or

• the directors were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemption from the requirement to prepare a strategic report.

Responsibilities of directors for the financial statements

As explained more fully in the directors’ responsibilities statement set out on page 20, the directors (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 directors 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 directors 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 directors 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

• We identified the laws and regulations applicable to the charity through discussions with key management and from our knowledge and experience of the charity sector;

• We focused on specific laws and regulations which we considered may have a direct material effect on the accounts or the activities of the charity. These included but were not limited to the Companies Act 2006, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102) (effective 1 January 2019); and

• We assessed the extent of compliance with the laws and regulations identified above through making enquiries of key management and review of minutes of directors’ meetings.

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining

22

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

an understanding of how fraud might occur, by:

• Making enquiries of where management considers there was susceptibility to fraud and knowledge of actual, suspected and alleged fraud; and

• their knowledge of actual, suspected and alleged fraud; and

• Considering the internal 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 and reviewed journal entries to identify unusual transactions;

• Tested the authorisation of expenditure;

• Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

• Investigated the rationale behind significant or unusual transactions.

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;

• Review of the minutes of meetings of those charged with governance;

• Enquiring of management as to actual and potential litigation and claims; and

As a result of our procedures we did not identify any key audit matters relating to irregularities.

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 procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment 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. 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.

Shachi Blakemore, (Senior Statutory Auditor) For and on behalf of Buzzacott LLP, Statutory Auditors 130 Wood Street, London, EC2V 6DL, UK Date:

23

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

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 Solidarity Fund Expenditure 20 Total expenditure Net income before other recognised gains and losses Transfers between funds Designated funds Unrealised gain on investment assets 10 Net income Net movement in funds Total funds brought forward 20 Total funds carried forward 20	Unrestricted General Funds Restricted Funds Unrestricted Designated Funds Endowment Funds Total 2022 Total 2021 £'000 £'000 £’000 £'000 £'000 £'000 2,574 286 - - 2,860 2,927 - 3,428 - - 3,428 3,141 89 39 - - 128 136 81 - - - 81 46
	2,744 3,753 - - 6,497 6,250
	432 - - - 432 509 94 2,588 - - 2,682 3,379 262 - - - 262 315 624 209 - - 833 890 411 - - - 411 573 - 621 - - 621 14
	1,823 3,418 - - 5,241 5,680
	921 335 - - 1,256 570 26 (26) - - - - - - - - - (189) - - - 20 20 579
	947 309 - 20 1,276 960
	2,382 2,709 50 3,515 8,656 7,696
	3,329 3,018 50 3,535 9,932 8,656

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

24

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

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	2022 £'000 £'000 69 3,535 570 6,118 6,688 (360) 6,328 9,932 3,329 3,018 50 3,535 9,932	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	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
	6,688 (360)	6,057 (1,015)
			8,656
			2,382 2,709 50 3,515
			8,656

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 Directors on the, and were signed below on its behalf by:

……………………………………………….

Dr Musimbi Kanyoro

Chair

Colin W Habgood Colin W Habgood (Sep 12, 2022 19:19 GMT+2) ~~………………………………~~ ……………….

Mr Colin Habgood

Treasurer

The United World Colleges (International) Company Limited by Guarantee Registration Number: 0908758 (England and Wales)

25

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

Charitable 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	2022 £'000 £'000 60 3,535 21 570 5,798 6,368 (178) 6,190 9,806 3,300 2.921 50 3,535 9,806	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	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
	6,368 (178)	5,244 (245)
			8,623
			2,393 2,665 50 3,515
			8,623

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 Directors on the, and were signed below on its behalf by:

……………………………………………….

Dr Musimbi Kanyoro

Chair

Mr Colin Habgood

Treasurer

The United World Colleges (International) Company Limited by Guarantee Registration Number: 0908758 (England and Wales

26

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

Consolidated Statement of Cash Flows

Cash flow from operating activities: Net cash provided by operating activities Cash flows from investing activities: Dividends, interest and rents from investments Purchase of property, plant and equipment Net cash provided by 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 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 on investments Dividends, interest and rents from investments (Increase) /Decrease in debtors (Decrease) in creditors Net cash provided by operating activities ANALYSIS OF CASH AND CASH EQUIVALENTS Cash in hand Total cash and cash equivalents	2022 £’000 £’000 151 128 (5) 123 274 5,844 6,118 2022 £’000 1,276 35 (20) (128) (357) (655) 151 2022 £’000 6,118 6,118	2022 £’000 £’000 151 128 (5) 123 274 5,844 6,118 2022 £’000 1,276 35 (20) (128) (357) (655) 151 2022 £’000 6,118 6,118	2021 £’000 £’000 927 136 (7) 129 1,056 4,788 5,844 2021 £’000 960 40 (579) (136) 829 (187) 927 2021 £’000 5,844 5,844	2021 £’000 £’000 927 136 (7) 129 1,056 4,788 5,844 2021 £’000 960 40 (579) (136) 829 (187) 927 2021 £’000 5,844 5,844
		274 5,844		1,056 4,788
		6,118		5,844
		2022 £’000 1,276 35 (20) (128) (357) (655)		2021 £’000 960 40 (579) (136) 829 (187)
		151		927
		2022 £’000 6,118		2021 £’000 5,844
		6,118		5,844

A statement of net debt has not been presented above as the charity held no debt during the year.

27

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

Consolidated and Charity Statement of Funds

Unrestricted Funds General Fund (see note 20) Designated Funds Designated PR Fund Total Unrestricted Funds Restricted Funds Scholarship Funds The Eric & Wendy Schmidt Fund for Strategic Innovation UWC For Afghan Youth Horizon Scholarship Fund International Scholarship Fund Bianca Vetter Foundation Johanna Braun Refugee Initiative Scholarship Fund UWC Norway/Andresen Scholarship Fund Big Heart Foundation Scholarship Jens Waltermann Refugee Scholarship Fund Mountbatten Income Fund Kelly Income Fund Stichting Careduca Foundation Pestalozzi International Fund Gildred Income Fund HM Queen Noor Fund Aurora UWC Gratitude Scholarship RSAcademic Generational Circle Fund Al Qasimi Foundation Haggar DMCC Mohn Scholarship Fund Partners in Equity (Amala UWC Scholarship) Aman Foundation Scholarship Fund EU Scholarship Programme for Cypriot Youth MECT Scholarship Fund Other Scholarship Funds	At 1 May 2021 £’000 Income £’000 Expenditure £’000 Unrealised losses on investment assets £’000 Transfers and other movements £’000 At 30 April 2022 £’000 2,382 2,744 (1,823) - 26 3,329 50 - - - - 50
	2,432 2,744 (1,823) - 26 3,379
	285 534 - - - 819 - 210 - - - 210 149 401 (342) - - 208 59 7 (8) - - 58 71 - (16) - - 55 58 52 (56) - - 54 48 1 - - - 49 49 20 (21) - - 48 42 - (4) - - 38 - 26 - - - 26 19 4 - - - 23 19 2 - - - 21 9 12 (2) - - 19 4 298 (283) - - 19 13 1 - - - 14 12 - - - - 12 12 44 (46) - - 10 6 20 (17) - - 9 13 2 (9) - - 6 6 - - - - 6 19 17 (33) - - 3 1 22 (21) - - 2 30 - (30) - - - 20 - (20) - - - - 400 (400) - - - - 337 (337) - - - 20 16 (19) - - 17
	964 2,426 (1,664) - - 1,726

28

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

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 2021 £’000 Income £’000 Expenditure £’000 Unrealised losses on investment assets £’000 Transfers and other movements £’000 At 30 April 2022 £’000 829 286 (209) - - 906 56 110 (88) - - 78 29 - (27) - - 2 3 - - - - 3 - 167 (167) - - - 1 - - - - 1
	918 563 (491) - - 990
	304 670 (749) - - 225 67 92 (90) - - 69 647 - (621) - (26) - 14 2 - - - 16 (205) - 197 - - (8)
	827 764 (1,263) - (26) 302
	2,709 3,753 (3,418) - - 3,018
	2,436 - - 14 - 2,450 564 - - 3 - 567 175 - - 1 - 176 122 - - 1 - 123 117 - - 1 - 118 60 - - - - 60 41 - - - - 41
	3,515 - - 20 - 3,535
	8,656 6,497 (4,620) 20 (621) 9,932

29

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

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 directors’ consider there are no material uncertainties relating to going concern. The review of our financial position, reserves levels and future plans gives directors 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 a 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 accruals 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 within the SOFA.

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

30

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

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 at the balance sheet date. Movements in the market values of investments are shown as unrealised gains and losses in the Statement of Financial Activities.

Gains 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 SOFA.

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:

• Unrestricted general funds are funds, which may be expended in the furtherance of the objects of the company at the discretion of the Directors.

• Designated funds are unrestricted general funds, which have been identified by the Directors for specific purposes.

• Restricted funds are funds subject to specific trusts or undertakings and may only be used for particular purposes consistent with those trusts or undertakings. Restrictions may arise, for example, when specified by a donor or when funds are being raised and a particular purpose is stated.

31

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

• Endowment funds are restricted funds where the assets of the fund are required to be invested and only the resulting income may be expended in support of the purposes.

Further information about the aim and use of the company’s funds is contained in the Statement of Funds and note 20.

Employee 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 pension 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.

32

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

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 Total 2 Grants and donations receivable towards Scholarships The Eric & Wendy Schmidt Fund for Strategic Innovation EU Scholarship Programme for Cypriot Youth Horizon Foundation MECT Scholarship Fund Pestalozzi International Fund UWC for Afghan Youth Johanna Braun Aurora UWC Gratitude Scholarship Jens Waltermann Refugee Scholarship Fund Mohn Scholarship Fund RSAcademics Haggar DMCC Stichting Careduca Foundation UWC International Scholarship UWC Refugee Scholarship Fund Bianca Vetter Foundation	Unrestricted Funds Restricted Funds Endowment Funds Total 2022 Total 2021 £'000 £'000 £'000 £'000 £'000 213 75 - 288 321 732 1 - 733 577 124 23 - 147 121 - (8) - (8) 75 182 19 - 201 202 71 12 - 83 93 151 20 - 171 174 119 16 - 135 128 66 15 - 81 80 82 24 - 106 91 41 13 - 54 51 149 32 - 181 217 108 7 - 115 116 89 23 - 112 112 239 (5) - 234 326 91 6 - 97 111 56 6 - 62 65 61 7 - 68 67
	2,574 286 - 2,860 2,927
	Unrestricted Funds Restricted Funds Endowment Funds Total 2022 Total 2021 £'000 £'000 £'000 £'000 £'000 - 534 - 534 285 - 400 - 400 - - 401 - 401 448 - 337 - 337 393 - 298 - 298 326 - 210 - 210 - - 52 - 52 60 - 44 - 44 136 - 26 - 26 - - 22 - 22 23 - 20 - 20 20 - 17 - 17 18 - 12 - 12 30 - 3 - 3 10 - 1 - 1 44 - - - - 55

33

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

	Al Qasimi Foundation	-	-	-	-	71
2	Grants and donations receivable(continued)
	Partners in Equity (Amala UWC Scholarship)	-	-	-	-	30
	EBRD Oliver Descamps Award	-	-	-	-	30
	Dare to Dream Scholarship Fund	-	-	-	-	3
	UWC
	Other Scholarship Funds	-	12	-	12	3
	for other purposes
	Donations for Schools and Colleges	-	670	-	670	855
	EU Scholarship Programme for Cypriot Youth	-	167	-	167	18
	The Eric & Wendy Schmidt Fund for Strategic Innovation	-	110	-	110	109
	Donations for national committees	-	92	-	92	55
	Harvard Impact Study	-	-	-	-	118
	General Fund	-	-	-	-	1
	Total	-	3,428	-	3,428	3,141

In the year ended 30 April 2021 all grants and donations receivable were attributable to restricted funds, with the exception of donations of £1k attributed to unrestricted funds.

3 Interest and investment income Deposits, bank interest Dividends and investment distributions Total	Unrestricted Funds Restricted Funds Endowment Funds Total 2022 Total 2021 £'000 £'000 £'000 £'000 £'000 1 - - 1 24 88 39 - 127 112
	89 39 - 128 136

In the year ended 30 April 2021 all interest and investment income was attributable to unrestricted funds, with the exception of £34k attributable to restricted funds.

4 Philanthropy Costs Staff costs Direct costs Other allocated costs Total	Unrestricted Funds Restricted Funds Endowment Funds Total 2022 Total 2021 £'000 £'000 £'000 £'000 £'000 208 - - 208 246 144 - - 144 160 80 - - 80 103
	432 - - 432 509

In the year ended 30 April 2021 all fundraising costs were attributable to unrestricted funds.

34

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

		Unrestricted	Restricted	Endowment	Total	Total
5	Grants and Donations disbursed:	Funds	Funds	Funds	2022	2021
		£'000	£'000	£'000	£'000	£'000
	Scholarship Grants	-	1,664	-	1,664	1,738
	Donations to schools and colleges	-	839	-	839	1,027
	Project grants	-	282	-	282	233
	Staff costs	66	-	-	66	124
	Other allocated costs	28	-	-	28	52
	Unrealised currency (gain) / loss	-	(197)	-	(197)	205
	Total	94	2,588	-	2,682	3,379
6	Communications and Engagement	Unrestricted	Restricted	Endowment	Total	Total
		Funds	Funds	Funds	2022	2021
		£'000	£'000	£'000	£'000	£'000
	Staff costs	147	-	-	147	180
	Other allocated costs	49	-	-	49	75
	Other Direct costs	-	-	-	-	24
	Design & production	37	-	-	37	9
	Community Engagement Strategy	19	-	-	19	20
	Website & database development	10	-	-	10	7
	Total	262	-	-	262	315
	In the year ended 30 April 2021 all communications and publication costs were attributable to unrestricted funds.
7	Programme Management &	Unrestricted	Restricted	Endowment	Total	Total
	Development	Funds	Funds	Funds	2022	2021
		£'000	£'000	£'000	£'000	£'000
	National Committee Fund	-	209	-	209	217
	Staff Costs	441	-	-	441	446
	Other allocated costs	157	-	-	157	186
	Training and development	4	-	-	4	23
	Other	22	-	-	22	18
	Total	624	209	-	833	890
	In the year ended 30 April 2021 all costs relating to service to the national			committee, schools and colleges were
	attributable to unrestricted funds, with the exception of restricted costs of £217k relating to the National Committee
	Fund.

8 Strategy and development Staff Costs Other allocated costs Governance costs Cost of meetings & Directors expense reimbursements Education Total	Unrestricted Funds Restricted Funds Endowment Funds Total 2022 Total 2021 £'000 £'000 £'000 £'000 £'000 259 - - 259 387 107 - - 107 162 13 - - 13 3 9 - - 9 5 23 - - 23 16
	411 - - 411 573

In the year ended 30 April 2021 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 2022

9 Tangible fixed assets - Consolidated

Cost At 1 May 2021 Additions At 30 April 2022 Accumulated depreciation At 1 May 2021 Depreciation for the year At 30 April 2022 Net book value At 1 May 2021 At 30 April 2022 Charity Cost At 1 May 2021 Additions At 30 April 2022 Accumulated depreciation At 1 May 2021 Depreciation for the year At 30 April 2022 Net book value At 1 May 2021 At 30 April 2022	Furniture & Fixtures Equipment IT Hardware Total £'000 £'000 £'000 £'000 134 7 28 169 - - 5 5
	134 7 33 174
	(52) (3) (15) (70) (24) (2) (9) (35)
	(76) (5) (24) (105)
	82 4 13 99
	58 2 9 69
	Furniture & Fixtures Equipment IT Hardware Total £'000 £'000 £'000 £'000 115 5 24 144 - - 5 5
	115 5 29 149
	(42) (2) (12) (56) (23) (2) (8) (33)
	(65) (4) (20) (89)
	73 3 12 88
	50 1 9 60

36

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

10 Investments – Consolidated & Charity Market value as at 1 May 2021 Net gain on revaluation Market value as at 30 April 2022 Cash held for reinvestment Total value as at 30 April 2022 Historical cost as at 30 April 2022 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	2022 £’000 2021 £’000 3,486 2,907 20 579
	3,506 3,486 29 29
	3,535 3,515
	3,106 3,106 Schroder Charity Multi-Asset Fund Units £’000 4,344,599 2,429 1,006,520 563 311,350 174 217,297 122 208,729 117 105,184 60 73,651 41
	6,267,330 3,506

11 Investment in subsidiary

Investment in subsidiary
Investment at cost Net Assets of Subsidiary Total Income Total Expenditure Surplus	2022 £’000 2021 £’000 21 21
	9 11
	1,262 694 (1,143) (661)
	119 33

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 2022 Charity 2022 Consolidated 2021 Charity 2021 £'000 £'000 £'000 £'000 (15) (15) 63 63 514 514 101 103 71 71 49 49
	570 570 213 215

37

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

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 2022 £’000 Charity 2022 £’000 Consolidated 2021 £’000 Charity 2021 £’000 6,115 5,795 5,841 5,026 3 3 3 3
	6,118 5,798 5,844 5,029
	Consolidated 2021 Charity 2022 Consolidated 2021 Charity 2021 £'000 £'000 £'000 £'000 120 104 85 78 88 67 190 162 18 7 15 5 134 - 725 -
	360 178 1,015 245

15 Indemnity Insurance

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

Directors remuneration and reimbursed

16 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 £8,626 by way of reimbursement of expenses (2021: £4,655) and five members of Senior Management received £14,558 by way of expenses paid for by the company (2021: five members £2,102). All expenses related to travel and accommodation. The total amount of donations received from Directors for the year £12,815 (2021: £305).

17 Staff costs and number - Consolidated

Staff costs and number - Consolidated
Aggregate payroll costs were as follows - salaries - social security costs - pension contributions - termination payments	2022 2021 £’000 £’000 9641,202 118 143 39 38 - 104
		1,121 1,487

38

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

• 17 Staff costs and number – Consolidated (continued)

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

Two employees earning in excess of £60,000 received pension contributions of £11,284 during the year (2021: four employees and £5,140).

	2022	2021
The average number of persons employed by the company during the year	26	27
was:
The number of employees earning in excess of £60,000 in gross remuneration during the year was:
£200,000-£209,999	-	1
£150,000-£159,000	1	-
£130,000-£139,000	1	-
£100,000-£109,999	-	1
£80,000-£89,999	1	-
£70,000-£79,999	2	1
£60,000-£69,999	1	1

Total remuneration for key management personnel for the year was £712,858 (2021: £634,206). Key management personnel include the Directors, who are all volunteers.

Charitable Company 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 £100,000-£109,999 £80,000-£89,000 £70,000-£79,000 No redundancy costs have been incurred during the period.	2022 2021 £'000 £'000 577 780 49 68 39 38 - 104
	665 990
	2022 2021 17 18 - 1 1 1 - - 1

39

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

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 2022 Charity 2022 Consolidated 2021 Charity 2021 £'000 £'000 £'000 £'000 276 245 404 373 14 14 17 17 35 33 37 28 35 20 35 24 360 312 493 442 Land and buildings 2022 Other 2022 Land and buildings 2021 Other 2021 £'000 £'000 £'000 £'000 159 4 159 4 138 10 266 13 297 14 424 17 Land and buildings 2022 Other 2022 Land and buildings 2021 Other 2021 £'000 £'000 £'000 £'000 128 3 128 3 117 10 245 14
		245 13 373 17

20	Analysis of net assets by fund
	category - Consolidated

Funds at 30 April 2022 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 69 - - - 69 - - - 3,535 3,535 3,260 3,018 50 - 6,328
	3,329 3,018 50 3,535 9,932

40

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

20 Analysis of net assets by fund category - Consolidated (continued) Funds at 30 April 2021 Represented by: Tangible fixed assets Investment fixed assets Net current assets Analysis of net assets by fund category - Charity Funds at 30 April 2022 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 99 - - - 99 - - - 3,515 3,515 2,283 2,709 50 - 5,042
		2,382 2,709 50 3,515 8,656
		Unrestricted Funds Restricted Funds Designated Funds Endowment Funds Total £'000 £'000 £’000 £'000 £'000 60 - - - 60 - - - 3,535 3,535 21 - - - 21 3,219 2,921 50 - 6,190
		3,300 2,921 50 3,535 9,806

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 88 - - - 88 - - - 3,515 3,515 21 - - - 21 2,284 2,665 50 - 4,999
	2,393 2,665 50 3,515 8,623

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 has reserved £450k for the Congress which is scheduled to take place in 2024, and £100k for the 60[th] anniversary celebrations.

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 directors’ 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 in 2020-21 for this purpose.

41

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

20 Analysis of net assets by fund category – Consolidated (continued)

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 Solidarity Fund created to support Colleges impacted by the inability of some students to attend their College of choice has been fully dispersed.

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 Horizon Fund, the Haggar Sudan Scholarship Support Fund the European Commission, Schmidt Futures/Rise Programme, Careduca Foundation, Pestalozzi International, RSAcademics, Bianca Vetter Foundation, Wilhelm & Marianne Mohn and Johanna Braun. These donor partners fund scholars from disadvantaged communities, including underprivileged students from refugee, internally displaced or exiled backgrounds. The MECT Fund supports scholarships at UWC-USA

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 2022.

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	2022 £’000 2021 £’000 1,121 1,383 158 146 78 74 25 21 16 20 8 - 75 11 61 306
	1,542 1,961

42

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

Information about allocated costs – 21 Consolidated (continued)

Consolidated(continued)
Allocation Philanthropy Grants and donations Communications and Engagement Programme Management & Development Strategy and development Total for 2022 Total for 2021	Staff costs Other costs Total 2022 £'000 £'000 £'000 208 80 288 66 28 94 147 49 196 441 157 598 259 107 366	Total 2021 £'000 349 176 255 632 549
	1,121 421 1,542
	1,383 578
		1,961

Charitable Company 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 2022 Total for 2021	Staff costs Other costs £'000 £'000 112 54 16 8 119 58 289 141 129 63	2022 £’000 665 128 72 24 17 7 71 5	2021 £’000 886 117 63 11 18 - 9 264
		989	1,368
		Total 2022 £'000 166 24 177 430 192	Total 2021 £'000 244 123 186 453 362
	665 324	989
	886 482		1,368

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 2022

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 Solidarity fund expenditure 20 Total expenditure Net income before other recognised gains and losses Transfers between funds Designated funds 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 £'000 £'000 £’000 £'000 £'000 2,482 445 - - 2,927 1 3,140 - - 3,141 102 34 - - 136 - 46 - - 46
	2,585 3,665 - - 6,250
	509 - - - 509 176 3,203 - - 3,379 315 - - - 315 673 217 - - 890 573 - - - 573 - 14 - - 14
	2,246 3,434 - - 5,680
	339 231 - - 570 (300) 300 - - - (50) - (139) - (189) - - - 579 579
	(11) 531 (139) 579 960
	(11) 531 (139) 579 960 2,393 2,178 189 2,936 7,696
	2,382 2,709 50 3,515 8,656

44

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

24a. Prior Year Statement of Funds

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 - - (14) - 661 647 9 5 - - - 14 - - (205) - - (205)
	497 915 (1,246) - 661 813
	2,178 3,665 (3,434) - 300 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

45

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

24b. Prior Year Notes to 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

Unrestricted Funds Restricted Funds Endowment Funds Total 2021 £'000 £'000 £'000 £'000 202 119 - 321 574 3 - 577 94 27 - 121 57 18 - 75 179 23 - 202 79 14 - 93 151 23 - 174 111 17 - 128 66 14 - 80 58 33 - 91 35 16 - 51 161 56 - 217 110 6 - 116 84 28 - 112 302 24 - 326 97 14 - 111 59 6 - 65 63 4 - 67 - - - -

2,482 445 - 2,927

	Grants and donations receivable	Unrestricted	Restricted	Endowment	Total
		Funds	Funds	Funds	2021
	towards Scholarships	£'000	£'000	£'000	£'000
	Horizon Foundation	-	448	-	448
	MECT Scholarship Fund	-	393	-	393
	Pestalozzi International Fund	-	326	-	326
	The Eric & Wendy Schmidt Fund for Strategic Innovation	-	285	-	285
	Aurora UWC Gratitude Scholarship	-	136	-	136
	Johanna Braun	-	60	-	60
	Bianca Vetter Foundation	-	55	-	55
	Al Qasimi Foundation	-	71	-	71
	EBRD Oliver Descamps Award	-	30	-	30
	Stichting Careduca Foundation	-	30	-	30
	Partners in Equity (Amala UWC Scholarship)	-	30	-	30
	Mohn Scholarship Fund	-	23	-	23
	Haggar DMCC	-	18	-	18
	RSAcademics	-	20	-	20
	UWC International Scholarship	-	10	-	10
	Davis UWC Dare to Dream Programme	-	3	-	3
24	Prior Year Notes to Financial Statements
b.	(continued)

46

THE UNITED WORLD COLLEGES (INTERNATIONAL)

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2022

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 - 855 - 855 - 118 - 118 - 109 - 109 - 55 - 55 - 18 - 18 1 - - 1
	1 3,140 - 3,141

47