2025-07-31-accounts

COMPANY NUMBER: 00673076 CHARITY NUMBER: 525761

UNITED WORLD COLLEGE OF THE ATLANTIC LIMITED (A COMPANY LIMITED BY GUARANTEE)

REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

UNITED WORLD COLLEGE OF THE ATLANTIC LIMITED. A COMPANY LIMITED BY GUARANTEE.

CONTENTS FOR THE YEAR ENDED 31 JULY 2025

The Governors, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the consolidated financial statements of the Group for the year ended 31 July 2025. The Governors have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

This report includes the following sections	PAGE
I: Key Management Personnel: Governors, Directors, Trustees and Leadership Team 2 - 4
II: Trustees’ Report	5 - 8
III: Mission and Impact	8 - 11
IV: Achievements and Performance	11 - 13
V: Strategic Goals and Timeline	13 - 16
VI: Financial Review	16 - 18
VII: Risk Management and Governance	18 - 21
VIII: Independent Auditor’s Report	22 - 25
IX: Consolidated Statement of Financial Activities	26
X: Consolidated and Charity Balance Sheet	27
XI: Consolidated Statement of Cashflows	28
XII: Notes to the Financial Statements	29 - 53

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UNITED WORLD COLLEGE OF THE ATLANTIC LIMITED. A COMPANY LIMITED BY GUARANTEE.

GOVERNORS, OFFICERS AND ADVISORS FOR THE YEAR ENDED 31 JULY 2025

I: Key Management Personnel: Governors, Directors, Trustees and Leadership Team

The Governors of United World College of the Atlantic Limited (UWC Atlantic) are the College’s charity trustees under charity law and directors of the charitable company.

Members of the Governing Body who served as officers during the year and subsequently are detailed below, together with the list of Board Sub-Committees on which they served:

Serving Officers

	(1)	(2)	(3)	(4)	(5)	(6)
J Longson (Chair)	✓	✓			✓	✓
Lady Joanna Knatchbull (retired 31/12/2024)	✓		✓
I Cooper		C				✓
D Desmet (retired 20/07/2025)		✓
L Siddiqi (resigned 26/09/2024)	✓				✓
R Rawling (Vice Chair)		✓	AC	✓	✓
A Jones	C			✓
C Ogbonna	✓			C
L Hodgson			✓
F Thomas (appointed 07/02/2024, resigned 12/11/2024)
K Moore (appointed 08/11/2024)	✓
E Bumsteinas (appointed 31/01/2025)					C	✓
E Du Breuil (appointed 25/06/2025)	✓
K Reid (appointed 23/07/2025)		✓

Board Sub-Committees:

1. Education, Safeguarding & Wellbeing Committee

2. Finance & Estates Committee

3. People & Culture Committee

4. Audit & Risk Committee

5. Philanthropy, Engagements & Partnership Committee

6. Investment & Endowment Committee (formed January 2025, and reports to the Board. However, Thomas Stenvoll independently chairs the committee. Investments were previously managed by the Finance & Estates Committee)

7. C Chair of relevant Committee

AC Acting Chair of relevant Committee

Note: Lucy Hodgson is the Nominations lead, Ruth Rawling is the Governance lead and Ann Jones is the Safeguarding lead. During the year, the above six committees supported the activities of the Board of Trustees. The membership of each of these committees is shown above for each Governor and each committee includes expert members who are not Governors.

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UNITED WORLD COLLEGE OF THE ATLANTIC LIMITED. A COMPANY LIMITED BY GUARANTEE.

GOVERNORS, OFFICERS AND ADVISORS FOR THE YEAR ENDED 31 JULY 2025

Wilhelm Mohn was appointed to the Board on the 2[nd of] October 2025.

Key Management Personnel: Officers

N Bardai	Principal
L Fields	Vice Principal Student Life, Safeguarding, (DSP) Wellbeing and Belonging
M Uzunova Dang	Vice Principal Learning Innovation
S Morgan	Vice Principal Academics, IB DP Coordinator
R Wildeboer	Director of Finance (resigned 19/03/2025)
T Gabb	Interim Director of Finance (appointed 15/05/2025)
D Emery	Director of Operations and Sustainability
E Bennett	Director of People & Culture
J Galloway	Director of Philanthropy, Engagement & Partnerships
S Jones	Company Secretary (appointed 01/05/2024, resigned 27/09/2024)
N Warrick	Company Secretary (appointed 17/03/2025)
N Warrick	Clerk to Governors (appointed 17/03/2025)
Principal Address and Registered Office		St Donat’s Castle
		St Donat’s
		Llantwit Major
		CF61 1WF
Auditor		Bevan Buckland Audit Ltd
		Chartered Accountants and Statutory Auditors
		Ground Floor Cardigan House
		Castle Court
		Swansea Enterprise Park
		Swansea
		SA7 9LA
Bankers		The Royal Bank of Scotland plc
		62-63 Threadneedle Street
		London
		EC2R 8LA
		The Principality Building Society
		Principality Buildings
		PO Box 89
		Queen Street
		Cardiff
		CF10 1UA
Solicitors		Eversheds Sutherland International LLP
		1 Callaghan Square
		Cardiff
		CF10 5BT
		Farrer & Co LLP
		66 Lincolns Inn Fields
		London
		WC2A 3LH

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UNITED WORLD COLLEGE OF THE ATLANTIC LIMITED. A COMPANY LIMITED BY GUARANTEE.

GOVERNORS, OFFICERS AND ADVISORS FOR THE YEAR ENDED 31 JULY 2025

Investment Managers Brewin Dolphin Limited 2nd Floor 5 Callaghan Square Cardiff CF10 5BT UWC Endowment Fund ICAV In respect of UWC Endowment Fund c/o State Street Fund Services (Ireland) Limited 78 Sir John Rogerson’s Quay Dublin 2 Ireland Insurance Broker Marsh Brokers Limited Capital House 1-5 Perrymount Road Haywards Heath RH16 3S

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UNITED WORLD COLLEGE OF THE ATLANTIC LIMITED. A COMPANY LIMITED BY GUARANTEE.

ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025

II: Trustees’ Report

The Governors, who are also trustees of the charity and directors of the company for the purposes of the Companies Act 2006, present their report with the consolidated financial statements of the Group for the year ended 31 July 2025. The Governors have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Constitution and Objects

The United World College of the Atlantic Limited (UWC Atlantic) was incorporated in 1960. It is constituted as a company limited by guarantee, registered in England, company number 00673076, and is registered with the Charity Commission under charity number 525761.

The College is governed by its Articles of Association.

The principal activity of UWC Atlantic, as set out in the Articles of Association, is “the advancement of education and learning and in particular the education of youth in leadership, loyalty, responsibility and respect for and understanding of human dignity, life and rights”. It includes the education of young people in “environmental stewardship, service to others and global citizenship”.

In furtherance of its objects, UWC Atlantic has established and administers grants, awards and other benefactions and acts as the trustee and manager of property, endowments, bequests, and gifts given or established in pursuance of its objects.

Executive Summary

This report provides a comprehensive overview of UWC Atlantic's achievements, strategic priorities, and financial performance for the fiscal year ending 31[st] July 2025.

2024/2025 has presented significant challenges for UWC Atlantic, which is reflected in the operating loss of £0.2m. Firstly, with the implementation of the UK governments’ legislation on adding VAT to independent school fees. This was introduced at short notice in January 2025, halfway through a school year. All fee payers were required to pay 20% more than their fees with immediate effect. The College Board and leadership took the decision that no student should have to leave the College on the basis that the family could not afford to pay. College leadership entered a series of conversations with parents to understand who could pay and who could not. The College underwrote all those who could not afford to pay, value of £286k. This had a negative impact on cashflow, as VAT charged on income invoices must be paid to HMRC in relation to its tax period, not whether it has been collected, which is reflected within the cashflow statement.

Further legislative changes came with the removal of charitable business rate relief for independent schools in Wales from 1[st] April 2025. This had an additional negative impact on the budget and the cashflow. Further to that on 6[th] April 2025 significant increases were made to employers National Insurance Contributions. These measures combined with the VAT introduction had a significant impact on the financial performance of the College.

The College also increased its bursary funding to support an additional number of student places from its own funds due to a shortfall in scholarships, and there was an increase in student withdrawals placing further pressure on its cashflow.

The combination of these negative financial impacts has resulted in a loss on unrestricted reserves of £0.2m (2024 £345k) and utilisations of existing cash flows £1.17m (2024 £445k). The trustees recognise the potential

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UNITED WORLD COLLEGE OF THE ATLANTIC LIMITED. A COMPANY LIMITED BY GUARANTEE.

ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025

liquidity risk and the need to manage cashflows effectively, and whilst another challenging financial year is anticipated, the Board are confident that the actions set out below will ensure that the College remains financially viable and can meets its aims and objectives.

Cost Savings

• A voluntary redundancy process was carried out during the year, which has resulted in reduced salary expenditure. This was conducted towards the end of 2024/2025.

• Changes to the range of pension provisions were made during the year which reduced contributions for new staff and some existing staff.

• Ongoing there is the introduction of a salary sacrifice scheme, with anticipated savings in the current year.

• A further cost and efficiency savings exercise was conducted to ensure that the College was optimising its resources. Currently there is not any further scope to make any more large-scale cuts to the cost base, however this is kept under continuous review through budget management and committee reporting.

Cash Management

• The full cost of VAT is now passed on to all fee payers.

• The College’s main sources of income are college fees and funds raised. The fall in cash was anticipated with the introduction of VAT on fees, and the use of a high level of advance fee payments received in the previous year. Good fee collection, careful cost management and close cashflow monitoring means that cash is available to meet the College’s short-term obligations as they fall due.

Reserves

• Whilst the College works to rebuild its financial resilience, the next couple of years are forecast to generate a deficit. The main source of funding will be from unrestricted reserves. The current unrestricted reserves balance at 31st July 2025 is £21.6m, however this balance mainly relates to the College buildings which are in daily use. The Board are therefore reviewing measures and options that can be put in place to lessen the impact on the unrestricted reserves.

• In addition, the College has restricted reserves available for scholarships and other costs of £2.7m, and these funds will be released to cashflow and the Income and Expenditure accounts in line with the specific restricted conditions mitigating some of the pressure on unrestricted reserves.

Income

• To support the College’s financial resilience and further its aims, the Board are considering additional ways to diversify income streams. Specific business models are being developed with implementation decisions due to be taken imminently.

Investments

• The College’s investment portfolio, which mainly relates to restricted endowments, operates a total return investment approach which allows the Governor trustees to take decisions in respect of the use of the unapplied total return (income and capital gains rather than just income). A decision as to the agreed percentage has not yet been finalised and in doing this, Governor Trustees are required to be mindful of the effects of inflation on the underlying real value of endowment investments. Nonetheless this may generate additional income to be used in the provision of scholarships and support the day to day running of the College. Any decision would need formal Board approval before being actioned.

• • As of 31st July 2025, the College had £4.4m unrestricted investments (note 20a) and the College could, in extenuating circumstances crystalise some of these to support cashflow. In addition, the College held a money market bond of £1m within its current assets. With the significant capital estates expenditure forecast, it is anticipated that these sums, together with restricted capital reserves and future fund raising will be used for future investment.

Strategic Priorities

• The Board is refreshing its Strategic Priorities including its fundraising activity, targets and priorities. The aim is for fundraising to further support the day-to-day operations of the College and reduce the reliance on the unrestricted reserves.

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UNITED WORLD COLLEGE OF THE ATLANTIC LIMITED. A COMPANY LIMITED BY GUARANTEE.

ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025

• Whilst the next two years will be financially challenging the Board are working towards improving the financial resilience of the College to ensure that it returns to a stable financial position and is financially sustainable for the future. The College has stress tested its forecasts with various scenarios and has examined actions that may be taken to preserve cash resources, and improve the financial position, as detailed above. At this stage the Board remain confident that the Group can overcome the challenges posed by the current economic and political environment and that there are adequate finances and cash balances to support its operations.

Against this financial backdrop the College’s key areas of focus continue to include:

• Diversity and Financial Support : UWC Atlantic fosters a highly diverse student body, representing 90 countries. During the 2024-2025 academic year, 48% of students received financial support, with a total of £4 million (2023/2024: £4.1 million) allocated to scholarships. The College remains committed to increasing the number of students who receive financial support.

• Educational Innovation : In September 2023, the college launched the Systems Transformation Pathway with a pioneering cohort of 24 students. This curriculum, developed in partnership with the International Baccalaureate (IB), provides students with hands-on learning experiences focused on addressing complex global problems at the systemic level. One of the most significant milestones of the year was seeing this first cohort of Systems Transformation Pathway student’s graduate. UWC Atlantic also achieved high academic results, with 100% of students earning the IB diploma and 56% scoring 35+ points.

• Financial Achievements and Stability : Fundraising efforts yielded £4.7 million in donations (2023/2024: £4.4m), supporting scholarships and the College Endowment, the Systems Transformation Pathway, and key infrastructure improvements, including castle refurbishment.

• Community Engagement and Impact : Students actively engaged with the local and global communities, contributing to over 30 service projects. These initiatives support UWC’s mission of fostering community involvement, global citizenship, and environmental stewardship.

Through these achievements, UWC Atlantic continues to advance its mission to make education a force to unite people, nations, and cultures for peace and a sustainable future.

Key Personnel

Governance and Leadership Overview

The UWC Atlantic Board of Governors, led by Chair Jill Longson, is responsible for the governance and strategic direction of the college. It is a non-executive board.

• Jill Longson (Chair) : Oversees Board functions and strategic alignment, bringing experience in international education and non-profit leadership.

The Executive team of UWC Atlantic is led by the Principal, Naheed Bardai:

• Naheed Bardai (Principal) : Manages college administration, curriculum development, and strategic initiatives. Under his leadership, UWC Atlantic co-created and launched the Systems Transformation Pathway and strengthened community and alumni engagement.

The Board operates through six specialised sub-committees: - Finance & Estates, Investment & Endowment; Audit & Risk; People & Culture; Education, Safeguarding & Wellbeing; and Philanthropy, Engagements & Partnerships. These have expert members in addition to governors thereby ensuring robust oversight across all operational, financial, and educational activities.

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UNITED WORLD COLLEGE OF THE ATLANTIC LIMITED. A COMPANY LIMITED BY GUARANTEE.

ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025

The Executive Leadership Team’s diverse backgrounds support UWC Atlantic’s commitment to educational excellence, diversity, and sustainability.

Trustees Responsibilities

The trustees are responsible for preparing the annual report and financial statements in accordance with the applicable law and regulations, including the Charities Act 2011 (or relevant law in other UK jurisdictions) and the Charity SORP.

Specific responsibilities include:

• Governance & Compliance:

• (a) Ensuring the charity complies with its governing document, charity law, and any other relevant legislation or regulations.

• (b) Safeguarding the charity’s assets, ensuring proper use of funds and resources in alignment with its charitable purposes.

• Preparation of Financial Statements:

• (a) Preparing financial statements for each financial year that give a true and fair view of the charity’s financial activities, financial position, and cash flows.

• (b) Ensuring the financial statements comply with the relevant accounting standards, the Charity SORP, and applicable laws.

• Internal Controls:

• (a) Ensuring proper accounting records are kept.

• (b) Implementing effective internal financial controls to prevent and detect fraud or error.

• Risk Management:

• (a) Identifying and managing risks that could affect the charity’s operations, reputation or financial health.

• (b) Regularly reviewing the risk management strategy.

• Public Accountability:

• (a) Being transparent about how the charity’s funds are raised and spent.

• (b) Ensuring the charity acts in the public interest and delivers its intended public benefit.

• Auditors:

• (a) Ensuring that the financial statements are audited or independently examined as required by law based on the charity’s income and asset thresholds.

• Communications:

• (a) Making the annual report and financial statements publicly available.

• (b) Clearly articulating how the charity’s activities align with its mission and benefit the public.

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III: Mission and Impact

Mission Statement

UWC Atlantic’s mission is to make education a force to unite people, nations and cultures for peace and a sustainable future . Since its founding in 1962, UWC Atlantic has remained committed to its foundational vision of educating young people as global citizens who are empowered to address the world’s most pressing challenges through collaboration, compassion, and action.

The college’s educational philosophy is inspired by the principles of Kurt Hahn, a pioneering educator whose vision was to foster international understanding, cooperation, and service to humanity. Through a holistic educational model, UWC Atlantic nurtures not only academic excellence but also the personal and social responsibility of each student, cultivating leaders who are prepared to make meaningful contributions to their communities and the wider world.

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UNITED WORLD COLLEGE OF THE ATLANTIC LIMITED. A COMPANY LIMITED BY GUARANTEE.

ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025

Core Values and Educational Philosophy

UWC Atlantic operates on six guiding principles that are woven into all aspects of campus life and learning. These principles are integral to creating a diverse, inclusive, and empowering educational environment:

1. Dignity : We honour our diverse experiences and celebrate our shared humanity, recognising that there is more that unites us than divides us. By treating each other with unwavering respect, fairness, and compassion, we uphold the intrinsic worth within us all.

2. Sustainability : We live and act in the midst of a climate and nature emergency and have an obligation to educate for collective social and ecological responsibility. As guests of the land on which we reside, we are compelled to enhance our biodiverse natural environment with healthy functioning ecosystems for the benefit of future generations.

3. Radical Imagination : We see the problems confronting us as deeply rooted in social and ecological harm, and we collectively regain the ability to imagine the world as it might otherwise be. We encounter these challenges with creativity and curiosity, as we engage in the work of transforming systems. This requires the moral courage to act in the present and create the conditions for a more just future.

4. Joy : As a community, we find joy in a shared sense of purpose, knowing that our collective efforts are helping to make the world a better place. Joy is our mind-set choice and enables us to build our resilience in the face of challenges. We cherish our relationships and interdependence that bring meaning to our journey.

5. Responsibility : We act with integrity, taking individual and collective ownership for our actions. We enable authentic responsibility by empowering and trusting each other to make decisions, considering the impact of our choices on others. We recognise that we are all leaders and role models within and beyond our community and acknowledge our duty to challenge injustice and inequity, acting as positive agents of change in the world.

6. Cynefin (a Welsh word with no direct translation to English, but embodying historic, cultural, and social belonging) . We actively cultivate a sense of belonging and reciprocal connection to place and among people, with the responsibility of honouring relationships in our interactions. We embrace and value diversity as a strength, and act in a way that makes the world a safer place to be our whole selves. We foster a sense of familiarity and kinship, becoming comfortable with complexity and our interdependence with all the living world.

These guiding principles not only steer students academically but also empower them to make ethical decisions, understand the value of community, and develop a mind-set oriented toward problem-solving and global citizenship.

Student-Led / Alumni Initiatives and Community Projects

UWC Atlantic encourages students to apply their learning through hands-on projects that benefit local and global communities. In the 2024-2025 academic year, students led numerous impactful initiatives that demonstrated the college’s values in action:

• Lighthouse Initiative The Lighthouse is part of UWC Atlantic’s on-campus Centre for Systems Transformation, fostering students’ creativity, idealism, and problem-solving skills. This year, students developed several impactful projects, including:

• EduFarm - This is a solar powered and climate smart initiative designed to create sustainable learning environments in Nigeria.

• Light for Hope - This initiative uses solar energy to create safe, sustainable and empowering spaces for survivors of gender-based violence in Zimbabwe, particularly young women and teenagers who seek refuge in Musasa’s shelters.

• Kachwora Digital Knowledge Hub - This initiative bridges the digital divide for the Kachwora population, building a computer lab and teaching digital skills to the community.

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UNITED WORLD COLLEGE OF THE ATLANTIC LIMITED. A COMPANY LIMITED BY GUARANTEE.

ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025

• AILEM AILEM is an app developed to support refugees and asylum seekers, founded in February 2021 by AC alumni. This project was initiated while the students were at UWC Atlantic when they received funding from the Lighthouse Initiative to launch their project, which aims to provide language education for refugees and asylum seekers to help them integrate into a foreign country. The app is completely free, and the content is tailored specifically for refugees and asylum seekers.

• Go Make a Difference :

Go Make a Difference was established over 21 years ago by alumna Jill Longson and her husband Colin Habgood. In 2023-2024 there were 125 applications received from UWC schools and colleges, out of which 22 projects were successful and received a total of US$40,000 in funding. UWC Atlantic students received a total of US$6,000 which helped to deliver three impact projects:

• H2ope for Kachorwa : Delivery and installation of hand pumps to provide over 500 villagers with clean water.

• Set-Up Sensei : An ongoing project making martial arts more accessible via the world’s first ever martial arts app, aimed at improving mental health and wellbeing to people globally.

• Beyond Stigma in Tanzania : Addresses increased understanding of autism and depression in the region.

To be successful in gaining a grant, students need to demonstrate their project has a significant level of innovation and personal challenge when making a difference.

Community Engagement and Local Contributions

UWC Atlantic has a strong commitment to community engagement, creating opportunities for students to learn from and contribute to local and global communities through collaboration from a range of initiatives. The college’s location in Wales allows for a unique integration of local partnerships and community outreach, further enhancing its impact:

Local Partnerships and Initiatives

• Access to Campus Facilities: UWC Atlantic regularly collaborates with Welsh community organisations, providing access to campus facilities for events, hosting community engagement activities, and working with local schools. Over the past year, the college hosted approximately 21,500 members of the community on campus, participating in open days, film screenings, educational workshops, and service projects.

Atlantic Pacific and Seafront Initiatives

• The Atlantic Pacific charity has established its second base at UWC Atlantic, where students receive training in sea safety and boatbuilding. Students also volunteer with Atlantic Pacific’s rescue missions in regions such as the Mediterranean, where they work with communities impacted by migration crises. This program exemplifies UWC Atlantic’s commitment to hands-on, mission-aligned learning and demonstrates the college’s impact on local and global communities.

Service Projects and Volunteer Work

• Through co-curricular programmes, students engage in various local service projects, from organising nature conservation activities to supporting refugee communities and elderly care facilities. These activities, structured within the Creativity, Activity, Service (CAS) component of the IB Diploma, encourage students to apply their skills to benefit the local community.

• Music Therapy: UWC Atlantic students visit local care homes to sing songs with the residents. The impact of these sessions can range from boosting the residents’ mood to alleviating the symptoms of dementia. Over the year students build bonds with the residents and learn the skills to plan and lead these sessions.

• Student Action for Refugees (STAR): In collaboration with students from Cardiff University, UWC Atlantic students are provided with an opportunity to interact with refugees through informal and positive conversations. Students support English language skills and integrate into the local community.

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UNITED WORLD COLLEGE OF THE ATLANTIC LIMITED. A COMPANY LIMITED BY GUARANTEE.

ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025

• Environmental Stewardship : Through Growers and Harvesters students support with the planning and harvesting of a field to fork development within the campus grounds. They also support a range of recycling initiatives aimed at improving the college’s environmental impact.

• LEGS (Local Event Group Support) : Students participate in community projects such as maintaining the local nature reserve, laying out the “Atlantic Way” trail, restoring historical sites, and building sensory gardens. This work not only enhances local public spaces but also reinforces UWC Atlantic’s commitment to environmental responsibility and cultural preservation.

Inspiring Young People through Education and Mentorship

UWC Atlantic also engages with local schools, providing mentorship opportunities for Welsh students to collaborate with UWC students on projects centred around leadership, environmental sustainability, and cultural understanding. In 2024/2025 we had 253 attendees from local schools for either a residential stay or day camps. The college aims to foster strong ties within the local educational community and inspire the next generation of leaders.

Global Impact of UWC Atlantic Alumni

UWC Atlantic alumni continue to embody the college’s mission and values long after graduation, making significant contributions across diverse fields:

• Polly Akhurst (AC ‘06) , founded Amala, a refugee charity focusing on educating refugees, with a bespoke design specifically for their needs. It has now taught over 6,384 students in refugee camps and centres globally.

• Pirita Näkkäläjärvi (AC '97) was elected as the President of the Sámi Parliament in Finland. She is the leader of the official representation of the Sámi nation in Finland. The Sámi Parliament is the representative body that the government and officials negotiate with on matters important to the Indigenous Sámi people. She leads the group of 21 elected members who form the official opinion of the Sámi people on various matters, such as the three living Sámi languages in Finland, Sámi culture, and traditional livelihoods like hunting, fishing, gathering, handicrafts, and reindeer herding.

• Umra Omar (AC ‘02) established Safari Doctors in 2015, an NGO operating on the Somalian Kenyan border in areas where larger NGOs do not serve small rural villages with medical care.

• Dr Joyce Samoutou-Wong (AC ‘95) studied medicine, believing it was a tool that could help anywhere. She moved to Gabon after her studies, with her husband where they established and ran the eye surgical centre of a mission hospital which they grew into a self-sufficient project.

• Jue Jue Min Thu (AC ‘06) has dedicated her life to creating safe spaces and providing psychosocial support for Burmese communities impacted by conflict. Founding Jue Jues safe space in Hawaii.

These alumni stories highlight UWC Atlantic’s enduring influence on its graduates, who carry forward the college’s vision into their professional and personal lives.

IV: Achievements and Performance

Diversity and Inclusion Metrics

UWC Atlantic places diversity at the heart of its educational model, aiming to create an inclusive environment where students from all backgrounds can thrive and learn from each other. The college selects students based on potential and promise, regardless of their nationality, ethnicity, gender and as far as financially possible, their socioeconomic background. This commitment to diversity is evidenced in the following metrics:

• Student Demographics : In the 2024-2025 academic year, the student cohort of 374 students represented 90 nationalities (2023/2024: 381 students and 87 nationalities). 22% of students were from the UK (2023/2024: 22%), with the remaining 78% coming from countries across Europe, Africa, Asia, the Americas, and Oceania.

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UNITED WORLD COLLEGE OF THE ATLANTIC LIMITED. A COMPANY LIMITED BY GUARANTEE.

ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025

• Socio-Economic Diversity : Approximately 48% of students received financial support, with £4 million allocated for scholarships (2024: £4.1 million). This funding enables students from varying financial backgrounds to access a world-class education, fostering a richly diverse learning environment. UWC Atlantic aims to increase financial support, further strengthening its commitment to deliberate diversify. Families are means tested through the application process to ensure that financial assistance is allocated in the most effective and appropriate way.

This diverse environment enriches the educational experience by exposing students to a wide range of perspectives, cultures, and life experiences, which contribute to personal growth and a deep understanding of global issues.

Academic Success and University Placements

UWC Atlantic’s academic achievements reflect its high standards and commitment to excellence, particularly through the International Baccalaureate (IB) Diploma Programme. In 2024/2025, the college celebrated strong academic outcomes that underscore its dedication to rigorous education:

• IB Diploma Results :

• High Achievers : 19.0% of students scored above 40 points, a mark of distinction recognised globally (2023/2024: 19.0%).

• Mid-to-High Range Scores : 56.0% of students achieved 35+ points (2023/2024: 53.0%), while 88.6% attained 30+ points (2023/2024: 77.4%).

• Overall Success : 100% of students successfully completed the full IB Diploma (2023/2024: 96%), with the average score reaching 35.14 points (2023/2024: 34.68), well above the global average of 30.58 points. These results demonstrate the effectiveness of UWC Atlantic’s academic programs, which emphasise critical thinking, global perspectives, and interdisciplinary learning.

• University Acceptances : UWC Atlantic graduates are highly sought after by prestigious universities worldwide. The United States remains the most popular destination, in large part due to substantial scholarships from UWC-affiliated philanthropists. Graduates also attend top institutions in the UK (including the University of Cambridge and Russell Group universities), Canada, Europe, and Asia. Many students have received offers from highly competitive universities like Harvard, Stanford, and other Ivy League schools, as well as from institutions within the Davis United World College Scholars Program, which supports UWC graduates with significant financial aid.

Beyond academics, university placement reflects UWC Atlantic’s broader educational philosophy, which prioritises not only intellectual growth but also character development. Graduates are increasingly choosing universities based on alignment with their values and goals rather than prestige alone, opting for institutions that support community engagement and sustainability.

Co-Curricular Activities and CAS Program

The Creativity, Activity, Service (CAS) component of the IB Diploma is integral to the UWC experience, encouraging students to apply classroom knowledge to real-world settings and engage in meaningful personal growth:

• Student Councils and Committees : UWC Atlantic’s vibrant student government includes councils dedicated to sustainability, peace, social life, and wellbeing. These councils offer students a platform to voice their opinions, organise events, and contribute to the college’s goals. Notable councils include:

• Student Council: Works closely with the College’s student body, to progress initiatives, listen to concerns, and liaise with the College’s Leadership Team to progress/resolve issues. The co-chairs produce a written report to the Board and present to the Board at each Board meeting.

• SusCo (Sustainability Council) : Works closely with the college’s operations team to implement environmentally friendly practices on campus.

• PeaCo (Peace Council) : Focuses on global issues and conflict resolution, organising events and discussions that encourage students to engage in meaningful dialogue on complex global challenges.

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ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2025

• CAS Projects : CAS projects enable students to explore interests in various areas, from creative arts to social activism. Examples include:

• Amnesty International : UWC Atlantic students participate in campaigns and advocacy efforts as an officially recognised branch of Amnesty International, promoting human rights on campus and beyond.

• Model United Nations (MUN) : Through MUN simulations, students tackle global issues like inequality and climate change, developing diplomacy and public speaking skills.

• Prentis Hub : This unique co-curricular initiative allows students to “apprentice themselves” to causes they are passionate about. Students develop skills in project management, community organising, and impact assessment through modules like Atlantic Pacific@AC (humanitarian response to global drowning) and Narratives for Social Change (storytelling for advocacy and awareness). These programmes encourage students to take a hands-on approach to learning, fostering both practical skills and a strong sense of social responsibility.

V: Strategic Goals and Timeline

UWC Atlantic’s strategic plan reflects its commitment to educational innovation, sustainability, community engagement, and financial stability. Originally approved by the Board of Governors in November 2022, and this 10-year strategic framework aims to empower students, strengthen community connections, and position UWC Atlantic as a leader in sustainable, mission-driven education. The plan is organised around four key strategic categories:

1. Courageous Future : Empowering students to act in creating a more peaceful and sustainable world.

2. Engaged Community : Building trust, relationships, and capacity within the college and beyond.

3. Sustainable Home : Through our connection to the natural and built environment.

4. Inspired Commitment : Securing resources and commitment to enable our purpose and promise.

These categories are designed to work in synergy, with each area reinforcing and enabling progress toward UWC Atlantic’s broader mission and goals. Please see below for more detail on each strategic area, its specific objectives, and the timeline for achieving key milestones.

1. Courageous Future: Empowering Students for Global Impact

Goal : To create a transformative educational experience that equips students to address the most pressing social and environmental challenges of their time.

Key Initiatives :

• Systems Transformation Pathway : Launched in August 2023, this pioneering academic program focuses on experiential learning in four impact areas: food systems, energy, biodiversity, and migration/displacement. Endorsed by the International Baccalaureate, the pathway prepares students to lead in sustainability and social justice.

• One of the most significant milestones of the year was seeing this first cohort of Systems Transformation Pathway students graduate.

• Mission-Aligned Project Weeks and Conferences : To deepen engagement in UWC values, the college organises project-based weeks and student-led conferences on topics like social justice,

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• environmental stewardship, and leadership. These experiences allow students to apply their classroom learning to real-world scenarios and to explore issues of personal importance.

• Outdoor Education Program : UWC Atlantic has further developed its outdoor education offerings, focusing on adventure-based learning that builds resilience, teamwork, and environmental awareness. Initiatives include wilderness survival training, coastal conservation, and expedition planning, which enhance students' confidence and adaptability.

Timeline :

• 2026-2027 : Continue to develop and adapt mission-aligned project weeks and enhance outdoor education components across all grades.

• 2032 : Position UWC Atlantic as a global leader in experiential, systems-based education with a fully integrated curriculum focused on social impact and sustainability.

2. Engaged Community: Building Stronger Connections and Partnerships

Goal : To foster an inclusive, interconnected community that extends beyond the campus and supports the UWC mission on a global scale.

Key Initiatives :

• Alumni and Global Partnerships : Strengthen relationships with alumni, the UWC network, and partner institutions. UWC Atlantic aims to increase alumni engagement from 17% to 25% by 2032 by offering more opportunities for involvement, such as mentoring programmes, guest lectures, and professional networking events.

• Welsh Community Engagement : The college is committed to deepening its connections within Wales by engaging with local schools, organisations, and government initiatives. UWC Atlantic collaborates with the Welsh Government on sustainability and education projects, showcasing the college as a hub of progressive education and environmental leadership.

• Expanded Local Impact through Community Programmes : UWC Atlantic’s commitment to its local community includes expanding service projects, hosting cultural and educational events, and enhancing local access to campus facilities. Student-led initiatives such as conservation projects, educational workshops for local schools, and community service projects further support this goal.

Timeline :

• 2025 : Develop a formal alumni engagement strategy, including regular regional events in Europe, North America, and Asia, and create new roles for alumni as advisors and mentors.

• 2026-2027 : Expand Welsh community partnerships by collaborating on environmental and cultural projects; engage local schools through shared educational initiatives.

• 2032 : Achieve a 25% alumni engagement rate, with alumni actively contributing to the college’s mission through mentorship, financial support, and strategic input.

3. Sustainable Home: Commitment to Environmental Stewardship and Campus Development

Goal : To create a sustainable campus environment that reflects UWC Atlantic’s values and serves as a model for environmentally conscious living.

Key Initiatives :

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• Carbon Reduction and Net-Zero Strategy : UWC Atlantic aims to reduce its carbon footprint by 50% by 2032 and achieve net-zero emissions by 2040. The college’s carbon reduction strategy includes sustainable building practices, energy-efficient renovations, and renewable energy installations.

• Historic Building Preservation : To maintain and improve the college’s historic buildings, including St. Donat’s Castle, while ensuring environmental efficiency. Recent projects include the renovation of further castle roofs, in accordance with priorities in the castle survey; the complete refurbishment of Powys House, one of the oldest student residences, using sustainable materials and design.

• Student-Led Sustainability Projects : UWC Atlantic encourages students to participate in sustainability initiatives on campus, such as composting, recycling, and biodiversity conservation. The Student Sustainability Council leads these efforts, collaborating with staff to implement and monitor sustainability practices.

• Seafront and Outdoor Spaces Development : The college is enhancing its seafront area to support educational and recreational activities aligned with its sustainability goals. This area includes training programs for Atlantic Pacific, a seafront charity focused on sea safety and conservation, where students learn about marine conservation and participate in sea rescue exercises.

Timeline :

• 2025 : Continue energy-efficient renovations for all student residences and reduce campus-wide energy consumption through renewable energy and energy-saving technologies.

• 2026 : Begin the net-zero planning phase, implementing additional renewable energy sources like solar panels, and establish a campus-wide recycling and composting system.

• 2032 : Achieve a 50% reduction in carbon emissions, implement net-zero policies, and ensure that all campus buildings adhere to sustainable and eco-friendly standards.

• 2040 : Achieve net-zero emissions across campus operations, establishing UWC Atlantic as a model for environmental stewardship within the education sector.

4. Inspired Commitment: Financial Sustainability and Strategic Fundraising

Goal : To secure the financial resources necessary to support UWC Atlantic’s mission and long-term strategic vision, while ensuring access to education through scholarships and financial aid.

Key Initiatives :

• Endowment Growth and Investment Strategy : UWC Atlantic has established an Investment and Endowment Committee tasked with ensuring more focused management of our existing endowment funds and with reviewing a UWC movement wide Endowment Fund initiative. The College’s endowment provides a stable, long-term funding source for scholarships and campus initiatives. This strategy involves a diversified investment portfolio managed on a total return basis, balancing income generation with long-term growth.

• Comprehensive Fundraising Campaigns : The college aims to continuously increase annual donations, focusing on support for scholarships, campus renovations, and the Systems Transformation Pathway. UWC Atlantic engages alumni, parents, foundations, and corporate donors in these efforts, emphasising the impact of philanthropic support on student success.

• Mission-Aligned Revenue Generation : UWC Atlantic generates additional revenue by hosting summer educational programs, short-term courses, and campus events. These mission-aligned activities, such as the Global Leadership Experience and Atlantic Adventure Experience, provide experiential learning opportunities while contributing financially to the college.

• Scholarship and Financial Aid Expansion : Central to UWC Atlantic’s strategic goals is the expansion of scholarship funding, ensuring that financial need as far as funds allow is not a constraint to education. This commitment to financial accessibility is reinforced through targeted fundraising efforts and partnerships with UWC national committees.

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Timeline :

• 2024-2025 : The Investment and Endowment Committee was established. UWC Atlantic joined the UWC Endowment. Further detail is provided in Investment Policy, Objectives & Performance.

• 2025 : Raised £6.4 million in endowment gifts; expanded revenue-generating activities with additional short-term courses

• 2027 : Aim to increase scholarship funding significantly.

• 2032 : Secure sustainable revenue streams and significant scholarship funding, and complete the endowment growth phase to support long-term financial resilience.

VI: Financial Review

Overview of Financial Position

2024/2025 has presented significant challenges for UWC Atlantic, which is reflected in the operating loss of £0.2m. This is the result of a combination of legislative changes, including the introduction of VAT, removal of charitable rate relief and the increase in Employers National Insurance contributions. The College has seen a net negative impact to its cashflow of £1.17m. The College has continued to support its aims and values through its fundraising and scholarship provision.

For the year ended 31 July 2025, UWC Atlantic generated £4.7 million in total donations, primarily directed towards scholarships. The college continues to prioritise financial support, allocating £4 million / 20.2% of gross income (2024: £4.1 million / 21.1% of gross income) to scholarships, ensuring that 48% of students received financial assistance (2024: 38%). The commitment to supporting a deliberately diverse student body aligns with the college’s strategic goal to increase this to 60% by 2032, providing access to education regardless of financial background.

In addition to scholarship support and endowment giving, some funds raised have been dedicated to enhancing the campus environment. Key projects include infrastructure renovations, sustainability initiatives, and preservation of UWC Atlantic's historic properties, such as the Grade I-listed castle.

Income and Expenditure Breakdown

Income sources included donations from alumni, trusts, foundations, and private donors. These funds supported a range of projects:

• Scholarships and Financial Aid : £4 million was directed toward financial aid, which represents a substantial portion of the college’s income and supports 48% of the student body. This focus on accessibility is central to UWC Atlantic’s mission of providing high-quality education to a diverse, global cohort.

• Campus Improvements : The ongoing refurbishment of the castle and student residences reflects the college’s commitment to a sustainable and high-quality campus environment.

• Educational Initiatives : The Systems Transformation Pathway, a newly developed academic program, received targeted funding to support curriculum development, technology integration, and program outreach, helping UWC Atlantic maintain its position as a leader in educational innovation.

In a usual year, the College maintains a disciplined approach to expenditures, balancing operational needs with strategic investments in infrastructure and program development. Regular financial audits and budget reviews ensure that funds are allocated effectively, supporting both current needs and future growth. However, with the introduction of VAT on independent school fees and the necessary subsidisation for some students, the financial effect of business rates and changes to NI contributions, infrastructure projects and programme development had to be de-prioritised.

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Reserves Policy and Cash Position

At the year-end, the college held cash and bank balances of £2.8 million (2024: £3.9 million).

However, the Board recognises, that due to several factors including the introduction of VAT on independent schools’ fees, the College will be utilising its unrestricted reserves, and allowable restricted reserves over the next two years, to support its day-to-day operations, and will monitor the financial position very carefully.

UWC Atlantic's reserve policy is currently under review given the financial challenges. The Board recognises that the financial challenges remain going forward and that reserves, and liquidity need close monitoring. The Colleges key source of income is the fees it charges for placements, and as such this is received at two intervals during the year. The Board deem that these plus amounts held on investments within endowment and restricted funds are sufficient to meet financial obligations. Restricted funds are mainly to be utilised in the provision of scholarships.

The charity is exposed to liquidity risk arising from the timing of income receipts and the need to meet ongoing operational and strategic commitments. A significant proportion of the charity’s income is received at specific points in the year, while expenditure is incurred more evenly across the financial period. This creates potential short ‑ term cash ‑ flow pressures if income is delayed or expenditure patterns change unexpectedly.

‑ Trustees monitor liquidity risk through regular review of cash flow forecasts, which are updated monthly and incorporate both the charity and its trading subsidiary. These forecasts assess the timing of expected income, ‑ planned expenditure, and any major capital or project related cash requirements. The Leadership Team provides trustees with early visibility of any emerging pressures so that mitigating actions can be taken promptly.

The Board is actively managing this financial risk,

• by maintaining a level of reserves designed to cover short ‑ term operating costs and provide resilience against timing differences in cash receipts. There is £1.6m of designated funds that could be utilised to support the college in the event of financial failure.

• Undertakes active cash ‑ flow planning, including scenario analysis to assess the impact of adverse movements in income or expenditure.

• Monitors debtor and creditor balances to ensure working ‑ capital movements remain within acceptable parameters.

• Reviews the availability of short ‑ term facilities, such as overdraft arrangements or intercompany support within the group, should these be required.

Based on the cash ‑ flow forecasts and the reserves held at year ‑ end, trustees are satisfied that the charity has adequate liquidity to meet its obligations as they fall due and that no material uncertainties related to going concern have been identified.

At the year end, the Group had tangible fixed assets with a book value of £20.27m (2024: £20.53m). At the year end the total funds of the Group held amounted to £31.19m (2024: £30.52m) of which £21.6m (2024: £21.8m Restated) was unrestricted and £9.6m (2024: £8.7m Restated) was restricted.

Investment Policy, Objectives, and Performance

UWC Atlantic’s investment portfolio, managed by Brewin Dolphin and the UWC Endowment, is guided by a total return basis approved. The portfolio’s dual objectives are:

• Income Generation : To provide ongoing financial support for scholarships and operational needs.

• ● Long-Term Growth : To ensure real capital growth over time, allowing the college to meet future financial requirements and expand its programs.

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The Brewin Dolphin portfolio returned 10.11% over the 12-month period ending July 31st. Over the course of Q3 2024 the Endowment has rotated its risk to a more globally diversified portfolio with higher equity allocation compared to the UK centric allocation in prior years

The investment portfolio operates a total return investment approach which allows the Governor trustees to take decisions in respect of the use of the unapplied total return. A decision as to the agreed percentage has not yet been finalised this may generate additional income to be used in the provision of scholarships and support the day to day running of the college.

In June 2024, UWC Atlantic joined the UWC Endowment, a fund which manages charitable endowments on behalf of many UWC schools and colleges, the UWC International office and UWC national committees. The fund is managed with long-term perspectives. Its mission is to grow the number of scholarships available to talented but financially constrained students by generating superior investment returns with appropriate levels of risk.

The newly formed Endowment and Investment Committee regularly reviews investment performance to ensure it aligns with the college’s financial goals. The Committee advises both the Finance and Estates Committee, and the Board on investment management and strategy.

The combined approaches above help maintain a steady source of income for scholarships and allows the college to cushion against any potential shortfalls in annual fundraising.

Financial Sustainability and Future Revenue Streams

Looking ahead, UWC Atlantic is focused on diversifying revenue sources to ensure long-term sustainability. The college has implemented several initiatives to strengthen its financial model:

• Philanthropy and Fundraising Campaigns : The college is expanding its fundraising campaigns, engaging alumni, parents, foundations, and corporate donors. These efforts aim to increase donations for scholarships and campus improvements, with a particular focus on growing the endowment fund to secure a sustainable financial base.

• Revenue-Generating Activities : UWC Atlantic leverages its campus facilities during the summer months by hosting short-term educational programs, such as the Global Leadership Experience and Atlantic Adventure Experience, which generate additional income. The college also rents its facilities for weddings, business meetings, and community events. These activities provide supplementary funding to support campus operations and student services.

• Endowment Growth : The establishment of an Investment and Endowment Committee in 2023 has set the foundation for a strategic endowment growth plan. The endowment fund’s expansion will help UWC Atlantic generate stable income over the long term, further supporting scholarships, infrastructure maintenance, and future strategic initiatives.

By combining diverse revenue streams with prudent financial management, UWC Atlantic aims to achieve financial resilience, supporting its mission to provide an inclusive, high-quality educational experience. The Board and Leadership Team remain committed to continuous evaluation of financial strategies to adapt to changing economic conditions and to ensure that UWC Atlantic can continue delivering on its promise to students and the global community.

VII: Risk Management and Governance

UWC Atlantic is committed to a robust risk management framework that ensures the safety and well-being of students, staff, and the broader community while preserving the college’s financial stability and mission-driven operations. The Governing Body, alongside the Leadership Team, regularly assesses potential risks to the

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institution, implementing strategic controls and governance practices to mitigate these risks. This section outlines UWC Atlantic’s approach to risk management, principal risks, and governance policies.

Risk Management Framework

UWC Atlantic’s risk management framework is a comprehensive, multi-layered system that identifies, assesses, and mitigates risks across the college’s operations. Key components of this framework include:

• Risk Identification : The Leadership Team, in collaboration with the Board of Governors, regularly reviews operational, financial, and strategic risks. This process identifies both immediate and emerging risks that could impact the college’s mission and long-term goals.

• Risk Assessment and Prioritisation : Each identified risk is assessed based on its potential impact and likelihood. Risks are prioritised, allowing the college to focus resources on the most significant areas of concern, particularly those related to student safety, financial stability, and compliance.

• Mitigation Strategies and Controls : For each risk, mitigation strategies are developed and implemented to reduce exposure. These controls include financial safeguards, compliance checks, training programs, and robust operational protocols.

• Monitoring and Reporting : Risk management is a continuous process, with regular monitoring and reporting to the Board of Governors. The Audit and Risk Committee oversees the college’s risk management activities, ensuring that all measures are effectively implemented and that emerging risks are promptly addressed.

UWC Atlantic also adheres to best practices in safeguarding, health and safety, and environmental management, ensuring that its risk management framework is both comprehensive and adaptable to the evolving educational landscape.

Principal Risks and Uncertainties

In line with the college’s strategic objectives, UWC Atlantic has identified key risk areas that could affect its operations and mission fulfilment. The principal risks and their mitigation strategies are outlined below:

1. Financial Risk and Economic Uncertainty

2. Risk : The college continues to face significant financial risks, including liquidity risk, due to the introduction of VAT on independent school fees from January 2025, and potential volatility in donor funding. A combination of these factors could materially impact the financial sustainability of UWC Atlantic’s scholarship programmes and infrastructure development.

3. Mitigation : UWC Atlantic monitors its financial position, reserve position and financial resilience very carefully, there are a number of levers that can be drawn on to support the College financially in relation to access to additional unrestricted funds. The Investment and Endowment Committee actively manages the college’s endowment and investment portfolio, aiming to secure long-term financial stability. Additionally, the college’s diversified revenue streams, such as short-term educational programs and campus rental activities, help mitigate financial risks by generating supplementary income.

4. Safeguarding and Student Well-being

5. Risk : Student safety and well-being are top priorities at UWC Atlantic. Risks in this area include potential safeguarding issues, mental health challenges, and the physical safety of students during on-campus activities and off-site projects.

6. Mitigation : UWC Atlantic has established comprehensive safeguarding policies, overseen by a Designated Safeguarding Governor, and supported by the Vice Principal of Student Life, Wellbeing and Belonging. The college’s safeguarding framework includes regular staff training, mental health support, and an on-campus Clinical Psychologist dedicated to supporting student well-being. Health and safety protocols are strictly adhered to for all cocurricular activities, including expeditions and service projects, ensuring student safety across all programs.

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1. Compliance and Regulatory Risk

2. Risk : As a registered charity and educational institution, UWC Atlantic must comply with UK charity laws, health and safety regulations, and data protection requirements. Non-compliance with regulatory standards could impact the college’s reputation and operational capabilities.

3. Mitigation : The college has established a rigorous compliance framework, with policies aligned to UK charity and education standards. The Audit and Risk Committee regularly reviews compliance practices, and all Board members undergo training in safeguarding and data protection to stay informed of current regulations. UWC Atlantic also collaborates with external consultants as needed to ensure regulatory compliance.

4. Operational Risks and Campus Infrastructure

5. Risk : Maintaining UWC Atlantic’s historic campus, including Grade I-listed buildings, presents challenges related to operational costs, preservation, and environmental sustainability. Failure to adequately maintain infrastructure could affect student experience and campus safety.

6. Mitigation : The college has a preventive maintenance program in place, prioritising sustainability and energy efficiency in all renovation projects. Recent improvements include sustainable upgrades to student residences and ongoing castle preservation efforts. UWC Atlantic’s carbon reduction strategy also contributes to a more resilient and environmentally sustainable campus.

7. Reputational Risk and Community Engagement

8. Risk : UWC Atlantic’s reputation as a global leader in education and its ability to attract students, staff, and donors rely on maintaining strong community relationships, effective crisis communication, and positive media coverage. Any issues that could harm the college’s reputation may affect student recruitment and fundraising efforts.

9. Mitigation : The Philanthropy, Engagements & Partnership Committee oversees UWC Atlantic’s engagement strategy, fostering transparent communication with alumni, local communities, and the media. The college has implemented a crisis management protocol to address potential reputational risks, and its strong commitment to social responsibility and sustainability reinforces its public image. Regular engagement events, alumni updates, and a clear community outreach plan help maintain positive relationships and enhance UWC Atlantic’s reputation.

Governance Framework

UWC Atlantic’s governance structure is designed to provide effective oversight, ensure accountability, and support the college’s mission. The Board of Governors, comprising experienced leaders from diverse fields, is responsible for setting the strategic direction of the college and safeguarding its long-term sustainability. The governance framework includes:

• Board of Governors : The Board provides overall strategic guidance and is responsible for UWC Atlantic’s financial health, risk management, and compliance with UK charity law. Members bring expertise from education, finance, and public service, contributing valuable perspectives to the college’s leadership.

• Board Subcommittees : To enhance efficiency and specialisation, the Board delegates specific responsibilities to six subcommittees, each chaired by a Board member:

• Finance & Estates Committee : Oversees budget planning, financial management, and campus infrastructure projects.

• Investment and Endowment Committee: is independent from the Board but reports into it.

• Audit & Risk Committee : Manages risk identification and assessment, and compliance practices.

• People & Culture Committee : Addresses staffing policies, employee development, and compensation, ensuring a positive work environment.

• Education, Safeguarding, & Well-being Committee : Focuses on academic standards, student safeguarding, and the overall well-being of the college community.

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o Philanthropy, Engagements & Partnership Committee : Leads UWC Atlantic’s external engagement efforts, including partnerships, alumni relations, and community outreach.

Each committee provides regular reports to the Board, ensuring that all strategic areas receive continuous oversight and that the Board is informed of progress and potential risks.

Governance Policies and Practices

UWC Atlantic’s governance practices align with best practices in charity and educational governance. Key policies and practices include:

• Trustee Development and Training : All Board members undergo regular training on governance, safeguarding, and financial oversight. During the year, the nine members of the Board completed GDPR training, Child Protection Refresher training, Introduction to Boarding training, Prevent Strategy training, Equality, Diversity and Inclusion training, Sexual Harassment Awareness training and Essential Health and Safety training. Two members also completed Safer Recruitment training and two members completed AI Safeguarding – Educate training.

• Performance Evaluation : The Board conducts annual evaluations to assess its effectiveness, identifying areas for improvement and ensuring alignment with the college’s strategic goals. The Board continues to self-assess performance and seeks peer feedback, enhancing accountability and transparency.

• Safeguarding and Compliance Protocols : Safeguarding remains a core focus, with dedicated governors appointed for oversight. The college follows strict protocols for staff recruitment, training, and reporting in alignment with UK safeguarding standards.

• Code of Conduct : The Board adheres to a code of conduct that outlines ethical guidelines, conflict of interest policies, and expectations for trustees. This code fosters a culture of integrity and accountability within the college’s leadership.

Trustee Recruitment and Diversity

UWC Atlantic’s Nominations Group, comprising the Chair, Vice Chair, and Nominations Lead, is responsible for recruiting new Board members. In 2024/2025, the Nominations Group determined that a skills audit was not necessary as the range of skills and diversity on the Board remained the same as when an audit was conducted the previous year. The college aims to ensure that its governance reflects the diversity of its student body and embodies the values of inclusivity and cultural awareness.

Strategic Oversight and Planning

The Board plays an active role in overseeing the implementation of UWC Atlantic’s strategic plan, receiving regular updates from the Leadership Team on progress in key areas, including academic innovation, financial sustainability, and community engagement. The Board is also involved in setting strategic priorities and evaluating the impact of major initiatives, such as the Systems Transformation Pathway and the college’s sustainability programs.

Whilst the next two years will be financially challenging the Board are working towards improving the financial resilience of the college to ensure that it returns to a stable financial position and is financially sustainable for the future.

Jill Longson (Chair of Governing Body)

16th April 2026

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VIII: Independent Auditor’s Report

Opinion

We have audited the financial statements of United World College of the Atlantic Limited (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 July 2025 which comprise the Consolidated Statement of Financial Activities (including income and expenditure accounts), the Consolidated and Charity Balance Sheet, The Consolidated Statement of Cashflows and the 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 FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

The financial statements:

• give a true and fair view of the state of the group’s and of the parent charitable company’s affairs as of 31 July 2025 and of the group’s 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 group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern.

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

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

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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.

Opinion on other matters prescribed by the Companies Act 2006

Based on the work undertaken during the audit:

• the information given in the Annual Report of the Trustees, which includes the Strategic Report and 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 Strategic Report and the Directors’ Report included within the Annual Report of the Trustees have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception.

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors’ Report included within the Annual Report of the Trustees.

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

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

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

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

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Our 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.

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:

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UNITED WORLD COLLEGE OF THE ATLANTIC LIMITED. A COMPANY LIMITED BY GUARANTEE.

VIII: INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE UNITED WORLD COLLEGE OF THE ATLANTIC LIMITED

Extent to which the audit was considered capable of detecting irregularities, including fraud.

We identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, and then, design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

We discussed our audit independence complying with the Revised Ethical Standard 2024 with the engagement team members whilst planning the audit and continually monitored our independence throughout the process.

Identifying and assessing potential risks related to irregularities.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

enquiring of management, including obtaining and reviewing supporting documentation, concerning the Group’s and parent charitable company’s policies and procedures relating to:

• identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance.

• detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud.

• Internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.

Discussing among the engagement team how and where fraud might occur in the Financial Statements and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following areas.

Obtaining an understanding of the legal and regulatory frameworks that the Group and Parent Charitable company operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect on the operations of the Group and Parent Charitable Company, the key laws and regulations we considered in this context included the UK Companies Act and relevant tax legislation.

Audit response to risks identified.

In addition to the above, our procedures to respond to risks identified included the following:

• reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations.

• enquiring of management concerning actual and potential litigation and claims; performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.

• reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC.

• in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments

• assessing whether the judgements made in making accounting estimates are indicative of a potential bias.

• evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

24

UNITED WORLD COLLEGE OF THE ATLANTIC LIMITED. A COMPANY LIMITED BY GUARANTEE.

VIII: INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE UNITED WORLD COLLEGE OF THE ATLANTIC LIMITED

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 parent 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 parent 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 parent charitable company, and the parent charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Llinos Williams (Senior Statutory Auditor) for and on behalf of Bevan Buckland Audit Ltd Chartered Accountants and Statutory Auditors Ground Floor Cardigan House Castle Court Swansea Enterprise Park Swansea SA7 9LA

Date: 21[st] April 2026

25

UNITED WORLD COLLEGE OF THE ATLANTIC LIMITED. A COMPANY LIMITED BY GUARANTEE. COMPANY REGISTRATION NUMBER 00673076

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNTS) FOR THE YEAR ENDED 31 JULY 2025

IX: Consolidated Statement of Financial Activities

					Total	Total
						As
		Unrestricted	Restricted	Endowed		Restated
		Funds	Funds	Funds	2025	2024
	Note	£000	£000	£000	£000	£000
Income and endowments from:
Donations		900	3,637	194	4,731	4,406
Charitable activities	4	14,067	-		14,067	13,766
Other trading activities	5	390	-		390	307
Investments	6	119	33	163	315	405
Other	7	657	-	-	657	947
Total		16,133	3,670	357	20,160	19,831
Expenditure on:
Raising funds	8	(1,266)	(6)	(33)	(1,305)	(1,157)
Charitable activities	8	(14,732)	(3,569)	(65)	(18,366)	(17,165)
Other	8	(520)	-	-	(520)	(739)
Total		(16,518)	(3,575)	(98)	(20,191)	(19,061)
Net gains on investments		179	91	477	747	625
Net (loss)/income before taxation		(206)	186	736	716	1,395
Corporation Tax		(33)	-	-	(33)	_(8) _
Net income after taxation		(239)	186	736	683	1,387
Transfer between funds		-	-	-	-	-
Actuarial gains on defined benefit pension		(13)	-	-	(13)	11
scheme
NET MOVEMENT IN FUNDS		(252)	186	736	670	1,398
Fund balances at 1 August 2024 as
restated		21,840	2,517	6,167	30,524	29,126
FUND BALANCES AT 31 JULY 2025	20	21,588	2,703	6,903	31,194	30,524

The trustees have prepared group financial statements in accordance with section 398 of the Companies Act 2006 and section 38 of the Charities Act 2011. All amounts relate to continuing operations. There were no recognised gains or losses other than those stated above.

The notes on pages 29 to 53 form part of these financial statements.

The financial statements have been restated to incorporate amendments to the classification of funds received and fund balances in prior years, this is due to a correction to the investment allocation, see Note 26. This has resulted in prior year adjustments to the reserves balances, and is detailed in Notes 20a, b, c and d.

26

UNITED WORLD COLLEGE OF THE ATLANTIC LIMITED. A COMPANY LIMITED BY GUARANTEE. COMPANY REGISTRATION NUMBER 00673076

CONSOLIDATED AND CHARITY BALANCE SHEET AS AT 31 JULY 2025

X: Consolidated and Charity Balance Sheet

Note Fixed assets Tangible assets 10 Investments 11 Current assets Investments 11 Stocks 12 Debtors 13 Cash at bank and in hand Creditors:due within one year 14 Net current (liabilities)/assets Total assets less current liabilities Creditors:due after one year 15 Defined benefit pension scheme liability 22 TOTAL NET ASSETS FUNDSas Restated Endowment Funds 20b Restricted Funds 20c Unrestricted Funds 20d TOTAL FUNDS 20

Group Charity 2025 £000 2024 As Restated £000 2025 £000 2024 As Restated £000 20,265 20,528 20,265 20,528 11,731 11,633 11,731 11,633 31,996 32,161 31,996 32,161 1,046 - 1,046 - 4 4 - - 486 651 408 527 2,816 3,992 2,372 3,904 4,352 4,647 3,826 4,431 (4,926) (5,236) (4,800) (5,283) (574) (589) (974) (852) 31,422 31,572 31,022 31,309 (209) (1,042) (209) (1,042) (19) (6) (19) (6) 31,194 30,524 30,794 30,261 6,903 6,167 6,903 6,167 2,703 2,517 2,703 2,517 21,588 21,840 21,188 21,577 31,194 30,524 30,794 30,261

The financial statements were approved and authorised for issue by the Board on 7th April 2026 and were signed on its behalf by:

Jill Longson	Ian Cooper
Chair	Trustee

27

16[th] April 2026

The notes on pages 29 to 53 form part of these financial statements.

28

UNITED WORLD COLLEGE OF THE ATLANTIC LIMITED. A COMPANY LIMITED BY GUARANTEE.

CONSOLIDATED STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 JULY 2025

XI: Consolidated Statement of Cashflows Note Cash from operating activities (i) Cash flows from investing activities: Purchase of tangible fixed assets Received directly into investment portfolio Net cash used in investing activities (Decrease) / Increase in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Total cash and cash equivalents at the end of the year (ii)

Group 2025 2024 £000 £000 140 3,076 (866) (1,690) (450) (1,831) (1,316) (3,521) (1,176) (445) 3,992 4,437 2,816 3,992

29

UNITED WORLD COLLEGE OF THE ATLANTIC LIMITED. A COMPANY LIMITED BY GUARANTEE.

NOTES TO THE CONSOLIDATED STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 JULY 2025

XII: Notes to the Financial Statements

(i) Reconciliation of net incoming resources to net cash flow from operations.

Net incoming resources Non-operating cash flows: (Gains) / Loss on Investment Investment management charges Depreciation charge Decrease / (increase) in stocks (Increase) / decrease in debtors (Decrease) / Increase in creditors (excluding fees in advance) Increase / (decrease) in fees in advance creditors. Movement on pension provision Net cash inflow from operations (ii) Analysis of cash and cash equivalents Cash at Bank	Group 2025 2024 £000 £000 670 1,398
	(747) (625) 53 47 1,129 990 - 4 165 (195) 400 (31) (1,543) 13 1,498 (10)
	(529) 1,678
	140 3,076
	Group 2025 2024 £000 £000 2,816 3,992

30

UNITED WORLD COLLEGE OF THE ATLANTIC LIMITED. A COMPANY LIMITED BY GUARANTEE.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

1. STATEMENT OF ACCOUNTING POLICIES

1.1 Basis of Preparation of Financial Statements

The Financial Statements have been prepared in accordance with Accounting and Reporting by activities: Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015) (Charities SORP (FRS102)), the financial reporting standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006.

United World College of the Atlantic Limited meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The functional currency of the Charity is considered to be pounds sterling because that is the currency of the primary economic environment in which the Charity operates. The financial statements are also presented in pounds sterling.

The amounts in the financial statements are presented to the nearest £000, unless otherwise stated.

1.2 Consolidation

The financial statements present the consolidated statement of financial activities, the consolidated cash flow statement and the consolidated and Charity balance sheets comprising the consolidation of the College and with its wholly owned subsidiary Atlantic College Enterprises Limited.

A separate statement of financial activities and income and expenditure account for the charity has not been presented because the Charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

The amount of the net income for the year dealt with in the Charity’s entity-only financial statements is £579,000 ( 2024: £1,245,000 ).

1.3 Going Concern

The College’s business activities, together with the factors likely to affect its future development, performance and position are set out in the Trustees’ Report.

The College meets its day-to-day working capital requirements through cash balances. An Additional loan facility has not been drawn down in full, with £1.3m remaining of the £1.5m initially available.

The Trustees have a reasonable expectation that the College has sufficient resources to continue in operational existence for the foreseeable future. Thus, they continue to believe the going concern basis of accounting appropriate in preparing the annual financial statements for the foreseeable future being a period of at least 12 months from the date of approval of these financial statements.

31

UNITED WORLD COLLEGE OF THE ATLANTIC LIMITED. A COMPANY LIMITED BY GUARANTEE.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

1.4 Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received, and the amount can be measured reliably.

Donations are accounted for as and when the entitlement arises, the amount can be reliably quantified and the economic benefit to the College is considered probable. They are accounted for in the financial period during which they are received. Donations receivable for the general purposes of the College are credited to Unrestricted Funds. Donations for purposes which are restricted by the wishes of the donor are taken to Restricted Funds, other than any amounts which the donor has stipulated should be retained as capital, which are accounted for as Endowment Funds, permanent or expendable, according to the nature of the restriction.

Other Trading Activities Income comprises the trading activities of the subsidiary and is credited to the Statement of Financial Activities on a receivable basis.

All other income is included in the Statement of Financial Activities when the College is legally entitled to the income and the amount can be quantified with reasonable accuracy.

1.5 Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Expenditure on charitable activities is accounted for on an accrual’s basis. Overhead and other costs not directly attributable to functional activity categories are apportioned over the relevant categories on the basis of management estimates of the amount attributable to that activity in the year, by reference to staff time or other cost drivers, as appropriate. The irrecoverable element of VAT is included with the item of expense to which it relates.

Other expenses represent those items not falling into any other heading.

Expenditure on raising funds comprise the costs of fundraising, investment management fees and the commercial trading activities of the subsidiary.

Governance costs comprise costs of running the college, including strategic planning for its future development, external audit, any legal advice for the Trustees, and all the costs of complying with constitutional and statutory requirements, such as the costs of the Board and Committee meetings and of preparing statutory financial statements and satisfying public accountability.

1.6 Debtors

Short term debtors are measured at transaction price, less any impairment. A provision for impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due.

1.7 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.

Short term creditors are measured at the transaction price, less any impairment.

32

UNITED WORLD COLLEGE OF THE ATLANTIC LIMITED. A COMPANY LIMITED BY GUARANTEE.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

1.8 Fund Accounting

Funds held are as follows:

Endowment Funds: Funds where the capital of the fund is invested using a total investment approach and the unapplied total return can be expended by the College.

Expendable Endowment Funds: Endowment Funds which make provision for capital to be drawn down, as necessary, where the income proves insufficient to achieve the fund's objectives.

Restricted Funds: Funds held in specific trusts which may only be used for particular purposes, as stated in the terms of the relevant trust deed. Where such funds are used to purchase fixed assets, an amount equivalent to the cost of the asset is transferred from restricted funds, as the restriction is extinguished on purchase of the asset.

Unrestricted and General Funds: Funds which may be expended, at the discretion of the Trustees, in furtherance of the objectives of the College.

1.9 Tangible Fixed Assets

Tangible fixed assets are initially recorded at cost.

The decision whether or not to capitalise asset expenditure is made on a case-by-case basis, guided by an informal de minimus of £1,000.

Depreciation is provided on all tangible fixed assets, excluding assets under construction and land, on a straight-line basis, at such rates as to write off the cost of the assets over their estimated useful economic lives, as follows:

Buildings 2% straight line Fixtures, fittings and equipment 4 - 33.3% straight line Motor Vehicles 25% straight line

1.10 Investments

Investments are valued at market value at the balance sheet date. Realised and unrealised gains or losses arising from the sale or revaluation of investments are dealt with in the Statement of Financial Activities.

1.11 Stock

Stock is stated at the lower of cost and net realisable value.

1.12 Foreign Currencies

Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the balance sheet date and the gains and losses on translation are included in the Statement of Financial Activities.

1.13 Total Return Accounting

The permanent endowments were managed using a total investment approach under an Order granted by the Charity Commission on 14 June 2006. The Trustees passed a written resolution in June 2023 to discharge this Order, with the endowments managed pursuant to The Charities Regulations 2013 as amended in 2019. Having a total return investment approach allows the Trustees to take decisions in respect of the use of unapplied total return (income and capital gains).

33

UNITED WORLD COLLEGE OF THE ATLANTIC LIMITED. A COMPANY LIMITED BY GUARANTEE.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

1.14 Operating Leases

Operating lease rentals are charged in the Statement of Financial Activities on a straight-line basis over the term of the lease.

1.15 Pension Schemes

The College contributes to the Teachers' Pension Defined Benefits Scheme at rates set by the Scheme Actuary and advised to the Board by the Scheme Administrator. The assets of the scheme are held separately from those of the College. The scheme is a multi-employer pension scheme, and it is not possible to identify the assets and liabilities of the scheme which are attributable to the College. In accordance with Financial Reporting Standard 102, the scheme is accounted for as a defined contribution scheme.

The charity contributes to the Pensions Trust Growth Plan for certain of its non-teaching staff. This is in most respects is a money purchase arrangement but does include certain guaranteed benefit elements. The Plan is a multi-employer scheme, and it is not possible in the normal course of events to identify the share of the underlying assets belonging to the individual participating employers and accordingly, in accordance with FRS102, is accounted for as a defined contribution scheme with contributions being recorded as they become payable.

Contributions to both schemes are charged in the Statement of Financial Activities as they become payable. Differences between contributions payable and contributions actually paid in the year are shown as either accruals or prepayments at the year end.

1.16 Taxation

A provision for corporation tax is made in these financial statements. The Charity is a registered charity and as such is entitled to exemptions on all its income and gains provided that they are properly applied for its charitable purpose. The provision for corporation tax relates to the subsidiary.

1.17 Financial instruments

The charity only has financial assets and financial liabilities that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

1.18 Related Party Exemption

The company has taken advantage of exemption, under the terms of the Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, not to disclose related party transactions with the wholly owned subsidiary within the Group.

2. KEY SOURCES OF ESTIMATION UNCERTAINTY AND JUDGEMENTS

The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgements that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates will, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

34

UNITED WORLD COLLEGE OF THE ATLANTIC LIMITED. A COMPANY LIMITED BY GUARANTEE.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Carrying Value of Buildings

The Charity has an obligation to depreciate buildings over the asset’s useful life. The assets useful life depends on several factors, including how long the asset will generate economic benefits for the Charity, expected usage intensity, maintenance and repair policy, physical wear and tear, legal limits. Management estimates these factors in determining the depreciation rate of the buildings. The assumptions reflect historical experience and the expected useful life of the asset based on past usage patterns and maintenance history.

Carrying Value of Receivables

The Charity has an obligation to create a provision for bad debts when it becomes likely that customers will not pay what they owe. This involves estimating the amount likely to be lost and record it as an expense, reducing your net accounts receivable on the balance sheet. Management estimates these factors in determining the bad debt provision. The assumptions reflect historical experience with current economic conditions and future expectations. The assumptions involve looking at trends, customer credit risk and aging of receivables.

3. LEGAL STATUS OF THE CHARITY

United World College of the Atlantic Limited is a limited company, limited by guarantee and has no share capital. The Charity is incorporated in the United Kingdom under the Companies Act. The address of the registered office is St Donat’s Castle, St Donat’s, Llantwit Major, South Glamorgan, CF61 1WF.

4. CHARITABLE ACTIVITIES INCOME

The College’s fee income comprised: College fees Less: Total scholarships and allowances - Restricted - Unrestricted Add back Scholarships paid for by specific donations Scholarships were awarded to 167 pupils (2024: 146).	2025 £000 14,977 (4,007) - 10,970 3,097 14,067	2024 £000 14,525 (4,130) - 10,395 3,371 13,766

35

UNITED WORLD COLLEGE OF THE ATLANTIC LIMITED. A COMPANY LIMITED BY GUARANTEE.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

5. INCOME FROM SUBSIDIARY’S TRADING ACTIVITIES

Atlantic College Enterprises Limited is a wholly owned trading subsidiary (company number: 07734369). The primary purpose of the company is to carry out the trading activities on behalf of the College.

Its trading results for the year, as extracted from the audited financial statements, are summarised below:

Turnover Cost of sales Administrative expenses Corporation Tax Profit for year Shareholders’ funds 6. INVESTMENT INCOME Income from listed investments Bank interest receivable 7. OTHER INCOME Other - Commercial Income Other - Rental Income Other income	2025 £000 2024 £000 390 307 (98) (68) (122) (78) (33) (8) 137 153 400 263 2025 £000 2024 £000 256 285 59 120 315 405 2025 £000 319 113 2024 £000 394 110 225 220 657 724

36

UNITED WORLD COLLEGE OF THE ATLANTIC LIMITED. A COMPANY LIMITED BY GUARANTEE.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

8. EXPENDITURE

	Staff		Other		Total	Total
	costs	Depreciation	costs		2025	2024
	(note 9)	(note 10a)
	£000	£000	£000		£000	£000
Raising Funds
Trading expenses	98	-	122		220	148
Fundraising and promotion	875	-	157		1,032	962
Investment management fees	-	-	53		53	47
	973	-	332		1,305	1,157
Charitable activities
Tuition	4,160	248	285		4,693	4,178
Boarding	534	248	1,635		2,417	2,751
Property maintenance and utilities	1,337	282	1,352		2,971	2,583
Support costs	2,114	351	1,627		4,092	3,796
Provision for uncollectable fees	-	-	877		877	325
Student expenses	-	-	184		184	161
Scholarship awarded from Restricted
Funds	-	-	3,132		3,132	3,371
College operating costs	8,145	1,129	9,092	18,366		17,165
Other
Other Costs	-	-	89		89	140
Governance costs	-	-	431		431	376
	-	-	520		520	516
Total resources expended	9,118	1,129	9,944	20,191		18,838
			2025			2024
			£000			£000
Support costs includes:
Operating lease payments				45		67
			2025			2024
			£000			£000
Governance expenditure includes:
United World Colleges International contribution				317		249
Trustees’ expenses				8		10
Auditors’ remuneration - audit services				26		27

Included in Trustees expenses is the reimbursement of the travel and subsistence costs for 15 (2024 - 14) of the Trustees. The costs amounting to £7,622 (2024 - £10,356) were incurred in the course of their duties, no other remuneration was paid to individual Trustees during the year (2024 - £nil).

37

UNITED WORLD COLLEGE OF THE ATLANTIC LIMITED. A COMPANY LIMITED BY GUARANTEE.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

9. STAFF COSTS

Wages and salaries Social security costs Pension contributions The average number of employees was: Tuition and boarding Property maintenance and utilities Fundraising and publicity Management and administration Trading activities The number of higher paid employees was: £60,001-£70,000 £70,001-£80,000 £80,001-£90,000 £90,001-£100,000 £100,001-£110,000 £110,001-£120,000 £120,001-£130,000 £190,001-£200,000 £260,001-£270,000 £270,001-£280,000 Pension contributions made in respect of higher paid employees: Defined benefit scheme Number of higher paid employees in defined benefit scheme Aggregate employee benefits of key management personnel

2025 2024 £000 £000 7,206 6,648 929 709 983 853 9,118 8,210 No. No. 88 72 43 41 13 13 45 39 11 26 200 191 No. No. 31 25 8 17 13 4 - 1 1 2 2 3 2 1 1 - - 1 1 - 59 54 £000 £000 580 552 No No 40 40 1,166 942

38

UNITED WORLD COLLEGE OF THE ATLANTIC LIMITED. A COMPANY LIMITED BY GUARANTEE.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

10a. TANGIBLE FIXED ASSETS – GROUP

Land and Fixtures, fittings Motor buildings equipment vehicles	Land and Fixtures, fittings Motor buildings equipment vehicles	Land and Fixtures, fittings Motor buildings equipment vehicles	Land and Fixtures, fittings Motor buildings equipment vehicles
				Total
Cost	£000	£000 £000		£000
	22,744 289 - 23,033 5,376 470 - 5,846 17,187 17,368	6,401 193 577 -
At 1 August 2024				29,338
Additions					866
Disposals		(341) -			(341)
At 31 July 2025		6,637 193 3,277 157 645 14
Depreciation
At 1 August 2024					8,810
Charge for the year					1,129
Disposals		(341) -			(341)
At 31 July 2025		3,581 171 3,056 22 3,124 36			9,598
Net book values
At 31 July 2025
At 31 July 2024				20,528

39

UNITED WORLD COLLEGE OF THE ATLANTIC LIMITED. A COMPANY LIMITED BY GUARANTEE.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

10b. TANGIBLE FIXED ASSETS – CHARITY

Land and Fixtures, fittings and equipment Motor buildings vehicles	Land and Fixtures, fittings and equipment Motor buildings vehicles	Land and Fixtures, fittings and equipment Motor buildings vehicles
			Total
Cost	£000	£000 £000	£000
	22,744 289 - 23,033 0 0 5,376 470 - 5,846 0 17,187 17,368	6,392 193 577
At 1 August 2024			29,329
Additions				866
Disposals		(341) -		(341)
At 31 July 2025		6,628 193 - 2 0 1 - 1 3,268 157 644 14
				- 1
Depreciation				0
At 1 August 2024				8,801
Charge for the year				1,129
Disposals		(341) -		(341)
At 31 July 2025		3,571 171 1 - 1 3,057 22 3,124 36		9,588
				0
Net book values:
At 31 July 2025
At 31 July 2024			20,528

40

UNITED WORLD COLLEGE OF THE ATLANTIC LIMITED. A COMPANY LIMITED BY GUARANTEE.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

11. INVESTMENTS

Group and Charity Market value at 1 August 2024 Deposits Withdrawals Management fees Investment gains Market value at 31 July 2025 Historical cost of investments		2025 £000 2024 £000 11,633 9,224 450 1,831 - - (53) (47) 747 625 12,777 11,633 10,125 9,931

Within the £12.7m Investment is £1.04m held within a current asset money market bond. An analysis of the types of investment held at the year-end is as follows:

Cash and short-term investments Fixed income Equities	UK £000 Non-UK £000 1,529 - 795 2,240 1,270 6,943 3,594 9,183	Total £000 % 1,529 12 3,035 24 8,213 64 12,777 100

Funds are held in a combined investment. Each fund is allocated its proportion of investment income, gains, and losses and bears a proportion of expenses. The income earned from invested funds contributes to the scholarship fund.

There are no investments at 31 July 2025 that exceeded 5% of the market value of the portfolio.

The Consolidated Balance Sheet shows the same investments as the Parent, with the exception of the unlisted investment of £1 in Atlantic College Enterprises Limited.

12. STOCKS

OCKS
	Group		Charity
	2025	2024	2025	2024
	£000	£000	£000	£000
Goods for resale	4	4	-	-

41

UNITED WORLD COLLEGE OF THE ATLANTIC LIMITED. A COMPANY LIMITED BY GUARANTEE.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

13. DEBTORS

Trade debtors Other debtors Amounts due to subsidiary Prepayments	Group 2025 £000 86 101 - 299 486	Charity 2024 £000 2025 £000 2024 £000 158 3 38 173 - 101 8 169 - 320 296 318 651 408 527

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors Fees received in advance. Amounts due to subsidiary Taxation and social security Other creditors VAT Accruals Loan repayments	Group 2025 £000 438 3,528 - 35 155 - 757 13 4,926	Charity 2024 £000 2025 £000 2024 £000 479 397 477 4,250 - 3,528 - 4,208 120 9 - - 220 155 220 13 - - 254 707 247 11 13 11 5,236 4,800 5,283

Fees received in advance:

The College academic year begins early in August. At the 31 July 2025 and 31 July 2024 some fees in respect of this new year had already been received.

15. CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR

Group 2025 £000 Long term loan Fees received in advance 209 - 209	Charity 2024 £000 2025 £000 2024 £000 222 820 1,042 209 - 209 222 820 1,042

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UNITED WORLD COLLEGE OF THE ATLANTIC LIMITED. A COMPANY LIMITED BY GUARANTEE.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

16. SECURED DEBTS

The following secured debts are included within creditors:

		Company
	2025		2024
	£000		£000
Principality Building Society	222		233

The Principality Building Society holds the following securities: A fixed and floating charge over freehold properties dated 13 December 2019.

17. LOANS

An analysis of the maturity of loans is given below:

Amounts falling due within one year or on demand: Bank loans Amounts falling due between one and two years: Bank loans – 1-2 years Amounts falling due between two and five years: Bank loans – 2-5 years Amounts falling due over five years: Bank loans – >5 years	Group 2025 £000 13 13 38 158	Charity 2024 £000 2025 £000 2024 £000 11 13 11 11 13 11 33 38 33 178 158 178

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UNITED WORLD COLLEGE OF THE ATLANTIC LIMITED. A COMPANY LIMITED BY GUARANTEE.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

18. FINANCIAL INSTRUMENTS

:

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UNITED WORLD COLLEGE OF THE ATLANTIC LIMITED. A COMPANY LIMITED BY GUARANTEE.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

19. STATEMENT OF TOTAL RETURNS (ENDOWMENTS)

Calculation of Total Return

20a. NET ASSETS OF THE FUNDS

Endowment Funds Restricted Funds Unrestricted Funds Charity Subsidiary’s reserves Intercompany Elimination Group	Fixed assets £000 Investments £000 - 6,903 - 400 20,265 4,428 20,265 11,731 - - - - 20,265 11,731	Current assets £000 Current liabilities £000 Long term liabilities £000 - - - 2,303 - - 1,523 (4,800) (228) 3,826 (4,800) (228) 534 (134) - (8) 8 - 4,352 (4,926) (228)	Fund balances £000 6,903 2,703 21,188 30,794 400 - 31,194

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UNITED WORLD COLLEGE OF THE ATLANTIC LIMITED. A COMPANY LIMITED BY GUARANTEE.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

20b. ENDOWMENT FUNDS: MOVEMENTS IN THE YEAR

Permanent Endowments AF 77 Atlantic Appeal Scholarship Duncan Turner Memorial Evergreen Scholarship Hugo Gryn London School of Foreign Trade N & D Hoare Scholarship Endowment UWC Endowment Expendable Endowments: Dorothy Burns Trust Willem Alexander	As Restated Balance Incoming Resource Investment Balance at 31 July 2024 resources Expended Gains/(losses) at 31 July 2025 £000 £000 £000 £000 £000 248 6 (1) 17 270 674 16 (3) 46 733 2,096 49 (10) 144 2,279 495 12 (2) 34 539 433 10 (2) 30 471 297 7 (1) 20 323 768 18 (4) 53 835 36 1 3 40 - 194 - - 194
	5,047 313 (23) 347 5,684 647 15 (3) 45 704 473 11 (2) 33 515
	1,120 26 (5) 78 1,219
	6,167 339 (28) 425 6,903

The capital of these funds is invested to generate income which may be expended by the Charity. None of the total unapplied return (2024 - £nil) was transferred to the restricted scholarship fund.

20c. RESTRICTED FUNDS: MOVEMENTS IN THE YEAR

Scholarship Funds Capital Funds Other Funds	As Restated Balance at 31 July 2024 Incoming resources Resource expended Investment gains/(loss) Transfer Between Funds Balance 31 July 2025 £000 £000 £000 £000 £000 £000 512 463 (524) 61 266 778 0 83 (118) 7 255 227 2,005 3,123 (2,933) 24 (521) 1,698
	2,517 3,669 (3,575) 92 - 2,703

Restricted scholarship funds comprise:

The Essential Atlantic fund was set up to receive donations from college alumni who wished to contribute towards the cost of student scholarships. The balance of the fund is £570,098 ( 2024 £348,480 ).

The remaining balance of scholarships and other restricted funds comprises of sponsor donations received in advance.

Other Restricted funds:

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UNITED WORLD COLLEGE OF THE ATLANTIC LIMITED. A COMPANY LIMITED BY GUARANTEE.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

These funds have been donated as contributions towards specific operational costs of the College and are applied in accordance with the conditions imposed by the donor.

20d. UNRESTRICTED FUNDS: MOVEMENTS IN THE YEAR

	As Restated			Corporation	Balance at
	Balance at	Incoming	Amounts	Tax, Pension &	31 July
	31 July	funds	expended	Investment	2025
	2024			gain
	£000	£000	£000	£000	£000
Funds:
General Fund	21,840	16,133	(16,518)	133	21,588

General Fund:

This fund represents the operating income and expenditure of the College, together with its fixed assets and liabilities.

Within the General Fund

	As Restated Balance Incoming Resource Investment Balance at 31 July 2024 resources Expended Gains/(losses) at 31 July 2025
	£000 £000 £000 £000 £000
Designated Ian McDonald Ian McDonald *	747 18 (4) 52 813 800 800
	1,547 18 (4) 52 1,613

The Board designated the Ian McDonald fund for endowment and whilst the college may wish to retain this endowment, it is a matter of choice for the Board.

The financial statements have been restated to incorporate amendments to the classification of funds received and fund balances in prior years, this is due to a correction to the investment allocation. This has resulted in prior year adjustments to the unrestricted, restricted and endowed reserves balances see Note 26.

21. CAPITAL COMMITMENTS

Outstanding authorised contractual commitments as at 31 July 2025:

Due < 1 year £120,375

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UNITED WORLD COLLEGE OF THE ATLANTIC LIMITED. A COMPANY LIMITED BY GUARANTEE.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

22. PENSION SCHEME

Teachers’ Pension Scheme

The College participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £619,860 (2024 – £604,924) and at the year-end there was no accrual (2024 - £Nil) in respect of contributions to this scheme.

The Teachers' Pension Scheme (TPS or scheme) is a statutory, unfunded, defined benefit occupational scheme, governed by the Teachers' Pensions Regulations 2010 (as amended), and the Teachers’ Pension Scheme Regulations 2014 (as amended). These regulations apply to teachers in schools and other educational establishments, including academies, in England and Wales that are maintained by local authorities. In addition, teachers in many independent and voluntary-aided schools and teachers and lecturers in some establishments of further and higher education may be eligible for membership.

Membership is automatic for full-time teachers and lecturers and, from 1 January 2007, automatic too for teachers and lecturers in part-time employment following appointment or a change of contract. Teachers and lecturers can opt out of the TPS.

THE TEACHERS' PENSION BUDGETING AND VALUATION ACCOUNT

Although members may be employed by various bodies, their retirement and other pension benefits are set out in regulations made under the Superannuation Act (1972) and Public Service Pensions Act (2013) and are paid by public funds provided by Parliament. The TPS is an unfunded scheme and members contribute on a ’pay as you go ‘basis – contributions from members, along with those made by employers, are credited to the Exchequer under arrangements governed by the above Acts.

The Teachers' Pensions Regulations 2010 require an annual account, the Teachers' Pension Budgeting and Valuation Account, to be kept of receipts and expenditure (including the cost of pension increases). From 1 April 2001, the Account has been credited with a real rate of return, which is equivalent to assuming that the balance in the Account is invested in notional investments that produce that real rate of return.

VALUATION OF THE TEACHERS' PENSION SCHEME

In October 2023, The Government Actuary’s Department published the valuation results of the Teachers’ Pension Scheme based upon 2020 data.

The outcome resulted in an increase to the employer contribution rate by 5 percentage points to 28.68% from 1 April 2024 to ensure that the Scheme continues to meet present and future obligations.

SCHEME CHANGES

In December 2018, the Court of Appeal held that transitional protection provisions contained in the reformed judicial and firefighter pension schemes, introduced as part of public service pension reforms in 2015, gave rise to direct age discrimination and were therefore unlawful. The Supreme Court, in a decision made in June 2019, rejected the Government’s application for permission to appeal the Court of Appeal’s ruling and subsequently referred the case to an Employment Tribunal to determine a remedy which will need to be offered to those members of the two schemes who were subject of the age discrimination.

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UNITED WORLD COLLEGE OF THE ATLANTIC LIMITED. A COMPANY LIMITED BY GUARANTEE.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Since then, claims have also been lodged against the main public service schemes including the TPS. The Department has conceded those in line with the rest of the government. In July 2020 HM Treasury launched a 12-week public consultation which will provide evidence to support the delivery of an appropriate remedy for the affected schemes, including TPS.

A final remedy will be determined once the results of the consultation are established.

In December 2019, a further legal challenge was made against the TPS relating to an identified equalities issue whereby male survivors of opposite-sex marriages and civil partnerships are treated less favourably than survivors in same-sex marriages and civil partnerships. The Secretary of State for Education agreed not to defend the case. In June 2020, the Employment Tribunal recorded its findings in respect of the claimant. DofE is currently working to establish what changes are necessary to address this discrimination.

Any impact of these events will be considered when the next scheme valuation is implemented. This was implemented in April 2024, based on April 2020 data.

Other staff

For non-teaching staff the College participates in pensions provided by either The Pensions Trust, or, since the implementation of auto-enrolment in April 2014, The National Employment Savings Trust (NEST) scheme which was set up by the government to ensure every employer has access to a highquality workplace pension scheme.

The Pensions Trust

The College participates in The Pensions Trust Retirement Solutions, a multi-employer scheme which provides benefits to some 950 non-associated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the charity to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore, it accounts for the scheme as a defined contribution scheme.

The College paid contributions at the rate of 5-20% totalling £240,690 (2024 - £178,515). During the accounting period, members’ contributions were made at 5%, with 73 members at the balance sheet date (2024 - 65). At the year-end there was no accrual (2024 - £Nil) in respect of contributions to this scheme.

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The scheme is classified as a 'last man standing arrangement'. Therefore, the company is potentially liable for other participating employers' obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

A full actuarial valuation for the scheme was carried out at 30 September 2020. This valuation showed assets of £800.3m and liabilities of £831.9m resulting in a deficit of £31.6m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

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UNITED WORLD COLLEGE OF THE ATLANTIC LIMITED. A COMPANY LIMITED BY GUARANTEE.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Deficit contributions

From 1 April 2025 to 31 £2,100,000 per annum (payable monthly and with no annual March 2028: increase)

Unless a concession has been agreed with the Trustee the term to 31 January 2028 applies.

Note that the scheme’s previous valuation was carried out with an effective date of 30 September 2020. This valuation showed assets of £800.3m, liabilities of £831.9m and a deficit of £31.6m. To eliminate this funding shortfall, the Trustee asked the participating employers to pay additional contributions to the scheme as follows:

Deficit contributions

From 1 April 2022 to 31 £3,312,000 per annum (payable monthly and increasing by January 2025: 3% each on 1st April)

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities.

Where the scheme is in deficit and where the company has agreed to a deficit funding arrangement the company recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.

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UNITED WORLD COLLEGE OF THE ATLANTIC LIMITED. A COMPANY LIMITED BY GUARANTEE.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

PRESENT VALUES OF PROVISION
As At		As At	As At
31 July	2025 £000	31 July 2024 £000	31 July 2023 £000
Present value of provision	19	6	16
RECONCILIATION OF OPENING AND CLOSING PROVISIONS
		Year	Year
		Ended	Ended
		31 July	31 July
		2025	2024
		£000	£000
Provision at start of year		6	16
Unwinding of the discount factor (interest expense)		-	1
Deficit contribution paid		(8)	(11)
Remeasurements - impact of any change in
assumptions		-	-
Remeasurements - amendments to the contribution schedule		21	_- _
Provision at end of year		19	6
INCOME AND EXPENDITURE EFFECT
		Year	Year
		Ended	Ended
		31 July	31 July
		2025	2024
		£000	£000
Interest expense		-	(1)
Deficit contribution paid		8	11
Remeasurements – impact of any change in
assumptions		-	-
Remeasurements – amendments to the contribution schedule		21	-
Costs recognised in income and expenditure account		178	178

51

UNITED WORLD COLLEGE OF THE ATLANTIC LIMITED. A COMPANY LIMITED BY GUARANTEE.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

22. PENSION SCHEME (continued)

Assumption

	31 July	31 July	31 July
	2025	2024	2023
	% per	% per	% per
	annum	annum	annum
Rate of discount	4.33	5.23	5.98

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions.

National Employment Savings Trust

The College also participates in the National Employment Trust (NEST) Pension scheme, a multiemployer defined contribution (money purchase) scheme which was set up by the government in support of auto-enrolment to ensure every employee has access to a high-quality workplace pension scheme. The overall scheme has net assets under management of £17.6bn as per the 2020/21 Annual Report.

Employees can select between the NEST scheme and the Pensions Trust scheme upon starting their employment and may elect to change at any time. Those who are members of the NEST scheme contributed 5% (employee contribution), with an employers’ contribution of 5%.

The pension charge for the year includes employer contributions payable to the NEST schemes of £79,370 (2024 – £68,362) there were 52 members at the balance sheet date (2024 – 65). At the yearend there was no accrual (2024 - £nil) in respect of contributions to this scheme.

23. LEASE COMMITMENTS

At 31 July 2025, the Group had future minimum lease payments under non-cancellable operating leases are:

	Plant and	Machinery
	2025	2024
Total commitments under non-cancellable leases are:	£000	£000
Within 1 year	49	41
In 2 to 5 years	83	26

24. RELATED PARTY TRANSACTIONS

United World Colleges International

The United World College of the Atlantic Limited (Atlantic College) is one of sixteen colleges worldwide which together are represented by the United World Colleges International (UWCI) movement.

Jill Longson and Naheed Bardai act as members of the UWCI board.

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UNITED WORLD COLLEGE OF THE ATLANTIC LIMITED. A COMPANY LIMITED BY GUARANTEE.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

Each of the Colleges contributes to the running costs of the international office. In the year to 31 July 2025 Atlantic College contributed £317,496 (2024 - £289,363).

25. SHARE CAPITAL

The United World College of the Atlantic Limited is a private company limited by guarantee without share capital.

26. PRIOR YEAR ADJUSTMENT

26. PRIOR YEAR ADJUSTMENT
Opening Balances Prior Year Adjustments NET MOVEMENT IN FUNDS Fund Balance at 31st July 2024 Fund Balance at 31st July 2024 (after restatement) Adjustment	Unrestricted Restricted Endowment Total Funds Funds Funds £'000 £'000 £'000 £'000 20,192 3,551 6,781 30,524 21,840 2,517 6,167 30,524
	1,648 (1,034) (614) -

The financial statements have been restated to incorporate amendments to the classification of funds received and fund balances in prior years. This is due to a correction to the investment allocation where assets were classified as endowments or restricted funds within the investment portfolio, but the actual cash movements were made from unrestricted funds.

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UNITED WORLD COLLEGE OF THE ATLANTIC LIMITED. A COMPANY LIMITED BY GUARANTEE.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025

	Consolidated Statement of Financial Activities RESTATED Unrestricted Funds Restricted Funds Endowed Funds	Consolidated Statement of Financial Activities RESTATED Unrestricted Funds Restricted Funds Endowed Funds	Consolidated Statement of Financial Activities RESTATED Unrestricted Funds Restricted Funds Endowed Funds	Consolidated Statement of Financial Activities RESTATED Unrestricted Funds Restricted Funds Endowed Funds	Consolidated Statement of Financial Activities RESTATED Unrestricted Funds Restricted Funds Endowed Funds	Consolidated Statement of Financial Activities RESTATED Unrestricted Funds Restricted Funds Endowed Funds	Consolidated Statement of Financial Activities RESTATED Unrestricted Funds Restricted Funds Endowed Funds	Consolidated Statement of Financial Activities RESTATED Unrestricted Funds Restricted Funds Endowed Funds		Total 2024	Total 2024
		£'000 £'000 £'000								£'000
	Income and endowments from:
	Donations			1,531			2,875	-		4,406
	Charitable activities			13,766			-	-		13,766
	Other trading activities			307			-	-		307
	Investments			198			33	174		405
	Other Total			724			19	204		947
				16,526			2,927	378		19,831
	Expenditure on:
	Raising funds			(1,118)			(9)	(30)		(1,157)
	Charitable activities		(13,361)			(3,691)		(113)	(17,165)
	Other Total Net gains/(loss) on investments Net income before taxation				(229)		(434)	(76)			(739)
			(14,708)			(4,134)		(219)	(19,061)
					163	94		368			625
					1,981	(1,113)		527			1,395
	Corporation Tax Net income after taxation				(8)	-		-			(8)
					1,973	(1,113)		527			1,387
	Transfer between funds				255	(255)		-			-
	Actuarial gains on defined benefit pension scheme				11	-		-			11
	NET MOVEMENT IN FUNDS				2,239	(1,368)		527			1,398
	Fund balances at 1 August 2023			19,601			3,885	5,640		29,126
	FUND BALANCES AT 31 JULY 2024			21,840			2,517	6,167		30,524
				(2,239)			1,368	(527)

54