This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

NORTH EAST SCOTLAND

O OOOO 0 On ~~2) nn)~~

QO OT) Ott) tt)

OO Woo CIM) O

CO Oo O

O] MO OW O

O] OO OO OM Mada C0) O] O] ae)

O] OO OO OM OO O] Mm CH CH] tat OO WW OO OO) O] OO OQ OU

OO OW mM QO

OOom a MO 0 0 Mm oO O O OOom a MO COO O OW O O OH OM a O] O W OW Wo oo O OU MoO O] O] OOO WOO OWoawo OM Gm OOO O]

O OL C OL OL C QOL QOL QOL QOL QOL QOL QOL OO QOL QOL QOL QOL QOL C

UO]

~~QO OT) Ott) tt)~~ O

~~OU~~

~~a~~

~~O~~

~~OOOO 0 On 2) nn)~~

HU OU L L

O] O Oo Ood oO Ms000 OOM Ww O] a OO oO OW M OOOOO mo OO O] OO0d wg mT MW OOODg O OO O mM oO OOOQO00 MoO Oo oO 0 O O] O WW (1) UI m Oa 0 O] OO0daa oO O O Wd QO O0 Mond @ w mdU O OU CH] Od O Wao MoMOo Oo OM OMoO O80 O] Oo OO QOOMO wood MoUomMoad aod O Moo OW OO OO OM 000d O MO 0 O] 0 OM OM O08 OO OO DO Mm dO OOMO Ob MOO WW OW O] O iH mW O] O OF OO Wo COMIN) O] O On OMOMOMmM0OOo OOOO OHOOOOOMWALCL CH OH H OOM oO Om oO Oo O Ci) O] OOd0 80 OO OO og OHO O OoOd O] 0 fo UM Oo OO BOO 2BMUMAOOOM Woon OOD OM O00 00 MO MOO OM0 OO OH O OO OOO OW nah 0 OO OW Oo OH O O HM O W MOU OW CO) OO OO ta OO OBMOUoD WWoa 0 o0 OM Od O OFM oO Ww O OO 00M Wo 08 OOodO Mm O O O Oo Od O LOO Oo O OO 0 O oO OOMOOOOCOODOOOMOO Mm™ QO OO O] OO CO) OU Mm oO O O Wm oO O OO O O] 0 OOOdOd OO OM Mo O] Ood O80 0M OoOdQ MOOUO OO OO OM dO OO 8 O] O MW) oO O O OQ M0 oO OO O O @OOW00oo O O O] OO OW OHO OU Oo Oa0 i MO O O O O Mo ido oa O OOM OOoO Oo Wo Wo i MO OOUOUOOMM O OOO 8 OOo Oo OOoOodO OH a Oo oO O] OOM oOo W O O 0 M00 W0 OOHU OMOOMOU Ood od Om a O nay nt Mm O OOOO W@W O00 Wo OOd0 OOOO Wu HOdodueudaodad OO 0m OoOoOmdacadad 0 Ww OO OOomdOa OdMmdod Od da O] MOOMO Oo WoW §o O W OMWdQaQ0 0 OOOmMm ad Mow Mm dO M Oda OOO OO O Oo wo Od0 o OOOMd0 0 OQ WW OU O] O] OO Wo Ww OQ OW Wa mM OUW OOd0o0 0800 M00 O OOM O@§ OOOOODOOUOOUOaO OOO W AWadadCood O] OO W Wat oa OOOO Wan mM oO nn O Ww O OU O OOO OW O OO WwW OOO O00 0 OQ OM O On O OOO OOD Mm O OOOUOM O OOOO WOOa On OH Wma im u O 0 1 oO O OU Ou OM WW Ww mo a HO OOWoO M OOO MWMOOCOMOOCOMMA@ OOM OO QO WO OW

UO]

~~QO OT) Ott)~~ O

~~tt)~~

~~OU~~

~~a~~

~~O~~

~~OOOO 0 On 2) nn)~~

OOd Ow MOO O8O08 W OO O Od O OU O OW OO OO8W a0 QO O WW OOO0U0WMO OO O CO Od O oO O] O Od O Oo OOO m OO Od O oO OO O00 On

O] a O] L] L] OU

L] OU O] OO Wd O O08 HOW Oa OO Od OO O O O OW OO 0 O] Od O 0 O] O] O OOM WM Oo O] mM OM OF OOM We MO Ww Oo WOO oD (0 OF Wo O Moo mi OOMWd oOo Oo OOO Wu md OMMo 2O3O@WM OQ O] OH] O] LU] mM oO O Ow O OM Wo OQ Oo Oo Mod O] OQ OOUd0 OM oO U | OoOd O O a O mMOF OHO O O OO O HOO88 OO 80 Ob O O] O] L) (u OO OO L] O] O] OO OO) OH O a0 0 MOWoO wma oO O WH OO OW) Oo O] i O WO OM 0 QMO OOM OOO8 OO Odd O OO H O OO O O oO Wo O MMO ow O MoO Woda OO0 Oo Ww MOOOQ0Q 80 Mod dda OO O0W O O] Oo O 0 @ OMdo OQ dad O OM Wm wmoodg O] mod OdoOod MoO OO OOO a O] O] O Mo OM OOOW BOOM OO OO O O] O OU 0 O OO OUWMOd wo MO of OO OO OOUd W@© O88 Oa O] oO O OW OOO M ow O On OOM Moo amo Od O OO OOM 0 0 wm OO (i OO MoOUOOd MOO oO Wa OM OW MOO O80 WoO Oo O OU OO MoOMOOo WOO O88 MOOOOW2 oO OU MmU O] OOM0 Moa 0 O] MM ow im OF iim oO MHU Oo O] OM mo oO Ww OoO @ OQ mM oO O] OOOMOOW O] OM0 WMO WMdoomaoa mM Oo OH O Oo O] O] (Oo L] OO OULU L] O] OO OQ M1] MOMOO0 OWOO0 OO O00 m OOo UO QO OH OOO MOOOF WoO OOO OO mo Od HOoO Ww OO Mw) OOd wm oO OOMM o00 OO OHO WO OW Oi) O OOUdma 8 OO OQ OMO OO Wmooa nay O] OOOO WW © OO OW OMdad OM OM OO OO OO MM OO Oo WOM Oo WW O Oo OO WM oO O] O OOOa0a O O]

UO]

~~QO OT) Ott) tt)~~ O

~~OU~~

~~a~~

~~O~~

~~OOOO 0 On 2) nn)~~

O OOU Oo O MHmomod QO Mm i OH nT) oO O Oo O OOOO Oo OW O Mm oO OO OOOO O O OO OO O] MOWM OO OOOO00WM 2@m0 OMdQ 0 OWWW fHO MO OOO OW HO oo L] L] L] OW Oo O] OWa

Ou MoO OM oO HOOMUM a OU mo Oo O] LL OO OO Mo oO O O OO O (Oo OO Ooo O (OoM@ OOOO O] LL OO Od O O 0 O] MoOmMmM OO ov OO OOO OU On oO OOd im O O] O] OO OOd Waa O Moo at O MoO Oo O08 O OO Mm OO O Oo O] OOo OO OQ O LL oO OO OF UHU OQ OO OO Od O OOO Od O CO Oo OM Ww nah O LL OMMoOO0O 00 dw OOOO OOO O8F OW OC On mo oO foHM Oo O00 OM O Wo oO OOd Oo O CO Oo O] O QO HOMO OOo oo O O] O Mada Oo O O] LL O O OOdod O] O Na OO OQ in O (Oo Mm OOOO O O00 Wo O O (Oo MMoOM OW eo ood© mow Oo MoO We O Oo OO QO O OO CH Mm a nny O] CO Oo oO O] OOO OO O] O] O] O CO Oo O] OOd a im O foMW OOOUdM Oo OO O LL OQ O MOCO OMmoO o at On O CO Oo O OO O] OW OO ta O] MOO0 OQ O] L] O O 0 O] OQ MOO0d Oo} OOUM OOOO 0M ooo) OO OW O Wa O]

O Od OOWd Oa LL nT) mo oO OO OMO O OOO OHO OQ O CO Oo OU O OU OO (NOMMmMoOo oO O] fo OU OO Oda nah O] O O] O O] O WW m a O] LL nT) OOO OWOD OU OOM OO MO OQ O OO (Ho mMoomM oD o O Mod O oO UO] (ooOong Oo MOHOWMeEOOd oo Oo O (UU O OM oO QO OU Oo O LO OOH oO OQ O] OQ OU OUd 0 w UO] (Oo Oo OH OO O88 00 0 OoOd UO] O] O]

UO]

~~QO OT) Ott) tt)~~ O

~~OU~~

~~a~~

~~O~~

~~OOOO 0 On 2) nn)~~

O Om OO O (UO WOO 0 OO OW MHMOOUOMAA WMO 8 Ow O Mo oO OOMOQ0O OWOU O O (oO© OOOO Of OO OOO Hood O O MOOOQ Hom oa OU tal O OOM OO ta O (UOOW Oda MMO Cn O] OOOMOC Wim a0 Oo OOMMO OWMOO 0) Od O (0 To Ww HO OO 8O0O00 Waa OWO O OOOUMOMOOW) Ooo OOM oO O O (oOO WM ooo OO m oO Oo OOUOQ0d O OO OQ OM oO OOD O (oO OOOO OOO Mm O OOO OOOO 8d OOd O O OO O OOO 8 Oo Oo (Oo OO 0 O oO OO coda OH OMoOO0 oO OO OoOda OOM dada OU O O] OOOO O OW O (U0 Oo OO W@W oood MoO OOO OMoO OU Om oO oO OMOOU0 OBOUOWMOMSO Oo OOW OoOooo00 (oO O00 O OO OO OOO Wa OOO Oda UO] O] O O Od O Od O] (UO 00 OOO Om OOOMWd0d OMOaddad Mm dw Oo OO O OOOd0 o O] O] CM O) O UO] LO Mm O 1 0 Ww OO Offw O OM) OO OW OOO OO Q O Hou dO OO OO OMM OW O LO mM OO Od nt OO O O8 OF OSWOOO OOO 8 OO m oO OO UO] LO Mm 8 OMO O0 W020 oO MMUmUooado0ege0mW Ww O W ou O OOd O O O (Oo Om © Wa OO OO W@W O Md mM MoOoOW O OW O] OOMda O LO Od O 0 Wo Od O Ww OH OM OoooOW O OW OO 080 Ww ee O OO QO UO] (Ho Moo OO OW oO Oo OOO OOOO OMO OOO OO UO] LO MoO Oo MoO OMOOod OOMcdd oO QO OH oO OmMoaod LO O O O MO0o0d OOO O OO OO 0 Oa oO O O Hin i OM O OO OOd OQ O GW oo H}O O OH asi O] OOd0d IOU (Oo O] OO om) a OU MMOW O8 DOMMOM8 O OOO 1) M OO W Oo oO O LO mo O OO MO BMOOOOOo O LO nT) OO Md OO OWWM OO OO Oo 0 Oma O UO] LO 0 mo O Wd Ho OO On mM OW O COU () OOO O OO doo UO] LO am) OW OU Oo OF OO OO mM OMOOW OO Oo OM 0 MoO O (Oo Oo Ww O11) OMMmMacdc Wo O O O LO OU Momo Ww O Ho Oo @ OU OW OU O Oo O OO ni moo O OHoad OoOd mM Od MmOU LO am) tm Oo 1) OQ Od OMW0Mw Ww OHWM a O O O OO OQ oO mm QO OOM 8 OOOMO OO OOd OM OU O O] L] L] L]

UO]

~~QO OT) Ott)~~ O

~~tt)~~

~~OU~~

~~a~~

~~O~~

~~OOOO 0 On 2) nn)~~

OW ou mm oO

O] O Ooadcdcda O O MM MW Oo HH OM oa Od mo oOo OM 0 OOO OOO OWO OQ CT] Od O OO OOOOWw QO ni MM OOMOO O00 OO O QO MoO O OOOO O] mm oO Oo OF M@ OW O QBOMdOo OM 08 WOO Oo OO OU BOM Oo MoOo0 OO LOWa oO OO O] O] Mm OHO oda Im Moo Oo MH OO W@W OO OoOo fo WW Ww O OO MOO O OO0Od0d0 OOO0CW OH O] O] fo OO OOOO MO OUO0 O88 OBOOD OQ MO OW OH (Oo HM MW O08 MOOCOwOo Cm =O Mi OU moO Wa m Oda O OO oO O fooH W@W oO O Mm Od On OOOdd OOO Od O O OOO M OMOOd OO OMOMCWMO OW nny OO OQ MMoo Oo WM OOOOOU O] O] M OHO WM 8a OH OMoOOd OAMOMOOOOO @ Oo O OH) MH OO OO W O] O] LL O OO WO Oo dO HM MmOU000WM DM OOOO oO O OW MOOUO0Q OO O LL Oo M@ OMOO OM Ooo od OO Oo OMOOWMd Oo O] LL OM OO 0d O00 OOO 1 oO OMY oO Oo O oO Oo @o Oda OOWW WW O UO] OOO H Mm! OO OQ 0 0 O] OO U MoO m Wma Od OQ nT OOd O08 OU OU Od dO Mo OO OO W@W AOAAO ni OOWOdQ 8 O@WMOmM Coooooeod MMOMO0HOU0 OO 0 0 OW Oooo MoO MAO MoO OOOOo OH OO OOMmM@mWMao @ OD O O] M OO © 0 0 OOddoO O OO 0 Ow O OQ OO) OM a O] O 0 O] oOo oO O O] LL O] m oO HOOdOMO wo 8 OO OM dOdWoe Oo CO Ooom a ov OOO O] LL OM) Oo OW@ W0wo O oO O} OO W a0 OOOOda OUd aoa o O OU OH (Oo O Moog MOO O88 O80 Oo OOMO Woe aod OO 0 W@W O Wo 200 OH O] Od O] OOOO Od 0 OOO Mo bd O OO OUOO O Mu MO Ww Wa Oo dO OO Od MoOd Ww i O] O] OHO oO WwW O OOOO OW O OOoW O O] O O] O O] M HO WM OBO WeaWw O 0 0 Mm OO MOO MnO oO OW O (i O OW O] O] LL OM OWO OW O] Oo OOF DW MOM Oo OO OOMWw O OOH OUO0 0 Od O LL OOo 8 @oa fo OHOMOAd OOUOHOodW Oa OMOdod O] LL OM oO Ww O OoOd O] O i O] O OQ O] OU O MO oO O O QO OO CH] O] OO O@000 @a OO00 Wo O OH OMaod O O] Oo O a O MO i O Oo dO fi OU OU OO

UO]

~~QO OT) Ott) tt)~~ O

~~OU~~

~~a~~

~~O~~

~~OOOO 0 On 2) nn)~~

am) OMd da MOOO MM O00 @ OOO wd O Od oO OU Odd MO Oo 0 OH O] MM OHO © O HO M0 OM Woods Ww woo OU O] CO Oo OQ OO WMO O HM Mo 8 OOD Oo O min OO OOO ww OH LL O] O Mm OU mM WH Wo OH UO OQ mo WMO OO O OQ O oo LL M OOO MMOoOow Oo oO O OOO Ww O] O] OOOOQWM WMMmo008 OO O08 Oo dg O] MOoO00W OU HOO 0 WW O OOOdd OW a CH] O] L] O UO 8 O] OU OM Mm OO 8 OMOOM WMO ao OOOO Oo 1 WM Mou O OF WOO 20 WOMO 08 MAO Od mM oe ood O @ a O OH O Oo Oo OOUUOM OM Oo nny ini OOO M OO Oo OWWw O] Od QO OO WH O8 OoWoOo Moock agd MM MoO OOO O OM OO MM O W W@W OO OOO M0000 OMMOOO0 8 OW OHO WW ob oOdod O OW O] L] L] Mm O Wo L] L] OOd0d WM mo O O] nny OHOHOO oO 8d OM 2 WW oO O O10 OO W O] OO OQ OaOU O] M GM UWOOO OOUMda 8 Og Oo 0OWMMO Oo H} O WW Oo O] OOoM@ OW CMmo Ou Mm mM oo OH oO QO O] mo a OO OM O Oo O§ OWMOO OO wg (1) OM a Oo @ MO OMO O88 OO Ho OO Ol OU O Mm mmo ta OMmdaoa O 0 nay Oo MOQ OOOO 8 WW Oo OH WMmOoo O] O Oo 8 H O] OOO Ww OMo 08080 OM OO OO WM Oo O i OO 20 Ww OO L] ae L] OU L] O] fo OOO MH Mo O] OO WW O Woo Oo OW OU O] OOdOQ000 oO U Oo MoO OC OO OOm O80 O08 O OOF 0 On oO O WW OMoada MmO WM COO OOMO OHO a 0a O OW OOOO OBOO0UMoOod moo QO (00 OOOOU0O0 Wa 0 WW OOW ad Wo O OO OOo OO 0 Oo Oa CH] O] O OW OHM MO Oo Oo O Oo OOOOdO O 0 OO O] O] HULU ou U O] O OOM OO O OOO WoOwo Od OU OO On Mou oO Mm OF O OO Wd OM OOO0Od0 O 30 OOoOdua oO OO oO Oo O Om Woa QO OO O] Odd MO Mm OQBoBooaamada oO Oo wm O OW MitO Oo 0 O QO 1 mod O OMM OOOMMmM OOO OH O OO OF 8 Wood 8 ww O] O] L] L]

UO]

NORTH $T SCOTLAND COLLEGE Char Regional Priorities and Skills Needs As the Region's College, NESCol will shape and respond to the immediate and longer temi regional priorities and skills needs as identffied within the Regional Economic Strategy. Regional Skills Strategy, Regional Skills Assessments and related action plans. Further, the College will shape and response lo the priorities identtfied within the Region's trNo Communtty Planning Partnerships. This Plan addresses these priorrties as follows.. ional Economic Strate Priorities.. Responding lo COVID-19 and Brexit Supporting Net Zero and a green recovery Creating a diversified economy based on skills development and acquisition Ensuring inclusive economic recovery. refo and ro College Conlribulion= The College's portfolio of courses. vocational training opportunrties and apprenticeship programs aligned lo the region's key priorities, sectors and skills needs are criti1 lo the region's future enOmiC recovery, refomi and prosperity- Strategic Objective(sl'. 1.1, 3.1. 3.2. 5.7, ional Skills Strat Priorities.. Responding lo COVID-19 and Brexit Aligning skills to economic need, Energy TransOn ambitions and Net Zero intentions Expanding work-based learning including employee upskilling and reskilling Improving sehool-to-work transitions College Conlribulion= The College's established and responsive approach lo curriculum design and delivery, including Its Apprenticeship Family offer, its Flexible Workforce Development {FWDFI activities and its enhanced engagement with partners, employers and schools wll ensure that the immediate and future skills needs of the region are met. Strategic Objective(sl'. 1.1, 3.1, 3.2, 3.4, 3.6, 5.7, 5.8 Commun Priorits'es.. Prosperous Economy Prosperous People (Children & Young People} Prosperous People IAduMs} Prosperous Place Plannin Aberdeen CPA College Conlribulion= The College is a partner of CPA working with partners on locality planning, community empowemient, and improving outcomes for the population of Aberdeen City. especially those who experien poorer outcomes as a result of socio-economic disadvantage. The work of the CPA sees the College contributing lo inrtiatives for priority and al risk neighbourh¢)ods, and priority communities of interest e.g. children and young people. people wth disabilities. Strategic Objectivetsl.. 1.1, 3.1. 3.2 NESCol is a member of the CPA Board, the CPA Management Group, and two outMe Improvement Groups= Aberdeen Pros ers.. supports delivery of the Local Outcome Improvement Plan ILOIPI and underpinning locality plans, specifically bNO Economy Stretch Outcomes in the LOIP.. 1. Support 400 unemployed Aberdeen Cty residents into sustained, Fair Work by 2026 2. Upskilvreskill 500 Aberdeen City residents to enable them to move into, within and between eeonomie opportunities as they arise by 2026.

Chari No.. SC021174 Financiol Stateme rated Children's Services.. ensures the effective delivery of services for children and young people at all stages of their development and growth. All key agencies that deliver Services for children and young people in Aberdeen Cty are represented, working together to deliver the City's Children'5 Services plan and using the Scottish Govemment's 'Getting It Right for Every Child, as a common approach lo deliver better outcomes for children and to measure success. The College also partieipates in a number of associated workstreams.. The Attainment and Progression to AduKhood Group Child Friendly Cities Group Target Operating Model Sub Group ACC Care Experienced Champions Board Aberdeenshire Commun Priorities.. Changing Aberdeenshire's relationship wth alcohol Reducing child povety in Aberdeenshire Connected and Cohesive CoMmuneS Plannin Partnershi ACPP College Conlribulion= The College is a partner of ACPP which aims to work together for the best quality of life wf(h happy, healthy and fvlfilled people, living in a healthy, safe and sustainable environment with vibrant local economy. This includes partnership worf(ing lo deliver more efficient and improved seNices which meet local needs in Aberdeenshire and to contribute lo the delivery of key actions in a number of Locality Plans. Strategic Objectivelsl.. 1.1, 3.1. 3.9 NESCol is a member of the CPA Board. and Connected and Cohesive Communities. supports the Planning Partnership in the delivery of locality plans for three areas of Aberdeenshire that experience the most social and economic disadvantage. This includes the delivery of several initiatives around addressing inequalities. employability and health, aswell as supporting communities to beme rnore resilient. The College also uses the Regional Skills Assessments for Aberdeen City and Aberdeenshire, lo ensure it aligns provision with anticipated demand. There are a number of key Seottish Government priorities which have particular relevanee to the college seetor. The College, through the Strategie Plan, will respond as follows=_ Scottish Govemment Priori Fair Access and Transitions College Contribution strategic Objective{s} The College will provide access to fvrther and higher education for people of all ages from the dest range of backgrounds, and ensure that all students are enabled to achieve their fvll potential as successfvl learners, ready for transition to ftrture learnin lrfe and work. The College will provide health and wellbeing services and support, and will work with partners to contribute to positive and sustainable change in the hearth and wellbein of staff and students. 1.3, 3.1, 3.5 Health and Wellbeing 2.1, 3.9. 4.4 10

O
	O] MoOao0 Oa (0 M@ Oo UU Ml O] On OO 0 0 Oo OW O O MoO00 OO O WoO 0 O ~~O]~~ ~~OUdU~~ ~~OU~~	O OO
Mod OO OO 0d O Oo	~~O]~~ ~~OUdU~~ ~~OU~~ O] MOO OO 8 OOO OH O 0 OOOMWND0O00HO 8a Oo O O O WO wod Oo oO O] OOMUOO UUMM ~~Oo~~ ~~(]~~ ~~O~~	O O OO O OO
OOO OOO O};d O OO Mm oO O]	~~Oo~~ ~~(]~~ ~~O~~ O};d ~~MOO~~ WH 800 Wood O] O Mm OO O O O OU O MOO0 80 OO 0a O fim oO OU O] OO OU Mm O O] O O OW O
O OO oO O] OU	O] MoOOU00 OOO OO dQ O OHO da O (1 oO OU O] O00 O O OW OOO O mood Oo Od O OH MOO WOoMd oO O OO OO CH) QO OU O O] O OHO OOOO Od O] O O OO	O OO
OO Od O O]	OOM OOOUO0C 8 COO OW O] O O O O] mum oO O 0 OU OUOUMa o0ouoWd O] MOOO Oo
O OOO ©	O] mod OU O O] O] OOOd0 oO m0 O] O] O nny O W OO WW O ~~OWOOO~~ ~~Ou~~ ~~O]~~	O OO
O OW O OW Od ~~O]~~	~~O WOOO~~ ~~Ou~~ ~~O]~~ O] Mod OO O00MO O m O OOMC da	O O ~~OOU~~ ~~tat~~ ~~MoO~~ ~~OOOO~~ ~~O]~~
~~O]~~ OOO fda O OQ O] O] OO 0 8	~~OO U~~ ~~tat~~ ~~MoO~~ ~~OOOO~~ ~~O]~~ O] mod OO O OQ O O] mM OOD O OOd O OOUd0 OOWMO oO OQ oO O O OM OMOOUAOO Oo O OW~~oO~~
O OW Ww O	~~oO~~ O] MoOOOdd OOd OO O OWO O @ Ww O] OO O OO im Mm dau wo O ~~Oa~~ ~~O]~~ ~~O~~ ~~OO~~ ~~OU~~
~~M70~~oO Oo O] OQ O]	~~O a~~ ~~O]~~ ~~O~~ ~~OO~~ ~~OU~~ OOO M00 @ OOW0d nT OM au oO Oo OQ O MoO MoOOO Oo O
OH moO O HH O]	O] MO Ou OO ~~OW~~ OQ O MO Ma oO O O O O O8§ DOMOO @ OW O O] O OO O] Oo OmMmdO O] O U	O O OO O OO
OOOO	OO OW OW ~~DOO~~ Woo Oo dO OOM 0 OM OOO 8 O] ~~O~~ ~~0~~ ~~MmOU~~	O OF OO

O OO W@ OH O MW Wm ow OOM O88 20 O00 OHOOAOWt oOo 0 WW mMmuoandaomWmd Oo BOOMDO Oo O nat OMM OOOO Od OM Wo 8 OM 2a OOO oO OU OO WW MU Od O] a OO OH O OH O] O] O] O] O] O] O]

UO]

STRATEGIC PLAN 2020-2024 KEY STRATEGIC INDICATOR TABLE 2020121 2021122 2022123 2023124 Key Strategic Indicator Target Actual Target Actual Target Actual Target Actual The total number of credrts delNered Tha volume of core credits delivèred The volume of ESF credit5 delwered 132,005 133,127 131,915 128,655 128,812 129,769 115,931 116,040 129.770 130.602 129.280 127.606 128.812 129.769 115.931 116.040 2,235 2.525 2.635 1.049 Overall leamer success rale Ilncorporale level, mode, withdrawal and partial success measures) 2020121 2021122 2022123 2023124 FE Full Time Lèamèr Succèss 73% 560 620 57¥0 600 630 650 69¥0 Partial Success 19% 20% 14% 110/0 Earfy Withdrawal 7% 4% Further Withdrawal 19% 14°/0 16% 16% FE Part rim8 Lèamèr Succèss 73% 720 720 68¥0 780 890 720 92¥0 Partial Success 25% 27% 4% Earfy Wlthdrawal Further Withdrawal 2% 2% 2% HE Full Tlme Lèamèr Succèss 78% 71% 720 65% 680 670 68% 72% Partial Success 14% 15% 16% 140/ Earfy Wlthdrawal Further Withdrawal 13% 12% 14°/0 4% 13.10 HE Part Tlmg Learner Succe55 83% 750 810 77% 770 750 750 79% Partial Success 23% 20% 22% 190 Earfy Withdrawal Further Withdrawal 0% 2% 2020121 2021122 2022123 2023124 Target Actual Target A¢al Target Actual Target Actual Non-SFC incomg as a rcenta e of tumover staff costs as a rcenta of tumover 21% 21% 20% 20% 20% 20% 20% 250/0 66% 600 66% 62% 66% 58% 660 56% 12

Curriculum Overview

~~QO OT) Ott)~~ O

~~tt)~~

~~OU~~

~~a~~

~~O~~

~~OOOO 0 On 2) nn)~~

MOO OOOW O OM MOMOao0O0omO OOdod Oo MOOd Oo O may mm O O] Mm OU OOO0od O © 0 OO Ww iM 0 OO Od OO MM OOO OOOO O QO O OMHOUM Oo Oo OQ O OW © OO00W O] O] O OO 0 MOOO0Qda OQ O] O OO OF O OW HOO WwW O Qa MOdQ QO O] OdoO nn CHM) Mm wo Ww mM OF OF OOO M1 OU O] OH Oo QO OOO O OOO ou OO OU0Wd OO Mm OOW MOM oda O da OO O88 FO WOW WmMoo8 oa dQ OO Md O O 0 O OO O M0 oo O OOO OM Wma oo Ww MoOO O QO UW Om oa O] i wo 1) O] O Oo OOMoO Mm Wo OOO 0 O OO Od Mi O O O©“H On O] O 0 HOO Om oO OH O OO OOMUOOMAMAa0d Oo O o OO0 M000 MH O OO OO Go ou MOO @ ao mm oO O] oO OOd O] OO OOO O] CO OO 0OoMmMdO wg OOO MOMOo Ww OH MM O OO OO MOQ O Od Oo OO OH OO 8d On O 2 WW O] CO OO a Mo oO OO oO O] O CO O oO O O 0 OO WMO O] OM da O MmmoOo OD MW OOO aad O OOO a MmO OO O Qa 0 OO OW) O OOOMO Oo Ooo OOO OOOoO OOO 0 mM OoOd O] OO Oo OOO Odd OMM moO OO O O OO ni oO OO O00 00 M oO O QOBOOM OMO0OW M OO M OOOO0 O08 ADO oO HOMOOM Woo 0 O00 O oO QO MOO Moo O O00 HO o nt O] OOO oO O] OO WoOOQMaAoO OF O] O OF OO OO OOO00 Ob Oo QO O] OO MmM OO OQ OO (OOO OOoda O O dod MO OH 0 Woooa Mm Oo O O oH OO 0 O] O] O 0 OM © OO OW Wo mM Wi OOMW@W Wo 0 OMCO WW WoOmo OM 8 8 MMmMaoO0 Wo O O OOO O OO O 0 OQ ( U CH moo Oo Wa OO O00 W O 08 O O OMO WO8 W CH] OO do OOWOWm ao agoa wo O] O 0 f(OoM OtOO 0 WH OO 00 O OO O] OU O] WM OO COMM = Gm 0 i OO OH O08 OUMOW CO Mu OO WM OO WW AH OOo O2oad oo OOdd0 O OO Oo MO oO O O00 Oo 0 O OO Oo WO Woda OO OO OOOO OOO ADOOMOOm oO M0 mo dao OU Mm ou O mM Oda mM OOMWW MoO mod M0 OOOOWg Oo i) Mm Oo m oO Oo O Mu OOO OW OOM Www O O OHO Oo O] OQ Mm oO OU 0 O] O]

UO]

~~QO OT) Ott) tt)~~ O

~~OU~~

~~a~~

~~O OOOO 0 On 2) nn)~~

O O OO Od OHO a MOO OOOUMOO0 O8 OM Ooo iM OO MOOdO a Oo OQ OH OH (1) Od Oo OW Mmoo OO O OW O O OO 00 MOO MOODOMO OOM 0 WY oO oO ( O Oo W 0 Mm Oo @Oododa MO moO MOoMWMd O O8 O88 ODOOMOOAAOA OO OW O MoO al OH O OO QO OO 8 Ou Mo OM MOO Ut O00 O] O] O00 O00 Ww Od oO OMa oO O OO WO OQ O O OO 0 M OM OBOOWOOo (OM Mm O Ou O OF OQ OOOO0U0 MOB0MO00 OOH O WMO OOOQOO008 Oo OOO mm MoOoO0MM mo Mm O OO OL OO Ww 1) OdOdadq COO O OO OOd OH O MOO000 Ww OOO OMOOMOOMO OO O OO om wo O O Mm a O MOO oO O] 0 OO O OW HOd 08 GQ WHOOo OO Oo O O OW O CumoO OM Oo OOMaQ 0 0 ww OoOd MoO OO O00W OO QO OQ O W000 0 Oo O oO O mo a Mu Oo OH OH MOMOOM OOOO mo O] oo MH WN OOO OMY0 OO moo 8 O Oo WM WoOaa im oO O OO@ O] O OOU w O O] OHoOmMdt ow OOd O] OO OO O0WMO0 OWOO nt OOHOHOOUdQ O80 OO O Oo od OQ OMOdd Oo 0 Mo 0 OO 0 8 W MMO OMMOW oO OO Wo OOOO 0 ae O] OOO WW OH M OOW WMO AGHOOMOAOoO OO Oo O OO O OW MoOd O00 Qo OOdOcdodgd O] OU OOH O00 OM0WO @ Oo Wm O] Mm Od oO ta OM 0 0 OO O mm O OO U OO OO MOO MO JO Wooo Ww 0 O] OO 0 Of O Om Oo W WMao0 WW O] OO @0 OO OOO OO0 Wo OOO Wo nA] Mm OoOd MONO OM Wea oO OOM0 Ooo Oo OOO OQ O] O] O] 0 O] oo Od OO OO OO 0 O O dQ O O00 @ OOOOMOCW Wom Ww O] O] O Mm oO Woo O OO MH Oo oO M W Mam OdQd © nn O Oo Wo OOOMM domada OO OM OOoOOMoO We Oo O] O 0 0 Oa O MOH OO OOO WO O HOM OOO Ooudmanwa Mw Mo oOo Ww Oo WO MoO mo Oo OOM Oo Od QO O] O OOO a CO OW O] O m oO OO HO Ou HO WW O] O OOM OOOO OM O O HI i ol O] O OHWM WW OU O OO O] 0 Oo Ud OM) OOO00 OO Od (HI) O OMmd uo dO O Od O Od OOOd O OOOO00O0Od Oo MW O 0 Od MMO OOMWw OOM OOOOw OOO0 Ww OO 00 O Od MH) Wo OO OO OO O 0 O 0 fo M@ WW mood OQ 1 OM M0 OHoUdd O] MW OAOuoUo WW O&O MOMoO OO Wo Oo WOOO OOO MOM OM MW wo O W OH Oo dO O O OO O00 im

UO]

~~QO OT) Ott) tt) OU a O OOOO 0 On 2) nn)~~ O OOModg O Od OO OU OOO OuU0 0 OM O MoO O] OO WW UO ni O O MOO0O0 O mM oO O M OOO OOO OOOW 10 W O OM O00 Moood moO OO Md OO WW OO Mm oO O]

0 0 OH OHad oO Oo M OW@OWMOOd O OU 0 a O QM OOO O Wn OO moo 1 oO M Mw oOo oO Mm O OU MH) O] Mmm Oo CoO LC Oo O WOM OOM O] O 1 @ Oo OHO OWOO a nny Mm O OQ OO WW a O OOMO OU O oO W fq oO MOO OF OWow OU OO 00 Ww O O 0 O OU MOMMW WM2 Oo OOMO0 0 O] O OQ O O OO0 OO0 OoO OO oO O] 0 O OHO OO 00 MOU WoO Wma mm WW MoOOOd O HU CH] fh ov O] O OU OU MM OO OO Wm WwW O OH MOO 0 OM OWO OOM OQ@M00 OBO OOD { OO M0 mw Oo OM a O OF OW O] OH O O Oo O] OO H OQ OO OQ OW Wo O] (OU O OU moa (OU mM oO MH CO OO 00 O O CO OOH oO O] O O i] O OO0Od WW O (OU O MOwOo oO OO OO ~m aod Oo Oo Od O fo0 OF O OO OHdU oO mo ou OH OO Oa O] Odd OO OOO OO On MO MO00 o mM oO OO OMWOWMOMoOOo OU oo OO OOOW OOO OOO UO OO ooo Oo Oo O 0 O Ow MM OOO Ou OO Ww O Ww CI OW WW OO 0 W MH OOO Od OM OOO O mM O O M i O] Mm odo O QO CWO MMO OO O WMMoo O] OOO OW BOBOOOU8 oo O] 0 OM OO OU O] O MWD OIOOMoOoOO OW ao WtOF OU O O Oo Om HOMO dO 00 O] OOM oO OO OW nt QO OU HoOO (1 o oO O] OO OM Oo O 0 OW MH Wo OO QO Woo Oo OOO OOO MoOoO MOO O] 0 O OW o OO Od 1 O O00 OM O80 0 0 0 M0 M1 O OO HOOcCOOM tt] Mm O OO 800 mo O OO OW O] O] OO 0 OHO OFM Oa 0 O] O] O] 0 QO OO M0 O OOOO QO OW OO O O O dW mM O 1 wo Oo da Oo 0 OOMWMOmM oda a OO OU O O a O] OO 0 a oOo OW OQ O Wl dm uo O OO Oo OOM Wo wo Oo OM add MmO Gm 8 | O mo WM OM OW QO Ww O] OUWdO 1) O 0 OMMm@o O8 Ob0 OOD O ONTH OF AO WoO OOM OHO oO Wd mooO 0 O OW OOO OF UO OO OM OOD O OOO Ma 0 OWMOCmM Oo Oomco aoag OO O] OOO L]

UO]

~~QO OT) Ott) tt)~~ O

~~OU~~

~~a~~

~~O~~

~~OOOO 0 On 2) nn)~~

L] (I L] O] OOd0Q0 08 O OO W W O O] O OO Mm O O] Oo W MH Ww OO Om Oo Mm dm ow OMO O©§FF © Ho oO O WM W OOO88 O OO OW OU MOO0 O OU OoOd mo 0 OO OOO OOO OO OMOMO tata OOMOUOHMOOd Oo O O OF OO mo Ww wo OM CM OOOo OF OMWw Mm OOM OOO Oo OM OW Od OOO a mM oO Oo OF W@W oO O O] OM 8 OO O10 O] OUmMd () nat O] MM O OO Oo Mm Woao OH ao O] MoO OOOUAH BU OOO WOOO8 O O] OHH O] OO 00 OW O O] L] OU O00 L] O] Cin) MOO WW Wo oO OO O00 mmo oO O COM) MMOO000 OM WW OMda O fmoOo oO QO OW i Oi tim oOo aU OOd Of Ww O Ooo @ @ O MM OOM OO WMOoO OOD O O O MW OF OOOd OO dQ OOM Oo Oo OO OBMOO wo O Oo Wo OO O] mo 0 O O O] OOO @w@ Oa Od Ooo O OU O] CH) OW Oo O WO 0 Ww OH moO wm OOW)0 0 O Qa O O OOMOO OW O O] L] Uh L] O OO O] Oo Mo O 0 O OW OOd Oa OO Oo O O] O OO QO O OH) OOUUd OM OO O OOO OO O Oo O OO O O nia OOM W@W MoOMO 8 Om Oooo OO Mm Ow oa O] O] 0 OO a OOMOO Oo O 1m O O00 ma OQ O CO OOO Wado O OW w (Mi =O) O OU OM OW Oo 0 fH OO Oo OH Oo auodO MOO0 OW Mm OO WOW m O OW OOO O] OMo @do Oa O O QO O mo Oda Ho OM OO O OO O O] Mm O OWOo WW W O OO Wd HI) CO MMmMood do O Mm o OO O] Mm WMuao0 O OO OOO Oo OO O] MoU add O OO O OO M O 0 Mm O O Wo O QO oO O] Mo ou O] O 5 i Oo OOd oda O W Oo MOM Wm ooo mM oO OUQ O] QO M0 OOOUM OO OOOO OWOo OO O Od OOd OOd MoO OO OOM OOO OOOmM oO OO OOOO WOM OOo OH Od ww UO] nia OOO W@W wa O] O OOO MOO 8 OW OOM OQ Oo OM O11 Oo © i MmMoo OW ou OU O Od OH Oo M@OOU00W O OOH oa OOUOUMO OU O OU Oom O OQ O OOOO OW OO moO O48 OU nia OOM woo (0) Mm WM Oo OQ OMo oda O] OomMmdaod OOOO88 OOOO OMOMOOoOd OO OOO MoO OOM a Oo OOMWOOAdO OO O OO O nia fo oO moO OO OM0 WM 0 ao OU OMoOoa og OOOWm 2 MHOOOMOd OOO OO OO O O nia OO WOWWw O OO MMOO0O0 OOMoO WOMOo O Wo wo Mm OO Od OM OO O OW OO COOU M MOOR0O WCO Oo oO O] O OMda og C1 O

UO]

~~QO OT) Ott) tt)~~ O

~~OU~~

~~OOOO 0 On 2) nn)~~

LO L] L]

~~a~~

O 0

~~O~~

O] OWMo0 O] O] OOM Ww Omogd Mm UO oH O OOOO Oo oO Ww OO O QO OOo0U0 OU OHOOM 0OW 08 WoO OO OO Oo W@W ou O MO moO HH) OU O Wo OO U OO OH) O] OU O OO W@W Wa O Mm OO OH O] OO 8 OU mR) O O OW WM oOodod O CO MWwo OO a da O OO WO OHO Od OO ama oO O MOO0 MOO Wo O oO 8a OO On O O80 OOO O O] LL OO MdO0 0M OO OO @MoOouoed ooo O OOOMOa O OOH OOO O CO Oo O] Mm mM Oo OHUWOoO Ww M OOa0d0000 O] O] OO 8 O] OO O O Oo MOO O] (Oo M Moog MM O OMMOO0 Ww O MoOOm oO mM oO OO a Oo dO O fo OO OUdad Oo CH O H OoOUW W@W Ow O CO Oo O 0 MO OOOO OQ O OOO MOO OW0 OO O O Mog O CO Oo Mm OoOd OOO OO O08 MocWw OOUd 0 O OHM a2 oo O tat O O] moo oO O O] OO 8 OOOO08 W@W oO Ooo OO OOO Wood O LL mo OM Oo m Oa O] ) OOd nn O 0 mw HO LL OO Od O O OO OOM0O OM Om Oa CH] O OO CO Ol O 0 Od O] O CO Oo OO Ww OHOdOdad Q@AWBOA OM OO 0 tm ou OOddg O O] OO 8 O] M OW O O O] OO O 0 (OO Mod Wg OO OO OOd OO MoO000 O dO O O] MoU OW O] CO OW O OOM OOOO MMmMaod WoO0d0 MOO O mM OO O] O OF © Oo O Mm OO (1 O O OM OWE MW OO 8 O] oO moda m JO OF OU O] O] O] O] OO O] OU MoOOOWM Oo Mo Mod Ww oa Oad0 0 M Oo OM A000 OUMOOM WoOO0 OOoOd Oo OU MW O G08 Ooo MOOOWOOO0o0d OO MoOO OQ OOOOOQ OOda00 OOM Od O] oO O M0 OO OOM WooO0dnoO 1 OOO MO OO O] O OW COMO do Oo) Mo O] O] MmOO O] O] O OQ O11) OO oO Www oOo O] OW da OM mu MmoOUOd oO M OU OO O10 O Gmoo oO mo ad O] O] OMO 8 8 Woo OO0 O] (Oo OF OG O10 OO OM ao0o O OO nn Mm OU mM Moo O OM0O Wooo © O] OM OO Oo OO O00 WW QO OO OHW OO O00 Mm WMWOMoO O80 OO O OQ Od O OH O] O] O] O]

UO]

inan merts for the ear to 31 Ju 2023-24 £'ooo 12,8501 2022-23 £'ooo {1,1861 Surplu51lDeficitl before other gain5 and 1055es Add back: Note: Deprwation (net of deferred capital grant release} 4&10 961 Pension adjustment- Net Service Ilncomel 30 {2451 (161) Pension adjustment- Net Interest Ilncomel 30 11,3581 {721 Loss on revaluation of Investment Property 190 250 Costs of middle management job evaluation exercise not matched by revenue 3,817 Adjusted operating surplusl{Deficit) 515 {1801 The underlying position for 2023124 has been approved by SFC. The accumulated surplus on the Income and Expenditure reserve at 31 July 2024 was £14,014,000131 July 2023 £18,698,000}. The provision ft)r future pension costs arising from earty retirement of fomier stsff and the equalizalion of pension contributions under the Local Govemment Pension Scheme and the Scottish Teachers Superannuation Scheme at 31 July 2024 was £3,982,000 (31 July 2023.. £3,982,000) whilst the FRS102 provision for the College's share of the North East Scotland Pension Fund INESPF} was nil (31 July 2023= £nil)- The College has net assets of £59,034,000 131 July 2023.. £65,280,000). The current asset to current liabilities ratio is 1.2..1 (31 July 2023 adjusted.. 1.1=11 and shows the College has capital on hand to meet short temi obligations, wqth a ratio over 1 indicating short term 501vency. The gearing on long term liabilities 15 0.9=1 131 July 2023.. 0.7..1 } and a ratio of 0.2&0.5 to1 is considered optimal. Thi5 show5 the College is reliant on SFC funding to meet its long tem liabiltties. During 2023-24, the College retained tr¥0 subsidiary eompanies, Aberdeen Skills and Enterprise Training Ltd IASET), and Clintety Estates Ltd. The prineipal aetivity of ASET is the delivery of eommereial training to the Oil and Gas and Engineering sectors. Clinlety Estates Ltd is dom)ant. Taxation Status The College has been entered into the Scottish Charity Register, and is entitled, in accordance with section 13{11 of the Charities and Trustee Investment (Scotlandl Act 2005, to refer to itsew as a Charity registered in Scotland. The College is recognised by HM Revenue and Customs as a charity for the purposes of section 505, Income and Corporation Taxes Act 1988 and is exempt from corporation tax on its charitsble aclNities. The College receives no similar redemption in respect of Value Added Tax. Treasury Policies and Objectives Treasury management is the management of the College's cash flows, tts banking, money marf(et and capital market transactions- the effective control of the risks associated with those activities., and the pursuit of optimum performance consistent Mqth those risks. The College's treasury management arrangements are govemed by the College's financial regulations. which are compliant with the Financial Memorandum with the SFC, as are the College's borrowing arrangements. Cash Flows The Group cash )low balance decreased by £388,000 in the year12022-23- decrease of £523.0001 Liquidity During the financial reporting period, the College maintained its cash balances at a level which maintains sufficient resources lo fund the operation of the College. The Regional Board a¢knoedgeS the prohibition set out in the Scottish Public Finance Manual on the accumulation of reseNes. The College's cash and liquid resources position at the end of the year was £8,287,000 131 July 2023= £8,675,000). this equates to the College having 47 days of cash on hand IFY2022-23: 44 days). 20

QO OT) ~~Ott) tt)~~ O

~~OU~~

~~O~~

~~OOOO 0 On 2) nn)~~

~~a~~

CO O OO OU O] MOM OW O OW OO OWMMoOW OO Oa OH OU O 0 OO OOM 0 O40 8 QO OO W MoO Oo Od O] O OH O] OW) O O OW O O QO O] am) CH Mm O O O] OW0 wo O OO WW O OO O O Om OW O OOO MM WO Wo OMM@ 0 20 Ww Mm OO WH COO WI O OU O oO O] Mu O] OOMMd W OO QO mM Wu On O Oo moO Oa MoOUMO O86 O] OOO oO oO OH) OO OO O Ww OOO wo fim OO OH O] O OOM W MO OOdmtodO CO O M OMMOOBOOO Oa © Moo OOd MMoOOOOOLWW OOoOD OU oO om oO O Oo @da O OO OOF OW W O 8 OH O OW a OO oO O] OO OOO OD Mo OU OO O00 O] M0 O O O] O] O O @W O00 OMO0 Oo i] O O] O OO OMO OOo MoOUOO OOOO O] O OM dO OO OO a OOd oO OU mm oOo O OOO MO000Oi O] O Mm OMO0 MoOOdOd oO O] O O OO Oo OO OBO OOd OOMoO © OO O8O Of Oo WM0 MM 0 MH Ww MoOd ag O OO MO OO OOO Od OO O] OU Oo © MO Mm OO O01 O Mod © O] oO OOUOM OBWOAOOWado O M0 Wo OOHO00 OW OO O§ OOOO OQ O MH Oo CIT) Mod WOO WHOo OO WO ww mM oO O OO O] On Od OO O O OOUd0d @ €@WOMmM Oo O O OOMOMOMO0 WOO moO ou OWMM oOmo oOo Oo MO OaO0 OO MOO W oO OM a OW O OO Oo ae) M0 0 O OQ OOUOUOMOM Oo (1 OO O Oo Oo 0 OM Oo OO Wa OOOO Uo ob OW od O] O O OOdMd00 oO OO Mm Wa aa mM Ooo Oo HUM OO O] Mod OOO a OO O] OQ Ut ~~0 CH~~ O O] am) O w O UO] O O O OU oo dO O] O O] O O] O O O] OO O] O Od O] O O] O O] O O O] OO O] O] O O] O O] O O O Odd O] O O] O O] O O M O OO O] OU O] O O] O O O O OOoO Wd O] O] O O] O O] O O M MooO O] O O] O O] O O O Odd O] O O] O O] O O on) foa O] OMdO ww O] O O] O O O] nt OO O] O O] O O] O O MMmModa O] O O] O O] O O O OO O] O] O O] O O] O O O Odd O] O O] O O] O O on) O O] M OOOWM OW OO OO OH O] O00)

L] ae

----- Start of picture text -----
O]
----- End of picture text -----

UO]

~~QO OT) Ott) tt)~~ O

~~OU~~

~~a~~

~~O~~

~~OOOO 0 On 2) nn)~~

HO OL L O] LH LW LL U U

L] L]

O] O OM Wo O Moa OOM OO OOda0 O OOd0 8 MOOU WOOWw O On

----- Start of picture text -----
[)
----- End of picture text -----

ee OH Od QO O] MO OOMmMoO Oo OO O O00 MO 1 Wm a MMmmW oO OL OO Of OM 0 OO on) O

Mm OOMM0 Wo0oWOOd8 O OOWO MW Mood OOd Mm O 0 O OQ Ml ~~mi O OH 0~~ UO] O] am) OU OO O88 000 O] On O] OOOO W@W WOOO CBMoO mod O CO OO Oo Od On QO i O aa OMad WW O 0 MOOUMdL Oo OO O QO OQ QO O 0 OO O0U0dWMO OO Oa O Hm 0 OOH H mM OO W OOOMMOO0Od0 oa OO OOM mo OH OO OdOd MOM oOuUoO O OQ Mm Oa O] OOdo Ww ww OOO O OH O OO Om O Mm Od OU O] H do Lu O OM O CO) mn O] OOd oO O] OO0 ma O O] OOO OO 0 O OW O] O OQ O OW OO Wmu OOOO Ooo O08 OO 0 OO OU da (1) Oo Od MO OOO WM OBABOWMO We oO mM oO MO OOO H mM O MMO 1 O OO 0 OWMOo OU O WW M Mad O OOOO Oo OO OOoMH WMo WwW woo () moO OO O] mod ww OH OW M MO OO O OW OO MOO00@H OOOO O] O] Oo W i o OO O MH OU OO Ww O 1 Of OO Oo Ha O Mm OO O OU 0 O O 0 O Of oO Oo O OMoaowm ag m oO OO a MMO

----- Start of picture text -----
UO]
----- End of picture text -----

QO OT) ~~Ott) tt)~~

QO OT) ~~Ott) tt) OU a O OOOO 0 On 2) nn)~~ O O O] OOO OO O OW OOO Wa OO Oo OOOO Wa O m Ho QO OH O OH OOO OM WO MMood 8 OM OO OOWO O O14 OO OOOO OHOOWM dO OO OOF WOoWoOMooo0 O Mo OO 0d OOd0 8 Mm Oo OM oO O] 0 OH OO 80 OO Ww O O OO O O] O] O OO Moo O mMoO WM Ww O wm O CO Oo OoO oO OO OMd O00 O] LL OO O O O] OM OO O] fo OO oO Wf @ OM O OO O nt OWWW oO ma WwW OOoOda Qa 1 oO O] (OoHM WM mo oad OO CM@mommM oD O m oO OO OF OW0OW MoO UOMO mo OO oO O H Oo OO oO O] CI 0 o OU O] OOM OO OO 0 WwW O OOOMWABOOOU OOO Ww O] O] O] O] O] O Wm OO OOO O OO O OQ CO Oo OOO O8§ WOW od O) U O MOQdQ0 WW OU GH OO Wo (OO Mm ww OO 0 mM MmMoo OQ oO moO QO O O OO QO O00 ae CO Oo OOO wg OU Wo m iW Om da nny O] O Mad O fo oO OU HMdOO0 0 0 O Oo oO O CO Oo OU O 0 OM0 oda OO oO O] OO O O] OaM0 OOOWM WW ww O OO OW Oo @ Mm OOO O] ou OO Oo Wma OW O LL mow oa OO Oa OHO0 0 oO fm Mm OWWo ou Oo O CO OOO 8000 Waa M OF 8 WOO00d O O] OOM OO mo oa O O LL OHOWO8 0 OOd da (0 CO) O may om) O] O O mo aod O] OO O LL Mm oO O] Oo O8 OWMOod mo OW) OOd a O mM MOO Ooo O] O Mao OO Wd a0 im OH WMO do OU Mm O O] LL O OM Ww OOM M0 WW ww mn O O O UO Mm O QO O Od OO OQ O] CO m oO O mo oO m OOO O @aod OWMO Ow O OO OOOO O] OOM 0W OO O O OM MoO0O OodO OMmMo O06 nah OO nt O] OMMm ood OOOw@ Hmdao a O] O] OM WOoOOM oO @o 8 M OOQ OH a Mm OO O] Mm OMOWOd O O O] OO OM oO 0 O] OH Oo UO] OOO W@W woo oO O OOM Mao OQ O] (1 MOOd O] oO OOO OO MM wo OOOO Ot HO 800 OQ UO] (Oo O O W O O] OOUm ad ww OOO OO OOoOma O O M00 0 OW O] O O] OOOdd O O OO MOO @ OO O OOOmM MW Ou oO O OO Oo O MOM @ 8 Wood MM oO OHOOd dO Oa MOO OO OH a O OQ (1) Oo O] OM QUO QO OH O O] O] OOOOHoO OWO OO OO MoO oo OOO WW OO WoW OOO OOO O OOO OO oO mM

UO]

~~QO OT) Ott) tt)~~ O

~~OU~~

~~a~~

~~O~~

~~OOOO 0 On 2) nn)~~

Ht OO OMoO a O Om O OO a OO da O

MH oO OO a 0 O

O] OOK ado OO mW O WW oda O OOO OW OO O OOdQd000 00 O Oo OU Mm oO Od O O] foO OO O OQ OO © Uw uo OOO O] OO Ww A OOO OOM @ao0 Od O LL MoO Oo O OO OOd OQ OO MO WMOMO0 MoO OD a O O OO a O OM Woo Oo O 0 O O] foHM Od MoO HU OO O OOO O00 0 O MoO OOMW Ww O OoOO0d 1 OH O MO OOWOWO0d O Ol O] OM OO Qa OHMa LL fm oO OO OQ OQ OH W wo MoO UW OU ta OO O O fi O OOO O OQ mao oO CTO OMm oO O O] O OW O O Wo O fo O] Oo Od O OOOO@ OOO O00 Mod OO WW O OOO OU O OH O] O] MO OM Wo boo OO Wo O O] OO QO OO WOO000 MOO OU O (Oo MOO OO O] OOO 8 00 HM} OM Oo O OOd On OOOM WW On OM OO Mm Ww O] OOU0 oO OU O] COO OOOM OO Mog MO OOO OWMMoOoOoOdo oO Oo O fo oO OW O OMOOORD OHOWMW MOOD OH MM LL O MH OO O O OMW0 OM Od 0) H OT O Wa C0) MOU OM OO M MM WoO000 an O] OM dood O O O] MOO OUOOO Wa O] OQ QO OO nT OM 0 O] O] ~~F~~ OO OO Oo OO WW OM OO O O] O] OOMWod O] OM oO O OW O Odo On O Oo Ww OO OH O O OMWod CH] LL O O O] Ol moO Ww WW O CO Oo MOOOU0 @ ww OU OOO O O OO Maw Mm OO LL O OOMOMO oO OMOO Oo OW O (oO MOOCOWORBOWMOOd MoOOOO W@W O] 0 OOMoOOMO0O wo OH Oa OO OH OOUW WCW nny O LL O OOM OM 0808 OM dO O CO Oo Oo MO O00 WH W ta OO fo OO W O OOO0 8 O CO Oo OO dQ MoOOOM OCOOOD O] OO O8 WOO O00 OM OOd OoOd0od oa Mm fo OOOO OWOo Oo M OOOO WO O] OM Cm Ww OO OOM © OoOd O fooO OUWM OW Od O MH MOOO FW O] O OO W Ww O OO OO0 @ WM OOO OU OO MM OM MW OOUOMOO MOM ob HooWwW O] O (fo oO Oo OW Oo 8 OH O OI) O Ov O m OOO O OM OO OOO OOM O OOM domo OO O Wo O] O] O] O]

UO]

~~QO OT) Ott) tt)~~ O

~~OOOO 0 On 2) nn)~~

~~OU~~

~~a~~

~~O~~

am) OH ou O] OoU dO O MoO Himo od O O] nt OO oo) OH nn OW OO QO (OM OO OO O O OO OOF OO OOd og O OOOQ Mo OO OD OG OH O mM OMO0 Oo O OO W O (Oo O) Ml mM OOOMOWD Mm MoOoOoMo 0 mt OOD Oi O Wo fo oO O mao WwW Wea OH Mud © OO O OoUdd OOO O] MoO oO LL OW OO OWO O O WO OW O Oo Oo MoOWMOod O fo oO O] On Om Oo O] O] Ooo OW WOW W@W O8oOWw OO OOaOW OU OOOO0OW OW O fo oO O O Oa OW) OH OHOUMO OOOO Wo O O O OOCOAOBO O OW Hw O] OH MH OH O00 OOOd0 OO O fo O Ood Ww fmm =O 4 MW O Mu Mm oO Oa Oo LI) Oo Wm Oa MoOOd OO Mm oO O] LL M MW8b OO Www MO OO WM Cd OMdadaww LO OO OO Wada O WW a i Mm OOMO Oadda OQ O] O O] O] O OO O] Om Oo W mM WM Woo Mm oO OOOO OO OO O88 OW OOO O] O OO QO Oo a OOO OOOO000 Oo O OM OOM Oo O] O OOF OM OMMod oOooOo O W0 OO WW O] O MO OO O OH OO CO QO OO O] BO Ei O] L| ii. ~~he~~ O] hi ~~i~~ O] O] O]

UO]

NORTH $T SCOTLAND COLLEGE Chari No.. SC021 inanciql Statemerts for the ear to 31 Board Member attendance at Board aTrd Committee meetings for the year to 31 July 2024 is as follows= Board Member Regional Board 214 Audit & Risk 314 Curriculurn & Quality Human Resources Finance & Resources 414 313 314 414 313 313 414 414 314 213 213 214 414 414 313 414 313 212 212 414 314 313 314 013 214 111 414 111 314 112 414 214 313 314 213 113 414 414 414 314 213 313 214 213 213 212 011 414 313 011 The Govemance and Nominations Committee continue to undertake a key role in monitoring compliance with the Code of Good Governance for Scotland's Colleges and consider implications of any legislative changes. The Committee also helps to ensure that the Board remains fvlly effective by considering and recommending the implementation of any guidance or best prackn.ce that is issued to the sector. In addrtion. the Committee considers successv)n planning aangements for ils membership and ensures Ihatthe Board's Govemance Manual is reviewed regulady. The Board has established an annual evaluation process for reviewing its effectiveness. This includes a suite of evaluations Board. Commrttees, Regional Chair, Committee Chairs. individual Board Members and Secretary lo the Board. The annual process reflects sector guidance issued in °Guidance Notes for Boards in the College Sector. A Board Development Framework.. The Regional 8oard seeks to comply fvlly wrth the Code without exception. At its meeting in March 2021 the Board considered a paper by MHA Henderson Loggie on its Externally Facilitated Effectiveness Review undertaken in AY2020121. The Report evidenced a high level of compliance with all aspects of the Code of Good Govemance for Scotland's Colleges. MHA Henderson Loggie highlighted the reF)Ort contained no areas of non-complian and no recommendations. MHA Henderson Loggie commented that the External Effectiveness Review carried out should provide Members with assurance that the Nescol Regional Board is strong and committed. The Report was approved by the Regional Board prior to it5 submission to the SFC and publication on the College's website. In line with the Code of Good Govemance for Scotland's Colleges, and the recommendation to undertake an extemally facilitated effectiveness evaluation every three year5, It has been agreed by the Regional Chair to complete thi5 within AY2024.25. 26

~~QO OT) Ott) tt)~~ O

~~OU~~

~~a~~

~~O~~

~~OOOO 0 On 2) nn)~~

O MWOO WMO MOO oOMmoo O] Oo O OO CO Mu nt HOOMOOa a O OQ OO Od O] O W om O O Ou OM O0 O80 WoeWw OO O OW O] oO O] OU OU OO 8 OU O OF MOO 80 OMO OO HOd © Mm OO 0 Ww O] O] OOd @ 8 OO WH Oawoa OOU OOO© O OOO0oO O] Ooada OO Wa Wow Od O OMIM = OM OW nt OH ~~vu O OO Oo W O WM oO EU OT Wo oO MO fH oO~~ O O] OOd OO OQ 0 Oo O O] OOWH AMO BO OOO OO On oo OO OOOd (m1) O OO OW O MOO 0 OU O HU OW O] Oada OM WW @ WW ni O @ oO OOUBo @ WOOO O] OM o O nt Mio O§ OO MoO OW Ooo OH OOM Wa OO Ma0 00 O O OO od O O] OOOUd WwW 8 Wm OH OMoOMmM oO OO WO BU Oo OoOmM0 QO OW Ww Ou OQ 0 MO O O MoOUOW) Ww m oO Md OO 0 OOO0 Oto (OM oO 0 OOOO OW OU fm od Mm OMOO OH Od OOO OO O] O] O Mim oO O OOMO OU M OOOWdoOMd @ Mo O ow) MOUOUOD Ww (0) OO oduojomM Oo tn O O00 O] OO OO 0 Oo OO O OO Mado MO W OOOOo O Mo w MoOoOO OOM Ww O] O oO OM Wow OO OF Ww oO OM OOO O W@W Ww O] O] OO O] O OO Wo CI) OO WW MoO OO O fh (1) O O] QO OU OHO LL fo O00 O OOoYW QO2WaUA O&O oo Od Mm Woo M OO WW Moo Ww Mm OOOO Ww OO oa i) iM) OO OO0 MOO MmMood0 O O] OO) W) OO im O O MOOOo OO O O OO O oO oO O] O] O] O] O] Mado O LL (oOo OD 1 OMOo OO (1 OO OF © 20 WW O fo oO O OHO ag O] OMOdM O OD O O OO O OOOOd mud O] OOOO OU OW Od@0 00 Mm Wa O O] O] O OOOO TM O08 O a O O OF OOOO O O O] OU OM OO OU OM Oa O OO OOd OW O O] OO MmMoOoOOd OoOd oH O 0 O00 MO OU Mod on O OM OOM OO Oo OU OO mv mood O] im uo OHOMOOO00RD0O0 Ww MOOU00MMmM wo O] Oo WM OC OOU0Mm 2 Wa O] HoOOOO WW Oo 0 OOH OO COO nt MoOUOOdd 10 CT) Oo OMWM OW O Oo O OO WMH WmoOo O HO OOOWw OO Oo mM owa Oo OQ Wmdo OO O OW OO Wi W O] O] O MoO M@OOOW Wooo O OW WOO O HH U O OO OOO0O0W WwW ao O O] OoUd O Wa OO O OOO0 OU 8 OO im oO Mm Mo OW moo O Od OO OOWOMO0 O OU O] O] OOU0 2 wo Oo Ww nn Q) O O] QO 0 OOO OQ O OOO OYUMOM OBO OMoO Oo O mM OOd OO

UO]

~~QO OT) Ott) tt)~~ O

~~a~~

~~O~~

~~OOOO 0 On 2) nn)~~

~~OU~~

O] OO OO 0 O] O Cn) Od MO OWoa OoOd om OO0d w OOdOd 08 OM mm OO Mado QO OM0O 20 OHO O00 0 O] O] O] OO0 UO Ow OM OORBOOO© Maem a bo ood O O O i OO OO Oo W@oW Oo @ OOD OOOO O OOO 000 OQ nny O OOOO OWb0 OU O OO OOOU may On OOMOo O OO 1) OO O60 WW OMd0 0 Mm WOW Od ao O] O] OM oOo OO 00 @M0O OOM ao Oo Oo O Oda 0 O] HOCWbMOO0 WHWMmM aa Od OOO Waa Mm OO Mo wm OOO O Od ae O OOO @ O O] MOQ O OOO Ww Oo (1) OMO M@Od00 @ O i 0 OO OO O OO O OOF O@OOMOOCO O dQ O O] OO aod oO O wg OHOW OM oOo od O O] OOUdQdadad We moo Mm OOOO 0 OOOOM OMaeod Oo OW On OM wm nim oO moO OW mo oO 2 OO Om) O O Mm O OO moa O] OUOMdo Oo mM OO CO OW) OU LL OO Oda OOOOMoOOMUMHOdDOD O OO O Oo mM UOOUNDO Oo M OMO OOM Oo O LL MoO Moo OO U OOO 0 oO OOHOOCOAMWMO00 O OO W O] OO OOd OOOmMoao0g O fo oO O OUM @ Om oO M Oo O O O] may i i oo OU O O Od OO o OOM 0 wo —MOgoOoM OOOMoO oO OM Wo MO WOHOOOO FO HMOOWM OO OO O ow O] O WM ao OO O WO OH OB M@WMo 8 OO Od OH O] MoO0OM OM O MU O CIM O OW Oo OU O] OO OO OOM O fm oO OOd @tda Mo Oo OO OW OO OW OOOO OO O ae OU O OO WO MO OO OW O] O Qa OOMMm wa O QO U0 OO OO w OOM Oo On O OHW Oo O WoO oO OO OW O OO OOoOOM OM Wao OO 0 0 MOMOHWO Oo mod O OOH O OOO OOO© OO Ww OOOdQ Wa OO OU OQ OOuU wm a MoWW OW nt QO Mo OU O Oo O nah O ~~CLL) MH i ObU O O OO O HO fi oO O~~ 10) O] O OOO Oud OO W OOOO Oo OO OQ a H OO OQ oO OOda Oo Wwaod O Od OOO Mim auodad a OO OM Oo W O] O] O] O OO OO Mw oO O] OOM Ht) O Ou O Om wo Oo WM OO OOO OOd0 Og OO WOOW Ww OOO MOO Oo Mood MMOMm COM 8OO OO O O i O OO Mm M0 Mo oo O O] OM Mo OW WwW WO OO ad O mM Mm oO OMM WO MWYMood 08 Ooa 8 a Oo OF OQ OOO OO O O O00 OU O OO Ww Oo O OO0 (o MimoO OW oO LO) OM WOWOO WoO 8 oO OO O O OO O OoOda OO O O O O]

UO]

~~OOOO 0 On 2) nn)~~

QO OT) ~~Ott) tt) OU a O~~ O OO0 WW M OOM MM@oOOMO aoa OM

O] OO

O m oO O] OQ0 0 WW Oo O O WMO OOO@ OC OW O M Wo OOOO MO Moowo On O OO O OHM of Oo Mm oO O OO OO OU Mm OO O 0 O OF O] OW) O] OO OQ O] OO0 O WMO OO wo M O OOO OOO O Od OO MOO Moo oO om oO 26 O] OO O 0 OOO OW OO OO OO O Oo O OC O ania Mm OF O08 OOM O O] OO MOORCOM O08 OOM O O QO OOO O O] O] Oo O Q@0O Ooo O] O OF QOOWAOOOO Wao aa O Oo O OOO WO OO Oo OO WH OO OU Mo0O OO O] OOOH0 OQ Oo OHOdQ OQ ) O OO OQ OOO CO OO oO O] Mm oO O OOO0 OMOo OO O O] O OQ O OOO OOO O OO OU OO Ow O OO OO COO O OQ O] O] O00 W O OO O O08 OU OQ OO OO OM OOFOHWO 2 QO O oO OH OO OQ OOO OOO Mm O Mm Oo OOOOMO0WMOMACO0dd wg OQ WW O OU MO OO OO OQ fm oO OOdd OOO HT OO O MHM@oo OO OQ O] OO OOM O88 200 OW OO MW oO MOdododa O OF a OOO On O OOO O O O 0 OoOd OO HW] O O] OOO OQ OOddoda Oo 0 O] O00 HH oO O O OOO O80 Oo O] Oo OF MO OO OW O] O OOOo O 0 O] OHMOO0M Oo O O O OO MH OM 0 0 Oo O o O OO a O MoO0 O] Oo Oo O O 0 O] O O§ OQ O O O OOM 0 O OO o MoO O OW OO OOO8 OQ HOO Ow Oo OM OMM OW oO CoM O Mat O OO O OOO O OmMmod Mm Oo OOO0 WwW mom oda Oo OO OOM O OW OM moo On O Ww OO OU OOM oO OOd og OO O0000 O OO OI) tm OUWMd oO O] OQ O MoO OOUOOCMOO 08 OM Momo wo mMoO O WM OU O] Oo WW O] O OO OO OO OO OM@M eo ima MH WW Wo O oO OOOdmMctwaoda O O OQ Od mM oO O O] O] OO W nn O] O] OO OQ MoO OOM OU O Od Oo OUDgO 1 fm (0 O OH Woo Oo OO OOO O] UO] O OO O] OU 1 OW M0 OW OO Oo woo Mm Mm OOO Oo OMmM oO MMMMW OOM OA HO om OW O MmMmoaooda OU OU Om a OO O O OO O] O] Mo oo O O] O WH (o OOO QO WW OOO COWoO MOOUOOM Oo O OU O] O] OOO mM WW O] O O oO oO MoO Woo mod O] OO OdO0 OUO0 OQ WW modo O O O] OM0 @ OO moo (OU OO mM OF OOO OMov OO OO i OM Q00 O O Od O] (0 WU O OO H OO OO mo do O O OFF OOo O O OW0 Oo da O WM ta O O] Mm OOO Wo O] O] O]

UO]

QO OT) ~~Ott) tt)~~

~~OU~~

~~a~~

~~O~~

~~OOOO 0 On 2) nn)~~

fo OM Oo Oo

OO Oo OHWaQa0q OOO OO O Od O Oo Wo M OO00 Oo OM O OF 0 OW O OOO OW mM OW O] OOdadQ OU OOOOOW Oa oO OO0 Ww m oO O O“F5O 0 Ww mo Mm OU OO 80 OOOU0 8BoHoUoOOd OO OO Ho O O MooWw Oo OO Mm oO OW O OOO 0 Ww OOOd a O 0 OO OO“00O OodQ OMO Wo Ouoda O] O Oo OOOO OO O OOMOUOMO OO 0 O WW Od O 0 O O] OOd OOM O00 20 OOo OO O OO OO OW Oo O OOO OO oo OOd iw OO Oo W@W oa OHO W@W OH oda OUM0 U moO O OO MOO MOO 0 OOoDo © OO OOO OOO OU 0 M OOM O Od W O MW oO OW CH OU OOM OOUOMoOoO OD OMaod0 du O] O O O OM OCD On OOO QO OO G0 Coo OOMO0 Wo nt O O MW OUBACO WoO OO WwW OM OO@ Oa O] O OO 08 Od OM oO OO OOM OOD QO OO 1) OO Oo oO OM oO O O O] OOM 0 mw O] MOM OW O8 OO OOO OW 8 ooda oD Oo MMO WOOO Momo OM MWMoO0WOU O O MoO O OOOO oO OOd 800 oO Mo Oo OMoO OW O] OO WW OO Ww O] OOUdQ O00 0 O m oO O Od O OMOO0U00d OM OW OM W@W oa MOO00MM OOO MO Ww OOO Hl MoOWoOOOd O] OUMO W@ OMeodo O O OQ O] Mm OM OO O O M00 OO0U0 O O m oO (MU tn MW Oo O OOO OFoO O] { nn O O Mm OW O OOOOOO oo O O C0 O] OU m Mm oO Oo Od OO 0 OW OOO Oo O OM mm Oo OOO odo MOF WwW oad Ood O M OOO OOOD OO O O Ww OOOUdGaOOaOd OO OQ OU OO OO CO Oo O O O 0 GW O O MOM Ww oD 8 O] O O] fi O OQ OO Od OOd og OO O00 moO OM OQOOOOMSO O LL (OO oO O 0 Oo mm 8 OMO oO OU Om O O © MO OOO OO Wow OO WW O O LL OOO00d @ O O] OU Mm OOO O] CO Oo OO MOWR0 O O OWm OOo OOO OD O OQ OOO CO Oo Mo ww Od OM wa Oo O O 0 O] O] OOO OOO000 Mm oO OM O0OMO 0W OO wo MoO 20 O HOOOQOQA0H OOMOo O W O O] O] OO a O O] Oo OOOO 08 Wo OOO OO O] O] O]

UO]

~~OO OT) Ott) Won OO~~

~~im~~

~~CHM) 0 0 Oo~~

~~8 Le~~

LEDILETTTTH =I) ~LLW L] L] ia Mil OU dw Oo OO HO Wl 0 O OW OH OW OHH O moon Ww OOO ood 0 O OW 0 ia 1 oO HOUd O8uUoOD 0 Oo O OF O OOO OM OF WW OOO mM OUOOD Oo

0 OO 0 ia ia HO MOUCOHW OO oO OO OW DO OO ia ia ia ia mo Oo MoO OF DOOUD 0 oO Mo imal (Wu HHOO0 ia ia HO OM WOOIOo Oo aa mM ov OHM Wo oo O10 0 1 OU Mo OO Wooo OU WOW 0 oO Wo OO oO Oo Oo Oo ia OOO w OOO WWM ODO OOMoOod 0 0 LT ia MoO OO moO MM OH oO O OO oO TH oO Ui Oo UBOUO BM oO Wo mMomoma 0 O 0 OH WwW Ww ia Oo OW O OO ia 0 ia Om oO IM oO OU 0 OO ia ia a OO OO OOO ia ~~[eo~~ ia ~~Sid |~~ Oo 0 ia Hi Wo ia L 0 OO ta L OO L O OU O OU Oo Oo ~~Pooddl eeee ee~~ LJ Oo Oo OOU oo OM WU ia 0 LW OO o Ood M OOO Mm oO OO OO OW ia OM OU Oo (00 OH Wo 0 Ci LO) HH ia ia 0 ia DHoO oO Oo OWoO OO O Op oO Oo Oo Ww ia OOUddg OO 0 ia ie Hoddo OO O OOO OOO W HOOoO ia OOOOO Oo O Oo OOo oO OO0 0 ia CC, | TO Oo oO oo oo oO oO oO lo lo O ia OOO mo 0 0 O OO O 0

ia nn OH Mm oO Wo 0 OU ia Ou uo TM O00 ia 0 ia OOO OM ia ia ia Oo oO Ho oO Oo OU O WU iw OH OOOO a M OOF O OO LH Moo Oo OO OOO O O10 Hh WW Lo OOO O§F Ooo) Oo M WM OU ia 0 OH im O COO OOO CO Cp OO ia ia OO ia Oo Wo OOO Oo Mm Oo O Mm 0 HW ww OU Od WwW OHH oO OW O OM U OH ODOUOW oO ia O OF O Og ia Hi Oo OUMH OU HT] ia

~~O Ot) Git Ub 1 oO O Oo Cin O OOO) 0 0 Oi 0 Om~~ oO HmoO WwW O00 Cio O OOO Wi i WH Mm oOWo O Oo Oo ou oO Ho) Oj Oo OOo Oj nH OM oO mn WH Oo Oo OOM 0 OO HH OO Ww Oo Oo Moo Oo OoOd Oo od Oo OF OOOOOF O Oj OHOU0WM OO Oj mo 0 nt] () U0 mM OO 0 Oo OU OO Oj Oo oOomMod ov OO WU Oj MW OW O O Oo 0 Oo Ou OW =O WM OW Oj OW im oo Ooo OO Oo 0 oO Oo Ww O

Oj Oj Oooo Oj Oj Oo Wo Oo Oj on OoOd oO Oj Oj mM oOd0 oo OOMWw OOO OFF WW OM wm oO OO OOU OU WMO OO OO OW OO Oj ~~me Oo Wo Oj Oo OO Oj~~ Oj Oj OO OO Oj O Oj Oj Oj O Oo Oo O aa Oj O Oj mH Oa O OF} oO Oj LH aa Oj nT nT OOo oO OOO oO OH Oo Oj O Oj 0 O00 O00 O00 O00 OO ~~mas Pbe) ono} oo) a) mol oo | oo Ree~~ Oj Hi oo O O OH O Oj Mooo0W wo MH OM oO Mo oO W OO Wo O Oo nn OO 0 Ow oo O OOD O OO Oo Oj Oj Oo OO O m oO O0 Oo oO OU mo Oj O O Wi OO OO oO UU UDOOoOOo OO wo Oo nH oH OO oO OO © MM WW M Oo OU OOd O tm oO Moodda Oo OOoda OMO OF Wo oO min OO OD OH OHO OOo OF OU OO OO O“h im OU OoOO0O0O Wo OoOd ov an o Oo O§ OO O Omoo nH OO 0 OOOWMO OU oO Wu Mm OO OOOO oO Oj Hoo oo OO a O O MOOUUOOU Wmo in ol O O 5 MoOoO0O00WW OU Wo Oj Oj fo oO O OOo0 OO BOO OO WoO OOOO OMOF OW OOO 0 O Ww Oj OO0U0 0 Oj Oj OO UO Oo Oj Oj OMO OOOWb 00 MoO Woo Oj OMO OoUd Oo @ Wi OO WMoOo0O0 OOmodo Ww OHOUUd O WOW O O O O OW OOO oO Oo OO Oa O oO OO Oo Oj Oo 0 O Oj Oj Oj

]

~~CO)~~ Oo

~~aan~~

~~CO) EET~~

~~im~~

~~A~~

MMO OOO U

OUMWM0 Hood oo O Ou UO Wu HU CO OL LH OW QUT) = im UO OU HH Li ne OOU Ww OM na U i o O Mm Ou U UO ou OUOUOUOUW OU oi U U ~~|TToO om hm | oo ee Ge | mmo OU~~

U oo O OU U ~~Po a Pom~~ U ~~Pom~~ OOOO Uo OOUd OOO Oo U U ~~Ro 0 ef Po of ol a Oweo foo oo oo} of mo | lo} ll [ooo oof mt? mf? oof of oo foo | foo CU CP[ET]~~ U OO OOO O Oi O Oo U OU UU O Hin Oo OO UO WMH UOC OM U O Ou OO UO O OUO Hn OO ou O OO O Wu U U UMW MW Ooo Ww Oo mM iW ou OW Uoou O OOOWl ae CL dW Oo OU O OO O OW O OW O UW OW WM OOO OU O OOOO8 WO OO OO CO lh ou O O UO Wa 8 mo Od OOO W mu 8 OO Oo mi COM) Ss Os es ao U OoUd A WH Woo oo O dO UH i WooWwW ou O OU MU MM UMOo OU OOOOoO Oo U U O U ~~aMU U OU OU Poa~~ O UO OUD ou ~~ae esee eo Ee | po pcoo~~

Public Sector Equality Duty – Interim Report 2023

https://d1ssu070pg2v9i.cloudfront.net/pex/nescol/2023/05/11155057/The-Public-Sector-Equality-Duty- ~~a~~ 2023-Interim-Report.pdf

Staff Equality Report (covering employee information, including across recruitment and retention, by protected characteristics): im

~~a~~ https://d1ssu070pg2v9i.cloudfront.net/pex/nescol/2023/06/16132910/Staff Equality Report.pdf

Pay Gap Report – Gender & Ethnicity:

~~a~~ https://d1ssu070pg2v9i.cloudfront.net/pex/nescol/2021/04/29143230/Appendix 3.pdf

Learning & Development Equalities Report: im https://d1ssu070pg2v9i.cloudfront.net/pex/nescol/2023/06/15155300/Learning-and-Development- ~~a~~ Report-AY20-21-and-AY21-22.pdf

Note: % Figures have been rounded to one decimal place

~~CO)~~ Oo

~~aan~~

~~CO) EET~~

~~im~~

~~A~~

MH WMOUUOUUO Oi oO oo O OU MOU OW U OM Mod O00 UO Ou MOM OO WU MU 0 OH O OO OUDO oO O W@W ou OOM ww OU O O doo MH WM OO WMOMo U U OOMWw WW UO OOM Oo HMoOOd O U

LU Hw OU CH) OO OO On) O WUOU OOO OW 0 OU OOO BUD

CO Wo 0 ee OOMUWOU Uo O OO ONO Ul U LU UM( Uo OU MH U OO0 0 dU O LU LT Hn O OW 0 CO C0 Hi Ww MOOMm wo UM oO UO OU dH) U CO Us O OW WW wu HW ww OO Wo oo O WU ma MOO oO

U U O Od U O Oo U OU (0 W OO OW Wooo Ww MO O80 OO Od O OOO UH mH OOo O OOM Ooo oO Ww OuUd UOOOdo Ww LLM U ~~Moo WoO oo U Po~~ U U a O Ww ne U U ~~a G2 Pom~~

U U U U U a (NO 0 ne U U

U U O OU OOO 8 Oo mou Uo U i O O U OO 0 U HH Mu OU MUUCMOUOO Wo oO oO OoOd U U U U U U U U U U U U U U U U

Fair WO Disclosure Govt ctation SFC expectation NESCd's Position Evidence Princi Appropriate channels for effective voice, such as trade union recognition 8 recommendations We recognise Unison and EIS-FELA as trade union5 for all employ$ We have regular Unison and Els management meetings as well as regular inforal meetings with union representatives The Principal provides a weekly all staff bulletin The Executive Teawn have introduced face to face Town Hall meetings across 311 campuses in addition to all staff webinar5 We have team meeting5 acr055 the college. We also have union representatives. on the Board We have national bargaining and pay 2nd main ternis and conditions are set nationally for all employees, other thaTb the Executive Team We promote trade union membership during induction and in our Employee Handbook We have consultation with union reps ori key deci510f15. e.g.. proposed restructuring We have recently conducted an all-staff Ewnployee Voice Survey. The questions were focussed on culture. environment, transparency, engagemeTbt. Staff voice. senior management engagement Managers are expected to have Action points and note5 from meetings shared with all meeting members Indurtion prograTnme Template written statement of T&C of employment RPA'S including collective dispute procedures Diary and written evidence of te2m meetings and l-l meetings icon records Minutes of B03rd meetings Staff survey planning. outcomes and actions •UNC gendas and minutes Grievance Policy & Procedure organisation5 with a workforce must be able to demonstrate. before they can access a grant. that all workers employed within that organisation have acce55 to effective voice Collective voice channel5= Providing acce55 to trade unions and making workers aware that they can join 3 union of their choice. Involving trade union/worker representatives in key governance and decision-making stnjctures. Recogni5ifbg trade unions for the purpose of collective bargaining 2nd encouraging membership. where this is in the worfrforce's preferred route, and providing appropriate facility time for SLhPPOrting regular engagement between union/s and members. Constructive dialogue between the employer. workers and where approprsate a relevant trade union/s to address workplace issues or disputes, e.g. absence managemen( grievance. health and safety. channellsl. including agency workers. Voice exists at both collective and individual levels and organisations will be expected to show how genuine 2nd effective voice is evidenced. Individual voice ch3nnel5- Regular surveys are carried out to understand workers views, including how well they feel effective voice 15 facilitated in the organi53tion. and 3re involved in agreeing and progressing improvement action. Forwnal and infornial arr3ngement5 are in place through which meaningful individual and collective dialogue take place. induding one-to-ones between workers and man3gement. appraisal/feedback 36

processes,		regular 1-1 meetings
team/organisation		with all in their team
meetings.	co	We have a personal
• Appropriate collective		development review
consultation and a clear		process, iCon, which
route for resolving issues		all employees are
at both individual and		expected to
collective levels, such as		participate in
through a grievance or	co	We have a well
collective dispute		established Grievance
procedure.		Policy & Procedure
• The organisation	co	We have a collective
promotes a strong		disputes procedure as
culture of openness and		part of the RPA
transparency and		(Recognition and
encourages acceptance		Procedures
of different viewpoints.		Agreement) with both
		recognised trade
		unions

QO OT) ~~Ott) tt)~~

~~OU~~

~~a~~

~~O~~

~~OOOO 0 On 2) nn)~~

HW UL OL)o U U O] L] OO Oo L] O WH Oo O Wi U ae 1 0 LH 0

(I O 0 O O O 0 fo OO OHO Oo O] O MOO M@oaeOoU dee 8 Ooo OO0oO 1 oO Oo 08 QQ OQ Oo OOOOCOaO a OO MOmWod OO OW oo Oo OF O OO OU Om oa Oo Od OOH OOOO oO OOO OOO Qa Oo Wa O O] OO 800 Oo O OH0 WW Oo oO OOO oom da O OF OF OF O] OOdd LO Mm Oo nn fH Ww O O OO OO OO OOO OO W@W oo OO) WM OW OO OO O O OU O] O OH Oo O MOO OO OQ Mm CU H} O] TAH Mm OW0 O O MO Ww OW O O O] CO OU O WOU O OO OOM Oo O O O] O OO O OOOOW OD OoOd O O] CO OU O i MOO O80 O] nn OM O OM O88 OO O] CO OU Oo QO OO oO OOO OOO OO MOMod OOO OO OU O i CO O] MoO oO 0 O HT OMdo ww O Oa QO tn QO OOOoOo MO OU Od

OMd oO QO Oo WM Mav Oo OOWd0 do O OOO QO H ol OO Oo Ww O O] O 0 ~~O OO Ol Ww~~ O] Oo Mo OO O Mma Oo 0 OOd O Oo —mOO WOO OO HoWoo oOo OU O O OU O O8 OO Wo OU da O Oi O MOUOd Od Oo OOO O O O] OOMoOdQ 800 OO oO OOO @ O 0 W Oa Oo Oo OQ O MOO @ OO OO0Od OOd ada IM WM OO OW O OO OW OO Oo QO O OF O Wi mM OM OOO O O O OO O OO WMO WM O OMWOO0 moa OQ OU OOWMO0 a O O OO OO O00 ta OO OW 0 O] O OQ Mm oO OOUOCOMOO OO Oa OO GW @O00 O OQ O] O] O] O O OO 0 OO (1 OU OOO O OOO Oo OOO fm oO 1] OO MoOo OOO OH BOOM 8Oo OO Oad OO Mm Oo Oo Of OO MoO oO O] M1 Wo OOOO JBOMOMO O OO0mdO OO MO O O@0O00 OOOMo0O0 oO O OOO000 O0 OOd OO Ou

UO]

QO OT) ~~Ott) tt)~~

~~OU~~

~~a~~

~~O~~

~~OOOO 0 On 2) nn)~~

OO dQ O Odd OH OQ OO QO (1WM oa OOO a ~~QO Of a~~ oo Od OO OQ O] O OO O W U OOO 0 OM OO Wom QO MoO ou mM WOW O] OO 0 O] OO OW OM OO OHIO 0) O OU OO O] 1 oO Oo W oO a Oo W@W OM OOOO WH Wo H Mo Od O M00 Wm OOOOM oO OOOMMOMO Mo 8 OU OOO 2 0 O O] O 8 OO OW O] OMdOO00000 WM OoO°d M OOOOO@ OO Mmm ou OO ada Ht O O OO Moo OO OOF OW O MoO O WO O OOO OOD 8 Od 0 O OQ fm O O mo dod MoOO0 0 OMmMto Oo 0 OO O] OOOUQ0 OO Hn OU OOOMO OW dQ O] OO OO O On O Mow Ww O O nt O] OO MO OOOOOd O] OO oO O Wd OOO 800000 nn O OMWd O] a ] OQ O OM Oo OO O O Oo QO OU O O Ww mm MOMOO OOO 8 OB OO OD O] OH OW HOOMOAO0OH0 OM O WO MoO ou Oo da H Oo OOOO Won OO OQ O00 O] m oOo OOO OOMMO OO HOUOOMWOHO wm ood O] O O MomoOo OO Gm oO OO O] O] OO M OOO OO OW Woo dad OM oO Oo Wma O 0 WW Wo OO OU | O O0 CO OO OOd O O Woo OoOd OO MOMod OO Oi oo OU O OO O00 O OOWOdQ OHO O00 OMoO Oo i) OF OOO OOOO WmMoo0 O Od OOOO MaooOOMaod OOO ODO OU Ho O OOU0OWO OU O i) OF OOO OOOO WmMoo0 O Od OO OOO DaM OU O OO OO 0 O OOO 00 0 O] OW O] CO mM Wu O W O] O OU O OM OQ 00 O] Oo Wma OHO oO O] O O] O tO Moo O] O OO 08 Wa OO da O] OO O mma O O O OH O OO OO MO O] Oo 0 WWW Oo Wm Oa oO O OO OU OO OQ Ou M OF O OY O] O] O Oo OM Oo moo MOddaQ O dQ O Ou OoOd O O OQ O O OHO Ot Oo Od fm OO Oo O] Om oO mM OO Oo OO MoOOOOHO 8 Wo MoOOOO Oo OOOM Oo OO OU

UO]

QO OT) ~~Ott) tt)~~

~~OU~~

~~a~~

~~O~~

~~OOOO 0 On 2) nn)~~

O O 0 O Oo O H O] HOMOOdoO O Od mood OM OOO 8 OOMOda ada OMO0Oo OU Od OO O OOOO 0 O] OM wm oO O OOOUOMOOMMa 8 WO @0 Ho Oo OO OOUd OW O O Oo (1 MO ~~O MW OU OO~~ O Mo ou O OO 0 O L]

L] U OO L] L] fo OO OF OF O OOM ood oO O 0 OO da OOO 0 OOd0 8 OOM00 OW Oo O Od OM O] nn OM oO O]

OO MW) U O] O] O MoOOd0 0 Wo O O O OO OF O08 O] O OOO OOO OO AaWo WM Oa MoOOd oO OD O00 O] CH] MoO O OOOUMW oOo 0 dQ OOO a O Q MOM Mm O00 OOM O Woo O]

L] WM Oo O 0 fo Oo tata OO OM Wm O] MO Oh)O O O O] O10 Co O] O mMmOoO OW Oo OOO 0 Oo fd Oo O Od o OOM Oa OHO Oa OOO O] OO dO O O OW Od Ht OHOQWMO Wa a O] O Mm OU O OW oO O] O O OO) MoOoO OU MO OO 0 MoO OOOOM Oooo 8 odo O] O OO M Oa OU O O] a Om OO MOOMOdQ0d oO O O O O OU O] OOO ) OOo oO MO O0OOMAOa MOO Od O Ma 00 O m MoO Mm OOO O O] OOM OCOom@ oa OOM OOORBOO nn MOO Oo oO OO dQ O Mm Wo O O O OM 0&0 OO Wo Oo Wma OO M OOOOOO Mono oO O tat O OO HOOa wa OHO OOW a OO O OU O OOOO 0000O O] O OQ O MoOO0d OHO OO @M@OaQ 00 O] OHM OoOa OMOO0mM oa OHO Womo OOddg O OOOO OW Oo OMO O00 OH OM oO MOO O O fo Oo ta O OM WO a OO MU Ou o Odd w O O] O Mm o O Q HOOQOQ Oooo ww O CO OO OO OW O] O OM O68 O] MoOOM OOO OM MOO Wo OOOOR0QMWO2 OQ O OO OW mm wu a MoO Oda OO O OOOOOM O MO Od OH O] Mm O O]

UO]

SCOTLAND COL Chari No.. SC021 inanciql Stateme the infomiation given in the Govemance Statement for the financial year for which the financial statements are prepared is consistent with the financial statements and that report has been prepared in accordance with the Further and Higher Education (Scotland) Ad 1992 and diredions made thereunder by the Scottish Funding Council. Matters on which l am required to report by exception l am required by the Auditor General for Scolland to report to you rf. in my opinion= adequate accounting records have not been kept- or the financial statements and the audited parts of the Remuneration and Staff Report are not in agreement with the accounting records" or I have not reiVed all the infomiation and explanations I require for my audit. I have nothing to report in respect of these matters. Conclusions on wider scope responsibilities In addition to my responsibilities for the annual report and accounts. my conclusions on the wider scope responsibilrties specffied in the Code of Audit Pracb'ce are set out in my Annual Audit Report. Use of my report This report is made solely to the parties to whom it is addressed in accordance with the Public Finance and Accountability {Scotlandl Act 2000 and for no other purpose. In accordance with paragraph 108 of the Code of Audit Practice, I do not undertake to have responsibilthes to members or officers, in their individual capacities, or to third parties. Senio¥ Audit Manager Audit Scotland Woodhill House Annexe Westburn Road Aberdeen AB16 5GB 23 December 2024 is eligible to act as an auditor in temis of Seetion 21 of the Public Finanee and Aeeountability {Seotland) Aet 2000. 41

~~QO OT) Ott)~~ O

~~tt)~~

~~OU~~

~~a~~

~~O~~

~~OOOO 0 On 2) nn)~~

----- Start of picture text -----
LU HO OU UW HO U
LL) O QO mtn oO] QO fit) Th O O]
O]
O O 0 O OU O]
O OU Ood a OOd Oo
O O OH oO OHO
O O O] O
O] O OH MC Moa mod
O O] O O O] O] OO OHO OH oO OH oO OHoO
O O] O O OO ) U MM O FO 0 OW O
OOM 0 O OO OW O] O OH oO OHoO
Oo Mo 00 OO OHO OH oO OO OO
O O O] O O O
OW O O O OOM sO LU 0 MH UO OF OU
O O O] O O O
C1) O 0 O O] O O O
O OO O] OO O] m oO Mm oO m oO
O] OO O] OO O00 OO OH oO OHoO
OOMdQ a0 O] O] O OO OOO O O
OO Q O] OU OO OH oO OHoO
O] OHO WM od O] OO al OH OH OH
OW O OH O O OU sO OU CLs aia Mo OU
O
OOOWWM Ww Ooo O] OH
O] O] OHH OW oO O]
OOM0 OO OO O OOOO OO0O0 OOOO 8000
O O O] O O O
O im oO O] OH OH O OH
O O O] O O O
O OW Mm oO O OOOO OO0O0 OOOO 8000
O
OOdodm oO O OO O00WwW
ONO O O OOmM a0 W OH oO OHoO
O
M0 od OHO O OO WO
nt OU O M OO OO OH oO OHoO
O O O] O O O
Om OOW O OOOO OMMO 00 OQ O O] OM Oo OW OH O OHO
O O
O OO O] O O O
O O
OOOO OQ O Om oa O
OQ OO O] Om Oo CO OO OO
O O
OOO OO Qa (1) O]
OQ MO0d0 OO OO @W@ O00 WW MH 0 MH0
O O Mo OW Wo OW MH 0 MH0
MO OW OW Oo OMoO oO O] O O] O O O
OM Mood O] O OH OH OH OH
mod O Mo OW Wo OW MH 0 MH0
O O O] O O O
O OO Mm OO ta Od O
OM 2 0 O] O O O
OM Mood O] O OH OH OH OH
mod O MM O OFS Oo MH O OF Oo
O]
O]
OO 00 OO m oO O O OW O OW O O O CLO
fo a O © MoO OM O W OH O OOd WwW OO O]
oO Oo O8 OM 8M Mowe a OO (iit oy OH
O] OOO Wo
----- End of picture text -----

UO]

~~QO OT) Ott) tt)~~

~~OU~~

~~en~~

~~O~~

~~OOOO 0~~

~~0) On ©) an) Oi)~~

~~CO~~

~~O] O tiittt)~~

~~OW)~~

~~CLL~~

~~CO~~

OHO Oo od O] O00 O] OO 0 W O OW O mM O O] OOO O OH Ol OO QO OM) OO On O OO oa OH O O Ou OW O] O QO O OU O OU O QO O QO O] MO Wo O OO O O] O] OH O Wo Oo O] MUO O O 0 OW OH OO OH OU OH O] MOO Oo O MO OO MoOOO O88 Oo 208 0 OD O] OH O] O OU OH OH C OO oO0d O OU OH OH OHO OHO OH OH O] O 0 OOO OO OH OH OU OH O] O] OO O] O OH OH O O] OH O OW O O OOOO O Od O OO OHO OHO OH OH MO Wo O OO O O] O] OH Oo WO O O] OO M@ O8o0ad oO CH OH O CH OH O] CO OH O] CL MOO Oo O MO OO MoOOO 0 O] Oo OF OQ OH O] O OU OH OH C OO oO0d O OU OH OH OO OU OO OU OH OO 0 O 0 OO OO OH OH OU OH O] O] OO O] O OH OH O O] OH O OW O OOOO 00 O] O] O O CH OO OU Mo OW OH Mo OC mo Ww O OO OO OOO oO O] Mm oO OH CH]

O O

UO]

~~QO OT) Ott) tt)~~ O

~~OU~~

~~en~~

~~O~~

~~OOOO 0~~

~~0) On ©) an) Oi)~~

O OOOM oO O OW O nt O O] OO 0 OH Ol OO OO OI OO Mm oO O OO a0 OO O O Ou On O O QO O QO O QO O OU O QO O OU i Oa Oo O OU OO O O O OH O] O WW OHdQ oO OH OO @ Ww OH OO OH OO OH OU Mm OO0 dg O] O] i OU Oo mod O Od O O QO O OH O] O OO OH OH OH OO O00 O QO OH OH OH oO OH oO OH OHO OU OO OO OH OH OO OH OU O OO O] O OH OH O] O OH O O] OW O QO O08 0 O O O OO OH oO OH oO OH OHO OO Oo O] OO O O O OH O] O WM ood MM@oodduno Mm OH O CH OH O CO OH O] CO Mm OO0 dg O] O] i OU Oo MOOd0 0 QO O oO Oo OF OW OQ OH O] O OO OH OH OH OO O00 O QO OH OH OO W OO W OH OO W Ou OO OO OH OH OO OH OU O OO O] O OH OH O] O OH O O] OW O QO O08 0 O O O O CH OO W Mo OW OH MOO O00 mo O OO OO OOO oO O m oO OH Mm oO

OW O QO O08 0 O O

Ou OO O OO OW O QO O08 0 O O mo O OO

UO]

On ~~2)~~

~~nn)~~

QO OT)

Ott) tt)

OOOO 0

~~CO)~~

~~O~~

~~QO~~

----- Start of picture text -----
Poe)
----- End of picture text -----

O CO) O O O] O O] O] O O On | Mm OU Mm OU O O OH OL HH O00 HH O00 MH OC O OO OHO O 0 O 0 O OU OO O OO O O] O O] O] O O O] O O] O] OH OO a O] OW OO OW OW Oo Moda O O] OHO MH O OHO OHO Oo WO O] OH OH O] O] O O ~~O] O O] O]~~ O O OW OO OW OW O O O] O O] O] OO OO O O] O O] O] OOO O] O] O O] O] OH O Oo W@W O O] OW OO OO O00 OOo OO OOo oda O] O] ~~MH 0 MH 0 MH 0 MH 0~~ O O i) U m oO O OO Mm oO O O O] O O] O] nt O] OO OMW0 O] OO Ww O O CU OO OW O O C0 Ho OU O O O] O O] O] O] OOOd og O O OU MH O O00 OHO O O ~~O] O O] O]~~ OM O80 0 8 OO O O O 0 OO O00 OW O O O] O O] O] OOd OO O] O O] O O] O] O] OO Od O] O] OU O OQ O OO O OF QO O O O] O O] O] OM O00 00 O] O] OH OH OH OH O O O] O O] O] OW) OO O O] O O] O] OmMmdo wg O O] MOO O00 OO O00 Mo OW OO OU O O O] O O] O] O O ~~O] O O] O]~~ OO OW O O MM oO O MM oO O] O O O] O O] O] OOd0 O O] O O] O] O] 0 OU OW OO O] OU OO OU OU O OO MO oO OO oO mo 8 O O] O O] O] O] OW Ww MH oO OO O OOM oO O OOM oO O] O OOO OOO O OU O ~~O] O O] O]~~ O O Mm oO O Mm oO O] OM Mood O] O ~~O OH O O~~ MO ou O] O ~~MM O O MM O O]~~ O O O] O O] O] O Om Oo Oo O OOM Ooo Wo () OO oO Mm OO OO @ O] O O OOM O OO 08 OW O O] O O] ee

UO]

~~QO OT) Ott) tt)~~

~~OOOO 0 On 2) nn)~~

~~OU~~

~~a~~

~~O~~

CO O] O WO 0 0 O] O] O] O O O] O] O O OU O] O 0 O an OOO O00 O O OHO OHoO OH om oO aa O] O O O] O O] mM OU O OO OO OO OU OOUmM oO O OC O O O] OO Q O] OH oO OHO O OO OW moO OO OM a O Od Om ada O] O OoOd OOOUd O] O] OO O] OoOd OMmM oO O O] OH oO O O] OMoO0 OOOO O O] OH OH OO OO 0 OOOO O] O] OH O Ou Omodgd O O00 O] OH O O CO O OOO©@ WEOMOOOWM Ooo O O m oO OH oO OO OOO O OW O O O O O] Oo Mo 00 OW O OO O O] O] O OO O ~~OH al~~ O OO OQ OOO O O ~~O] O O O]~~ O O O O] O OU MO0OUOO0 O O ~~OO OO OU OU~~ O O OO OO OU OU O O O O] O OO OO OO O] O O O] O] OM Oo OW OH OH O] OM OOO 00d Oo QO O OH OH Oo OU OH) O] MoOOMOOd O O] OH oO OHO nt OOUO @ O O ~~OH al~~ O O OH oO OHO O O O O] O O O MOMOd0 O] O O] O O O] OOo oda O OOa0 O OO O] ~~MH 0 OH0~~ OOo oda O OO O] O] ~~MH 0 OH0~~ O] O]

UO]

~~QO OT) Ott) tt)~~ O ~~O O00 OF Ol~~ O

~~OU~~

~~OOOO 0 On 2) nn)~~

~~a~~

~~O~~

OHO OW OO On OWOU O]

OM oO OH O] O O] O] Od O OO OO 0 M@Moomwma O] MH oO O WM da O OO MH OW O Ao QOOoOW OUMUOM WW aeooe a OO {0 Od OOO oO MW OOO QO OH OO Od CHT) =o Oo Wo O] OHHwm oO OO mM WW OModa O O10 OO O00 O OOO00d00 M O OOM Oo oO O O] OU OO OU O] O O nah O O80 0 OUd O O] OOO0RM AOO00OM2 OMO WW MM OM O W OO OOMUCOMORBOd OO OOUOOO0O 8 8 O O] OU OO Oo OO wm O] OO OM OO Oo 0 OOOO d OU O] mH MOM OO W OOd O OQ A | OH OOQUMaddodg O O] Od O OO OOMoOoOO Mo0O0 000 HO Wo Om o OW HH OOMWM oO O GWOOWMOW oO Mm Oo MOM Oo O O da MOO d Od OHO QO moO MO O @ Ou mn OU OOdadQd O Wu O dQ OO OW Oo O] O] Mm Od O OO 0 Om MO @ OOOOD O OO OO OOO OO OOO O O O] OQ O O OU a O] MoO OOOO OF OOOO 0 OO OMO 0 OH Hi OW wm O] O OO W O Oo QO OOO OOO OM0O0 OQ O OO OO Od O O] O OoOod M MMoOoo aU OO O OW OOO OQ OO O O O] O] at OooO WM O MmMOO0 8 OOO Oo W@W Oo O] 0 OM O 8 @ OU ob 8b OW 0 OOO Oo Oo W@W OO dQ MMm oO oO O] Oo OQ O] O] O] (OOMoO OO O] O] Oo MOOD Oo MOO W800 O 0 Mo O] OOHOoOW m oO Mm oo O dQ iH O M@Od0 OQ O] OOo Oo O O OU O OO W 1 O1 OO (0) ( OW mo Oo m oO MOM Wo OM ou OO OO QO O00 O OO O] fo OOOO OW OW O] OH OHoonm Mm OO O Moddg O OO OQ oO O] ta M UOMO OQ O Mo 0 Wd Oo 0 Oo Ob D@ MoO nt O OOO WMOMO OOWw O] O OO O oO mM O O] O] OMmou O] MOOO0 WO Wm OOO O O O0OOd O m@ OO O OO @oOo O] OO O OUOO OModod Mm oO Oo dO Oo dQ O] O] fo O OOOO OW O] nT O O Mm mm WwW O] OO0 Ow OH) OMoO OU @dO 80 0 O OQ mo OH OOo OOo o O O] O] O] OOO 0 O WH OO O WmoO MM OOO WM Oo OO O] nT O] On oOo O] O]

UO]

~~QO OT) Ott) tt)~~ O

~~OU~~

~~OOOO 0 On 2) nn)~~

~~a~~

~~O~~

OW OO) O O Od O Wo Oooo MoOOUWMO Ww Oo Od mod OO 0 OW OOHOUWM Oa Qa OOM J3OOCMOMWM WoowW O OQ OMWMMmMdaoo OOOO OM Wa O MW Oa OOO O OOO 0 O mM wm O OO OOdO00 O O] O] OO OQ Oo @ OQ O Qa 0 O] OO MWOOWM Boo Oo Oo O O dQ OOO OL UOM a OOMdoda O OOO Oo OOOo OO OWAdO Od O 0 OO OOOQ W@W OOO W0Od On O © H OO O O] O] OO OW OU O O] O OO 0 OO O00 OO M OOOOUUVOONWMSE O&O OO WMO MWMMOoOod O OU W@W OM O00 OMOo O ww O] OOM OOWOD COMO Oo OH oO nT) QO OO O OU O OO O OOM oO O] a OOOO OO M WO Ww O] O] M OU MH 0 O O CM O OW OO OHOHUOU0 Wa im O th OC OOd On O] O OO WM OWS O WM MooO OO nT) O] ni MUO OO Oo OO Wo OQ ta O] Oo O OO O] O] OM ova O11 O] OOO 0 DMWOMMWO amo OM dQ OO 0d OW O MOOUOOOU 8 Oo O OOOdd MoOOO MOMO OO OH OOO Mm oO OO 0 HOd 08 Wd OW =O Om mM Mo MOOO0O MUO0 OBO OO OOD OOO ma oO OO Ow Om o MH =o O OO OW O O00 Md mwa OO) 0 Oo @ OM oO oO OO COO O OO O] O HH O OOd mM o MnOF OD OO O Od OM oO 00 OO O08 O O] O OOOOO0 mo O M0 OO OO iw OMao o0od OMao Oo Ww OO OM O OO OOOO OO 0 O ETN) Oo Od OHO Od O] O] O] O OO OO 80d Mm Oo Oo OO Woo Oo OF O08 OW O HOO OH MOMO OW OO O OOOO0O Oda OO Wm Momo O OO Oo OW0 O @ O MW oo O OO OOOUO00d OOOM08 OO Om oO im oO OOddda OOOMd OOMO Oo OO a O O OW OoOoOoMmd MOwm O] OM Od OOOMW dO OO a OO Ol Oo O O O Ou O OW OOd OO QO OO OO O Ww O BOOOOd OMOUOOUOOH MOO OH O O OO OM0 Oo OQ OW OOOO dU OOO oa TH MO Wao OM OO CMO MoOOOW OW OHO OM a Oa may Oo Wo OH OO Wo O OQ OO O W Oodd OOdd OMO WoO 0 nn OOO Od OMOd OM O00W OM OOOd O Mm OU oO O OOO wW OW O O] O] O] OO OO OQ 08 OO O Wo OO O O OO mM Oa On Oo Mado a0 We ww OOOMW OHQa OQ OQ O OO nt On OOOO WW O O HOOQWMWad OOH oOOb}ood os O O] O] O 0 O QO nah O] OU Wom vo OO Oo O88 OO OW CM) 10 OO ma HOOWOMAa @ BUD OOO OO U0 OHOU0O0 Wm nt O OH MO 0 OBOOUMO o oO O OOO Of dQ OOO OO08 OO O] O]

UO]

~~QO OT) Ott) tt)~~ O

~~OU~~

~~a~~

~~O~~

~~OOOO 0 On 2) nn)~~

OH O] O] OOM 0 8 OHdQ0 O08 O QO O oO OI) Oo M OOO MoO Oo HOO @0O 8 OOO OO UW OO O] O] O oO OOWd OOO OW oO O 0 O OO iH O OO O] Na O O DOO OM OO O O] LH OOMda QO MH OHO0 Ww O] O O] MoM OO Mo OoOf a OO Od O OO O Oda O] O] O Oo Od OM O OO mo odo MMwmo 0&0 W@ modo OO@ OO Mm oO O mM QO OOd Oo OF Wa Ow O oO mtg OH Mm OU MO OOO Oo OMOQ Oo OO UO WOO 0d MO OO m u O] OH OQ MO OOO OOo Wo OOO O Ww Oo) OO Q O O] O MOO0OO000 2 OO OH Ww O O CI O OOO O OO O] OO O WM Oo O OH O OO O O] OO O oO O Ou O] O OO a nny Oo QO OW O00 HM Mooo0O0d O] oO OO mMOodda O OU wm ON WHO OW Ww oO O] OO O Qa OO O] OM O OH O] O] OO O8OO COO OO Waoo0o0od Ot MOO OQ OOO OO OWOOMOOU0Od OM 800 OW O] O] OH OO MO Wo OM Mood O Oo wmo Oo OH OOO @@ OOOUd OMOddg Tomo oO OOO OaMOoo 20 0 O OHO OaOo O] Oo MOOD O00 MO OMO§F bAOUD O] OO OO OOOO8 OU OO O O] MHoO oO 0 O QO OOOO O] O O Mm OO UMM WO CO O] MOO Woo Moo da Oo OOO O] O] MO OU MoO QO O O OO MO OM@OOLCWM 2 Ww O OOO O00 WO OOOO ada O] O] OOM OO OOOO Wa oa OU OO OM O] O O O] OU OHO OF GW uo O] OOHOU MOH WMotMmo 8OUW OOOOM Oo OO OO O O OOo Um O] OOOO 00d O W@W Oo O O] O] mM OO O Ww OO Woo0O O O] OO Ow OO OO WOOUOMAOH OOOCMWOMOo CO OmoO O] O Wa OO) U OO oO O OoOoOoWmW da HOOMm ww O] O] O] O OW OU OOO mooa OU O OW oO O] O] mmM@uoO O O dO Od mooOo OM O O] me O OM W@W OWO OO Ww OOOO OOM O] OWMO Oo O WW OOOO OO 00 Woo woo O

UO]

~~QO OT) Ott) tt)~~ O

~~OOOO 0 On 2) nn)~~

~~OU~~

~~a~~

~~O~~

Oo OO OM oO OOO @ O OOO OO O] O M oO MoO oO O OW OOO @ OOOd0 HOUOd OO O] O] OUdodagnum oO OM Oo OOO@ @o HiiOO OC O] O CO MW O OW O] O] OH OHO 0 Oo (WOHIO oOdU do O OOddad 08 8 OO oO O O O OO mou au O O Mm O OOM Oo OQ O] OO Od MOM OO Oo O OOO WMMmMod O MoO OOO BOO OOO MOO O O] OO OOO ORd MMOMO Ooo OMOO08 OW 1 oO Oo OW MM WHO OOO O O] LO OOO OO 08 OO Hoag cE O Mu OWMM@ Oo OOO O Mo OH O OW OOM oO MOodd OOOOUOOMOMM COOWw Wo WO wo Oo @ OW W M OO CL) OOUOMOUddeoO QO OW OO 0 O OH O O] O] O] O OU OO a OMad oa O O OM OQ WW OOMaa oO O OOO OOM O O 0 Oo OO OU OO O O] O] O] OOO0d a MM OO OO OO M@ OOO QO O] O] O] OO O] O O WMQO OOO OO OOUO00 OO O] O Wd oO OO0 Wa ma OQ OO O OOO O Qa oO OOO O] 0 OOO00dMm OM Wa CO GW Ow © moOoO OQ oh Oo oO OU O] MOO OU OO OO OOOWW O nny O] O | O WO Oo Oda @o OU O] O] O Od O OO OOOO a wD OO Od Mo OU O] tm OOO O OUd0 Ow Oo W OO OU od 2 OQ O 0 MOO OW OO OO OQ O00 OHMoOO O00 80 O O] OO0 0 MMoOOO0 OQ OOO O HI Ww O] Min}O OO OOO OW OQ Oda OOM Oo WOOwo O O] OOMOm ood OO OOoO QO O OO W@W Mo Moda O] OUmM Oda0 OO OOOWM OHNO Oa O] O QO OOUMO WO M@MOoCooOMoao oo HOM© WW wo O] OMom © HO Mo oo Ww O] OOM Ww OO OOO OO O OO O] O] O OUM OO OHO ww OOOQd0 O] OOUOUOWOHdA Oo O OMoOOnad wo MOOUHN MOOM DO nny OO O] OM OOo Om 8 Od a OM Oo O Mm dd O O 0 Oo OO OF OOQ OQ O O] OU OOQO OOUOm 8OOb0O0 MiOd 8 OW OW CH MoO O88 OO M 0 OOO 08 WOO O O O O OW MoOoO OOdod O OO im dO oo MMO OOM Oo a O Od O] OOOdd M OOOO Odag O Wood Od OOO ao oO OO WW O O O] O] O] O]

UO]

QO OT) ~~Ott) tt)~~ O

~~OU~~

~~a~~

~~O~~

~~OOOO 0 On 2) nn)~~

OHO Ww) wo O OH Oo O] O QMOO0 Wom Boo 8 OCd Mo Oo MoO OO O] OO O@ Mo O 0 O] O] ta OO Ww MH 00 OM) OO OOOUU Ww O O O] (OO MoM OOO wm 08 OO OoOd nn OMO0O Ww OOOMOO0OHW UMoOo ta OO O] O (OO MM Od Oo O] nt OOO O O nny OO OU O OO mM O OO OHO TW OU QO O O MoO MW OMOOO@ Woo OO MUO 8 OO OO 0 il OO 1) OOO OOdOd O O OOOOO O O] O OOO OO O] O] O] O O 10 O ae OH 0 O C00 Ct O O O] O O00 OQ OH oO OHoO O O O] O MO OOUMO OO WOO Ow O] OO OU O CH OO O00 0800 O] OO O] O OHO OHoO OO 0 Oo Oo Od O] O OOO0WMMOd Oo OOMcd OW O ~~O] O] QO OO~~ O] OOO MOMO OOM OO O OH Od OQ MoO OW OF MOOMd oO (1 OH OO Od O 2 mM iM OO OO000 00 OM a oO Oo OOF OF OOW OO O O O OU O O] O G0 W OO OQ O] O OW) MoO OOO Oo MoOOdoOoodooonw OOM SsOO8 O W Mm OO OO OQ OO Oa MoO oO (0 OO @ MO WOW OOO Na OO O O] OO OO OO ado Oo OOOO COOoO O O] O]

OO 0d OW ae O] O] O] O] O OU O] OU O] Oo Oo Oo Oo OHO OHO O O O] O Om moO omOo MmO O OW Od 2 Ww O O] OHO OHO OH oO OHO O OW oO OU O O OU OU OO OU O ~~O] O] O O]~~ OW O ) nat Oo oO ~~O MH 0 MH 0 OH 0 MH0~~ O O] O] O O] OO00 OU O] O] O] O] O O] O] O] O] O O m Oo OHO OH OH oO OH OM On O OOH Oo ~~OH 0 OH 0 MH 0 OH0~~ O ~~MH 0 MH 0 MH O MH0~~ O ~~O] O] O O]~~ Om oO ~~MH O MH O OH O MHO~~ O] O] O] O] O] O] O]

O] O]

UO]

QO OT) ~~Ott) tt)~~ O

~~OU~~

~~a~~

~~O~~

~~OOOO 0 On 2) nn)~~

OO CLO

O MW w O

O OU O] OU O] Oo Oo Oo Oo OHO OHO O O O OoOdo WW Om moO omOo MmoO CO Ol O (LL O] ) U ) U Mm oO Mm fH UO Wm OU O] O] O O nny O O] OU OU OO OO nn OM OO 8 O] OHO OHO OH oO OHoO O OO O] OHO OHO OH oO OHoO O ~~O] O] O O~~ Om oO ~~CH) OU MHO CO0 FioO~~ O O O CO O O] O OU O] OU O] HH OO HH OO O OHO OHO O O O O] O] O Om moO omOo MmoO LH OM 00 O] OHO OHO OHO OHoO O O OM O O] O] O] O OW oO O OW OU OU OHoO OM oO QO OH O OU OU OU OO O Om oO ~~OW OU MH 0 OHO~~ O] O] OQ Coo OO O] O] ~~O~~ OU O OU OH oO OHoO O O] O] O Om MoO O00a MMC O OOd a OQ OW OMmo OO OO O O ~~OW MH 0 OO OO~~ O]

O] O] O] O] O] O] O] O]

O] O] O] O] O] O] O] O] O] O] O]

UO]

~~CO)~~ Oo

~~aan~~

~~CO) EET~~

~~im~~

~~A~~

OM 0 Ob

O OU U OU U oh OU oh OU MU U MU U O OOn moO Um ou Mm U O OU CLO Lu O (ih O im ou O Ww U U ae ae LHW OH O OOU0 O U CO Ow UO OU Lu OH U OU U QL QL OU MU U O CLO ~~a O O~~ OU dU O U O OU O U O OU dU UoU0 U MU MU MU MU U O WM OO UO UD U CLO CO ia Ta (i u U a a a U O a O Ww WW U mo O O O O U OO OU O O O U OUOUoUoO oo O OH U OH U i mm o U OU U CL CL MU OU U O CLO ~~ee~~ O O O O U Wu OU O O O U U OU U CL CL MU OU U O CL CL MU OU U U OO @ MoOoOo WOU Oo OW0 O00 OW OO OUoO U OO U O OU oO ny) U U OO MUO Uo W@W Uo 4 U U a | ~~Po ti OU UH tl UU UH Po mo Po mo to PomPo OPCU Po to Po to Po ft~~ U ~~Po~~ OOO OO Moooo OOM Wo O OO OOo OM cn) i O mo ou U O UO OU O WH U MU OW MU LU LH) O OU OU Od oo U U O O OU dU O U OU Ou O OU dU UoU0 U U O O WM OO UO UD U OU Ou (i u U LL LL O OU OU OO OU U O OUOUoUoO oo O OU Ou OOUO0 oo 0 U U UO O OU OU U

~~QO OT) Ott)~~ O

~~tt)~~

~~OU~~

~~a~~

~~O~~

~~OOOO 0 On 2) nn)~~

O OO 0 OW CLO O 0 O OF OO QO 0 O] O Odm Oa OU O] OH OO HH OO OH 0 O O O] O O] M OMOCOW OO WOAAOOW O ~~OU OO~~ O] OQ 0 O Wa OOO MOO OM OO OO) 00 oo OM OOo O] OM OO O00 Mm OOO OO OM OH O O OOO OOD OW On mm O O Od OO 0 CO OOmwo O] O] OM OOM 0 OW O MW 8 ww OH) O O OOO WO OOO Moa wea OOM ww OQOd 00 OO OOOO O W0 OO O OF O80 O] O] OoOd OO QO O O] (O Oa OU Oo OM O OOOWWH 2ao0O OO 8 0 OW O] O mood oO OO O OOOW WW MO CO OH O] O] QO 10 O] O CO O O] O] O OU O] OU O] O Co HH OO OHO OHO O] O O O] OOo Mm O Om MmoO O O QO O] ~~OH OH OH al~~ O] ~~OH OH OH al~~ O] O] a CH OM 0 OW oO Od OO O O] O OU O O OO O O O OO OW OO O O OH On) OQ OC M OUUOH OOW Odo O WoO O Wo O Wo O Wo O Wo O O O O O O O O On) 20) O OOOO) O OO O UH OOO O HW oO COMM O OH Odo UH UH O Wo O Wo O OH O UH UH O O Hn OO Odo OO UH O O O Wo O00 0 0 O omy O Odo OO UH om O O Wo O 0 Om O OO OO O UH OO OO Mm Wd =u O H Odo UH UH O Wo O Wo O ~~Oom O O (U O O aia QO O HW Wo~~ O O O O O O O Oo 0 O O O O O O On) 20) O HW Wo Oo O OO O UH C0 HWoO COMM O OH Odo UH UH O Wo O Wo O OH O UH UH O O Hn OO Odo OO UH O O O Wo O00 0 0 O omy O Odo OO UH om O O Wo O 0 Om O OH OO UH UH OO OO Mm Wd =u O H Odo UH UH O Wo O Wo O ~~Ofmm O OW O10 OO aia mm) HW~~ O] O] O] O] O] O] O]

----- Start of picture text -----
O]
----- End of picture text -----

Deferred tax

QO OT)

Ott)

tt)

OOOO 0

On 2) nn)

MOO WW CH O]

O mmo O Od OO O OOd Ow tat OH oO WW Om oO OH oO OHO OH oO Om =o O] O O] O] OOO O O] O] OM ou O OO OOo OO OO OOOO OO OO OO OHO OO OH oO O O] O O O MO oO OH O] O QO OOO OOd OQ Mo OW OH Mo OW i OU O ~~O] O O~~ O] O OO ~~OO OU 0 OO OO~~ O O] O O O Mod O] O O OOM 0a O] OH OOo OO OH oO O] OOO OU OO O 0 O O] O O O MO oO O] O] O O] O OOd OQ OO W OH OO W O ~~O] O O~~ O] O ~~O] OU OU~~ O O] O O Oma O] O] O O O] O ~~OO OU MH O OO OO~~ O O] O O O OOO OW OO OU O 0 OO OO O O] O O OOOO O] O O M OOOOO O O] O] OO O O 0 OOM =o OO OOM oO O] O ~~OO OU O OU OOOO) O00~~ O O] O O Mm oO O] O O O] OOO O] O O OM oda OW Oo OO OO O O OO OO OO OHO OO OH oO O O] O O O MO oO OH O] O O] O OOd OQ OA O] OH Mo OW O ~~O] O O~~ O] O ~~OO OO MH 0 O 0 OO~~ O O] O O O Mod O] O O OM oda OW OH OO OO O] OOO OU OO OO O O] O O O MO oO OH O] O O] O OOd OQ OO W OH OO W O ~~O] O O~~ O] O ~~O] MH O O 0~~ O O] O O Oma O] O] O O O] O ~~OO OU 0 OO OO~~ O O] O O O OOO OW OO OO QO OO OO OO O] O] O] Mm O OOM U m Odo O O MW OOO Oo HH O oO OO O OQ CU O 00 om) OO OQ OM OF oO O OU 0 O Oo QO Oo OOO WW mo (HOO O00O00 2 0 M O Oo O Ma W

UO]

QO OT) ~~Ott) tt)~~ O

~~OU~~

~~a~~

~~O~~

~~OOOO 0 On 2) nn)~~

O] OO OOF GMO OMOCHOW oO @o O OWO OO Ww O OOmo oa MM MOOM OMM OOO OO O] O O10 OOO O00 OU Oo O 0 Mm oO Oo Oo O Wado Oa Oo O W@O00 QO O OO Miao oO Oo QO O O] O OW O] O]

Mm OO O imo oO OQ

O] O

OW O OO O O] OHO

O O OM da OO a O Oo O O O O] O Od O Ou 8 OOO ww O] OOM0 WM OOD nah O OOdom O MO Oo O] OO 2OOW Mo OU OO O OO OO OMw ou O O] OU m O O MM@oOood0 Oo Mm =o OO oO OO Oo Oo OQ OOO Ww O OO OMOo O OB MOO@ Wo OU ono oa O Oo Mm O Wo HW} 0 OH O O] O] OO 0 aw O] O 0 OM Ww OOO OM Mo OO O O] Oo OW Ww OOM fo Om MOO M@wowW Woo Oo MO Ob OW OD © OOO OW WW (1) OO OOOO0 0 O] OO 0 Wa OO Oo @a oO O OO OC OO O@Mmaog Mm Oo O O] O] CL) O] O] O OO O] OO O Mm O MmO tata O OU OH oO OHoO O O] O] HOd dO ~~O] O00~~ Om oO ~~O] O00~~ O] O] OH O LIT) OW aa O] O] O] Oo Oo O OU O] OH MoO O000 MmO O OH oO OHO OHO OHoO O Od OO oO O] O] O O O OO OF OW OO QO OO OO OU O] O nny O] OH O OH OH O M OOOOOd O] OH OO OH OU ae O] O] MM O O] O QO O QO Oo OO OOo OO O ~~O O O] O]~~ O OU O 0 OO OU OO OO O] O] a QO OU Oo WM Od O Ma oO am) aa O] O] O] HH OO OH OO O] OH MoO O000 MmO O OH oO OHO OHO OHoO O O] O O O] m QO O QO OO OU OU OU MM OoOOoUMda0 O] ~~O 0 OW MM MM~~ O O 0 OW MM MM

UO]

QO OT) ~~Ott) tt)~~ O

~~OU~~

~~a~~

~~O~~

~~OOOO 0 On 2) nn)~~

----- Start of picture text -----
Hh WH oO Ww Oo
O]
O] O OOM WoO Woo Mm O Mm OO
O]
O] Oo Oo Oo Oo
O] OH MO OOoO MOL
O OHO OHO OHO OHO
O O] O] O] O
OM oO OO OO UO O] OH OH O Ou OH
O Od 8 wo8 O] OH OH OH OH
O] O W Ww 1 OQ O O O O] O
OM oO Oo O OO O] al al al al
O]
O]
a QO OU Oo WM Od O © O] 1) O
O]
O] OH OO HH OO
O] Om MoO OmoO MMC
O OH oO OHO OHO OHO
O O O] O] O
Oad0g O O] O00 O O00
U ee|
UO]
UO]
TH (i Wm oO
O]
O O O] O]
MH O LH mn LH
H O O OU =o OO O O] OO
OO O O] O OOOO O OU O MMOF OF OOOO O00 O On
O OH O OHO OHO OHO OHO OHO
O O] O] O] O] O O]
OOOO 8 1 Oo OH O OH OHO OHO OH MHC
OU OO dQ OH OHO OHO OO OU OH OO OL
M OOO O
O O O] O] O] O C
Om oO OO 0 MH O OO) 0 OH 0 OH MC
O]
O]
OO OOOO oO CH] Oo OF O00 O O OOd (H) O Of
O OO Od O Wm oO Oo Oo Modd0 O] O
O Od Mm Wad Oo
O]
O]
----- End of picture text -----

O] O]

UO]

QO OT) ~~Ott) tt)~~ O

~~OU~~

~~a~~

~~O~~

~~OOOO 0 On 2) nn)~~

----- Start of picture text -----
MH OH OH OH O]
O]
OU O OO OHM oO O
O]
O O00 OO
O Om oO On
O OH oO OHO
O
OO O00) O00 O] OO OU
OO OO OU
Mm OOO dO O] O O O]
O O O]
O] OOd OO OU
O
O O O
O O O]
O Om oO On
O OH oO OHO
O OOdd da Oo dO O mo O O O]
Mm oO O] OO OW
OO oO © O] 0 OU
O 0 OU
O]
O]
a OOH MdQ0 0 0
O]
O O CL 0 O] OoOd
Om =o OHO OHO OHoO
O O O] O
Oo da nny Mm O O] OH 0 O O] MO0
O OH 0 O O] MH0
O]
O]
O O CL 0 O] OoOd
Mm oO OHO OHO OHoO
O O O O
Oo da nny Mm O O] OH 0 O] MH0
O OH O O] OHO
O]
O]
a O] O ae 1 O OQ
O]
Mm ou O O W a Od0 OO O Oo moO
O]
OQ OO dQ O 0 OO dQ
O O] OW
O On MH OH MmoO
O OHO OHO OHO OHO
O O] O O] O]
tat OO Od O @ oO OH OH OH OH
{
OHO OO OQ O O] OH O MH 0 MH 0 OH0
O OH O OH 0 OH 0 OH0
O]
O]
a CO O O90
O]
O Od OOOM0 oO Ma OO Odd ©
O]
----- End of picture text -----

O] O] O]

UO]

QO OT) ~~Ott) tt)~~

~~OU~~

~~a~~

~~O~~

~~OOOO 0 On 2) nn)~~

On (oo O] O] O O o O O WM CH Od MOO OW Od O] MOOo O] O O 0 OO dQ OO O] O] O Om =o O OW On Oo Om oO O] O MH O OHO OH oO OHO O O O O O] O O vO O] O O] OO O] O O O] O O] O OOM OWOo O 0 O O] O O] O OW OU 0 O] O O] O O OO O OOo Oa ~~O] O O] O~~ O O O] OO O ~~OU OU OU OO~~ O] O] O O 0 OO O Wo O] O] O Mm oO O OW On Oo Om oO O] O MH O OHO OH oO OHO O O O O O] O O vO O] O O] OO O] O O O] O O] O OOM OWOo O 0 O O] O O] O OM 0 OOO O] OH O] O O OO O OOo Oa ~~O] OH O] O~~ O O O] OO O ~~OU OH OU OO~~ O] O] a O CO O O] fo OU O] O] OU OO OQ m O OO0Ud OUOWM OW OOU OO O OO O OOM O88 OM OO OOOMMOA BOO O OU O] OM OO BOUOOUD BM Ob OMOOd Oo O O] OQ OO M Oo O OM oO a OO aa OOO OMO O] OOO OW am) M OOOO Od O O] Od go M om OU O] OOWMO OOo Mmm Mo O O OF 00 00 OO WM CO OO O O] OOO Mood O] MO OOO COMO Om oO O OO O MO OOW m@ Od O OOMMoOO OOOU0UM 0 OOD O O] O10 O Mw O OOO O00 O OOOO wo OW O] O oO W M od MoO OOO OMOQ0Q0 0MO0 O00 OO 0 Ww O WO O OO OO QO OU O80 oO OOOO OO OO OO ad O MOO O] OO0 0 Om O mm! OOOOO WwW MOO wo O] OHOM0O WMo000 OO MOO MOMOOM Oo fo OOO BOM Oo OQOOdnO a OM OO W000 O] Oo da OO0GdQd0 OUOBOOWMOO OH OOO OO O OU Od OO Wo O O OO OH O MW o OM 20 O Wo ao MM WO OOO Oo 6OU OOHOM OOOHd Oa OO MoUdm Oo O] O] O] O OO O OO O] O] Od OOH OOO WMO 0 0 000 O] Mm O OU W O OW) OOOUU Woo HOM OO DOMOOOO 2oODd Oo OMdO OM Oo OMdaod MoO a Mm O MO O MW OHM O00 a @ Uo OO 0 Ow OOMit a mod MHOOOO00 @ Ob do OM0 OW Oo tal Oo a

UO]

NORTH $T SCOTLAND COLLEGE Chari No.. SC021 inanciql Statemerts for the ear to 31 Ju estimates will result in material changes in the valuats'on of assets on the balance sheet. The total value of the College's assets at 31 July 2024 is outlined and broken down by asset category al note 13. Land and Buildings were independently valued for the purpose of the financial statements by F G Burnett, Property Consultants in 2023124. 27. SUBSIDIARY UNDERTAKINGS The subsidiary Companies (all of whith are registered in Scolland}, wholly-owned or effectively controlled by the College, are as follow$= Company Principal Activity Status Aberdeen Skills & Enterprise Training Ltd Provision of qualty education and training 1000A owned Clinterty Estates Ltd Management of College's leaching famis 1000A owned 28. RELATED PARfi TrANSACTIONS Due to the nabjre of the College's operations and the composition of its Regional Board (being drawn from local public and private sector organisationsl, it is inevitable that transactions will take place with organisalions in which a member of the College's Regional Board may have an interest. All transactions involving organisalions in which a member of the Regional Board may have a material interest are conducted at arm's length and in accordance with normal project and procurement procedures. The College had transactions during the period or worked in partnership with the following publicly funded or representative bodies in which members of the Regional Board hold or held official positions. The bodies that the College had transactions with that were over £5,000 were. Aberdeen Foyer, Colleges Scodand, the Robert Gordon University, the University of Aberdeen, Aberdeenshire Council, Energy TransOn Zone Ltd and Peterhead Engineers Development Limited. is a Director of Peterhead Engineers Development Limited. The College received income of £61,110 during the year {2022-23 - £56,2481. with no payments made either year. was an Energy Transition Programme Director al Energy Transition Zone Ltd. The College received income of £330,706 during the year12022-23 - £36.0151, and made payments of £500,000 during the year12022-23 nil). is a Board Member of College Scotland, and a Board Member of Robert Gordon University IRGUI. The College made payments of £77,010 during the year12022-23 - £68,110} to College Scotland, and for RGU the College made payments of £205.222 {2022-23- £178,820) and received income of£456,645 during the year {2022-23- £603}. is Vice Principal for Strategy and Planning at the Robert Gordon University. The College made payments of £205.22212022-23 - £178.820} and received income of £456.645 during the year12022-23 - £6031. is a Councillor with Aberdeenshire Council, and a Board Member of King's College Project with University of Aberdeen. For Aberdeenshire council, the College made a payments of £8,92212022-2023 - £15,010) and received income of £49,535 during the year12022-2023- £43,721). For University of Aberdeen, the College made payments of £74.745 12022-23 - £65.4721, and received income of £54.817 during the year12022-2023 - £54,915). is Chief Executive of Aberdeen Foyer. The college made payments of £414.24912023-2024 - l and receNed no income during the year (2023-2024 - £331 }. Member Organisation Position College Scotland Robert Gordon University Board Member Board Member Pelerhead Engineers Development Ltd Chairman 61

QO OT) ~~Ott) tt)~~

~~OU~~

~~a~~

~~O~~

~~OOOO 0 On 2) nn)~~

m oO O moo a O ooo oma ooo o O O O O LE oo oo oo mm aoa O O O O my oo mo a Ooo mo Oo oO oOo O O O O mE lo O mo m oa O O O O O mm o mo O O oo moaoma quo O O O o oO o o O O ooo m aa oO oc oo O mo mo mo mo mo O O O O O O O mo ado mo on O n mo mo m o m OO om O mo mo oo mo mo oom a oooo on mM oo oo oooao moo oF o oO Oooo oo000 oO 0 0 OM oOoao O O O O O O Moo oo O 0 0 O mo O O O O O O Oo O O O O O O O O O O O O mM coo oF Coo og O on On O mo O ooo oa C ~~oo oo oo oo O~~ O ~~O Oo Oo O moo~~ O Ooomoo mo og momo o o oO amoomoog oun Ooom ooomoog oono0 gmomo o oma nt m oo m O On oooo mm oa O O oo o od O om a oO o O mo mo O O O O mo ado on O m o m OO om O oo oo oom o on Oo oo moo oF o oO o oa o oO O ~~o~~ ooo ~~O0 0~~ Oo O O O O O O mM ocoog ao oO O oo O ~~Oo 0~~ O m oO Oo d= Moo moocooog m o om o o0 moo oO ooOm ooom0 ma omooo oa ni O mom oof @ mo om O it O O O O O O

QO OT) ~~Ott) tt)~~ O

~~OU~~

~~a~~

~~OOOO 0 On 2) nn)~~

~~O~~

COT) O] O] O] OO OW mM OM Od O] dO 0 O OW MOOOoOO ado O] QO 0 W OO) al] M MO Wo | Mo Oo MH OFM OO MOO OW WM © Oo OoOoOmM do Oo OM Woo oO M OOF MO0080 Om) OOOO cw O OH OO OO OU O OM OU O] O] OO O O] OM =O OOO Mad O00 O © Ww MM Oo mn Mm Oo OU O00 MUM Wo Oo OU MoOOO OO WW Ww au O] OHH OO OM) OO O O OM LO oO Oo oO MoO0od0 Mm OO0d0 OoOd i Wa nny Mood OU O OM0 Ww oO O OU O] HO OU OM Wo OO OQ OWOCOMOO OOd oO Mm OF 8 OOO OO O] a O] OOO O00Ww Oo 0 Mm OdO0 OM O Odd O O] ne Mm 0 iw ao O OW W O O @ WW O] mm Wood Momo oO O Ooo da ta OU nny OO OF OOOO OOD O O O Mth UMMO Mm OO nny MO UO W O OO MH M0 Wo OHOd OQ OH OO O O oO OH O] O Od O] 1] OHM OOOM Mood fo W@W ou OO OO WM O08 OQ OOO MMM O00 moa O Oi OH OO a0 O O Co) Oi O OO OO O] OOO fm Od MOH OOOO OO WwW OO Wao W@aoo Q OW nn OO Oo OO0 Ww ao0wada O O] OO O mom OO OoOd MM MOO COO O] ~~M 0 OO 0 OU UL) O LLL)~~ O O] Odd @ MoO Ww Mm OOM Oo O] O O 0 0 OW i) O00 OW O] OOM QoQ O Mm HW OQ Mi oO W O] MMo MOMoOd O O] O] M WM O OOMO08 BOW oo Oo MM OW O OOO O O O O00 Oo OO ao O] O] OO Moda OHO UO Oa OM Oo O O] O O OU OW C O OQ OO O OO O O O] OMoOOdedoo O OOO O O O OW OQ OOO O nt MO OU OOO O O O O ae OMO0 8 O00 O OQ OoOdd0 WwW O O] O] ae) O O O] mm OW 8 OH O O] O dd OOdUm 8 0Uao O O] OOM0 O] O] O OF OO OF OOOWOo OMOoO0O OO OH Oo OO O] O] O] O] O] O] O] O] O] O] O]

UO]

QO OT) ~~Ott) tt)~~

~~OU~~

~~a~~

~~O~~

~~OOOO 0 On 2) nn)~~

O] OOdadae Oo O]

HO io wf OO i Hod da HOdda OHO OHoOoO O] O] oo O O O OO OQ O OO OQ O OO OQ ~~O] 0 O OO~~ O OO

O OHO OHoOoO O O] O] Oo O oo O O O O] O O OO OQ ae O] O OO OQ COO O OO OQ O OO ~~O] 0 O OO~~ O O OO O] O] MO O] O OoOO0dadag OM OOM OOO OO OOo moo loo OO a O W@W Oo OOO Maan oO O] O OO 0 fm O OOOOdOd OHOU O] O] OW Oda HN OO 8OOMO0 OO ODOM © O] O] Od moo (1 Od M OC O]

O OU O OU OL OO CLL OH OO O OU Oo QO O QO Wo O O O th OU ao O] OO OO OO OO OQ OW O] OO00 OOOO O O O W OO OW O O GHOUOd0 Oo OOO OQ OO OO Mm OO OQ fm oO O O O O] O OQ OH oO OHoO O] OOO OO OO OO OO O] O O] OU oO O 0 O fH UO Ma a OO O O O Oo OHO OQ OO OO OO O OW O Od OO OO OO OO O OO nt OOo a Wu O O] OO OO O OH OO OH) OOO Mad oO O O oo OMmo O] O O O O O] Mm OO m oO O O] O WW Hom O00 OMO0 Wow O] O OO OO OO Od OOM 0 O OO OO OO OU O OQ O OO O OMmo O Wo O O QO OO OW OH Oa O OO O] 1 @M@od nt O OO O] O WW HOO dd 0000 20 i O O O O] O O O O] O O O] Mm OO 8 OH O] H OOd0 O00 O] i oO OOOd0 OC Ww mM WMWo OOMO W@ ad Oo O8 QO OOdOd O MM i Oo WM OO OOUM MOO OO OOMOM OO 8 Oo QO OW OU Oo 0 O1oM Od BOO OMO OBOCOWOo OO Oo dW OO Oo O Mom ob O OO O O OOO OO OHad a OQ Woo O] O] O] O] O] O] O] O]

UO]

QO OT) ~~Ott) tt)~~

~~OU~~

~~a~~

~~O~~

~~OOOO 0 On 2) nn)~~

----- Start of picture text -----
OWocda OH o O] OOO O CO O]
O]
O OU O O QO O]
OH OL OOUd oO
O OH oO OHO
O O O]
O OO OF OF OW O] O OO
Mm OOO OO OO OQ O 0
O] OOO O 0 O 0
HO Oda Oo Od O OO O OO
O OO0Od O] OMmo mM OO
OOa da O oO O OO
O Ooo a OM UO OM UO
O] O] OHO QO O O OO
O
O O O
O OO OU O] O O
OU O OU O
OH OL OH OO
O OH oO OHO
nt O OO O O O
O O] O]
MoOmdO oO O O OO O O OO
O OW Ww O] mM O OW OO
O] OO M0 O] OO OW O OO
O] OOd COO CHW)
O]
OU
O] OM O8HOO Oa OOa Ww Mm O OO0 OO
O] OU OOW AO ood O
O]
O] OO Mod a OO OW
O]
O OU O O 0 O]
O CLC O CLC
O OH oO OHO
O O] O]
Mm OOO OO OH oO OHoO
OQ OW O] O O
O O O OO
CW) OO W O OH oO OHoO
O]
O]
O]
O]
OW OF Wo CO) 0 O CUT) O
O]
OOO 0 WOMww O Om vo OMmd 0 WwW 1m O] O
OOM MOC Om) O OO OOO MO O OO O Ho =O OM)
0 OO Oo O tal OOdd Mo oO nat OOM OW
MO O8 OBUO CMMWoOodo oo OO Wma 2 O WW
O OOM OMWoO0OWM oO Oaodg mo OO OOOO Oo O] OOO
TA O 0 Wg OW Woo Oo OOOO Oo OH OO@ ou
M MW OOMWMOOOo mM a O] 1 O OQ O] MH GnOo Oo
OQ OM8 OW MO OO 0 M0 Oo O OO OW OOO OO
OOMO0M ww Oo OOO OW)O OMOM oO O OO
O Od fHU
O]
OM MM@OoMom@oOoood Ob OQ O00 O OW O
O] nt OMtodO imOo O MOOCCKCOM CoOHOOd
mM O00 O
O]
O] MoOd Moo O QO HOO O ao O] O OO
O]
----- End of picture text -----

UO]

~~QO OT) Ott) tt)~~ O

~~OU~~

~~OOOO 0 On 2) nn)~~

~~a~~

~~O~~

OM OU moO OM da Om a OOOO0O O80 QO OMgd OW O] ae O Ww O O] O] OoUdWM oda OH) O W O OF OO O O] Mm oO O Oa OO nt oO OOO0UMa OO oH mm OOd OOOMOAMOA ooo 0 2 OQ OO ou OO OW nny OO O] OOm ag OOOO tat OU HO OOM OOOO Oo Ww OOOo 8 OOOO @o MOOUOOMOAOMW OOO OQ Oo. a OO WwW O] O] OH OO OO WW O00 Od Oo ou OMM OMOOo 08 WO O O Oo O OW Oo OOM OOM @ O W OO OMOo (1) O O O O 1 O O mo OH Oo a OO O] OO 0 OM O0000 at mM OO MW OO OO OW O] OO QOUOOOO Oo O] OQ o mo 8 nT mn O 0 8 O OMM oOo OU MO Oa MoO 2 OQ OOO YW MW Ww OOO OOOO OOWW WW oao OH mM OMOO Moo a0 MO OO WO Woo OO OO mod Oo O] O] ~~OO) OU~~ O] O] MOO 0 Wa OO Moan Oo WW O OO8 OQ Oo OO00 0d OHda 0a OO Mm oO OOmaa Oo Od O]

O] O] O] O]

O] ~~] MOO OU ia L OH Oo ]~~ O O] O TU O (i O OOOO ON MOM Moo Oo Oo O OW 00 © oOodoa oO OoUOomM a O O] OO O O OO OO mood ad im MOOUO0 aa OH OH O] O oO (i O 1 OU Oo Momo 8 wo MoO OQ O O] am) nT) mo O] O O Od O O OO Oo O§F OBO OUD OHO a OOdd O] Ou OU OOOO io O Wo O i O OW OOda O O O O11 O O Ol OU O] O O OF OOM OO QO 0 W OO OO00MdOo O] O oO OHM0 OmMmMmo OO O OW O O OOO0d O O] OO OU O OO oo Hh Oo OU moO Od Oo dO O] OO O O O O88 OO QO WH Oo OOF WM 8 WOO8 @o OO OO O@a0 OOd oO O] O] CO O] ny O] mM O00 0 0

UO]

NORTH EAST . SCOTLAND ' COLLEGE INANCIAL STATEMENTS for theyear to 31 July 2024 . LlJ.& k,} CharityNumber. SC021174

INDEX 1. PERFORMANCE REPORT Overview Performance Analysis 2. ACCOUNTABILITY REPORT 2.1 Corporate Governance Report 29 Directors Report 29 Governance Statement 32 2.2 Remuneration and Staff Report 42 2.3 Parllamentary Accountablllty Report 50 Independent Auditor's Report 51 3. FINANCIAL STATEMENTS 55 Consolidated & College Statement of Comprehensive Income 55 Consolidated & College Statement of Changes in Reserves 56 Consolidated and College Balance Sheet 58 Consolidated Cash Flow Statement 59 Notes to the Financial Statements 60 4. APPENDIX 1: Scottish Funding Council-Accounts Direction 86 1. PERFORMANCE REPORT Overview This overview provides the reader with highlights of the College's performance For the year to 31 July 2024. It contains a statement from the Principol. background to our purpose. operating environment. bu5ine55 model and objectives. and disCU55e5 the principjl risks that the College Faces.

Introductory Statement by the Principal and Chief Executive The wider college sector continues to operate in an extretnety challenging Financial environtnent. The continuing impact OF inadequate public Funding and sftcrea5ing c tne6n5 that acr055 Scotland the su5tain6bility OF the nation'5 college5 is a continual ever-InCfea5ing (ouse For concern 6nd, despite the best tnitigation5. 5eFvice5 to 5t stakeholders are be5ng itnpacted. whs15t we are not iffltnune to the con5ider6ble Pfe55ure5 OF fiscal challenge, we- at NESCol- continue to ensure thot our Financial managetnent and sustainability planning appro6ches ietTrain re5pon5ive ond effective. This Ilows us to continlse to pursve excellence in the delivery OF education, skills and training, thus ensufing that our students and stakeholders receive From us what is needed and expected, particutarly in terms OF their suppor experience and suice Ovef the course of 2023124, we have witnessed an improving position in terms OF our student success outcomes. We also evidenced exceptionally high levels oFstudent satisfaction as wella5 significant demand fvom employers for our Modern Apprenticeshtp offei. Our strategic involvement with key regional groups, such as the Regional Economic Partnership IREpI, the Multi-Agency TransFormation Management Group IMATMGI and Abeideon CTrty and Aberdeen5hire's Community Planning Partnerships ICPPsl continues to glow and deepen. Thi5 15 a testament to our potal posit40n in driving economic growth and transFormation within Aberdeen City and Aberdeenshire. Further. such collaboration5 Focu5 us all on featising our Region'5 ambitions.. afflbition5 which are relevant to. and significant For. the future economic transFormation and prosperity OF the North East. NESCol'5 partnership with Energy Transltion Zone Ltd. 6Fkd shell continue5 to progre55 and grow, and we 6nt¥cipate that OVI shared venture, the Energy Tran51tion skills Hub. will be open For bu5iFbe55 in September 2025. In addition. the College's already 5uccessf¢Jl partnefship with the University of Abefdeen and Robert Gordon University is enstjring thbt the existing and omerging skills needs of ener9y companies are being met throughourtripaFtiteskillsdeliveiy agoncy, the NationalEneFgyskillsAcademy INESAI.Thesoinitiatives are addressing the curieftt and Future skills requirements oFthe energysectoi and our Region's at¥bbitions to be at the forefvont OF energy transition throughoutscotland. the UK and Europe. Having now celebrated our 10th anniveTSaiyas NESCol.wg have become Fiimlyestablished as the Region's College and despite the Funding challenges we Face, we remain cofflmitted to deliveiing the broad provision of cour5e5 that our 5tudent5 and stakeholders Seek. These continue to be delivered acr055 a targe geographicare through our Four fflain ientre5 in Aberdeen City. Aberdeen Alten5, Fr65erburgh and Peteihead. The College's Board and Leadership Tedtn are Fully hligned on our intentlon to grow our oFFer and to ffleet the con5iderabled?tnand evidentomong5tourstudent5. portnersond employer5. Cuiiently. we have around 6500Aberdeen CityatbdAberdeen5hire Khool pupi15 enrolledon a 5(hool-College link progiamffle. Furthef. we estimate that over 40% of all leavers aCfOSS our Region will progress onto NESCol course5 once they leave schooL This percentage increases si9nificantly in afeas of economic and social disadvantage. Conseqlsently, we remain committed-as an institution anchored in the cofflmunTrties we seive- to ensuiing thateveryone coming toourcollegohas theopportunityto FulFil their potential. realiso theirworth and ifflprove their efflployment PFOSpect5 and life chances. As we prepare to onter a new strategic planning Cycle. we Fully intend to evolve our activities line with our mbitions. In doing so, we shall retain our Focus on critical activities that will ensure Financial sustainability. increased cotykmercialisation, Improved and adaptive planning, enhanced partnership working, ever- incieasing learner 5ucce55 and progressive employfflent practice. And by doing 50, we will olso ensure that we not only continue being a tnore igile and re5pon5ive college but one which 15 equipped to Successfully navigète its way5 through whatevef challenges and opportunities we encounter. Neil Cowie Principal and Chief Executive

Our Purpose and Activities Legal status North Ea5lScotland College INESColl was fortned OTr 1st November 2013, as a result of tneiger between Aberdeen College and BanFFand Buchan College. The College is incorpoiated under the Furthei and Highei Education Iscotlatkdl Act 1992 and 15 Funded directly by the S(ottish Further and Higher Education Fund6ng Council ISFCI. The College is a chaty Ikottish Charity NutnberSC0211741 iegi5tered with the office OF the S(ott15h charity Regulator and 15 recognised by HM Revenue and Cu5toffls a5 a chafity For the pufp05e of Seition 505, Incotne and Corporatiorj Taxe5 Act 1988. A5 such, the College is exempt from corpoiation tax on its charitéble activities. The College receives no Simir exemption in respect OF Value Added Ta Buslness Model and Operatlng Envlronfflent Through it5 Regional Outcoffle Agreefflent with the 5cott15h Funding Council. the College re5pond5 to the Scottish Government'5 national policy driver5. while also working with regional partner5 and10161 bu5inesse5 in improving opportunitie5 For the people of Aberdeen and Aberdeen5hife. in helping the iegion'syoung people progress to work 01 higher education, and in supporting businesses through proFessional updating ond workFoice development. Each year, the College enrols around 6,500 full-time students and 15,000 pait-titne Students. It efflploy5 just Short OF 600 stafEacro55 the range of it5 busine55 activitie5. NESCol is the only Further education college located within the North East oF5cotland. and provides a wide range of education and training opportunities across tho region to meet the noeds OF individuals, communities and employers. The College's main {Colleg*ownedl centres are in Aberdeen Ithiee sites), Fraserburgh and Petefhead. The College's Estates Strategy recognise5 tho tieed to matntain a regional preseftce. but also to diFFerentiate provision at eaih iafflpus to ffleet the diFFering needs OF leafflers. The Estates Strategy prioritises the improvefflent of the current CollegoWned 51te5. to ffleet the changing need5 of leartkers, staFF and other st6keholders. The College operates a Whol1owned subsidiary company, Aberdeen 5kilLs and Enterprise Training Ltd (A5Er), delivering specialist support to the Orl Gas industry. The College'5 OtherwhollYmned 5ub5idiary, clinterty Eststes Ltd, isdotfflatkt and ha5 not traded since 30 April 1998.

strategic Plan Development The cuiient strategic plan for the College was due to be renewed For the 2023-24 academlc year. However, due to the eFFect OF Covid, as well as a desire to consult wider with tnore Stakeholders IstaFF, students and key external 5takeholders1 on the developtnent OF the new Strategic Plan, the previou5 Pl6n will continue until it 15 replaced. The College believes that by coffling togethercollabofatively. we can create a Strategic ro6dfflap that not only will help oveFcoffte the challenge5 that we Face, but a150 harne55e5 our 5trength5 and opportunitie5. It is the intention that the plan will clearly artic¢Jlate what the College wants to become Of occornplish over the next 5 years. The first phase OF the process will be to set up a small Project Delivery Team, comprising a range of managers, teaching and sUPPOrt staFF, and student iepiesenLatives, to act as the operational management group For the project. It is hoped that a new Strategic Plan will be in place For acadeFnic yehr 2025126. The existing StrategFC Plan cleady define5 the College'5 vision and value5. Vision and Values Vision North East Scotland College will, through the delivery OF high qalIty education and tr3iniftg.' Drive and support innovation and economic prosperity Raise a$piratioD Create success Promote diversityi fairness and opportunity For all Providing individuals, businesses and cornmunities in the North East OF Scotland with 21st century skill Values The College's values shape Our work. inFluence our behavioufs and apply to everyone who comes to the College to learn or work. Commitrnent and Excellence Understanding ond responding to the need5 of our Students. staff. key stakeholders and customers Being bu5ines5-like and profe55ionol M•intaining clear focus on our ooals and ensuring these are achieved thfough eFFe¢tive plannino and organisation Achieving excellence by continually evaluating and improving our services Ensuring our processes are consistent accessible effective and efficient. Empowerment and Engagement Creating an environment where innovation and creativity are encouraged and can Flourish Providing clear direction. inFormation and comrnunicaeion Providino development opportunitie5 to ensure we have the skills. knowledge 47nd confidence to perform to the best of our ability Giving recognition and praise Encouraging and supportlng collaboration. Respect and Dfverslty Valuing the experience and talent OF all Treating others with dignity and respect Creating an accessible inclvsive tearning and working environment Being fair. open and transparent to ensure a Cbjlture OF rnutual trust and integrity.

strategic Themes Our Strategic P(an for 2023-2024 is Focused on Five Strategic Theffle5 and their accompanying strategic Goal Being Agile and Responsive Deliver a curriculum and support services that respond to the need5 oF5tudents Support students to make choices that reflect individual ambitions Build on the unique and distinctive strengths OF our campuse& Empowering People Deliver supporting strategies to Support mentoly phySFcal and Social wellbeing OF staff ond students Provide developrnent OPPOftunities to maximise potential of all staff and students Build creative. confident and highly motivated staFFand students Discover and nurture talent in our $tudent$ and workforce Create a cvlture that is based on respect, trust, engagement and shared goals Foster digitol ski115 ond knowledge whilst inve5tino in infrastructure and resource& Advancing Partnership Working Work with Community planfiing Partners to deliver on key priorilie$. with • Focus on reducifi9 inequality and removing barriers to educational attainrnent Work with regional economic developrnent bodies to support the delivery OF the refreshed Regional Economic Strategy to support post-covid economic recovery Work with the Regionol Learning and Skills Portnership to detiver the Regional ski115 Strotegyy developing individuals With the ski115 to meet the evolvsng needs of the region Wotk with local schools and other p6fthers to develop Ind deliver effective learning pathways for young people. including the delNery of regional plans for De¥eloptng the Young WorkForce Work with Higher Education partners to promote learntng opportunities widen access increase articulation and irnprove the learner journey Work with employers to ensure provision odopts to meet the needs of industry ond supports regional economic recovery and development Ernbed on enhanced approach to $t•keholder engagement which builds greater understandin9 of the NESCol offer and $tfengthen$ fegional relation$hip$ in Support of shared ambitions Work with the Students. Association to ensure all students have the opportunity to shape and influence their College experiences, and to build a succe55Fu1, resilient, confident and engaged student body Work with local partner5 to 5UPPOrt the heolth and wellbeing of stoFF•nd 5tudent&

Dellverlng Excetlence and Innovatlon Be recognised a5• coliegevthKh delNers excellence •cr055 olltoursesand ser¥icxbuiiding a rewt•tion•5 the premierwovklerof ¢mplweriDFormed eduutionand$kiUs in the WiXk Delr¥er out$tanding learning and teaching which is exciting. innovative relevant. and which increases the rnberF iearnersachithfjng 5ceSsful0utcorne5 positive destinatiOnS. DelNer a curriculum and support service which enables students to build resilience, develop essential meta5kn11sandathieve gJ(ce Deliver a wholtrcoilege approach to student support that prornotes health and wellbeing alongside eFfErtiweacodemic bJtoringand pew50naideveiopmenL Enrtsuroge and enable • strong student Tmice. co4eignino and co-delwerino sector le•ding •pproa¢hes toquality imprownenL Drive continuou$ quality improvement th¢ough a strrlng culture of selF-evaluation, and the adoption of anevidenc+informed approachtodecisiortrmaking and enh¥rnent plaming. Provide modern, fit-for-purpose buildings, facilities, and spaces For learningi Studying and socialising. Maximise the use OF digital technology to deliver sector leading Student experiences and support Continue to advance equality of opportunity au055 the College to ensure success For all student5 regordlessof proteCteddracterIstIc4bCkr•ndOreXperieDfjnd to mDint•in• ColleW¢ItVrtUF Leadlng Sustalnabluty Through thedelr4eryof our OutcomeAgreementseekto•thievesUStainoble Iv4etsrfFwKfing insupportoFouT c<Jre activitie5 Frorn the Scottish Funding Council{SFO. Maximise income fvom <omrnercialisation and other opportunitie& Deliver ye•Tronyear oper•tionol eFficiehcies to enoble in¥e5tment in innovotion. staff ond facilities. Fully utilise the Financial resource5 •¥•il•ble and produce annually a b•l•fv¢ed budget position. within • longer-term $wt4inablefinan(ial piarL Implement a Procurement Strategy that ensures the College achieves best value and complies with all regulatory reqUirennt streamtine business proce55es and system5 using technology and digital skiu Develop and deliver a Cafbon Management plon for the period 202(F2025. to achieve a further reduction in C02 efflissiowLsof S. ond supporting thetsansition to o Net-zero Econom Implement •n EnviroThment•l •Nd Soctal Su$t•rn•bility Strate#y •lioned to the United N•tion* 5ust4inable DeVelopmentGembedrfW9 theprln¢ipiesd prn¢t1cof susta•4bilityacross the curyi¢ and supportserVi

Key Issues and Risk5 The Regional Board has established a Stiategic Risk Register in Septetnber 2023, whTrch considers fflatters which may impact on the College's abhlity to deliveron its Strategic objectives. Risks and tnitTrgating Factors re kept underreview bythe Executive and Leader5hipTearn50n a fflonthly ba5b5. and reported to the Board via the Audit and Risk Cofftmittee. The Ri5k5 are categorised 6long5ide the Stfategic Go61 they fflost itnpact on.The Boafd identifie5 the principalrisks to the College, currentlyfated as"signiFicant" "high" or.very high- as being'.- strategic Goal l.. Deliverhigh quolity, occessible ondinclusive learning ondtmining opportunities, which tronsform lives. ond which support the economic andsociol development of ourregion. Foilure to deliver future skills Treeds of the region •nd tontributing to regional and notional ecoTroThic grtywth. Financial pressure5 Causing continued 5taFf reductions negatively impacting on training provision quality •55urance and assessing. Financiol pressures may uuse redd <ufficulum range. choice •nd opportunity to the regior Mitigations For the above risks Focus on engagement with key regional stakeholders, horizon scanning. scenario planning, tnaxiffli5ing incotne, and fegularcontact wtth staff. Strategic Goal 2.. Develop the skills talents ondpotentiol of all thepeople who come to college either to learn orto wor Unable to recruit, rrtain and develop appropriately qualified staff, ad¥efsely impacting on the ieamef experience curriculurn delivery and development. If the College FaT15 to adapt quickly and Aexibily to ckn•ngin9 dern•nds. may not meet delivery target5. If the college fails to improve attaifiment within idefitified are•$ of Curriculum then fewer student$ wiu go on to positive destinations within work or HE Mitigations fof the above risk5 Focu5 on the implefflent6tion of 5tf6tegie5, policie5 and procedufe5. ocoanisationol development activities, effective communication and consultation mechanisms including the provision oFdetailed staFFgusdance, partnership Wofking with locol trade union representatives, participation with the national Employeis'Association, the piovision of stafFhealth and wellbeing support and initiative5, and business pl3nniAg processes.

strategic Goal 3.. Work with ourpartner5 to deliwerp05itive ondsustt7inable changeforthe individuots communities andbUneSSes in ourregion If the College doe5 not 5uccessFully engage with employers •nd other key 5takeholder4 THEN we will not be able t¢+ identify and meet their need If the ColLege does not work closely with local authorities and schools, THEN eFFective learner pathways will not be delivered throughout the re910n. IF cornpetitions between the College and Univer51ty sector continue5 to intensify then FT HE student recruitrnent will be negatively irnpacte(L Mitlgation5 for the above risk5 Focus on engagefflent with key region61 stakeholders and national agencies. effective iotntnunic6tion and consult6tion fflechani5fft5. operation OF agreefflents including Partnership Agreements. Memorandums OF Understanding, Afticulation Aoreements. nd monitoring oFexternal guidance. stroteglc Goal 4.. Deliver an excellent learning environment andexperience leading to successful outcomesforall leGrner& IF the SFC fails to provide adequate funding For counselEors and other targeted health and wellbeing support then student outcornes and experiences will decline. IF student outcomes do not ifflprove where required. then reputation and Future student recruitment may be negatively imp•cted. Insufficient Funding to maintain rnodem fit-For-purpose buildings, inFrastructure and equipment negatively impacting the quality OF the student experience. Mitigation5 for the above risk5 focus on effective rnonitoring and reporting mech•nisms. provision of student support services and academic guidan. learning and development activities, ongoing engagement with theSFC and key regional stakeholders, business continuity documentation and arrangements resource planning• and rnonitoring of external guidance. strotegic Goal 5." Optimise the use of our GVGiloble resources to deliverfinonciol and environmental sustoinability. FuDding and increasing cost pressures will reduce the College's ability to achieve a baian£ed budget and challenge future sustainability. IF the Coltege Fails to achieve ptanned activity t•rgetS then the SFC may clawback Funding increo5inp the financial sU5tainobi14ty chollenge. IF ASET do not grow at sufficient rates THEN gift aid will not meet budgeted levels. Mttigation5 for the above risks Focus on engagement with national agencie5, engagement with key region615takeholder5. data analy515, and effective fflarketing 6pproache5.

Golng Concern The Group Balance Sheet at 31 July 2024 shows Net CurientAssets of £1.6m IFY 2022123 equivalent 11.1ffl1 and Total Net A55ets OF £59.0ffl IFY 2022123 £65.3tnl. The SFC has indicated to the College expected Funding leveL5 For the period to 2024-25 and the Regtonal Board has approved a linancial pion FOT 2024125 on that basi The comments on page 41 to these Financial statements outline the Board's asse55ment OF going concern. Accordingly, the Board consideis that tt is appropriate to consider that the College is a "gohng concern" and these Financial statefflents have been prepared on that ba515. AccoufttlTrg Treatment of Job Evaluatlofi The College Financial statemet)ts incofporate a change to the accounting treatfflentoF the national support staff job evaluation in 2023-24, an adjusttnent to refflove multi-year SFC funding totalling £3.Bffl. This 15 based on a(fvice Frotn our external auditor5 and the revised SFC kcounts Di¥ection which state5'1t 15 important to note that this is a technical accounting change only, and'scotti5h Goveintnent agreeing thot responsibility FOT job evaluation funding comfflitwnents now rests with the scottish Government Until the process is complete. The estimated costs OF the national support staFF job evaluation exercise are not matched by revenue Funding in these Financial Statefftonts however the Scottish Govemment funding is essential to implementing the outcomes and costs. The Scottlsh Government commitment to funding the c05t OF the rbational support staff job evaluation outcoffte5 was ie5tated again at the Public Audlt Comtttrittee on the 28th Novetnber 2024. PerFormance Summary Overall the College tnet its activity target for the year, while also exceeding its budgeted p051tion. A5 can be seen Froffl the Key PerfortFk6nce Indicator5 noted on p15. peTfortFk6Fkce itTtPfoved markedly from that recorded in 2022123. This is a very good sUIt ffom the College. This has been achieved during a persod OF high inflationary Pfessures-while the College has Faced increases in fuel costs, pay awards and generally high inflation, our funding is being held on a 'Elat cash. basis, which does tbot allow For these increases in c05tS. There 15 further analysis of the College'5 perFortnance during the yearin the next 5tion. io

Performance Analysis This seition OF the report provide5 6 more detailed analy515 of the College'5 performance dgain5t financial nd non-Financial indicator5, and 9wes è cofflrnentary on the key financial outcoffle5 for theyear, with Figures extracted From the Balance sheet as well as the Statement OF Comprehensive Income and Expenditure for the year. It deFines the relationship5 between the College's tbational and regional drivers, its Strategi( Plan, perForfflance ffleasurefflent Fratnework and risk register. It 6150 discu55e5 the College'5 wider performance itb relation to environfflent61 and social fflatter5. Reglonal Prlorlties and skills Needs As the Region'5 College, NESCol will Shape and fespond to the itnmedtate and longei tertn regional priorities nd 5ki115 need5 a5 identified within the Regional Econotnic Strategy, Regional skills Strategy. Region61 ski115 A55e55rnent5 and related action plans. Further, the College will Shape and re5POn5e to the priorities identified within the Re9ion's two Community planning Partnership& This plan addresses these prioflties as Follows.. RegTronal Economic Strategy Priorities= Responding to COMtF19 and Brexit Supportin9 Netzero and a green recovery Creating a diver5ifjed econotny based on skills developfftentathd acqui51tion Ensuling inclusive economit iecoveryp ieForffl and gfDWth College Contribution.. Strategic obJectlvels)= The College'5 portFolio oFcour5e5,vocationaltraining opportunities atKS apprenticeship programs aligned to the region's key priorities, Sectors and Skills need5 are ciitical to the legion's fubJie econoffliciecoveryj ieForm athd prosperity. 1.1, 3.1, 3.2, 5.7, Regional Skills Strategy Prioritie Responding to COMtk19 and Brexit Ali9ning skills to econotTric neeLI, EnergyTransition ambitions and Net Zefo intentions Expanding work-based learnino rn£ludtng employee upskilling and reskilling Itnproving 5(hool-to-work transitions College Contribution: Strategic Objectivels)= The College's established and responswe approach to cuiriculum design and deliveryi IniludiTrg Its Apprenticeship Familyoffer, its Flexible Workforce Development IFWDFI acbvities and its enhanced engagement with partnefs. employersand xhools will ensure that the itnttjediate and Futuie skil need5 01 the region are met. 1.1, 3.1, 3.2, 3.4, 3.6, 5.7, 5. 11

CtsmmuDity planning Aberdeen ICPAI PrlorltSes= Prosperou5 Economy Pr05perou5 People Ichildfeo & VouTrg People) Pt05perou5 People (Adults) College Contributlon= The College is a partneroFCPAworknng with partner5 on locality planning, communityempowerment. and 1fflprog outcotnes for the PDpuiaiion of Abeideen City. especially thosewho experience poorer outcotnesas a result oFsoa(Feconotnic disadvantage. The work oFthe CPA sees the Colleoe tontributino to inibatNes Forpiiority and atrisk neighbourhood5, and priority commtsnilies oFintere5t e.g. chl¥ drenand yDung peoplei people with Oi5abilitie5. StraLeglc obJectlve(s)= 1.1.3.1,3.2 ProspeiDu5 PL3£e NESCol is a tnetnberoFthe CPA Board, the CPA ManagernentGroupJ and two Outioffle ItnprovemeTht Grovp5: Aberd•enPruspe supports delivery oFthe LDcalOutEoffle ItnprDvetnent ILOIPI and undeipinning locality pian5, specifically two E£onomy5tretch Outcomes in the LOIP. Support 400 unettipli>yed Aberdeen City redeTht$ into 5U5talnEd, Fair Work by 2026 Upskilllreskll 500 Aberdeen City residents to enable them to rnove into, within and between econofflic Dpportunties a5 Ihey aTi5e by2026. lrttegrotedchlmren's Setvke5.' en5ure5 the effective delivery of 5erviie5 fDr childfEfb d young peopleat all stages OF the[ developtnent nd growth. All keyagencies that deliverserviie5 For children and youTrg people in Aberdeen City are represented. worknng together tD deliver the Ciws Children'5 serwie5 pLin and using the Scottish Go[n[net's,GettlQ It Right For Every Child. as 17 iomfflon appri>ach to deltver better outcotnes lor children and to measuie wcces& The College also paiticipates in a nutnberoFas50Chlted workstreaffl The AttainTntfit and Progression to Adulthood Gioup Child FriendlyCikne5Group TargetOpErahn9 Mode15ub Gfoup ACC Care Experienced Champion5 Board 12

Aberdeen5hire Community planning Partnership (ACPP) Priorltie Changirsg Aberdeen5hiiE's retIOnshIp with aliohol Reducing child Poverty itb Aberdeen5hif Connetted and COhese Comrnunities Colleoe Contribution= The College is a partner oFACPPwhich aims to work together for the best quality of liFe with happyi healthyand fulfilled people. INing in a healthy, saFe and SLtstainable environment with a vibrant local tconotny. This includes partnership wOlg to deliver tnore efficient athd itnprove(S serviceswluch meet local tbeeds in Aberdeenshiie atHI to coTrtfibute lo the deiiveryoF key actions in a numberof LocèliTry Plans. NESCo115 a tnemberof the CPA Board, and Conneited and Cohesive Cornrnunities. Cgnnectedand Cohe5Ne CommuTritie& supports the Planning Partnetship in the deliveryof locality plans for three afe65 of Aberdeen5hire thatexpeiience the tn05t 50aal6nd econoffli£ disadvantage. This includes the delivery oFseveral initiatsves around addfe55ing inequalitie5, etnplDy8bilityand health. a5well a5 supporting communitie5 to beiotne fflore resiliEfit. College a150 use5 the RegTonal ski115A55e55¥nents for Aberdeen City and Aberdeenshire. to ensijre it align5 piovision with anticipated dEffland. there ale a Trumber OF koy Scottish Govefnment prioFlties whiih have particulai relevance to the college sector. The (oUeg4.thinu9h the Strategi£ Plan, wTrll respond 475 Follow&- Scottish Government Priority College Contribution objertr Fair Access and TratJ5ition5 The College will pro¥ideacF£taff and studenfs .1, 3.9,

Stottish Government Priority ouege ContTibution Strategi¢ Objectivels) N•rz¢r• The Colle9e will ensure +ts activlties as an edtar, employei and rEgionalieadercontribute hjlly to the delivery DFScottish Government's clifflate change atnbiknon 5.7, 5.8 Éconorni< r•¢ov•ry reForffl iThd prosparfty The Colle9ewill ensure its iontributfjons post- COVlD-19 and PO5t-8rel to the itntTrediatt find FuturE regiofial EU)nomii requirernentssupport a retaSed and 5uc(e55ful Scottish economy. 1.1, 3.2, 2.4, 3.4 4.1 Inte9r•tOofi of t•rtiary •ducatloA The College will develw. in conjtsnctifjn with othe. a cohesive and connected terbarysectoroFFerwhiih deliveTS a greater edtional and skills-based f scotland's STEM and energy transition prioriknes to geThefate inilusive atKI 5UStatnable eionoffliigiowth by equipping young people with skills for the future. 1.1, 3.2. 3.3, 3.A 4.1 Di9itsl The College wll support ifflpfoved digital 5kilLsdevei0pet and acqutsition For it5 Students, staff and stakeholder 2.6,445 14

The College's Regional Outcotne Agreement with SFC. cleady deline5 how the College contribute5 to the fe9ional and national outcomes. The Outcome Agreement contains indicator5 which are used to measure progress against those outcomes and the College's strategic plan identiFies which OF those measures will be used as Key Strate9Trc Indicators IKSlsl in ffleasuring perfortnance agaiA5t Strategic Theme5. Those are=_ STRATEGIC PLAN 2020-2024 KEY STRATEGIC INDICATOR TABLE Keysknategiclndicator ThetotalnumberoF Iredits delivered 132,LN>5 133,127 131,915 12&655 128,812 129.769 115.931 t16.040 Thevolutne DFcore credit5 delivered 129,770 130.602 129,280 127.0 128,812 129,769 115,931 116,040 The¥olume of E5F credit5 delNered 2,235 2,525 2,635 1,049 ieainef SuCcte It[0[porate level, tnodo,wthdrawalandpartialsucce55 mea5ure51 2Q20ft1 Z021122 124 FE FullTrne LeaMerSuCSS 73% 62% 57% 63% 65% 69% Partials55 14% 11% E&rly Withdrawal 4% Furtherwtthdrawal 14% 16% 16% FE PartThme Learner Success 73% 72% 72% 68% 89% 72% 92% PartialSutce55 25% 27% 4% EarfyWithdr6wal 1% 1% 2% Furtherwithdrawal 2% 2% 2% 2% HEFuiifime LeèrnergJcce5S 78% 71% 72% 65% 67% 72% Partia15uccess 14% 15% 16% 14% Earty Withdrawal 13% 1% FurthErWithdrawal 12% 14% 4% 13% HEPartTlme LearnergJccesS 83% 75% 81% 77% 77% 75% 75% 79% PartialSu(ce55 23% 19% Early Withdrawal 1% 1% Fvrtherwithdrawal 2% 2% 2% 1% zpzil2Z Z02Zt43 zoz*4 hk)n-5FC iniome a58 perietknge oFiufflovei Staff c05t5 as a percentage oFtumover 21% 21% 20% 20% 25% 66% 66% 62% 58% 56% 15

Key currlculum developmefits of 2023-24 Curriculurn Overview NESCol has an integial role in delivering real socialand economicgrowth and development across the North East oFScotiand. The College, anchored in Aberdeen and Aberdeenshire with a comfftitment to shaping the workforce of the Future, is proud OF its role in the evolution OF traditional industries and excited by the opportunities presented by new and etnerging sector An engaging, supportive and inclusive le6rning environment is at the heart of our college experien<e. which is desi9ned to give every student the OPPOftunity to FulFil their potential in employment and in life as we work together to build a vtbrant, innovative and sustainable FutLtre. In acadenTric year 23-24 NESCol made excellent progres5 in building back to pre-COVID leveb OF student succe55 and attainment. Throughout the pandetnic-disrupted years the College worked hard to Support all our staff and 5tudent5, Wlth a huge emphasis plaied on 56fegu6rding health 6tbd wellbesng. and this was Teflected in ion515tently high levels OF 5tudeTrt 56tisFactioTr 6chieved de5Plte the disruption. student success, however, has not been so consistent. with both HE and FE full time attainment dropping sÉgnificantly since 2018119. whilst thÈ Factors hFFecting student success are multiple and complex, there is no denying the detrimental impact COVID and its associated loikdowns had on students, both in the ifflfftediate short terffl and in the yeais since. Indeed, we are still dealing with the ifflpacts OF thi5 period, evidenied through increased leve15 oFstudent5 support reFerraband dramatic6llychanged leveb OF students demand. In response to this NESCol has worked tirelessly in recent years on reFocusing on core learning, teaching and assessment, being very deliberate in Lhe way in which we identify and diagnose issues afFecting student outcomes, and explicit in our commitment to improving outcomes and expefiences For all students, at all levels across the college. Furthei refinetnent OF the"focu5 on the Fund6menta15" cafftpaign16unched 22-23 to help curriculutn and Support team5 re-e5tabli5h all the key policies, procedures and practices that were paused. modiFied or Temoved during covID has had great impact. By Focusing on the reFinement oFcore functions all teams have been supported to review and reFlect on their pritnary mission and tho role that they play individually and collectively in supporting students. Thi5 appfoach has Continued to bear Fruit with the levels of student success continuing to rise significantly across both FE and HE Full-time groups in 23-24, building on the improvemonts made in 22-23. Weare committed to providing ourstudentswith exceptionalFace-to-face teaching. Facilitated by experienced and passtonate staFF in high-quality lear environtnent5. Our approach to cufficulutn design in 23-24 ensured that all our frull time 5tudent5 continued to h6ve the oppoitunity to cotne to college regularly so that they could acce55 excellent Facilities and st¢Jdent support services. build eFFective relatbonships with their peers and teachino staFF, and enjoy the Fantastic community that we have created at each OF our regional campuses. However, while our cofflttbTrtment to Fac*tO-Face teach¥ng is absolute, we are tnindFul OF the Fact that many OF Ouf Students have othercomfflitfflent5 beyond college. and thatwith the current C05t-of-Iwing challenges that fftanypeople arecurrentlyfacing. lot50f ovf 5tudent5wiII need to bolance 5tudyingWlthworking andl or coring for fatTrily. We a150 learnt through our experience5 OF teaching during the COVID-19 pandemic that there Jre many beneFits and opportunities to be derived From using online and blended learning to support Student engagement and achievement. 16

Spot15ght review process The Curriculum Spotlight Review pr(xess was introduced in a&idemic year 22-23 to piovide a Formal tnechanism Foi tackling low levels OF student retention andlor attaitbment within spe(ifÈc curriculuffl area5 where perForfflance was identiFied a5 being particularly pool. All students enrolling on 6 course 01 qualiFication at NESCol are entitled to an educational experience that provides them with the best POS5ible opportunity for success. and progfession to Future-study or meaningful employment. where we Fail to deliver such an experience. and the oveiall porFormance OF a thr9 team is deemed to be unacceptably low, the cutticu1M Spotlight Review process is now used to rapidly diagnose the cause OF the poof-perFormance and a55ign actions lo reffledy the i55ues Wlthin a designated timefratne. New te6tn5 were selected for involvefflent this academicyear and the efFective and 5UPPOrtive approach OF this initiative ha5 been key in realizFng substantial ifftprovetnent5 in KP15 acros5 the curriculum in 23-24. For 24-25 a thematic spc*tlight processwill also be intfoduced to take a deep-dive into the faitors affecting achievement For some of the college'5 most vulnerable students, tnany of whom have challenging and complex support need5. Currlculum plannlng Each year. (urriculutEtr teatn5 continue to revise and update progratnffle5 according to deffland and regional economic need. Thi5 ac6detTbiC 5e55ion Saw fuFtherdevelopment of Currbculutn planning proce55. and the introduction oFa revised prografflme OF curriculum planning ffleetings. chdired by the Head of planning and Academic Partnerships. was introduced to enable teams to discuss planning in conjunction with existing demand and performance. Building on our experiences in 2>24, For next academicyear a new Currtculum Approval Proce55 will be introduced that aittbS to cfeate a more open and collaborative approach lo course modiFication5 and approv&15. This should lead to more iobu5t challenge and sctvtiny OF all currtculutn fflodification. Curriculum Support Frarneworks To support eFFectNe curriculum design. delivery and management during the academic year, the Following frjmewofks were updated and providod to Curriculum Mana9ers and Lecturers with clear instructions and resources to help support a lange of key processes.. Ffamework for Supporting 5ucces$ful students {C•nsolid•tion af A<ademic Tutorino Framework. Framework for support Students. Framework for Attendance Monitoring nd Engagement and the Frarnework for Attendonce Monitorsng and Funding) Frarnework for Curriculurn planning and Delivery 2023-2024 Fr•mework for Sector mon•pement. These guide5 help en5ufe a consistent approèch across all college campuse5 to guarantee that all students receive the same higFtrouality expefieftce. 17

student Support The College's st¢Jdent support services contintjed to develop and expand thioughoutthe academicyeai. The counselling setvice brought For 2(k21 has bedded well and continue5 to cofflplem d enhance the established well-being and support provision of the College. Funded via the additional SFC Mental health and Wellbeing initiatives, ACIS Student, a Mental Health AbeFdeen serv ale committed to developing a reiationol approach in theii partner ensure an eFFective response to the therapeutic needsoFchildren,y and adult5 in the comtnunity. The demand Foi this service has incre its introdurtion and the College ha5 tnana9ed budgets in suth a way tts 23-24 but a5 thing5 Stand, theie is no long-terffl Funding cotnfflitment foi counselling From the SFC going Forward. This ss5ue ha5 been raised with the SFC and the Scotli5h Governwnent via College5 Scotland 05 It is unrealistic to expect colleges to be able toabsorb these costsand saFeguard the counselling provision under the current Funding allocations. NESCol's Report and Support system continues to provide an excellent platform For sharing support inFoffflation. 5ignp05ting extefflal support 5etvices. and sharing key tnessages related to Ouf Respect compaign. Quotity Activity EducationAnnuol enoapernent Vi51t 23-24 Annual Engagement Visits IAEVSI afe planned collaboratively between the college. HM Inspectors and Scottish Funding Council15FcI. t>uring the AEV, the team Focu5es on the piogress made on improvement priorities and the outcomes OF prevTrous engBgernent with HM InspectOf5. HM Inspectors met with staff, learners, and otherstakeholder5. The ES team carrying out the AEV engages with staff, learners d othei stakeholder5 and produces a Suffltnary ieport For the College, whKh is then shared with the Principal. and Regronal Board. The AEV For NESCol wa5 completed iFk May 2024 and the pOl provided external endorsetnent OF effective practice occurring in the College ocros5 both currFciJlum ond suppoct services covering Nyo overarchino them Learner Progre1$ and outcomes. l Approorhes to •55uring and enhancing the quolity of leorning and teochinoy including proFessional update and learner •ng•gement. DurTrng thevi51t a programtne OF wneetings took ptste involving students. teaihing and 5UPPOrt 5t6ff. fill levels of mènagement and representatives OF the Students. Associotion. Education Scotland identified 26 areas OF positive progress ond 3 areas foc development. The outcomes OF the annual engagement visit were dis(ussed internally across the college and helped contribute to the creation oFthe college seiF-evaluation and strategic enhancement plan. The report can be lound here= North Eastscotland Colle9el Inspectlon ReportlEducatlon Scotland 18

Comrnerclal provlslon There h6ve been significant change5 in the cofflmercial tsndscape over the last iwelve month5. With the unexpected withdrawal OF Flexible WorkForce Development Fund, Efflployer5 in the North East h43ve 105t out on 11.2m worth OF Funding For upskilling staff while NESCol has also lost out on the associated commercial opportunity that this brings. Although there ha5 been significant disquiet around this change, it seems unlikely that any reinstatemont or replacement of the Fund is likely in the short and medium term. NESCol continues to engage with the employers who were able to take advantaoe OF the funding and while some are hoppy to pay for staff upskilling, demand for commercial training has Fallen in the year. There have however also been positives over the past twelve with the National Energy skills Accelerator INESAI securing Just Transition Funding which provided around £300,000 Wofth of development nd Fee waiver opportunities For renewable5 and related training. In doing so, NESCol developed nd delivered new tr6ining prograffltne5 in Engineering. tnicro-renewables. vehicle technology and interestingly, English forspeakers OF other Languages IESOLI with EnergyTr6nsition. The latter course helping candidates with lower levels OF English language ski115 to be able to access efflployment opportunities in the renewables tnarket. It Is hoped that this project acts as a springboard For new opportunities which may evolve with the announcement of the North East region as an Investment Zone- bringing £160m to the legion over Lhe next 10 years. Modern Apprenticeship provision is seeing signiFicant growth and In 2023124, we recruited 280 new candidates- the highest nufflbei signed up in a year by NESCol. The increasing deffland led us to bid For a higher number oFcontract places From skills Developrnont Scotland For 2024125 and we were successFul in securing 335 places For the year ahead. This includes difectly contracting with construction ernployer5 and automotive etnployer5 whefe many OF these candidates had previously been subcontrocted to US through the Construction Industry Troining Board ICITBI and the Scott15h MotorTr6de A550ciation ISMTAI. We have also expanded our Civil Contractors Modern Appfentice5hip provision with two new cohorts comfflencing. We have developed strong partner5hip5 Wlth several OF the most protninent civil contractor5 in the region where significant demand is anticipated through the delwery OF majoi contracts linked to the renewables sectoi. The need to diversify income away Froffl SFC lore grant and the changes to coffltnercial ptiotitie5 has led to an organizational review OF the Busine55 & Community Development department which is tasked with growing commercial income. The review has been running since September 2023 and is now nearing conclusion with increased Business Development capacity identified as well as clearei organizational struct¢Jres. Our sponsored activity with shell continues to grow with Girls in Energy reaching 221 girls la 41% increasÈ year on year) across 15 secondary schools. shell Engineering SchÈme again supported 24 technician places and all yeaf 2 candidotes completed. goin9 on to secure good quality, energy sector jobs. shell also supported the College with EV charger installation training equipfflent and fflaterial5. Thi5 support along with'train the trainerf training. allowed u5 to launch a new 6rea OF skills troining which has Future potential. Another extremely generous gift of £200k donation Frotn a benefactor in Fraserbufgh. now take5 their contribution to our catnpu5 to £700k over Four ye6r5. Thi5 Funding is enabling 616rge atriuffl screen allowing u5 to 5howca5e activities From afound the cafflpu5, a new cement mixer and conveyor in our brickwoik yard, new radio equiptnent at Scottish Maritiffle Acadetny and the latest 3d printing equipment. Oui presence in the local economy 15 an important one in terms of ski115 development and we continue to work closely with employers and industry partners to grow our piovision and oui reputation For high quality training which brings prodvctivity and efficiency beneFits. We recognise however that this skills training 15 often only enabled when funding opportunitie5 are av6ilable and 50 we continue to look for way5 OF providing reduced or no-cost training and engage with partners to help inlluence where interventions 5UPPOrt our ambitions. Collaborating in areas including the use OF Appienticeship Levy Funding and its distribution nationally. 15 becotning increasingly important when government Funding continues to reduce. 19

The Following activities are planned for delivery during AY 202+25 Energy Transition skills Hub ETZ Ltd and North East Scotland College INESColl have been awaided funding thiough the S(ottish Government's Just Transition Fund, with additional support From shell UK, to create an exciting new Energy Transition Skills Hub IETSHI in Altens, and an accompanying educational outreach vehicle. The ETSH is located in Alten5, adjacentto NESCol'sexisting cafftpu5.and will provide flexibleworkshop spacewithcutting edge equipment For indu5try-critical troining. The outreach vehicle will tour schoo15 ond community event5 acr055 the North East and Moiay. helping to demystify the energy transition and promote pathways into energy careers. The ETSH aims to equip the workforce of the Future with the skills the energy industry needs to deliver the low carbon tran51tion. It will increase the breadth and capacityoFski115 training to support a Just Tiansition in the North East, whi15t the outreach vehicle will help to promote careers and inspire new entrant5 to join the energy industry. SpeciFically. the ETSH will provide & pipeline OF appropriately trained people to support workforce 5U[ItY through the transition. Facilities in the EtSH will include.. A rnodern welding academy Advanced rnanufacture zone Flexible teaching spaces Exciting newequipment demonstrating future technologies, includingARIVR More acce55ible training options. such a5 full- timey port-time. evenino and weekend classes Cornmufftity and event $pa¢e& SigniFicantly, the ETSH will also be designed to provide space For cotnmunity engagetnent and to improve the diversity OF the energy industrywotkForce. Furthei partnership working will be required to support thi5 dim. Thi5 5t6te-oF-the-art teaching Facility 15 due to open it5 door5 to 5tudent5 in aututnn 2025. The ETSH project Is already a collaboration between the Founding partners- ETZ, NESCol and shell UK. The ambition is For the ETSH to operate as an ongoing collaboration betweÈn industry and the public and third sectors. Partnership working will enable the ETSH to maximise its impact,. maintain its viability and suppoit equality, social inclusion and mobility. Social and Economic Recovery NESCOL is working with partners including Energy Transition Zone IETZI Ltd and the National Energy Skills Accelerator INESAI on enhancetnent projects linked to the Scottish Governfflent's Ju5tTransition Fund and the SFC PothFinder Project Pfogramtne. Focusing on EnergyTran51tion and asSOClated 5ki115. these initiatwes will play a tnajof role in suptx)rting and developing the economy OF the North East OF S(otland. We willcontinue to bean active pattnei through PACEIPartnershipAction Forcontinued Employment) which 15 led by SDS, in supporting org43nis6tion5 and their efflployee5 when 20 or fftore redundancie5 are announced nd h*we a range OF prografflmes available to help candidates back into etnployfflent. NESCol is also a memberoFemployability tiaining providers groups in the Aberdeon City and Aberdeenshiie Council areas, working c105ely with the Loial Authorities and third sector organisations in the development OF innovative initiatives to help prepare candidates Foi employfflent. 20

Energy Transltloft NE5Col is actively enoaged in major capital projects being planned For the region- notably the Energy Transition Zone IETZI adjacent to the Aberdeen South Harbour along with the Aberdeen Hydrogen Hub, 0fhore wind, and Caibon Capture. NESCol will a150 continue to support the Nattonal Energy ski115 Accelerator INESAI along with Etz Ltd.. the Robert Gofdon Univew51ty and Univefsity OF Aberdeen- providing a consultant service For the preparation of the workForce For energy transition and access to new skills and capabilities required For deliverino the net zero agenda. 21

staff and Student Involvement The College reco9nises the beneFits OF keeping employees inFormed on perFormance and encoufages suggestions For the improvoment of the College's position. In particular, Joint Consultativo Cotnmtttees (Jccl, compristng managemefit and members OF the recognised trade unions Foi both teaching and suppoit staFF, have been established For thi5 purpose. In addition, periodic core comtnunication sessions are held on all fflain sites to brieF staFF Ofk CUfieTrt developments 6nd receive infortnation. The College publishes new5 Vi& it5 intr6net. available to all Staff. staff consultation 15 6150 key part of the College's strategic planning preSS Wlth workshop5 taking place Foi all ocadetTric Fac¢Jlties and support departments to contribute to the process. The College has a wide range oFapproaches to gaining Feedback From student representatives on the governing body. The College supports an active Students, A55ociation and ha5 entered into p6itner5hip agieettbent with the A5501i6tii)n. Employer Engagement As an organisation which has always been principally in the business of vocational education and skills tiainirbg it has been relatively easy Foi the College to respond positively to the Government's fenewed etnphasis on skills Ithe'ski115 agenda'l. Our service to indivbduals in employtnent and to employer5 in the private, public 6tbd third 5ectois con51Sts OF a wide range OF training opportunities provided in the College'5 own premise5 (where the service 15 5ubsUtTred in the wider work OF the organi56tionl. an extensive WOfk- based training and a55e55tnent service provided by the College's Business and Comm¢Jnity Development Team. Programmes were delivered mainly in the trtE0St offscotland in pb¥tneiship with local and national employers and private providers. Envlronmental and Soclal Sustalnablllty Nofth East Scotland College Fully recognise5 It5 respon5ibilitie5 Wlth iegafd to Environtnental and Social Sustainability as on education and training provider, but also as a business, an employer and role model Foi other public and piivate organtsations. The College 15 é signatory to the Environtnentol Association OF Univer5itie5 and College5. IEAUCI Sustainable Development Goal1SDGI A<cord. committ5ng to measure and report its octivitie5 in line with the seventeen Sustainable Development Goals, as set by the United Nations General Assembly in September 2015. The College recently subfflitted its annual SDG Accord report addressin9 all seventeen goals. North East Scotland College has integrated the Sustainable Developtnefit Goa15 Wlth the College'5 International management system, the Environmental Manageffient System ISO14001. Through doing thi5 we are cofflmitted to demonstrating continual ifflprovefftent throughout the ye6r throu9h a proce55 OF externallyve¥ilied audits. The SDG'5 ore a150 integrated into support and Faculty team selF-evaluations. As part oFtheir Enhancement plons.èn Environmental and Social Sustainability 51tmmary isnow produced each academic year For Support and Faculty Teams. The FacultyTeam summary highlights wheie sustainability is integiated into the curriculum. This will be bvilt on year on year and will highlight both areas For irnprovement and good practice withitk the cuiriculum. Full integratbon OF the SDG'S are now very much at the ForeFront OF our planning processe5 and overall objectives going Forward. Integrating them in thi5 W6y rather than addfes5ing theffl a5 a sep6fate entity will ensure pfogfess 6nd raise 6waFenesswhich aieourkeygoal The College is accredited to the International Organisation For Standardi5ation IISOI Environmental Management System 15014001..2015. The College is now Fully aicredited to the tnost up to date 5tandard5 through bsi and 6ie audited twice a year by an extefnal auditor Frofft the Brit15h standard5 Institution IBSII. At each audit. the College is required to deffton5tiate continual ifftprovernent and maintenance of previous actions. 22

The College has considered and evaluated the risks and issues that need to be addiessed in meeting IS014001, and has carried out an itnpact a55e55fflent to identify and priotitise those risks as well as the subsequent actÉons that can be taken to mitigate thetn. A Stakeholder5 Registeraiso F01ffl5 part OF thi5. Overall, the environmental imprft of the Colleges business is Fully n)anaged through both standards, and associated policies and procedures, and thereFore minimised due to the practice5we have in place North East Scotland College belreves that every learning institution must be a leadef in tackling the climate emergency, both in terms OF its own direct actions but also in how it inFluences others. The College was an early signatory to the Universitios and Colleges climate change Committnent For Scotlbnd IUCCCFSI and developed its first Carbon Management Pian which detivered a 33% reduction in our Greetkhouse Ga5 effti55lOns over the period 2015-2020. Our new Carbon Managefflent Plan is designed to deliver a further 50% reduction Frot¥b 3382 tC02e. the 2018119 baseline year, by the end OF Finaniidl year 2025. Building on these ffle65ure5. North East S(otland College ha5 now cotnmitted to achieving Net Zero Greenhouse Gas Emissions by 2035. We are currently sitting at a 46% red¢Jction in emissions. In line with Zero Waste Scotland we will also apply 5 key principle5 to help us work out the most eFFective way5 to reduce our efflission5 by doing thing5 diFFeiently. Frve prinoples, used byzero waste otland. plan to guid? u5 to net-zero are= All net-zero Strategies must be e¥tde•¢trled: L They must achieve absolute emissions reduction" They must priofltise emissions reductions oveT oFfsets" Organi5ations need to go beyond net-zero to tackle their whole taTbon Footprint. To accelerate change. we must share our 5uccesse5 and Failures. Strateoic themes and principles: To continue to take a whole business approach so that carbon rnanagernent is adopted as a key objectNe. Key stakeholders will continue to be appointed to ensure that carbon reduction is fully integroted into the college's culture. To adopt revised targets FOT the measurable reduction of urbon emi5510115 and to deliver these reduction The College will continue to foius on increasing the ettrergy efficiency OF the estate by iFbStalliAg Ut to-date technologies, includivtg renewables where practicable. and engaging wÈth 5tdff aFLd pthe¥. stakeholdefs. 23

Compllance wlth the Cllmate Change (Scotland) Act 2009, As an early signatory to the Universities and Colleges climate change Commitment For Scotland lucccfsl, North East Scotland College continues to Fully comply with 311 aspects OF the climate change (Scotlandl Act 2009 and tho reporting requiretnents OF the Climate Change (Duties OF Public Bodies.. Reporting Requirement51 IS(otLandl Order 2015. The College subfflits report5 on an annual basis in lin with requiretnent5. Modern Slavery and Human Trafficking The Regional Board has considered its responsibilities with regaid to the Modern Slavery Act 2015 atml ha5 published its annual Modern slavery and Human Trafficking Statement here. Anti-Bribery and Corruption The Regional Board has considered its obligations under the BiiberyAct 2010 and has published its Anti- Bribery and Coituption Policy here. The Following 5totement Is extracted frorn the Poliw.- 7heRegional Bourdo[North EG5tScotlundCollegepiohibit& the offering, thegr1Rg, thes0lic1tat orthe acceptance ofanybribe. etherc5h orother inducefflent to orfioffl anyperson oicoffipury, whereverthey oresltuotedandwhether theyoreupubticofficial orbo(trOrprNatefSOn orcofflpanybyanyindiwdual employee, (ynt or otheiperstsn Orbo(ting on North Eostscotlond Colleges beholfin order toooin ony commerriol, c*trO¢tUalOrreg10toryfjdVontt?9efo North Eost Scrtltsndcollegein a way lJICh is unethicol Of in ordertogt7in anypeOoI0dVOnt(Yge, financ1 01 otherwise, forthe indiwdut71 oranMxJe connected with theindividud.- . thwJJJ 24

Financial Planning and PerFormance Financial objectives The College's Financial strategy has been developed to suptKbit its Strategic Plan and other supporting strategies. The Strategy also addresses the requirements and restrictions placed on the College by both the Financial Metnorandum with the Stott15h Funding Council and the wider requirefflent5 OF public sector occounting and accountability. SpecFfically, the Strategy identiFie5'.- With regard to Financial Sustainability. the College will strive to.. Priorit15e OFkgoing Outcoffle A9feement negotiations with the SFC to ensure the need5 of North East Scotland are recogni5ed and that the College receive5 a resource allocation to meet detTband and deliver on national 6nd Ioc61 priority orei5', Maftage it5 Financi61 resource5 to allow it to Fund the maintenance of it5 esl6te and IT rnFr65tructure, together with Future identified estates developments.. and Ensure all cost5 ale identiFied. accounted and planned For over a five-year planning period. With regard to Resource Deployment, the College will strive to.. Alloc6te re50urce5 thfough a budgeting (ycle which cons[5 external economic inFluence and utilise5 scenario planning techEbiques', Fully vtilise its allocation from SFC on both an academic aEbd Financialyear basis.. Ensufe that 5tFategic priorities. including e5tate5. IT and curriculum planning ore Fully integfated itbto the budget cycle.. and Ensure workforce planning and Future curriculum delivery are considered when budgeting For staFF costs and that close monitoring and control is deployed to ensure eFFicient delivery. With regard to Liquidity, the College will on5ure that it Ltses the Facilities available to it to: Maxiffli5e return5 ag6in5t agreed risk proFiles and within the con5tr6ints of the public sector regvlatory Framework.. Retain adequate cash resetves. at a level OF not less than 10 days trading activity, whlle meeting Scottish Government cash flow iequirements- and Balance cash released through net depreciation and the Cash Budget For Priorities ovei a Fivtryear planotng period. With regard to Innovation and Flexibility, th@ College will seek to= Optifflise the use OF SFC incorne to support innovation in leaming and teaching while continuing to deliver against our core perFormance indicators.. and Exploit income opportunities From sources other than the SFC, seeking to increase such funding ye61- onyear. The financial planning cycle take5 cogni5ance OF the learning and teaching plqnnino cycle to ensure that resources are targeted to the Colleges priority development areas. 25

Financial Re5uItS The Consolidated Statement oFcomprehensive Income and Expenditure1socII For the year showed a deFicit on the continuing operations aFter disposals oFassets and taxation of E2,850,000 IFY2022-23= 11,157,000 deFicitl. Aftei adjusting For the pension deFicit on tho revaluation OF the funds as well as a loss on the revaluation of pioperty, the1055 For the year wa5 E6,304,000 IFY2022-23= 12,342,000 gatnl. Of the total incotne of the Group. 25.0% IFY2022-23= 19.7%) wa5 received ftoffl non-SFC source Model Adjusted Operating Position {AOP} note The SOCI pre5entS the Financial perForfflance duting the accountirbg period in accordance wtth the SORP. The AOP 15 intended to reflect the underlying operating perFortnance ofter allowing For tnaterial one-ofF or distorting items required by the SORP 01 other iteffl5 Outwith the control of the College. The AOP 15 the¥efoie designed to smooth any volatility in reported results arising ffom FR5102 and also to fecognise thot some of the reported costs do not have an imrnediate cash impact on the College. The College's Underlying Opeiating Position can be illustratod as=_ 2023-24 2022-23 'ooo É'ooo Surplus1(Deficitl before other yins and1055es {250) 11.1861 Add back.. Note- Depreciation Inetof deferred capital grant ieled5el 4&10 961 989 Pension adju5ttnent- Net SetvKe Iincomel 30 (2451 11611 Pension adjustt¥bent- Net Interest Ilncotne} 30 <1,3581 (721 Losson revaluation OF Investtnent Property 190 250 Costs OF middle managementiob evaluation exercise not matched by ievenue 3017 Adjusted operatfn8surplUlDeft¢Itj 515 (1BoI The underlytng p051tion for 2023124 ha5 been approved by SFC. The accumulated surplus on the Income and Expendituie serve at 31 July 2024 was £14.014,0{31 July 2023 £18.698,000I. The provision for Future pension costs arising ffom earty retirement DF Former stoff ond the equalization of pension contribtjtions under the Local Government Pension Scheme and the Scottish Teachers Superannuation Scheme at 31 July 2024 was 13,982,(K)0131 July 2023.. £3,982,0(M)I whilst the FRS102 provision for the College's Share of the North E65t Scotland Pension Fund INESPFI wa5 nil131 July 2023.. Éniu. The College has net assets OF £59,034.000131 July 2023.. £65.280,000I. The £urfent asset to current liabilities ratio is 1.2.'1 131 July 2023 adjusted: 1.1-11- and shows the College has capital on hand to meet short term obligations, with a iatio over 1 indicating short term solvency. The gearing on long term liabilities is 0.9=1131 July 2023.. 0.7=11 and a ratio oFO.25-0.S to1 isconsidered optitn31. Thi5 shows the College is reliant on SFC Fundsng to tneet its long terffl liabilitie5. Dufing 2023-24. the College retained two subsidiary cotnpanie5. Aberdeen ski115 and Enterprise Training Ltd IASET). and clinterty Estates Ltd. The principal octivity oFASEt is the delivery oFcommercial training to the Oil nd Gas and Engineering sectofs. clinterty Estates Ltd is dormant. 26

Taxatlon Status The College has been entefed into the Scottish chaiity Register, and is entitled, in accordance with section 13111 OF the Chaiities and Twstee Investment Iscotlandl Act 2005, to reFer to itself as a Charity regi5tefed in Scotland. The College is recognised by HM Revenue and Customs as a charity For the purposes OF section 505, Income and Corporation Taxe5 Act 1988 and 15 exempt from corporation tox on it5 chaiit6ble activities. The College receives no 5itnilar redetnption in fe5pect of Value Added Tax. Treasury Policies and Objectives Treasury management is the tnonagemet OF the College'5 cash flow5, its bonkino, money market dnd capital market transactions- the effective control of the risks associated with those activities,. and the pursuit OF optimum performance consistent with those iisks. The College's tieasury management ariangements are governed by the College's Financbal regulations, which are compliatTrt with the Financial Memorandutn with the SFC. as are the College's borrowing arFangefflent5. Cash Flows The Group cash Flow balance decreased by 1388,000 in the ye3r12022-23- decrease OF 1523,0001. Llquidity During the Finaniial reporting period. the College tnaintained its cash balance5 at a level which maintains sufficient resources to Fund the operation of the College. The Regional Board acknowledges the prohibition Set out in the 5cotti5h Public Finance Manu61 on the aicufflulatiofi of re5ewve5. The College's cash ond liouid resoL¢fces position at the end OF the yeaf was £8.287,000131 July 2023: £8,675,000>, this equates to the College having 47 days oFcash on hand {FY2022-23'. 44 days). Future Developments Academrc Year 2023-24 was the Final year in whi<h SFC reouired <ollege5 and universltie5 to submit Outcome Agfeements. SFC'S revised approach to assurance and accountability- tho Outcomes Framework and Assuranie Model- replaces Outcome Agreements From Lhe Academic Year 2024-25. In IFne with advice on overall budget For the college sectof. the College is planning for the level of SFC te6ching grant for6ctivity leve15 to refflain relatively static in Future year5. while fecogni5ing the SFC itbtention to provide medium-term support For the impact of national pay harmonisation. the College also recognises that Slgnificant Future efficiencies will be reouired. In negotiating Future Outcome Agreement% we will continue to review bctlVLty levek to ensure we meet demand. The College also plans to ceduce dependency on the Scottish Fundin9 Couniil grant and is seeking opportunities in the aieas where it currently perForms well, while also targetin9 iftcreased contr*butions to training costs from etnployers. The College continues to seek best V43lue in it5 6Ctivitie5 through the use OF collaborative procurement and Framework 6greementS. The conditlQn Survey of Scotland's colleges undeFtaken by the Scottlsh FundiTrg Council in Summer 2017 has shown that the Colle9e, in Pafticulor the Aberdeen City Campus, hos o pressin9 need For investment to maintain its operations. In order to address this and also meet the needs and aspirations of all the College's leainers and other stakeholders, the College had developed a masterplan For consideration by the Scottish Funding Council. However. a5 the Scott15h Funding Council advised the College that it wa5 unable to pFovide the grant Funding nece55ary to support thi5 ffla5terplan. the College ha5 prioriti5ed the backlog 6nd 15 using additionol maintenanie funding to oddress the fflore presslng Itetn5 in 2024-25 and beyoTrd. The above notwithstandino, the College has continued to address immediate backloo maintenance needs, and work has continued during the year to improve the physical leaming enviionftient OF the College estate to provide 3 better service to support leaming and teaching. This work will continue in the next financial year in line with Funding levels and agreed Plboritie 27

Suppller Payment Pollcy The College complies Wlth the CBI protnpt paytnent code and has a policy oFpaying it5 SUPPthers Wlthin 30 days OF invoice unless the invoice is contested. At the tiffle oFwriting, no intert has been paid under the late P6yment5 OF Cotnmeicial Debt5 Ilnterestl Act. All disputes are handled a5 qvrd(Iy d5 P055ible. Supplier5. invoice5 were paid kn 16 day5 in the yeaf to 31 July 202417 day5 Ln the ye6F to 31 July 20231. Interest paid under the Late Payments oFcommercial Debts IintÈrestl Act bmounts to £0 during this period I£0 duting peiiod to 31 July 20231. PROFESSIONAL ADVISERS Externalauditor: Audit Scotland Woodhill HouseAnnexe We5tburn Road Ab@rdÉèn AB16 5GB Bankers: The Royal Bank of Scotland 1 Albyn Place Aberdeen ABIO 1BR Solicitors: Burness Paull Union Plaza 1 Union Wynd Aberdeen AB101DQ Approved iw the Principal and ChieF Executive on 11th December. 2024. . Prin¢iwl•nd chief Executive 28

ACCOUNTABILITY REPORT 2.1. Corporate Governance Report Dlrectors. Report The undeinoted individua15 weie Membeis of the Regional Board during the peiiod oFthese Financial statements, and up to the date OF signing the accounts.. Details OF transaction5 Wlth members OF the Board are given in Note 28 to the Financial statements, but the full list of mefflber5 can be FoLbnd here. 29

statement OF Regional Board's Respon5ibilitie5 The Regional Board is required to present audited linanci615tatetnent5 For each Financial year. In accordance with the Further and Higher Education Iscotlandl Act 1992 (the Act). as well os the 2019 Statement of Recommended Practice on Accounting for Further aftd Higher Education, the Regional Board is responsible For the administration and management of the College's aFFairs, including ensufing an efFective system OF Financial control, and is required to present audited Fitkancial statements Foreach Financial year. The Region61 Board 15 responsible For keeping proper accounting re(ord5 in accordance with the 2023-24 Government Financial Reporting Manual IFReMI issued by the Scott15h Governfftent. The accounting records also comply with other relevant accounting standards that disclose with reasonable acctjracy at any time the Financial position OF the College and to enable it to ensure that the financial statements aro prepared in accordance with the Further and Higher Education1Scotiandl Ait 1992 arid 2005. In addition, within the terms and conditions OF the Financial Memoianduni agfeed between the Scottish Funding Council and the College'5 Regional Boaid, the Regional Board, through its designated oFFice holder. 15 required to prepare financial statement5 For each financial period th6t give o true and fairview OF the College'5 State OF aFF6ir5 ad OF the sufplus or deficit and cash flows For that pefiod. The financial statements have been prepared in accordance wtth tho Government Financial Reporting Manual IFReMI issued by the Scottish Government. They are also prepared in accordance with the Accounts Difection issued by the Scott15h Funding Council, which bring5 together the provisions OF the Financial MetnorandutF* with other form61 disc105ure5 that the kottlsh Funding Council require the Regional Board to make in the Financial statetFbent5 and related notes. The Accounting oFFicer OF the College is required to conFirrn that, as Far as they are aware, there is no rolewant audit inFormation OF which the College's auditors are unaware, and tho Accounting officei has taken all the steps that they ought to have taken to ffiake themselve5 aware oF3ny relevant audit inFotmation and to establish that the College's auditor5 are aware of that inFoffliation. In preparing the financial statements. the Regional Board is ieouired to.. Select suitable accountin9 policies and apply them consistently• Make judgements and estimates that are reasonable and prudent: state whether applicable A¢counting St•nd•rd$ h•ve been Followed. $ubje¢t to any material departures disclosed and explained in the linanci•l staternents- Prepare finonciat statements on the going concern basis unle55 It 15 inappropriote to presume that the College will continue in operation. The Repional Boord is satisfied that it ha5 adequate resources to rohtinue in operotion For the foreseeable fvture and for thi$ reason the ooing concern basis contifiues to be adopted In the preparation OF the Financial statements. The Region31 Board has taken reasonable steps to= Ensure that fund5 from the Scott15h Fundtng Council (SFCI are used only for the purposes that they hove been oiven and in ocrord•nce with the Finonci•l Mernorandum with the SFC ond other conditions which the Funding Council may from ttme to time prÈ$cribt- Ensure that theie ore •PPFopriate financial and managernent controls in pl•ce to Safe 4u•rd public funds and fuftds from other sources- S•fe9uard the a$set$ OF the College and P¥¢ThE aod detect Fraud., Se¢vre the ecohomiul and efficient management of the College$ resource$ and expefidituie. 30

The key eletnents of the College's 5y5tem OF internal financihliontrol that 15 dessgned to diKh3Fge the re5pon5ibilities Set out above include the Following: clear definitions )f re$ponsibilitits OF. and the •uthority delegated t4 heads of •udemic and dministrative departments,. A <ornprehensive medium and $hort terrn planning pr¢5$ $upplemented by detailed 4nnual incorne, expendlture, capital and cash Flow budgets", Regular reviews of key performance indicators and business risks jnd monthly financial results involving varbance reporting and update5 of forecast outturn5' clearly deFined and formalised requirements for approval and rontrol of expenditure, with investment decisions Involving capFtal or revenue expenditufe betng subject to formal detailed appraisal and review according to approv81 levels set by the Regional Board: Comprehensbve Financial Regulations, detailing financial controls and procedures approved by the Audit and Risk Cornmittee ond the Finance ènd Resource5 Cornmittee" A proFesston•l ifttefnal audit service whose annual pmgrarnm• is established by the Audit and Risk Committee and endorsed by the Regional Board and whose head provides the Regional Board with a report on internal oudit activity within the College and on opinion on the adequaey ond effectiveness of the College's 5y5tern OF internol control. including internal financial control. Any system OF internal financial control can, however, only provide reasonable, but not absolute, assurance against material tni55tatefflent or los 31

Governance Statement lTrtroductlon The College is COIFbmitted to exhibiting best practice in allareas oFcorporate govetnance. The Following 5Uffltndrises the corpor6te govertkonce principle5 which have been applied duftng the reporting petiod. Governing Body The Regional Board ha5 fe5tiOF15ibility For overseeing the bu5ine55 OF the College. determinTrno it5 Future d1ctIOn and Fostering an envifonment in which the College vision and values are achieved, and the potential oFall learners is maximised. The Regional Board must also ensure compliance with the statutes, ordinances and provisions iegulating the College and its Framewoik of governance and, subject to these, take all Final decisions on matters OF Fundatnental concern to the College. The operation OF the Region61 Board is deFined in a Goveinanie M6nu61 which include5 It5 Constitution and st6nding Order5, kheme OF Delegation. Code OF Conduct and detailed Terms OF ReFerence For the Board and each of its Committees. The Governance Manual is regularly feviewed by both the Governance and Nominations Committee and the Regional Board. The Regional Board meets a minitnum of Foul times during each acadetni( year. In addition to RegKbnal Board Meetings. the Following Standithg Coffltn5ttees have also been est6bli5hed= Audit and Risk Committee The Committee has Dvefall responsibility For monitoring the College's intemal control, internol and external audit, value Foi money, and risk management processes. Curriculurn and Quality Committee The Committee has oveiall responsibility For tnaifttaining a strategic overview of the College's curriculum ofFerand its developtnent and monrtoting the quality OF the student experience. Finance and Resour9 Cornmittee The Comtnittee has ovefall responsibility (within the Financial Memor6nduffl between the College and the Scottish Funding Cout¥cil ISFCII FOF the direction and oversight OF the College'5 fTrFbancial aFFair5. Human Resources Committee The CotTbfflittee ha5 ovefall responsibility For the difection and oversight OF 611 reSOUfce fflattew5 relating to the Function OF the Regionol Boafd as employef OF the College's 5taFF. The Audit and Risk Committee and Finance and Resources Committee met four times lastyear. The Cuiiiculum and Quality and HR Cofflmittee met three time 32

The following additional Committees are held as required.. Remuneration Committee- the remit of this committee is to.. Advise the Board and make recornmendations on matters relating to the pay. Conditions of Service and structure OF the College's Executive Team and such other staff a5 the Regional Board may frorn time to tim determine- Seek comparative information on satarie5 and other emolurnents and condition5 OF service in the FE sector. Ensure that the perforrnonce OF the Principal as head of the College 15 assessed on an annuol ba515". Oversee severance arr•ngernents for Senior staFF and ensure that account is token OF the SFC guidance on Severance Arrangements in respect of Senior 5tsFf. where consideration OF severance arrangements is delegated. to en$uTe that boundaties of delegated authority are (lear. and to receive Fomial reports of any severance arrangements. The remuner•tions Committee did not Meet during AY2023-2 Governance and Notninations Cotnmittee- The remit OF thi5 Committee is to support the Regbonal Board in fflaintaining high standards OF govefflance, and shall.. Consider and recommend •mendment5 to the Regionol Board's Governance Manval: Ensure that the Regionol Board complies with the Code of Good Governonce For Scotl•nd'5 Colleges.. Con5bder irnplications OF legislative chonoes and odvi5e the Reoional Boord accordingly. Provide a Forum to consider any governance i55ue5 that arise centrally or in other college region5 and ony p055ible implications or con5ideration5 For the Regional Board OF North East Scotland College. Consider the Board's succession planning arrangements Support the proces5 by which Regional Board Members are recruited. selected. and recommended For ppointment- Support the proces5 by which indrviduals. including Non-executive Member5 at the end OF their terffl OF ofFice. are co-opted to Board Committee%- Advise the Regional Board on matter5 reloting to the appointment of the chaTrrs. Vice choir$ and membership of the Board's Committees and where the Regional Board so determine$. provide a$$istan¢e in identifying. $ele¢ting •nd rerommendino c•ndidotes For appointment to senior st•ff p05ition$ in the College, and to $enior positions in Colle£fe subsidiaries or any other body to which the College is entitled to make appointments. The Governance and Nominations Committee met offtce during AY2023.24 noting sorne of the Governance and Nofflination5 Cornmittee remit was cornbined with the Chairs Comrnittee Meetings. 33

Positive Changes following Covid-19 that continued throughout AYZ023124 change5 rnade in light oFtheCovid-19 pèTrdemic afe¥eviewed annually, with the Following positiveoperatlOn5 OF the Board and its Committees continuing thro¢Jghout AY2023124'. The Regional Board agreed to continue to holdall Committee Meetings lin agreernentwith Comrnittee Chairs) through the use OF MicrosoFt Teams, noting IF required these can be chonged to in person rneeting& The Regronal Board •4reed to continue to hold •ll Reoional Bo•rd MeetinQ5 throijohout AY2023124 in person at variovs campuse& chairs Committee remain a permanent aspect of the Board s governance arrangements and met Four times during AY2023124 Weekly engagement ha5 continued between the Regional Chair and Principol & chieF Executive (held through o cornbination of Microsoft Team5 and face to Face meetings). Additional items (included at Board and Committee Meetings relatino to the imp•ct$ Of Covid-19 have continued. including enhanced reports on Staff Wellbeing1 and report on student Support and Wellbeingi including engagement data. The College s Strategic Rbsk Register, owned by the Board and monitored by the Audit and Risk Comrnittee rernains a Standing Item for the Board Meeting A Microsoft Team5 area dedicoted to Board {and occessible to Board Members) was Set up dvring Covid-19 and contlnues to be used by Boord mernbers where all &gendo5y papers and key College documeht$ (an be found. Committee Memberships The Regional Board has Formally constituted seveial committeeswith terms oFreFerence. These cornmittees act with delegated authority. Membership OF key comrnittees during the period to 31 July 2024 is as Follows- KeyCofflmittee5 (noting the change5 to Regional Boafd tnetnber5 in 2.1 above and some changes to Colnrnittee tnembership agreed by the Regional Board throughout AY2023134 34

Board Mernber attendance at Board and Comrnittee rneeting5 for theyear to 31 July 2024 is os follow Board Mernber Regional Board Audit & Risk Curriculurn & Quality Hurnan Rewurces Finance S Resources 314 414 414 414 314 414 214 314 414 313 414 314 414 313 414 314 313 013 214 111 111 414 112 414 314 314 214 414 314 414 414 111 011 414 011 313 213 The Governance and Nominations Committee continue to undeitake a key role in monitoring compliance with the Code oFGood Govemance Foi Scotland's Colleges and considÈr implications OF any legislative changes. The Cofflmtttee also helps to ensure that the Board retn41tns Fully effective by constdering nd iecoffltnendittrg the rmpletnentfition OF any guidance 01 best pr6ctice that 15 r55ued to the sector. In dddition. the cotntnitteeconsiders5uccession plaTrning arrangetnent5Forits membershipondensuresthat the Bo6Fd'5 Govefnance Manu61 15 reviewed regularly. The Board hasestablished an annualevaluation process For reviewing itseffectiveness.This includesasvite of evaluations- Board, Cofflmittees, Regional chair, Committee chairs, individual Board Metpbors and Secretary to the Board. The annual piocess reFlects sector guidan i55ued in"Guidance Note5 for Board5 the College Sector. A Board DevelopmeFkt Framewotk". The Regionol BooFd seek5 to cotnply Fullywith the Codewithout exceptton. 35

At its meettng in March 202 1 the Board considered a paper by roiHA Henderson Loggie on its Externally Fllitated Effectivenes Review undertaken inAY2020121. The Roportevidenced a high leveloFcompliance with all aspects OF the Code OF Gi)od Governance For Scotland's College5. MHA Hendet50n Loggie hFghlighted the feport contained no area5 of norTr-compliénce and no recommendations. MHA Henderson Loggie commented that the External Effectiveness Review carried out should provide Memberswith 55ur6nce thatthe Ne5coIRegional Board isstiong and cofflmitte The Report wa5 approved by the Regional eoard prior to it5 5ubfft to the SFC and publication on the College'5 website. In line with the Code of Good Governance for scotland's Colleges, and the recommendation to undertakL% an externally facilitated eFFectivenessevaluation every threeyeais, it has been agreed bythe Region61 Chair to cotnplete this within AY2024.25. The college continues to comply with all the principles of the 2022 Code oF&)od Governance For Scottish Colleges. and it has comptied throughout the year ended 31 July 2024. The Audit and Risk Coffttnittee at its May ffleeting received a Review OF Cofflpliance papei ond noted the updated BoaFd tnembef Regi5tei of Interests and the pl6nned annual dppf6i5615 oFcommittee5, Committee chairs, Regional Board and Board Secretary. The Board at its March 2024 meeting, considered and opproved the revised Governance Manualwhich now incorporates the Standards Commission For Scotland Model Code oFconduct, which available on the College website. Rlsk Marmgement and Internal Control The Audit and Risk Committee, during 2022123 asked that the Strategic Risk Register be reviewed, to reflect the risk appetite at a strategic level, which Mefflber5 noted at their May meeting would t6ke place over the 5umffler perrod and include discv5510Fb5 Wlth the Intefflal Auditor5. Hender50n LoggTre. The intention to streamline the Format. process and framework wa5 hi9hlighted along with intended Executtve Team and Leadership team risk awareness and risk management training scheduled for early AY2023124. The Le3dershipTeatn participated kn a training 5e55ion on Fl5k managefflentfacilitated byHender50n Loggle. The 5e55ion covered the principles. objective5. itnpact and proce55 Followed by a detailed review of the College strategic Risk Register.The revised 5tFategic tsskfegi5terwasdi5(ussed and agreed by the College LeadershipTeam and subsequently by the Audit and Risk Committee at li s meeting in Septembef 2023. NESCol's Risk Maftagement Poli(y is owne(J by the RegÉonal Board and sets out the College'5 underlying approach to risk fflanagetnent. including the College's overall Risk Appetite Statement. to ensure that appropriate risk tTTranagement afiangement5 are in place and that these have been embedded throughout the whole College. The Poli(y 6150 docutnents the role5 dnd respon5ibilitie5 OF the Board. the Executive Team. and other key parties, and outlines keyaspects oFthe risk management piocess, identifying the main reporting procedures. 36

The Board'5 Audit and Risk Committee has specific duties in relatiofft to Intern•1 Control and Risk Management: Internal Control Reviewino ond odvi5ing the Regional Board OF the Internal Audit Ser4ice5 (IAS) and the extemol auditor's o55e55ment of the eFFectivene55 of the College'5 ftnoncial •nd other internal control $y5tern5. including controls $pe¢iFically to prevent or dele¢t Fraud or other iiregulaflties. as well s those for securing economy, eFficiency and effectiveness reviewing and advising the Regional Board on its compliance with corporate governance requtrements and good practice guidance. Aisk Managernent Reviewing the Risk Managernent Policyi ahead of it5 consideration by the Regional 8oord: The Comrnittee will be responsible for sot15fying it5elF thot ri5k5 ore being managed and will seek assui•n<e on the Jdequacy of their management. including from Internal and ExternalAudito and the Executive Team. The Comfflittee also has 5peciFic dlIeS in ielation to Internal Audit, ExternalAudit, and Value for Money. The Regional Board. in conjunction with the Executive Team. maintains a Strategic Risk Register. The Register identiFies, against each Strategic Theme. actual critiièl risks that the College 15 facing. An overall str6tegic risk appetite 15 detailed along with a risk oppetite Fof each 5tiategic Theffle. Detai15 OF current controls and Further actions to be t47ken to Fnitigate each risk along with the current level OF risk control are also provided alongside riskscorings. The Strategic Risk Register is ceviewed regularly by the Executive and Leodefship Tearns. with the document considered by the Audit and Risk Committee as a standing item at each OF its meetings. The Strategic Risk Register is reFlected upon during the setting OF the College's Annual Internal Audit Programtne. The College addiesse5 operational risks through its Teatn and Faculty Enhancefflent Plans, which cross reFerence relevant ri5k5 iftcluded in the StTategic Risk Regi5tei. The PlaFtrS are'live, docutnents which are key to the College'5 quality enhancement and ifftpiovetnent planning proce55es and are reFerred to ond reported on throughout the academic yeof. Individual risk registers and risk assessment5 are also completed For signiFi£6nt College projects. Thecollege'ssystem oFinternblcontrol incofporates risk management. This system encompassesa number of eletnents that together Facilitate an effective and efficient operation, enabling the College to iespond to variety of operational, Financial. and cofflmeriial risks. These elements include= poliiie5 and procedures,. monthly reporting.. bu5ine55 planning and budgeting- 5tiategic theffles. goals 6nd objectjve5.' risk regi5ter5.' internal audil prografftme.. and externol audit. 37

Tho Regional 8oard is responsible For reviewing the offectiveness of internal control OF the College, based on inFormation provided by the Executive Teani. For e¢Kh slgnificant iisk identiFied, the Board, as part of the strategic planning and Feview pioce55'. il reviews the previous year and examines the College's track record on risk management and internal control: and ill Considers, on a continuous basis, the internal and external risk proFile of thecoming yearond in terrns OF mediurn and longer term pianningi ond considers if current internol control arrangement5 ore likely to be eFfective. In making its decision. the Board considers the control environment., orrgoing identiFication and evaluation oFsignilicant risks,. Information and communication,. and monitoring Jnd corrective action. In addition, the remit oFthe Board'sAuditand Ri5kComtnittee include5 the reviewoFthe comprehen5ivene55, reltability and integrity OF a55urance5, including the College's governance, risk fflanagement attrd internal cotbtrol Fratnework5. and tn6king recomtnendatlOW15 to the Regional Board s appropfiate. Tho College has identified the risks to its Strategic Goals as noted on pages &9 OF this report, as currently requiring close monitoring, because they have all been graded as Significant or above. other, more 9eneral ri5k5 have been identiFied whsch do not so readily attach themselves to individual Strategic Goa15. These ri5k5 afe.. IF staff do not odhere to key statutory obligotion5 and legislottve requirements. THEN the College may fate significant Financial penalties andlor ieputational damage may occur. IF the College is the victim oFa cyber-attack, THEN the College may experience IT systems outages andlor data security breaches, both resulting in significant business disrvption. The new Energy Transition skills Hub does not meet the College or economi< needs and is not Financially sustainable. Mitigation measures include ITStrategy, internal audits, robust systems testing, appropriate physical securtty and Use of preventative technologie5, resilient architecture OF links between 51tes, fnonitorin9 OF threat levels through partners, use of cloud-ba5ed fePOSltory, staFF training, appropriate leve15 OF support and representation on the project bo6rd. properscrutinyof de5igtb OF buildtng and le65e agreement5. and working with industrial partner5. Tho Boaid 1Oeeting in June 2021 considered and approved thestrategic plan 2021-23 which is undeipinned by a serie5 oFsupporting strategies eiKh representative OF key area5 of College activity and priority. All 5UPPOrting strategies are very closely aligned to the Strategic Plan. The theffle5 contained within e6ch are woven into the ones contained within the Plan itselFand will help support the realisation of the Short, tnediutn and longertertn aspiratlOn5 of the College. Additionol contextual information. including a mapping of the plan to regional and national prioritie5, is also provided within thè three appendices OF the report. A copy OF the College strategic plan is available on the Coll¢9e websit•. The Regional Board at their March meeting recewed a report ftotn VP Curriculum arbd Quality providing an overview OF the project approach. objectives and tiffleline that will be used to deliver the new Strategic Plan. which it is 6ntiCiP6ted will be circulated for the start of AY2024125. 38

Board's Statement on Internal Control The College's Regional Board is ultimately responsible For the College's system of internal control and For reviewtng its eFFectivene55. Such a system is designed to manage rather than eltminate the risk OF Failure to achieve business objectives and can only provlde reasonable and not ab501ute assurance against material tn155tatefftent or Ios5. The Board'5Committee5 and ExecutiveTeaffl receive report5 5ettingout key perfortn6nceandri5k indicator5 and considers possible control issues brought to their attention by early warning mechanisms which are ernbedded within the College's academic sectors and teams and reinForced by rbsk awareness training. The Executive Team and the Audit and Risk Committee also receive regular reports from internal audit that include recomfflendations For ifflprovetnent and identify areas of good practice. The Audit ond Risk Cotntnittee's role in this area 15 conFined to a high level review OF the arrangements for internal control. The Regional Board's agenda includes items felating to the consideration oFiisk arid control at key points OF the College's planning and reporting cycle and receives reports thereon From the Exetutwe Team and the Audit and Risk Cotnmittee. The etnpha515 15 on obtsirbing the relevant degree oFassurance and not tnerely reporting by exception. The Regional Board is OF a view that there 15 an ongoing pfocess fof identifying. evaluating and tnanag¥ng the College's $4gnificant fisks that has been in place throughout the year ended 31 July 2024 and ¢Jp to the date oFapproval OF the annual reportand accounts. The Regional Board regularly review this process,which accords Wlth the Turnbull guidance ofi internal contiol, as applicable to the further education sector. patfti CAMPUS 39

A programFne of internal audit work has been undertaken a5 appfoved by the Audit and Risk Committee (with the draFt plan being presented to September 2023 meeting) and the final Internal Audit plan being submitted to A&R Committee in February 2024. The Following aroas were identified For review-. Student Recruitment.. space Management (Business Process Reviewl- ASET- Corpoiate planning- Envifonfflental Sustainability- Credits Audi¢ student Support FuELds- Follow-up Reviews. Results thu5 far include.. Student Recfuitfflent Igoodl,. WFth no recoffltn@nd6tions', Follow-up Reviews= 10 of 12 recomfflend6tions Full implernented.. one partially ifftplemented. Envifontnentol Sustainability Igoodl.. with no recommendations. Audit and Risk Committee also received a progress update on the annual plan For 2023124 at their May meeting. The management responses to each InteTnalAudit Report weie discussed and approved by the Audit and Risk Committee. Internal Audit reports For the following three aroas identiFied for ieview.. Space Management IBusiness proce55 review)., ASET and Corporate Planning were submitted to the Septembef 2024 Audit and Risk Cotnfflittee. The Tesult5 for the three reviews were as Follow& Space M•Thagemefit Review identiFied 9 ifflPFovefflent points,11 high- 7 medium- 1 low), with fflanagefflent comments noted. The Internal Audit iepoft forASET produced an Overall Level of Assuranie that require5 improvefflent. With 7 priority two action grade5 and 1 level 3 action gidde identified. tn6n6gefflent coffltnents were again noted. The intemal audit for Corpofate planning produced 6tb overall Good level OF as5uF6nce with no agreed octions fequired. To ensure thot internal audit recommendations are implemented as Jgreed, each year a Follow up review is included as part of the Annual Internal Audit pian. ThÈs provides the Regional Board, via the Audit & Risk Committee, with independent assurance that Fe(ommendation5 have been hjlly impletnented bythe College aFLdcan thereFore be removed fvotnthe auditaction plan. IFany issues remainoutStanding beyond theagreed ifflpletnentation deadline thi5 150 highlighted IF a recoffltTbendation reqvire5 to be Feviewed due to changed circumstance The internal auditof has expressed the opinion that the Regional Board of North East 0tland College has adequate and eFFective rTrsk n)anagement, control and governance piocesses to rnanbge its achievement OF the College's objectives at the titne internal audit wofk was undertaken and that the College has proper artangefflents to promote and secure value For money. slgfilflcant Lapses of Data Securlty There were no 5igniFicant lapses in data Security. i.e. reportable to the InFormation Cofflffli55ioner's oFPice. during AY2023-24 or up to the date OF signing of this report. Conclusion The Regional Board ts ultimately iesponsible for the Coltege's system ol internal control and for ieviewing its eFFectiveness. Such a system was designed to manage lather than eliminate the risk OF failure to achieve business objectives and could only provide reasonable and not absolute assurance against tn6teri61 mi55tatetnent or1055. The Audit and Risk Cotnmittee agend65 during AY2023-24 included con5idefation OF fisk and control 6nd reports thereon From the Executive Team and the Internol Auditors. The emphasis was on obtainino the relevant degree of assurance and not merely reporting by exception. The Regional Board ts OF the view that there wa5 an on-going process for identifying, evaluating and managing the College'5 5rgnificdnt lisk5, that it had been in place For the year ended 31 July 2024 and up to the date OF approval OF the annual report and accounts, that it wa5 regul6fly reviewed by the Regional Board and th&t it 6ccord5 With the 2016 Code of Good Governance for Scotland's Colleges. 40

Going Concern In accordance with the FReM. the College has prepared its financial statements on a ooino concern basisas we have not been informed bythe Scottish Government through theScottish Funding Councilof the intention For dissolution without transfor OF sorvices or Function to another entity OF the Higher and Further Educatbon provision. The Group recorded 6 deFicit For the year OF £2.850.(X)o befofe other gains and1055e5 during the Fin6ncial yefjr. and a150 recorded a total For comprehenssve illCOFne of £53 tnillion. The Gfoup reported an adjvsted operating surplus OF £515,000 aFter accounting For technical pension adjustments of El1,603,000I, net depreciation adjustments OF E961,000, 3 loss on revaluation OF an Investment Property OF [190,000 and an accounting adjustment ForJob Evaluation OF É3,817,000. Cash deirea5ed by £0.4 million during the year to £8.3 tnillion at 31 July 2024. At 31 July 2024, the Group held no borrowing5 and h65 reported a Group net a55et P051tion in these financial Staternents OF £59.0 million12022123.. £65.3 million). This includes a pension liability OF £4 fflillion For previous employee5 who left the Group in previous ye6r5 at 31 July 202412022123.. £4 million), and a provision of E4 million for the Job Evaluation scheme12022123= nill. The activities OFNESCOL are 75% Funded by the ScottrshGovernment through the Scottish Funding Council to provide Higher and Further Education. The Regional Board and the Executive Team are iesponsible For ensuring that these Fund5 are used to meet this purpose ond the operotions within the College to achieve thi5 SUPPO¥t ensuring linanciol 5USt6inability For the College. The College has in place a 3-yeai strategic plan ovtlining its key stiategic aims. One OF the key strategic theme5 is leading 5UStainability. whiih seeks to achieve sustainable levels OF Funding in support OF our cole activities From the Scott15h Funding Couniil and fftaxiffli5e incoffle From cotnmerciali56tion. Thi5 theffle 15 in tufn 5UPPOrted by a Finance Strategy. The College ha5 recently updated the Financi61 Forecost out to 2026127 in line with the assumptions provided by the Scottish Funding Council1SFcI which include assuming colle9es taking relevant actions to balance their underlyifig positions each year. Based on our latest assumptions the College will opeiate with an Adjusted Operating Position showing a planned deficit in 2024125 OF £695,000, a deficit of 1558.0(KJ IA 2025126, and a deFicit oF1325.000 in 2026127. Over that saffle period, the forecast Cash balance i5expected to reduce to £5.3 rnillion at the end OF 2026127. The Regional Board and the Finance and Resoufces Committee have had Full sight OF the Finoncial Forecasts as they have progressed. These Forecast positions will remain Fluid and will be regularly ieviewed by the College. Mitl9ating actions are being established should they be necessary to itnplement to support, and include.. Ongoing engagement with SFC and other external agencies wTrthin the education lond5C4ipe to support economic recovery and Secure Funding source5 through the College to provide education ond training act4Vitie5 to indtviduals and bu5ine5se5. Review of staffing 5tructure5 and the non-staFF cost base acr055 the forecast period to align with riging Costs and real time funding ¢tJts as indicated within SFC funding assumptions. kigorous budgetingi Forecasting and ongoing reportin9 against budget. Ongoing drive for year on year operational eFficiencies including the implementation OF a Procurement strategy. streornlining busine55 processes and systems u5ino technolopy and digrtal skills. Following ieviewoF the updated Financial Foreca5tand tnitigating action5, the Regional Board con5ider5 that the College ha5 bdequate re50urce5 to continue in operational existence For the Foreseeable Future. As a fesult. the Finoncial 5tatefflents have been prepared on a going concem basis For the pe¥iod to 31 July 2024. ,41

2.2 Remuneration and Staff Report AllinFormation &isclose&in tffe taliés In t Is report were audited by the CDlleoe's externalauditor, apart From the StaFF Nufftber5 on p45. the Equalitie5. Divefsity Inclusion on p47 and FacilityTime disc105ures on p48. All other sections OF the Remuneration Report were reviewed to en5uie they are ion515tent with the linancial 5tatementS. Remuneration Poilcy The reffluneiation of the Chairof the Regional Board is Set by the Scottish Q)vemfflenL The College has 6 Reffluneraknotb Comt¥kittee, which tneets a5 required.with the ietT*it outb.ned on page 33. The remuner6tion policy For the Principal and Executive Teafft is considered in two way5= The role5 and re5POll5ibilitie5 of eaih job descriplion: signific6tbt change5 in respDnsibilities duFing the previou5 period.. equal pay: benchtnatking data, and the analy515 OF sifflil61 public sector role5 Wlthin the Scottish public sector C05t OF living uplifts bearing in mind public Sector pay policy guidance. settlement5 agreed undei national collective bargaining arrangements Foi Scottish colleges, and any Fortnal perFoFmance managefflent procedures to which the individual is subjÈct to at the point of the revÈew. Remunefatlon (Includlng salary) and Penslon entltlements Single total figure OF Reffluneration= Actuals 12 months ended 31 July 2024 12 rnonths ended 31 July 2023 peftsion Benefit (to nearest É'oooi Pension Benefit (to nearest £'oool Tot•( £'ooo Name Salary £'or TotBI 25-30 25-30 25-30 25-30 141>145 1271 11(k115 140-145 1281 111>115 105-110 33 140-145 105-110 34 141k145 105-110 1.159 1.265-1.270 25.30 13} 25-30 Notes: fthes•notgs olso opplyto th tabl•on thefollowingPQ 1 Ihere werenop(7ymentsmude[orper[ornionce, bonuse4 in liev ofpension. wn(pTrcosh. 2 Only thepeTsons di5dosedin the Directo[5 Report who are rEmuneratedare dsclosedin the b0ve table. 3 Ihe volue o[pensn benefits uccrueddufing theyeuf is culculutedt75 thereulincfease inpensiiin multApliedby201ess the contribution mode bytheindwiduul. Thereulincrea%e excludesincreuse5 due to inflabon or (Tnyincreoseor de(fe(Fse due to o trun5ferofpEnSiOn right 4 Fors fhofflp50n. there w5 o pension transfef duKing theyet7rfToffi onterfvnd whKh whythe increuse5 IoTs7e. 42

Median Remuner•tioTr Colleges are required to disclose the relationshtps between the remuneration ofthe highest paid oFFicial and the median remuneiation OF their woikforce. The banded reffluneration OF the highest paid oFFici431 sn the organisation in the Financial year 2023124, Wa5 £140.(X)0-£145.0(X) 12022123 É140.000-É145,0001. Thi5 w65 3.6 12022123 3.91 time5 the tnedian total remuneFation For the College which wa5 £38.72812022123 E36.4451. Accrued Pension Benefits Pension beneFit5 For employees are provided through the Scottish Teacherfs Superannuation Scheffle ISTSSI. a deFined beneFit schetne, which is nationally Funded and contracted out OF State Earning5-Rel6ted Pension khetFke and the Local Goveinfflent Petb5ion Scheme ILGPSI. From 1 April 2015 the STSS and LGPS changed From 6 fin615alary 5cheffle to a CARE scheffle where pension 15 based on cèreeraverage revalued earn¥ng5. taking the average e6wning5 over the employee's working liFe. while member OF the scheme. to calculate pension entitlement. Pension on service up to 31 March 2015 is still however calculated on a Final salary basis. Contribution rates foiall employeesare determithed annually by the ie5P pension 5cheffle5 and can be Found in Note 30. TheTe is no 6utofflatic entitlement to a lump sum. Mefflber5 tnay opt to give up Icommutel pension For lump sum up to the limit set by the Finance Act 2004. The acciual rate guarantees a pension based on a caieer average earnings basis. 43

Senior Officials, Pension Pension BeneFTrts are provided to senior management on the same basis as all other staFF. The accrued pension beneFits For5enioi oFficials are set out in the table below, together with the pension contributions made by the College. Accrued Pension Benelits forsenior5taFTr. Aterued Pemion at Pen810n age at 31 hsly zo Aterued Lump Sum at Pen81(In ag• at31 Juty 1024 RHI Rqal P•nBlon I Lump Sum IAUE 201Zt• 31 Jdy 2024 Real In¢reaJ CETVat31 July2024 t31 Ju12023 Name 2022 to 31July 2024 in CEIV E'ooo I'ooo £'ooo £'ooo £'ooo E'OOO E'otm) 45-50 115-120 10-2.51 17.25-7.51 1,099 943 171 2(k25 0-2.5 260 173 75 55-60 65-70 5547.5 67.5-70 1,064 Cash Equlvalent TransFer Value (CErv) A Cash Equivalent Transfervalue {CEfvi is the actuaitally assessed capitalised value OF Lhe pension scheme benefits aicFued by a fftetnbeiat 6 paiticular point in tiffle. The value of the accrued pension beneFit5 ha5 been calculated on the ba515 OF the age &t which the person will first be entitled to receive a pension on retirefflent without reduction on account OF its payment at that age. without exercising any option to commute pension entitlement into a lump sum, ond without any adj¢Jstrnent for the efFects of Futuro inflation. The pension Figuresshown relate to the benefits that the person has accrued as a consequence of theii total pensionable 5oivice and not just their current appointment. In con5idettng the acctued pension ligure5, the Following contextual inForfflation should be taken into account.. The Figure5 for pension and lump Sum ore illustrative only in light OF the assumption5 set out above •nd do not ne¢e$s•rily reFlect the actuol benefits an indrvidual may receive ¥pofv retirement. The accrued bentfit$ figure$ are reflective •f the pension ntributiOnS that both the employer and the s<herne member have made over a period OF time. Real Increase In CErv This reFlect5 the increase in CETV that is nded by theemployei. Itdoesnot tnclude the increase in accrued pension due to inFlation, contributions paid by the employee fiftcluding the value OF any beneFit5 tiansFeired Froffl another pen5iOfi S(heme or arrangement) and uses comfflon tnarket valuation Foctor5 for the start and end OF the period.

Compensatlon For loss of of Fice Fourteen etnployees left under voluntary redundancy terms in 202312412022123 Twenty). They did rbot receive any additiotbal compensation. which includes compensation For an actuarial reduction on their pension rights. Total number OF exit package5 by cost band Exit package costband 20Dk4 | <£10.000 110,000- £25.000 £25,000- £50.000 13 £50,000- £100,000 £100,000- £150,000 Total Numberof •xityckng Totil cost l£lthl 14 473 staff Numbers Staff D•ta a$ at 31 July 2024 Total Male Number oFStaFf (Headioutbtl NumberoFStalFIFfEI Number oF5taff IFfEI on permanentcontracts Number DFStaff IFfEI on temporary conttacts 556 236 320 224 260 472 218 254 Note.. FTEfigures afeioundedtothe neorest wh(plenumber. Yearended 31 July2024 Year •nded31 July 2023 Male Female T¢tal Male Fernale Toral Directors 5eniorefflployees Otheremployees Total 221 2sg 215 268 224 260 222 269 491 There were an average of 0.75 FTE agency staff employed each ttkonth by the College. ASET'S Director's retnuneration is thot included in th5s report. Other information on Staffing Costs isgiven in Note 7 to these financial 5tatefflents. 45

Salaries and Related Cost5 During the year. the College incurred staffing costs of £33,804,00012022123 £30,974,{OI and costs oF£2,063,00012022123 £2,382,(x)ol on ogency staFF. The nLtmber OF days10st to sickness during theyear was approximately 4,524 days12022123 4,6261. This represented 3.0%12022123 3.4%) as a percentage oFdays 41vailable to work. The overall staFF tLtinover For the year wa5 12.2%12022123 14.5%). The College spent £51.OIK> on Con5ultancyduring theyeai12022123 £61,000I.but therewere no OFF- paytnent engagetnent5. norwere there any con5ultsncy payfftent5 to staFF who had left the College's employment. 2023-Z4 l022-23 Chan9• Rangeofworkforce remuneratic 122-24kl_114(k145kl 122-241-1141k1451 % Ihange in 5a1aryandallowaesF0[ employeesa5 a wlvle 42 9.5% Highe5tP8idoFficial reMUn0t1tr 14(k145 140-145 Median Itotalpay and benefit51 51 45 12.1% Median (salary only) 51 45 12.1% RatK> 2.81..1 3.15..1 -10.8% 25th periefttile Itatal pay and beneFitsl 39 34 13.3% 25th peTcentTle15al8ryonlyl 39 34 13.3% tK>' 3.67..1 4.15..1 -11.7% 75th percentile (total pay and benefit51 51 45 12.1% 75th percentile15alaryonlyl 51 45 12.1% Rat) 2.81'.1 1.15'.1 -10.8% In the Financial year 2023124, the highest paid oFFicial received a remuneration of £140k4145k 12022Tr3. £140k-£145kl. This is 2.81 times the median total remuneration oF£46,99812022123, 3.15 time5 the median total reffluneration OF 145,190). 46

Equalities. Diversity and Incluslon Thecollege takes equality,diveisity and inclusionveryseriously.Thisincludeshaving an Equality& Diveisity Policy available to all staFF on its intranet. Every two year% in line with legislation, the College 6150 publi5he5 a numbei OF report5 on its web51te which detail the progress it is making towards meeting the Public Sector Equality Duty IPSEDI ènd how the College is mainstreaming this duty to Ènsure that everyonewho learnsorworksat NESCol receives the best possible expertence. Tho tnost recont reports are available at.. Public Sector Equality Duty- Interim Report 2023 staFF Equality Report fcoverinq employee Anfornjotion. indudino ocro55 recruitment (7nd retenbon. byprotectedchtJructerA5brs) Pay Gap Report- Gender & Ethnicity Learning & Dèvelopment Equalities Report People Setvice5 has an EqualityAction Pian to ensure it delivers on the acttons identtFied its Gender & Ethnicity Pay Gap. StaFF Equality, and Learning and Development feports and progre55 15 reported to the Board'5 Hutnèn Re50urce5 Comfflittee. In addition, the College has an Equalities Committee which moets regularly to diive fO3rd equalities initiative5. The Staff Equality Report details the College's disability profile as fouows: The College disability profile s ot 31 Decernber 2023 was: Tot•1 Number Total qb of overall head¢ourt P4•le Wumber) Fomde (Nmb¢r) Disability No di56bility PreFer not to Say Unaware/Blank 76 13.8 25 51 321 58.1 125 196 12 143 25.9 75 68 Total 552 100.0 233 319 Notw % Figufe5hGve beenfovndedtoonedecimalplace This compares with the College disability proFile as at 31 December 2022- Totol Number Total * OF overoll headcount M•le (Nwnberl Female (Nufflber) Disability No disability PreFer not to say Unawar?/Blank 67 11.4 23 44 355 60.4 149 206 160 27.2 77 83 588 IlX).O 253 335 Not•.. % Figuies httvebeenroundedtoonederimulpl(Tce .47

It should be noted the College, which is a Disability Confident Employer, iontinues to work closely with occupational health to provide support For atky fflefflber OF staFF who ha5 01 who develops a health conditionl di5abilitywhich tnay ifflpact on their ability to do their job a150 piovide5 supportto 5taFFvia the Coitege's Efftployee A5515t6nce Programffle. TheCollegea150hasa nutnberof policie5and procedure5. allof whiih are 6vailable on the College'5 intranet Health &Attendance Policy- which includes a section on disabilityi inclu<fing reasoTrabEe •djustments as 5UPPOrt Flexible Working Policy & Procedure- which allows staFFto request changes to their working patter Ihours OF worl days of work etcl Mefi•p•use Policy- which identifies $upport For those goifig throuoh the menowuse Re¢rvitment & selection Strategy & Policy- to ensure hirness and tr4nsp•ren¢y ifi the recruitrnent process. across all protected characteristics StaFF Development Policy- which outlines the Colleges comrnitrnent to Staff developrneTht and which applies to all staff. Faclllty Tlme for Trade Unlon Actlvltles In accord3ncewtth the Trade Union (Facility Tiffle Publication Requirements} Regulation5 2017, the College provided the following support through paid Facility time for union officials woiking at the College during the year ended 31 July. 2024. Nurnber of employeeswhowere relevant unio oFFicials durin9 the year. Full-time equivolentemplDyee nurnber Percentage OF time spent an Facility time Percentagv. Numberof ernployee5 1%.50% 51%-99% 1(X)% Percentage of pay bill spent on facility time Total cost of Focility time £15,458 Total Pay Bill £33.804.000 Percentage oFthe total Pby Bill spent on facility time 0.05% rime Spent on trade unlon activities as a percefitage of total paid facillty time hours: The College does not monitor the tiffle Spent on trade union activities a5 a percentage OF total paid facility time hour 48

Falr Work DiK105ure Principl• •xpKtation SFC expectloh 14ESCaV5 Posltlon Evld4nc• Appropriate channeL% ftr eFfectNevoice, such as trade union recognition. Allorgansationswith a workforie mu5tbe able todefflonstrate, beFoie they ca accessa grant. that 11 workersemploye within that organisation have acce55 to efFectNe Vol Ihannellsl, inclding agen(y workers. 8 r•comm4ndations - We fecogni5e Uni50fi and EIS-FELA as trade unions for allefflpsoyees. -we have regulaf Unison and EIS rnanagement meeting5 a5 well as regular inFortnal tneeting5 Wlth unio iepre5entative - ktion points atKI notes ffom meetings Shared wth ati tneeting tnetnbeis. ColhctNe voice channel5: Providingacce55totrade union5 and workers aware that they canioin a union of their Ch0e. - Induction pro9ratntne. .Template written statetnent oFT&C of employment. Involving trade union workef representatNes in key governance and decision-making struitwe . The Priniipal providesa weekly all staff bulletin The ExecutiveTeaffl have introduced Face to Face Town Hall rneetings across all cafflpuses in addition lo all staFf webtbar RPA'S includin9 colle(tNe dispute procedure - Recoonisino trade unions for the purpose ofcollective baig£ining and encouraging metnber5hip, where this 15 Tn the wOrkf{e.5 preFerred route, and Pfovwjing appropriate Facility tiffle forsupportin9 reguiai engagernent between union/s and metTrber - Diary and lite evidence oFteaffl meetinos ond 1- meeting5. - icon records. Voice exists at both iollectNe3nd ifidivKJuallevelsond organisatlOn5 will be expeited to show how genuine and eFfertive voile is evidenced. - We have team meetings aiross the college. - We akn have union representatives. on the Board We have Tralional b3rgaining and pay and rnain terms and condiEions are Set nationally forallemployee5, Othertha the Executive Team. - Minutesof Board meeting5. -Constructtve dialogue between the employef. workers and where appropriate a relevant trade ¢Jnionlsto address workplace i5511e50rdi5PUte5. e.g. absence rnanagefflenL grievance, health and 5aFety. -staff Survey pianningi outcomes and action . UNC agents minute& - We PTOtTlOte trade uftion membership during ifiduction and in our Employee Handbook. -CTievance Poliq & Procedure. - Regularsyrveys are caryied out to understand wotkets views, including how well they FeeleFFective voice 15 faiilitated in the organisation, and are involved inagreeing and pfogre5sing itnprovetnent aciion. - We have consultation with union reps on key deci%ons, e.g.I proposed restructuiing We have recently conducted an oll-staff Employee Voile Survey. The question5 were focussed on culture, environtnent. tran5pareThcy, engagefflent, stafF voile, senior management engagefflenL - Formal and informal arrangetnenb are in place through which meanin9Ful indiwdual and iollective dialogue tske place, including ofietrones between WOFkers and t[nageetE, apprai5al/ feedbacki processes, team 01ganisètion meetings. - Monagefs are expetted to have regular 1-1 tTheetings with all in their team. - We have a pefsonal development review proces& icon, which all etnployeesare expected to paiticipate in. -Appropriate colle(tive consultation and a cleaT route forfe501ving issues at both indiwdual and collectivelevels, such as thfough a grievanceor collective dispute procedure. - We have a well established Grievance Policy & Pfocedure. - We have a collectNe disputes procedure a5 part of the RPA (Recognition and Pr¢ceduresAgfeernentl with both reiognised trode unions. - The organi53tion protnotes strong £ultureofopennessand transparency and encourage5 acceptance of different ¥*wpoints. .49

2.3 Parliamentary Accountability Report Asscottish government bodies, Colleges are required tOd1105e undereach oFthe Following three heading5 additional snfortn6tion if that inForfflation 15 deemed to be tn6teri61. For North East Scotland College. these iteffl5 are not deemed to be tnaterial. This was the 5atne p051tion in 2022123. Fees and charges There ore no iteffl5 to be disc105ed under thi5 heading. Di5cltssure OF contingent liobrlitie5 There are no iteffls to be disclosed under th55 heading. Oisclosure of totat10s5es ond totol special ptyfflents There are no iteffls to be disclosed under this heading. Auditor Scrutiny In reviewing the Accountability Repoit For consistency with other inFormation rn the financial Statements, the auditor5 will provide an opinion on the Following di5c105ures'. Regularity of expenditure Disclosures on parliamentary accountability Single total Figure of remuneration for each rnemberof senior managernent CETV disclosure5 for each member of the senior rnonagement Payment$ to p•$t member$ of $enior management Payments for loss of ofFice, if relevant Foir pay disclosures Exit p4¢kages lif relevant). •nd Analysis OF staff numbers and cost& The Accountability Report on page5 29 to 50 wa5 approved otL behalf OF the Region61 Board and signed on it5 behalf by.. Signed: Susan £1ston Regional chair Neil Cowie Principal and chieFExecutive Date- 50

14 Independent Auditor's Report Independent auditors report to the North East scotland College Regional Board, the Auditor General for Scotland and the Scottish Parliament Reporting on the audit OF the Financial staternentS Opinion on Financi•l $t4tements. I have oudited the financial statements in the annual report and accounts OF North East Scotland College and its group For the year ended 31 July 2024 under the Further and Higher Education {kotlandl Act 1992 and section 44lillcl of the charities and Trustee Investment15cotlandl Act 2005. The fTrnaAcial statetnents comprise the Con501idated and College Statement of Cofflprehenswe Income, Consolidated and College St6temetbt OF Changes in Re5etve5. Con501idated and College Ba16Trce sheet. and the Cons01iddted Cash Flow Statement and note5 to the fin6ncial ststetnent5, including signilicant accounting poli£re5. The financial reportino Framewofk that hos been applied in thèir preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic OF Ireland (United Kingdom GenerallyAccepted AccountÉng Piacticel. In my opinion the accofflp6nying linancial 5tatetnent&' Give • true •nd f•ir view of the st•te of the aff•ir* OF the <ollege and its group •$ at 31 July 2024 and OF its deficit for the year then ended.. Have been properly prepared in accordance with United Kingdorn Generally Accepted Accounting Practice. and Have beefi prepared in •ccordante with the requiremerts OF the Further •nd Highef Eduution Iscotl8ndi AentS l5 appiopriaie. Based on the wotk I have perForffled. I have not identiFied dny fflaterial uncertaintie5 relating to events or conditlOll5 that. individually or iollectively. tnay Cast sionifiunt doubt on the abilityof the college and its group to continue to adopt the going concern basis OF accounting For a period of at least twelve months From when the Financial statements are authorised Foi issue. These conclusions are not intended to, nor do they, provide assurance on the cuirent or Future f5nancial 5USt6in6bility of the college and its group. However. I report on thecollege's arrangefflent5 for financial sust6iTrobility a separate Annual Audit Repoft available Frotn the Auditscotlond website. 51

Risks OF material mi$5t•tement I report in myAnnual Audit Report the most signiFicant assessed risks OF material misstatement that I identified ond my judgernents thereon. Responslblutles of the Re9lonal Board for the Flnandal staten*nts As explained fflore Fully the Statement of the Regional Board's Responsibilities, the Regional Board is responsible For the pfeparation OF fiftancial statements that gtve a true and Fair view in accordance with the Financial reporting FramewofK and For such intemal control as the Reginal Board determines 15 Trecesry to enable the preparation OF linancial st6temeEkt5 that dre free Froffl fflaterial mi55tatefflent, whether due to fraud oreiroi. In preparing the financial statements, the Regional Board is responsible For ossessing the ability OF the college and its group to continlte as a going concern, disclosing, as applicable, mattels reL)ted to going concein and using the going coftcein basis OF accounting unless there ts an intention to discontinue the operation5 OF the college and its group. Auditor¥ responsibilities forthe auditof the Financial ststernents My objertive5 are to obtain reasonable assuranie about whether the Financial statefflent5 as a whole ale Free Froffl tnaterial tni55tatefflent. whether due to fraud or erroT. and to issue an auditor's feport that includes my opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with1SAs (UK) will always detect 3 material misstatefflent when it exists. Misstatements can arise Froffl Fraud or errol and are consldered fflaterial IF, individually or in the aggfegate, they could reasonably be expected to inFluence the decisions OF u5er5 taken on the basi5 OF these Financial 5tateffl?nt5. I(gularitIes, including fraud, are instances of non-compliance with laws ar regulations. I de5ion procedurÈs in line with my responsibilities outlined above to detect fflaterial misstatements in respect of irregularities. inclLbding Fraud. Procedures include= Using my understanding OF the college sector to identify that the Further and Higher Education Iscotlandl Act 1992 and section 4411llcl OF the charities and Trustee Investment (Scotlandl Act 2005 are significant in the context of the college: Inquiring of the Callege Principal ar•d Vice Pfincipal Finance and Resources as to other laws or regulations that rnay be expected to have a Fundarnental eFfecl on the operations of the college," Inquiring oFthe College Principal and Vice Principal Finance and Resources concerning the college'5 policies and procedures regarding cofftpliance with the applicable legal and regulotory framework: DiscussRons arnong rny team on the susceptibility of the financial staternents to material misstaternent, including how fraud rnight Considering whether the audit tearn collectively ha5 the ppropriote competence and copobilities to identify or recognise non-compliance with t•W5 and regulotion5. 52

The extent to which ffly procedures are capable OF detecting irregularities, including Fraud, is affected by the inherent difficulty in detecting irregularities, the effectivene55 OF the college's iontrols, and the nature, titning nd extent OF the audit procedure5 perforffled. Iffegularities that result from Fraud are inherently more diFFicult to detect than irregularities that result From error as Fraud may involve collusion, intentional omissions, misrepresentations, or the override OF internal control. The iapability OF the audit to detect Fraud and other irregularities depends on Factors such as Lhe skilFulness OF the perpetrator, the Frequency and extent OF manipulation, the degree ofcollusion involved, the relative Size OF individual amounts tnanipulated. and the Seniority of those individuals involved. A Further description of the auditor's responsibilities For the audit of the Financial statements is located on the Finonciol Reportln9 Councils wébsitè. This description forms part oFmy auditor's report. Reporting on regularity ofexpenditure and income Opinion on regularity In my opinion in all material respects the expenditure and income in the Financial statetnents were incurred or pplied in accordance with 6ny43pplicable enactfflent5 and guidance i55ued by the Scottish Minister5. Responsibilities for regularity The Regional Board is responsible For ensuring the regularity OF expenditure and income. In addition to my responsibilitie5 in respect OF iiregularitie5 explained in the audit OF the Financial statetnent5 section OF ffly report, l atn responsible for expressing an opinion on the regularity OF expenditure and incoffle in accordance with the Public Finanie and Accountability {Scotlandl Act 2000. Reporting on other requirements Oplnlon prescrlbed by the Audltor General For Scotland on the audlted parts of the Remuneratlon and staff Report I have audited the part5 OF the Rernuneration and staFF Report described 65 audited. In ffly opinion. the audited parts OF the Rem¢Jneration and 5taFF Repoft have been properly prepared in accordance with the Further and Higher Education Iscotlandl Act 1992 and directions made thereundei by the Scottish Funding Council. other Infi)rmatlon The Regional Board 15 responsible For the other inForfflation in the annual repoit and occounts. The other information comprises the PerFormance Report and the Accountability Report excluding the oudited parts OF the Remuneration and staff Report. My responsibility is to read all the other inFoimation and. in doing so. ionsider whether the other infortnation is tn6teri6lly incon515tent with the Financial 5tatementS of ffly knowledge obtained in the course OF the udit or othefwise appear5 to be fftaterially misstated. If i identify such material inconsistencie5 orapparent material misstatements. l am required to determine whether this gives rise to a material misstatement in the Financial statements themselves. IF, based on the work I have perFormed, I conclude that there is a rnaterial misstatement OF this other information, l am required to report that Fait. I have nothing to report in this regard. 53

My opinion on the Financial statements does not cover the other inFormation and I do not express any form of assurance conclusion thereon except OA the PerFortnance Report and Governance statement to the extent explicitly stated iFb the following opinion5 Preribed by the Auditor General For S(otland. Opinions prescribed by the Auditor General forscotland on the Performance Report and Governance statement In tny opinion, based on the work undertaken in the course olthe audit.. The information given in the Perforfflance Report for the Financial year For which the fin•nci41 statements are prepared 15 con$i$tent with the financial 5taternents and that report has been prepared sn accordance with the Further and Higher Education IscotlaAdl Act 1992 and directions niade thereunder by the Scottish Funding Council. and The Énformation given in the Governance Staternent For the Financial year For which the Financial statements are prepared is conslstent with the f5nancial stotements and that report ha5 been prepared in accordance with the Further and Higher Education <Scotland) Act 1992 and directions made thereuTrdef by the kottish Funding Countil. Matters on whlch i am requlred to report by exceptlon l am required by the Auditor General for Scotland to report to you IF, in my opinion.. adequate accounting records have not been kept. or the financial statements and the audited parts OF the RemuneratTron and staff Report are not in agreernent with the accounttng records. or I have not received all the inForrnation and explanations I require For my audit. I have nothing to report respect OF these tnatters. Conclusions on wider scope responsibilities In addition to tny re5POF15ibilitie5 for the annval report and accounts. tny conclu5ion5 on the wider Scope respon5ibilitie5 speciFied in the Code OF Audit Practice are Set out in tny Annual Audit Report. Use OF my report Thi5 report is tnade 501ely to the partie5 to whotn it 15 addressed in accordonce with the Public Finance and Accountabilitylscotlandl Act 2000 and For no other Pufpose. In accordance with paragraph 108 OF the Code OF Audit Practice, I do not undertake to have responsibilities to members or offtcers, in their individual capaiities, or to thiid paitie SeTrioFAudit I,lanager Audit Scotland Woodhtll HouseAnnexe Westburn Road Aberdeen AB16 SGB Anne MacDonald 15 ebgible toact asan auditor in teitTr5 of Seition 21 of the Public Finanie and Aicountability IscotiaTrdl Act 20W. 54

FINANCIAL STATEMENTS Consolidated and College Staternent of Comprehen51ve Income Note$ Year ended 31 July 2024 Yeèrend•d 31 Juty 2023 INCOME fjr0p Colle9 Group College luition feesand education conliacts 6.S34 7,678 5,277 Funding body grants other income 4OPZ5 40.025 42,432 4Z.432 827 3.567 2,526 3,736 lTrve5tment income 1.604 Tot•llnrom• 53J59 51.730 52.827 51,635 EXPENDITSJRE 51èff costs 33.086 30,974 30,418 Re5trucbJring cost5 otheroperating expenses Depreciation 10 19.101 182SS 19,556 18,B14 13 4391 2,272 2,223 Total Exp4nditur• S6309 54598 54,013 52,666 IDeFicitl beForeother 9ain810sses. taxalion and shores oFop•rating surpluslld•(ltI of joint v•ntuThis & •550ciaee (uso) 11,1861 T8xation 29 D0fl£lt for the year 12p501 (18681 11.15n unrealised11055115urpluson revaluation of Land nd Buildings 11I511 1.925 1,925 Actijarial 110ssllgaifh ITh respect oFpeftsion scheffles Total comprehen51ve IIOs5llgain Forthe year 11,6031 16,3041 11,6031 163221 1,574 1,574 2.342 2.468 Represented by.. Unre5tfiCtedcotnprehensive1105sl/surplus Forthe year RevaluationreservecornprehensNe Ideficitl[Income for Ihp vpHr 14AS31 14M711 417 543 11511 1,925 1,925 16J04) 16?Z21 2,342 ILossllsurplus Forth• y•ar attributabl• to: Non-controllino interest College Total Cofnprehensive Incotnefortheyear attributable to.. Non-(ontrolling interest I04) {6?221 2,342 College 53?59 51.730 52,827 51,6YS The Statement of Comprehensive Income {adjusted-see note 31 t5 prepared under the FE/HE SORP. The SORP does not permit colleges to reFlect the non-cash budget for depreciation in the Statement of CompFehensive Income. Note 2 provide5 details oFthe adjusted operating posltion on a Central GovernFnent accounting basi 55

Con501idated and College Statement OF Chonges in Re5erve5 For theyear ended 31 July2024 Totalexcluding Non- controllln9 Incom• and 4xp•nditur4 account No controlling Group R4strict•d Llnr•5trict4d R•valuation Int4r•st Int4r•st Total £'ooo É'ooo £'o £'ooo 'Ix)o 8d•nc••t 1 Ausuit 2022 215 1¥20 44170 Surplu5 fvom the Compfehensive Statement OF Income & Expetiditure Transfers between revalu tion and income & expendi- ture reserve 417 417 417 (2391 239 Revaluation during year 1.9Z5 1.925 Addition For the year 2trfJ SpenLI for year 116n {1671 11671 Total movementFor the 33 178 l164 4375 4375 Balah¢eat T Au9USt 2023 18.698 46334 65.280 05280 IDefi£itl From the Cotnprehensive Statetnent of Intome & Expenditure TransFer5 bebmeen ievaluo- tion and income & expendi- ture reserve 144531 (AA531 144531 11311 231 Revaluation year {1.8511 I1$1) 11*511 Addition Foryear 2riJ 200 Spend For year 11421 {1421 11421 Tot•lmov•mont Forth• 14684) 11.6201 162461 16246) aaEanc•at31 Juty2Q14 14014 714 4034 S9 56

Toral*xcludln9 Income ind expenditure a<count Non- tontrollln9 controllin9 Intar•st Collegè RoStrict4d Unr4stri<t•d R•¥aLuation Irbtarnst £'ODO £'ooo £'o E'DOO £'ooo Balarrttat l AugU$t2022 215 18A25 44170 6l010 61810 Surplus frrotn the Cot prehensivestatement of locotne & Expenditure TransFers between revalua- tion and incotne & expendi- ture reserve 543 543 543 12391 239 Revaluationdurtnoyeaf 1.925 1,925 1.925 Addition foryear 2U) 2(X) Spend Foryear 11671 Tot•lmov•m•nt Forth• 33 1164 I501 lanc••t 1 Au9Ugt 2023 18.729 46?34 64311 65Jll (Defioitl From the Cotn- prehensive StatetnentoF Income & Expenditure 14,4711 14,4711 14,4711 TraDsfers between revalua- tion and income & expendi- ture reserve 1231 231 Revaluation durin9yeaF Addition foryear 2(M) 2(X) 5pen¢J For year Totaltnovetnent For theyear 58 14,7021 11,6201 16,2621 16lQ). B•l•nE•at31 Juty20Z4 44714 59.047 59.047 57

tans•lld4*erfand College Bal•nce sheet Group Gmup College CoU•yÈ 31 July 20Z4 31 July Z023 31 j[Y ZO24 31 July 2023 Notes E'LMJO Non-currenl a5setS Fixed a55ets 13 106,586 106.644 106,462 106,473 In¥e5tmentProperty Investtnents 260 2.450 2,260 30 4450 30 109.094 108.752 108.953 Current455ets 5lock 15 10 14 10 14 Trade and otherreceivables 2,195 8,287 4,47B 2,127 7,961 5,144 7,887 Cashand cash toualentS 22 8.675 10N92 13.167 10.098 13.045 Le55'. Creditors.. afnount5Falling due within one yeai Netcurrentasset5 17 18.8451 112,0531 18,4321 1.647 110,493 1.114 lotalas5etsle55 currentliabilities 110,208 t10,418 Creditors-.amountsfalling due after tnore than one year DeFerred lax Iliabilityl r¥owsions 19 143.6601 140,9461 143.5721 140,8181 18 Pensinn prnvi%ions ,7991 13,9821 17,7991 13,9821 TOTALMASSETI.. Re$trleted Reserv 59.034 65380 59P47 65.311 Inco(ne& Expenditure reserve- restricted reserve 21 306 Ursre5trlcted Re5erve5 Incoffte6nd Expenditure re5erve- unrestricted 14,014 18,698 14,027 18,729 kevaluation reserve 44,714 59,034 46,314 65,28Q 44,714 59,047 46,334 65,311 Non-controlling interest Total res•rv•s 59,034 65380 59,047 65?11 The FinaTrcial 5tatetnen15 on tws 55 to 96 were approved and authori5ed for i55ue by the RegK>nal Boaid on 11th Deietnber 2024 ts1ned on its behalF by.- chaiityNurn erSC021174 58

Consoudated Cash Flow Statement Yaf •Thded31 July 20Z4 Yr•nOd 31 July 2023 Nt)tÈs Cash flowfrorn opetatlhg aCtltieS (Deficit) kor the year (before tax) Adjustm•nt for non-cash it•ms 11,1861 13 2,272 Income other Croup non-iash incotne Ilncieasel/Decrea5e instotk 1srKreasellDecrease indebtors IDecrea5ellincre65e increditors IDecrea5ellnirea5e in Deferred Tax Pension èccountingadjustrnents nlhpr nftn-ca*h ilpm% linrlijding lfth FvHlu3linn Pfnvi%innl Adjustment for inve5tin9 or fin•nciTrg •Ct4Vit4eJ Investmentincome IT,2831 15 16 13521 17 13.2081 11 1291 68 11.6031 4376 159 12S11 Interest payable Net cash inflow Frotn Operating actMtie5 Paytnent5 tnade to acquire Fixed 655ets 881 143311 146191 15231 12,2461 Cash flows from financial activities Interest Paid Intere5telementof linanielease and service conce55ion payments Capital fijndinq used to acquire Fixed a55et5 Repayrnent50Fètnount5 boirowed 13 4,231 1.723 1,723 lthcrea5e in o5h and cash equsv&lent5 In theyeal Cash and cash equivalent5 at beginning OF year Cash and cash eqLiivalEnts atend of the year 8.675 8287 9.198 8,675 59

Note5 to the accounts- Forthe year ended 31 July2024 1. Statement of Accountlng Pollcles Basis OF prepèration These financial 5tatefflents have been prepared in accofdanie with the Statefflent OF Re(ommended Accounting Practice ISORPI 2019.. Accounting in Further and Higher Education,: the Financial Reporting standard5 FRS 102 and the 2023124 Governtnent Financial Reporting Model IFReMI. issued by the Scott15h Government and in accordance with applicable Acco¢Jntino Standards. They confofm to the Accounts Direction and other guidance issued by the Scottish Funding Council. These financial statefflents aro prepared under the historical cost convention fflodified by the revaluation OF certain fixed a55ets and liabilities to Fair value as detertnined by the relevant Iiounting Standard5, and Subject to the interpretation5 and ad6pt6tion5 OF those 5tandard5 in the FReM. These financial statements have also been preparod on the basis that the College romains a going concern. Thore ale Further comments on this issue on Page 41 OF these statements, as part OF the Govefflance statement Frotn the Board. Basis of consolidation The consolidated financial statefflents include the College and its Subsidiary undertakings, Aberdeen Skills and Enterprise Tra¢ning Limited and clinterty Estate5 Limited. Intra-group 5ale5 and proFit5 are eliminated Fully on consolidation. In occordance with FRS 102. the activitie5 OF the College Student's A550Ciation h&ve not been consolidated bec6use the College does not control those activities. Income recognltlon Incoffle From tuition fee5 is recogni5ed in the year in which it 15 receivable and includes all fee5 chargeable to students or theif sponsor Income From contracts and other services rendored is included to the extent of completion of the contract or service concerned. This 15 generally equivalent to the sum OF the relevant expenditure iniurred during the year aF)d 6ny related contributions towèrd5 overhead c05t5. Inioffle Froffl 5hoft terffl deposits is (Fedited to the incotne and expenditUFe account in the period in which it is earned. Donor imposed restrictions are recognised in income when the College is entitled to the funds. Income ts retained within the restricted reserve until such time that it is utiltsod in line with such restiictions at which point the income is released to general re5etves through a reserve tran5Fer. 60

Grant fufidlng Government revenue grants including Funding council block grant and research grants are recognised in income over the periods in which the College recognises the related costs For which the grant is intended to compensate. Where part OF a government grant is deferred it is recognised as deferred income within creditor5 and allocated between creditors due within one yeai and due after more than one year as oppropriate. Grants lincl¢Jding research gfantsl From non-governmentsourcesare reco9nised in incomewhen the College is entitled to the incorne and perFormance related conditions have been fflet. Income received in advance OF performance related conditions being met is recognised as deferred income within creditors on the balance sheet and ieleased to income a5 the conditions are met. Capital grants Goveinfflentcapital grants are recognised in income over the expected useFul life OF the asset. other capital grants are recognised in incoffle when the College i5entitled to the Fund5 subject to any perforfflance relfited conditions being tnet. Govefnment social fund grants Capital based Government Europeonsocial Fund grants are treated asdeFerred income in the balance sheet and credited to opeiating profit over the estimated useful lives OF the assets to which they ielate. Malntenance of Premlses The cost OF maintenance is charged to the Consolidated statement OF Compiehensive Income and Expenditure. Foreign Currency Translation Translations denominated in Foieign currencies ale recorded using the rate OF exchange ruling at the dates OF the transactions. Monetary assets and liabilitie5 denominated in foreign currencie5 are translated into Sterling at the r6te5 OF exchange ruling at the end OF the Financiol period with all resulting exchange diFFerences being taken to the incoffte and expenditufe account in the period in that they arise. Research and Development Research and development expenditure is written OFF as incurred, with the exception OF development expenditure incurred on an individual pioject, which is carried Forward when its future recoverability can reasonably be regarded as assured. Any expenditure caffled Forward is atnortised in line with the expected Future sale5 From the related project. 61

Accounting for retirement beneFits Retiretnent beneFits to efflployees of the College are provided by the North East kotland Pension Fund INESPF). which administers the Local Governfftent Per>sion Scheffle ILGPSI, and the Scott15h Teachers Superdnnu&tion Scheme ISTSSI, which 15 administered by the Scottish Public Pen5ion5 Agency ISPPA). These are deFined benefits 5cheme5, which afe extefnally Funded and contracted out OF the State Earnings Related Pension Scheme. North Éast Scotland Pension Fund (NESPO The contributions are determined by an actuary on the basis OF periodic valuations usin9 the projected unit method. The amount charged to tho Consolidated statement OF Cornprehensive Income and Expenditure represents the 5etvice cost expected to arise from employee service in the current year. Scottish Public PensionsAgency {SPPA) The College participates in the Scottish Teacher's Superannuation Scheme, a defined beneFit scheffle, which is externally Funded and contiacted out OF State eamings-Related Pension Scheme. The asset5 OF the 5chetne are held separately Ftotn those OF the College in a separate trustee-adfflinistered fund. The College is unable to identify its 5hère OF the underlying a55etsand li6bilitie5 ofthe Scheme on a cons¥stent and re650nable basis and thereFore, a5 required by Financial Reporting Standard 17 IRetirement BeneFitsl, the scheme is accounted For as iFit were a deFined contrib¢Jtion scheme. As a rosult, theamounts charged to the Consolidated statement OF Comprehensive Income and Expenditure represent the contributions payable to the 5chetne in the yeai. In the event of st6FF taking eady retiretnent. the full liability OF the College is calculated and ch61ged to the Consolidoted Incoffle and Expenditure Account on the year of retirefflent. with a corresponding provision being established in the 86lance sheet. DeFined Beneflt plan Delined beneFit plan5 are p05t-employtnent benefit plans other than defined contribution plan& Under defined beneFit plans, the College's obligation is to provide the agreed beneFits to current and former employees and actuartal risk (that benefits will cost more 01 less than expectedl and investment iisk Ithat returns on assets set aside to Fund the beneFits will diFFer From expectations) and irbvestment risk (that returns on assets Set aside to Fund the beneFits will diFFer From expectation51 are borne, in 5ub5tance, by the College. The Group should reiogni5e 6 liability For it5 obligation5 under deFined beneFit plans net OF plon asset& The net delined benelit li6bility IS Fneasvred a5 the estimated amount OF beneFit th6t employee5 have earned in return For their Service in the current and prior periods, discounted to determine its present value, less the Fair value lat bid pricel OF plan assets. The calcltlation results in a net asset, rocognition OF the asset is limited to the extent to which the College 15 able to recover the surplus either through reduced contribution5 in the Future or through reFunds From the plan. Aicoiding to FRS 102, an assel should be recogni5ed when it is probable that Future economic benelit5 will Flow and the costorvalue OF the 655et CaFb be reliably measured. In thi5 case, no a55et Is iecognised due to the level of future service contribution rate Employment beneFits short term etTrploytnent benelits Such a5 5alariesand cofflpensated ab5ence5 are reiogni5ed a5an expense in the yeaf in whi<h the employees render sefvice to the College. Any unused benefits are accrued and measured as the additional amount the College Èxpects to pay as a result oFthe unused entitlement. 62

Finonce leases LeasesinwhKh thecoilegeas5utTsubthballYalltrks& rewardsoFowfiet5hipof the letated65rleda5 Finance le65e5. Leased 655et5 acousred by the way OF finance lease and the corre5t>oTrding lease liabilitie5 are initially recognised at an afflount equal to the lower OF their F6ir value and the present value of minitnutn lease payments at inception OF the lease. Minimum lease payments are apportioned between the Finance charge and the reduction OF the outstanding liability. The Finance chaige is allocated to each peiiod during the lease term to produce a constant periodic rate of interest on the refflaining bal6nce of the liability. The lease that the College entered in to For the facility at Ellon has been recogni5ed over 6 5 year period. being to the first break clause of the lease. Operating leases C05t5 in respect oFopeFating lease5 are charged on o stroight-line ba515 over the lease tertn. Any lease pretniutn5 or incentive5 are 5pfead over the minitnufft lease term. Flxed assets Asset5 that have physical substance and are held For use in the Supply OF 5eivices. or Fof 6dwninistrative purposes, and that are expected to be used durin9 more than one Financibl year are classiFied bs Tangible Fixed Assets. classification as a tangible fixed asset is SubJt to a de minimis level oF£10,000 For vehicles, plant and fflachinery. Fixed a55ets are stated at fairvalue le55 accufftvlated depreciation and accufflulated impairtnent1055e5. where parts of 6 Fixed o55et h6ve diFFerent U5eFul lives. they are accounted for a5 separate items of fixed assets. Land and buildin95 Lond and building5 are measured using the revaluation fflodel. Undef the revfjlvation model. and in cornpliance with the FReM. assets are revalued to Fair valve. The College has a policy of ensuring a Full revaluation takes ptaie every 5 yeais, supplemented by an interim proFessional valuation in year 3. Depreciation and impairment losses are subsequently charged on the revalued amount. Costs incurred in relation to land and building5 after initial purchase or construction, and prior to valuation. are capitalised to the exteFbt that they increase the expected Future benefits to the College. FrÈehold land is not depreciated as it is considered to have an indeFinite useFul life. Freehold buildings ole depieciated on a strai9ht line basis over their expeited usefvl lives as estimated by the valuer, ranging Frotn 20 years to 60 yeafs. Leasehold land 15 depreci6ted over the liFe For the lease up to a fflaximuffl o year5. No depreiiation is charged on assets in the course OF construction. 63

Equipment Equiptnent. including cofflputer5 and soFtw6re, costing less than the de minifflis per individual item is recognised as expendittsre. All other equipment is capitalised. Capitalised equipment Trs st3tod at cost and depreciated over Lhe useFul liFe OF the asset a5 advised by a 5Ultably qualiFied officer, ranging From 3 years to 20 year5. Dekireiiation methods. u5eFul live5 residual values are reviewed at the date OF preparation OF each Balonie sheet. Intangible assets and Goodwlll Goodwill af15e5 on consolidation and 15 based on the difference between the Fair value OF the consideration gtven For the undertaking acqLtired and the Fairvalue OF it5 separable net 6SsetS t the date of 6cqui51tion. Goodwill is subject to pefiodic impaifment review as appropflate. Negative goodwill is afflortised over 5 yeais Of the service lives OF long lifo assets to which the goodwill is attributed. Investments NoA-current asset investments are held on the Balance Sheet at afflortised cost less inipairtTrent. Inve5tfflent5 Én subsidiaries are cartied at C05t Ile55 impairfflentl in the College'5 (counts. Cufrent asset investments are held at fair value with movements recognised in the Surplus or DeFicit. stock Stocks consist OF catering ttems. Stocks are stated at the lower OF their cost and net realisable value. wheie necessary, piovision is fflade For obsolete, slow moving and deFo(tive stocks. Cash and cash equivalents Cash include5 Cash in hand, dep051t5 repayable on defftand and overdraFt5. Dep051t5 are repayable on demand IF they are in practice available 24 houis without penalty. Cash equivalents are short term, highly liouid investments that are readily convertible to known amounts OF cash with tnsigniFicant risk oFchange in value. Provlslons, contln9ent Ilabllltles and contlngent assets Provision5 are iecogni5ed in the Financial statetnent5 when= The College has a present obligation (legal or constructivel as a iesult of a past event; It 15 probably that an outflow OF on01[ beneFit5 Wtll be required to settle the obligation-, and A reliable estifflate can be fflade OF the attbount OF the obligation bl The amount recognised a5 a provi0 15 deterrnined by di5COUWlting the expected future cash Flows at o pre-tax fate that reflects risks speciFic to the liability. 64

A contingent lièbility ali5e5 From a p65t event that gives the College 6 p055ible obligation whose existence will only be conlirmed by the occuence OF otherwise uncertain future events not wholly within the control OF the College. Contingent liabilities also arise in the circvmstonces where a provision would otherwise be made but either it is not probably that an outflow OF resources will be iequirod or the amount oFthe obligation cannot be measured reliably. A conttngent a55et arise5 where an event ha5 taken place that give5 the College a t)055ible a55et whose existence will only be confirffled by the occurrence or othefwise OF uncertain futu even not wholly within the control of the College. Contingent assets and liabilities are not recognised tn the Balance sheet but are disclosed in the notes. Taxation The College is an exempt Charity within the meaning OF the trustee Investment and Charities Ikotlandl Act 2005 and. a5 such, is a charity within the ffleaning OF section 506111 ol the Income and Corporation Taxe5 Act 1988. The College is fecogFbi5ed as a charity by HM Revenue & Cu5t0fft5 and is reco¥ded on the index of ch6ritie5 tn6intained by the office OF Scottlsh charity regulator. It is therefore a charity within the meaning OF Para 1 of schedule 6 to the Finance A(t 2010 and accordingly, the College is potentially exempt From taxation in respect OF income or capttal gains received within categories covered by section 478-488 OF the Corporation Tax Act 2010 ICTA 20101 or section 256 OF the Taxation OF Chargeable Gains Act 1992, to the extent that Such income 01 g6ins are applied to exclusively chafltable purposes. The College receive5 no similar exemption in Te5pect of V61ve Added T6x. Irrecoverable VAT on inputs is included in the costs OF such inputs. Any irrecoverable VAT allocated to Fixed assets is included in theii cost. The College subsidiaries are liable to Corporation Tax in the same way 65 any other comfflercial organi56tion. DeFeffed tax is provided in Full on timing differences which result in an obligation at the bolance sheet date to pay more tax, or a right to pay less tax, at a future dote, at fates expected to apply when they crystalize based on currefit lates and law. Timin9 difFerences arise From the inclusion OF itetns OF incotTbe and expenditUTe in taxation computations in periods diFFerent from those in which they are included in Financial 5tatement5. DeFeffed tax I55et5 are more likely th6tTr not to be recovered. DeFetted t6X a55et5 and liabilitie5 6Fe not discounted. other restiicted ieserves include balances where the donor has designated 6 speciFii purpose and theiefore the College is restricted in the use OF these Funds. 65

Agency Arrongements The College acts as an agent bn the collection and payment OF certain Student 5uppoit Funds. Those Funds are excluded Frotn the College Income and Expenditure Account and tnovements have been disclosed in the notes to the accounts. Where the College ha5 more discretion in the tnanner in which specific fund5 are di5bur5ed, those Fund5 do not meet the definition OF gency Fund5. the income and expenditure relating to those Fund5 ère shown in the College Income and Expenditure Account. Subsequent Expenditure on Fixed A55ets where significant expenditufe is incurred on tangible fixed assets it is charged to the income and expenditure account in the pefiod it is incufied, unless it meets one of the Following criteiia, in whith case it is capitalised and depreciated on the relevant basi where the subseouent expenditljfe provides an enhancement of the economic beneFits OF the tangtble Fixed asset in excess OF the previously assessed standaid of performance., Where a component OF the tangible Fixed asset that ha5 been treated separately For depreciation putP05es athd depreciated over its individual u5eFul econotnic Ikfre, is replaced or restored., or where the 5ub5equent expenditure rel6tes to a Fnajor inspection or overhiul of tangible Fixed a55et that restores the econoFnic beneFits of the asset that have been consutned by the enttty ond have already been reFlected in depfeciation. 66

Impact of Depreclatlon Budget on Statement of Cornprehenslve Income 2023Q4 IDeFicitl before other oainsand losseslFEIHE 50RP basiql 12,8501 Add= Depreiiation budget Forgovernment ftsnded èssets Inetof deferred iapitalgiantl foiacademicyear 1,161 Operating Idelicitl onlet¥tralGiwernmentaicounting basi5. 11,6891 1251 Following reclassification, colleges received a non-cash budget to cover depreciation but thi5 additional budget is not recogni5ed under the FE/HE SORP accounting wle5. College5 may Show a deficit equiv6lent to net depreci6tion asa result OF hèving to meet GovefnFnent accounting rule56nd the fequiietnent to spend the entlfe cosh allocation. Under the FE/HE SORP, the college recorded an operating deficit ol [2,850,000 For the yeai ended 31 July 2024. AFter adjusting for the non-cash allocatioft provided under government rules, the college shows an~adju5ted" deFicit OF £1.689,000 on a Central Govefflfflent accounting ba515. Th[5 demon5trate5 th6t the college isoperating su5t6inablywithin it5 Funding allocation.
Tuition Fees And Educ4tion Contr•cts. Year•Thded 31 July2024 £'ooo Yr •Nl•d 31 July2023 Group College 4,926 Group College 4,005 Full-titne home and EU students 4,926 346 4,5 Full-time IntÈrnaEionbl students 269 269 Tot•1 F*è$ pald byor ofi behalf oFlftd5¥ldu•l students 5272 5.272 4274 4274 Educationcontracts.. otherTuition 2,364 1,262 2,401 1,(M)3 Skills Developtnent Scotland 1,262 1,003 3,626 1,262 3,404 1,003 Total 4534 ?7# 5.277 67

Funding BodyGrants-Adjusted Y••r •nd•d 31 July 2024 Y•4r•nd•d 31 July2023 'ooo Recurrentgrant 5iott15h Futbding CouniillSFcI Sp•cific9rants Childcare funds Group Colleg• 36281 Group (4119e 34,952 36281 34,952 465 433 433 Relea5eoFcapitalgrat 1A77 1A77 1283 1.283 other 5FC orant5 1.802 102 5,764 5,764 Total 40.025 40P25 42,432 41432 5. Other Income Ye4f ended 31 July 2024 'ooo Ye•rred 31 July2023 'ooo Group College Group Couege Residefices,<atering and conferences Farmin9aitwities otherincotne 1236 1236 42 1,103 58 879 2,089 Accotntnodation recharge 945 945 486 Total 227 2,526 3,736 6. Investment lftcome Year ended 31 July2024 1000 Yur efided 31 July 2023 £'o( Group Co19• Coll•9• other investment income 1.604 190 191 190 68

StaFF Costs- Adjusted Year ended 31 JULY 2034 Year ended 31 July 2Q23 £'OOD Group College Group Coueye Salarie5 26,007 75560 23,633 23,326 SocialsecurFtycost5 4765 2ffi13 484 2,344 otherpension costs 5,032 4.91> 4,857 4,748 Re5tructunng cost5 866 33.952 32,185 31,629 Teaching departrnertS 17.764 17,701 18,184 18,045 Tea(hing Supportse(e5 1226 1226 1.235 1,235 Administrationand<entralservKes 14,737 I41 11,472 11,055 PremT5Q5 83 83 33.#U4 33.086 30.974 30.418 staFFon permanent(Ontrts 330¢ 33P86 30,974 30,418 Restructuring cogts 340 33.952 32,185 31,629 Restructuring costs Restrurturing costs The Other Pen5bon Costs shown above include an avnount of £1245.000)12022-231£161,000II charged a5 part OF Pension Fund adj¢Jstments. Seniorpost-holders employed by the College: Ye•refided 31 July 2024 Ytarended 31 JutyZOZ3 Numbersenior P05t-holders Number other rt•ff Number Senior post-holderj Number other staFF £60,001 to £70.000 £70,001 to £BO,000 £80.001 to £90,000 £90,001 to El(K),Q £100,001 to £110,000 £110,001 to £120,(HJO £120,001 to £130,000 E130,001 to £140,000 £140,001 to 1150,000 69

The nutnber OF persons lincluding senior p05t-holdersl efflployed by the College as at 315t July, expressed as 11-tivne equivalent5, wa YearendEd 31July2024 31July2023 Averag4 StaFFnumbers by major Gltegory. Tea¢hingdepartments 271 284 Teaihing suppo[tserces 02 Administfationandcentra15erwce5 146 142 Premises 491 Analys•da¢ staFFon permanentcontract5 4n 479 Staff on tetnporary contracts 12 491 8. 8oard Members and Senlor Post-Holder Emolument Ye•r tfvd•d 31 July2024 No. Ye•r ehaed 31 July2023 Nfy The Thumberof senior post-holdersinduding the Principalwa5.' The etnolutnent5 paid io Th Principal and chieFExecutive. (who isa150 the highest paid senior p05t- holder) weie £141,000 la122-.a'£141.0001 in Salary. and £32.0(HJ12022-23.' £32.0001 in employer pension contributions to the Local Government Pension Scheme. The senior post-holdeis are fflembers oFscottish Teachers Superannuation scheme or the Noith East otland Pensions Fund Scheffle. The College's contributions to the Scheffle in respect of setbior post- holders. ale paid at the Same rate as for other fflember5 oFstaFF. Regionol Board The total remuneration OF the Regional Board including pension contributions, beneFits in kind and bonuses butexcluding the salaries oFemployee Board members For normalstbFFduties amounted to nil12022-23.' EOI. 70

Interest and other Flnance Costs Y••r •nd•d 31 July2024 Y•ar •nd•d 31 July ZDZJ £'ooo Group Coll4g• Group Coll•9• Pen$loncost•lioutton
Analysls OF Total Expendlture by Actlvlty Other op•ratlng expenses f'OOO Year End•d 31 July 2024 staff costs D•pr•ckatlon Int•r4st Payabl• E'OOO End•d 31 July2023 £'ooo Group Teaching activities 22.765 5A5Z 28.245 28.707 Re5idence5and G3teri 1207 1307 1,164 Fartn 37 Premt5es 14S 726 2.192 9,963 9,973 AdFnini5tration 10239 2567 12.9TI 9069 Othei expenses 655 143 47 670 Agencycost5 2N63 1063 2.382 JJ 19.101 55J4J 52,802 Coll•9a Teaching activtie5 22.702 32 27562 28.189 Residencesand Gltering 1307 1,107 1,164 Fartn 37 Premt5es 145 7Z$ 2,192 9963 9,973 Adtninistration 10339 2?66 14776 9,528 otherexpenses 143 143 204 Agencycost5 2.038 2,038 2,360 33.086 18255 91 51732 51.455 Year ended 31 July ZO24 FOOO Yearended 31 July2Q23 Othropei•t7ngexpenseslnelud&' Audrtor5' retnuneration (including irTecoverable VAT) -external auditservite5 AnnualAicounts 55 Othei Retum5 internal audit service5 83 77 71
Taxatlon Y•ar •nd4d 31 July 21)24 'ooo Year•nd•d 31 July 2023 Defvredto¥ IL Investment Property Grnvpand College 31 July Z024 Grovpand College 31 JLY 2023 Investment Property-Gordon Centre 2360 2,450 2N50 The College's property dt Gordovb Cetktre 15 not currently beittg used Foroperational purposes. and the College 15 looking to increase the actual income 5teatn5 achievable FroFn thi5 property. This propertywas revalued, along with the other Colle9e properties fevalued, at 31st July, 2024 as per Note 13. 72

Freèhold L•nd and BulldlDg$ Flxtur• Fittingsand Equlpment E'OOO 13. Tanglble Plxed Asse Total 'orMJ Group Costor V•lu•tion At l August 2023 105350 5.039 110389 Addition5 3,852 379 4,231 tisposals evaluatio 13,8521 13,8521 Tran5Fer5 At 31 July2024 105?50 5393 110 Depreciation At 1 August 2023 3,745 3,745 Charge fortht yeai 2,051 387 2,438 Disp05als Revaluation At 31 July 2024 50 4.1107 4.057 N•t Book Value At 31 Juty 2024 105300 1.286 106586 At 31 July 2023 105,350 1,294 106,644 Inherited Financed bycapitalgrant 4292 43,700 othef 62A08 478 6286 At 31 July2024 105?00 to686 College Cost or Valuatlon At 1 August 2023 105350 3.297 108.647 dibons 3P5Z 379 4331 Di5P05a15 {1251 11251 Revaluation I352) I352) At 31 July2024 105350 3,552 108.901 D•prwl•tk) Al 1 August 2023 2,174 2,174 Charge for theyear I051 2?91 tli5posa15 11251 11251 Revaluation (2.0011 12.0011 At 31 July2024 Net BtsokValu* At 31 July 2024 10S?00 1,162 106,462 At 31 July 2023 105.350 1.123 106,473 At 31 July 2024, Freehold land and building5 iniluded 18.82m12023: É10.085tn) in respect OF Ireehold depreciated. nd and 15 tTrot Lond and Buildings were revalued at 31stJuly, 2024 by FG Burnett, chartered Surveyors. in the <apacityoF independent valuer and in accordance with the Royal Institution OF chartered Surveyors, Appraisal and Valuation Manual. As the majority of the College'5 buildings aTe spe(ialrsed building% open market value is not an appropriate basis OF valuation. Accordingly. land ond building5 are valued on the ba515 of depreciated replacefflent cost. Land 15 not depreciated &tbd building5 ale depreciated over their estitna¢ed useful life as identified by the valuei. More inFotfflation is given on the valuatn OF propettyin Note 26. 73

Non-¢urrent Investment5 Subsldtary Companles £'ooo At l August 2023 and 31 July 2024 30 The College had transactionswÈtha numberof agricultuFalco-opeiatives. These0n[St10n5awa[d shares based on the level OF trading activityundertaken. The value OF these 5h6re5 15 not COQ5idered rnaterial 15 ncluded in the accounts at nil value. The Regional Board owns 100% oFthe issued ordinary £1 share5 oFAberdeen skills and EnterpriseTraining Limited, a tomparTry incorporated in Great Britain and registered in Scotlar)d. The prtncipal business acttvity OF Aberdeen Ski115 and Enterptise Training Lymited is the prO510n OF quality education and training. The Region61 Boa¥d owns 100% OF the issued ordinary £1 shares of Cbnterty Estates Limited, a iompany ncotporated in Great Biitain and re915tered in Scotland. The ptincipal business activity OF Clintetty E5tate5 Lifflited 15 the rnatb6gement oFthe College'5 te6ching FartTr5. The cofflp6ny ce65ed to trade on 30 April 1998. ThE company's Directors decided upon this course of action in ihe light of ddvecse trading conditions facing agriojltural sector.
Stock Groupand Colle9e 31 July 2024 Eix)o Groupand College 31 Juty 2023 f'OOO Catenng Stock At Year End 70
Trade and other Recelvables- Adjusted 31 July 2024 31 July 2023 GfOUP College Group Colle9e £'ooo I'ooo f.0 Afflount5 Falling duewithinone othertrade receNables 566 407 216 3& otherreceivable5 Amountsowed bysubsld1aryundertaThgS 147 147 Piepaytnents andaccrued incoffle 12> 1,573 4,262 4,961 2.195 41Z7 4,478 5,144
Creditors: Arnounts Falling Due Within One Year-Adjusted 37 July ZOZ4 31 July Z023 Group Group Coil•g• 'ooo £'ooo fradepryables 196 1Qg 109 Accruaband deferredincotne 11,944 11,778 12,053 11,887 74
DeFerred Tax The deferred tax bability recognised in the Financial statemeftts is as follows: 31 j2024 31 Juiy20ZS Group Coli•g• Group Coll•g4 'ooo 'ooo AssetllLiabilityl brought forward othertnovement in balance Incomeand Expenditure movernentinperiod 29 Asset/lLiabilityl carried forward
Creditors.. Amounts Falling Due After More Than One Yeor 31 JlY ZQZ4 31 July ZQZ3 Group Coli• Group Coli49• ooo £'ooo Deferredtncome 43,660 43,572 40,946 40,8IB 43,660 43,572 40,946 40,818
Provlslons Pension costs arlsln9 fvom rly rotlrement Job Evaly•tl¢>n exercls• P•r•slon costs arlsifig Frotn ••rly r•tir•m•nt Job Evalua¢lon Exerclse Group and Cr¥ll•94 2024 Total 2023 Tot•t 'ooo 'ooo 'ooo E'O(XI AtBeginnin9of Year Additionavlreduced) provision in period 3.982 3.982 5,788 110061 5,788 11P061 317 3I17 At Y•ar EDd 3.982 317 7,799 3.982 3,982 An amount OF £3.982.00012022-23'. £3,982.0(HJl repsentS Future pension costs arFsing from early feticements. The amount of f 3,817,00012022-23.' niD represents a provision made For costs in relation to the national Job Evaluation exeicise. .75
Restrlcted Reserves è5er¥es with restrict40ns areas follows.. 24 Tot•1 Total E'O(K> £000 Balance at l August 2023 215 New Donalions 2W Expenditure 11421 At 31 J¢Jly 2024 2023 Total Total É'O(K> É'ooo AnJlysi5 DFotherTestrict?d fund5ldonation5 bytype OF purpos Prizefunds Donation ForFrasetbufqh 301 243 306
Cash and Cash Equlv41ents Group At 1 August 2023 E'OOO Cash Flows I'ooo At 31 July2024 £'ooo Cash and Ca01 Eouivalent£ 8,675 13871 8,2A7 8,675 13871 8,287 CoUe9e At 1 Au9USt2023 £'ooD Cajh Flows 'O(K> At31 July 2W f00 Cash and Cash Eovivalent5 7,887 74 7,961 7.887 74 7.961
Capltal and other commltments 'Pmi5ioTrha5 not been tnade for the Following capital cottbmittnents at 31 July 2024 VeireThded31 July 2024 Yeirended 31 23 Group ColL•g• Group Coll•g• E'ooo E'ooo E'OOQ CapitalCommitrnent5aUthorised and not contracted for 1360 1.360 3,783 3,78.1 1?60 3,783 3.783 76

2Q Contlngent LlabNltles There are no cotbtingentliabilitie5 at 31 July 202412022-23-. nonel. 25. Lease Obligations At the period end the Gioup and College had annual commitrftents under noTr(ancelLible operating leases as follow5= Y•ar•nd•d 31 Jvty207A Grou V*hltles JIMY 2023 M•chlnery E'OOO Payable durin9 theyeat 31 36 76 Future minirnurn lease paymentgdue- Notlaterthan 1 yeaf 56 l atpr Fhan 1 ypar and nnt latH thhn 57 Total lease payttientsdue 113 Y•ar•nd•d 31 Jdy2024 Pl•nt& Tot•1 31My 'ooo 'o(NJ 'ooo Payable during the yeat 33 73 Future minirnum lease paymentsdue= Notlater than 1 year 54 43 Later than l yeèr and not later thin 5 57 57 63 Totallease payfflet>tsdue 77

2& Accoufttlng Estlmates and Judgements The Finattrcia15tatetnent5contoinestitn6ted figuresthat 6fe based on a55umption5 made by the Collegeabout the Future of that are otherwi5euncertain. Estifflote5aie made taking into consideration historicalexpefience. current trends and othec relevant Fa£tOfS based on the inFormation available to the College at the time OF preparing the Financial statement However, because balances cannot be detertnined with certainty, actual iesults could be tnaterially diFFerenl Frofft the assumptions and e5tifflates. The item5 in the College'5 Balance Sheet at 31 July 2024 forwhich theFe is a signiFicant risk of material adjustment in the FoFthcotning Financial year are ès Follows: lal Pen$ion$ Liabilty EstimatlOA DF the net liability to pay pefisions depends on a number OF coffiplex judgements relating to the discount rate used, the rate atwhich salaries are projected to increase, changes in retirefflentage5, mortality rates and expected retums. on pension fvnd assets.A firm OF con5ultitbg actU6Fie5 is engaged to provide the College with expert aifvice about the 55umptlOn5 to be applied by the College in estitYb6ting these value5 at the balance Sheet date. The actuarial inputs into the pension liability valuation are subject to annual review, and have a signiEtcant ittbpact on the potential valuation. Historically it is common For sm311 changes in the discount rate, salary assuniption rate and pension rate to have material impactSOFh the ye6rend valuation50na ye&r toyeai ba51& Given the htOry OF signilic6nt chage5 to liability valuations in the past. the ongoing 5en51tivity to future change5. and the requirement to update assumptions annually, the College expects future liabilities to continue to change significantly going forward. More inFormation on the keyassufflptsons used in the actuarial valuation oFthe estifflates 15 vail6ble in Note 30 to the account5, including ÉnFortn6tion on the key a55UfflPti0115, risks and 5en51tivitie Ibl Valuation of Property The valuation oFthe College's estate which is subject to revaluation are subject to srgniFicant estimation due toa numberoF Factors, including ongoing changes toestitnatesaround the costs OF replacing existing 3ssetS, the maiket value fluctuation OF cofflparable a55etS used forvaluation. the current condition and future maintenance costs OF 655et5. changes to regulatory 5tandard5 and the retTraining useFul economic IFves OF the a55et5. Given the matefial nature of the College's assets, there is a high likelihood that changes in these estimates will result in matertal changes in the valuation of ossets on the balance sheet. The total value of the College's assets at 31 July 2024 is outlined and broken down by asset category at note 13. Latbd 6nd Buildings were independently valued For the purpose OF the financial 5t6tements by F G BuTnetL Property ConsultaFbt5 in 2023124. 78

Subsldlary Undertakln9S The 5ub5idiarycompanies (all OF which are reg1Steied in S(otiandl. wholly-owned or efFectively controlled by the College. are a5 Follow5.. Company PrlnclpalActhrfty Aberdeen Ski115 & Enterpri5eTraining Ltd Provision oFouality educationand training 100% owned ClintertyEstate5 Ltd fv1anagementof College'sleaching Farrns 100% owned
Retsted Party Tran5aCtion5 Due to the nature of the College's operations and the composition OF Regional Board Ibeing drawn Froffl local public and private sector 01ganisationsl, it 15 inevitable that tran5aCtion5 will t6ke place with organi5atlOn5 in which & membei of the College'5 Region61 Board tnay have an interest. All transaction5 involving organisation5inwhich a tnember oFthe Regional Board may haveo matefial interest bre conducted at arm's lenoth ond in accordance with normal project and piocurement procedures. The College had transactions duting the period orworked in partner5hipwith the Following publicly Funded or iepre5ent6tive bodie5 in which fnernbers oFthe Regional Board hold or held oFFici61 p051tions. The bodies tknt the College had tran5aCtion5 Wlth thfit were over £5,000 were, Abewdeen Foye¢. Colleges *otland, the Robert Gordon UniveFSlty. the Unsversity oFAberdeen, Aberdeenshire Council, Energy Transition Zone Ltd and Peteihead Engineers Developmefit Limited. is a Diiector OF Petefhead Engineer5 Developtnent LitnTrted. The College received sncome of £61,110 duriFbg the year12022-23- £56.2481. with no payment5 tnade eitheryeor. was on Enefgy Tfansition Programme Director at Energy Transition Zone Ltd. The College receivÈd income OF £330.706 during the year12022-23- E36,0151, and made payfflenLs OF £500,000 during the year12022-23 nill. is a Board Member OF College Siotland, athd a Board Meniber OF Robett GordoFb Unoversity IRGUI. The College made paymetkt5 OF £77.010 dufing the year12022-23- £68,110) to College Scotlad. and For RGU thecollege tnade payment5 of £205.22212022-23
E178.820I and received incomeoF£456,645 during the year12022-23- £603). is Vice Principal For Strategy and Pl6nning at the Robert Gordon University. The College made payments OF £205,22212022-23 - 1178,8201 and received incoffle OF 1456,645 during the yeaf12022-23-£6031. 79

Is a Councillor with Aberdeenshire Council, and a Board Member OF King's College Project with University oFAbeideen. ForAberdeenshÈie council, the College tnade a paytnents OF 18,922 12022-2023- £15.01016nd received incomeoF£49,535 during theye6rl2022-2023- £43.7211. For Unwer5ity oFAberdeen, the College fflade payfflents OF £74.745 {2022.23. É65.4721, and ieceived income OF £54,817 during the year12022-2023- £54,915). is chieF Executive OF Aberdoefi Foyer. The college made payments oF1414,2491202>2024 -£419,888) and received no incotne during theyear {2023-2024- £3311. Oryani5atio Posltion College Scotland Robert Gordon UnNeNty Boaidmetnber Board Mefflber Peterhead EngineeisDeveloptnent Ltd Chairtnan Aberdeen5hireCouTrcil UniVertY oFAberdeen Councillo Bobrd tnember oFKing'sCollege Ptoie(t Inergy Tfan5ition Zone Itd EnergyTransition Progratntne Directof Robert Gordon University Vice t¥incipalfor5trategy3Dd pln Aberdeen Foyer Chief EXUtive 29. Student Support Funds Bursaries and other Student support funds Hard1P y••re1•& 31 Juty20Z4 Iatended 31 Juty2023 £00 £'ooo £'ooo At 1 August 2023 IR62 035 Atlocaiion recerved in period 623 4538 9?60 9.063 Repaid to5FC 112021 {126zI 11035) Expenditure in period 16A691 12.5381 12991 193061 17.8011 At 31 July 2024 1.262 Represented by. Prereceived incoff fro reptyl 1262 (to be used in 241251 1262 Scott15h Funding Council grants are 6vailable solely for students, the College act5 as paying ager¥t. The Scott15h Funding Council has thisyearaccounted For these fund5 Strictly within the 6llocations per academic and fiscal yeais. 80

FE ond HE childure Funds Yeatended 31 Jufy 2024 Y•r ended 31 Juty 21Y23 At 1 August 2023 61 AilocatTOn reieived in peiiod 465 432 Reid to5FC ExpendtbJie in period 14651 14321 At 31 July2024 R•pr4s•fit•d W. Pfe receNed intome childcare Fund transactions are included within the College Income and Expenditure Account. The inconTre is included within FndIng Body Grants, and the expendittjre is included within Other Operating Expenses in accordance with the Accounts Directton issued by the Scottish Funding CoutbciL 30. Pension Contributions The College's employees belong to one OF two principal pension schemes, tho Scottish Teachers Superannuation Scheme ISTSSI and the Noith East Scotland Pensions Fund Schetne INESPFI, whith are the deFined beneFit type. The STSS sihetne is a notion61 fund 6tbd there are 5peciFic regulation5 regording the b65is on which the actuarial valu&tlOll should be carried out. The 655et5 OF the NESPF scheffle ale held in a separate, trustee-odministered Fund. Pension Estimates A5 a iesult OF a High Court decision on 26 0(tober 2018, pension schemes which have members with Guaranteed Miftitnutn Pensions IGMPSI must take action to address inequalities in those GMP5 IF they were contracted-out OF the State scheme between 1978 6nd 1997. The High Court ruling on 26 October 2018 create5 an obligation on that date Fof the Tru5tee5 to atnend the 5cheffle rule5 to flect the con5eouence5 OF the ruling. As the Government believe the judgement itselF will not aFFect benefits, there is no speciFic allowance for GMP eq¢Jalization in the accounting liabilities For the year ended 31 July 2024. In December 2018 the Court of Appeal in England and Wale5 upheld claims that the transitiOFb61 protection5 afforded to older ffletnbers OF public 5etvice pension 5chetne5 were unlawfully age diKritninatory. Tfansitional protection is the policy which 6llowed soffte older worker5 to Stay i the old, unreformed pension schemes, instead of being moved to new career-average schemes with higher pension ages in 2015. In most schemes t¥ansitional protoction meant that those within 10 years OF their schemes. nortnal pension age as at 1 Aprtl 2012 retained mefftbership OF their pr2015 schetne, the Majority oFwhich were Final-salary schemes. The Employtnent Tribun61 ha5 now to determine how this di5Ctitninatson should be rectiFied in those 5chetne5. In an onnouncetnent tnade on 15 July 2019. the Govefflfflent accepted that the Mccloud judgefftent fflean5 discrimination fflust a150 be rectilied in the wider public service. Our actu6rie5 have included an allowance For this j¢Jdgement within the Figures disclosed in this note. Mole general inForfflation is given on Lhe estimatbon OF the pension liability in note 26. 81

North East Scotland Pensions Fund Scheme {NESPF) The North East 5(otland Pension Fund is a Statutory multFemployer deFined beneFit scheme. It is administeied byAberdeen Cily Couniil in accordance with the Local Governmerbt Pension Scheme (Scotla[) Regulations 2008, a5 afflended. A Fortnal triennial valuation of the North East Scotland Pension Fund wa5 last car¥ied out at 31 March 2023 by Mercers. The principal actLFaiialassumptions used by the actuaryare 35 Follows.. 31 July 2024 31 July 2023 4bpa Pen5Fonincfea5eFate 2.8% Salaryinirease rate 4.1WJ 4.2% DbSCOUntfate 5.2% Average future liFe expeitancie5 aE age 65 a¥e 5Utntnari5ed below fora male Ifemalel.. CurrentpensK>ftefS mèie/lFemalel 20.6123.01 Future pen5ioner5 in 20yeat5' btp 21.9124.71 The employer contributions Foryear to 31 July 2025 will be approximately É1,102,0(M). The 655et5 in the 5(hetne are.. A5Mt4llocatSon Tniu•at 31 JY 2024 Ass•t •llo(4tl• v•kn••t31 Jufy 2023 I'ooo Equities 64785 57,541 Gr)vefnment Bonds 6.011 6,015 Property Cash 6.901 6.516 3.228 3,509 other 30,389 26,665 100,246 82

The total pension cost to the College in the period was £14,00012022-23.' E2,000,oooI. The diFFerence 15 due to a ffluch higherallocation OF interest on the assets, and a much ieduced current 5etvice cost, as per the Figures In the table, below. The contribution late payèble w65 18.73% For the year12022-23.. 23.4%). The amount5 recognised in the SOCIE are as Follows.. Year •nded 31 July 2024 Y•ar•nded Jl Juty2023 Ch•rgèd to st•FFc•st Currentservice Cosks 112871 1341 12,0411 Total Charg•d to Staff Costs 11?72) (272) Crtdltlrhafge for n•t returh•n $10th schèth Interest Incotne 5.194 1,516 I)36) 13,4441 N4t Int•r•st Earn•d/lchar9adl 1?58 72 Creditlcharge toothercomprehenjive bncon Retum on Assel5 16,6191 981 otherExperience 142081 13,5601 Gains and lossesafisingon changes ip Financial aswrnptions Iu441 28.651 ActuarialGain Total ch4r9e t<• rhe SOCI Anoty5is oFthe movement in deficitdurrn9 theyear rplus in scheme atstart oFyear, but nat recognised in accaunts Z5547 1,278 Service Costs 12,0721 Employercontributions 1.617 2,191 Curtailtnent5 Net interest income 1?69 Actuarialgainluoss 192 24,066 Surplus ifi sthemeètefid ofyear. but not recogfiised in acCoAt5 27353 25.547 Aciording to IAS 19. a surplu5 in & deFined benefit plan should only be recogni5ed to the extent that the College is able to recover the Surplus, either through reduced contfibutlOn5 in the Future or through reFunds From the plan. In this case, no asset is recognised due to tho level OF Future service contribution rates120.6%1 boing greater than the iaLes used by the actuary For the College's Future accounting Service costs115.8%1. This ensures that the Financial position OF the ponsion schetne accurately reFlects the econotnic beneFit5 that can be obtained From the plan. 83

changes in the present value OF the defined 6eneFit oblig47tion are as follow5: ' Y•at ended 31 July2023 31 July2024 £'ooo Opening defined beDefitobligation 74,699 101,923 Currentsetvice c05t 1287 2,041 Interest£ost )25 3,432 Contribution byfflembers 527 522 Re-tneasufementoFliabilities 6827 125,0471 EfFect of iurtailtnents 51 Benefitspaid 12.8551 Closing d•Fin•d b•n•fvt0b9atJ0Tr 83961 74,699 exclude5ufj[undedbenefits Y••r•nd•d Jl Jly 2024 Y•w •nd•d 31 July2023 HistoryoF4xp•ri•nc4 gainsllloss•sl ScheTne a55els 111?14 100,246 DeFined benefitobligation 183,9611 174,6991 ImpacloFa55etceilin9 (273531 125,5471 N•t P•nslon Llabluty the transactions in respectof the North East Scotland Pension which are now included brb the accounts as requifed by FRS 102 are a5 Follows.. Analysi5 OF the afflount charged to 5tafE costs (Note 7) Y••r •nd•d 31 July 7024 Y••r d•d 31 July 70Z3 Current service cost 1,287 2,041 Admin Expenses Curtailmenrs 31 51 Total operatin8 char8e IA72 2,072 84

Scottish Teochers Superannuation Scheme (STSS) The College participates in the Scottish Teacherfs superannuation Scheme. The scheme is an unfunded statutory public service pension s(heme, with benefits underwfltten by the UK Govoinment. The hetne is financed by payfflents from etnployers and from those current employees who are ffletnbers of the scheffle and paying contribution5 at Pfogre55ively htgher tndrgiwb61 rates b65ed on pen5Fonable pay, as specified in the regulation& The Fate of efflployercontribution5 15 Set with reFeience toa funding valuation undertaken by the scherne actuary. The last foufryearly valuation wés undertaken as at 31 March 2016, which set an employef contribution rate of 23%- up From the previous fate OF 17.2%. However, a Scottish statutory Instrument15s11 was passed in June 2024 to agree a Furthor bnciease in the employer contribution late From 23.0% to 26.0% OF pensionable pay as From 1st April, 2024, and an anticipated yield OF 9.6% efflployee contributions. This SSI was passed to fflirror the 51tuation in England and Wale5, whereby the UK Goveinwnent decided to reduce discount fates used in the valuation process. and thereFore increase the costs to be bofne by employers in the scheme. The College ha5 no liabilityfor othei employeis. obligations to the fflult1-employersdtne. A5 the scheffle 15 unFunded, there can be no deftcit or 5uipIu5 to distribute on the winding vp OF the hetne or withdrawal Froffl thét s(hetne. The scheme is an vnfunded multFemployerdefined beneFitstheme. It accepied that the scheffle can be treated For accounting purposes a5 a defined conttibution schetne in circumstances where the College is unable to identify it5 share of the undetiying a55ets and liabilities ofthe %heffle. The employer contribution rate For the period from 1 April 2024 1$ 26% of pensionable pay. The employee late applied is variable and is anticipated to provide a yield OF 9.6% OF ponsionable pay. While a valuation was caiiied out as at 315t Maich 2016, it Ks not P055ible to say what deFicit orsurplus tnay aFFect Future contributions. Work on the valuation was Suspended by the UK Govefflfflent pending the dea5ion froffl the Court of Appeal IMccloudlJudiciary 5cheffle}/Sargeant IFireFighters' Schetnel Case51 that held the transitional protections provided as Port of the 2016 feForfft5 was unlawFully d¢s(riminated on the ground5 OF age. Following consultation and dn announcement in February 2021 on proposals to remedy the discrimination, the UK Government has also asked the Government Actuary to review whether, and to what extent, the lost control mechanism is tneeting its original objectNes. The 2020 actuarial valuation5 will take the report's Findings into account. The interitn report ts complete Ire5trictedl and is currently beitLg FinalKsed with a consultation. Group Personal Pension Plan In addithon, the subsidiarycofftpanyopefate5agroup personal pension plan foremployees providing beneFit5 based on deFined levels oFcontribution. These are accounted through the SOCI as payment5 to the plbn. 85

Appendix 1 Scottish Funding Council- Accounts Direction It is the Scottish Funding Co¢Jncil's direction that institutions comply wtth the 2019 statement OF Recommended Practice-. Accounting For Further and Higher Education ISORPI in preparing their annual report and account5. Instttvtioris fflust comply with the accounts direction in the preparation of their annual report and accounts in accordance with the Financial Memorandum with the Scoltish Funding Council ISFCI or the Regional Strategic Body IRSBI (For a55igned colleges1. Incorpor6ted college5 and Glasgow College5. Region61 Board ofe also required to complywith the GovernFnent Financial Reporting Manual 2023-24 IFReMI whewe applicable. In cases where there is a conFlict between the FReM and the SORP, the Ibtter will take precedence. Incorporated colleges and Glasgow Colleges, Regional Board must send two copies OF theirannual report and accounts to the Auditoi Goneral For Scotland by 31 December 2024. The annual report and aciounts should be signed by the chieF executive oFficer/ Executive Director and by the chair, or one othei metnber OF the governing body. 86

2024-07-31-accounts

NORTH EAST SCOTLAND

Curriculum Overview

L] ae