/ G()()deiioLigii _ / Cc)Ile(Te Goodenough College {A Company limited by guarantee) Annual Report and Financial Statements for the year ended 3isÈ August 2025 Company Registration No. 00246919 R8gistered Charity No. 312894 (England and Wales) and SC039173 (Scotland) Goodenough College Trustees, Annual Report and Strategic Report for the year ended31 August 2025 President's Welcome l am pleased to introduce Goodenough College's Annual Report and Financial Statements for the year ending 31StAugust 2025. The College continues to perform well due to the talent and energy of a strong leadership team and the generous commitment of College residents ('Members') to making the College a success for Iheir entire community. The College saw strong demand for admissions in September 2024. which translated into high occupancy levels Ihroughoul the ensuing academic year. This was complemented by a wide take-up among Members of our renowned inlelleclual, cultural and social enrichment programme. Demand remained highest for the College's cheapest rooms, with economic conslraints a major factor for many of our applicants. It is notable that the year under review saw a welcome 7.50A increase in couples and families applying for accommodation, a small bounce back from the 40% decrease last year which was caused by UK Govemment changes in visa eligibility for dependants. Marketin9 the College's family accommodation (as well as more expensive rooms) remains a challenge but we are pleased that a significant number of families eligible lo bring dependants to the UK continue to live among and enhance our community. this is widely appreciated across Ihe College. Our hotel, short-slay and sabbatical accommodation business continued to do well in a difficult market, thanks in large part lo the appointment of an experienced hotel general manager and a reorganised team. In addition, Goodenough House, our venue-hire business, achieved an income of over £1 million for the first time. These commercial activities, together with highly effective fundraising by our philanthropy team, helped strengthen the College's firm financial fooling and ensured that we could continue to expand our acGommodation scholarships programme and deploy an emergency fund for those Members facing LSnexpected financial difficulties. An unstsble global political environment, leading to widespread public protest and some challenges to free speech, including within a number of London's academic institutions, continued to present a threat to the College's renowned ethos of global collaboration and open debate. Againsl this backdrop, we were proud to fulfil our charilable mandate by building diverse, friendly, mutually supportive collegiate community which engaged in collaborative dialogue. We remained focused on encouraging our tslented membership to develop critical skills and build experien￿ to enable them to become the change makers of the future. This year we were able to expand the number of opportunities for our Members lo engage in academic retreats on our Scottish estale, The Bum, and in UK-wide and overseas study trips. and in an extraordinary range of cross-disciplinary talks and seminars, delivered by publi¢ figures and scholars from some of the UK'S most prestigious academic institutions. This superb programme was made possible by the generous support of an increasing number of sponsors, who subsidised individual events and trips, and by the help and advice of an exceptional group of College Fellows. l am delighted lo report that the early phase of the capital campaign to fenovate five Georgian townhouses on the College's estate is well under way and the College's Philanthropy and Alumni Relations team has already secured an impressive number of generous donations to help restore the buildings to a standard befitting their historical significance. Work on the renovation project stsrted in April 2025, with the aim of compleling work by the slart of the Goodenough College TnAstees' Annual Report and Strategic Report for the year ended 31 August 2025 2026-27 academic year. Once complete, the buildings will provide an additional 60 lower cost rooms for students. Besides the capital campaign. we continue to offer our donors the opportunity lo sponsor individual students and it is gratifying that many of the Members who receive scholarships build strong connections with their sponsors. Looking ahead. our main objectives for 2025-26 will include ¢onlinuing to build our partnerships with academic institutions in the UK and more widely, to raise our visibility among potential high-qualily applicants,. enhancing our collaboration with scholarship foundations across the world lin partic(Jlar, across the Commonwealth}, to build a membership of truly eX￿PtiOnal students., and expanding our efforts to secure philanthropic donations, to support thosé whose personal circumstances would not otherwise enable them to aC￿sS our community. We will also be focusing on attracting more applications from under-represented parts of the Commonwealth, including the Caribbean and Pacific nations and smaller African slates. With several members of the College Board. including ils Chair, due to step down in 2026, we will also be focusing on strong succession planning across our governance structures. C L¥¢LI,.. Stuart Shilson CBE LVO DL Chair of the Board Contents Page Goodenough College President's Personal Welcome Trustees, Annual Report and Strategic Report Company infonnation Structure, governance and management Strategic Report Objectives and activities Achievements and perfomance Financial review 8-10 10-16 Plans for future periods Statement of Trustees, responsibilities 16-17 17-18 Independent Auditor's Report 19-22 Financial Statements Consolidated statement of financial activities 23 Balance sheet 24 Consolidated cash flow statement 25-26 Comparative consolidated Statement of financial activities Notes to the financial statements 27 28-52 Goodenough College TTh￿teeS, Annual Report and Strategic Report for the year ended 315tAugust 2025 The Board of Trustees Pfesenl their Report and audited Financial Statements for the year ended 31"August 2025 under the CharitiesAcl 2011 and the Companies Act 2006. COMPANY INFORMATION PATRON King Charles111 TRUSTEE BOARD Stuart Shilson CBE LVO DL- Chair. President oflhe College Dame Maura McGowan DBE- Vice Chair Andrew Brown KC lunlil 18 October 2024) David Bulman Charles Comack (from 5. September 2024) Lindsay Dodsworlh James Douglas John Fitzgerald Guy Parsons Danielle Weese (until 23° July 2025) Fiona Wilkinson Senior Staff College Director Director of Finance and Resources (Company SeGretary,' Deputy to the Director) Director of Estates Sarfraz Arfan Director of Philanthropy and Alumni Relations Andrew McGowan Dean The Rev Dr Alan Mccormack Registrar Caroline Persaud Bursar, The Burn Jan Wallwork Clarke The Hon Alice Walpole OBE Richard Barker Address and Resistered Office London House Mecklenburgh Square London WC1 N 2AB Website: w¥￿. oodenou h.ac.uk Goodenough College Trustees, Annual Report and Strategie Report for the year ended 31 August 2025 COMPANY INFORMATION (continued) Professional Advisers Audltor: Buzzacott Audit LLP 130 Wood Street London EC2V 6DL Legal Advisers: Cripps LLP Number 22 Mount Ephraim Tunbridge Wells, Kent TN4 8AS Bankers: Barclays Bank PLC 1 Churchill Place Canary Wharf London E14 5HP Investment Managers: CCLA One Angel Lane London EC4R 3AB Rathbone Investment Management Ltd 8 Finsbury Circus London EC2M 7AZ Company number 00246919 Goodenough College Trustees, Annual Report and Strategic Report for the year ended31 August 2025 STRucfuRE, GOVERNANCEAND MANAGEMENT The full name of the Charity is Good8nough College {'Ihe College,). The College was fomied as a company limited by guarantee without share capital on 28th March 1930, registered company number 00246919. It is registered with the Charity Commission, Charity number 312894 (England and Wales} and with the Office of the Scottish Charity Regulator SC039173 (Scotland}. The College's purposes are sel out within its Articles of Association. The governing document of the charity is the Articles ofAssociation of Goodenough College Limited, as adopted on 24 January 2023. The articles set out the following main features of the governance structure of the College.. A Board of 8-15 Directors who are legally and financially responsible for Ihe managemenl of College affairs. These are the charily Trustees and the Directors of the company. The Board holds mèetings on a regular basis, with an expectation of four meetings being held over the course of a calendar year. The Articles of Association require each Director lo be appointed by the Board for tems not exceeding three years. A Director shall not remain in Offi￿ after the ninth anniversary of Ihe date of their first appoinlment (with the provision that any Director in office on January 2023 shall remain in office until the ènd of their current temi). The process for the appointment of Board Directors is set out within the College's Articles of Association. Appointments are normally made on the recommendation of the Nominations and Remuneration Committee al Board meetings. The Members of the Company (as defined in the Articles ofAssocialion} can appoinvremove any Director nO￿lthstanding the provisions available to the Board. In accordance with the revised Memorandum ofAssociation, every Member is liable lo contribute a sum of£1 in the event of the company being wound up. At 31"August 2025, there were 9 members (2024: 11 members),. on 3, February 2026, there were 9 members. The Trustees are satisfied that the revised governance processes enable the College to engage more effectively with its mission and objectives. The Trustees consider that they have paid due regard to the Charity Commission's guidanGe in respect of their duties and obligations as Trustees of Goodenough College and the Charity Governance Code for larger charities. No Truslee has any financial interest in the Charity or any group companies. Goodenough College Trustees, Annual Report and Strategie Report for the year ended 31 August 2025 Board of Trustees The Board of Trustees holds responsibility for the governance and strategic direction of the College, ensuring that the Charity upholds ils ethos and values and delivers its objectives. The Board has a written schedule of matters reserved for decision by the whole Board and delegates certain responsibilities to Board Committees. The Board meets quarterly. New Trustees undertake an induction programme lo familiarise themselves with the College, its objectives and its structure. alongside their roles and responsibilities under legislation and College governance. The Board has temis of referen￿ for its own operation, based upon rewmmendations sel out within the Charity Governance Code. Committees Trustees, Fellows and advisors may serv8 on one or more Board Commiltees, as set out below.. Academic Committee Bum Committee Donations Advisory Committee Equality, Diversity and Inclusion Committee Finance & Audit Committee Nominations & Remuneration Committee Goodenough Trading Board. 43-47 Mecklenburgh Square Steering Committee Details of the composition and the Terms of Reference of each Committee are held by the College's Governan￿ Officer. Management Operational management of the College is delegated by the Truslees to the College Director, who is accountable to the Board of Trustees for the stewardship of the Charity. The College Director and Ihe seniorleadership team Ilhe Executive Committee) attend fomial Board and Committee meelings. The College agrees the pay of key staff through its Nominations and Remuneration Committee. The Committee lakes into account general inflation, comparative salaries and pay awards within the charity, Higher Education and hospitality sectors in ils recommendations to the Board on senior staff pay. The remuneration of Ihe College Director is set by the Board. The Board delegates the operation of the College through an approved scheme of delegation overseen by the Finance & Audit Committee. The scheme provides for Ihe most significant financial and operational decisions to be carried out by the Board. Group structure and relationships The College had one wholly-owned subsidiary company, registered in England and Wales.. Goodenough Trading Limited (Company No. 02684378) takes responsibility for the trading of The Goodenough Hotal, London and the provision of short-stay accommodation in London Goodenough College Trustees, Annual Report and Strategic Report for the year ended31 August 2025 House and William Goodenough House, as well as for Goodenough House, the College's Events business, the College catering business and commercially-let accommodation at The Burn. Ils annual profils are donated to the College as qualifying distributions under a deed of covenant. Goodenough Ventures Limited (Company No. 093429261 was voluntarily dissolved on 19th November 2024. The Burn estate in Angus, Scotland la property donated to the College in 19471 is used by Members of the College for educational and recreational aclivilies, as well as by many Scottish universities as a centre for reading parties. study groups and for educational events and seminars. The Burn's assets are a restricted fund of the College. Investment powers and polieies The Trustees have the authority conferred by the Articles of Association to invest the monies of the College not immediately required for its purposes in or upon such inveslmenls. securities or property as may be thought fit. subjecl nevertheless to such conditions (if any} and such consents (if any) as may for the time being be imposed or required by law. The College's Investrnent Policy is set out within its Investment Policy Stalement. The College has divided its reserves into a long-temi fund and a short-term fund. The College seeks to produce the maximum financial retum within an agreed level of uncertainty about future values for each of its long-term reserves and its short-term funds. The investment objective for the long-term fund is to grow its value at least in line with inflation lo fund future asset replacement liabilities and maintain the remainder of the fund in real terms. The target is CPI plus 40/0 (after fees) over rolling economic cycles (five or more years). The investment objective for the short-term reserve is lo maximise its returns while taking very limited capital risk and providing full liquidity. The College has appointed its investment manager in line with its objective to invest only in a manner aligned wilh the College's values of Tolerance. Respect. Understanding, Service and Togethemess, and Environmental care as set out in its Responsible Investing policy. In addition, the College expects to see its portfolio invested with an integrated and engaged approach to stewardship and voting, including disclosing any company idenlified in breach of the UN Global Compact. STRATEGIC REPORT 0￿Ec[IvEs AND AcfIviTIES The institution that became Goodenough College was eslablished in 1930, when a group of individuals led by Frederick Craufurd Goodenough. Chaiman of Barclays Bank, and his wife Maeve Goodenough, established a student residence in London for international postgraduate students. Their vision was the creation of a home from home for (malel students from the Ihen-Dominions (subsequently, Commonwealth counlriesl, offering a collegiate community in the heart of London to promote friendships and enhance international understanding. Th& College has expanded greatly since that time and now consists of a six hundred-strong fully inclusive community of postgraduates, some with accompanying families, from across the wortd. Goodenough College Trustees, Annual Report and Strategic Report for the year ended31 AUg￿t 2025 The College's charitable objects, as set out in its Articles of Association last amended on 2 May 2024, are= To organise, encourage and assist the eduGation in England and Scotland of students {'Residenl Members of the College'l from any part of the world. giving preference to students from the Commonwealth (with priority for students from those nations less able from time to time lo provide resources and facilities of their own)." We will continue to build upon these strong foundations to achieve our current vision and mission= Vision A fellowship of global citizens with shared values of tolerance, respect, understanding, seThice and togetherness (reflecting the spirit of the UK and tha principlés of the Commonwealth). Mission To create a stimulating, inclusive and mutually supportive residential community in th8 heart of London where outstanding postgraduale students exchange ideas, openly debate values and form lasting friendships. The College presents its 2024-25 expendilure in the pursuit of four strategic goals= To attract outstanding postgraduate sludents from a wide geographic, academic and social base, giving preference to those from the Commonwealth., . To transfom College Membets through the experience of living in a values-based community which inspires intellectual engagement and endeavour, encourages cross-cullural understanding and offers an exceptional social environment., To raise the College profile, internationally and within the UK. by developing key opportunities and pursuing strategic partnerships consistent with our values and ambitions., and To suslain the College as an enduring institution, underpinned by secure finan￿S, a well- maintained estate and high-quality staff, with a commitment to minimising its environmental impact. The College measures ils performance through regular Key Perfomiance Indicators {KPls) that compare success in the reporting period with prior years. These KPIS cover areas including occupancy," diversity of membership,. delivery of cultural, social. sporting and educational events., volume of Scholarships and Bursaries,. and mutually-beneficial contacts with Alumni. Further informalion is contained within the Financial Review and Achievements and Perforniance sections. College Members study at a wide range of accredited academic and professional institutions across London. The College works to maintain a balance between the broad faculties of medicine and natural sciences, law, business and economics, political and social sciences. and the arts and humanities. We are particularly proud to attract applications from a wide range of scholars from prestigious international scholarship schemes. The College provides a wide public benefit. The Trustees are aware of and have regard to the Charity Commission's public benefit guidance when exercising any powers or duties lo which the guidance Goodenough College Trustees. Annual Report and Strategie Report for the year ended 31 August 2025 is relevant. College Members retum to their home nations or elsewhere with a broadened perspective on the world. global connections and a much-expanded knowledge of and affection for the culture and politics of the UK. This contribution to education and international tolerance and understanding serves an ever greater purpose in today's world of political and economic uncertainty- The College frames its distinctive paradigm through the veclors of 'commensality' and 'conviviality'_ common eating and common living. Members jointly engage in many intellectual, cultural, social. experiential and developmenlal activities. Talks. seminars and colloquia, where renowned academic and public individuals lecture and share knowledge and life experience, are a regular feature of the College calendar. A series of 'GoodSkills' weeks take place to refine the non-academic skills base of College Members. College Members live and work amongst a broad spread of social, national and economic backgrounds, developing understanding and empathy across a wide spectrum of experience within a rich peer group. A visits programme enables College Members to grow their capacity for understanding of the UK outsidè London , as well as ne￿Ork across a range ofexternal institutions in the Cities of London and Westminster and beyorFd. The College seeks to secure and provide an increasing level of scholarships to support those who struggle to meel the wsts of accommodation at the College. The Burn, our Scottish estate. is the venue for academic retreat for Goodenough Members, as well as other UK university students and international academic groups. We actively support Scottish universities and schools to host Iheir own study retreats at The Burn. In particular, we have Created a lively cultural and environmental programme to promote learning around the sustainability and conservation of The Burn estale. which wmplemenls the visiling gfOLlPS' own study focus. The College is opened to the public for concerts, operas, conferences and lectures. A large number of external organisations and individuals also use the College's facili118s for their own events and activities. The College notes the sad deaths in 2025 of alumnus, long-term Trustee, benefactor and College Fellow Martin Schwab., and of alumnus, Burn visitor and benefactor Brian Mccullough Owens. ACHIEVEMENfs AND PERFORMANCE Our resident postgraduate sludents continue lo enjoy an overwhelmingly positive experien￿ al Goodenough College. The impact of the College's activities on Memb8rs includes a growth in confidence, broadened perspectives, strong cultural, social and professional networks and a positive image of the UK and the Commonwealth. Enriched by these expèriences, many of our Alumni be￿me outstanding leaders in their fields, engaged global citizens and advocates of the College. College Member occupancy in 2024-25 remained high throughout the academic yeaf and over Ihe summer period. The College saw strong commercial perfomance from its Hotel, short-stay and sabbatical rooms and its Events & Venue Hire businesses. The Bum, under its new management. worked hard to generate revenues sufficient to cover its cost base. During 2024-25 £8.7m12024: £8.7m)was spent against the goal of 'Transforming College Members,, reflecting the operating costs of the College buildings (that significantly shape College lrfel alongside the influential Dean's programme. Goodenough College Trustees, Annual Report and Strategic Report for the year ended31 August 2025 The Dean's programme for the 2024-25 academic year delivered (including Member-led activities) 223 sporting fixtures or physical activity sessions", 146 cultural, music and arts-based events., 146 evening lecture 'Port Talks,, transformative skills-based sessions (the 'GoodSkills' programmesl and academic seminar segments and study trips, all of them delivered in person. The Dean's Office also undertook an extensive and tailored programme of activities to support iridividual Member wellbeing through the academic year, which involved individual, as well as group, pastoral activity. During 2024-25, the College maintained ils accreditation with the National Code for Assured Accommodation, which demonstrates the College's continuing commitment lo the highest standards in delivering accommodalion and supporting its community. The College was awarded the Global Student Living Index Best Specialist Accommodation Award in October 2025 and the new Global StLtdent Living Platinum Certification for achieving the thresholds for seven melrics (Structural scores Internet, Condition & Quality, Bedroom, Value for Money., Operational scores - Care & Support, Recycling & Environmental Facilities, Overall Management). The Burn continued to welcome long-established academic groups from universities such as St Andrews. Edinburgh. Aberdeen and Glasgow, who visited several times this year. Repeat visitors from new charitable groups from last year and an increased number of guests from the independent s¢hools market were supplemented by more Goodenough Member groups than 6ver before, including those who wished to enjoy the beautiful surroundings and tranquillity of The Bum as a group of individual Members in addition to the Dean's programme visits. Necessary closures of The Burn to enable critical remedial works to the mansion and coutyard buildings has brought a drop in inGome this year. The College spent £0.7m on scholarships and the Mecklenburgh (hardship) Fund in 2024-25 {2023- 24.. £0.6m). Scholarships and Mecklenburgh funding are awarded by the College to Members, predominantly in the fomi of reductions in rent, on the basis of financial need. Half of the scholarships were funded through the generosity of donations by friends and Alumni. The College continues to review the allocation of scholarships to ensure that College is targeting suilable students and matching allocated scholarship funds to appropriate rieed. During the period under review. the College re￿IVed 1,941 applications (2024-25.. 1,847) for its 2025-26 academic year intake, 4.8 applications per available place at the College12024-25.' 4.51. The proportion of applications from EU countries stayed steady al 10.40/0 (2024-25.. 10010) and applications from Commonwealth countries stayed steady al 39 % {2024-25.' 39,101. The College continLted to invest in marketing and engagement activity to maintain and develop Ihe number of suitable applicants to the College, including appropriate Commonwealth representation. During the 2024-25 academic year, Members came from 95 12023-24.. 901 countries (UK 10%. Canada 70kn, India 70/0, America 6Yo, China 5% } of which 47% (2023-24.. 47/1 were from the Commonwealth. These Members were studying at forty academic institutions (UCL 250/0, LSE 21 %, Kings 90/0); with 67/0 12023-24.. 63/1 undertaking Master's courses., 29% 12023-24.. 31 /9) undertaking PhD and other research programmes,. and 4% 12023-24: 60/0) other foms of postgraduate qualifications. Their academic subject matter continued to be as diverse as their ba¢kgrounds. Including the £1.2m 2024-25 interest costs of the College's debt {2024.' £1.2m) and the costs of supporting the developmenl and the strategic financial management of the College, £2.6m was spent on 'Suslaining the College, during the year (2024.. £2.2ml. Goodenough College Trustees, Annual Report and Strategic Report for the year ended 31 August 2025 The College applied funds of £2.8m (2024= £1.Om) in replacements and enhan￿MentS to the College estate and IT services, of which £1.4m related to the commencement of the construction stage of the development of 43-47 Mecklenburgh Square, £0.4m related to works on 15 Mecklenburgh Square and the balance across the College estate. Fundraising costs were £0.3m for the year12024.. £0.1m). Goodenough Trading Limited continued to trade successfully during 2024-25, with the Hotel business falling short of a challenging revenue largel and 6¥0 short of the prior year. The Events, Venue Hire and Catering businesses were strong, generating over £1m in commercial revenue for the first lime. Catering interactions with Members, funded through College subsidy, continued to fall short of the College's ambition. The short-stay and sabbatical rooms business had another very strong summer. Overall, the company's profit before qualifying dislribution remained strong at £2.5m {¢ompared with £2.6m in the prior year). FINANCIAL REVIEW The College generated group revenues of £18.4m in the year to 31S1 August 2025 (2024.. £18.1m). Income from charitable activities (predominantly income generated from rents from Member accommodation) was £9.6m {2024.' £9.4m). Average Member occupancy in the 2024-25 academi year was 93.30/0, compared with 93.7 /0 achieved in the prior year. Total income from trading activities through Goodenough Trading Ltd for the year was £6.Om (2024.. £6.6m). Revenue in 2024-25 consisted of Hotel income of £3.7m (£4.Om in 2023-24), short-stay accommodation income of £1.2m (2024.. £1.2m}, Events and Venue Hire income of £1.Om {2024: £0.8m) and £01.rn {2024:£0.6m) from providing catering lo College Members. From 27 September 2024, arrangements with a new College catering provider were introduced on a capped fee basis. From that date, the income from Member Catering was recorded on a net subsidy. rather than total sales basis (£519k, 2024.. £535kl. Income of £31k12024.' £76kl was derived from The Burn's commèrcial trading activities in the year. Goodenough Trading Limited generated a profit of £2.5m forlhe year12024.' £2.6m). The Trustees and DireGtors remain confident of the potential for Goodenough Trading Limiled to generate surpluses lo be donated to the College in future years and continue to monitor the performance of the company. On 3rd July 2025. the Directors of Goodenough Trading Ltd approved a budget for the 2025-26 financial year showing a £2.4m surplus. Post year-end trading condilions remain strong. The Consolidaled Statement of Financial Activities for the year shows a £1.6m net income before gains and losses on investment assats and financial instruments {2024'. £1.3m}. The College bore £1.3m in loan interest charges {2024'. £1.2m) and depreciation of £2.6m (2024.. £2.7m), demonstrating an EBITDAgain {excluding debt and asset impairnient costs) of£5.5m12024'. £5.2ml. On 23rd July 2025, the Trustees approved a consolidated budget for the 2025-26 academic year showing an EBITDA surplus of £3.7m. The Trustees remain confident that the College will achiev8 significant operating surplus in 2025-26. io Goodenough College Trustees, Annual Report and Strategic Report for the year ended31 August 2025 INVESTMEKf PERFORIIL4NCE on 28th August 2024, the Trustees enacted their decision lo transfer the College's long-term investment funds and the Bum investment fund from Ralhbone Investment Management Limited to CCLA Investment Management Limited ICCLA), each to be invested within the CCLA COIF Charities Investment Fund {the fund). The fund is a common investment fund, govemed by the Charities Act 2011 {as amended} and approved by the Charity Commission under the Acl. The fund is managed as an unregulated collective investment scheme and as a UK alternative investment fund in line with the Alternative Investment Fund Managers Directive {AIFMDI, as defined in the scheme particulars. On 10 July 2025 CCLA announced that, subject to regulatory approval. CCLA was being acquired by Jupiter Investment Management Group Limited. The fund is an actively managed, diversified portfolio of assets designed to help protect charities from the effects of inflation las measured by the consumer price index). It will have an ernphasis on equities (between 50 % and 85 % I bul will also include property, bonds and other asset classes, which may be either liquid or illiquid in nature. Exposure to these assets may be through direct holdings andlor through investment in other funds {including those managed by the manager or their associates). As at 31. August 2025, Ihe College long-lemi fund held £20.8m under inveslment. As at 31st August 2025, the Burn fund held £0.6m under a separate long term investment account. The total return on the College main fund over the period was a loss of £257k. and for The Bum portfolio, a gain of £14k. The performance of the COIF Charities Investment Fund for the 12 months to 30th September 2025 was a loss of 1.520/0 against a comparator of a gain of 12.950h. The Finance & Audit Committee has discussed the shortfall in the PerfO￿an￿ of the CCLA COIF Charities Investment Fund with Ihe Investment Managers. The Committee has satisfied ilself that the interests of the College currently remain with the College's long-term funds being invested in the COIF Charities Investment Fund. The fund's long term investment objective is to achieve a target return of CPI + 4 /0 after fees. CPI for Ihe twelve months to 30th September 2025 was 3.80/9. The ARC Steady Growth index to 30th September 2025, against which the fund's performance is assessed as 7.2 %. The College's short-lemi fund is held for the purpose of meeting the cash requirement for an anticipated capital investment projeGt. The short-temi fund is held across a portfolio of UK Govemment Bonds, UK Investment Grade Bonds and Time Deposits {managed by Rathbones Investment Management Ltd), and the CCLA COIF Charities Deposit Fund. The primary objective of the short-term fund is the maintenance of capital whilst seeking a return of CPI + 10/0. The COIF Charities Deposit Fund achieved a return of 4.430/0 for the 12 months to 301h September 2025. The College's short-tem fund achieved a total return of £317k for the year. As at 31" August 2025 this fund held £7.44m under investment. Under the guidance of the Finance & Audit Committee, the Trustees continue to review the investment perfomance and strategies of the College's funds under investment, against its Investment Policy Slalemenl and Responsible Investing Policy. li Goodenough College Trustees, Annual Report and Strategic Report fvr the year ended 31 August 2025 Funds and reserves The College's reserves are divided between unrestricted, restricted and endowment funds. Unrestricted funds are further divided into designated and general unrestricted funds. Unrestricted funds total £142.6m {2024.' £140.8m), which includes designated reserves of £133m 12024.. £131.6m), general funds of the charity of £9.4m {2024-. £9.Oml and general funds of the subsidiary of £0.2m12024'. £0.2m). See Note 17 for further details. The Trustees have designated the value of the College's non-inveslment fixed assets (net offunding from the long-tem loan) as the Tangible Fixed Asset reserve. The value of this reserve is adjusted annually lo reflect the net value of these assets and stands al £114.3m al year*nd (2024.. £114.1 m). The Trustees have designated the value of the College's investment properties {recognising the College's strategy to retain inveslmenl properties as reliable long-temi assets) as the Investmenl Propety Reserve al £2.4m {2024-. £2.2ml. This increase reflects the revaluation of the investment properties on 31 August 2025. The College has an eslablished long-term forecast. which enables the College to agree a framework for the management of ils unrestricted funds and to quantify the level of liquid assets required to sustain the College as an enduring institution. The College has established a plan to ensure that sufficient levels of cash are available to secure a well-mainlained estate over the long lemi. An Asset Replacement Reserve IARR) has been established to support the costs identified for the replacement and refurbishment of the buildings, fixtures. fittings and equipment of London House, William Goodenough House and the hotel to 2046. The required value of this fund is agreed to be designated from the available funds accumulated by the College from annually generated operating surpluses and drawn down against relevant costs: The Trustees designated the budgeted contribution from 2024-25 performance to the ARR at the year-end. After debiting appropriate asset replacement expenditure and accounting for income, gains and losses, the value of the ARR stood at £10.2m on 31"Augusl 2025 (2024.. £10.7m). The Truslees review the value of this designated fund annL¢ally as il accumulates and is utilised for asset replacement. The ARR is represented by investment funds with investment mandates (as overseen by the Finance & Audit Committee} matching the investment objectives and horizons of this reserve. The Trustees have designated a further £1.2m lo the planned future devèlopment of 43-47 Mecklenburgh Square. ShoL¢ld the College achieve its philanthropic fundraising ambition for this capital project, the fund will provide sufficient funds to complete the project. Any shortfall in fundraising will require a drawdown from either the General or other designated reserves. The fund at 31" August 2025 slood at £6.2m {2024'. £4.7m). The fund is held with the College's short-term investment fund. The College is delivering the development of the site under the guidance of the 43- 47 Mecklenburgh Square Steering Committee. The Trustees have reviewed the College's reserves policy. The policy considers the nature of the income and expenditure streams. the need to match variable income with fixed commitments and the need to provide for known essential estate maintenance expenditure. To allow the College to be managed efficiently and to provide a buffer against interrupted Services, the policy requires that general reserves in the range from £6m £9m should be maintained. This range is based on managing lo sustain core College activity if there were a fall in Member income of 25°h for three years IG£6ml and a loss of 500/0 of The Goodenough Hotel, London and the College short-slay and sabbatical rooms business net operating surplus for two years (c£2ml. In addition, a minimum of 12 Goodenough College Trustees. Annual Report and StrategÈe Report for the year ended31 August 2025 £1 m is considered necessary to deal with major estate issues, such as a failure of heating. plumbing or electrical services in either House. The Trustees have assessed the value of reserves and the operations of the College and do not consider that there remain material uncertainties related to these or other events or conditions that asl significant doubl on the College's ability to continue as a going concern. The College remains financially stable with freely available funds on 315IAugusl 2025 of £9.4m (2024.. £8.9m, see nole 17 for more delails).. other unrestricted designated reserve funds of £16.3m 12024.. £15.4m) and unrestricted investment properties valued at £2.4m. Restricted funds are represented by assets and inveslments that can only be used or spent for a particular purpose as stated by the donors. The total value at 31"August 2025 was £12.2m (2024.. £12.4ml. See Note 16 for further details. Restricted funds include The Burn Fund of £11.5m12024'. £11.8ml and other restricted funds of £0.7m {2024: £0.6ml. The Burn fund includes the operating land, building and assels of the sile represented by a tangible fixed assets reserve of £10.Om (2024.. £9.9ml,' investment properties reserve of£O.9m (2024.. £0.9ml and a general restricted fund of£O.6m 12024: £0.9m). The general restricted fund is mainly represented by The Burn investment fund. The other restricted funds have been donated to the College for a number of restricted purposes including restricted Scholarships and Bursaries funds of £0.4m {2024.. £0.4m) and donations towards the refurbishment of 43-47 Mecklenburgh Square of £0.3m12024'.£0.2ml. The College continues lo seek to increase the level of support lo its important activities provided through donations. Expenditure on Scholarships and Bursaries from restrrcted or designated donated funds was £0.4m in the year, compared with £0.3m in the preceding year. Endowment funds Comprise the Christopher G. Argyns Student Activity Fund, which is an expendable endowment fund providing support for community participation al the College {particularly the performance ofopera and Dean's Seminars). £2k ofadditional endowed funds were received in the year with £19k spent supporting College activities. The remaining balance of £292k is held within the College's long term investment porttolio, except for the element drawn down for spend in the year. Borrowings and bank facilities On 2nd June 2017, the College secured a £40m non-amortising 30-year loan with Rothesay Life al a fixed interest rale of 3.102 %. The loan is secured against London House. William Goodenough House and 47 Mecklenburgh Square. Principal risks and uncertainties To oplimise the College's managemenl of risk, Ihe College Board and staff are briefed on the nalure of risk and accept responsibility for risks associated with their area of authority. Senior management provides appropriate support, assistance and commilmenl to ensure that both operalional and strategic risk is managed on a daily basis lo the best of the College's abilily. This risk management process provides reasonable, bul not absolute. assuran￿ that the organisation is protected. We define key strategic risks as those that. wilhoul effective and appropriate mitigation. would have a severe impact on our work, our reputation or our ability to achieve our ambitions. The College continually improves the process by which il reviews, registers and mitigates risks that may impact 13 Goodenough College ThA$tees' Annual Report and Strategic Report for the year ended 31 August 2025 on College life and operations. These risks (including likelihood, impact and mitigalion measures) are held in a Strategic Risks Register, which is regularly reviewed by the College Board and senior management. The risk management process encourages the Trustees lo challenge any assumptions senior management has made about risks and interrogate the corstexl in which decisions are taken. This helps ensure that the most serious risks are being mitigated effectively and the impact of mitigation is assessed. Revenu8 shortfall, primarily through a downturn in Member application numbers and attendance, remains a fundamental financial risk for Goodenough College. Vigorous promotion of the College through public outreach, strategic partnership building and enhancing the College's digilal presence is given high priorrty in order to mitigate this risk,. together with market-sensilive pricing of accommodation and a robust admissions policy making appropriate use of search engine optimisalion, peer reviews. adverlising and approaches to educational institutions and scholarship bodies (within London, the UK and internalionallyl. Application numbers are reviewed on a regular basis and the admissions slrategy adjusted on the basis of findings. The maintenance of a diverse College community (including enabling access for students with limited financial resources) is recognised by the Trustees as a key area of risk. The College will continue to focus on targeting its outreach on less represented geographic areas and socio-economic groups. It conb'nues to enhan￿ its scholarships schemes (including developing partnership schemes with other scholarship providers) lo support less affluent students. The College maintains a focus on fundraising for scholarships (including hardship funds allocated as Thé MecklenbLtrgh Fund). The College reviews its rent annually and any increases applied are based on sound market information and consultation with the College Member community. A key strategic objective of the College is to deliver a transfom)ative expertence for College Members through community, cross-cultural understanding and an exceptional intellectual and social programme. The College implements a rigorous process of risk assessment for all activities, and impact assessments of enrichment activities. The College considers that it has substantially mitigated the risk of failing lo secure sufficient funds lo propedy maintain and renew its assets through development of a comprehensive Asset Replacement Plan and careful long ierm financial planning. The Finan￿ & Audit Committee of the College Board reviews the long-lemi financial performance of the College and provides further diligence on the application of available funds. The College has demonstrated to itself, through hallenging scenarios and stress testing, that it will be able to meet ils Asset Replacement Plan at least unlil 2046. The level of the College's unreslricled freely available reserves. combined with ils designated funds (see below). reassure the College that it remains a going concem. The 30-year fixed-inlerest debt minimises the College's exposure to variations in debt financing costs. Further details can be found in Note 15. The Board continues to oversee the College's business conlinuity and contingency arrangements in the event that the College suffer from a major disaster affecting its eslale. or be impacted by terrorism or disease outbreak or pandemic. The Board is confident that the College's plans, controls and insurance arrangements adequately mitigate these risks to a tolerable level. As the College's main base of operations is in central London. the College recognises that terrorisl aclivity. bolh local to the College and worldwide, has the potential lo affect the College through restricting physical access lo 14 Goodenough College Trustees, Annual Report and Strategic Report for the year ended 31 August 2025 the College. reducing future applications to the College, or directly impacting the welfare of College Members. The College exercises care in maintaining its aC￿sS control and security arrangements, holds financial reserves, specific appropriate insurance cover, effective business continuity plans and robust welfare systems to mitigate that risk. With accommodation at the heart of ils operations, fire risk management forms a key consideration in the College's operation and development. The College regularly reviews its fire management policies and carries out annual fire risk assessments. It complies with all statutory obligations and best practi￿. To counter the risk of diminishing revenue generated by the College's wholly-owned hotel. The Goodenough Hotel London, the College invests in the maintenance and development of this asset. The hotel {operated through a subsidiary company) returns a SLsbslanlial operating surplus each year. The College takes safeguarding very seriously. The College is confident that it provides a safe and trusted environment, and promotes an organisational cullure that priorilises safeguarding. The College considers that it maintains adequate safeguarding policies, prO￿dureS and measurés lo protect people. These are reviewed regularly and kept up to dale in line with Government guidance and best practice. The College has reviewed ils safeguarding govemance and management arrangements within the last 12 monlhs. In response to the Corporate Criminal Offence of Failure to Prevent the Facilitation of Tax Evasion introduced by the Criminal Finances Act 2017. the College carried out a risk assessment and made a Top Level Commitment to a zero tolerance to the criminal facilitation of lax evasion at its Board meeting in March 2018. The College continues to apply due diligence- apply and communicate its procedures., and monitor and review its position. Goodenough College continues lo meet the requirements of the General Data Protection Regulations {GDPRI and the Privacy and Electronic Communications Regulations {PECRI, building on its previous programme of work to achieve compliance. The Trustees remain confident that the College is fully complying with the Regulalions. The College continues lo develop its response to the ongoing threat from cyber fraud and the need for appropriate cyber security. In September 2025, the College achieved CyberEssenlials+ rtification. The College maintains appropriate Cyber Insuran￿ protection. Fundraising standards The College's fundraising activities are undertaken by ils Philanthropy and Alumni Relations team. The College does not use third party fundraisers or commercial participators. The College is a member of The Council for Advancement and Support of Education ICASEI, a professional association serving educational institutiorss and the professionals who work on their behalf in alumni relations, communications, development, and allied areas. CASE sets standards and an ethical framework for the fundraising profession which the College follows. The College has eslablished a Donations Advisory Committee thal meets as necessary to review the aG¢eptance of any large gifts. 15 Goodenough College Trnstees, Annual Report and Strategic Report for the year ended3J August 2025 Contacts who are judged lo have an interest in Goodenough College are encouraged lo donate. Those who have opted out offundraising appeals are, of course, exempted from this programme of activity. There is a clear focus on enabling supporters lo reengage and reconnect with the College, as well as making an informed decision on supporting the College financially. The College does not accept donations where we have reason to believe that the donor may be vulnerable, or where we judge accepting the donation would be ethically wrong or cause ham lo the donor. To help inform our approach, we refer to the Fundraising Regulator's Code of practi￿ and the Chartered Institute of Fundraising's statement on vulnerable donors. We regularly review industry standards to ensure we are meeting requirements. No complaints have been received by the College, CASE, the Charity Commission or the Fundraising Regulator about OLtr fundraising activities in the year ended 31, August 2025. PIANS FOR FirruRE PERIODS The approvad budget for 2025-26 reflects the Co116ge's ambitions and priorities for the year, including its continued focus on scholarships for exceptional students with limited financial means. the securing of philanthropic donations for the renovation of 43-47 Mecklenburgh Square {delivering additional lower-cosl student accommodation on the College estate), the further refinement of a exceptional in-house managed maintenance, asset replacement and building (Jevelopment service, and the further developm8nt of the College's IT strategy and provisions for the benefil of College Members. The College remains confident of ils capacity to attract high calibre students who will make a substantive contribution to the College community. Applications for admission for 2025-26 were strong. The College is at full Member occupancy and expects lo remain at this level throughout the academic year, with any Member room vacancies let as short-slay accommodation. Notwithstanding, the College will continue lo develop and refine its marketing and admissions pro￿sseS and procedures for the 2026-27 intake and thereafter as the political and economic climate develops. With the Gomplelion of its refurbishment project at 4347 Mecklenburgh Square, the College will seek to secure full Member occupancy of these buildings from September 2026, alongside the rest of the College estate. The College will seek to make minor adjustments lo the nature of ils provision of accommodations, including reflecting on the opportunity to convert existing flats lo multiple occupancy, providing additional more affordable accommodation. Meanwhile, the College remains committed to enhancing and diverstfying its scholarship programme in future years, continuing to work with alumni. established partner bodies (such as the Chevening scholarships programme and London universities) and other stakeholders. The College will seek to develop new partnerships, further expanding aC￿$S lo the College for those from lower income backgrounds and nations currently under-represented. The Director of Philanthropy & Alumni Relations will further develop a subslanlive philanthropio impulse among College alumni, partners and other stakeholders, thereby growing funding for scholarships and College activities. A capital fundraising campaign is underway io enable the College to refurbish five impressive Georgian townhouses thal comprise 43-47 Mecklenburgh Square into exemplary accommodation for future generations of Members, in line with our'Room lo Grow, vision for our future. The College will Gontinue to work with Alumni in securing their support for Members of the College. 16 Goodenough College Trustees, Annual Report and Strategic Report for the year ended 31 August 2025 The Dean will further develop the College's renowned programme of events and activities. supported, inter alia, by the Argyris endowment. College Fellows, the goodwill and incoming donations of friends and stakeholders, and the continued commitment of the College's own efforts and resources. The College will continue lo consider overhead and running costs through a programme of careful housekeeping and cost-effective expenditure. In particular, it will seek to gain ever greater value and impact from ils catering, housekeeping and cleaning contracts, following their review during 2025- 26. The College will continue to consider staff benefits, training opportunities and developmenl to secure the best possible performance and motivation from its committed employees. The Director of Estates will continue to apply the funds available within the Asset Replacement Reserve to maintain and enhance the College estate, ensuring that the considerable effort required to deliver the refurbishment of 43-47 Mecklenburgh Square does not distract from maintenance and asset renewal more widely. The College will conlinue lo maintain and develop its commercial activities, as overseen by the Directors of Goodenough Trading Ltd, conscious of the risks of relying excessively upon ongoing strong market conditions for the support of the College's charitable operations and the impact of commercial aclivilies in both facilitating and unduly complicating core charitable activities. The College will particulady focus on increasing the number of Members regularly using the College's cal8ring facilities. The Collége will ensure that the College's actiwties in Scotland, delivered through Thè Bum, remain well-targeted. financially sustainable and in line with the charitable objectives of the College and the restrictions imposed by The Burn funds. The Board has approved additional resour￿$ forThe Burn to enable greater focus from The Burn Bursar on generating income from established and new markets, as well as more focused philanthropic fundraising with a view to establishing a break- even operation within two years. The Board of Trustees expects, in the coming year. to see the College further develop its impact, efficiency and opportunity., and to ensure that delivery of the College's objects lo organise, encourage and assist intemalional academic collaboration remain at the forefront of the College's SLsccessful endeavour. STATEMEiYf OF TRUSTEFS, RESPONSIBILrriES The Trustees (who are also directors of the College for the purposes of company lawl are responsible for preparing the Annual Report. incorporating the Strategic Report and the Financial Statements in accordance with applicable law and regulations and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the income and expendilure of the charitable group for that period. In preparing these financial statements the Trustees are required lo.. select suitable accounting policies and then apply them consistently. 17 Goodenough College Trustees, Annual Report and Strategic Report for the year ended 31 August 2025 observe the methods and principles in the Accounting and Reporting by Charities.. Slalement of Recommended practi￿ applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS102}, make judgements and estimates thal are reasonable and prudent., state whether applicable UK Accounting slandards have been followed, subject to any material departures disclosed and explained in the financial statements,. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for keeping adequate and proper accounting records that disclose with reasonable accuracy al any time of the financial position of the charitable company and enable thern to ensure that the financial statements comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland} Regulations 2006 las amended). They are also responsible for safeguarding the assets of the charitable company and Ihe group and hen￿ for taking reasonable steps for Ihe prevention and detection of fraud and other irregularities. Financial statements are published on the charity's websile in acxordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements, which may vary from legislation in other jurisdictions. The Maintenan￿ and integrity of the charity's website is the responsibility of the Trustees. The Trustees, responsibilily also extends lo the ongoing integrily of the financial statements contsined therein. DISCLOSURE OF INFORMATION TO AUDrroR In the case of each of the persons who are Directors (Trustees) of the charitable company at the date when this report was approved.. So far as each of the Directors is aware. there is no relevant audit information {as defined in the Companies Act 20061 of which the charitable company's auditors are unaware., and Each of the Directors has taken all the steps that helshe ought lo have taken as a director to make himselflherself aware of any relevant audit information las defined) and to establish that the Gharitable compan￿$ auditors are aware of that information. This confirmation is given and should be interpfeted in accordance with the provisions of S418 of the Companies Act 2006. The Trustees, Report and Strategic Report were approved by the Trustees in their capacity as Directors ofthe Charitable Company and signed on théir behalf by= stuart Shilson C8E LVO DL Presidènt of the College {and Chalr of the Board> Date.. 3 February 2026 18 INDEPENDENf AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF GOODENOUGH COLLEGE Opinion We have audited the financial statements of Goodenough College (the 'charitable parent company,) and ils subsidiaries {the 'group'l for the year ended 31 August 2025 which comprise the group statement of financial activities, group and charitable parent company balance sheets and group statement of cash flows, the principal accounting policies and the notes to Ihe financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practi￿). In our opinion, the financial statements: • give a Irue and fair view of Ihe state of the group's and of the charitable parent oimpany's affairs as at 31 August 2025 and of the group's income and expenditure for the year then ended., • have been properly prepared in accordance with United Kingdom GenerallyAccepted Accounting Practice., and • have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scolland) Act 2005 and regulalion 8 of the Charities Accounts {Scotland} Regulations 2006 las amended). Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial stalements section of our report. We are independent of the group in accordance with the ethical requiremenls that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eviden￿ we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In audiling the financial statements, we have concluded that Ihe trustees. use of the going con￿rn basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material Un￿rtaIntieS relating to events or conditions that, individually or Collectively. may cast significant doubt on the group and charitable parent company's ability to continue as a going concem for a period of at leasl twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other infomiation comprises the information included in the annual report and financial statements, other than the financial slatements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent othemise explicitly stated in our report, we do not express any fomi of assurance conclusion Ihereon. 19 Goodenough College Independent Report of the Auditor (continued) for the year ended 31 August 2025 Other information (continued) In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so. consider whether the other infomialion is materially inconsistent with the financial statements or our knowledge obtained in Ihe audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misslalemenl in the financial statements or a material misstslement ofthe other information. If, based on the work we have perfomied, we conclude that there is a material misslalement of this other infomalion. we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit.. • the information given in the trustees, report, which is also the directors. report for the purposes of company law and includes the strategic report, for the financial year for which the financial ststemenls are prepared is consistenl with the financial slatements., and • the trustees, report . which is also the directors, report for the purposes of Company law and includes the strategic report, has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In Ihe light of the knowledge and understanding of the group and the charitable parent company and its environment obtained in the course of the audit, we have not identified rnaterial misstatements in the trustees, report including the strategic report. We have nothing to report in respect of the following matters in relation to whi¢h the Companies Act 2006 and Ihe Chartties Accounls (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion-. • proper and adeqLtate accounting records have not been kept by the charitable parent company, or retums adequate for our audit have not been received from branches not visited by us., or the charitable parent company financial slatements are not in agreement with the accounting records and relums,. or • certain disclosures of trustees. remuneration specified by law are not made,. or • we have not re￿iVed all the infomiation and explanations we require for our audit. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial slalemenls and for being satisfied that they give a Irue and fair view, and for such internal control as the trustees delemiine is necessary to enable the preparation of financial statements Ihal are free from material misslalement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group's and the charitable parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend lo liquidate the group or the charitable parent company or to cease operalions, or have no realistic alternative but lo do so. 20 Goodenough College Independent Report of the Auditor (continued) for the yeor ended 31 August 2025 Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assuran￿ is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always delect a rrtaterial misslalement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence thé economic decisions of users taken on thè basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design prO￿dureS in line with our responsibilities. outlined above, lo delect material misstatements in respecl of irregularities, including fraud. The extenl to which our prO￿dureS are capable of detecting irregularities, including fraud is detailed below.. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-complian￿ with laws and regulations. was as follows.. • the engagement partner ensured Ihat the engagement team collectively had the appropriate competence. capabilities and skills to identify or recognise non-complian￿ with applicable laws and regulations., • we obtained an understanding of the legal and regulatory frameworks that are applicable to Ihe group and the charitable parenl company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are Ihose that relate to the reporting framework {Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 102) and the Charilies A¢t 2011) and those that relate to data protection (General Data Protection Regulation),. and • identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceplibilily of the group's and the charitable parent company's finan￿al statements to material misstatement, including obtaining an understanding of how fraud might occur. by: • making enquiries of management as to their knowledge of actual, suspected and alleged fraud,. and • considering the internal controls in place to mitigate risks of fraud and nonmo from: Donations and legaraas Charitable actw*es'. College community a0￿mM0d8tt0n Trading aclivib-es.. Comm8raal a(rxJmm(￿ati Catering. Events 8nd Venue Hir* Inv851m8nts 1.462 1.533 814 9.243 371 9,614 9.459 4.912 1.127 1.118 4,912 1,127 1,185 5.195 1,373 1,454 T¢)tal 16,467 1.902 18.371 18.095 Expendlturo on.. Raising fvnds Investment management Fundraising Traoing aCti￿lIeS Charitable activllies.. Attracbng outstsnding p05tgraduate student8 T￿nSfo￿lr0 CollÈge Memb8rs Raising the College's profi18 su8ta1nl￿ th8 College Total 14 285 3,521 113 148 3,934 285 3.521 12 1,309 1.345 7.927 321 2.603 15,626 749 19 8.695 321 8.717 374 2.176 16.807 1.106 19 16.751 Not Incoffl8 befor• othor#aiD51IIos88sI 796 1,820 1.288 Net gainslllossesl on investrnenls 11 1531 25 1321 1.039 N8t Incom 788 821 1211 1.588 2.327 Trnn$fets belwew lund5 16, 17 19871 N¢t movem4nt in fund8 1.775 11661 1211 1.588 2.327 R¢¢on¢lllaiion of funds- Total funds brought forward Net movement In fund$ Total funds caTrf8d lort¥ard 140,822 12.370 313 153,505 151.178 1,775 166 12.204 21 2,327 153,505 All results derive from continuing operations. All gain5 and losses recognised in the period are included above. The note$ on pages 28 to 52 form part of these Financial Slalements. 23 Goodenough College Balance Sheets as at 31 August 2025 Cornpany Registration No: 00246919 BAIANCE SHEETS AS AT 31 AUGUST 2025 Group Charlty 31 August 2024 £'ooo Notes 31 August 202S £'ooo 31 August 2024 £'ooo 31 August 2025 £'ooo FIXED ASSETS Tanglble assets Freehold land and buildings Heriiage assets Fixtures, fittillgs plant & equipmenl 163,062 302 162,786 281 957 164,024 25,210 3,046 163,062 302 889 164.253 28.785 3,310 250 196.598 162,786 281 957 164,024 25,210 3,046 250 192.530 lob 10c 164,253 28,785 3,310 Investments Investment properties Investments in subsidiaries Ilb 11b 12 196.348 192,280 CURRENT ASSETS Stocks Debtors Cash al bank and in hand 13 836 1.891 2,731 962 4.509 5,477 767 3,821 4.594 1,333 1,985 CURRENT LIABILITIES Amounts fallin9 due within one year 14 13,986) 14.2141 13,6611 (3,752) NET CURRENT {LIA8ILITIES)I ASSETS 11,255) 1.263 11,6761 TOTAL ASSETS LESS CURRENT LIABILITIES 195.093 193.543 194.922 193,372 Creditors". amounts falling due after more than one year TOTAL NET ASSETS 15 (40,0001 (40,0381 (40,0001 140,0381 155,093 153.505 154.922 153,334 Restricted funds Endowment Funds Unreslricled funds Oesignaled funds General funds 16 12,204 292 12,370 313 12,204 292 12.370 313 17 17 133,033 9,564 131.624 9,198 133.033 9.393 131,624 9,027 TOTAL FUNDS 155,093 153,505 153,334 The notes on pages 28 to 52 form part of these Financial Sialements. The group statement of financial activities ISOFAI and balance sheet. Consolidate the Financial Statements of the Charity and ils wholly owned subsidiary, both of which were made up lo 31 August 2025 on a line by line basis. The nel surplus of the charity for the year ende($ 31 August 2025 was £1.600k {2024'. £2,327kl. These Financial Statements were approved and aulhorised for issue by the Trustees on 3 February 2026 and d on their behalf by.. 'IL_I£LI,- Stuart Shilson CBE LVO DL President of the College (and Chair of the Board) 24 Goodenough College Consolidated Statement of Cash Flows for the year ended 31 August 2025 CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025 Notes 2025 £'ooo 2024 £'ooo Net cash provided by operating activities (a) 4,142 3.504 Cash flows from financing activities Interest paid on loan Loan Gosts Net cash (used in) financing activities (1,2511 (1,2441 {1,259} {1,2521 Cash flows from invosting activities: Dividends, interest and rents from investments Purchase of property, plant and equipmenl Proceeds from sale of investments Purchase of investments 1,185 {2,815) 3.031 3.122 <1.721) 1,454 {952) 22,733 25,825 12,590} Net cash (used In) investing activities Change in cash and cash equivalents in the reporting period 1,162 (338) Cash and cash equivalents at 1 September 6,062 6,400 Cash and cash equivalents at 31 August {b) 7,224 6.062 Analysis of changes in net debt Cash flows 31 August 2025 September 2024 £'ooo £'ooo £'ooo Cash at bank Cash held by investment managers 4,509 1,553 6,062 {2,618) 3.780 1,162 1,891 5,333 7.224 Loans falling due after more than one year 140,000) 140,000) Total 33,938 1.162 32,776 25 Goodenough College Consolidated Statement of Cash Flows (continued) for the year ended 31 August 2025 2025 £'ooo 2024 £'ooo {a) Reconciliation of net income to net cash provided by operating activities Net income for the reporting period Adjustments for: Depreciation charges Losses l {gainsl on investments Dividends, interest and rents from investment Loss on disposal Interest payable on loan Loan costs Decreaselllncrease) in stock Decreaselllncrease) in debtors (Decrease) in creditors 1,588 2.327 2,574 32 (1,185) 12 1,238 2,667 11,100) 11,454) 29 1,244 (3) (156) 158) 126 12531 Net cash inflow from operating activities 4.142 3,504 {b> Analysls of Cash and Cash Equivalents Cash flows 31 August 2025 September 2024 £'ooo £'ooo £'ooo Cash at bank and in hand Cash held by investment manager Total cash and cash equivalents 4,509 1,553 6,062 (2.618} 3.780 1,891 5,333 7,224 26 Goodenough College Consolidated Statement of Financial Activities for the year ended 31 August 2024 CONSOLIDA TED STA TEMENTOFFINANCL4L AcrIvrrIES FOR THE YE4R ENDED 31 AUGUST2024 UnrestriGted Funds 2024 £'ooo Restricted Funds 2024 £'ooo Endowment Funds 2024 £'ooo Total Funds 2024 £'ooo Notes Income from.. Donations and legacies Charitable aGlivities.' College community accommodation Trading activities.. Commercial accommodation Calering, Events and Venue Hire Investments Other income Total 25 565 24 614 9,017 342 9,359 5, 195 1,373 5,195 1,373 1.352 100 17,062 96 1,454 100 30 18,095 1,003 Expenditure on." Raising funds Investment management Fundraising Trading activities Charitable activities.- Attracling outstanding postgraduate students Transforming College Members Raising the College s profile Sustaining the College Total 106 148 3,934 113 148 3,934 12 1,037 308 1,345 8,025 374 2,173 15,797 682 10 8,717 374 2,1T6 12 16,807 998 Net incoma / (expenditure) before other (losses) 1,265 18 1,288 Net (losses) on investments 11 965 50 24 1,039 Net income / (expenditure) 2,230 55 42 2,327 Transfers betheen funds 16, 17 (26) 26 Net movement in funds 81 42 2,327 Reconciliation of funds.. rotal funds brought forward Net movement in funds Total funds carried ftyward 138,618 2, 204 140,822 12,289 81 12,370 2T1 151.178 42 2,327 313 153,505 27 Goodenough College Notes to the Financial Statements For the year ended 31 August 2025 AccouwfiNG POLICIES (a) Basis of preparation The Financial Statements have been prepared under the historical cost convention, as modified by the inclusion of investments and investment properties at fair value at balance sheet date. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective 1$t January 20191- (Charities SORP {FRS 102)). lh6 Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) and the Companies Act 2006 and the Charities Act 2011. They also comply with the Charities and Trustee Investment {Scotland} Acl 2005 and the Charities Accounts (Scotland) Regulations 2006 and applicable accounting standards. The accounting policies have been applied consistently throughout the accounts. Goin Concem The Trustees reviewed the College's surplus operating budgel for the year 2025-26 and the subsequent long term forecast in July 2025 and were content that thesa plans were affordabla and that the accounts should be prepared on a going concern basis. The College holds in eX￿sS of £30m in unrestricted funds not representing current operating assets, of which £2m is in investment property and £28m in liquid investments managed through our investment managers. In lolal these reserves are well in excess of the annual turnover and annual cash flow requirements of the College. Given the strength of the balan¢e sheet and the availability and liquidity of unrestricted investments the Trustees believe thal, while Un￿rtaintY exists, this does not pose a material uncertainty that would cast doubl on the chanty's abilily to continue as a going concern. The Trustees. therefore. consider it appropriate for the accounts to be prepared on a going concern basis. Further detail on the availability of unrestricled funds can be found on page 12 of the Trustees, Report. 28 Goodenough College Notes to the Financial Statements (continued) for the year ended 31 August 2025 I. ACCOUWflNG POLICIES (continued) (b) Company status The Charity is a company limited byguarantee. The Members ofthe Company are the Trustee Board named on page 2, who are also the Directors of the Company for the purposes of company law. In the event of the Company being wound up, the liability in respect of the guarantee is limited to one pound per meM￿r of the Company. (c) Key assumptions and estimates Key assumplions and estimates are wnlinually evaluated and are based on historical experience and other factors. including expectations of future events that are believed lo be reasonable under the circumstances. The assumptions and estimates Ihal are likely to cause any material impact to the accounts are set out below: Valuation of Investment Properties as disclosed in note 11, the fair values of the investment properties are reviewed at the balance sheet dale to determine any changes in value. This is done by reviewing key property price indicators for the local area or an external valuation by RICS registered valuers. Depreciation - Fixed Assets ar& depreciated on a straight line basis as set out in note 1 i) Tangible Fixed Assets. (d) Income All income is recognised in the SOFA when the Charity has met conditions for receipt. receipt is probable and the amount can be quantified with sufficienl reliability. Investment income.. Investment income is acwunted for when receivable. Legacies.. Legacies are deemed receivable from the date of nolification, provided that sufficient information has been received lo enable the Group to calculate entitlement and receipt is probable. Gifts in Kind.. Donations in kind are recognised al their value to the Charity when they are received. No amounts are included for services donated by volunteers. Govemment grants.. Income from Government and other grants, whelher'capilal. grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been mel, il is probable that the income will be received and Ihe amount can be measured reliably and is not deferred. 29 Goodenough College Notes to the Finaneial Statements (continued) for the yeor ended 31 August 2025 i. AccouNfING POLICIFS (eontiiiued) (e) Expenditure All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that category. Investment Management costs represent the fees incurred on raising Investment Income. Fundraising costs represent expenditure in relation lo fund-ra151ng and publicity costs. Direct expenditure incurred on charitable activities is identified against one of Ihe four strategic goals of the charity. Support costs represent expenditure incurred in general management, Trustee related costs and audit costs and are apportioned across the four strategic goals. See note 6 for further infomiation. (D Fund accounting The College maintains various types of funds as follows.. i) Restricted funds The Burn Restricted funds include donations received which were allocated by the donor for the upkeep of The Bum, a Scottish study retreat and holiday centre for students and graduat8S. In addition other donations which are eannarked for particular purposes are treated as restricted funds. ii) Endowment Funds Endowment fuds comprise the Christopher G. Argyris Student Aotivity Fund which is an expendable endowment fund providing support community participation at the College. and particularly the performance of opera and Dean's Seminars. Total distributions from the Fund in any year are not to exceed 5¥u of the fund unless the value of the fund falls below £12,500, in which case the balance may be distributed and the fund closed. iii) Unrestricted funds Designated reserves are amounts which have been put aside at the discretion of the Trustees and comprise.. Tangible fixed asset reserve representing Ihe value of all reserves used for operating tangible fixed assets (excluding those of The Burn, which are restricted) and only realisable by the disposal of these fixed assets. InveslmentpropertyreseNe represents the value of all reserves held in investment properties and only realisable by the disposal of these fixed assets. Asset Replacement Reserye (ARR) has been established to hold the currenl level of fLtnds identified for the future repla￿ment and refurbishment of the buildings, fixtures, fittings and equipment of London House, William Goodenough House and the Club in support of the Asset Replacement Plan currently covering a 30-year period to 2046. 4347 MeGklenburgh Square Reserve was established by the Trustees to support Ihe future development of 43-47 Mecklenburgh Square. 30 Goodenough College Notes to the Finaneial Statements (continued) for the year ended31 August 2025 i. AccouNfING POLICIES (¢ontiiiued) iiil Unrestricted funds (continued) other designated funds reserye represents other funds designated by the Trust8es for particular purposes. General unrestricted funds represent funds which are expendable at Ihe discretion of the Trustees in the furtherance of the objects of the company. Such funds may be held in order to finance working capital or capital investment and include the College's reserve. (g) Financial instruments Financial assets and financial liabilities are recognised when the College becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are initially measured al transaction price (including Iransaction costs). Basic financial instruments are initially recognised al transaction value and subsequently measured at their settlement valLJe. Trade and other debtors are recognised al the settlement amount due afterany trade discount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. Creditors and provisions are recognised where the College has a present obligalion resulting from a past event that will probably resull in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Credilors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Other financial instruments are initially recognised at fair value and any changes to their fair value are subsequently recognised in the SOFA under 'net gainsl{losses) on financial instruments.. (h) Taxation Goodenough College is a Charity within the meaning of Paragraph 1 Schedule 6 Finance Act 2010 and therefore il meets the definition of a charitable company for UK corporation lax purposes. Accordingly, the company is potentially exempt frorn taxation in respect of income or capital gains received within categories covered by Chapter 3 of Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. The subsidiaries make qualifying donations of all taxable profil lo Goodenough College. Income from Gift Aid tax reclaimed is recognised in relation to qualifying donations re￿ived. The College is registered for Value Added Tax {VAT). Any irrecoverable VAT is charged to the Statement of Financial Activities. 31 Goodenough College Notes to the Financial Statements (continued) for the yeor ended 31 August 2025 i. AccouNfiNG POLICIES (continued) (i) Tangible fixed assets The College has elected to present the deemed cosl of ils freehold assets at the value held at 1" April 2014, as permilled under the FRS102 Iransilional arrangements. Where there is an indication of an asset being impaired the recoverable amount is identified and the impairment loss is recognised as expenditure in the Statement of Financial Activities. Depreciation on fixed assets is charged so as to write down the value of properties and material components over their expected useful lives, on a slraight-line basis as follows.. Life (years) 100 15-50 25-30 10-25 Freehold buildings Roof work Lifts Bathrooms, heating, water, electrical and gas systems, and boiler equipment Ventilation and fire detection systems and fire stopping works Access and telephone system Vehicles Computer and other office equipment Computer software Furniture Improvements to Freehold (including room refurbishmenll Other plant and equipment and other fixtures and fittings 10-15 10 8-20 6-15 4-15 The mixed-use propety is accounted for using the cost model as allowed under the Charities SORP IFRS 1021 as the fair value ofthe investment component cannot be measured reliably, and it is rented out to a group entity. (i) Heritage Assets The College has elected to present the deemed cost of its Heritage Ass8ts at the value held al 1" April 2014. as permitted under the FRS102 transitional arrangements. Heritage Assets are not depreciated. The College has reviewed its Heritage Assets and does not consider that any impairmenl a131°'August 2025 is necessary. (i) Investments Investments are valued at bid value as at the balance sheet date and the surplus or deficit arising from this revaluation is shown within 'nel gainsl(losses) on investments, on the face of Ihe SOFA. Realised gains and losses represent the difference be￿een the sale proceeds and the opening market value of an investment or cost if purchased during the year and are also shown within this line. 32 Goodenough College Notes to the Finaneial Statements (continued) for the year ended 31 August 2025 i. AccouwfING POLICIES (continued) (k) Investment properties Investment properties are held initially at cost and subsequently at fair value al the reporting date. Any Gains or Losses are recognised under 'net gainsl{lossesl on investments, on tho Statement of Financial Activities. Investment properties are not depreciated. O) Stocks Stocks are stated at the lower of cost and net realisable value and comprise consumable goods. (m)Operating leases Rental costs under operating leases are charged to the SOFA in equal amounts over the period of the lease. (n) Borrowing costs Interest and charges are expensed and charged to the SOFA when incurred. (o) Pension accounting policy Goodenough College makes contributions lo employees, defined contribution pension plans. Contributions are charged lo the SOFA as they become payable. They are analysed across expénditure according to the activity of the scheme members. (p) Cashflow statement Cash and cash equivalents includes G3sh in hand, deposits wilh banks and cash held within the investment portfolio. Cash equivalents are defined as balan￿S with a term of less than three monlhs," any accounts with a term greater than three months are classified as short tem deposits. Interest paid is classified as a cashflow from operaling activities as they are included in the statement of financial activities, this classification is consistent with prior period5. 33 Goodenough College Notes to the Financial Statements (continued) for the year ended31 August 2025 DONATIONS AND LEGACIES Unreslricted funds 2025 £'ooo Restricted funds 2025 £'ooo Endowment funds 2025 £'ooo Total funds 2025 £'ooo Total funds 2024 £'ooo Donations Consolidated donations income Donations from subsidiaries (note 12) Charity donations income 69 1,462 1,533 614 1.462 1,533 614 2,518 2.518 2,587 1,462 4,051 3,248 Of the total funds stated for 2024, £565k was restricted, £25k unreslriGted and £24k was endowment income. Of these donations £1 Ook {2024: £102k) was re￿IVed from Trustees. 3 1NVFSTMEwf INCOME Unrestricted funds 2025 £'ooo Restricted funds 2025 £'ooo Endowment funds 2025 £'ooo Totsl funds 2025 £'ooo Total funds 2024 £'ooo Income from UK listed investments Income from overseas listed investments Rent from property Other interest - short- term deposits 355 22 377 259 216 883 719 47 766 42 1,116 42 1,185 96 1.454 69 Of the total funds stated for 2024, £96k was restricted, £1.352k unreslricted and £6k arose on endowments. 4 TRADING INCOME Trading income comprises income arising from the College's trading subsidiary as detsiled in note 12. 34 Goodenough College Notes to the Financial Statements (continue(O for the year ended 31 August 2025 5 INCOME FROM COLLEGE CHAIUTABLE AcrtVTfiES Unrestricted funds 2025 Restricted funds 2025 Endowmenl funds 2025 Total funds 2025 Total funds 2024 £'ooo £'ooo £'ooo £'ooo £'ooo College accommodation income 9,243 9.243 9.117 The Burn income 371 371 342 9,243 371 9.614 Of the total funds stated for 2024, £342k was restricted and £9,117k was unreslricted. There was no endowment income in 2024. 6 EXPENDITURE FOR CHARrrABLE PURPOSES Direct Costs 2025 Support Costs 2025 Total funds 2025 £'ooo Total funds 2024 £'ooo £'ooo £'ooo Attracting oulstanding postgraduate students 1,129 7,600 277 180 1.309 8.695 321 1,345 8,717 374 Transfomiing College Members Raising the College's profile Sustaining the College 1,095 2.249 11,255 357 2,606 12.931 2,176 12,612 1,676 The College has paid £655k (2024.. £635k} to College members as scholarships and bursaries, including hardship funds. 35 Goodenough College Notes to the Financial Statements For the year ended 31 August 2025 SUPPORT COSTS 2025 £'ooo 503 618 271 34 482 1,908 2024 £'ooo 448 670 213 35 512 1,878 Finan IT HR Governance Olher general overheads These support costs are split across the following areas= Raising funds Charitable activities 232 1,676 1.908 217 1,661 1.878 GOVERNANCE COSTS 2025 £'ooo 2024 £'ooo Support costs Council and Board meeting costs Fees payable to the auditors - College 32 34 31 35 Included within trading costs are fees payable to the auditors relating to the subsidiary company of£8k (2024.. £8k) Fees payable to the Group's auditors.. 2025 £'ooo 2024 £'ooo Slatutory Audit Tax advisory services 39 38 40 42 NET INCOME 36 Goodenough College Notes to the Financial Statements (continued) for the year ended31 August 2025 2025 £'ooo 2024 £'ooo Net income for the year is stated after charging.. Amounts payable to auditors (Group) (note 71 Depreciation of tangible fixed assets Operating lease charges 40 2.574 19 42 2.667 19 INFOR1￿TIoN REGARDING STAFF AND TRUSTEES Headcount 2025 No. Full Time Equivalent 2025 2024 No. No. 2024 No. Average number of employees (during the period.. College Hotel The Burn 70 11 20 101 65 11 20 66 11 60 11 10 81 85 2025 £'ooo 2024 £'ooo Wages and salaries Social secLtrily costs Pensions Other benefits 3.925 449 175 123 4.672 3,453 375 157 116 4,101 37 Goodenough College Notes to the Financial Statements For the yeor ended31 August 2025 INFORMATION REGARDING STAFF AND TRUSTEES (continue(O The number of staff paid over £60,000 during the reporting period (salary plus taxable benefits excluding pension contributions) was= 2025 2024 No. £60,001- £70.000 £70,001- £80,000 £80,001- £90,000 £90,001- £100,000 £100,001- £110,000 £130.001 -£140,000 £140,001- £150,000 £170,001- £180,000 Trustees, remuneration Members of the Board ofTrustees (who are all directors within the meaning oflhe Companies Act 20061 receive no remuneration or laxable benefits for their seNices. During the year, five12024'. six} Trustees were reimbursed or had amounts paid on their behalf for sundry Board expenses incurred totalling £2,065 {2024'. £3,662) relating lo travel and subsisten￿. Trustees may stay in College accommodation in the course of their dulles as Trustees. During the year and up to the dale of approval of the Annual Report and Financial Statements, there was a qualifying Ihird-party indemnity in place for directors, as allowed by Section 234 of the Companies Act 2006. Pension schemes The Company operates stakeholder pension schemes administered by Legal and General. The employer's contributions are 100/0 of pensionable salary for senior staff and are matched lo those of the qualifying employees to a maximum of 5Q/o of pensionable salary for other slaff and amounted lo £175,253 (2024.. £156,799). AI 315IAugust 2025 outstanding payménts due to the scheme were £28,487 (2024.. £ Nil). mana ement efsonnel Key management personnel of Goodenough College comprisé the Trustees and those employees making up the Executive team, consisting of the College Director, the Director of Finance and Resources, the Director of Estates, the Director of Philanthropy and Alumni Relations, the Dean. the Registrar and the Bursar at The Burn. 38 Goodenough College Notes to the Financial Statements (continued) fvr the year ended 31 August 2025 INFORMATION REGARDING STAFF AND TRUSTEES (continued) mana ement orsonnel (continued) The aggregate compensation (remuneration plus benefits and employer's National Insurance Contributions) paid or payable to'key managemenl personnel, during this reporting period was.. £923,03012024: £852,913). During the prior year. two members of key management personnel made payments of £16.636 for use of facilities of the College for private events. These payments were on the temis available to all Members. Alumni and stsff. Redundanc and termination ments Total payments incurred during this year in relation to redundancy and temiination pay were £88.787 12024.. £4,572) paid to five {2024'. one) individual. The accounting policy is lo recognise termination payment liabilities on communication of redundancy or termination and when quanlifiable. Such payments are accounted for as staff Gosls. io TANGIBLE FIXED ASSETS (al Freehold propertias Consolidated and company Assets under construction £'ooo Thè Burn £'ooo Land and buildings at cost College £'ooo Total £'ooo Brought forward deemed cost at 1 September 2024 Additions Transfers Disposals At 31 August 2025 159,083 187 76 11,109 67 11,793 2,369 (76) 181,985 2,623 159,346 11,176 14.082 184.604 Depreciation Brought forward al 1 September 2024 Charge for Ihe year At 31 August 2025 18,014 2,225 20,239 1,185 118 1.303 19.199 2,343 21.542 Net book value at 31 August 2025 139,107 9.873 14,082 163.062 Nel book value al 31 Augusl 2024 141,069 9,924 11,793 162.786 39 Goodenough College Notes to the Financial Statements {continued) for the year ended 31 August 2025 io TANGIBLE FIXED ASSETS (continued) {a) Freehold properties (continued) Freehold properties consisted of student accommodation, the hotel (The Goodenough Hotel, London) and The Burn. They were all the subject of independent valuations, for inclusion in the accounts at 31° March 2013, provided by Drivers Jonas Deloitte, Willis Lld, Ecclesiastical, Bell Ingram and Alpha Browett Taylor. Assets under construction consist mainly of the properties at 43-46 Mecklenburgh Square, previously held as investment properties. The lease on the properties expired on 261h November 2019 and the College is in the process of converting them, alongside 47 Mecklenburgh Square, into additional student accommodation. Accordingly, they are no longer held as investments and were transferred lo freehold properties at a value of £11 m in the year ended 31 March 2020 and are treated as being at deemed cost. This is based on a valuation provided by Alpha Browett Taylor included in the accounts al 31. March 2018 and confirmed by them in June 2019. Furthèr work on the project, as well as other ongoing works at the College premises during the year, amount to £2.4m. No depreciation is applied to these assets as they are not in operational use. Also included in Freehold Properties are the College's Royal Albert Hall seats. held at historic cost of £350. The sèats were purchased by the College in 1967 and are held on a 999-year lease from 1867. Excluding 43-46 Mecklenburgh Square, the historical cost net book value of the land and buildings if Ihe revaluation had not taken place would be £28.Om (2024: £29.3m). The historical cost of 43-46 Mecklenburgh Square cannot be determined. One of the College's properties is used by Goodenough Trading Ltd, trading as Th8 Goodenough Hotel, London, a wholly owned subsidiary of Goodenough College. The purpose is to provide short-slay accommodation close to the Gollege for altjmni and College guests, as well as generating commercial revenue in support of College activities. Due to the level of shared facilities and services with the College, il is not possible to separate out the proportion of the site that relates lo external guests so the entire property is treated as a funclional fixed asset and held at depreciated wst of £15.1m (£15.6m in 2024). Dufing the prior year, the decision was taken to transfer one of the investment properties into tangible fixed assets due to it being brought into use as an operating charitable asset. Al 31 August 2024, the property was revalued from ils opening market value down to its depreciated historic cost, and transferred from investment properties to College tangible fixéd assets above. Goodenough College Notes to the Financial Statements (continued) for the year ended 31 August 2025 io TANGIBLE FIXED ASSETS (continued) Ibl Heritage assèts The Burn £'ooo Consolldated and company College £'ooo Total £'ooo Deemed cost at 1 September 2024 Additions Al 31 August 2025 261 21 282 20 281 21 302 20 H8ritage assets comprise books, paintings and furniture which are available for the use and enjoyment of College members, staff and guests at the College and The Burn. The College Direclor leads on the preservation and management of Heritage assets. The College mainlains an asset register which details the location, value and description of tha assets and ensures that they are located in an approprialely secure and managed environmenl. A valuation of the heritage assels was carried out in 2013 and is Irealed as deemed cost, with subsequent additions at cost, or valuation where donated. The Trustees do not consider that any impairment at 31st August 2025 is necessary. The deemed cost at 1" April 2021 was £31 Ok, and the only subsequent Iransaclions were an addition of £10k in the year ended 31 St March 2019 , disposals of £29k in the year ended 31 August 2024 and additions in the current year of£21k. {c) Flxtures. flttings, plant and equtpment Assets under construction £'ooo The Burn £'ooo Consolidated and company College £'ooo Total £'ooo Cost at 1 September 2024 Additions Transfers Disposals At 31 August 2025 2.051 42 87 37 2,144 171 92 25 2.068 32 2.283 124 91 Depreciation at 1 September 2024 Charge for the year Disposals Al 31 August 2025 1,103 227 24 1,306 84 1,187 231 24 1,394 88 Net book value at 31 August 2025 762 36 91 889 Net book value at 31 August 2024 948 957 41 Goodenough College Notes to the Financial Statements {contiiiue(4 fvr the year ended 31 August 2025 INVFSTMEWfS HELD AS FIXED 11 ASSETS The Bum £'ooo (a) Investment properties Land and buildings at fair value.. College £'ooo Total £'ooo Carried forward at 1 September 2024 Revaluation At 31 August 2025 2,175 248 2,423 871 16 887 3,046 264 3.310 The College investment properties were the subject of an independent market valuation for inclusion at 31, August 2023 by Alpha Browett Taylor, RICS registered valuer with the necessary knowledge and expertise to provide this valuation. In 2024-25, an intemal exercise was carried out to assess whether the value of similar properties in the local area had changed during the financial year. The College investment properties were revalued upwards by £248k as a resull12024'. downwards by 509k). £319k of the prior year devaluation was due lo the revaluation of one property down to ils depreciated historic cost prior to being iransferred to fixed assets. The Burn investment properties were the subject of an independent rnarket valuation for inclusion at 31" August 2024 by J & E Shepherd, RICS registered valuer with the necessary knowledge and expertise to provide this valuation. In 2024-25, an intemal exercise was carried out to assess whether the value of similar properties in the local area had changed during Ihe financial year. The Burn investment properties were revalued upwards by £16k as a resull {2024'. upwards by £7k). Consolidated and Company 31 August 31 August 2025 2024 £'ooo £'ooo Ib) Lisled investments Market Value at 1 September Additions at cost Proceeds from disposals Realised Ilossl Unrealised gainl(lossl Market value at 31 August 23,657 3,122 {3,031) 155) 241 23,452 18,949 25,825 (22,7331 (251 1,641 23,657 42 Goodenough College Notes to the Financial Statements (continued) fvr the year ended 31 August 2025 11 INVESTMEKfs HEU) AS FIXED ASSETS (Continued) (bl Listed investments (conlinued) Listed investments comprise the following: Consolidated and Company 31 August 2025 £'ooo 2.105 21,347 23,452 31 August 2024 £'ooo 4,808 18,849 23,657 Investments listed on the London Stock Exchange - Bonds COIF Charities Investment Fund account Market value at 31 August Cost at 31 August 22,239 23,588 Total Investments Listed investments {markel value) Cash held in the portfolio Investment properties (market value) Investments at 31 Augusl 11b 23,452 5,333 3,310 32,095 23,657 1,553 3,046 28,256 11a At 31 August 2025 the College held thé following inveslm8nts which represented rnore than 50/0 of the portfolio value.. £'ooo °A of portfolio COIF Charities Investment Fund acGount 21,365 43 Goodenough College Notes to the Financial Statements (contiiiued) for the yeor ended31 August 2025 12 SUBSIDIARY UNDERTAKINGS The College owns 1000/0 of the issued capital of the following company.. Company Investment at Cost Subsidiary undertaking Goodenough Trading Limited 250.000 The registered Offi￿ of the subsidiary is London House. MeGklenburgh Square, London, WC1N 2AB. Summarised financial results of Goodenough Trading Limited {Company Registration 26843781 are set out below and are included in the consolidated SOFA. All activities relate lo continuing operations. The following intercompany Iransactions are included wilhin the subsidiary results. The £6.687k {2024: £7,346kl total income inclLsdes £1 Ok {2024'. £7k) for sales to the parent company relating lo accommodation. Commercial accommodation income of £4,912k {2024'. £5.118k) has been included within the consolidated statement of financial activities in relation to the activities of this subsidiary. Total income further includes £638k (2024=£ 772k} of sales to Ihe parent company relating to catering and events. Catering Events and Venue Hire income of £1,127k has been included within th8 consolidated statement of financial activities in relation to the activities of this subsidiary. The £4,169k (2024.. £4.712k) 'Cost of Sales. includes £581k12024.' £521kl in charges to the subsidiary by the parent company for the use of parent company resources, £10k12024.. £7k) in costs of providing serVI￿S to the parent company. Trading activity expenditure of £3,521 k {2024.' £3.934k) has been included within the consolidated statement of financial activities in relation to the aclivities of this subsidiary. 44 Goodenough College Notes to the Financial Statements (continue{4 fvr the year ended 31 August 2025 A2 SUBSIDL4RY UNDERTAKINGS (Gontinued) Goodenough Trading Limited Year lo 31 August 2025 £'ooo Yearlo 31 August 2024 £'ooo Hotel accommodation Short stay accommodation Burn Commercial Trading Events and Venue Hire Feeding College Members" Turnover Cost of Sales 3,735 1,156 31 1,165 600 6,687 4.169 2,518 2,518 3,960 1,165 75 1,039 1.107 7,346 4,712 2,634 2,634 Qualifying distribution under deed of covenant ProfiU(loss) Assets Liabilities Shareholders, funds 1,387 966 421 1,291 870 421 from 27September 2024 new arrangements with the College catering provider were intrvduced on a cappedfee basis. From thut date the incomefrom Member Catering was recorded on a net subsidy basis rather than total sales. Goodenough Ventures Limited Goodenough Ventures Limited (Company Registration 09342926) was an events and venue hire business which commenced trading in October 2015. The company has not traded sin 31 August 2023 as all operations were transferred to Goodenough Trading Limited from 1 September 2023. The company was voluntarily dissolved on 19 November 2024. 45 Goodenough College Notes to the Financial Statements (continue(O for the year ended 31 August 2025 13 DEBTORS Consolidated 31 August 31 Augusl 2025 2024 £'ooo £'ooo Charity 31 August 31 August 2025 2024 £'ooo £'ooo Trade debtors Amount due from subsidiary undertaking Other debtors Taxes recoverable Prepayments and accrued in¢ome 362 379 199 250 87 195 95 87 195 95 192 836 488 962 167 422 767 CREDITORS: amounts falling due within one year Consolidated 31 August 31 August 2025 2024 £'ooo £'ooo Charity 31 August 2025 £'ooo 31 August 2024 £'ooo Trade creditors Amounts due to subsidiary undertaking Taxation and social securily other creditors Accruals Deferred income Other defe￿ed discount 1,004 1,722 554 1,280 641 119 957 1,280 61 49 3.661 407 109 977 877 64 38 3,752 143 1,191 1,538 61 49 3,986 134 1,317 939 64 38 4,214 The amount due to the subsidiary undertaking from the Charity represents the amount due to Goodenough Trading Ltd. Deferred income consists of commercial rent re￿iVed from tenants in advance. Prior year deferred income related in full to income recognised in the year ended 2025. A reconciliation is sel out below.. 46 Goodenough College Notes to the Financial Statements (continue(fj for the year ended 31 August 2025 14 CREDITORS: amounts falling due within one year (continued) Movement in deferred income In year Consolidated 31 August 2024 £'ooo Charity 31 August 2024 £'ooo 31 August 2025 £'ooo 31 August 2025 £'ooo Balance brought forward Released.. Added Balance carried foward 43 1431 64 64 43 (43} 64 64 {64) 61 61 (64) 61 61 15 CREDrroiLS: amounts falling due in greater than one year Consolidated and charity 31 August 31 August 2025 2024 £'ooo £'ooo Bank borrowing Falling due in more than 5 years 40,000 40,000 other Deferred Discount Falling due between 1 and 2 years Falling due between 2 and 5 years 38 Total 40.000 40,038 Bank borrowin On 2 June 2017 the College secured a £40m non-amortising 30-year loan with Rolhesay Life al a fixed interest rale of 3.102 % . This loan is repayable in full in June 2047. The Rothesay loan is secured against London House, William Goodenough House and 47 Mecklenburgh Square. Financial instruments At the balance sheel date, the College held no complex financial instruments. Other deferred discount During 2022-23, the College entered into a new 4-year catering contract. The tems of the contract included the supplier refurbishing the College's catering outlets. The value of the works has been treated as a discount to the contract which will be applied equally to each remaining year of the contract, which will expire during 2025-26. 47 Goodenough College Notes to the Financial Statements (continued) fvr the year ended 31 August 2025 16 RESTRicfED FUNDS 1 Sep'24 Transfer Income Gains l Expendituré 31 Aug'25 losses £'ooo Consolidated and Charity 2024125 £'ooo £'ooo £'ooo £'ooo £'ooo Burn Fund General fund Specific donations Investmenl property reserve Tangible fixed asset reserve Total Burn Fund Other restricted funds Scholarships and Bursaries 43-47 Mecklenburgh Square Specific donations Tolal other restricted funds Total restricted funds 939 (43) 421 (733} 593 871 9,947 11.762 16 887 10,003 11,488 56 13 421 25 733 418 325 180 11,000) 1.128 10 28 608 1,481 12.370 1.902 1349) 394 308 14 716 12,204 24 373 1,106 1,000 987 25 1 Sep'23 Transfer Income Gains / Expenditure 31 Aug'24 losses 2023/24 £'ooo £'ooo £'ooo £'ooo £'ooo £'ooo Burn Fund General fund SpeGifiG donations Investment property reSe￿e Tangible fixed asset reseNe Total Burn Fund Other restriGted funds Scholarships and Bursaries 43-47 Mecklenburgh Square Specific donations Total other restricted funds Total restricted funds 970 144 438 57 (670) (2) 939 878 10,065 11,915 (7) 871 9,947 11,762 (118) 26 443 672 363 363 180 17 560 1,003 (308) 418 180 io 608 12,370 78 326 998 374 12,289 26 50 The Burn Fund represents the assets and liabililies of The Bum, including a tangible fixed assets reserve, an inveslmeni property reseNe and a general restncted fund. A transfer of £56k has been made from the tangible fixed assets reserve lo the general restricted fund representing the movement in the net book value of fixed assets in the year. A transfer of£13k has been made from the Charity's general funds lo The Burn general restricted fund representing the element of profit from Goodenough Trading Limiled activity that was generated at The Burn. 48 Goodenough College Notes to the Financial Statements (continued) for the year ended 31 August 2025 16 RESTiucfED FUNDS (continued) Scholarships and Bursaries are donations specifically made for providing scholarships and bursaries to qualifying members. Only one specific fund {2024.' one) held more than £50k al the 31 August 2025. This fund was for providing support to Scholars al Risk. 43-47 Mecklenburgh Squaré represents restricted donations raised to support the redevelopment of 43-47 Mecklenburg Square into student accommodation. A transfer of£1m from this fund to the College's Tangible Fixed Asset Reserve has been made to reflecl the approved utilisation of this amount in the redevelopment work. Specific donations are those to support specific aspects of College activity and projects. 17 ifNRESTRIcfED FUNDS Gainsl Expenditure 1 Sep'24 Transfer Income (losses) £'ooo £'ooo £'ooo £'ooo 31 Aug'25 £'ooo 2024125 £'ooo Tangible fixed asset Long term loan Tangible fixed asset reserve Investment property reserve Asset Replacement reserve 43-47 Mecklenburgh Square Reserve Other designated reserves Total designated reserves General funds ofthe Charitable Company Total funds of the charitable company 154,077 40.000 114,077 2,175 10.734 173 154,250 40,000 114.250 2,423 10.189 173 248 {162) 1393) 10 4,726 12 131,724 1,222 10 992 222 51 283 (5) 53 (581 6,171 92 133,033 8,927 12,663 145 12,047 9,393 140,651 987 12,946 153} {12,1051 142,426 General funds of the subsidiaries 171 3,521 (3,521) 171 Total consolidated unrestricted funds 140,822 987 16,467 53 15.626 142,597 49 Goodenough College Notes to the Financial Statements (continued) for the year ended 31 August 2025 17 UNRESTRICTED FUNDS (continued) Gain￿ Expenditure 1 Sep'23 Transfer Income (losses) £'ooo £'ooo £'ooo £'ooo 31 Aug'24 £'ooo 2023/24 £'ooo rangible fixed asset Long term loan Tangible fixed asset reseNe Investment property reserye Asset Replacement reserve 43-47 Mecklenburgh Square Reserye Other designated reserves Total designated reserves General funds of the Charitable Company Total funds of the Gharitable company 155,289 40,000 115,289 3,098 8,448 (1,212) 154,077 40,000 114,077 2,175 10,734 (1,212) (414) 1,449 (509) 723 161 (47) 3,481 16 130,332 1,144 73 25 259 32 (4) 29 (80) 4, 726 12 131, 724 967 246 993 719 11, 783 8,927 138,447 (26) 13,128 965 (11,863) 140,651 General funds of the subsidiaries 171 3, 934 (3,934) 171 Total consolidated unrestricted funds 138 618 26 17,062 965 15,797 740,822 The designated reserves are further discussed in the financial review on page 12. The transfer of £173k to the tangible fixed assets reserve represents th8 movement in the net book value of tangible fixed assels during the year. The transfer of £393k from the Assel Repla¢ement Reserve represents Ihe budgeted cash surplus for the year excluding investmenl income. less the anticipated funding required to support the 4& 47 Mecklénburgh Square project. The transfer of £1,222k to Ihe 43-47 Mecklenburgh Square Reserve arises from the performance of lo the budgeted cash surplus from the Hotel. Catering and Events and main College businesses, alongside funds transferred from the Asset Replacement Rese￿e, less funds utilised on the project to date. 50 Goodenough College Notes to the Financial Statements (continued) for the year ended3J August 2025 18 ANALYSIS OF ASSETS AND LIABILrriES BETWEEN FifNDS OF THE GROUP 2024125 Restricted Funds- The Burn £'ooo Restricted Funds- Endowment Designated General other Funds reserves FL¢nds £'ooo £'ooo £'ooo Charity Total £'ooo £'ooo Tangible fixed assets Investments Investment properties Amounts due be￿een funds Other current assets Cash at bank and in hand Current and long term liabilities 10,003 579 154,250 16,360 164.253 28,785 307 292 11.247 887 2,423 3,310 1951 95 833 840 177 409 1.305 1,891 70 11,488 40,000 133,033 3,916 43,986 9,564 155,093 716 292 2023/24 Restricted Funds- The Bum £'ooo Restricted Funds - Endowment Designated General other Funds reseNes Funds £'ooo £'ooo £'ooo Charity Total £'ooo £'ooo Tangible fixed assets Investments Investment properties Amounts due between funds Other current assets Cash at bank and in hand Current and long term li8bilities 9,947 900 154,077 12,868 164,024 25,210 298 11,144 871 2,175 3,046 (54) 46 922 968 94 608 15 2,604 1,188 4,509 42 11,762 40,000 131,724 44.252 9 098 153,505 608 313 51 Goodenough College Notes to the Financial Statements (continued) for the year ended 31 August 2025 19 LFASING COMMITMENTS At 31 August 2025 the charilable company had the following amounts payable for equipment under non-cancellable operating leases. 2025 £'ooo 2024 £'ooo Operating leases which expire within one year Operating leases which expire between one and five years 16 19 16 35 16 These leases provide printers and photocopiers to support the College's operations. 20 CAPITAL COMMTfMENrs The Board has authorised and contracted for the redevelopment of 43-47 Mecklenburgh Square with a total project budget of £9.6m, of which £1.9m had been incurred by the year end. The remaining £7.7m will be funded from already raised restricted funds {£0.3m}, already designated funds (£6.1 ml and the balance from future fundraising. 21 REIATED PARTY TIL4NSAcrtONS There have been no other related party transactions during the year other than those disclosed with group entities in notés 9, 12 and 14. 52