I'm an amateur engineer, working on a CAD design - but sadly, I'm not a mathematician.
In other words, this question might sound like homework, but it's not, I promise.
I have an existing circle, which has a radius of $23.5$ with the center point being $(0,15)$
I need to write an equation ($s$) which I can input into my CAD software (i.e. no calculus, but algebra is OK), which will draw a continuous shape that is smaller than the existing circle, but is always the EXACT same distance ($d$) away from the circle, when measured across ANY line that passes through the origin $(0,0)$
I think the resulting shape ($s$) should NOT be a smaller circle. It should be an odd shape of some kind, maybe an ellipse or egg or some other type of squished circle?
But that's as much as I know.
I have no idea where to even begin solving this, my trigonometry is way too rusty ...

I hope your software can accept equation in polar coordinates.
Equation of the circle is $x^{2}+(y-15)^{2}=23.5^{2}$ or $r^{2}\cos^{2}{\theta}+(r\sin{\theta}-15)^{2}=23.5^{2}$ in polar coordinates. From your sketch, the shape is closer to origin by $d$. Therefore we apply transformation $r’=r+d$.
$$ (r+d)^{2}\cos^{2}{\theta}+\left((r+d)\sin{\theta}-15\right)^{2}=23.5^{2} $$