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← Newbold College

2024-12-31-accounts

Newbold College (Trading as Newbold College of Higher Education)

Company No: 3143237 Registered Charity No (England and Wales): 1052494

GOVERNORS’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED

31 DECEMBER 2024

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Newbold College

Contents

Page
Governors 1
Reference and administrative details ofthe Charity and advisers 2
CGovornore' ropert 3-7
Independent auditor's report 8-11
Balance sheet 12
Statement offinancial activities 13
Statement ofcash flows 14
Notestothefinancialstatements 15-28

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Newbold College Governors For the year ended 31 December 2024

Daniel Duda Chair Eglan Brooks Vice Chair Stephen J. Currow Secretary Robert Csizmadia Nenad Jepuranovic lan Sweeney Patrick Johnson Rob De Raad Kayle de Waal Victor Marley Kirk Thomas Nina Kristel Helgesen Myrdal lan Redfern Dragan Grujicic Carsten Waern Paul Thompson Lorraine McDonald Ingalill Gimbler Berglund Natalie Henry Ivan Urbane Browne Appointed 01/01/2024 Steve Palmer Appointed 10/09/2024 George Kumi Resigned 10/09/2024

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Newbold College Reference and administrative details of the charity and advisers For the year ended 31 December 2024

Company number

3143237

Charity number 1052494

Bankers HSBC Bank Ltd Bracknell Berks RG12 1DN

Solicitors Clifton Ingram LLP Solicitors 22-24 Broad Street Wokingham Berkshire RG40 1BA

Auditors Kingston Smith LLP 4 Victoria Square St Albans Herts AL1 3TF

Registered Office St Marks Road Binfield Bracknell Berks RG42 4AN

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Newbold College Governors’ Report For the year ended 31 December 2024

The Governors (who are also directors of the Charity for the purposes of the Companies Act) submit their annual report and the audited financial statements of Newbold College of Higher Education (the Company) for the year ended 31 December 2024. The Governors confirm that the annual report and financial statements of the Company comply with current statutory requirements, the requirements of the Company's governing document and the provisions of the Statement of Recommended Practice (SORP) "The FRS 102 Charities SORP, the Companies Act 2006 and Charities Act 2011”.

STRUCTURE, GOVERNANCE AND MANAGEMENT

CONSTITUTION

The Company is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 03 January 1996, much later than its start in 1901 (though with a different name) as a higher education provider.

The Company's mission is to foster a Christ-centered and diverse learning community that prepares students for service in an ever-changing world. This includes, but is not limited to, training pastors and other professionals for employment by the Seventh-day Adventist Church in Europe.

The Board of Governors has submitted a revised Memorandum and Articles of Association to the Charity Commission for their approval of the updated objects, prior to submitting the revisions to Companies House. The new documents primarily reflect the recent approved changes to Governance. The proposed changes do include changes to the wording of the objectives, but not the essence of the objectives. The proposed objectives are: “The objects for which the Company is established are to advance education in accordance with the tenets and doctrines of the Seventh-day Adventist church by establishing and maintaining or assisting in the establishment and maintenance of a College of Higher Education to provide training for the ministry, and to educate other persons at first degree, postgraduate levels, and research.”

METHOD OF APPOINTMENT OR ELECTION OF GOVERNORS

The owners of the College have delegated the responsibility for Newbold College of Higher Education to the Board of Governors. During the year under review, Governors came from within the British Isles and a number of neighbouring nations, reflecting the diversity of the student body.

ORGANISATIONAL STRUCTURE AND DECISION MAKING

The Board is a governing and policy-making body, which is responsible for formulating and adopting the strategy for the College as well as setting key performance indicators (KPIs). It is not responsible for the day-to-day running of the College. Its work is to balance the need of conformance (i.e. compliance with legislation, regulation and codes of practice - both within the Church and academia) with performance (i.e. improving the performance of the organisation through strategy formulation and policy-making). Scheduled meetings in 2024 were held in January, March, May, July, September and November.

The Trans-European Division (TED) Executive Committee endorses the Board's appointment of the Principal and this role is critical to ensuring effective College governance. As the link between Board and management, the Principal is responsible for ensuring that policies are implemented on a day-to-day basis. The Principal communicates the strategy and KPIs to the College’s Senior Leadership Team which comprises the Chief Financial Officer, the Academic Registrar, the Vice Principal, and the Principal, and which is responsible for reporting back to the Board. His or her regular reports should enable the Board to monitor organisational performance.

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Newbold College Governors’ Report (continued) For the year ended 31 December 2024

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The Principal is the only employee of the College who is an ex officio member of the Board of Governors and therefore has voice and vote at Board meetings with the exception of any agenda item which might deal with his or her salary. Although the Principal is the link between Board and management, the Board is responsible for good governance by ensuring that sound systems of risk management and robust internal controls are in place throughout the College organisation.

RELATED PARTY RELATIONSHIPS The Company is controlled by the Trans-European Division of the General Conference of Seventh-day Adventists [TED]. The TED supports the College with core funding and management consultation.

RISK MANAGEMENT The Governors have assessed all risks to which the College is exposed, both from internal and external sources, and are satisfied that systems and procedures are in place to mitigate the Company's exposure to possible jeopardy.

OBJECTIVES AND ACTIVITIES POLICIES AND OBJECTIVES

The main strategic priorities of Newbold College of Higher Education are to provide high-quality, creative and challenging learning opportunities; promote and mentor the spiritual growth of students and staff; nurture and support students throughout their learning experience; and promote opportunities for service to meet the needs of others. Further, it is important to the College that it fulfils the needs of the Seventhday Adventist Church in Europe for educated pastors and lay people. This is achieved by educational experiences that enhance all aspects of student life - the mental, physical, emotional, environmental and spiritual. During the year ending 31 December 2024 the College offered a Certificate in Higher Education, BA Hons degree in Biblical & Pastoral Studies; a Graduate Diploma in Biblical & Pastoral Studies; a Graduate Diploma in Theology and Religion; an MA degree in Theology; a Postgraduate Certificate in Mission; a Postgraduate Certificate in Pastoral Counselling; as well as units in Clinical Pastoral Education.

STRATEGIES FOR ACHIEVING OBJECTIVES The College aims to deliver educational experiences of the highest quality and at the most manageable costs possible. The Board of Governors and the Administration of the Company actively seek to celebrate diversity in its many forms, value each individual and ensure that each member of academic staff, professional services staff and the student body find joy in their work and association together.

Our strategies include: the development and maintenance of a five-year strategic and overarching wholeof-college operational plan; the development and maintenance of action plans for the findings of the University of Wales Trinity Saint David, the Office for Students, the British Accreditation Council for Independent Further and Higher Education and the Accrediting Association of Seventh-day Adventist Schools, Colleges and Universities; ensuring sustainability in the College's academic programmes and operations; attracting and developing quality staff; implementing a three-year budget framework and fiveyear financial and capital plans; building robust international enrolments; developing property holdings to increase income; building commercially astute and profitable College businesses, building productive relationships with alumni and potential sponsors, and applying understanding of and respect for cultural differences in diverse environments.

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Newbold [ College ' Governors' Report ' (continued) For the year ended Ile 31 December ; 2024

ACTIVITIES FOR ACHIEVING | OBJECTIVES ‘

During the year under review, the College was organised to accomplish its objectives in the following During the year under review, Y the : College : was ' organised to accomplish its it objectives in the following manner:

Offer a range of programmes within the I Centre t for iat Ministry and i Mission, | all oo developed in I response to market demands and | within 4 the mission i of the College Organise academic curricula -. to ‘ deliver ; a variety of ’ quality ‘ programmes | under the aegis of the Academic Board, thereby : maintaining | the o: highest i assurances “oof of quality Regularly achieve ‘ accreditation | and | validation of ie all programmes | within an : appropriate ; higher education context through \ UWTSD | and through | the , Accrediting Association me of Seventh-day Adventist : Schools, Colleges and | Universities A Challenge students . to ‘ peak performance 4 f Maintain { student services , with | particular responsibility for the social, emotional and spiritual welfare of all students - whether single, i married, 4 with 1 or without ' children, residing | ae on or off campus Develop balanced | budgets ; and | maintain ' timely and F accurate financial reports | with the goal of acceptable levels ' of accounts q receivable ! and : payable; ‘ achieve reasonable | | reserves, al net worth and liquidity and working | capital; honour the ’ intent : of restricted ‘ endowed : and special funds; give oversight to inventories Continually cultivate associations with alumni and other prospective supporters so as to expand [ support for maintenance \ of the ' College's - goals - - recruiting | the highest | i quality staff, educatingenergised | and | insightful ; students | who will be service-oriented, offering educational experiences in apremier |i structural a setting (buildings and classrooms).

ACHIEVEMENTS AND PERFORMANCE

GOING CONCERN I

After making appropriate enquiries, the Governors have a reasonable expectation that the company has adequate resources to continue ' in 4 operational | existence for the foreseeable future. For | this reason they continue to adopt the going | concern 1 basis | in preparing the financial : statements. Further | details regarding the adoption of the going concern basis can be found in the Accounting Policies.

REVIEW OF ACTIVITIES

This report covers , the 4 period | 01 | January : 2024 to ee 31 December ; 2024. ”

Newbold continues to ‘ deliver programmes ‘ offered | by the ' Centre not of Ministry F and Mission. | These include the Certificate in | Higher : Education ; (Theology & Religion), Bachelor of Arts (Biblical and Pastoral Studies), Graduate : Diploma \ in Biblical | and | Pastoral Studies, ‘ Graduate Diploma | in j Theology and Religion; the MA in i Theology; : the PG ' Certificate in | Mission; ‘ and ; the PG | ' Certificate in Pastoral Counseling. These ' programmes , are validated | by UWTSD. | In fi 2 addition, units \ in | Clinical Pastoral Education, accredited J by the t Association 1 of Clinical | Pastoral Educators, | have | been ' offered in r| partnership with AdventHealth, Huguley Heath Texas USA. The institution is also accredited by the Association of Seventh-day Adventist Schools, Colleges and Universities [AAA], In September 2021, following Newbold’s submission | of revised | programmes, : the UWTSD l ' extended the validation of these programmes for a | further : five I years. ‘ The validation of the institution i | by UWTSD ' was extended in November 2022 i for a further : five t years. ae In | October 2024, AAA ' extended the institutional i accreditation for another four years to coincide with the regular review by UWTSD.

During the year under review, representatives of the College attended Home Office/British AccreditationCouncil | seminars : in the ‘ College’s wo endeavours u to comply with | immigration regulations, maintaining a Home Office Sponsor Licence for Tiers 2, 4 and 5. To this end it sought to comply with all legislation regarding CAS | (Confirmation of Acceptance / for Studies), F timetabling, ‘ and attendance.

The Sponsor Licence | was ° extended for another twelve , months.

During the latter part of the 2024 year, student enrolment (EFSTL) increased by over 20%.

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Newbold College Governors’ Report (continued) For the year ended 31 December 2024

During 2024 the College received £33,621 in donations and legacies to support operations and worthy-student s

FACTORS RELEVANT TO ACHIEVE OBJECTIVES

Important factors of Newbold's success are the professional success of its graduates and positive word-ofmouth comments by satisfied students and dedicated staff. The Government's restrictions on UK entry make it increasingly challenging for students to obtain visas to enter the country and study at Newbold College of Higher Education. The restrictions which occurred at the end of 2020 as a result of the Brexit process are under constant review.

FINANCIAL REVIEW

RESERVES POLICY

The reserves policy of Newbold College of Higher Education is that a working capital of six months operating expense, in addition to allocated funds, be maintained. This has been achieved in 2024.

The Charity had unrestricted reserves of £6,712,458 (2023: £6,364,134) and total reserves of £11,906,803 (2023: £11,708,768).

FUTURE FUNDING & FINANCIAL SUPPORT

The College relies upon its owners, the Trans-European Division of the General Conference of Seventh-day Adventists, to supplement its income, just as most universities in the UK are reliant upon government support. The aim, however, is to grow much more financially self-sufficient through donations, endowments and creating funding streams beyond that of tuition.

PLANS FOR THE FUTURE

FUTURE DEVELOPMENTS

The Governors intend to continue meeting the Company's objectives by operating this College of Higher

Rigorous steps have been taken to improve cashflow and working capital to ensure the sustainability of the

The Strategic Planning Committee is also research opportunities to expand the curriculum offerings beyond our core of Theological Education.

Further upgrade of the physical plant and campus renewal initiatives have been prioritised which will be funded through asset management and development. A Property Investment Committee has been established to look at the best possible use of other buildings and land. Discussions are continuing.

GOVERNORS’ RESPONSIBILITIES STATEMENT

The Governors (who are also directors of Newbold College for the purposes of company law) are responsible for preparing the Governors’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice.)

Company law requires the Governors to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Governors are required to:

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Newbold College Statement of Governors' Responsibilities For the year ended 31 December 2024

The Governors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Governors are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure to Auditors

So far as each of the Governors is aware at the time the report is approved:

Auditors reappointment

The auditors are deemed to be reappointed under section 487(2) of the Companies Act 2006 This report was approved by the Governors on 29th May 2025 and signed on their behalf by:

cc eed eeeneeeeueeeeueueeeenseeeeeenes Daniel Duda, PhD Chair of the Board of Governors

Date: 29 May, 2025

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: Newbold College Independent Auditors’ Report to the Governors of Newbold College

Opinion

We have audited the financial statements of Newbold College (the company) for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Ireland’ (United Kingdom Generally Accepted Accounting Practice).

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the audit of financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

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Newbold College Independent Auditors’ Report to the Governors of Newbold College

We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities Act 2011 require us to report to you if, in our opinion

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on pages 6 and 7, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial

The trustees have elected for the financial statements to be audited in accordance with the Charities Act 2011 rather than the Companies Act 2006. Accordingly we have been appointed as auditors under section 144' of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

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Newbold College Independent Auditors' Report to the Governors of Newbold College

. Newbold College ° Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charitable company to cease to continue as a going concern.

fo) Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities,

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, includjng fraud is detailed below.

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

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Newbold College Independent Auditors’ Report to the Governors of Newbold College

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charity and charity's trustees as a body, for our audit work, for this report, or for the opinion we have formed.

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- ) A SOY 4 Victoria Square
St Albans
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Roger Ogden, Senior Statutory Auditor AL1 3TF
for and on behalf of Moore Kingston Smith LLP, Statutory Auditors
Date: 29/05/2025
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Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of Ihe Companies Act

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Newbold College Balance sheet as at 31 December 2024

Notes 2024 2023
£ £
Fixed Assets
Tangible fixed assets 13 5,410,730 5,546,899
5,410,730 5,546,899
Current Assets
Stock and work in progress
Investments
Debtors
Cash at bank and in hand		 12
14		 8,140
248,842
6,974,328
528,471		 38,235
246,257
6,783,703
493,820
7,759,781 7,562,015
Creditors: Amounts falling due
within one year 15 478,393 532,146
Net Current Assets 7,281,389 7,029,869
Provision for liabilities 785,315 868,000
Net Assets 11,906,803 11,708,768
Funds
Endowment
Restricted
Unrestricted		 17
17
17		 2,780,775
2,413,570
6,712,458		 2,614,140
2,730,494
6,364,134
11,906,803 11,708,768

The Governors consider that the company is entitled to exemption from the requirement to have audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act. However, an audit is required in accordance with section 144 of the Charities Act 2011.

The Governors acknowledge their responsibilities for complying with the arrangements of the Companies Act 2006 with respect to accounting records and the preparation of the financial statements.

Approved and authorised for issue by the Board of Governors on 18 May 2025, and signed on its behalf by:

Chair of the BoardofGovernors ~ Company number: 3143237

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DrStephen Currow
Accountable Officer
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Charity number: 1052494

The notes on pages 15 to 28 form part of these accounts.

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Newbold College Statement of Financial activities For the year ended 31 December 2024

2024 2023
Unrestricted Restricted Endowment Unrestricted Restricted Endowment
Funds Funds Funds Total Funds Funds Funds Funds Total Funds
Notes
£ £ £ £ £ £ £ £
Income and Expenditure
Income and endowments from
Donations and legacies 2 1,485,614 2,592 - 1,488,206 1,586,962 3,625 - 1,590,587
Charitable activities 3 2,356,204 - - 2,356,204 2,186,961 - - 2,186,961
Investments 5 11,721 1,362 - 13,083 9,043 1,074 - 10,117
3,853,539 3,954 - 3,857,493 3,782,966 4,699 - 3,787,665
Expenditure on:
Raising funds
Charitable activities		 6
7		 30,083
3,336,213		 -
126,705		 -
118,212		 30,083
3,581,130		 28,582
3,184,332		 -
92,194		 -
79,139		 28,582
3,355,666
Governance 8 48,245 - 48,245 39,557 39,557
Total Resources Expended 10 3,414,541 126,705 118,212 3,659,458 3,252,472 92,194 79,139 3,423,805
Net (Outgoing)/ Incoming Resources 438,998 (122,751) (118,212) 198,035 530,495 (87,495) (79,139) 363,861
Transfers between funds (90,674) (194,173) 284,847 - (12,763) 1,175 11,588 -
NetMovement in Funds 348,324 (316,924) 166,635 198,035 517,732 (86,320) (67,551) 363,861
Reconciliation offunds
Fund balances broughtforward at
01 January		 6,364,134 2,730,494 2,614,140 11,708,768 5,846,402 2,816,814 2,681,691 11,344,907
Fund balances carried forward at
31December		 6,712,458 2,413,570 2,780,775 11,906,803 6,364,134 2,730,494 2,614,140 11,708,768

There were no recognised gains and losses other than those included in the statement of financial activities.

All activities relate to continuing operations.

The notes on pages 15 to 28 form part of these financial statements.

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Newbold College Statement of Cash Flows For the year ended 31 December 2024

2024 2023
£ £
Cash flows from operating activities
Net (Expenditure)/ income forthe year 198,035 363,861
Adjustments for:
Depreciation oftangible fixed assets
Interest received		 282,842
(13,083)		 315,065
(10,117)
Changes in working capital:
Increase in debtors		 (190,625) (375,513)
Increase/(decrease) in creditors
Decrease/(increase) in stocks		 (136,438)
30,095		 (109,472)
(15,629)
Netcash (used in) /generated byoperating activities 170,826 168,195
Cashflows from investing activities
Purchase of Investments		 (2,585) (2,041)
Purchase offixed assets (146,673) (274,010)
Interest received 13,083 10,117
Net cashfrom investing activities (136,175) (265,934)
Change in cash and cash equivalents in the year 34,651 (97,739)
Cash and cash equivalents at beginning ofyear 493,820 591,559
528,471 493,820

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Newbold College Notes to the Financial Statements For the year ended 31 December 2024

1 Accounting Policies 1.1. Basis of preparation The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of lreland (FRS 102). The company is a public benefit entity for the purposes of FRS 102 and a registered charity established as a company limited by guarantee and therefore has also prepared its financial statements in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The FRS 102 Charities SORP), the companies Act 2006 and Charities Act 2011.

The Governors have assessed whether the use of going concern is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charitable company to continue as a going concern. The Governors have made this assessment for a period of at least one year from the date of the approval of these financial statements. In particular, the Governors have considered the charitable company's forecasts and projections and have taken account of pressures on fee income. After making enquiries, the Governors have concluded that there is a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. The charitable company therefore continues to adopt the going concern basis in preparing its financial statements.

1.4. Incoming resources All income is recognised when there is entitlement to the funds, the receipt is probable and amount can be measured reliably. Income by way of donations and gifts to the charity is included in full in the statement of financial activities when received. Intangible income is not included unless it represents goods or services which would have otherwise been purchased. Legacies are monitored from the time of notification to their final receipt. They are only included in the financial statements when there is sufficient evidence that the legacy will be received and the value can be measured with sufficient reliability.

1.5 Fund accounting Restricted funds are those which are to be used for the specified purposes as laid down by the donor. Expenditure which meets these criteria is allocated to the appropriate fund.

Unrestricted funds are donations and other income received or generated for the furtherance of the objects of the charity without specified purposes and, therefore, are available as general funds. Endowment funds are income and expenditure relating to the land & buildings held for the primary purpose of the Charity which include the Newbold College Campus, Lecture Halls, Library, Administrative Buildings and Student Halls of Residence.

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1 Accounting Policies (Continued)

Newbold College Notes to the Financial Statements For the year ended 31 December 2024

1.6 Grant-making policies

The Governors allocate grants in accordance with the objects set out in the Memorandum and Articles of Association of the charitable company, which are summarised in the Governors’ Annual Report.

Staff costs and overhead expenses are allocated to activities on the basis of time spent on those activities. Resources expended are included in the Statement of Financial Activities on an accruals basis.

Governance costs are those incurred in connection with administration of the charitable company and compliance with constitutional and statutory requirements.

All costs include value added tax where applicable.

1.8 Risk mitigation

The company's directors have given consideration to the major risks to which the charity is exposed and established systems or procedures in order to manage those risks.

Transactions denominated in foreign currencies are translated into Sterling at the rate of exchange ruling at the date of the transaction. Assets and liabilities in foreign currencies are translated into Sterling at the rates of exchange ruling at the end of the financial year. All exchange differences are dealt with in the statement of financial activities. Fixed assets Depreciation is provided on tangible fixed assets in order to write off each asset over its expected economic life. The rates of depreciation applied to each class of asset are: Functional Land and Buildings 1.3% per annum cost basis Office fixtures and equipment 5% to 20% per annum cost basis Other Land and Buildings 1.3% per annum cost basis

1.10 Fixed assets

Items of furniture and equipment costing less than £1000 each are treated as an expense on acquisition.

1.11 Classification of Land and Buildings

Functional Properties - Land and Buildings held for the primary purpose of the charity, the Newbold College Campus, Lecture halls, Library, Administrative Buildings and Student Halls of Residence, are considered to be effectively endowment assets and are shown at cost less attributable depreciation. Other Properties - Land and Buildings not held for the primary purpose of the charity but held by the charity for its own general purposes and not for their investment potential, comprise mainly tenanted domestic dwellings .

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Newbold College Notes to the Financial Statements For the year ended 31 December 2024

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1 Accounting Policies (Continued)

1.12 Pension costs

Following the closure of the Seventh-day Adventist Retirement plan in December 2013, pension are now provided in terms of the national Auto-Enrolment requirements and invested in a Group Personal Pension Plan through Legal and General.

Stock is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

1.14 Operating leases Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

1.15 Financial Instruments

b. Debtors and creditors - Debtors and creditors receivable or payable within one year of reporting date are carried at their transaction price. Debtors and creditors that are receivable or payable in more than one year and not subject to a market rate of interest are measured at the present value of the expected future receipts or payment discounted at a market rate of interest.

1.16 Critical accounting estimates and judgements

In the application of the Charity's accounting policies, the Governors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The following judgements and estimates have had the most significant effect on amounts recognised in the financial statements.

The Charity makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, the Governors consider factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

The annual depreciation charge for fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets . The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investment, economic utilisation and the physical condition of the assets. See note 13 for the carrying amount of the property, plant and equipment.

Page: 17

Newbold College Notes to the Financial Statements For the year ended 31 December 2024

.

2 Income from donations and legacies

2 Income from donations and legacies
Unrestricted Restricted Endowment Total
Funds Funds Funds 2024
£ £ £ £
2024
Operating grants from parent organisation
Special grants from parent organisation		 750,000
704,585
1,454,585		 .
-
-		 -
-		 750,000
704,585
1,454,585
Donations 31,029 2,592 33,621
1,485,614 2,592 - 1,488,206
Unrestricted Restricted Endowment Total
Funds Funds Funds 2023
£ £ £ £
2023
Operating grants from parent organisation
Special grants from parent organisation		 750,000
812,068
1,562,068		 .
-
-		 -
-		 750,000
812,068
1,562,068
Donations 24,894 3,625 - 28,519
1,586,962 3,625 - 1,590,587
3 Income from charitable activities
Unrestricted Restricted Endowment Total
Funds Funds Funds 2024
£ £ £ £
2024
Tuition Income 677,214 - - 677,214
Accommodation and Lodging Income 0 - - -
Rental Income 1,384,550 - - 1,384,550
Departmental Income
Other Income		 157,150
137,290		 .
.		 .
-		 157,150
137,290
2,356,204 - - 2,356,204
Unrestricted Restricted Endowment Total
Funds Funds Funds 2023
£ £ £ £
2023
Tuition Income 522,336 . - 522,336
Accommodation and Lodging Income 2,159 - - 2,159
Rental Income 1,271,725 - . 1,271,725
Departmental Income
Other Income		 169,954
220,787		 - -
-		 169,954
220,787
2,186,961 - : 2,186,961

Page: 18

Newbold College Notes to the Financial Statements For the year ended 31 December 2024

4

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |Details|of Grant and|Fee|Income|2024|2023| |£|£| |Fee|Income|for taught|awards(exclusive|of VAT)|636,996|500,324| |Fee|Income|for from|non-qualifying|courses|(exclusive|of VAT)|40,218|22,012| |Total|Grant and|fees|677,214|522,336|

----- End of picture text -----

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |5|Income from|Investments|Unrestricted|Restricted|Endowment|Total| |2024|Funds|Funds|Funds|2024| |£|£|£|£| |Bank|Interest|11,721|1,362|13,083| |Unrestricted|Restricted|Endowment|Total| |2023|Funds|Funds|Funds|2023| |£|£|£|£| |Bank|Interest|9,043|1,074|-|10,117|

----- End of picture text -----

Page: 19

Newbold College

Notes to the Financial Statements For the year ended 31 December 2024

6 Expenditure on raising funds

Unrestricted Restricted Endowment Total Unrestricted Restricted Endowment Total
Funds Funds Funds 2024 Funds Funds Funds 2023
£ £ £ £ £ £ £ £
Advertising
Recruitment		 29,702 381
-		 -
-		 30,083
-		 28,332 250
‘		 -
a		 28,582
rs
29,702 331 - 30,083 28,332 250 - 28,582
Expenditure on charitable activities
Academic
Services		 Property
Maintenance		 Support
Cost		 Total
2024		 Academic
Services		 Property
Maintenance		 Support
Cost		 Total
2023
£ £ £ £ £ £ £ £
Salaries 1,708,564 - - 1,708,564 1,505,122 - - 1,505,122
Coasial Coaurit, 174 57K - - 174,876 150,866 - - 150,866
Retirement cost 205,626 - - 205,626 180,476 - : 14U,4/6
Other personel expense 56,252 - - 56,252 46,995 - - 46,995
Direct costs 85,697 : - 85,697 79,186 - - 79,186
Administration - - 173,687 173,687 - - 139,779 139,779
Exchange loss - - 0 0 - -
Buildings
Office
Departmental		 -
-
38,414		 544,797
-
-		 -
275,860
-		 544,797
275,860
38,414		 -
-
33,150		 582,174
-
.		 -
300,881
-		 582,174
300,881
33,150
Schorlaship expenses - : 34,815 34,815 - - 21,973 21,973
Depreciation - 282,842 - 282,842 - 315,064 - 315,064
2,269,129 827,639 484 362 3,581,130 1,995,795 897,238 462,633 3,355,666
Total Total
Analysis by fund: 2024 2023
£ £
Unrestricted funds 3,336,213 3,184,333
Restricted funds 126,705 92,194
Endowment funds 118,212 79,139
3,581,130 3,355,666

7 Expenditure on charitable activities

8 Otherexpenditure
Unrestricted Restricted Endowment Total Unrestricted Restricted Endowment Total
Funds Funds Funds 2024 Funds Funds Funds 2023
£ £ £ £ £ £ £ £
Governancecosts(seenote10) 48,245 - - 48,245 39,557 - - 39,557

Page: 20

Newbold College Notes to the Financial Statements For the year ended 31 December 2024

9 Analysis of governance and support costs

General Governance Total Total
Support 2024 2023
£ £ £ £
Board Expenditure - 10,046 10,046 9,557
Audit - 38,199 38,199 30,000
Exchange loss ~ - -
Bad debts Expenses (4,370) (4,370) (2,712)
Professional fees 150,560 150,560 121,715
Interest Expense 6,441 6,441 6,469
Other Administrative Expenses 20,849 20,849 14,306
Office Supplies & IT expense 19,844 19,844 16,960
Telephone and Postage 8,672 8,672 7,867
Equipment Maintenance 247,343 247,343 276,054
Scholarship Expenses 34,815 34,815 21,973
484,154 48,245 532,399 502,189
10 Total Resources Expended
Summary byexpenditure type Staff Other Total Total
Costs Costs Depreciation 2024 2023
£ £ £ £ £
Charitable activities 2,088,766 1,209,522 282,842 3,581,130 3,355,666
Costs of generating voluntary
income - 30,083 . 30,083 28,582
Governance costs - 48,245 : 48,245 39,557
2,088,766 1,287,850 282,842 3,659,458 3,423,805
Summary by fund type Unrestricted Restricted Endowment Total
Funds Funds Funds 2024
2024 £ £ £ £
Charitable activities 3,336,213 126,705 118,212 3,581,130
Costs of generating voluntary
income 30,083 - - 30,083
Governance costs 48,245 - . 48,245
3,414,541 126,705 118,212 3,659,458

Support costs have been allocated on the basis of staff timings incurred.

Page: 21

Newbold College Notes to the Financial Statements For the year ended 31 December 2024

10 Total Resources Expended (continued)

10 Total Resources Expended (continued)
Included within total expenditure:
2024 2023
£ £
Auditors' remuneration 38,199 30,000
Depreciation of tangible fixed assets 282,842 315,064
11 Analysis of costs
Staff costs consist of: 2024 2023
£ £
Salaries 1,708,564 1,505,122
Social security costs 174,576 150,866
Pension costs 205,626 180,476
2,088, 766 1,836,464
Head of Provider 01 2024 2023
Head of provider (Apr - Dec 2022) current
Remuneration 60,696 57,017
Pension 11,395 10,232
Other 2,025 1,944
74,116 69,193
Head of Provider salary divided by median Salary 1.91 1.97
Head of provider total remuneration
dividedmedianremuneration 2.00 2.38

The average number of employees during the year was 41 (2023 - 43). Employee trustees received emoluments during the year amounting to £72,091 (2023 - £67,249) The number of employees whose emoluments exceeded £60,000 was 8 (2023 - 2) The number of senior staff receiving a salary over £100,000 or above was nil (2023 - nil) During the year expenses relating to attendance at trustee meetings was paid to one trustee and amounted to £536 (2023 - £499)

12 Short-term investments:

Short-term investments:
2024 2023
£ £
Market value as at 1 January 246,257 244,216
Interest re-invested 2,585 2,041
Market value at 31 December 248,842 246,257
Investments consist ofthe following: £ £
Banktermdepositsinexcessofthreemonths 248,842 246,257

Page:22

Newbold College Notes to the Financial Statements For the year ended 31 December 2024

13 Tangible Fixed Assets

Functional
Land and		 Other
Land and		 Fixtures and
Buildings Buildings Equipment Total
£ £ £ £
Cost
At 31 December 2023 4,505,774 2,672,943 2,693,118 9,871,835
Additions 284,847 - (138,174) 146,673
At 31 December 2024 4,790,621 2,672,943 2,554,944 10,018,508
Depreciation
At 31 December 2023		 2,021,308 965,661 1,337,967 4,324,936
Charge forthe period 118,212 20,988 143,642 282,842
At 31 December 2024 2,139,520 986,649 1,481,609 4,607,778
Net Book Value
At 31 December 2024 2,651,101 1,686,294 1,073,335 5,410,730
At31December2023 2,484,466 1,707,282 1,355,151 5,546,899

Land and Buildings

Carrying Value Newbold College carries the value of the land and buildings in these accounts in accordance with their classification of the property,

Functional Properties - Land and Buildings held for the primary purpose of the charity, the Newbold College Campus, Lecture halls, Library, Administrative Buildings and Student Halls of Residence, are considered to be effectively endowed assets (see Basis of Title, below), and are shown at cost less attributable depreciation. Other Properties - Land and Buildings not held for the primary purpose of the charity but held by the charity for its own general purposes (and not for their investment potential), comprising mainly tenanted domestic dwellings. These properties were valued by Pennicott, Chartered Surveyors, in February 25, 2013 at market value as defined by the International Valuations Standards council (1VSC) and adopted by the Royal Institution of Chartered Surveyors (RICS) in RICS Valuation - Professional Standards (Red Book, 8th Edition dated March 2012). This value was adopted at 01 January 2015 as the historical cost, in accordance with FRS 102 as modified by the Charities SORP.

Page: 23

Newbold College Notes to the Financial Statements For the year ended 31 December 2024

,

13 Tangible Fixed Assets (Continued)

Basis of Title

Legal title to the land and buildings shown in the accounts is held by charities with compatible objectives, World-Wide Advent Missions Ltd (registered Charity Number 210955) and Seventh-day Adventist Association Ltd (registered Charity Number 209780). Title is held in accordance with memoranda of understanding (agreement) dated 7th March 2007 between Newbold College Ltd, and the parent bodies ot the title holders, the | rans-European Division of Seventh-Day Adventists, and the British Union Conference of Seventh-Day Adventists, respectively.

The agreement provides that the land and buildings would be for the use of Newbold College as long as it exists and remains situated in the UK. Newbold College does not have the power to encumber, lease, or sell land and buildings, without the consent of the title holders, and their parent bodies. These bodies have from time to time granted consent to the College to lease or sell land and property when it is considered in the best interest of the College's operations. If the operation of the College is terminated the title holders and their parent bodies will determine the use of the sale of the land and properties and the distribution of any sale proceeds.

The agreement affirms the shared purpose of providing Christian education in general and the training of ministerial personnel in particular and recognises the mutual benefits of the parties working together. The Charities holding legal title do not carry the Land and Buildings at any value in their accounts, and the College is responsible for insurance, repair and maintenance of the land and buildings.

Legal Charge

By a charge dated 13th March 2009, some of the Functional Properties are held by the Seventh-day Adventist Retirement Plan as security for all present and future obligations and liabilities of Newbold College and others to make payments to the scheme. The participation of Newbold College in respect of the scheme is disclosed in note 15. The property in question has not been re-valued in these accounts but is carried in accordance with the companies accounting policies at £2,651,101 representing cost less attributable depreciation. The property was professionally valued by Chartered Surveyors Gerald Eve LLP on 2nd March 2017 at £11,060,000. As referred to in note 15, some of the larger institutional members of the scheme have agreed to make extra contributions which in the opinion of the pension scheme trustees will gradually reduce and eventually eliminate the deficit.

Page: 24

:

:

Newbold College Notes to the Financial Statements For the year ended 31 December 2024

14 Debtors

Debtors
2024 2023
£ £
Amounts due within one year:
Trade debtors 79,457 43,473
Amounts due from parent charity 6,588,520 6,368,463
Amounts due from other related charities 117,801 108,009
Amounts due from employees 1,770 803
Prepaid expenses 124,535 95 463
Other debtors 62,245 167,492
6,974,328 6,783,703
15 Creditors
2024 2023
£ £
Amounts falling due within one year:
Trade creditors 35,996 51,201
Payments in advance by students 130,076 101,102
Amounts due to parent charity - 74,247
Amounts due to other related entities 40,188 7,384
Amounts due to employees . 4,447
Other taxes and social security costs 63,775 55,360
Accrued expenses and deferred income 89,523 87,331
Other amounts payable 80,681 98,748
Agency and trust funds 38,154 52,326
478,393 532,146
16 Provisions for Liabilities 2024 2023
£ £
More Close Section 106 agreement 695,500 695,500
Water Rates 89,815 172,500
785,315 868,000

Moore Close Section 106

A Section 106 agreement dated 14th August 2001 between Seventh-day Adventist Association Ltd and Bracknell Forest Borough Council created a potential liability relating to the restoration and management of the Moore Close Grade il listed gardens. During the year discussions have been held with the Council and an agreement which caps the cost to the College £700,000 has been agreed in principle and is awaiting signature by all parties. The Trustees believe that it is probable that this amount will be needed to pay for the the restoration works, as the best estimate based on advice sought is that the costs will equal the proposed cost cap.

Water Rates

Since December 2018, the Salisbury Hall property's water meter readings have remained unchanged, and no bills have been issued. Despite repeated efforts to resolve this with suppliers Castle Water and Southeast Water, no progress has been made.

In 2020, a provision was recognised for water usage due to billing inconsistencies. No further accruals were made in subsequent years. However, the trustees consider it probable that future payments wilt be required to cover actual water usage. For the current financial year, a provision has been recognised to estimate water usage for the period from 2021 to 2024.

Page: 25

‘

Newbold College Notes to the Financial Statements For the year ended 31 December 2024

:

17 Funds analysis Balance at Balance at
1 January Movement in Resources 31 December
2024 Incoming Outgoing Transfers 2024
£ £ £ £ £
Endowment funds
Scholarship endowment funds 129,674 - - - 129,674
Property endowment funds 2,484,466 - (118,212) 284,847 2,651,101
Total endowment funds 2,614,140 - (118,212) 284,847 2,780,775
Restricted funds
Scholarship
Facilities		 953,503
365,277		 3,842
-		 (34,815)
(46,395)		 (51,581)
77,757		 870,948
396,639
Health programmes - - -
Other Restricted Funds 1,411,715 112 (45,494) (220,349) 1,145,984
Total restricted funds 2,730,494 3,954 (126,705) (194,173) 2,413,570
Unrestricted funds
Designated funds
Property funds:
Land & buildings 1,707,282 - (20,988) - 1,686,294
Plant
& Equipment		 1,355,151 - (143,642) (138,174) 1,073,335
Other designated funds 283,148 11,573 (9,918) 16,101 300,903
3,345,581 11,573 (174,548) (122,073) 3,060,533
General funds
General funds 3,018,553 3,841,966 (3,239,993) 31,399 3,651,926
3,018,553 3,841 966 (3,239,993) 31,399 3,651,926
Total unrestricted funds 6,364,134 3,853,539 (3,414,541) (90,674) 6,712,458
Totalfunds 11,708,768 3,857,493 (3,659,458) - 11,906,803

Property endowment funds represent the functional properties of the charity, funded by sponsoring organisations (see note 13)

Page:26

Newbold College Notes to the Financial Statements For the year ended 31 December 2024

18 Analysis of net assets between funds

Analysis of net assets between funds
Unrestricted
funds		 Restricted
funds		 Endowment
funds		 Total
funds
2024 2024 2024 2024
£ £ £ £
Tangible fixed assets
Current assets		 2,759,629
5,216,538		 -
2,413,570		 2,651,101
129,674		 5,410,730
7,759,781
Creditors due within one year (478,393) - - (478,393)
Provision for liabilities (785,315) - . (785,315)
6,712,458 2,413,570 2,/80,775 11,906,803
Unrestricted
funds		 Restricted
funds		 Endowment
funds		 Total
funds
2023 2023 2023 2023
£ £ £ £
Tangible fixed assets
Current assets		 3,062,433
4,701,847		 -
2,730,494		 2,484,466
129,674		 5,546,899
7,562,015
Creditors due within one year (532,146) (532,146)
Provision for liabilities (868,000) (868,000)
6,364,134 2,730,494 2,614,140 11,708,768

19 Pension Commitments

From 1st January 2014, contributions have been made under the Auto-Enrolment compliance legislation by the employer to a Defined Contribution plan invested with the Legal and General insurance company . The Charity contribution is restricted to the contributions disclosed in note 8. There were no outstanding contributions at the year end. The costs of the defined contribution scheme are included within charitable activities fundraising costs and charged to the unrestricted funds of the Charity on the basis of the employees employed under each of those activities.

Newbold College also participates in a group defined contribution pension scheme and in several foreign pension schemes in respect of its foreign domiciled employees. The company's liability in respect of the foreign pension schemes is limited to the contributions assessed by these pension schemes. They are therefore accounted for as defined contribution schemes in these accounts. Contributions payable during the year amounted to £23,530 (2023: £23,071).

The Charity previously participated in a defined benefit pension scheme of the British Union Conference of Seventh Day Adventists. This scheme closed to service after 31 December 2013. Newbold College does not contribute to the recovery of the deficit for the plan but some of its functional properties are held against it as disclosed in note 14.

20 Related Party Transactions

Transactions with Governors are disclosed in Note 12. The following are transactions with the connected entities as describe in Notes 22 and 23.

General
Conference		 British Union
Conference		 Total
2024		 Total
2023
£ £ ‘2 £
Operating grants received
Special grants received		 750,000
704,585		 -
»		 750,000
704,585		 750,000
812,068
Amounts due by charity < 1 year
Amountsduetocharity<1year		 6,588,520 =
67,519		 -
6,656,039		 =
6,368,463

Page: 27

Newbold College Notes to the Financial Statements For the year ended 31 December 2024

21. Controlling Party

The charity is controlled by the General Conference of Seventh-day Adventists, the TransEuropean Division, 119 St Peter's Street, St Albans, Herts, AL1 3EY (Secretary: Robert Csizmadia), by virtue of its executive committee forming the majority of the company's membership. The General Conference of Seventh-day Adventists is a non-profit making organisation registered in the USA.

22 Other Connected Entities

World-Wide Advent Missions Ltd (a registered charitable company), 119 St Peter's Street, St Albans, Herts, AL1 3EY, is the trustee corporation of the Trans-European Division, and holds title to part of the land and buildings occupied by the change.

British Union Conference of Seventh-day Adventists (a registered charity), Stanborough Park, Garston Watford, herts, WD25 9JZ, appoints the majority of the trustees of the group pension scheme.

Seventh-day Adventist Association Ltd (a registered charity), Stanborough Park, Garston Watford, herts, WD25 9JZ,is the trustee corporation of the British Union Conference, and holds title to part of the land and buildings occupied by the change.

South England Conference of Seventh-day Adventists (a registered charity), 25 St John's Road, Watford, Herts, WD17 1PZ, is the local conference of the Seventh-day Adventist churches in whose geographical area the is situated.

23 _ Liabilities And Capital Commitments in respect of Land & Buildings

Newbold College accepted a liability to restore and manage the Moor Close Grade II listed gardens, arising as a consequence of a Section 106 agreement dated 14th August 2001 between The Seventh day Adventist Association Ltd and Bracknell Forest Borough Council, by virtue of granting an indemnify of the same date to The Seventh-day Adventist Association Ltd. The costs were then estimated at £500,000.

The Charity believes that the cost associated with the work will be considerably higher than the original estimated cost.

A current professional opinion is not available quantifying either the obligatory works or the estimated costs, accordingly the liability of Newbold College cannot reliably be quantified and no provision has been provided in these accounts for the liability.

The trustees believe that funding will be forthcoming from other relevant organisations, and private donations.

Page:28