Newbold College (Trading as Newbold College of Higher Education) Company No: 3143237 Reglstered Charlty No (England and Wales): 1052494 GOVERNORS, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
Newbold College Contents Page Governors Reference and administrative details of the Charity and advisers Governors. report Indopend8nt auditorfs r8POrt 8-11 Balance sheet 12 Statement of flnanclal actlvltles 13 Statement of cash flows 14 Notes to the financial statsments 15-28
Newbold College Governors For the year ended 31 December 2025 Daniel Duda Eglan Brooks Dan Serb Stephen J. Currow Robert Csizmadia Nenad Jepuranovic lan Sweeney David Neal Patrick Johnson Rob De Raad Kayle de Waal Victor Marley Kirk Thomas Nina Kristel Helgesen Myrdal lan Redfern Dragan Grujici Carsten Waern Paul Thompson Lorraine McDonald Ingalill Gimbler Berglund Natalie Henry Ivan Urbane Browne Steve Palmer Chair VI Chair Secretary Secretary Appointed 0110612025 Resigned 3110512025 Appointed 0110812025 Resigned 3110712025 Page". 1
Newbold College Reference and administrative details of the charity and advisers For the year ended 31 December 2025 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 1 BA Auditors Moore Kingston Smith LLP 4 Victoria Square Sl Albans Herts AL13TF Registered Office Sl Marks Road Binfield Bracknell Berks RG42 4AN Page". 2
Newbold College Governors, Report For the year ended 31 December 2025 The Governors (who are also directors of the Charity for the purposes of the Companies Acll submit their annual report and the audited financial statements of Newbold College of Higher Education (the Company) for the year ended 31 December 2025. 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 ISORPI The FRS 102 Charities SORP, the Companies Act 2006 and Charities Act 2011. STRUCTURE, GOVERNANCE AND MANAGEMENT CONSTITUTION The Company is rIstered as a charitsble company limited by guarantee and was sel up by a Memorandum of Association on 03 January 1996, much later than its start in 1901 Ilhough with a different namel as a higher education provider. The Company's mission is lo foster a Chrisl<entered and diverse learning community that prepares students for service in an ever-ehanging wodd. This includes, but is not limited lo, training pastors and other professionals for employment by the Sevenlh-day Advenlisl Church in Europe. The objectives of the Company 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 members 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 stffttegy for the College as well as selling key perfomance indicators IKPlsl. It is not responsible for the day-lo-day running of the College. Its work is lo balan the need of conformance li.e. Complian with legislation, regulation and codes of practice - both within the Church and academia) with performance li.e. improving the performance of the organisation through strategy formulation and policy-makingl. Scheduled meetings in 2025 were held in February, March, May, June, September and November. The Trans-European Division ITEDI Executive Committee endorses the Board's appointment of the Principal and this role is crilieal lo 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 OffiTrr, the Academic Registrar, the Vice Principal Ilhe Vice-Principal became Principal on 1 June 2025, and the Board decided not lo appoint another Vi-PrinCipal al the momenll, and the Principal, and which is responsible for reporting back to the Board. His or her regular reports should enable the Board lo monitor Organisalional performance. Page.. 3
Newbold College Governors. Report (continued) For the year ended 31 December 2025 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 vole al 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 organisalions. RELATED PARTY RELATIONSHIPS The Company is controlled by the Trans-European Division of the General Conference of Sevenlh4ay Advenlisls ITEDI. The TED supports the College with core funding and management consullalion. 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 lo mitigate the College's exposure lo 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 leaming experienTr,' and promote opportunities for service lo meet the needs of others. Further, il is important lo the COlle that il fulfils the needs of the Sevenlh-day Adventist Church in Europe for educated pastors and lay people. This is achieved by educational experiences that enhance all aspects of sludenl life - the mental, physical, emotional, environmental and spiritual. During the year ending 31 December 2025, 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 Poslgraduale Certificate in Youth Ministry,. as well as units in Clinical Pastoral Education. STRATEGIES FOR ACHIEVING 08JECTIVES The College aims to deliver educational eXperIenS of the highest quality and at the most manageable costs possible. The Board of Governors and the Adminislralion of the College aclivety seek lo celebrate diversity in its many forms, value each individual and ensure that each member of academic staff, professional services staff, and the sludenl body find joy in their work and association together. Our strategies include.. the development and maintenance of a five-year strategic and overarching whole-of- college operational plan", the development and maintenance of action plans for the findings of the University of Wales Trinity Saint David, the offi for Students, the British Accreditation Council for Independent Further and Higher Education and the Accrediting Association of Sevenlh-day Advenlisl Schools, Colleges and Universities., ensuring suslainabilily in the College's academic programmes and operations,. attracting and developing quality staff,. implementing a three-year budget framework and five- year financial and capital plans., building robust inlemalional enrolmenls., developing property holdings lo 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. Page.. 4
Newbold College Governors. Report (continued) For the year ended 31 December 2025 ACTIVITIES FOR ACHIEVING OBJECTIVES During the year under review, the College was organised to accomplish ils objectives in the following .Offer a range of programmes within the Centre for Ministry and Mission, all developed in response lo market demands and within the mission of the College .Organise academic curricula lo deliver a variety of quality programmes under the aegis of the Academic Board, thereby maintaining the highest assurances of quality .Regularly achieve accreditation and validation of all programmes within an appropriate higher education context through UWTSD and through the Accrediting Association of Seventh4ay Adventist Schools, Colleges and Universities .Challenge students lo peak performance .Maintain sludenl services with particular responsibility for the social, emotional and spiritual welfare of all students- whether single, married, with or without children, residing on or off campus .Develop balanced budgets and maintain limety and accurate financial reFX)rts with the goal of acPtable levels of accounts receivable and payable., achieve reasonable reserves, nel worth and liquidity and working capital," honour the intent of restricted endowed and special funds, give oversight to inventories .Conlinually cultivate associations wlh alumni and other prospective supporters so as to expand support for maintenance of the College's goals- recruiting the highest quality stsff, educating energised and insightful students who will be service-orienled, offering educational experiences in a premier structural setting (buildings and classroomsl- ACHIEVEMENTS AND PERFORMANCE GOING CONCERN After making appropriate enquiries, the Governors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue lo adopt the going concern basis in preparing the financial slalements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies. REVIEW OF ACTIVITIES This report covers the period 01 January 2025 to 31 Dember 2025. Newbold continues to deliver programmes offered by the Centre of Ministry and Mission. These include the Certificate in Higher Education (Theology & Religion), Bachelor of Arts (Biblical and Pastoral Sludiesl, Graduate Diploma in Biblical and Pastoml Studies, Graduate Diploma in Theology and Religion,. the MA in Theology., the PG Certificate in Mission,. and the PG Certificate in Youth Ministry. These programmes are validated by UWTSD. In addition, units in Clinical Pastoral Education, accredited by the Association of Clinical Pastoral Educators, have been offered in partnership with Advent Health, Huguley Heath Texas USA. The institution is also accredited by the Association of Seventh4ay Adventist Schools, Colleges and Universities IAAAI. In September 2021, following Newbold's submission of revised programmes. the UWTSD extended the validation of these programmes for a further five years. The validation of the Institution by USD was extended in November 2022 for a further five years. In October 2024, AAA extended the institutional accredilalion for another four years to coincide with the regular review by UWTSD. During the year under review, the College have also been subject lo a BAC accreditation inspection during the month of October with the outcome still pending. Moreover, the leadership have attended a number of seminars and meetings organised by Office for Students and Independènt Higher Education and ensured compliance with all requirements and legislation regarding the higher education sector. Aso, the Sponsor License was extended for another twelve months. During 2025, sludenl enrolmenl IEFSTLI has remained stable. Furthermore, during 2025 the College received £28,557 in donations and legacies to support operations and worthy-sludenl scholarships. Page.. 5
Newbold College Governors. Report (continued) For the year ended 31 December 2025 FACTORS RELEVANT TO ACHIEVE OBJECTIVES The important factors of Newbold's success are the professional success of ils graduates and positive word-of- mouth comments by satisfied students and dedicated staff. The Government's restrictions on UK entry make it increasingly challenging for students to obtain visas lo enter the country and study at Newbold College of Higher Education. The restrictions which occurred at the end of 2020 because of the Brexit prOsS are under constant review. FINANCIAL REVIEW RESERVES POUCY The reserves policy of Newbold College of Higher Education is that a working capital of six months operating expense. in addition lo allocated funds, be maintsined. This has been achieved in 2025. The Charity had unrestricted reserves of £6,826,065 12024.. £6,712,458) and total reserves of £11,967,208 12024.. £11,906,803). FUTURE FUNDING & FINANCIAL SUPPORT The College relies upon ils owners, the Trans-European Division of the General Conference of Sevenlh-day Adventists, to supplement ils income, just as most universities in the UK are reliant upon government support. The aim, however. is lo 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 lo continue meeting the Companls objectives by operating this College of Higher Rigorous steps have been taken to improve cashflow and working capital lo ensure the sustainability of the inslilulion. The Strategic Planning Committee is also researching opportunities lo expand the curriculum offerings beyond our core of Theological Education and to develop a digital platform. Further upgrade of the physical plant and campus renewal initiatives have been priorilised which will be funded through asset management and development. A Property Investment Committee has been established lo 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 lawl 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 PracliTr.I Company law requires the Governors lo prepare financial slalemenls for each financial year which give a true and fair view of the slate of the affairs of the charitsble 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 slatemenls. the Governors are required lo.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP., Page.. 6
Newbold College Statement of Governors, Responsibilities For the year ended 31 December 2025 make judgements and estimates that are reasonable and prudent, slate whether applicable UK Accounb'ng Standards have been followed, subject lo any material departures disclosed and explained in the financial statements., prepare the financial statements on the going Gonrn basis unless il is inappropriate to presume that the charitable company will continue in business. 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 jurisdicbons. Statement of Dlsclosure to Audltors So far as each of the Governors is aware at the time the report is approved.. there is no relevant audit information of which the companls auditors are unaware,. and the Govemors have tsken all the steps that they ought to have tsken as directors in order lo make themselves aware of any relevant audit information and to establish that the ¢ompanls auditors are aware of that information. Auditors reappointment The auditors are deemed lo be reappointed under section 487121 of the Companies Act 2006 This report was approved by the Governors on 17 May 2026 and signed on their behalf by.. Dale.17 May 2026 Daniel Duda. PhD Chair ofthe Board of Govemors Page.. 7
Newbold College Independent Auditors. Report to the Governors of Newbold College Opinion We have audited the financial statements of Newbold College Ithe company) for the year ended 31 December 2025 which comprise the Slalemenl of Financial Aclivilies, the Summary Income and Expenditure Account, the Balance Sheet, the Cash Flow Statement and notes lo the financial slalemenls, 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 Practicel. In our opinion the financial statements". give a ttue and fair view of the slate of the charitable company's affairs as al 31 December 2025 and of ils incoming reSoUrS and application of reSoUrs, including its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practi and have been prepared in accordance with the requirements of the Companies Act 2006 and Charities Ac12011. Basls for Oplnlon We conducted our audit in accordan with International Standards on Auditing IUKI IISASIUKII 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 lo 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 SLJfficienl and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Iruslees, use of the going concern basis of accounting in the preparation of the financial slalements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or colleclivety, may cast significant doubt on the charitable company's ability lo continue as a going concern for a period of al least twelve months from when the financial statements are aulhorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going conrn are described in the relevant sections of this report. Other Infomiatlon The other information comprises the information included in the annual report, other than the financial slalemenls and our auditor's report thereon. The trustees are responsible for the other infotmation. Our opinion on the financial statements does not cover the other infotmation and, except lo the exlenl otherwise explicitly slated in our report, we do not express any fonn of assurance conclusion Ihereon. Page.. 8
Newbold College Independent Auditors, Report to the Governors of Newbold College 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 misslatemenls, 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. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing lo report in respect of the following matters where the Charities Act 2011 require us to report to you if, in our opinion the information given in the Trustees. Annual Report is inconsislenl in any material respect with the financial statements., or the charitable company has not kept proper and adequate accounting records., or the financial statements are not in agreement with the accounting records and relums., or we have not received all the information and explanations we require for our audit. 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 lawl 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 Iruslees determine Is ne$Sary to enable the preparation of financial ststemenls 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 cOnM, disclosing, as applicable, mallers related to going concern and using the going concern basis of accounting unless the trustees either intend lo liquidate the charitable company or lo cease operations, or have no realistic alternative but lo do so. Audltor's responslbllltles for the audlt of the flnanclal The Iruslees have elected for the financial statements lo be audited in accordance wth 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 lo obtain reasonable assurance about whether the financial slalements 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, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misslatemenl 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 stslements. As part of an audit in accordance with ISAS IUKI we exercise professional judgement and maintain professional scepticism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not delecling a material misstslement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Page.. 9
Newbold College Independent Auditors. Report to the Governors of Newbold College Obtsin an understanding of internal control relevant to the audit in order lo design audit Evaluate the appropriateness of accounting policies used and the reasonableness of aOUntIng eslimales and related disclosures made by the Iruslees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit evidence obtsined, whether a material uncertainly exists rdaled 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 lo the related disclosures in the financial slalemenls or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up lo the date of our auditor's report. However, future events or conditions may cause the charitsble company lo cease lo continue as a going concern. Evaluate the overall presentation, structure and content of the financial slalements, 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 wth governan regarding, among other matters, the planned scope and timing of the audit and significant audit findings. including any signifi'cant 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 wth laws and regulations. We design procedures in line with our responsibilities, outlined above, lo detect material misslalemenls 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., lo identify and assess the risks of material misstatement of the financial statements due to fraud,. ID obtain sufficient appropriate audit evidence regarding the assessed risks of material misstslemenl due to fraud, through designing and implementing appropriate responses lo those assessed risks., and lo 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 mansgement and those charged with governance of the charitable company. Our approach was as follows.. We obtained an undeislanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are the Companies Act 2006, the Charities Act 2011, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council. We obtained an understanding of how the charitable company complies wth these requirements by discussions with management and those charged with governance. We assessed the risk of material misststement of the financial statements, including the risk of material misslalèment due to fraud and how il might occur, by holding discussions with management and those charged with governance. We inquired of management and those charged with governance as lo any known instsnces of non-compliance or suspected non-compliance with laws and regulations. Page." 10
Newbold College Independent Auditors. Report to the Governors of Newbold College Based on this understanding, we designed specific appropriate audit procedures lo identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtsining additional corroborative evidence. There are inherent limitations in the audit PrOureS described above. We are less likely lo become aware of instances of non-compliance with laws and regulations that are not dosely related lo events and transactions reflected in the financial stalemenls. Also, the risk of not delecling a material misslatemenl 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 slate to the company's members those matters we are required lo slate to them in an audilorfs 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 Iruslees as a body, for our audit work, for this report, or for the opinion we have formed. 4 Victoria Square st Albans Herts AL1 3TF Roger Ogden. Senior Slalutory Auditor for and on behalf of Moore Kingston Smith LLP, Slalulory Auditors Date.. 26.05.2026 Moore Kingston Smith LLP is eligible lo act as auditor in terms of Section 1212 of the Companies Act 2006. Page11
Newbold College Balance sheet as at 31 December 2025 Notes 2025 2024 Fixed Assets Tangible fixed assets 13 5,477,602 5,410,730 5,477,602 5,410,730 Current Assets Stock and work in progress Investments Debtors Cash at bank and in hand 13,198 8,140 248,842 6,974,328 528,471 12 14 6,853,297 778,288 7,644,783 7,759,781 Creditors.. Amounts falling due within one year 15 459,272 478,393 Net Current Assets 7,185,511 7,281,388 Provision for liabilities 695,905 785,315 Net Assets 11,967,208 11,906,803 Funds Endowment Restricted Unreslricled 17 17 17 2,781,400 2,359,743 6,826.065 2,780,775 2,413,570 6.712,458 11,967,208 11,906,803 The Governors consider that the company is entiUed to exemption from the requirement to have audit under the provisions of section 477 of the Companies Act 20061, the ACV'I and members have not required the company lo 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 slalements. Approved and aulhorised for issue by the Board of Governors on 17 May 2026, and signed on its behalf by". Chair of the Board of Governors Company number.. 3143237 Charity number.. 1052494 Dr Dan Gheorghe Serb Accountable OffIr The notes on pages 15 to 28 form part of these accounts. Page.. 12
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Newbold College Statement of Cash Flows For the year ended 31 December 2025 2025 2024 Cash flows from operating activities Nel (Expenditurell income for the year Adjustments for: Depreciation of tsngible fixed assets Interest received 60,405 198,035 285,682 112,842} 282,842 113,0831 Changes in working capitsl.. Increase In debtors Increaselldecreasel in creditors Decreasellincreasel in stocks 121,031 1108,5311 15,0581 1190,6251 1136,4381 30,095 Nel cash lused inl I generated by operating activities 340,687 170,826 caShflov from investing activities Disposal I IPurchasel of Investments Purchase of fixed assets Interest received Nel cash from investing activities 248,842 1352,5541 12,842 190,8701 12,5851 1146,8731 13,083 1136,1751 Change in cash and cash equivalents in the year 249,817 34,651 Cash and cash equivalents al beginning of year 528,471 493,820 778,288 528,471 Page.. 14
Newbold College Notes to the Financial Statements For the year ended 31 December 2025 Accounting Policies 1.1 Basis of preparation The financial ststemenls have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. 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 Ststemenl of Recommended Practice applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland (The FRS 102 Charities SORPI, the companies Act 2006 and Charities Act 2011. 1.2 Charity status The charity is a company limited by guarantee. The members of the company are defined in the Articles of Associations and include members of the Govemors named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited lo £1 per member of the charity. 1.3 Going concern The Governors have assessed whether the use of going concern is appropriate and have considered possible events or conditions that might cast significant doubl on the ability of the charitable company lo continue as a going concern. The Governors have made this assessment for a period of at least one year from the dale 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 Govemors have concluded that there is a reasonable expectation that the charitable company has adequate resources lo 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 lo 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. Intsngible income is not included unless it represents goods or services which would have otherwise been purchased. Legacies are monitored from the ts'me 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 Reslricled funds are those which are lo 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 reiVed 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 Sludenl Halls of Residence. Page.. 15
Newbold College Notes to the Financial Statements For the year ended 31 December 2025 Accountlng Pollcles Icontlnued) 1.6 Grant-making policies The Governors allocate grants in accordance with the objects sel out in the Memorandum and Articles of Association of the charitable company, which are summarised In the Governors. Annual Report. 1.7 Resources expended Staff costs and overhead expenses are allocated lo activities on the basis of time spent on those activities. Resources expended are included in the Statement of Financial Activities on an accruals basis. Governan costs are those incurred in connection with adminislralion of the charitable company and compliance with constitutional and statutory requirements. All costs include value added lax where applicable. 1.8 Risk mitigation The company's directors have given consideration lo the major risks lo which the charity is exposed and established systems or procedures in order lo manage those risks. 1.9 Foreign Currency Translations Transactions denominated in foreign currencies are translated into Sterling al the rate of exchange ruling al the date of the transaction. Assets and liabilities in foreign currencies are translated into Sterling at the rates of exchange rLJling at the end of the financial year. All exchange dIfferenS are dealt with in the statement of financial activib'es. 1.10 Fixed assets Depreciation is provided on tangible fixed assets in order to write off each asset over ils expected eeonomic life. The rates of depreciation applied lo each elass of asset are". Functional Land and Buildings Office fixtures and equipment Other Land and Buildings 1.3Q/o per annum cost basis 50/0 to 20Q/o per annum cost basis 1.30/0 per annum cost basis Items of fumiture 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 lo be effectively endowment assets and are shown al 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 polenlial, comprise mainly tenanted domestic dwellings . Page.. 16
Newbold College Notes to the Financial Statements For the year ended 31 December 2025 A¢¢ountlng Poll¢19$ Iconllnugdl 1.12 Pension costs Following the closure of the Sevenlh-day Adventist Retirement plan in December 2013. pension are now provided in terms of the national Aulo-Enrolmenl requirements and invested in a Group Personal Pension Plan through Legal and General. 1.13 Stock Stock is valued al the lower of cost and nel 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 temi. 1.15 Financial Instruments a. Cash and Cash equivalents this include cash al banks and in hand and short term deposits with a malurily date of three months or less. 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 rale 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 eslimales and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these eslimales. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting eslimales 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 followng judgements and estimates have had the most significant effect on amounts recognised in the financial slalemenls. The Charity makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors. the Govemors 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 lo Changes in the eslimaled 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 refiecl current eslimales, based on technological advancement, future Investment, economic utili5alion and the physical condition of the assets. See note 14 for the carrying amount of the propety, plant and equipment. Page." 17
Newbold College Notes to the Financial Statements For the year ended 31 December 2025 2 Income from donations and legacies Unrestricted Restricted Funds Fund$ Endowment Funds Total 2025 2025 Operating grants from parent organisalion Special grants from parent organisalion 618,831 850,000 1,468,831 27,282 100,000 718,831 850,000 1,568,831 28,557 100,000 1,275 Donations 1,496,113 101,275 1,597,388 Unrestricted Restricted Funds Funds Endowment Funds Total 2024 2024 Operating grants from parent organisalion Special grants from parent organisalion 750,000 704,585 1,454,585 31,029 750,000 704,585 1,454,585 33,621 Donations 2,592 1,485,614 2,592 1,488,206 3 Income from charitable activitiOS UnrgStri¢tgd Restricted Funds Funds Endowment Funds Total 2025 2025 Tuition Income Accommodation and Lodging Income Rental Income Departmental Income Other Income 666,160 666,160 1,482,972 146,989 155,180 1,482,972 146,989 155,180 2,451,3DO 2,451,300 Unrestricted Restricted Funds Funds Endowment Funds Total 2024 2024 Tuition Income Accommodation and Lodging Income Rental Income Departmental Income Other Inwme 677,214 677,214 1,384,550 157,150 137,290 1,384,550 157,150 137,290 2,356,204 2,356,204 Page.. 18
Newbold College Notes to the Financial Statements For the year ended 31 December 2025 Details of Grant and Fee Income 2025 2024 Fee Income for taught awardslexclusive of VATI Fee Income for from non44ualifying courses lexclusive of VATI 662,380 3,780 636,996 40,218 Total Grant and f8 666,160 677,214 Income from Investments unstrICted Funds Restricted Endowment Funds Fund$ Total 2025 2025 Bank Interest 11,547 1,296 12,843 Unrostrictgd Funds Rastrictod Funds Endowment Funds Total 2024 2024 Bank Interest 11,721 1,362 13,083 Page.. 19
N•wbold Collègè Notes to the Flnanclal Statements For the year ended 31 December 2025 Expènditure On fki$in# fvnd$ Unrnslrktsd RéstrSct•d Fund¥ Funds Endowmont Funds Ttstrl 2025 UnrnBtrfct•d Funds Roslrktsd EndcwTr•nt Funds Fund¥ ToLI1 2024 AdVe1ThJ Re¢rJiirneni 24.655 24.655 30.083 30.OB3 24.655 24.655 30.(3 30.OB3 7 dite chanlabkacbvities A¢ademlc S•rYicqs PrOrtY Malntsnanc• Support Cost Toial 2025 A¢adml¢ Property Malntqnan Support C05t Totsi 2024 Salanes Sotsal S¢uJrily 1,8.593 2Zg,B45 222,932 63.967 1,744 1.899.593 229.845 222.932 63.%7 1.708.564 174,576 205.626 56.252 85.897 1,708,564 174,57 205,626 56,252 85,697 173.6B7 OlhEf PEreXpense r(MY costs Administra Exchawa los$ 156.61 156.6( 173.687 572.032 572.032 544.797 544.797 275,800 38.414 34,815 282,842 o[[ Departmental sc•¥$hIp expenses r8aatiDn 275,8fy) 52,379 52.379 38.414 34,815 285.682 285.682 282,842 2,W,4BD 498.9 3.926.099 827,539 484,36Z 3,581,130 Totsi 2024 Anatysis tytund. 2025 Unre5tnGtedfuThJ 3.697.395 125,923 102.781 126.705 EndDwmentfvnds 3.926.099 3.581.130 a O¢h¢rgxpendiwfg UnrggtrKtsd RJirictod Fund$ Fund$ Endowmnt Fund$ Totsl 2025 UnTBStrictsd Fund$ RqgtrKt4d Endo¥vmont Fund$ Fund$ Tvtsl 2024 Govem¢e wsts Isee wie ioi 50,372 50.372 48,245 48,245 pd¢*. 20
Newbold College Notes to the Financial Statements For the year ended 31 December 2025 9 Analysis of governance and support costs General Support Governance Total 2025 Total 2024 Board Expenditure Audit Exchange loss Bad debts Expenses Professional fees Interest Expense Other Administrative Expenses Office Supplies & IT expense Telephone and Postage Equipment Maintenance Scholarship Expenses 10,372 40,000 10,372 40,000 10,046 38,199 13,9881 139,169 6,137 15,290 49,190 7,639 249,288 36,180 13,9881 139,169 6,137 15,290 49,190 7,639 249,288 36,180 14,3701 150,560 6,441 20,849 19,844 8,672 247,343 34,815 498.905 50,372 549.277 532.399 10 Total Resources Expended Summary by expenditure type Staff Costs Other Costs Total 2025 Totsl 2024 Depreciation Charitable activities Costs of generating voluntary income 2,352,370 1,288,047 285,682 3,926,099 3,581,130 24.655 50,372 24,655 50,372 30.083 48,245 Governance costs 2,352,370 1,363,074 285,682 4,001,126 3,659,458 Summary by fund type Unrestricted Restricted Funds Funds Endowment Funds Total 2025 2025 Charitable activities Costs of generating voluntary income 3,697,395 125,923 102,781 3,926,099 24,655 50,372 24,855 50,372 Governance costs 3,772,422 125,923 102,781 4,001,126 Support costs have been allocated on the basis of staff ty'mings incurred. Page.. 21
Newbold College Notes to the Financial Statements For the year ended 31 December 2025 10 Total Resources Expended Icontinuedl Included within lolal expenditure". 2025 2024 Auditors, remuneration Depre¢ialion of tangible fixed assets 40,000 285,682 38.199 282,842 11 Analysis of c08ts Staff costs consist of.. 2025 2024 Salaries Social security costs Pension costs 1,899,593 229,845 222,932 2,352,370 1,708.564 174,576 205,626 2,088.766 Head of Provlder 01 Head of provider (Jan - May 20251 current Remuneialion Severance Pay Pension Other 2025 2024 26,125 10,454 5,692 60,696 11,395 2,025 74,116 42,271 Head of Provider salary divided by median Salary Head of provider total remuneration divided median remuneration 0.95 1.91 1.14 2.00 Head of Provlder 2 Head of provider (June- Dec 20251 Remuneialion Retirement Allowance 34,151 3,917 38,068 Head of Provider salary divided by median Salary Head of provider total remuneration divided median remuneration 1.13 1.26 The average number of employees during the year was 41 12024- 411. Employee trustees received emoluments during the year amounting to £80,338 12024 £72,091) The number of employees whose emoluments exceeded £60,000 was.. 2025 2024 £60,000-£69,999 £7D,000479.999 £80,000-£89,999 £90,000-£99,999 £100,0004109,999 During the year expenses relating to attendance al trustee meetings was paid to one trustee and amounted to £681 12024- £5361 Page." 22
Newbold College Notes to the Financial Statements For the year ended 31 December 2025 12 Short-term Investments: 2025 2024 Market value as at 1 January Interest re-invested 248,842 1248,8421 246,257 2,585 Market value at 31 December 248,842 Investments consist of the following". Bank term deposits in excess of three months 248,842 13 Tangible Fixed Assets Functional Land and Buildings Other Land and Buildings Fixtures and Equipment Total Cost At 31 December 2024 Additions 4,790,621 103,406 2,672,943 2,554,944 249,148 10,018,508 352,554 At 31 December 2025 4,894,027 2,672,943 2,804,092 10,371,062 Depreciation At 31 December 2024 Charge for the period 2,139,520 102,781 986,649 39,300 1,481,609 143,601 4,607,778 285,682 At 31 December 2025 2,242,301 1,025,949 1,625,210 4,893,460 Net Book Value At 31 December 2025 2.651,726 1,646,994 1,178,882 5,477,602 At 31 December 2024 2.651,101 1,686,294 1,073,335 5,410,730 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 Pro erties Land and Buildings held for the primary purpose of the charity, the Newbold College Campus, Lecture halls, Library, Adminislralive Buildings and Student Halls of Residence, are considered lo be effectively endowed assets Isee Basis of Title, belowl, and are shown al cost less attributable depreciation. Page.. 23
Newbold College Notes to the Financial Statements For the year ended 31 December 2025 13 Tangible Fixed Assets (Continued) Other Pro erties- Land and Buildings not held for the primary purpose of the charity bul held by the charity for its own general purposes land not for their investment potentiall, 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 IIVSCI and adopted by the Royal Inslilulion of Chartered Surveyors IRICSI in RICS Valuation- Professional Standards (Red Book, 8th Edition dated March 20121. This value was adopted al 01 January 2015 as the historical cost. in accordance with FRS 102 as modified by the Charities SORP. 8asls of Tltle Legal title to the land and buildings shown in the accounts is held by charib'es with compatible objectives, Worfd-wide Advent Missions Ltd (registered Charity Number 2109551 and Seventh-day Adventist Association Ltd (registered Charity Number 2097801. Tide is held in accordan with memoranda of understanding lagreemenll dated 7th March 2007 betteen Newbold College Ltd, and the parent bodies of the lille holders, the Trans-European Division of Sevenlh-Day Advenlisls, and the British Union Conference of Sevenlh-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 lo encumber, lease, or sell land and buildings, without the consent of the title holders, and their parent bodies. These bodies have from time lo lime granted consent lo the College lo lease or sell land and propety when il is considered in the best interest of the College's operations. If the operation of the College is temiinaled 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 tide do not carry the Land and Buildings al 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 Sevenlh-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 disdosed in note 13. The charge provides that, in the event that the Plan Is wound up and there is an associated deficit which is not otherwise met, the Plan Trustèes would have recourse to the secured properties in satisfaction of such liabilities. Al the reporting date, the Plan is in a surplus funding position on an ongoing basis. A project is currenlly underway lo secure members. benefits through a buy-out with an extemal insurer. Based on information available at the date of approval of this financial statements, the Trustees are not aware of any circumstantances that would give rise to a material call on the security provided by the College's properties. The propety in question has not been re-valued in these accounts bul is carried in accordance with the companies accounting policies al £2,651,726 representing c05t less attributsble depreciation. The pioperty was professionally valued by Chartered Surveyors Gerald Eve LLP on 11 March 2014 81 £11,300,000. Page." 24
Newbold College Notes to the Financial Statements For the year ended 31 December 2025 14 Debtors 2025 2024 Amounts due within one year: Trade debtors Amounts due from parent charity Amounts due from other related charities Amounts due from employee5 Prepaid expenses Other debtors 53,298 6,489,619 107,610 3,143 137,560 62,067 79,457 6,588,520 117,801 1,770 124,535 62,245 6,853,297 6,974,328 15 Creditors 2025 2024 Amounts falllng due wlthln one year.. Trade creditors Payments in advance by students Amounts due to parent charity Amounts due to other related entities Amounts due to employees Other tsxes and social se¢urily costs Accrued expenses and deferred income Other amounts payable Agency and trust funds 51,827 100,749 35,996 130,076 47,381 3,617 14,801 97,707 109,765 33,425 40,188 63,775 89,523 80,681 38,154 459,272 478,393 16 Provl$lon$ for Llabllltles 202S 2024 Moor Close Section 106 agreement Rates 695,905 695,500 89,815 695,905 785,315 Moor Close Section 106 A Section 106 agreement dated 14th August 2001 befvleen SevenllFday Advenlisl Association Ltd and Bracknell Forest Borough Council created a potential liability relating to the restoration and management of the Moor Close Grade 11 listed gardens. Ongoing discussions with the CoLJncil resulted in an agreement in principle lo cap the College's contribution towards the resloralion works at £700,000. Al the date of the approval of the 2025 financial slalements, the Council had signed the agreement reflecting this provision, with formal exeuction pending. The Trustee consider it probable that expenditure will be incurred and that the costs will approximate the agreed cap based on professional advi received. Accordingly, a provision of £695,905 has been recognised In the 2025 financial slalements. The remaining balance up lo the agreed cap will be provided for within the College's 2026 budget. The College is in the process of developing a detailed programme of works, with restoration expected to commence in summer 2026. Page." 25
Newbold College Notes to the Financial Statements For the year ended 31 December 2025 17 Funds analysi$ Balance at 1 January 2025 Balance at 31 D•comb8r 2025 Mov8mènt in Rèsourcas Incoming Outgoing Transfors Endowment funds Scholarship endowment funds Property endowment funds 129,674 2,651,101 129,674 2,651,726 1102,7811 103,406 Totsl endowment funds 2,780,775 1102,7811 103,406 2,781,400 R&stri¢ted funds Scholarship 870.948 396,639 1,145,984 2,464 100,000 107 138,1801 144,1951 145,5481 837,232 408,025 1,114,487 144,4191 13,944 other Restricted Fund5 Total restricted funds 2,413,570 102,571 1125,9231 130,4751 2,359,743 unstrICted funds Designated funds Property fvnds.. Land & building5 Plant & Equipment Other designated funds 1,686,294 1,073,335 300.903 139,3001 1143,6011 16,8711 1,646,994 1,178,882 270,190 249,148 136,8441 13,002 3,060,533 13,002 1189,7731 212,304 3,096,067 General funds General funds 3,651,926 3,945,958 13,582,649) 1285,2351 3,729,998 3,651,926 3,945,958 13,582,649) 1285,2351 3,729,998 Totsl unrestri¢ted funds 6,712.458 3.958,960 13,772,422) 172,9311 6.826,065 Total funds 11,906,803 4.061,531 14,001, 1261 11,967,208 Property endowment funds represent the functional properties of the charity, funded by sponsoring organisations Isee note 131 Page.. 26
Newbold College Notes to the Financial Statements For the year ended 31 December 2025 18 Analysis of net assets between funds Unrestricted funds 2025 Restricted funds 2025 Endowment funds 2025 Total funds 2025 Tangible fixed assets Current assets Creditors due within one year 2,825,876 5,155,366 1459,2721 2,651,726 129,674 5,477.602 7,644,783 1459,2721 2,359,743 Provision for liabilities 1695,9051 1695,9051 6,826,065 2,3S9,743 2,781,400 11,967,208 Unr9Strictgd funds 2024 Rostric19d funds 2024 Endowment funds 2024 Totsl funds 2024 Tangible fixed assets Current assets Creditors due within one year 2,759,629 5,216,537 1478,3931 2,651,101 129,674 5,410,730 7,759.781 1478,3931 2,413,570 Provision for liabilities 1785.315) 1785.3151 6,712,458 2,413,570 2,780,775 11.906.803 19 Pension Commitments From 1 sl January 2014, Contributions have been made under the Aulo-Enrolmenl Complian legislation by the employer lo a Defined Contribution plan invested wth the Legal and General Insurance company . The Charity contribution is restricted lo the contributions disclosed in note 11. 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 unreslricled 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 ils foreign domiciled employees. The company'5 liability in respect of the foreign pension schemes is limited lo 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 lo £13,49612024". £25,530). The Charity previously participated in a defined benefit pension scheme of the British Union Conference of Seventh Day Advenlisls. This scheme closed to service after 31 December 2013. Newbold College does not contribute to the recovery of the deficit for the plan bul some of its functional properties are held against it as disclosed in note 13. 20 Related Party Transactions Transactions with Governors 8re disclosed in Note 11. The following are transactions with the connected entities as describe in Notes 21 and 22. Genoral Conference British Union Conference Total 2025 Totsl 2024 Operating grants received Special grants received 718,831 850,000 718,831 850,000 750,000 704.585 Amounts due to charity < 1 year 6,489,619 66.373 6.555.992 6.588.520 Page.. 27
Newbold College Notes to the Financial Statements For the year ended 31 December 2025 21 Controlling Party The charity is controlled by the General Conference of Seventh-day Adventists, the Trans-European Division, 119 Sl Pelerfs Street, st Albans, Herts, AL1 3EY Isecrelary.. Robert Csizmadial, by virtue of its executive committee forming the majority of the company's membership. The General Conference of Sevenlh-day Adventists is a non-profit making organisation registered in the USA. 22 Other Connected Entities World-wide Advent Missions Ltd la registered charitable company), 119 St Pelerfs Street, St Albans, Herts, AL1 3EY, is the Iruslee corporation of the Trans-European Division, and holds title lo part of the land and buildings occupied by the change. British Union Conference of Seventh-day Adventists la registered charity), Slanborough Park, Garston Watford, herts, WD25 gJZ, appoints the majority of the trustees of the group pension scheme. Seventh-day Adventist Association Ltd la registered charity), Slanborough Park, Garslon Wafford, herts, WD25 gJZ,is the trustee corporation of the British Union Conference, and holds title lo part of the land and buildings occupied by the change. South England Conference of Seventh-day Advenlisls la registered charity), 25 St John's Road, Wattord, Herts, WD17 1 PZ, is the local Conferen of the Sevenlh-day Advenlisl churches in whose geographical area the college is situated. Page.. 28