REGISTERED COMPANI. NUhlBF.R: 06074349 (F.ngl&nd and REGISTERED CHARITY NUMBER: J122789 REPORT OF THE TRIISTEES AND FIP*ANCIAL STATEMENTS FOR THE ILAR ENDED 31 AUGUST 2023 FOR EIII1.4￿UEL THEOLOGICAL COLLEGE {A COIIIPANI" LIIIITED BI. GLTARANTEEI Fairhursi Stalutory .4llditor ChaTlered Accountants Douglas Bank" House 11-igan Lancashire WNI ITB Em￿lANUEL THEOLOGICAL COLLEGE CONTENTS OF THE FI).4)CIAL STATEIIIENTS for thc Y¢*r Ettd¢d 31 August 21123 V#ge Reference and AdmlDistratfve Detalls Report ofthe Trns¢tt5 Report of the Independent_4uditors 9 to 12 Statement of Flnanclal Aetliltks 13 Statement of Finsnclal PDSttio 14 Statement of Cash Flow$ 15 L¥otes to Ihe Siatement of C￿￿ FIOK ifj Notes to the Flnanclal Ststerllents 17 to 22 Em￿lANUEL THEOLOGICAL COLLEGE REFERENCE AND AD.Mlh'lSTRATII"E DETAILS for Iht l-e*r Ettded 31 A￿￿￿$t 21123 TRLSTEES The Rt Rtv M Davies (resigned 15110,'20221 Re￿"￿ ..l R Bro￿Tr Nlrs M A Cheullg The RLvd Dr A O ChiTnhoi Th¢ Revd D A Crnl'en Revd S S Gill Rei'd .4 Ham Dr A La￿rf)nYenQbj Thc Rcvd Canon Dr R Manll The Ri ReN Dr B A Nla50n Rtsd N J Nltkee Ire>igned 31ni?0231 ReK"d R L Penny%ian NlrN R Robso The Ri Rcv P J North Mr G Colvill¢ lapp)inted 15110120221 REGISTERED OFFICE 5500 Daresbury Park Daresbury a￿IngtO WA4 4GE REGISTERED COIIPANY NUMBER OfA)74349 (England and Wales) REGISTERED cHAR￿y r4u.%lBER 1122789 INDEPENDENT AUDITOILS Fairbl￿st Sututori. Auditor Chartereé A¢cowiranrs Douglas Bank Hoth Wigan Lane Wigan Lanc&shire WNI ?TB Page I EMMANUEL THEOLOGICAL COLLEGE (REGISTERED NUMBER: 06074349) REPORT OFTHE TRI'STEES for Iht l-e*r Ettded 31 A￿￿￿$t 21123 The Iru51e¢s who a￿ also directors of Ihe ¢haiity for the puwtK)5t5 of Compani&% Act "IM)6. present their report with th¢ financial statements of Ihe charity for the Year ended 3 1 August ?O?l The irusiees haN'e adopted iht proi"isions of Accountin? and Reporting by CharitlLb.' Staletncnl ot RLCOllUntnd*d PruLtiLL' appliLdblL tv Ch￿tiL￿ prL'i)arin¥ thLif ￿LCOUntS in llL'curd4u]ce with the Financial Reportinn Standard applicable in the UK and Republic of Ireland IFRS 10? l {effectiNe l JaDuarv 2019). OBJECTIVES AND .4(T￿lTIEs Objeetlves and alms Thc objcLts arc.. l. The adNaniement oftheological education areas of Chn"stian faitlL missiojj. practice and Thc prO￿ls1o￿S of ILMrning opportunitjis for mcn]bcrs of LhllrLh￿ and oihcr intcrcstcd pcrsons: The shaiing ot'theological resource5 M'lth and aThong IIKal churches. comniirees and other trdining pioviders. Th¢ preparation of persons for accredit￿￿ fomis of ministry- and The provi&ion of Opponunlli￿ for posi-grdduate smdy. 2. To advance theologyi¢al educatKhn gienerally. E￿￿anUel Theolo¥ical College diTns lo equip Ihe M'hole t*ople of GThl of the ￿h01t mi%sioii of Gd t(day The College 5eek% to be an educaiion r¢5vur¢e. pioviding OUTsianding coutse> and proErammes Cor la!. a￿j ordained ludetship in the Church of Engldnd. and also opportunilits for others from a rdnge of Christian trddiiions io acLeiS high qualities uNlergraduate and postgraduale study. There are a varieiy of differeni paihways ihrough the College curriculum for Licensed Lay MiDlStry candidates, ordinands. and independent Students. Th¢ College offers t¢tschin8 and superviiion at all levels of stud). frotn Certificate of Higher EduLalion to MA. Some students undenake docioral studies for which the Collegpe th.orks in partner%hip with a rang>e of K'alidaiingb Insiitutions. There are als significant opportunities for those waniing lo do ￿rther stlldv and exte￿[ iheir existing qualifications. Students rnay study OTr a full-iirne or part-time basLS. Page 2 EMMANUEL THEOLOGICAL COLLEGE (REGISTERED NUMBER: 06074349) REPORT OFTHE TRI'STEES for Iht l-e*r Ettded 31 A￿￿￿$t 21123 OWECTIVES AND ACTtVlTIES Achievement5 and Performante All dutlL4 und rL4puIisibilitlL% Ot- tht colk.gt to our ind objcciivts been undertdkLn. WL, havL tulfilled our commitrnent5 to the Unii'ersity of Durharn Cornrnon Awards and to ihe Mini5ty Council of the Church of Ennland. To cel¢brate its fJr¥t year of operation, al the sug¥estion of the Dean and insiead of a parry. the College devised aiid hobted an iniernaiional conleren¢e on Global Theologj ai Like[p￿1 C College L¢Lture foLused on wider themes in iheology, Church, and socieiY= Dr Jill Duft. IBisP.op of Lan¢asierl: Dr Anderson Jereiniah (Lancasier University. iiow Bishop of Edmontonl. Dr Roger Bretherton (Lincoln Unii'erfiityl. -Math'e Baroness Sherlock (Shado￿. Spokesperson for Education), Dr Aby Alexander (Chnsiian Institute ot'manrfigemenl). iinij Dr Deirdre Brow¢i Latz (Nazarene Theological College). As parl of its application for registraiion with the OtTILe for siUden￿ Ernnianutl Theoloqical College underwent its Qualjlv and Standard5 Review in January ?0?3. The process of re8151raiion is still ongoin. il'ith the transltion to Enunanuel'l-heological CtTrllege. the Nleinb¢rs rhargt th¢ DeJn CEO, The R¢￿'d Canon Dr fvlichael Leyden, to revitsli%e the w(Irk ot th¢ i11stitution. A 5trategFj Development Plan w'as drawn up by Dr Le)'den aNI approi'¢d bv the Board of Trnsi¢es in Januars, 2023. This focused on twelve stralcqiL objcLXlVCS to ￿ dclivcrcd ovcr a fivL-ykn¥ pcriod. There are Nelve Memkr bod]"es who appoilli the Board of Tn￿lee$ as follows.. The DBF of the Diocese ofchester The DBF tsf the Diocese of Cailisle The DBF of the Diocese of Li¥'erpLx)I The DBF of the Diocest of Manchester The DBF ol'the Diocest of Bldckburn Th¥ DBF of ihe Diocest of kndor and Man The Bishop of Carlisle The Bishop of Chesier The Bi%hop of Li￿.el￿o￿l The Bishop L)f Manchester The Bishop of Blackburn The Bishop of Sodor and Man Each member of the cotnpany ha5 a personal liability limited to £1 under their guardntee a5 company members in the tvenl of the coinpany being wound up. Recrultment *nd appollltmellt ocnew trn5¢ees ThL ILrni tru%lwL h&% ihL tnLulling %Ct uut ill %CLiiUll 177 of thl Chariiics ALr 2011, that 14. -thL t￿[%￿n.4 hal'ing tliL ¥cncrdl contrul and management of the administration of the charity regardless of w'hai ihey are called" In ihe case of a ¥han￿ble company, it is the director5 who are rhe charity trustees. Throu8houi thi5 reiM)rt the word"directorfs)" can also be read as "trusteels)" The Iruslees are aptN)inted as per the Articles of Associalioo and are rtceiving ongoing trdining. as appropriate. Some senior stafi havc job tiilL% IllLorpordiill¥ ihc tiiIL 'DirLLtorf bui thLy arc not dircctors olthc con]paThy for thL PUIPDSL% of Lonipany IdW_ Nonc of the tn15tees has beneficial interest I￿ the coThpaNy. The Chair of the Board is Rt Revd Philip North. and the Board nomially meets 4 iinies per year. The Bvaid uf TnJ%tLcs is tcspon%iblL for the ￿lS]￿n, sItatcg￿. dnd significanl polKics ot Em￿]￿U¢l TheolouiLa] Ct)Ilcge. Operational responsibiliry is devolved io Ihe tkan and Chiet" Execuiiie Ofticer &q per ili¢ relevani Schedule. As stated in its principal a¢iiNiiies, ETnmanuel Theological College provides the advaTbcement of theological education in areas of Christian faith Page 5 EMMANUEL THEOLOGICAL COLLEGE (REGISTERED NUMBER: 06074349) REPORT OFTHE TRI'STEES for Iht l-e*r Ettded 31 A￿￿￿$t 21123 STRUCTURE. GOVERNANCE AND MANAGEMEiwr Organisational strutture The day-to-dav overview of the (yeration of the COU￿ is in the hands of the P￿ncIpal. This includes.. AdvisingT on action needed to raise the income necessary to financeexpenditure Advising mernbers of the financial asp¢¢is of lis poli¢5' arKI on any other mailers Prcparation and managLment of thL approved anni￿1 budgct Investmeni powers oN'er Emnhanuel's, 0￿7) asse In 4ircnrdanre with Clau￿ I 1.1 of the Artirltr of AS￿la170￿. the Board Df Trust¢¢5 JlsTr e%tablishEd SU￿¢￿T￿T￿ltt¢¢s, the functions of iTrhieh are lisied below. All sub-commiitees assi>t ihe PriD¢ipal in carrying oui his duties aiid are requirtd lo report all aLts and procccdings io IhL B(pard as s￿n as is rLasoDAbly prdciical. Review and Renllinerntion SU￿0mmittee underrdkes ihe followin¥ tasks.. Review, the Detsn'b perfomianue agdinsr the job descriptioll and any perf0m￿rnet indicatoo including the details of die lasi annual perforniance plan. AgTee an annual perfonnance plan with the Deall for the forthcoming year. Arrdnge lor any on¥oinu trdining or siipport that the Ikan rnav need ro compltle dulles. Appvini a meinber of Ihe DRRS 10 conduci aTr ini¢Tim retriew of Ihe progr2*5 againsi the Dean's ￿rf0MlanCe plan in DeLember each vear. Sublliit a report io the Board of Truslees highlightin(t boih the succe55es of ihe previous year and outlining the key poinis in ihe annual perforn)a￿e plan. Rel'iew the Dean'.% reinunerdtion in aCLordance with the cunirdcl of emplol'ment, jub de￿riptIO0 and perfomiance plan and make recommendation> io the Board of Trllstees regarding anv increase abgv¢ thost already Lontsined ill the LiLhtield Sc&1¢ for th¢ forthcomin¥ Jear. Throubili the Cliair. keep infomial cortla¢¢ 4.iih the Dean a re&Tular basi& offeringF support and advice as necessary. Academic and Partnership5 Subcornmillee undertakes ihe following ia5k5= 'ork with the Dean, and w.he￿ appropriaie oiher mtmbers of statT. io monitor all aspe¢ts of the College's curriculutn. teaching arbd learning, and quality of PTOTrISiOn. Ensuie thai (he College's academic siraiegy meets ihe needs of the Nomh WesL Lncluding provision of pprvpiidtc %uppon for %tu(JLnt% from undLrriprLThcntuJ bX-kgr￿nd). (.'olliribuie 10 relei'ani seciions ofthe A¢tion Plan. Support work of the Academic W'orking Gr(XLP IAWGI where appn)priate Ensure that etY¢cliv¢ monitoring o1.51iidtnt eipenenct and lotmalirnal OP￿rtUnItIeS Is undertaken ieitrularly, and appropriate follow. up and response is llndenaken RLK'LLW thL rclLVdlli fLLdbdLk trom thc Jnnual studcnt sur%'cyN. Exercise appropriate 0￿"£r51ghI regarding the accurdc). of public inforniation reuarding the academic progrJmmes offered by the coll￿e. Advis¢ th¢ Dean re￿ardIng partnership& wheiher potential or actual. thai will advance the goa15 of tli¢ College. Bc rcsponsiblc for poliLie% thtsff, lo monitor all aspeas of th¢ College's rinanLial *tivilies and busin¢ss planning. LontributL to rLlcvgttt s¢¢tiotL% of th¢ Action Plan. and sttategi(a]ly review thc financial rcwuiL¢S available to the Lollege. Revieiv the relevant feedback frorn the annLLal student sur%eys. F.xerC1￿ Jppropnatt OTr"eFbighi regariliD¥ th¢ accuracy of publir infotmatlo￿ Ihe Fee% charged for arious pri)grammes and coU￿e5. Bc rcsponsiblc lor policies that impaLt studLllts cxpcriLmCC. making any rccomMCt￿alloDS for changc to thc 11 Boaid ol'Tru51ees, including but not lirnited to.. Review'ing Fees for each acadernic year Refijnd and Compen*arion Policy Relevant sections ofihe Tetms and Conditions Rele￿ant seLlions of the Student Protethion Plan Busiiiess Coniinuiiy Plart Related parties Th< WUS1¢¢5 acknowledge Ihai 10 ihe complexii) ofthe SUUCDJres ID whi¢h Enimanuel Theological College operates, a number of related party transaLlions may occur. A relaled party transaciioD is one where the Lharily has a rtlalionship with another party, which might inhibii li trorn pursuing its own interests. Any deLiSiOll by d Lharity to enter into a tran*action ought to be influences only by the considerdtion of the charity'% own inrerest%. This does not n¢¢essarilJ' mvdn thai all Trnsactions wilh relaied parlles are influened Ihe ¢onsiderallon of inier¢sts L)ther than the Lharity's. nor thdt they tsre liabl¢ to invalidtsiion. but ttat]sparency is important and therefore iuformation aboui such transactions ib necessary. The Ir*n4aLlion% and balanL'es with related partie4 are dL%Llthed in nute 14 to the finarLcial %tatements. Risk mxrt*gement The rrnstee5 hawe a duty to ideniity and review ihe risks to which the Chariry 15 extmised and to ensure appropriate controls aT¢ in place. In aithjiiion to the risk of fraud and error, the principal risks r¢laie io ihe numb¢r of student enrolments and the fvndin the Nlillislry Division of Archbishops, Coullcil and ￿er 5tM)nsorin8 IMNJies. ¥ provision for The Risk Regiiter is overseen by the Business and Finance su￿0mMi1*e on behalf of the Board. STATEMENT OF TRUSTEES. RESPONSIBILITIES The Irubtees {￿h0 are also the th'reLtors of Emmanuel Theologjcal College for ihe purposes of company lawl are rebponsible for preparingT the Report of the Trustees and financial slatemenis in accordance with applicable law and United Kin¥dom A¢￿U￿tIllg Sianilards ILlniiecl Kingdom Genet*lly Attepied Aecounijng Pratlite). Company law requires ihe m￿te¢S io prepare tinan¢ial ststemenis for e4¢h linwKial year which a mie and fair view ot the stale of affairs of the charitable company and of tht incoming reiouries and applicaiion of re50urce5. Including the income and C%￿ndItUrE, tht rhantahle cornpany lorthal In pre￿rIng those financial slatements. the trustee% Itquirtd to sclcct siiitablL aLLouniing policics and then apply ihcm consisicntly: observe ihe wnethods and PTinciple5 in the Charitv SORP: make judgeinents aTKI esiimaieb ihai are reasonable and pn￿en1- prepdre the financial %latemenLs on the goin¥i cotKem b&sis unless li i.s inappropriate to presunie that the charitable company will C[￿tinUe in business. Page 7 EMMANUEL THEOLOGICAL COLLEGE (REGISTERED NUMBER: 06074349) REPORT OFTHE TRI'STEES for Iht l-e*r Ettded 31 A￿￿￿$t 21123 STATEMENT OF TRUSTEES. RESPONSIBILITIES- fDntinved The tru4tet% arL [Lspo￿ib]e for kL'Lpin¥ proper UCLounting records ￿"hi-h diiclo%e with rLa￿on￿bIQ aCLurucv at any timt the finJnLial positio￿ of the chantable company and io tnable thern lo ensure that the financial 5talem¢Dt5 complv with the Companies Act ?006. They are also resp)nsible for ￿feg￿rdIng the of the charirable CoM￿nY and henle f()r taking reasonable steps for the pr¢Trention and dete¢tion of traud and other irregulariiie>. In so far as the Irustccs arc aw4WC'. there is ￿levan[ audit infonnation of which th¢ chariiable compan) s aUdIt￿S are unaware,. and the tru%tee% hav¢ taken all step% Ihat Ih¢y oughi to haTre iak¢n to rnake Ihem%eli"&% aware of any relevilnt audit inlorrn41ion and to establish that the audiiors are aware of thai infomiation. AUDITORS The audito￿, FairhursL will be proposed for ￿-appOin￿ne￿¢ ￿ ihe forthcoming A]￿Ual General Meeiing. Approved by order of the board of trnslees on 31 May !024 and signed on ils behalf by= The Rl Rev P J North- Tnjstet Page 8 REPORT OF THF. IYDF.PF.NDF.NT .4LTDITOILS TO THF. MEMBERS OF EMII.4JITEL THEOLOGIC.4L COLLEGE Opinlon 'e hai'e audited th¢ financial sthiemenis of Ernmanuel TheokTrgical College (the 'charithbl¢ company'l for the year ended I l August 2021 which CO￿priSe the Starement of Financial Acti*itie5. Ihe Stalement ol Financial Position. tht Siatefflent of Cash Flows and notes lo the financial 51alETnent5. Including a SUTnrnat)' ot'si¥niticanl accountin¥ polirit5. ThE tinancial reporting fratnework that hLs been applied in Iheir prtparation Is applicable law and United Kingdom Accounting Siandards (Uniied Kingdom Generallv Accepted ALL'UUtitin¥ PrnctlLe}. In our opinion the financial statements.. brive a trne and fair wi¢w of the state of the charithble coMpan￿S affairs as at 31 August 2023 and of lis incomin&Tr resour¢e¥ and awlicaiion olresources. including ils ineome and expenditure. lor ihe )ear then ended: haN'c bceii w0￿rIY prcpatLd in aCCon]a￿¢l. ￿'1th Lt]itcd Kirgdom Gtherall) A￿cepted ALcountin¥ PraLtILC.' and have been prepared in ac¢ordan¢e with Ihe requirejnents of the Conipanies Aci ?IXK). B#$is for opiNion conducicd OUT audii in accordance wilh Initmaiional Sthndards on Auéiiing IUKI IISAS {UKI) and applicable law. Our rL5ponsibiliiics llndcr thosc stalld￿ds arc furthcr dL%Lribcd ill thc .4udiiors' rcsw)nsibiliii£s for thc audii ot- tlie financial statcnictits section ot our report. We are independent ot'the charitable company in accordance ￿1th the eihical requireThents that aTe releNani to our audit of ihe financial s¢atemenis in the Uk. including ihe FRC'S Ethical Stsndard. and h*N'e fulfilled our oiher etliiial re%pon%ibilitiei in accordanee wilh these reqlliremeJ)t%. We believe that Ihe audit evidence we have obidined is liutTJcienl and appropriale to PTovide a basis for our opinion. Conclusions relating to going Concer In auditing the fjnancial stattments, we ha￿'t eoncluded tlkit the trustees, use of the going coJJcem basis of accounting in tlie prepardtion ot'the linancial stateTnents' Ib appropriat Based on tht work wt has'e perfomtd, have not ideniified an). maierjal uncenainiies relating lo ei'tnls or CDndilions ihal, iiidividually OT collectively, rnay ￿ast 5igniricanl doubt on the charitable companTr's abilit) to continue a5 a going concern tor a Friod of ai leasi iwelve months from when ihe flnancial suiemenis are auihorised for issue. Our responsibiliiies and the responsibiliries of ihe trusiees with respea w going ¥on¢ern are des¢ribed in the relevant sections of this report. Other information ie trustees are re%tH)nsible for the other Jnformation. The other Inf.JTrn3tion cotnpri4es the infotrnatiun illL.luded Jn the Annual Report. oiher than ihe financial 51attments and oui Re￿rt of the ItKiependenr Audilois Iheieon. Our opinion on the financial statemerbts doe5 Ttor cover ihe other infortnation arKL except to tlie exteni otherwise explicitly stated in our report, we do nor express any (omi tsf &%sutance conclusith IheThll. In conne¢tion wilh our audit of the financial sraiem¢nts. our reswnsibiliry is lo read the other infomiarion an¢ in doing $0, consider wh¢ther the oiher infotmation is materiall) incoiisisteiit with the financial siaternenl￿ or our knowledge obtained ill rhe audit or otherw15¢ app¢ar5 to be Tnaltrially mikstattd. It'￿¢ Identifv such tnatenal Inconfisltncies or apparent Tnalerial rni551aleTnent5. are required lo dettrmint whether this gives rist to a maierial Jnissiaiemeni in tht financial siatemenis themselvts. If, based on ihe work WL hdVL PLrfonnLd, LunLludL that tbcrc i% a matLfidl mi*ststLmcTht of thiK other inforniaiion, WL arL rcquircd to rLIM)rt that faLt. We hai'e nothing to ￿pOrt in this regard. Opinions on other m&tt¢rs pr¢s¢ribed bv the Companies Act 21)116 In i)Iir opinion. baged Ihe ￿'0[k iinclertALen In rhe tourse of the xiidii-. thL infor￿￿tion given in the RLport ol. Ihc Tru5te¢s fur thc finanLial year for which thc titi¢UICliil statcmcnts prtpaicd 1% ¢￿S131e￿I with rhe financial staiemenis: and the Rewrt of Ihe Trustees been PTtpared in aciordance with applicable legal requi￿￿entS. Page 9 REPORT OF THF. IYDF.PF.NDF.NT .4LTDITOILS TO THF. MEMBERS OF EMII.4JITEL THEOLOGIC.4L COLLEGE Matter5 on which we are required to ￿e￿rt b). ex¢eptioTh In the lighi of th¢ knowledge and und￿StandIn¥ of ibe charitable cornpany and its enviwtunent obtained in tbe coutse of the audit. we have not Identified tnattiial mi551attments In the Rtport ol'ihe Ttusl¢¢s. We havt nuthin¥ tu rL'P)rt in iespcct of tht followillg matters where tht Cowits ALt ?(MJ6 rcquiie% us to report to you if, in our opinion.. adequate accounting records have noi been kept Ix reiurns adequa￿ for our awlii haye not been reLeiYed from branches not visited by u%; or the financial siaiemenls are not in agreemeni with the accouniing ￿￿0[d$ and ryiums: or ccrtain disLIosurcs ot trustecs, ILmurLcration spcci=ied b) law atL' not inadc- or we have not received 811 ihe inlorn)aiion and explanations we require tor ouraudii. or the trusiees were not entitled to lake ad￿antage of the small companies extmption from Ihe requirement to prepart a Strate¥ic Report or ID prepaTin¥ the Report of the TFusI¢&*. Responsihilities of tru5ttts A5 e¥plained more tull) in the Statetnenl of TTusiees' Responsibilities. Ihe tTUStees (who are also the diTectors of the chaTitable Compans for the purposes of cornpanv lawl are reS￿nsIble for ihe preporaiion of the financial siatements and for being satisfied thai they give a tNe dnd fdir view, and for quch internal control *L4 the 1rn8tees (kierinine nec&kwy to enable the preparation ot rinarKial slateinenls thal are free from materjal tnisslaleTnenl, whether due lo fraud or error. In preparing ihe financial statements. the ttUs1e￿ are res￿nSible for assessing charitsble ¢omt)any's abilitv 10 coniinue as a going coticern, disclosing. ab applicable, n]atttrs related io going concern and using the going concern basis of accouiiting unless the trustees either intend to liquiddt¢ the charitsble company or to ceabe 0￿rationS. or have no reali51ic alternative but to do %0. Page 10 REPORT OF THF. IYDF.PF.NDF.NT .4LTDITOILS TO THF. MEMBERS OF EMII.4JITEL THEOLOGIC.4L COLLEGE Our responsibilities for the 4udit of the financial statements Our objectives are lo obtain reasollable assurance about whether the financial staiements a5 a wholt are free from material m15slaterTrent, wheihti du¢ to Iraud or ¢rror. and to 155ue a R￿￿rt ol'the Ind¢FKr.dtnt AudiloT5 ihat include5 oul opinion. R¢a50nable assurance is a high level of assiirance. blll is noi a guaranite Ibai an audii conducted in accordance with ISAS (LTKI will always delecl tndtLridl mi%stJtetntnt ￿'he￿ it exi%t&. can frvm f￿￿d or ttror and ure LUILsidLied ￿￿tlri&l if, individiiully OT in the aggregaie, they could Trasonably be elpecled to inlluence the econornic decisions of u5eis taken on the basis of these financial statements. The exieni io which our procedures ary caEMble old￿tt[l￿g trregularities. including fraud is detailed ￿lOW= Based on our understhnding ot'the ¢hariry and the sector in which li operates. we identified that the rprin¢ipal risks ot-non-¢ompliance with laws and regulations relaled to. but were noi li]nited to. The Companies .4a 7(￿, UK Tax, emplo)'meDt, pensioJ] and health & %411etv regrulatinn% and coD.%id¢r¢d the ¢)tenl t(Tr M'hirh llDll-complianre rni¥ht hawe a wnaltrial etlect on the linancial %taleinents. We also Coiisidered ihose laws and reglllaiions thai have a direci impa¥l on ihe prepararion of the financial staiemenis, such as the Companics ALI 2006 and Charitics Act. We evaluated inanagement's in¢entii'es and op[￿￿￿]17es for fraudulent manipulaiion of ihe financial siatements (including the ribk of override of controls) dnd detemiined thai the principal risks. were related io mana¥enient in accountin8 e%1iindie% dnd judgement%. Our procedures to reSp￿d to risks identified inL]ud￿l the following= To identify risks of material Misstatement due to fraud I'fraud nsks") we assessed ei'ents or conditionE that could indicate an incentiye 01 PTt55ure to commit traud or provide an OPPDrtunity to coffljnit Iraud Our ribk a&sessment procedure% included.. rtviewinq the financial slatttntnt disLlosurts alld performing itsts on supp)rting d￿Umentation ti) asses9 compliance with the proTh'isions ot-releTrani laN"s and regulaiions described a5 hal'in￿ a direct effect oil the finaiKial statements: enqlliring of nianagemeni about ￿tUal and potential litigation and elaim%: their wliLies and proLedures to preveni and detect fraud as w'ell as whether the&. have knO￿ledge of ani ac)'I, suspeci¢d or alleged fraud., perfomiing anthlytiial proidures to identify any unusual or Unex￿lled relationships thai niay indicate riskb. ot'material nilssia￿Ment due to fraud: reading Jniiilltes of meetings of those charged with governance. atMI Jn *ddre&sin¥ the Ilsk uf fydud thiouyh mand¥eJtient uve￿Ide uf control% te!till4 the appropriatenes% of journal enlne5; asses5Lng whether Iht accounting esiirnale& judgemen15 and d￿]SIOnS made by managernent indieative of a poteniial bias- and evaluating the business rdiionale of any significant transaLtions that are unusual or outside the nonmal course ol business. Wc ¢il%u LLIITlmlllllLdtcd rLILvJni idcniilicd law% and Irgula¢iun% and PVl¥nliiil fraud risks IE) dll LngauLrncrLt tLain mcmbLI% remained alert io any indicaiions of frdud ￿ non-compliance wilh laws and regulations ihroughout the audit. There art Inherent limitatl0ll5 In our audit pro¢edur¢s deKnbed ab)¥e. Thr more remoNtd tho*e laws regulaiions are from flnancial tr￿n￿c[lons. Iht less likely it is that we would Etcojne a￿.are of n0n-c0mplia￿e. Auditing standards also limit the audii i)roLLdurL% fLquifL4J to MILtitify llL)n-Lomp1i￿LL with law% rcgulaiions lu cnquiry, of thL dirLLior% at)d othLr mdnagctnLni at]d ihc inspections of regulatory and lenal corTe5pondence. If an%. Material rnJ551atewnents that arise due lo fiaud can be hardeT to detect tha those that arise fwm em)r as the). may involve delli￿rate con¢ealmeni or collusion. A fijrther destripiion of thur regpongibililies for ihe aijdjt of The fin2ncial #iaiert*Thig i# lotaied on Ihe FinaAtial RepL)rting Coiintil'g wcb%itC dt wWw,frc.vi¥.uWauditurs￿w}D￿ib]I1lICs. This dcKriirtion fLTrr]n% twt of oui Re￿rt of thc IndcpcudLtIt Auditskrs. Page 11 REPORT OF THF. IYDF.PF.NDF.NT .4LTDITOILS TO THF. MEMBERS OF EMII.4JITEL THEOLOGIC.4L COLLEGE Use of our report This repon is made bolely to the charitable cornpanl5 mernbers. as a tMKly. aicordanc£ with Chapter ! of Part 16 of the Compwnieg Act ?Q06. Our audil work has been undtrtaktn 50 thal ￿.¢ Tnighi stale lo ihe thaiilable cotnpany's Tnetnb¢t5 tliose ￿atterS ￿.¢ are required lo state to them in an auditors. rep)rt and for no oth- purpose. To the ￿lIes1 exitnt pem)itted bv law, we do not accept or sutne responsibility to unyvne other th￿ the ch￿it￿ble Co￿P￿￿Y the chJnt*thle compdny's mctnbers body, for uudit WOTk, for this Teport, or for the opinions wt hai'e foTtNed. Jane Dennis BAIHons} FCA (Sellior Statutory Audiior} ftpr and on behalf of Fairhur￿l Stdtutoiy Audilor C'l)art¢red Accouniants Dougl￿ Bank Housc WI￿￿￿ Lane Wigan Ldncd%hire WNI ?TB 31 May 2024 Page 12 Em￿lANUEL THEOLOGICAL COLLEGE gTATEfvIENT OF FI.*￿￿c1AL.4cTI￿ITIEs (INCORPORATI)G AY IYCOhlE AND EIPE)DITLIRE ACCOUNTI for the l'ear Ended.11 August ?02.1 2n23 rotal 2022 Total Unrestricied funds Restricted fund Noles INC.o￿lE AND ENDOII'MENTS FROi¥I C.hgritgble artivitie5 Educ¥iion and training ftsr Ministry 959.944 959,944 924.894 Inve81meni income Total 6.721 966 6(?5 92( 03 EXPENDITLTRE ON Charitable activitie5 EduLatiun and training lor Ministry 1.078 701 1.07% 701 37 NET IP4COMElffXPENDITURE) {112.n361 1112,0361 1193,834 RECONCILIATION OF FUNDS Toial lunds brought fonvard 160.43.1 160,413 754267 TOTAL FUNDS CARRIED FORII'ARD 160.433 CONTINUING OPEIL4TIOP*S All illLuillL and cxpLndiiiirc JrisLn from continuiTh¥ activitic%. The notes lorni part of these fuk￿claI siatements Page 13 EMMANUEL THEOLOGICAL COLLEGE (REGISTERED NUMBER: 06074349) STATEMENT OF FLNA.%CIAL POSITION 31 All￿￿5t 2&23 20?3 Total Thds 202? Tot31 fun Unteslii¢led funds Re5tTiCted fi￿d Nvtes CURRENT ASSETS Debtors Ca%h at bank and in hand 76.31 168.179 76,306 318 179 394,485 70.898 358 71() 429,614 140.(MX) CREDITORS Amounts falling due within one year 10 (196.0881 1196.0881 (269.181} NET CURRENT ASSETS 48.397 140.IMM) 198.397 160.433 TOTAL ASSETS LESS CURRELYT LIABILITIES 48.397 I $0.(K)O 198,397 160.433 ACCRUALS AND DEFERRED INCOME (150.(XM)) 1150.0001 NET ASSETS FUNDS Unrestri¢ied funds TOTAL FUNDS 160.433 13 4%..197 160.4.33 1604)3 TilL%￿ fjndncidl %tiItLm￿t4 havL bcL'n prL'parLxI iii aLLordanLc wilh thL pruvisions JppliLublc to LTrwitablc companias NubjLct to thc sinall companies regime. The financial sthiemenr> were arn)roved by the Board of TMiees and authorised for issue on 31 May 2024 and were signed on its bchalf by.. The Ri Rev P J Nonh - Trustee The notes lorni part of these fuk￿claI siatements Page 14 Em￿lANUEL THEOLOGICAL COLLEGE STATEIIIENT OF CASH FLOIIS for Iht l-e*r Ettded 31 A￿￿￿$t 21123 2023 2022 No C*$h flovis from operating *¢tiviti¢s Cash generated froni operations Net cash used in operating activities 47.2£8 237.7031 2_17 7U31 Casb tlows frorn inTresting aetivities Intere*t reLeiNed Ner cash provided by invesiing a preparing their *¢counis in a¥cordan¢e w'ith the Finan¢i*l Reporting Stsndard appli¢Jble in the UK and Republic of Ireland IFRS 102) letTeciive l Januarv ?019I'. Financial Reporting Standard 102 The Financial Reptsriing Siandaid appliiable in Ibe UK and Republic ol Ireland, and the c.ompanies A¢t 2006. The financial siaiemenis havL IKcn prlP￿Ld under thc histOriLal cosi LonventLOn. Incojne All Income 1.4 rec(Ign15ed in tht Staletntnt of Financial Ac¢ii'itie5 once the charity enti¢lernEnt to ihe funds, it 15 probable that ihe incom¢ will be re£el￿'¢d and Ihe amouni can be Measur￿ reliably. Expenditure Liabililies are recognised as expeThJiiure as swn as there is a legal or constsuctive obligation commiiting the charity to thai expenditure. il 1% probable that a transfer of economic benefits will be required in settlemenl and the amount of the obligation can be Tneasured reliably. Expenditure is xcounied for on an accruals ba51s and has been classified under heading5 that agoregute all Lost ieldted tts the care8Ot%'. Where costs Lannot be directly attribllted to particul￿ ￿ddIngS they have been allocated io actI￿ltIeS on a basis consi£ieni with ihe use of resowces. Allocation #lld apportlonThe￿¢ vf ¢05t5 Wh¥r¢v¢r po55ibl¢. each iiern of exp¢ndiiure is allocaied TO eithei Ch￿Ilable a¢iiNiiies 01 governance COSTS, according 10 the funLlion It ptrtairts tD. The CO51 of Lharitable aLliYiiits includes SUPPOrt costs, w.hich are those CDSls noi Lonstilutin4 part of the output of a charitable activity but M'hich are nece￿r¥ for its deliveT)'. The rnain iteTns allocated to support Costs are the emploiTheni of adminisiraiive sthff iogeiher wilh the Eunning costs olihe Chariiy's olfices. Goveman¢e costs are ¢osrs asswiated with ihe goveman¢e arrdngements of ihe charity and include the preparation of the financial staiemEnt and their review. legal advice for the trustets and the of holding irusiees meetings. Whenever a cost cannoi be directly allocated lo any of the abovt, an ap￿rtIonMent is made on a just and reasonable basis. Taxatio As a re£isiered charity. the company is eKempt from income and ¢orwrntion tax to the extent that its incom¢ and gains are applicable to charitable puTroses only. The charily is not able to rewver Value Added fax and iherefore all expendiiure in ihe accounis is recorded inclusive of VAT. Fund accountimg Dt51cynated funds comprise tunds ￿.hICh have been set aside ai the d-.scretion of the tnstees for spe¢ifi¢ purposes. The PUry)DSeS and uses of the designated funds are sti oul in the noi5 202330 Page 18 continued... Em￿lANUEL THEOLOGICAL COLLEGE r4oTES TO THE FI￿..4.￿ciAL STATEMENTS- Co￿1&nUed for Iht l-e*r Ettded 31 A￿￿￿$t 21123 NET I_YCOMEIIEXPENDITLRE) Net incomel(expendimrel is stated after chargin￿(credItIng)= 2023 2022 Other gp¢rating leas TRUSTEES, REMUNERATION AND BENEFITS No Trusltes reL£ived remunerdtion for serviLes as trusiees. However. travel and ass(xialed txpensts lolalling £2,1521*(K)2.. none) were paid during the y&gr. The Rtvd Canon MiLha¢l Leyden waN paid lor his role Prinlipal OF the College. Hi* pJckagv Tnad¢ up of salaryy housillg allowance. book allowani¢ and retr¢ai allowan¢¢ and his taxobl¢ salary ￿'aS £47,179 12022 - £32,-3.101. Pension conrribulionb paid on his behalf ivere made undeT a non-contributory Sc￿Me. as detailed in tltste 15. amounied to £7,147 (2O22- £4.8981. Truste￿, ¢xp¢ms 2023 2022 Trustees, expenses STAFF COSTS 2023 2022 WagTts and 5alarie5 Social securit}. cosis Oiher Pension Losts 529.89S 41.227 506.970 48,419 99.857 655 246 61.138) The a¥'erage monihly number of ernployees during ihe year was as follows.. 2023 13 2022 13 Academic AdmiLi%traiion No employees received emoluments in exce￿ of £60,¢)(M). Page 19 continued... Em￿lANUEL THEOLOGICAL COLLEGE r4oTES TO THE FI￿..4.￿ciAL STATEMENTS- Co￿1&nUed for Iht l-e*r Ettded 31 A￿￿￿$t 21123 DEBTORS: AMOUNTS FALLING DUE W'ITHIN ONE YEAR 2(123 2n22 TiJdL debtuT% Other debtors Prepayments and accmed income 13,612 4.578 58,116 18,797 CREDITORS: Ai¥IOUryTS FALLING DUE WITHIN ONE YEAR 2023 2022 Bank loans artd overdrafts (see note I l) Oiher loans (set note I I I Social *Lurity and other taxes OtlLer creditor5 AL¢rued expenses 105,000 60.000 1,9X5 13.844 105,(KK 60.(K)O 12,9XO 86.541 4.660 269 ISI 196088 LOANS An analysis of ihc maturity of 15 ¥ivLn bclow.. 2023 2022 Arnoiinls fallin8 due within one year on denwJd= 105,0 105.(WJO Lo&ns from cOnn￿ted ¢hariti¢s All of the above loans are interesi-free and secured and aTe repayable in full by Jlst August 2024. J2. ACCRUALS AND DEFERRED If4cofviE 2ts23 2022 Accruals and d£Fe￿¢d incorne Page 20 continued... Em￿lANUEL THEOLOGICAL COLLEGE r4oTES TO THE FI￿..4.￿ciAL STATEMENTS- Co￿1&nUed for Iht l-e*r Ettded 31 A￿￿￿$t 21123 13. MOVEi¥IENT IN FUTrIDS Net movement in ￿ndS. At 31181?3 At i.t9122 Unrestrlcted funds Oiherchariiable tund$ 160.433 (112,0361 48,397 'I'U'I'AL b'UNDS 16(1433 12 1)361 Net movement in tund%, included in the aboi'e are as tollows= Incoming r¢50ur¢es Resources ex Mowement in funi Unrestricted fund5 Othercharitable funds 966,665 {1,078.7011 1112,0361 TOTAL FUNDS Comparntives lor mDvement in funds Nei movcnicnt At 311812? At 119121 Unrestrlcted funds Oihercharitable funds tk'signated tund 354267 (181,0331 173,234 12 8011 160 4.13 -154.:67 354.267 193.8341 193.N341 TOTAL FUNDS Comparatiwc nLI movLmcnt in funds, includcd in thc aknwc arc as follows.. Incoming re%ource5 Resources expeixled Moveinent Unrestricted funds Oiher¢haritable tunds Designated ￿nd 926.503 {1.107.4361 112.8011 l.1?0.3371 1)0 3171 1181.0331 12 8011 191 8341 193 8341 926.£03 926 503 TOTAL FUNDS Page21 continued... Em￿lANUEL THEOLOGICAL COLLEGE r4oTES TO THE FI￿..4.￿ciAL STATEMENTS- Co￿1&nUed for Iht l-e*r Ettded 31 A￿￿￿$t 21123 14. RELATED PARTY DISCLOSURES Loans froin related paty organisation5 are as follows 2023 2022 The Dioce%e of Blackburn The Diocese olcarlisle Thc Dioccse of ChcstLI The Diocese of Liverpwl The Diocese of Nlanchesler The Dioce￿ of Sodor & Nlan Ith,(MM) 10,(MK) i0.0(K) 10.(KM) iO,LKK) IQ.(KM) 10,000 10.000 iu,uoo 10,000 10,000 15. EMPLOITE BENEFIT OBLIG.4TIONS Penslon Bullder Seheme The Pension Builder Scheme of the Church Workers Pension Fund 15 Thade up of two sechon% Pension Builder Classic and Pension Builder 2014. b(rth of which are Ll&8sed as defthed bentfii schetDes. Pension Bllilder Classic provides a pension for members for pavment froin retirement, accumulated from contributions paid and coni'erted into a defeTred anTruity' ernployTlltni ba￿ed on leTM￿ set and ieviewed by the c.hurch of England Pensions Board from lime 10 lime. Ilonuses ma). also be d¢rlar¢d. depending upon ihe invesmeTri reiums and ￿￿tr la¢tois. Pen5ioll Builder 2014 is a cash balance sche¥ne that provide5 a lurnp sum that tnernber5 use lo provide benefits at retlTement. Pension coniribuiions are recorded in an a¥couni for each member. This aicouni may hai'e bonuses added by (he Board beture retirement The bonuses depend oji inwe.%iJneni experienkne and other fdLtori. There IE no requireinent tor the Board t grani any bonuses. The accouni. plus any bonl￿e5 de¢laT¢d. is ￿Vable from members, Nornial Pension Age. The￿ is no sub-division ot'awis be1￿Ceth employers In se¢iion of the Pension Builder Scheme. The .￿Lhe￿e Js Lon%idered tu be a miilti-etnpluver %ch¢me as de￿ribed in SeLtion 28 of FRS 102. TiIi.4 is becau*e it ]% not Possible to attribute the Pension Buildei SchtIn¢'5 as5et5 and liabilities lo specific efflplo}e15 and that coAtributions are ac¢ounted for as if the Scheme were a defined ¥ontyibuiion s¢heme_ Chureh of Engialld FU￿jed Pellsloll setse￿e {CEFPS) Emmanu¢l Theological College parnicipates in the Chwch of England Funded Pensions S¢heme for stipendiary clergy. This schenK 15 administered by the Church of England Petlsions Board. which holds the assets of the schemes stpardtely from thos¢ of thE Rt5PQn51blt Bodi&s. EdLh paniLIP41ting RL%ponsiblc B(Mly in ihc sehLnic contributioJJs at a common contribution rdtc appliLd tu pLnsionablc stipends. The scheme is considered to Ee a mulri-employer scheme a4 de.ficri￿d in Section 28 of FRS 102. This mean8 it is iiot ￿SSible Its %1lribiiie the Sthe.me'g asseig and liabiliiie$ 10 gpetilit Re*wnsible Body, and this mexng troniribiiiithTrs are atcoiinied fthr ag it the Schernc weie a dcfJnLd Lontributivn Sche￿. The pensions costs chaig¢d to ihe SOFA in th¢ year in [e%t￿t of the alKJv¢ ￿he￿¢1 wer¢ £42,2(AI12022.. £99,857). Page 22 This document was delivered using electronic communications and authenticated in accordance with the registrar's rules relating to electronic forni, authentication and manner of delivery under section 1072 of the Companies Act 2006.