OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-08-31-accounts

Company No. 1990308 Annual Report & Consolidated Financial Statements For the year ended 31 August 2022 CWR Contents Directors, report for the year ending 31 August 2022 Indepcndcnt auditor's report to the mcmbcrs of CWR Consolidated statement of financial activities 13 18 Consolidated and charity balance sheets Consolidated statement of cash flows 19 23 Notes to the consolidated financial statements For the year ended 31 August 2022 24

CWR Year ended 31 August 2022 REFERENCE AND ADMINISTRATIVE INFORMATION Charity name CWR Charity registration number 294387 Company reglstratlon number 1990308 Registered Office Waverley Abbey House Waverley Lane Farnham Surrey GU9 8EP UK Directors and Trustees Stephen P. Apted (retired 28 April 20221 Andrea Barker (resigned 9 September 20221 Kenneth Costa Ichairl (appointed 8 August 20221 Peter Greig lappointed 8 August 20221 Simon Hickman Derek Holbird Iresigned 8 September 20221 Christopher Kuchanny (appointed 8 August 20221 Emma Laporte (appointed 3 March 20221 Iresigned 8 September 20221 Karen Murray lappointed 28 lune 20221 Robert Peet (Vice-chairl (Chair to 7 August 20221 Fergal Roche Jani Rubery Chief Executive David Wesson Ifrom 01 january 20231 Mark Markiewicz (to 31 December 20221 Bankers Barclays Bank plc Farnham Branch 22 The Borough Farnham Surrey GU9 7NH Independent Auditors Kreston Reeves LLP 9 Donnington Park 85 Birdham Road Chichester West Sussex P020 7AJ Solicitors Moore Barlow LLP The Oriel Sydenham Road Guildford GUI 35R

CWR Year ended 31 August 2022 Director Report The Directors, who are the Trustees of the Charity, have pleasure in presenting their report and the consolidated financial statements for the year ended 31 August 2022. Pur ose and Aim The Charity's purpose is to benefit the public through the advancement of the Christian faith and education worldwide, bringing about lasting change for good in people's lives through producing Christian resources and offering training programmes. The Charity's trustees have complied with the duty in section 17 of the Charities Act 2011 to have due regard to Public Benefit guidance published by the Charity Commission. All communication and public facing documents feature Waverley Abbey Trust as a trading name of CWR. The Charity has also adopted trading names to support the provision of education and distribution of resources, through Waverley Abbey College and Waverley Abbey Resources respectively. All disclaimers on written material state Waverley Abbey Trust is an operating name of CWR. Our focus Bible reading and prayer are both the heart and the foundation that CWR builds all its work on. CWR encourages personal prayer, the restoration and revival of relationships with God and each other and seeks to bring about lasting change for good in the lives of individuals and communities. CWR achieves this through the provision of Christian resources, daily Bible reading notes, as well as through our education proEramme of teaching, learning and training in Christian Counselling, Leadership, Chaplaincy, and Spiritual Formation. During the period, CWR and 24-7 Prayer formalised a partnership under the Waverley Abbey Trust name. Both organisations share a vision of reviving the church, rewiring the culture and enabling people to be in relationship with Jesus every day, making an eternal impact. Through the partnership, the site of the Waverley Abbey will be refreshed as a vibrant home of encounter, prayer and worship. Plans will also see a Christian university that bLJilds on the success of Waverley Abbey college, a centre of enterprise for ethical businesses that will fund and further the vision of the Abbey, and a centre of mission engagement that makes a positive impact on the local community and wider society. Waverley Abbey Trust is implementing its vision under 4 strategic headings.. Encounter-A House of Prayer for the Nations As a motherhouse for the 24-7 Prayer movement, Waverley Abbey will once again become a powerhouse of Christian prayer and worship, and a dynamic centre for retreat. spiritual formation, and renewal, open to all. The House will also offer many of its guests fully qualified spiritual direction, personal prayer ministry and professional Christian counselling in response to the mounting mental health crises. Education - Christian University Campus with Global Reach Building on the success of Waverley Abbey College we have a longer term aim of becoming an accredited Christian University. Moving where able to online delivery and expanding our courses to reach and train a new generation of global leaders, pastors, counsellors, and entrepreneurs. Enterprise- Ethical Business The Waverley Abbey Estate will become a dynamic business incubator, cultivating innovation, and nurturing entrepreneurial talent in realms such as commerce, hospitality, public services, land-management, and the arts. This will become an income stream for the site, with profitable businesses including tech start-ups, hospitality and conferencing, event5, agriculture, publishing, and arts gallery.

CWR Year ended 31 August 2022 Director Report Engagement- A Centre for Dynamic Mission & Social Transformation Waverley Abbey activities will integrate models of biblical stewardship, purposefully mitigating environmental impact and working to ensure long-term sustainability. Waverley Abbey won't just pray and teach,. it will courageously and measurably change lives by becoming a tonfident hive of gospel proclamation and social transformation. Review of our work The Charity reviews its goals and activities each year. This review looks at outcomes of our work during the period, including the benefits brought to those groups of people we set out to help. The review also ensures that our aims, objectives and activities remain focused on our stated purpose. As required by Sertion 4 of the Charities Act 2011, we give due regard to the guidance contained in the Charity Commission's General Guidance on Public Benefit when engaging in this review and in planning our future activities. In particular, the trustees have considered how our planned activities will contribute to the objectives they have set. Publlc beneflt Since its inception CWR has served individuals and communities to help people live God's way.. every dav. Our education programme and supporting resources promote the Christian faith and endeavour to help people foster and apply spiritual disciplines to all areas of their life. This takes place through our training programmes and production and distribution of resources in digital and printed materials. Our aim is to offer training where students can integrate their faith with their studies and vocational training. Degrees are underpinned by a Christian worldview. We have steadily increased our breadth of reach to ensure our training is as accessible as possible using delivery methods including in person training, distance learning and online learning. We continue to make our resources available across all generations and accessible to all economic circumst3nces and academic ability. The Charity provides resources to churches and individuals across the UK and worldwide, serving every walk of life from students, professionals, ministers, leaders, prisoners and younE offenders. It is a privilege to provide free access to our flagship publication, Every Day With Jesus to anyone in the UK. The education and resources we offer provides a solution to the profound social, spiritual, and mental health crisis both here in the UK and across the world. The Charity relies on voluntary and trading incorne and is particularly thankful to partners whose prayers, committed financial support, continual encouragement and kind heartedness help sustain the Charity. PRINCIPAL ACTIVITIES The principal activities are inspired by Biblical scripture,. to Love the Lord your God with all your heart and with all your soul and with 311 your mind and with all your strength. And to love your neighbour as yourself Imark 12.. 30-311. Transformation becomes two-fold,. an enrichened personal faith which is subsequently lived out in the surrounding community.

CWR Year ended 31 August 2022 Director Report WAVERLEY ABBEY COLLEGE Waverley Abbey College has been delivering higher education courses since 2010 and since that time has increased the range and stope of courses offered and has seen a steady growth in student numbers. The prime focus of the college has been the delivery of Christian counselling courses and this is what the majority of students still study. The Spiritual Formation programme introduced three years ago continues to attract large numbers of students. During the year, the college successfully validated two new programmes with Middlesex University for delivery commencing in the 202312024 academic year - an MA in Public Leadership and a Diploma of Higher Education in Integrating Faith and Leadership. Both of these programmes will be delivered online and mark a new stage in the development of the college. Alongside this, a new online flagship programme in Contemporary Chaplaincy was launched during the year. The college helps its students gain professional accreditation wherever possible. In addition to our counselling courses designed to meet the Gold Standard of the British Association of Counsellors and Psychotherapists IBACPI, we are also the only faith-based college to have an accreditation with the European Mentoring and Coaching Council. Students on the Spiritual Formation programme have taken advantage of this opportunity to gain accreditation as a professional coach. Many Waverley Abbey College alumni go on to establish successful counsellinE practices both in the UK and around the world, providing significant support, benefits and skills to many communities who look to them for help and hope. In the results from the National Student Survey for 2021, the College achieved 100% overall student satisfaction, for the tourth time in five years. PUBLISHING During this period CWR has continued to originate, supply and curate a variety of resources developed to support a church, ministry, small group, or individuals in living everyday with Jesus. Such resources are aligned with CWR'S commitment to Leadership, Counselling and Theology. Every Duy with Jesus IEDWJI, our flagship free Bible reading, discipling resource, is now available in print, as an e- send, and a daily podcast lon all popular podcasting platforms). These publications are available to a growing international audience. We send some 18,000 copies of our daily bible reading notes into prisons and young offender institutions in the UK and a further 7,000 into prisons in Australia and New Zealand. And a special edition of Every Duy with Jesus was produced to be given to those attending Spring Harvest Holidays during 2022. The Cover to Cover Bible Study Guides and our Insight series continue to be popular as tools to support individuals, small groups and churches to go deeper in their Bible study. CWR also distributes and Supplies internationally and enables local partnerships to translate and print locally. This provision allows for both CLJltural relevance and local pricing and thereby increases the opportunity for communities to access Christian materials.

CWR Year ended 31 August 2022 Director Report STRU￿uRE GOVERNANCE and MANAGEMENT Governln Document The organisation is incorporated as a charitable company, limited by guarantee, and governed by its Memorandum and Articles of Association. Statement of Directors, Res onsibilities Law applicable to charities in England and Wales requires the Directors to prepare financial statements for eath financial year that give a true and fair view of the Charity's financial artivities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the Directors should follow best practite and- follow suitable accounting policies and then apply them consistently,. state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements,. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation- set and monitor financial controls and policy, ensuring the Charity properly stewards its resources and secures value for money,. and make judgments and estimates that are reasonable and prudent. The Directors are responsible for keeping proper accounting records which disclose, with reasonable accuracy at any time, the financial position of the Charity and which enable them to ensure that the financial statements comply with applicable law. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Directors Directors are appointed by the Board from among the Members of the Company. The Directors set out below held office for the whole of the period from I September 2021 to the date of this report, unless otherwise stated. Stephen P. Apted (retired 28 April 20221 Andrea Barker (resigned 9 September 20221 Kenneth Costa lappointed Director and Chair on 8 August 20221 Peter Greig (appointed 8 AugLJSt 20221 Simon Hickman Derek Holbird (resigned 8 September 20221 Christopher Kuchanny (appointed 8 August 20221 Emma Laporte lappointed 3 March 20221 Iresigned 8 September 20221 Karen Murray (appointed 28 June 20221 Robert Peet (Chair Ljntil 8 August 20221 Fergal Roche Jani Rubery

CWR Year ended 31 August 2022 Director Report Cor orate Governance The members of the Board of Directors, who are the tharitable Trustees of CWR, have the ultimate responsibility for directing the affair5 of the Charity, ensuring that it 15 501vent, well-run and delivers its charitable outcomes. The Board agrees the strategic plan and budget annually with input from the full Executive team. Formal Board meeting5 are held quarterly, and an annual Board development day nurtures the Board in areas of growth and development. The members of the Charity meet annually and appoint external auditors to examine the affairs of the organisation and report to the Board. The Board is assisted in its work by the following Advisory Groups which functioned during the period covered by these financial statements unless otherwise stated.. l. The Governance and Risk Advisory Group has key responsibilities for: ensuring that the planning, control, supervision, and general administration of the resources for the development of the organisation are in place to ensure the integrity of CWR'S long-term mission and strategic objectives. monitoring the organisation's relationship with the Charity Commission and other external statutory bodie5. recommending such changes in the structure and procedures of the Charity as may be deemed necessary. maintaining an on-going programme of Trustee recruitment, induction, and training. providing clear personnel policies in line with current employment legislation. monitoring and recommending to the Board any updating of the organisation's Ethos, Values and other Statements, and the Charity's Policies reviewing and updating the charity Risk Policy in line with statutory guidelines and recommend them to the Board for approval 2. The Waverley Abbey College Advisory Group has key responsibilities for: oversight of the College's dealings with the Office for Students and other bodies associated with the delivery of Higher Education considering whether there are any 'Reportable Events, the board needs to consider and advise on what they might be appointing the 'Accountable Officerf for the college reviewing and submitting relevant policies to the CWR Board for approval making recommendations to the Board for major strategic programme development and how that may be funded ensuring the Christian vision and mission of CWR are reflected in the programmes on offer by the College ensuring that a coherent College Strategy and Budget is prepared for the CEO and Board to evaluate annually. identifying potential programmes and people that could enable the College to achieve its strategic plans seeking opportLJnities for the College to expand, nationally, digitally, and internationally. 3. The Finance & Audit Advisory Group has key responsibilities for.. ongoing monitoring and review of financial performance and expenditure agreeing draft annual budget for recommendation to the board

CWR Year ended 31 August 2022 Director Report ensuring there is a framework for accountability reviewing the system5 of internal control including sign off authorities for expenditure identifying, managing, and reportinE of financial risks ensuring CWR is compliant with relevant accounting and financial practices considering the relationship with and monitoring the performance of CWR'S external auditors monitoring the implementation of any audit recommendations. 4. The People and Organi5ational Development Advisory Group has key responsibilities for.. ensuring that People policies, plans and practice are in place to contribute to CWR'S mission and strategic objectives being achieved supporting the organisation in creating an environment which nurtures highly motivated and high-achieving employees encouraging an organisational culture in which individuals can acquire knowledge and develop skills to contribute to the achievement of agreed personal and career development goals supporting the organisation in its development of teams and effettive teamwork skills facilitating the effective implementation of organisational change and ensuring people are supported throughout the process recommending such changes in the structure of the Charity as may be deemed necessary. 5. The Wision, Strotegy and Theology Advisory Groupi established after the reporting year-end, has kev responsibilities for.. overseeing the Spiritual and Cultural Values of Waverley Abbey Trust developing, evaluating and monitoring the Vision and Mission of Waverley Abbey Trust monitoring the delivery of the Waverley Abbey Trust Strategic Plan making recommendations to the 803rd for major strategic site developments and monitoring the delivery of the Site Master Plan making recommendations to the Board on how projects and developments may be funded ensuring that the Values, Vision, Strategry and Plan documents are presented by the CEO on time for the Board to evaluate them annually. supporting the Encounter, Education, Enterprise and Engagement activities on the Waverley Abbey Estate preparing and submitting minutes of their meetings to the CWR Board quarterly. 6. The Grievance, Whistleblowing and Safeguarding advisory group has key responsibilities for.. ensuring the existence, implementation and review of an effective WhistleblowinE policy and procedure for the Company. considering unresolved cases of Whistleblowing by CWR employees considering grievances, which because of the seniority of the person raising the grievance, cannot be dealt with by the Company's Executive

CWR Year ended 31 August 2022 Director Report 7. The Remuneration Advisory Group, established after the reporting year-end, has key responsibilities for establishing remuneration frameworks and policies considering and recommending to the board the charity's policy for executive remuneration determining the total remuneration package of the CEO including bonuses or performance-related payments for board approval Meetin attendance and fre uenc A minimum of two trustees are required to sit on each Advisory Group, one of whom acts as the Chair. Advisory Groups are attended by the Company Secretary and relevant members of the senior management team. Outside advisers may be invited to attend Advisory Groups where appropriate and will be advised of the term of service at point of invitation. Each Advisory Group generally meets before the four primary Board meetings, with the Chair having discretion to call additional meetings as and when considered necessary. The Strategy and Vision Advisory Group meet monthlv and the Grievance, Whistleblowing and Safeguarding and Renumeration advisory groups as required. At least two weeks, notice is given to Advisory Group members to attend a meeting. Advisory Groups shall annually review their terms of reference and own effectiveness and recommend any necessary changes to the Board. Responsibility for carrying out the day-to-day management of the Charity is delegated by the Trustees to the Chief Executive Officer. The CEO and Chair meet regularly. The Board is supported and kept informed of Charity updates by the Board Secretary. Internal Control The system of internal controls is designed to cover business, operational and compliance risk as well as financial risk. The approach to internal controls is risk based, aiming to identify and mitigate risks to the ongoing achievement of the Charitws policies, aims and objectives, to evaluate the likelihood of those risks happening and consider the impact should they be realised, and to manage them efficiently and economically. The system of internal controls is based on a framework of regular management information and administrative procedures including.. segregation of duties with clear operating and financial responsibilities detailed annual budgeting process with monthly variance analysis and finance reporting to senior management and trustees maintenance of a comprehensive risk register which is regularly reviewed and updated clearly defined capital investment control guidelines clearly defined authorisation controls for varying levels of expenditure Risk Mana ement The major risks to which the Charity are exposed are reviewed and scored for probability and impact. Risks are categorised into strategic and operational risks and are formally reviewed quarterly,. any new project or change is also assessed for risk during the period by the Executive Team. A schedule of the current controls, further action required to regulate and mitigate those risks, and the person responsible at an operational level is monitored and amended as appropriate. A business continuity plan is considered at regular intervals.

CWR Year ended 31 August 2022 Director Report The most significant risk currently identified, and the mitigating action being taken, is.. Ongoing value required of fundraising activities. The organisation has been suctessful in the past at raising funds from our generous donor base, especially with the shared vision and partnership with 24-7 Prayer. We are actively engaging with new and prospective partners to continue to 5UPPOrt development of our vision. Recruitment and A ointment of Trustees During the period there were significant changes in the board membership. The new trustees either joined as part of the partnership with 24-7 Prayer or were recruited directly by the CWR board. A professional recruitment agency supported the trustee recruitment process and sourced suitable candidates. Personal recommendations were also considered. Each nomination began with a conversation with the Chief Executive and Chair followed by an interview with two or three members of the Board,. potential trustees were invited to observe a Board meeting in advance of appointment. Trustees give of their time voluntarily and receive no remuneration from the Charity. Any expenses or fees for other services claimed from the Charity are set out in note 16 to the financial statements. Trustee Inductlon and Tralnln Prospective trustees are given a copy of the Trustees, Handbook, which includes a broad background to the ministry, governance, and finances of the Charityi information from the Charity Commission setting out trustee responsibilities and a form to make a declaration of their eligibility to become a trustee. All newly appointed trustees, along with new staff members, attend an Induction Day to understand more fully the ethos, governance, and heritage of the Charity. Trustees also sign an agreement to abide by the codes and policies set out in the Trustees, Handbook, complete a statement of their professional and personal business interests each year and sign HM Revenue & Custom's Fit and Proper Persons declaration. Peo Regular communication with employees continues across the Charity to share news and vision updates. All new employees complete the Charity's induction process. In addition, team-building events contribute to increased cohesiveness between individuals and teams. The excellence of our people is widely acknowledged both within the organisation and by partners, students, supporters and guests. There is a core of established, experienced and committed team members added to which we continue to be able to attract high quality new recruits at 311 levels. The trustees would like to thank all the staff in the organisation for their hard work, professionalism and dedication. io

CWR Year ended 31 August 2022 Director Report STRATEGIC REPORT Flnanclal Review The Charity draws its income principally from Higher Education & Other Training, Voluntary donations, and Publishing activities. A key event during the financial year was the receipt of a £l.000m grant from 24-7 Prayer with a further £0.600m of related donations direct from 24-7 Prayer supporters. The grant was provided to support the charitable activities undertaken by CWR to advance the Christian religionlfaith, with a focus on achieving CWR'S aim to further develop the use the Waverley Abbey Estate, as a place of Christian encounter, education, enterprise, and engagement. Total income grew 53% in the year, to £4.529m 1£2.958ml, while costs were level with prior year at £3.529m 1£3.535ml, meaning we recorded a surplus of £l.000m Ideficit £0.573ml. We closed the year with a cash balance of £1.944m I£0.576ml and a net cash position of £0.392m Inet debt, £0.694ml. Donations & Legacy income totalled £2.720m I£0.950ml. We were again most grateful to all our supporters, contributions to the work of the Ministry. Income from Publications fell to £0.269m I£0.599ml reflerting in part the annualisation of the switch in January 2021 to a donation model for Every Doy with Jesus and Inspiring Women Every Day. Towards the end of the year, we reached an agreement with CLC Kingsway regarding future distribution that will see that organisation own and manage stock of our book titles and pay us a royalty income stream from their revenues. Training activities showed a 5% growth in income to É1.356m l£1.289ml. Our Undergraduate Counselling courses made good progress, and growth was also helped by the launch of our non-accredited Chaplaincy programme, delivered on-line. Fundraising The Charity raises funds from strategic partners and members of the public, through appeals. the receipt of legacies and its partnership programme. We remain registered with both the Fundraising Regulator and Fundraising Preference Service. There were no failures to comply with the fundraising standards. We 3re committed to ensuring that no individual feels subject to unreasonable intrusion of privacy or persistent or undLJe pressure to donate. Requests are made generally via mail only to people who are already customers or supporters of the charity, and we routinely offer options to unsubscribe. We work hard to comply with the Fundraising Regulator's voluntary regulation scheme and require our suppliers and agents to do the same. We are ever thankful to God for the generous donors and partners who make the ministry possible, and we continue to recover UK Gift Aid where we can from the government for donations from UK taxpayers. Reserves The total funds held by the Charity were £2.949m 12021.. £1.949ml. Of these, £0.205m 12021.. £0.257ml were restricted funds. Taking into account the tangible fixed assets and amounts f311ing due to creditors in more than one year, the free reserves of the Charity at 31 August 2022 were £1.340m compared with £119,025) at the end of the previous financial year. At the year end, Cash at the bank of £1.944m I£0.576ml represented 6.4 months, forward costs (measured as a three-month average). We endeavour to hold this at or above 3.0x.

CWR Year ended 31 August 2022 Director Report Going Concern The Trustee Board hès recognised the depletion of resources evident over recent years, but with the injertion of money from our relationship with the 24-7 Prayer movement, the appointment of a new Chalr, a new Chief Executive, and the focus of the outgoing CEO now exclusively on fundraising and partnerships. the Board is confident about the immediate future and prospects beyond for growth. We have an active application for an additional loan facility of £1.5m which will provide additional funds should they be required. Accordingly, the Board of Trustees considers that the going concern basis is appropriate for the accounts, as detailed in the accounting policies. STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS We have taken all the necessary steps to make otjrselves, as Directors, aware of any relevant audit information and to Èstablish that the auditors are aware of that information. As far as the Directors are aware, there is no relevant audit information of which the Charity's auditors are unaware. In approving the Dire¢tors' report, we are approving the strategic report in our capacity as Director5. Approved by the Finance and Audit Advisory Group on.. 0610212023 Signed on its behalf bv.. Mr KJ. osta, Dlrector 12

CWR (A company limited by guarantee)

Independent auditors' report to the Members of CWR

Opinion

We have audited the financial statements of CWR (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 August 2022 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Charity balance sheet, the Consolidated statement of cash flows and the related notes, 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 13

CWR

(A company limited by guarantee)

Independent auditors' report to the Members of CWR (continued)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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 to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

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

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

Page 14

CWR

(A company limited by guarantee)

Independent auditors' report to the Members of CWR (continued)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Capability of the audit in detecting irregularities, including fraud

Based on our understanding of the charitable company and industry, and through discussion with the directors and other management (as required by auditing standards), we identified that the principal risks of non compliance with laws and regulations related to the ESFA funding agreements, the OfS regulatory framework, Charities Act 2011, health and safety and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, the Charities Statement of Recommended Practice and pension legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the engagement team included:

• Discussions with management and assessment of known or suspected instances of non-compliance with laws and regulations and fraud, and review of the reports made by management; and

and

• Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and • Performing analytical procedures with automated data analytics tools to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and

• Reading minutes of meetings of those charged with governance, reviewing internal audit reports and reviewing correspondence with relevant tax and regulatory authorities; and

• Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions; and

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional

Page 15

CWR

(A company limited by guarantee)

Independent auditors' report to the Members of CWR (continued)

scepticism throughout the audit. We also:

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

Other required reporting

Opinion on other matters prescribed in the OfS Audit Code of Practice issued under the Further and Higher Education Act 1992.

In our opinion, in all material respects, funds provided by the OfS and UK Research and Innovation (including Research England) have been applied in accordance with the relevant terms and conditions attached to them; and the requirements of OfS's accounts direction have been met.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the OfS Audit Code of Practice requires us to report to you if, in our opinion:

Page 16

CWR

(A company limited by guarantee)

Independent auditors' report to the Members of CWR (continued)

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Kreston Reeves LLP

Chartered Accountants

Chichester

Date: 8th February 2023

Kreston Reeves LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 17

CWR {A company limited by guarantee) Consolidatgd Statement of financial activities {incorporating income and expgnditurg account) Forthe year onded 31 August 2022 Unrestriclgd funds 2022 Restriclgd funds 2022 Total funds 2022 Total funds 2021 Notg Income from- Donations and legacies Charitable activities Other trading activities Investments Other income 2,633,612 1,624,795 116.739 227 67,227 86,621 2,720,233 1,624,795 116.739 227 67,227 949,935 1,887,889 16,751 423 103,279 Total income 4,442.600 86.621 4.529.221 2,958,277 Expenditure on: Raising funds Charitable activities 793.460 2,569,409 22.427 143,851 815.887 2,713,260 487,748 3,047,139 Total expendlture 3,362.869 166.278 3,529.147 3,534,887 Not in¢omg1{gXPgnditurg} Transfers between funds 1,079,731 126.785) 179,657) 26.785 1,000,074 1576,6101 23 Net movement in funds before other recognised gains 1,052.946 152,872) 1,000,074 1576,6101 Other recognlsed galns: Other gains 3,407 Net movement in funds 1,052.946 152,872) 1,000,074 1573,2031 Reconciliation of funds.. Total funds brought forward Nel movement in funds 1,691.695 1,052,946 257.476 152.872) 1,949,171 1,000.074 2,522,374 1573,2031 Total funds carried fonNard 2,744.641 204,604 2.949,245 1,949,171 The Consolidated statement of financial activities includes all gains and losses recognised in the year. The notes on pages 24 to 46 fom part of these financial stalemenls. Page 18

CWR {A company limited by guarantee) Registered number- 01990308 Consolidated balance sheet As at 31 August 2022 2022 2022 2021 2021 Note Fixed assets Intangible assets Tangible assets 17 96,817 2,676,131 144,651 2,671,823 18 2,772.948 2,816,474 Current assets Stocks Debtors Cash al bank and in hand 19 20 52,943 898,746 576,173 1.156,522 1.944,085 3,100,607 1,527,862 Creditors.. amounts falling due within one year 21 {1.555,5831 {1,289,4111 Net Current assets 1.545.024 238,451 Total assets less current liabilities 4,317,972 3,054,925 Creditors.. amounts falling due after more than one year 22 11.368.727) 11,105,754) Net assets excluding pension asset 2,949.245 1,949,171 Total net assets 2,949,245 1,949,171 Charlty funds Restricted funds Unrestricted funds 23 23 204.604 2,744,641 257,476 1,691,695 Total funds 2,949,245 1,949,171 Page 19

CWR IA company limited by guardntoè) Registered numbèr.. 01990308 Consolidatsd balance sheèt leontlnuedl As at 31 August 2022 The Chartywas entitled to 8xemplion from audrt under section 4T/ ofth¢ Companks Act 2006. The member8 have not requited the entity to oblain an audit for the yèar in questton in accordarKe wlh section 478 of the CompanEs Act 2006. However, an audit is required in ¥¢QFdance wrth section 151 of the Charit￿5 Acl 2011. The Trustees acknowledge their re5ponsibilitie5 for cornptying with the requiretnents of Ihe Act with respect b accounlino record8 and preparation offinancial statements. The financial State￿ntS have b88n prepared in accordance with the provisions applicab￿ to entities subject to the small Eompan18s reglrne. The financial statement8 were approved and autt)orised for i88ue byth? Tiuslees and slgned on their behalf by.. MrKJ 11 rusiee Date.. ned by th2 nEable Officef. rDWes5 EOI The notes Dn pages form wart ofthese financid statements. The notes on pages 24 to 46 foim part of these financkql Ststements. Page 20

CWR {A company limited by guarantee) Registered number- 01990308 Charily balance shggt As at 31 August 2022 2022 2021 Note Fixed assets Intangible assets Tangible assets 17 96,817 2,676,131 144,651 2,671,823 18 2,772.948 2,816,474 Current assets Stocks Debtors Cash al bank and in hand 19 20 52,943 937,678 537,344 1.155,761 1.900,839 3,056,600 1,527,965 Creditors.. amounts falling due within one year 21 {1.552,2021 {1,285,3911 Net Current assets 1.504.398 242,574 Total assets less current liabilities 4,277,346 3,059,048 Creditors.. amounts falling due after more than one year 22 11.368.727) 11,105,754) Net assets excluding pension asset 2,908.619 1,953,294 Total net assets 2,908,619 1,953,294 Charlty funds Restricted funds Unrestricted funds 23 23 204.604 2,704,015 257,476 1,695,818 Total funds 2,908,619 1,953,294 Page 21

CWR IA company limited by guarantee) Reglstered numbèr: 01990308 Charlty balance sheet {eontinuedl As at 31 August 2022 The Chanty was entilled to &xemplion from audtt under section 477 of the Companies Act 2006. The members have not required th@ entity to obtain an audit for the year in question in accordance ￿th section 476 of the Companies Act 2L)08. However. an audit Is required in accordance with section 151 of the Charities Act 2011. The Trustees acknowledge their Tesponsibilities for complying with the requirements of the Act with respert tg accounting iecords and preparation of fin8nci81 statements. The financial statements have been prepared in accordance with the provisions applicable tts entities subject to the small companies règime. The financial stalernents w&re approved and aulhorised for issue by the Trustees and signed on their behalf by.. MrKJ ttruslee osta Dale.. d £/oL/Loz3 ned by the Acc ntable Officer.. rDWes5 EOI oG/ui/ 2023 The notes on pages 24 10 46 form part of these financial slatemenls. Page22

CWR {A company limited by guarantee) Consolidated statement of cash flows Forthe year onded 31 August 2022 2022 2021 Cash flows from operating activities Net cash used in operating activities 1,222,584 1390,1581 Cash flows from investing activities Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets Interest re￿iVed 11,000 131,1451 423 {70,3111 227 Net cash used in investing activities {70,0841 119,7221 Cash flows from financing activities Cash inflows from new borrowing Repayments of borrowing Interest pai 355,000 1,169,750 {72,2981 1291,3911 {67,2901 134,0041 Net cash provided by financing activities 215,412 844.355 Change in eash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 1.367,912 434.475 576,173 141,698 Cash and cash equivalents at the end of the year 1.944,085 576,173 The notes on pages 24 to 46 form part of these financial statements Page 23

CWR {A company limited by guarantee) Notes to the financial ststgmgnts Forthe year onded 31 August 2022 Genoral information CWR is a company limited by guarantee and registered in England and Wales, registration number 1990308, and registered charity number 294387. The registered office is Waverley Abbey House, Waverley Lane, Farnham, Surrey GU9 8EP. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. CWR meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise staled in the relevant accounting policy. The financial statements are prepared in Slerfing (£1 and rounded to the nearest £1. The Consolidated statement of financial activities {SOFAI and Consolidated balance sheet consolidate the financial statements of the Charity and its subsidiary undertakings. The results of the subsidiaries are consolidated on a line by line basis. CWR controls its subsidiaries through 1000/0 ownership of shares except for The Stapleford Centre which is through common control of those charged with governance. The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented ils own Statement of financial activities in these financial statements. The financial performance of the charity alone is.. 2022 2021 Nel movement in funds Totsl funds brought forward 955,325 1.953,294 1572,6691 2,525,963 Total funds carried forward 2,908,619 1,953,294 2.2 Going concern The Charity's financial statements have been prepared on a going concem basis. The trustees have carefully considered the forecasts for the next twelve months and are of the opinion that with fundraising and marketing activity underway, CWR can meet its liabilities for al least twelve months from the date of signing. In addition, there is an active application for a loan facility of £1.5m which 11 make additional funds available should they be required. The charity currently has £1.5m of nel CLJrrent assets and has significant fixed assets available to secure further borrowing if additional liquid resoLJrces are needed. Accordingly the Charity is considered lo be a going concern. Page 24

CWR {A company limited by guarantee) Notes to the financial ststgmgnts Forthe year onded 31 August 2022 Accounting policies (continued) 2.3 Income All income is recognised On￿ the Charity has entitlement lo the income, it is probable that the income will be received and the amount of income re￿1vable Can be measured reliably. The recognition of inwme from legacies is dependent on establishing entiuement, the probability of re￿Ipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entiuement to a legacy exists when the Charity has sufficient eviden￿ that a gift has been left to them (through knowledge of the existen￿ of a valid will and the death of the benefactor} and the executor is satisfied that the property in question will not be required to satisfy claims in the estsle. Re￿Ipl of a legacy must be rewgnised when it is probable that il will be re￿iVed and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured. Grants are included in the Consolidated statement of financial activities on a receivable basis. The balan￿ of inwme received for specific purposes bul not expended during the period is shown in the relevant funds on the Balan￿ sheet. Where income is received in advance of entitlement of re￿ipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is re￿ived, the income is accrued. Most subscriptions received and some training course fees relate partly to the following year. The amount credited to the Statement of Financial Activities is that relating to the year ended 31 August 2022 and the balance is carried forward as deferred income. Other income is recognised in the period in which it is re￿1vable and lo the exlenl the goods have been provided or on completion of the servi￿. 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity- The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute lo more than one activity and support costs which are not attributsble to a single artivity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs. l expenditure is inclusive of irrecoverable VAT. Costs are appointed to restricted funds as they are incuThed in generating and fulfilling the requirements of these funds. 2.5 Intorest receivable Interest on funds held on deposit is included when re￿1vable and the amount can be measured reliably by the Group,. this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. Page 25

CWR {A company limited by guarantee) Notes to the financial ststgmgnts Forthe year onded 31 August 2022 Accounting policies (continued) 2.6 Foreign currencies Transactions to be settled and monetary assets and liabilities denominated in foreign currencies are translated into sterfing at an average exchange rate for the period, since in the opinion of the irectors the amounts involved are insignificant except for monetary assets that are translated at the rate of ruling at the balance sheet date. Exchange gains and losses are recognised in the Consolidated statement of financial activities. 2.7 Intangible assets and amortisation Costs directly attributsble to the development of computer software are capilalised as intangible assets only when technical feasibility of the project is demonstrated, the Group has an intention and ability to complete and use the software and the costs Can be measured reliably. Such costs include purchases of materials and services. Research costs are recognised as an expense when incurred. On completion, amortisation is provieed on intangible assets al rates calculated lo write off the cost of each asset on a slraight-line basis over its expected useful life. The estimated useful lives are as follows.. Computer software 5 years 2.8 Tangible fixed assets and depreciation Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the Cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following bases= Freehold property Plant and machinery Windows, doors, and electrical work Computers, office, and kitchen equipment 100 years 10 years 3-5 years 2.9 stocks and work in progress Stocks and work in progress are valued at the lower of cost and nel realisable value after making due allowance for obsolete and slow-moving stocks. Stocks are reviewed on a line-by-line basis, having due regard lo quantities held and recent sales history. Provisions are established where, in the opinion of management, the full value of stock may not be realised. Page 26

CWR {A company limited by guarantee) Notes to the financial ststgmgnts Forthe year onded 31 August 2022 Accounting policies (continued) 2.10 Debtors Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaié nel of any trade discounts due. 2.11 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.12 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, ane the amount of the settlement can be eslimaled reliably. Liabilities are recognised at the amount that the Charity anticipates il will pay lo settle the debt or the amount il has re￿iVed as advanced payments for the goods or servi￿8 it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific lo the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost. 2.13 Financial instwments The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequenuy measured at amorbsed cost using the effective interest method. 2.14 Oporating leas0S Rentsls paid under operating leases are charged to the Consolidated stslemenl of financial activities on a straighl-line basis over the lease term. 2.15 Pensions The Charity operates a defined contribution pension scheme. Contributions payable to this pension scheme are charged to the consolidated statement of Financial Activities in the period to which they relate. 2.16 Redundancy Policy The Charity recognises redundancy costs in the financial year during which the employeelsl are notified of the termination of their employment and provides for those costs when the effective date and cash payment crosses into the following financial year. Page 27

CWR {A company limited by guarantee) Notes to the financial ststgmgnts Forthe year onded 31 August 2022 Accounting policies (continued) 2.17 Fund accounting General funds are unrestricted funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by onors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes lo the financial statements. Critical accounting estimates and areas of judgment Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions.. The Charity makes estimates and assumptions ￿n￿rnIng the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjuslmenl to the carrying amounts of assets and liabilities within the next financial year are discussed below. During the year both tangible and intsngible assets held by CWR respectively represent material balances. As such the useful economic lives and residual values used lo Calculate the depreciation and amortisation charged thereon represent significant and critical accounting estimates made by management. Income from donations and legacies Unrestri¢led funds 2022 Restricted funds 2022 Total funds 2022 Donations Legacies Grants 1,441,002 192,610 1,000,000 86,621 1.527.623 192.610 1,000,000 Total 2022 2,633,612 86,621 2.720.233 Page 28

CWR {A company limited by guarantee) Notes to the financial ststgmgnts Forthe year onded 31 August 2022 Income from donations and legacies Icontinuedl Unrestricted funds 2021 Restricted funds 2021 Total funds 2021 Donations Legacies 667,173 113,471 169,291 836,464 113,471 Total 2021 780,644 169,291 949,935 Income from charltable actlvltles Unrestrlcted funds 2022 Total funds 2022 Total funds 2021 Publications income Training income 268,772 1,356,023 268,772 1,356,023 598,700 1,289,189 Total 2022 1,624,795 1.624,795 1,887,889 Publications income derives mainly from the sale of printed and digital products. It also includes income from royalties and packaging. Training income consists or student fees from higher education programmes, grant income and income from short courses and seminars. Details of Grant and Fee Income 2022 2021 Grant income from the Ofs Fee income from taught awards (exclusive of VATI Fee income from non-qualifying courses (exclusive of VATI 86,295 1,126,104 143,622 103,721 1,091,157 94,311 Total training income 1,356,021 1,289,189 Page 29

CWR {A company limited by guarantee) Notes to the financial ststgmgnts Forthe year onded 31 August 2022 Income from other trading activities Income from non charitsble trading activities Unrestri¢led funds 2022 Total funds 2022 Total funds 2021 Trading income 116,739 116,739 16,751 Trading income arises from conferencing and events held al the charity's venue located in Surrey as well as student accommodation fees. Invgstmgnt income Unrestricted funds 2022 Total funds 2022 Total funds 2021 Deposit interest 227 227 423 Other incoming resources Unrestricted funds 2022 Total funds 2022 Total funds 2021 Other income 67,227 67.227 103,279 Other income includes rentals of spare office capacity and vacant land, and sundry income from photocopying and postage. In 2021 it also included £73,721 of govemmenl grants relating lo claims for wages through the coronavirus job retention scheme for staff on furlough. Page 30

CWR {A company limited by guarantee) Notes to the financial ststgmgnts Forthe year onded 31 August 2022 Expenditure on raising funds 2022 2021 Salaries 5,596 2,142 24,030 25,389 109,167 132,826 12,943 389,150 76,736 2,882 12,786 9,205 47,068 Printing appeals Distribution and postage Fulfilment and other costs Fundraising consulting Free dated Bible reading notes Thank you programme Support costs 334,907 701,243 483,584 10. Expenditure on trading activities 2022 2021 Salaries Food expenses Repairs and maintenan Other costs 35,861 21,725 4,805 1,596 4,964 827 9,349 47,709 Support costs 4,245 114,644 16,437 11. Publlcatlons costs 2022 2021 Publications salaries 60,777 202,528 15,210 138,284 398,922 155,380 2,354 238,781 473,489 Cost of publications Sales and marketing expenses Other costs Distribution costs Support costs 90,491 304,833 673,839 1,407,210 Page 31

CWR {A company limited by guarantee) Notes to the financial ststgmgnts Forthe year onded 31 August 2022 12. Training costs 2022 2021 Training salaries Marketing expenses Course and event activity costs Other costs 662,761 5,943 381,387 12,020 977,310 563,483 1,474 352,204 22,132 688,363 Support costs 2.039,421 1,627,656 Details of access and participation investment included within Training costs 2022 2021 Access investment 14,847 13,239 18,777 10,518 14,237 19,245 18,272 2,790 Financial support investment Research and evaluation investment Support for disabled students 57,381 54,544 Page 32

CWR {A company limited by guarantee) Notes to the financial ststgmgnts Forthe year onded 31 August 2022 13. Analysis of support and governance costs Raising funds 2022 Trading activities Publications 2022 2022 Training 2022 Total 2022 Total 2021 Support staff costs Administration and insurance 122,172 33,612 164.930 342,208 662.922 675,366 5,702 12.316 63,792 81.810 52,567 Bank charges and interest payable Depreciation and amortisalion 44,334 12.303 29,889 86.526 54,193 71,250 7,045 35,542 113.837 109,965 Office equipment maintenance 29,643 12,097 64,413 378,255 484,408 220,326 Distribution, stationery and printing Governance costs 166 16,336 99,547 358 15,675 27.793 1,857 58,654 67,113 2,381 92,665 194,453 14,552 99,057 274,978 2,000 Other costs Total 2022 389,150 47,709 304,833 977,310 1.719,002 1,501,004 Totsl 2021 334,907 4,245 473,489 688,363 1,501,004 14. Auditors. remuneration 2022 2021 Fees payable lo the Charills auditor for the audit of the Charity's annual accounts 13,200 13,500 Fees payable lo the Charills auditor in respect of= All taxation services not included above Additional audit fees relating to the prior year audit (payable to previous audilorl All non-audil services not included above 600 1,000 5,029 4,200 1,000 Page 33

CWR {A company limited by guarantee) Notes to the financial ststgmgnts Forthe year onded 31 August 2022 15. Stsff Costs Group 2022 Group 2021 Charity 2022 Charity 2021 Wages and salaries Social security costs Contribution lo defined contribution pension schemes 1,242,513 89,536 1,303,883 93,870 1,173,041 89,536 1,303,883 93,870 153,813 139,816 153,813 139,816 1.485,862 1,537,569 1,416,390 1,537,569 Included in staff costs are redundancy payments lo 2 employees12021.' 3 employees) of £24,13412021'. £52,617). The average number of persons employed by the Charity during the year was as follows.. Group 2022 No. Group 2021 No. Employees 68 60 The average headcounl expressed as full-lime equivalents was.. Group 2022 No. Group 2021 No. Directors Senior management Ministry and support 34 36 47 47 Page 34

CWR {A company limited by guarantee) Notes to the financial ststgmgnts Forthe year onded 31 August 2022 15. Stsff Costs Icontinugd) The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. Group 2022 No. Group 2021 No. In the band £85,001- £90,000 Pension costs relating to the above employee tolalled £6,97012021.. £3,967). The key management personnel of the charity and the group comprise the Chief Executive Officer, the Finance Director, the Director of Resources and the Director of Higher Education IHead of Provider). In the prior year this also included the Directors of Publishing and Inlemalional Ministry. The total employee benefits of the key management personnel were £245,18012021.. £287,971). Page 35

CWR {A company limited by guarantee) Notes to the financial ststgmgnts Forthe year onded 31 August 2022 Hoad of Provider remuneration Group 2022 Group 2021 Paid basic salary before salary sacrifice arrangements 52,275 11,6081 51,000 11,5691 Deductions to reflect salary sacrifice arrangements Paid basic salary after salary sacrifice arrangements Pension contributions 50,667 49,431 4,182 4,080 Total disclosure relating to Head of Provider (before salary sacrifice) 56,457 55,080 The relationship between the head of providerfs remuneration and that of all other employees employed in the reporting year, expressed as a pay multiple was.. basic salary was 2.2 limes the median pay of slaff12021.. 2.2 limes) total remuneration was 2.2 limes the median total remuneration of staff12021.. 2.2 times} Wavedey Abbey College operates within the CWR charity. The remuneration of the Head of Provider and other staff is commensurate with this status as a charity, simple in structure and modest in nature. Performance is judged within an annual appraisal process common to all staff and reviewed by the Chief Executive and Trustees. Reference is made to student satisfaction surveys. Remuneration decisions are taken in relation to individual performance and the overall means of the charity. The remuneration of our Head of Provider is justified, referencing college development and 8 fourth successive year of 100% student satisfaction with the college and its courses. 16. Trustees. remuneration and expenses During the year, no Trustees re￿iVed any remunèration or other benefits {2021- £NIL). During the year ended 31 August 2022, expenses lotaling £174 were reimbursed to 8 Trustees12021 £ 249 to 8 Trustees) for travelling and other expenses incurred. Page 36

CWR {A company limited by guarantee) Notes to the financial ststgmgnts Forthe year onded 31 August 2022 17. Intangible assets Group and Charity Under construction Computer software Total Cost At 1 September 2021 Additions Disposals 8,964 237,673 8,964 246.637 8,964 (8,9641 18,9641 At 31 August 2022 246,637 246,637 Amortisation At 1 September 2021 Charge for the year 101,986 47,834 101.986 47.834 At 31 August 2022 149,820 149,820 Net book value At 31 August 2022 96,817 96.817 At 31 August 2021 8,964 135,687 144,651 Page 37

CWR {A company limited by guarantee) Notes to the financial ststgmgnts Forthe year onded 31 August 2022 18. Tangible fixed assets Group and Charity Assets Freehold under Furniture & property construction equipment Total Cost or valuation At 1 September 2021 Additions 3,151,862 629,397 5,701 1238,2101 3,781.259 70,311 1238,2101 64,610 Disposals At 31 August 2022 3.151.862 64,610 396,888 3.613.360 Depreciation At 1 September 2021 Charge for the year On disposals 608,339 25,941 501,097 40,062 1238,2101 1,109,436 66,003 1238,2101 At 31 August 2022 634.280 302,949 937.229 Net book value At 31 August 2022 2,517.582 64,610 93,939 2.676.131 At 31 August 2021 2,543,523 128,300 2,671,823 All tangible fixed assets are held for charitable purposes. Freehold property is pledged as security for the mortgage loans shown in note 22. 19. Stocks Group 2022 Group 2021 Charity 2022 Charity 2021 Work in progress Publications for sale 1,027 51,916 1,027 51,916 52,943 52,943 The value of stocks expensed in the year was £81,65012021'. £378,6461 Page 38

CWR {A company limited by guarantee) Notes to the financial ststgmgnts Forthe year onded 31 August 2022 20. Dobtors Group 2022 Group 2021 Charity 2022 Charity 2021 Due within one year Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income 874,850 704,565 874,850 704,565 39,568 107,550 85,995 104,405 177,267 108,186 85,995 103,644 177,267 1.156,522 898,746 1,155,761 937,678 21. Credltors: Amounts falllng due wlthln one year Group 2022 Group 2021 Charity 2022 Charity 2021 Bank and short term loans Mortgage loans Trade creditors 110,000 73,726 139,258 22,947 264,413 945,239 110,000 53,997 156,070 22,509 116,775 830,060 110,000 73,726 139,258 22,947 261,032 945,239 110,000 53,997 1 $6,070 22,509 112,755 830,060 Other taxation and social security other creditors and accruals Deferred income 1,555,583 1,289,411 1,552,202 1,285,391 Group 2022 Group 2021 Charity 2022 Charity 2021 Movement in deferred income Deferred income al beginning of the year Resources deferred during the year Released to ststemenl of financial activities 830,060 1,105,496 830,060 1,105,496 1,503,325 1,090,019 1,503,325 1,090,019 {1,388,1461 11,365,455) {1,388,1461 11,365,455) End ofthe year 945,239 830,060 945,239 830,060 Deferred income relates to student fees and subscriptions of dated reading notes received in advance. Page 39

CWR {A company limited by guarantee) Notes to the financial ststgmgnts Forthe year onded 31 August 2022 22. Creditors: Amounts falling due after morg than ong year Group 2022 Group 2021 Charity 2022 Charity 2021 Bank loans 30,833 1.337,894 40,000 1,065,754 30,833 1,337,894 40,000 1,065,754 Mortgage loans 1.368,727 1,105,754 1.368,727 1,105,754 Included within the above are amounts falling due as follows.. Group 2022 Group 2021 Charity 2022 Charity 2021 Botwegn ong and two yoars Bank - bounce back loan 10.000 385,311 10,000 56,760 10,000 385,311 10,000 56,760 Mortgage loans Between two and five years Bank- bounce back loan Mortgage loans 20,833 188,152 30,000 188,152 20,833 188,152 30,000 188,152 Over five years Mortgage loans 764,431 820,842 764,431 820,842 The mortgage loans are secured by a charge on a freehold property. Loan A is being repaid in inslallmenls over 15 years from February 2021. The rate of interest on Loan A is 5 /0 pa variable on one month's notice. An additional mortgage loan (Loan Bl of £355,000 was drawndown in the year and is being repaid in inslallmenls over 14 years from February 2022. The rate of interest on Loan B is 5.25 /0 pa variable on one month's notice. The charity has taken advantage of the Bounce Back Loan Scheme guaranteed by the UK govemmenl with a loan through Barclays Bank of £50,000 for a period of 6 years at a fixed rate of interest of 2.5'/0 pa. Repayments commenced in September 2021. Page 40

CWR {A company limited by guarantee) Notes to the financial ststgmgnts Forthe year onded 31 August 2022 23. ststgmfrnt of funds ststement of funds - current year Balance at 1 September 2021 Balance at 31 August 2022 Transfors inlout Income Expenditur0 Unrestricted funds General Funds - all funds 1,691.695 4.442,600 13.362,869) {26,7851 2.744,641 Balance at 1 September 2021 Balance at 31 August 2022 Transfers Inlout Income Expendlture Restricted funds Prisons ministry Asia Ministry Easter 2021 appeal Maintenance appeal 2022 11.225 236.587 9,664 8,081 146.091) 146.473) {9,664) 164,050) 26,785 190.114 78,540 14,490 257.476 86,621 (166.278) 26,785 204.604 Total of funds 1,949,171 4,529,221 13,529,147) 2,949,245 The Prisons Ministry fund contributes towards the costs of printing and distributing bible readings notes to many prisons around the UK and in Australia and New Zealand. The Asia Ministry fund continues to fund the translation and printing of CWR titles in Mandarin and other languages for distribution lo churches and individuals in China and countries across Southeast Asia as well as supporting the cost of running core counselling modules in Singapore and Cambodia. The 2021 Easter appeal raised funds lo provide support and hope lo the many individuals struggling with mental health challenges arising from the pandemic and lockdown. Digital content from the insight series of books on topics such as anxiety and depression was made a¢￿SSIble online. The maintenance appeal was an urgent request lo raise funds to meet the unexpected costs of repairing an oil leak in the pipe supplying fuel lo heat Waverley Abbey House, and to plan lo repla￿ the ancient boilers at considerable cost. Page41

CWR {A company limited by guarantee) Notes to the financial ststgmgnts Forthe year onded 31 August 2022 23. ststgmfrnt of funds {continuedl ststement of funds - prior year Balan￿ al 1 September 2020 Balan￿ al 31 August 2021 Transfers inlout Gainsl (Losses} Income Expenditure Unrestricted funds General Funds 2,291,144 2,788,986 13,392,060) 218 3,407 1,691,695 Balance al 1 September 2020 Balan￿ al 31 August 2021 Transfers inlout Gainsl (Losses} Income Expenditure Restricted funds Prisons ministry Asia Ministry Easter 2021 appeal Summer 2019 appeal Christmas 2020 appeal 75,252 148,729 7,504 120,220 {71,5311 {32,3621 11,225 236,587 20,758 {11,0941 9,664 7,249 400 17,5001 11491 20,409 {20,3401 1691 231,230 169,291 1142,8271 12181 257,476 Total of funds 2,522,374 2,958,277 13,534,887) 3,407 1,949,171 The 2019 summer appeal raised funds lo make Christian counselling support aC￿ssIble to all those who need il no matter what their financial circumstances are by training more Christian counsellors. The 2020 Christmas appeal raised funds to provide support and hope to the many individuals struggling with mental health challenges arising from the pandemic and lockdown. Digitsl conlenl from the insight series of books on topics such as anxiety and depression was made accessible online. Page 42

CWR {A company limited by guarantee) Notes to the financial ststgmgnts Forthe year onded 31 August 2022 Analysis of net assets between funds Analysis of net assets between funds- current year Unrestricted funds 2022 Restricted funds 2022 Total funds 2022 Tangible fixed assets Intsngible fixed assets Current assets Creditors due within one year Creditors due in more than one year 2,676,131 96,817 2,896,003 11,555,583) 11,368,727) 2,676,131 96.817 3,100,607 11,555,583) 11.368.727) 204,604 Total 2,744,641 204,604 2,949,245 Analy$i¥ of ngt assgts betwggn funds - prior ygar Unreslricled funds 2021 Restricted funds 2021 Total funds 2021 Tangible fixed assets Intangible fixed assets Current assets 2,671,823 144,651 1,270,386 11,289,411) 11,105,754) 2,671,823 144,651 1,527,862 11,289,411) 11,105,754) 257,476 Creditors due within one year Creditors due in more than one year Total 1,691,695 257,476 1,949,171 Page 43

CWR {A company limited by guarantee) Notes to the financial ststgmgnts Forthe year onded 31 August 2022 25. Roconciliation of net movgment in funds to net cash flow from operating a¢liviligs Group 2022 Group 2021 Nel incomelexpendilure for the year las per Slalement of Financial Acliviliesl 1.000,074 1576,6101 Adjustments for: Depreciation charges Amortisation charges Interest paid Dividends, interests and rents from investments Decrease in stocks Decreasellincreasel in debtors Increaselldecreasel in creditors 66,004 47,833 67,290 (2271 52,943 1257,7761 246,443 66,520 43,445 34,004 14231 157,658 146,566 1261,3181 Net cash provided byl(used in) operating activities 1,222,584 1390,1581 26. Analysis of cash and cash equivalents Group 2022 Group 2021 Cash in hand 1,944,085 576,173 Total cash and cash gquivalgnts 1,944,085 576,173 27. Analysis of changes in net debt At1 September At31 2021 Cash flows August 2022 Cash at bank and in hand 576,173 (163.997) 11,105.754) 1,367,912 1.944.085 {19,7291 1183.7261 1262,9731 11.368,7271 Debt due within 1 year Debt due after 1 year (693,578) 1,085,210 391,632 Page 44

CWR {A company limited by guarantee) Notes to the financial ststgmgnts Forthe year onded 31 August 2022 28. Ponsion commitments The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents wntributions payable by the charity to the fund and amounted to £153,81312021 £139,816). At 31 August 2022 pension contributions of £NIL12012 - £1,331) were payable to the fund at the balan sheet date and are included in creditors. 29. Operating lease commitments At 31 August 2022 the Group and the Charity haé ￿mMItmentS lo make future minimum lease payments under non-cancellable operating leases as follows- Group 2022 Group 2021 Charity 2022 Charity 2021 Not later than 1 year Later than 1 year and not later than 5 years 11,820 19,667 11,772 31,391 11,820 19,667 11,772 31,391 31,487 43,163 31,487 43,163 The lease payments recognised as an expense in the Slalement of financial activities for the year for the Group and the Charity We￿ £9,85012021.. £9,850). 30. Members. liability Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while helshe is a member, or within one year after helshe ceases to be a member, such amount as may be required, not exceeding £NIL for the debts and liabilities contracted before helshe ceases to be a member. 31. Related party transactions During the year Access Underwriting Limited, a related party in which a trustee is independently involved with, charged £4,00012021.. £4,000> for insurance and brokerage fees. The balan￿ outstanding at the year end is £nil12021.. £nil}. During the year, fee income received from a Iruslee totalled £5,62512021.. £nill. At the year end. a credit balance of £14512021.. £nill is included in debtors. and £89012021.. £nill is included in creditors. The charity has an unsecured loan of £100,000 12021= £100,000) from one of the directors of ils subsidiary CWR Care and Counselling (Asia) Limited. Subsequent to the balance sheet dale, £50,000 of this was repaid in October 2022. 32. Post balance sheet events Subsequent to the year end, The Stapleford Centre Limited ceased operab'ons and transferred its remaining assets and liabilities to the parent charity, CWR. Page 45

7i(D ¢l)O Q)UU (O J_