CHARITY REGISTRATION NUMBER: 526675 Nazarene Theological College Financial Statements 30 June 2022 ALEXANDER BURSK LIMITED Accounlants & statutory audltor Parkgates Bury New Road Prestwich Manchester Lancashire M25 OJW Nazarene Theological College Flnanclal Statoments Year ended 30June 2022 Page Trustees, annual report Independent auditor's report to the members 18 Slalement of financial actlvities 23 Statemént of changes in rgserves Statement of financial position 25 Statement of Cash flows 26 Notes to the financial statements 27 Nazarene Theological College Report olthe Board of Governors Forthe yearended 30June 2022 The Board of Governors presents Its report and audited financial ststements from 1st July 2021 to 30th June 2022. Rttertntè and Admlnlstratlve Detalls Names olthe charity tru5teeswho manage the ¢h?rrty and were In place In 2021-2022. Name of Trystee Position on Governors Vot Mem- ber yln Term ody olAppointffleDt Mr. lart Burle*h Chalr Yes Jan 26 2019- (Jan 20221 Jan 2022- Mar 2026 lan 26th 2019. {J?n 20221 Jan 2022- Mar 2026 National Board Appointee: sectlon 3 Member at larye Mr Steven Ltach Secretary Yes Natlonal Board Appolntee: Section 3 Member * large Rev. Carl Mccann Executlve member Ex offlclo Exètutlve member Yes Aprll 17 2021 4.year term Brltlsh Isles sO￿h Distrirt Rev. Ruth Turner Yes May 15 2021 2-ye3r term Brltlsh151es North Distrfct Ex officlo Mr. Flnlay MacKlnnon Distrlct lav representatlve Dlstrict lav representative Olstrirt elder representatlve Dbstrid elder representatlve Yes Mar 14th 2022. Mar 2025 Brltlsh l$le5 North Oi5trirt Mr. lain McGookln Yes April if 2021- Mar 2024 April I￿ 2021- Mar 2024 Brltlsh Isles North Dlstrirt Rev. Lorralne Bell Ye5 British 15ks North Dlstrlrt Rev. Osahon Jeremie Ogbewèi Yes Aprll I￿ 2021- 8rlt15h Isles ScoJth Obstrlct Mrs Katy Daw50n Disirict lay reprehenslve Yeg Appolnted October4 2021- Mar 2023 Brftlsh Isles South Dlstrirt io Mr. Phlllp Howard Member at large Yes Nov 2021. Nov 21r25 National Board Appointèè: 5edion 3 Natlonal Board Appointèe: Sectlon 3 li Rtv. Arthursnllders Member at13rge Yes Nov 28 2020- Nt)v 2023 12 Mrs Laura Nlke District lav representative Wice Chalr Yes April 17 2021- ReslRned September 2022 Iierm to be filled Nov 2022 to M?r 20241 Brltlsh Isles Soulh ￿sOrItt Nazarene Theological College Report oflhe Board of Governors For the year ended 30 June 2022 Names of th• Boatd of Govèrnors co-opted as advisors for expertise. representstlon and the development of the Charity who were In plxe in 2021-2022. All nOn.votl￿ partiCl￿ts in meetlngs of the Board. Phyllls Thompson Board COwOPtlon Nov 2018- Nov 2021 {Extended to May 2022 due to Covldl Aprll 17th 2021- Nov 2024 Nov28 2010- May 2023 Ex officlo Board of Governors S•ction 5 Mr. Gareth Lawson Mrs. Rosemary Arnold Kni8hts Rev. Stéphant Tlbl Board co-QPtion Board of Governors Sertion 5 Board ot Govtmors 5ectlon 5 Board COwOPtlor4 RÈOonal Edutatlon Coordinator Commissioner Intemational Board of Educatlon Euvasla Reglon31 Director Prlnclpal Eurasia Regitift Rev. Dr. Klaus Arnold 2020 General Chur¢h Rev. lirn Ritchie 2020 Eurasla RÈglon Rev. Dr. Delrdre Brower Latz Mr Joel Banks 2012 Board of Governor5 student Body Presldent May 2022 Studènt Body: Sectlon 4 Names of charlty trustees who cornpkttd thelr term of tsffice In 2021.2022. Mrs. Ma Wood Mrs Laura Nike Mr. Tim Geddes seryed to April I￿ 2022. served to September 23. 2022. seryed to Ma Isi 2022 Chadty name Nazarene Theological Colle8e Charity Registration Number 526675 Principal Office Dene Road Didsbury Manchester M202GU Nazarene Theological College Report of the Board of Governors For the year ended 30 June 2022 Board of Governors The Chairman and Wice Chaiman are elected by the Govemors. The followln8lrustees are desl8nated to hold tsile to land and byllding5 belonging to the charity and are desbgnated to bè slgnatorles io mortgaw held on behalf ol the charlty: Mr. lan Burlei6h Ivice Chair May 2017-2020, Chair 2020-presentl Mr. Stevé Leath ISetrÈtary appolnted May 2017-presentl Rev. Ruth Tumer IEX Officio and member of the executive. 2020-p￿SentI Rev. Carl Mccann (Ex Officlo and member of the executive, 2019-presentl Thè College does not have any funds hèld as custodian trustèès on behalf of others. nclpal staff Principal Vite Principal & Academit Dean A55ociate Dean and Re5e3rch Chair Director of Research Diiettor of Research Director of Operations and personnel Finance Mana8er Finance Consultant Rev. Dr Deirdre BroweT ia Dr Peter Rae Ifrom July 1st 20191 Rev. Dr. Jacob Lett Ifrtsm July 20221 Dr. Kent Brower ItD June 30th 20221 Dr. Geordan Hammond (July 1st 20221 Ms. Pauline McKendrick (from September 20181 Mrs. Simona Stanfield lon maternity leave Aug 2021-Sept 20221 Mr. Andrew Hollingworth IAu8USt 2021-presentl Reglstered Offke Nazarene Theolo8ical College Dene Road Dldsbury Manchester M202GU web￿tr- www.nazarene.ac.uk Audltors AlexarndÈr Bursk limited Parkgates. Bury New Road Prestwich Marnthester M25 OJW Bankers Barclays Bank PLC 1st Floor 3 Hardman st￿et Spinningfield Manthester M3 3HF Solicilors Anthony Collins Solicltors 134 Edmund St, Birrningham B3 2E5 Nazarene Theologlcal College Rèport of the 8oard of GovÈmors For the year ended 30 June 2022 Our Ob. ctlves and Adlvftles Purposes and alms Our charity's purposes are set out in the objects of the charity whlch are to foster. promote and maintain theological higher educati￿ in harrnony with the Manual of the Church of the Nazarene, a5 interpreted by the General Assembly of the Church of the Nazarene in session from time to time. Thè aims of our charity will include. but not be Ilmited to. l Opèrating as an institution withln the Hi8her Education sector in the United Kingdom but as an integral partof the Church of the Nazarene, the College shall servethe UKand 8lobal Nazarene community as well as the wider Christian community. bl Providing the church's philosophlcal and theological framework whlch at all timesls rooted In the biblical and doctrinal commitments to the Wesleyan tradition ènd accountable to the stated mission of the denomination. cl Guidin8 all those who participate in its life by acceptin& nurturing and expressing in service to the church and the world a conslstent and coherent Christian understanding of soaal and Individual behaviour. dl Providin8 a curriculum quzlity of instruction and evidence o15cholarly achievement that wlll prepare graduates at both undergraduate and postgraduate leve15 to funrtion effectively In the various vocations of Chrisilan discipleship and ministry. I￿tIeS The Officers of the College continue to work on the annual monitoring and evaluation of the current strategy. Full reports are given to the Governors on the progréss being made towards the fulfilrnent of the agreed vision and direction of the institution. The activities of the College tontinued to be ygnilicanily imparted by Covid-19, reflected throu8houl the report. The Governors were highly engaged in deasion making ensurin8 the management of risk and development. In this year.. The Governor5 of the College consider that the Ctsllege's aims, objective5 and activities as de%ribed herein demonstrate proof of publicbenefit In ihe advancementof religlon and in the advancementof education. Within its core operation5 the College offer5 a non4iseriminatory policy assuring the mission. vision. values and ethos of the College are upheld. In addition, through the work of the ancillary services additional publlc benefit is served. These include, but are not limited to, I Provi¢Jing access to the ColleBe's library facilities to extern31 memberships bl Providing acce5S to the resources and library of the Monchester Wesley Reseorch Centre which is housed within the College's facilities cl Providin8 access to the re5ource5 ènd Ilbrary of the Munche5ter Centre fvr the Study of Chri5tiunity und Islom which Ss housed within the Colle8e's facilities dl Providing access to the resources and library of the Manchester based arm of the Movement forjustice (JndRecoftciliution. el Providing access to the College's facilities for vse by local org3ni5atitsns, other educational bodies, churches. publit open days and through partitipatlon in lo￿1 and national community events. fl Assisting students as and when practicable and necessary through a pOl￿¢Y of bursarie5 or hardship grant aid in order to meet their tuition and livin8 costs. Nazarene Theologlcal College Report of the Board of Governors For the year ended 30 June 2022 In the peiiod of Covid 19 to present. access to the property of the College continued to adhere to Government and OffSce for Student, Natlonal Health. Test and Trace guldance. Enhanced risk assessments were carried out re8ularly alon8%de a 5111te of mitigations ensuring the health of all. The College's public facin8 work moved Increasingly to hybrid, with classes in person and available over zoom. This meant that our digital and onlin engagement in both day to day practice and in our developing vision for ongoin8 prograrnmin8 became more normalised and following Governors lead, the College worked through proposals to take to the Llniversity for validèted approval for some aspects of our programmes to be offered online or in hybrid rnode5. We also worked hard to resume 'communI￿ programming with face to face teaching, enhanced support for th05e impacted by Covid and ongoing emergence into wideningthe scope of the college. Achlevements and ormante: The focus of our work The key areas ol focu5 of the Colle8e personnel and Govèrnors continue to include the following, which reflects pas( present and future actions.. al Agreement and Implement3tion of the Strate8i¢ objertivts of the College centred upon kev areas.. Identifitation of ihe Foundation on which the College is built Institutional Identlty Academic Development that Is research led and prarti¢e driven Christ-like community formation bl Areas of focus were rewiewing and enhancing-. Partner5hSp and Collaborative Development AdministThtive Oevelopment Finance and Fundraising Faculty Dewelopment Publicity and Recruitment cl Contlnuln8 Course Delivery or our under8raduate programme- primarily in person. dl On-going reglstration of the College wTrth the UK Borders Agency as a fier 4 sponsor for students has been maintalned and our sponsorship is carefully monitored. Thi$ was reviewed in the year and continued. el Participation in the Teaching Excellente Framework and its revisions. The college received an overall satisfartion in the National Student Survey for 2021-22, of 93.75%. We are reviewing the responses to th95e questions we received lower than 100% and are responding to them as we are able. gl Key personnel appointed in both student 5UPPOrtand administrative area5 ensurethe smooth running of academic administration and high level of professlonalism. h) Appointed Rev. Louise Kenyon to fo¢us on pre-degree 5UPPOrt and developments enabling widening aecess and participation. il Post-graduate degree support which ensured trdnsltlon from Dr. Brower to Dr. Hammond and Dr. Lett in Research provision and oversite. jl Attess to learning through di8ltal and off-site for those unable to attend classes in person was continued. kl Continued invegtment in onsite campus-based IT in order to ensure our communicatlon and digital Services continue to bè Èxtellent. 11 Fyndraising programmes to secure funding for the future, induding Legacy glving. Library support and funds for Cèmpus development ¢ontinued to be a focus with Dr. Péter Rae and Mr. Steven Clarkson agreeing to develop this area. ml The embeddin8 tsf the Associate Dean ensured tapaeitytofocus on the development of future programmes nl We continued to permit some flexibillty around working prattiees enablin8 WFH fr¢m tlme to time. Nazarene Theological College Report of the Board of Governors Forthe year ended 30June 2022 ol Acces5in8 Government provision as enabled. pl Promotin8 the College in all areas and recruiting students at both undergraduate and PQStgraduate levels. ql Offerin8 non-validatEd online in order to serve its ron5tituents and develop its profile, rl Attract and support students from non-traditional back8rounds focus5ing on progression. 51 Invested in research for developing online community in grder to ensure we can meet our objective5 in this arèa. t} Determine the direction of iravel for our youth, community and interBeneration31 programmes. ul Run ovr first MA In CommunSty Developrnent and theo108y. Academic A¢hle¥ements and Ptrformance The College 15 a partner college of the University of Manthester and its awards. from the Diploma to the PhD, arevalidated throu8hThe University of Manchester. Thevalidation of NTCthrough the Universltyof Man£he5ter continues as a positive relationship ol mutual respect and is valued and nurtured by the C¢llege and esteemed highly by its students. The relationship gives strength to the ongoing strategit goal of the Collegè to offer academic excellence across Its pro8rammes. This year the College offered a nationally profiled conference in Aging andTheolo8y in partnershipwith the Unfversity. We have also continued to develop5upervisors In relation togood practice in partnership. The Colle6e'5 Degree In Youth Work and Community is a validated by the National Youth Agency as meeting the Joint Negotiating Committee professional standards for youth worker5. Following si8nificant review and approachin8 the time for revalidation the College agreed to revise the programrne significantly and the revised programme (from 2022 September entryl will no longer carry NYAvalidation, but only University of Manchester validation. Durin4 the tourse 012021-22. the College had approved a new Underyraduate pathway in Biblical Studies, and a new Postgrzduète pathway in Community Development. The College runs taught academic progrdmmes at both undergraduate and postgraduate levels. It also supervises Research Degree programmes. Cour5e5 tommence with a flexible one-year certificate ¢ourse and contiftue throu8h to the Pho programme. The range of ¢our5e5 now offered is as follows.. Under aduate Certifitate. Dlploma, Bachelor of Art5 Degree and Honours Bachelor of Arts Degree in Theology. Certificate, Diploma. Bachelor of Arts Degree and Honours Bachelor of Art5 Degree in Theolo8y. Youth Work and Ministry. Bachelor of Arts Degree in Theology. Youth Work and Community. Certificate, Oiplorna. Bachelor of Arts Degree and Honour5 of Art5 Bachelor De8ree in Practical Theology. Certificate, Diploma. Bachelor of Arts Degree and HonL)urs Bachelor of Arts Degree in Theolo8y (Biblical Studiesl Note.. the tourse speclflcations for the Certificate, Diploma, Bachelor of Arts DeBree and HOr￿urS Bachelor of Arts Degree in Theology, Youth Work and Ministry/Theolo8y, Youth Work and Communlty were rewritten and approved. Post aduatè Post Graduate Certilicate. Diploma and Master of Arts Degreè in Theo108V.' Post Graduate Certificate, Diploma and Master of Arts degree in Theology wlth streams in a ran8e of areas all approved by the University. Nazarene Theologital College Report of thè Board of Governors For the year ended 30 June 2022 Research degrees at both MPhil and the PhD level lintluding the Practice-based PhDI are individually pursued by students and supervised by the College, the current level of students on research programmes is 37, with several students satisfartorlly completing their de8ree5 in the past year. The College subscribes to the Quality Assurance Agency IQAAI, the OIS designated body for quality, to provide assurance that the ColSege is meeting UK èxpectations for the atademit standards of awards offered, and the quality, informatton and enhancement of learning opportunities provided. We work withln the Home Offi¢e Prevent Duty framework to recognise and reduce risks of radlcalisatlon. Internatlonal Artivi Anumberof purfacultytontinued to be speakersand engaged in professional ¢onferencesthrou8houtthis year. The cohorts for international students were services through online en8a8ement and the developmentof a pre- degree programme to ensure early support for stuéent success. Partnerships with faculty from T￿Vecca Nazarene University and Boston University were developed lor engagement in teachin8 and leaming opportunities in 2022 and the collegè hosted several key partner groups over the summerof 2022. Non-Ac•lemi Su ort Achlevements and PÈrformance The College offered online Mental Health First Aid tourses, and these were very positive. Investment in key bursaries to support developments, hardship and enable students to access learning continued. We have also continued to work towards training and development in antiraost practlce, partly in response to the Black Lives Matter Movement. The roof of the College was a matter for eoncern and we began è phased response to deal wilh urgent repairs. We received a £I(M),0￿ unsecured 193n for part of the repair from the Eurasia Re8ion of the Church of the Nazarene, repayable by l ju￿ 2023. In addition. the College have been offered matched funding up 10 maximum of £50.OC(i. These were in addition to donations through fundraisln8. The Colle8e successfully completed a number of dats capture pieces of work. including- Hl8her Education Funding Counctl IHEFCEI, Higher education in Alternative Providers Early Stat15tic Survey IHEAPESI, Destination gf Leavers from Hl8her Education IDLHEI, National Student Survey, PREVENT, UK Border agenry Sponsorship regulation. and the USA Veterans Affairs audit. The Colle8e has continued tts manage its regulatory frzmework well. As a result of the Increasing regulation and compllance we established a tommittee, and the first year of its operation ha5 been successfully completed. Matters emerging from It are conside￿d by the relevant areas of the tolle8e. 'Compliance and reporting, to centralise our approach, revSew our poli£ie5 and create a system of reporting in a new￿ systematised way. The increasin8 burden of regulation. changing re8ulations in a range of bodie5. and the tross-over be￿een finance. operations and academic reporting meant that we needed to efth3n￿ our structure5 and internal accountability- The Cdlege tompleted various transitions in the finance office to ensure compliance and effioency. Simona Stanfield took maternity leave. Mrs. Dana Gheorghe. continued to work in the finance office and completed several qualitications. Mr. Andrew Hollingworth, a consultant who was a flnance manager with a great deal of experience in reviewin8 and auditing systems who had previously helped the college supported the finance office throughout the year as a Finance Controller. We appointed Mr. Musa Jibril as an additional supporttothe finance book-keeping and he finished his role in August 2022. Nazarene Theological College Report ofthè Board of Govèrnors For the year ended 30 June 2022 The Governors reviewed their own practice. including the Board Code of Practice Manual and the Constitution. A solicitor specialising in Cha¥ity Governance reviewed the Cgnstitutign and suggesteij some clarifications and changes. The Constitution is in the process of bein8 amended in accordance with its provisions for Amendments. The impact of the review will be tg clarify and sharpen some ol the lan8Ua8e. Benefktsto Sot We benefit widei sodety relate to heightening awareness of the role religion can play in advocating for good, brlrtging peace, rèconciling atross faith tommtsnities. and enabling people from faith back8rounds to develop their own understanding. With students from a ran8e of batkgrounds. we ensure also that our students, many employed in the third sector. tharities and reli8ious settin8s will impart widèr ststiÈty by enhanced understanding of the world and the way people think. Character formation, ethical principles, best practice for community development and ways of approaching the world that are respectful and thoughtful are also part of the intènded outtomes of our work. Globally our students take roles in leadership at a number ol levels, from institutional leadership to engagement In government. At the grassroots they are people committed to seein8 communities and individuals thrive. Our undergraduate and post8raduate Students Hre drawn from across the UK and beyond and range In a8e from 18- mid 70s. The tollege hassi8nificant success in ensuring a5 many in underrepresented groups achieve access to education. Year on year we are investing in enhancing and supporting students frtsrn low participation areas and communr(ies to thrive. Our provision is for a wide range of people but is alsrj attrarting maiure students with a dirert Interest in developing themselves further as professionals in a range of industries. We further engage with a rdnge of people who have disabilitie5 and the College has invested In provision for these students. The high level of students with disabilities is viewed a5 PQSltive by the college. a5 we fulfil our airn of being an accessible and flexible place of learnin8. We believe that our approath to excellent support. wrap around Care, and small class sizes mean that the College 15 a safe place for people with additional needs to find their way to success. Thi5 year the College offered a free ESOL course for immigrants from HonE Kong. Sponsored by the 'Bridging Worlds, centre some 30 participant5 went throygh the programme and its Suteess has led to a lurther round in the 22-23 academic year. Use of volunteers The CollÈgè is erèteful to and indebtÈd to. those members of our denomina￿on who, in response to the neÈd5 identified, are able to offer themselves as volunteers to assist in non-acadèmit areas of the College life. These include Maintenan￿ work, housekeepin8 assistance, general clerical worK cookin& library support and a range of other role5. During their perlod of volunteerln& all volunteers operate to the guidance of the College's policies and procedure5 and are covered under the ￿qUired Health and Safety re8ulations. Nazarene Theological College Report of the Hoard of Governors For the year ended 30 June 2022 ant makl The College takes the view that it will do whatevèr Is in its power to as5i5t students, particularly those from the majority wgrld. in meeting the cost of their tuition and living expenses. Accordinglyj several schdarship5 have been established through donations to the College that qualifying students can benefit from. The Scholarships are re5tritted and treated as such in the accounts. The college gives a range ol grant SUPPOrt and scholarships with the clear aim to carin8 for those who may not actes5 education. This also enables students from non-traditional backgrounds to make it. We have solicited specific fund5 for the Global South and for people from black and other ethnic backgrounds to access and develop in education. We See this as a key part of our orientation around carirsg for those on the margins. We have agreed our access and participation plan with the G￿ernMent. Flnanclal revlèw The cdlege's tuition fees are reviewed on an annual basls. Our aim in sèthng fees Is alway5 to be commensurate with the sector and achievlng a breakeven opereting budget. The college's finances were impacted significantly by Covid-19 and we continue to work through the le8acy effect of the pandemic. Salary pay cuts made in 2019-20 were redressed and an upllft tor all members of the team was 8Nen in the new financial year on the basis of our financial position. Following careful management, the colle8e's year end results were positive. We attribute this, however. to a legacy received, the Government job retention sllPPOrt scheme and Careful management and cuts to our operatln8 budget. We began toworkihrough yearone of the three-yeargrant'Scieneeforseminaries.'Thi5 included funds toward5 delivery of courses that demonstrate theology and science as a conversation partner. Our Academic Deans, Dr. Peter Rae and Dr. Jacob Lett are overseeing this, wlth the faculty team supporting the delivery of materials alongside local 5peciali5ts. We received a legacy from Mrs. Eunice Longworth. a lon8 time supporter and friend of the college. Her legacy was gifted for General, kholarship and was an unexpected Bift. A further thlrd tranthe was glven to the MWRC, however the solicitors alerted tss to a legal dispute relating to it and asked us to retain the monles. We are in conversation about releasing those fund5 to the MWRC. The projettions for the Coming year, which will end 30th June 2023 have been based on the previous yearfs intome and expenditure (year ended 30th June 20221. We anticipate.. al a continued below-target student uptake of HE places at the College at Undergraduate level b) a healthy intake at Masters. level cl a stsble intake at PhD level tl robust rental of the facilitie5 d) accommodation at least 9￿ of capacity el strategic developments and Investment in grder to rnove the college foThYard O a significant increase in fee5 Imm the Unlversity of Manchester for pro8rammes, pathways and per student The Trustees and the Senior Leaders of the College have kept the finances under constant al￿ re8ular review. Nazarene Theological College Report of the Board of Governor5 For the year ended 30 June 2022 The restricted funds held bythe College forthe purposesof Scholarships and Principal's Projèct have been drawn upon In accordance with policy and the intended purpose of the donations, 2nd thesÈ transactions are reflected in the attsched finanaal statements. Athllt RèvlÈw The Audit frgm the year 2021-22 was reviewed by the Governors and responded to. Alexandef Bursl appointed in 2015. help us continue to ensure we are robust in our finantial management and practices. We continue to have an outside observer who is a professional auditor, thou8h serving in a voluntary capacitv. he offers Governor scrutiny of our prattice in rneetin8s. This role is gngoin8 and will support the development of Governors into 2022-23. Investment Poli¢ In compliance with the Charity Commi55ioners' guidance -charities Ènd investment matters.. a 8ulde for trustees. ICC14 last updated on l October 20111 the College Governors have implemented an Investmer>t Policv. The key issues addre55ed are.. al the need for enou8h resour￿ for the chartty to carry out its present and future artivitieg effectively bl the level of aueptable risk and how to manage IL and the charitls stance on ethical tnve5tment Thi5 poli¢y is revlewed every two year5 by the flnance sub-committee Df Governors, however. any investment decision needing the approval of the fin3nce sub-committee will in turn be referred to the fvll meeting of Trustees. Reser4es It is the intentiorn of the College Governor5 to continue a programme of securing a reserve of funds to provide a protedion against any temporary downtum in student numbers. The level of reseNes to be set aside for this purpose will be in accordance with the Reserves Policy and Governors will determine the amount to be $0 set aside to reath this tsrget on an annual basls where posslble. Amount of re5eryes held.. the unrestritted and restrirted funds held in cash at bank and in hand amount to £2.996.080 of which £2,577,295 were unrestricted and £418.785 were ￿$triCted. The Charity continues to opérate as a going concern. The basis of this is student recruitment, the developrnent of additional funding streams for studènts and the increase in regular donations. Our on-going validation with a world class university also makes us attrxtive lor students and our impressive graduating class in Tesearch degree programme5 enhance5 our reputation year on year. Additionally, the property portfollo has a value well in excess of the Balance Sheet valuatiori and this, should it be required. could be re81i5ed tts more than cover any unforeseen liabilities. We are actively working towards developing our funds. 10 Nazarene Theologlcal College Report of the Board of Governors For the year ended 30 June 2022 Prlntl I fundin source5 The princlpal source ol funding mntinues to be the incgmè generated throu8h tuition fees for students plus meetin8 their accommodation needs through Ha115 of Resldence. A further valued source of funding continves to come from both the General Church of the Nazarene through an operations grant and also from churches in the UKwho tontribute through their annual bud8ets tothe work of the College. Neitherof the lattertwo sources are either restricted or designated funds. Administratlve Revlew Thi5 year the Operations Director h3$ revlewed processes and policie5. We are undertaking a systemati apprgach to cross-checking all policies and ensuring they are all streamlined for use and acce55. Over the year Dr. Siobhan Jolley became Recruitment and Marketing Director and oversèw the hlrlng Geor6e Herrera asour Tecruiter. Aftera full review several changes wÈre made. In June she resigned effertive September 2022, and we appointed Dr. Sam Rogers. He ha5 reviewed all marketing spending, revised the budget expenditure and reconfigure(S the tearn. and Is working through a revision of the Website and various other ways we can develop In the area of Communications and Recruitment. Additionally. we hired in the area of Placement management and developed the team with a slightly different strutture, ensurln8 comprehensive support for all placement students on our programme5. We also artlvely participate in government consultations on changes In the higher education authority to keep abreast of any extemal risk factors. CO￿ team members have managed and reported within the agreed term5 of the Prevent agenda. Plans for future The College plans for the current period relate to onBoin8 management of the prevlously agreed stfategic plan. This covers primary areas identified in the implementation and review ol the earlier strategic review. Thesè are identified as al Academic excellence and research led learnin& bl Christ-like communlty focussed. Wlthln these areas the tolle8e has a clear focus on- Studert Recruftment we will wtden student recruitment includtng reathing new market5 ensure that the education experience of current St￿dents remains positive offer tontinued improvements to our courses develop pipelines in pre4egree marketing Programmes of Studv we will widen our pro8rammes of study including in the Asian Christian Studies and Community Development areas we will seek approval for online offerings at MA and BA level we will review our youth work programrnes we will revise our programmes followin8 a rolling review 11 Nazarene Theologlcal College Report of the Boar(l of Governors For the year ended 30 June 2022 Portner5hlps we wlll contlnue to seek partnerships with compatible entlties in ordertodevelop our profile and reach Ensure accessibility to a wide range of partners Deliver the Science for Semlnaries to fulfilment our grant We will work wth Asbury Serninary, Kia and Newbigin School ol Urban Leadership to develop areas ol education that serve the wider need5 GeoqraphlcalA¢17¢h The college wlll continue to d￿eloP our relatlon5hip5 Wlth the Global Sguth for faculty development The colle8e will continue to strengthen relationships with partners in North America We will continue to recruit fiom beyond the UK to all levels of programme We will serve diaspora communities within the UK Natlonulgndlnternotlonolproflle We will contlnue to develop our international and national profile In orderto develop a pipeline of students We will invest in development of our alumni networks Finances In order to be sustsinable we need to have growth. Having retumed ourstsff to their 2019 salary levels we continue to review how we tan enhance pay. In the longer temi, we need to review OUT financial modelling and fundra15in8/partnerships We will continue to work towards a healthy flnancial culturè includin8 careful prtsjections and budgeting and development of securSty for mediurn and lon8-temi planning We note that we have very few Significant trust donors and we w511 revisit any opportunities in thi5 area We applied for, and received, funding from the '5tiente lor semiDaries' grant fund, and will spend thls In accordance with the requests We will aclively explore other research grants Compus The primary foeus in our campus is the renewal of our roof Planned maintenance and relurbishment of student accornmodation Continued lettinB a5 space and restrictions permit This year we are consulting widely with student5 and stskeholders to crèate a long term vision plan for campu5 use taklng us to 2030 We have a cap ex plan in place for re8ular investment to emerge The goal of being Carbon Neutral is underway with staged investment in shorL medium and long tem planning Governonce We are in the process of reviewing our Constitution and our Governance practicÈs Replenishing and recruitin8 Governors for the coming cycle Ensure ongoing support lor our Governors is offered by the College team Undertake induction and tralning lor all GDvernor5. new and returnin8 Review the strategic direction and reporting mechanisms recelved by Governors to ensure that they are tlear ènd satisfattory Implementing a plan for a full-stren8th board of trustees with a matrix of skllls and backgrounds in order to provide effective Governance and leadership 12 Nazarene Theological College Report of the Board of Governors For the year ended 30 June 2022 In this yearwe have also agreed thatthe following support areas- il the cessation of key missional partnerships, ill The implementation and developrnent of additional key partnerships iiil ongoing moves towards financial, hurnan resource and operatSonal sustainability and iv) enhancing our communication (including publieity. marketing and reciuitmentl. We will conslder how we invest in thern in order to achieve our strategic airns in each of these areas. Following è review of our prolected finances and in lighl of areas identified as key for futltre development Irecruitment. onlineldigital and succession) the Governors agreed that we needed to invest in key areas for development.. Commissloning a new website Key personnel for supporting the development and delivery Campus spa￿5 for student satisfartion The College continued drawln8 on our Vislon Document 2030. It 15 comprehensive and foN4ard-thinking document to enable the College to continue to meet its aim5 and objectNe5. In response to the current landscape of theological education it is Critical thatthe College develops, enhancing operations in orderto grow io enable a sustainable future. Academically the Colle8e is increasing recruitment into Masters level. It is developing Its capacity for Ilexlble and effectlve learning in a variety of on-llne and off-site ways. The Collège is offering opportunitie5 for intercultural study for students from overseas. We continue to ensure we offer excellènce and tuttin8*d8e theolo8ical thinkin8. The Colle8e is also working to develop and enhance our core faculty team. We are also investin8 in student learning support provision and thaplaintylttlunselling serv(ces. This includes.. The appointment of a .6 learning support officer The desi8natlon of time developln8 Study abroad by one of ourAcademic Office team 2 hour5 per weekl The appointment of a .2 Coordinatorfordigitsl community and programme dev¢lopment The College continues to invest In a research and development projett to develop a plan for pre-degree-level learning and additional progr3mme5. The College isdeveloping its physi￿1 plant in relation tothe academit developmentswhlch are ourcore business The A¢ademK 8oard continues to explore.. al creètive and altèrnative modes of delivery. bl partnerships with other Wesleyan institutions of Hi8her Education. cl course development relatin8 to the need5 of atadèmic pro8rammin& trasning for ministry and thèological benchrnarks in the 21 Century. dl the irnplementation of strategic planning across all levels of academic Itfe in the College. el Active promotion of the College in 411 areas and the recruitment olstudents at both undergraduate and postgraduate levels from both within and outside the European Economic Area. The Admlnlstratlve Councll continues to exploie.. al seamless integration of all administrative funrtions. bl all departments of the College continuln8 10 operate and Improve in their efficiencv. cl streamlining processe5 and procedures. dl finantial sustalnabllity. el further development of publidty and recruitment in tsrgeted ways. compliance with the Prevent Govemment agenda. gl training and enhancement of our Staff team. 13 Nazarene Theologlcal College Report of the Board of Govemors For the year ended 30 June 2022 Strurture rnanct and man rnent 1Sovernlng document The College is governed under a DECLARATION OF TRUST deed dated 25th June 1970 as amended 2nd February 1990 and a8ain on the 1st February 1991 and the CONSTITUTIQN a5 approved by two thirds of the members present and voting at both the North and South Distrirt Assemblies of the Church of the N￿arene and as amended from time to time in accordance with the Constitution. Rttnitmertondoppolntmentof Governors The Governors of the College are appointed by election at the Annual Distritt Assemblies of the North and the South Distritts of the O)urch of the Nazarene in the UK. A nomination committee currently proposes n3me5 of members of the denomination to the delegates to vote upon, there bein8 an eqLtal number of Governor5 appointed from each District. In addition to those appointed In this way, the two elected Distrlct Superintendents are appointed by virtue of their office as ex officio members of the Board of Governor5. and, under the Constitution. up to four additional Governors tan be appointed from outwith the denomination and four members-at-lar8e are appointed by the British151es National Board of the Church of the Nazarene. The appointment and code of operation of mernber5 of the Board of Governors is set out In full in the Constitution of the College. The Govemgr5 of the College are elected and appointed 35 set out in the Constitution. Within this document the voting Govemors are referred to as the Trustees and are unambi8uously and collectively accountable for the instltutional activities and take all final decisions on matters of fund3mental concern for the college. In orijer to ensure limited liability* the tollege has a prartice of ensuring business liability cover 15 included in our insurance. In the past year, however. and stretchin8 into this year we are reviewing our Constitution and. when it has been approved by our Governors, we will send any amendments to the Charity Commission fc*r approval. The Colle8e's approath to govemanee applies the Publi¢ Interest Governance principles of the Office for Students. It also follows the good practice for the Hi8her Education se¢tor Identlfied in "the Hi8her Education Code of Governance" produced by the Council of Unwersity Chairs. Indurtlon and trulnlnq of trystees All Governors are made aware of the ethos and mission of the College and participate in regular training programmes to increase their understanding of the role and also the issues affecting the work of the College. Governors are entoiira8ed to access the Charity Commission website on a regular basis to download any and all relevant rnaterial and resources that will erhance their ability to fulfil their dutie5. There 15 an Inductlon programme for newly elected Governors. The College Invests in 'Govem¥nce' Magazine for all governors an4 has a Board Code of Practice for all who serve in this capacity- Each Govemor has access to a dedicated and password protected Govemance Moodle site (virtual learnin8 p13tforml. Oryunlwtionulstrvrture The organlsatlonal strurture of the College Is constsntly developin8 as it seeks to meet and fulfil its stated goals nd a5piration5. The principal point of govemance in a11 matters continue5 to bethe Board of Governors towhith all senior staff reporL the Principal, Vice Principal. Dean, Directorof Development and HR. The Core Leadershlp Tearn ICLn of the college, previously known as the Senior Leadership Team. is the key Man￿ernent group, led by the Principal. for the daY-t￿daY operatlgns of the College. CLT member5 attend board meetings during the year for the majority of items dlscussed. The process to appoint and set pay for CLT members are determtned in accordance with the constitution. The Board of Governors have a remuneration 14 Nazarene Theological College Report ofthe Board of Governor5 For the year ended 30 June 2022 ornmittee whith review5 payé Structures, professional developmènt finanong and ensureg that the College is considering pay levels as appropriate to the experience, responsibility and market of the sector. There is no automatic entitlementtoannual salary increases. The philosophy of the College emphasises paying its least well- paid staff at least the living wage. The structure is also relatively flat, with the Core Leadership Team paid well. but within keeping with the Higher Education and the church ministerial pay structures they relate to. The Board of Govemors reteives and monitors RSsk Reports regularly and the Core team manage5 risk on a monthly basis. In addition to the Core team and Its operations, there are No significant Boards through whlch all policie5 and proposals must pass in order to be presented to the Board DI Governors for the Trustee5 Vote, these are the Administrative Countil and the Academit Board. The Academic Board approves all matters 91 an academic nature including new programmes, and the Administrative Council receive and approve all matter5 of a financial and admlnistrative nature. in particular the approval ol any proposed change to an existing pollcy or b new policy. Below these Board5, a range of operational and reporting Boards meet. A further comrnittee which implement5 operational decisions and reviews the Cash flow and bud8tts lor the Colle£e is the Finance Meeting which Is minuted and minutes sent to the Administrative Countil. In additiors, as Wlth all suth institutions. a range ol other committees meet on a regular basis to deal with the day-to-day operations of the Colle8e and which make retommendations to gr seek approval Irom the other bodies mentioned above. These committees include, but are not limited to Facult¥, Publicity and Recruitment and Library, etc. In the comln8 year the Collègè will review its internal structures to ensure collaboration. culture and efficiency are baked into our systèms. We will rèvisit how we create and store documents to ensure they are 'livinB' and in use. We aTe also undertaking a review of pathways of recruitment tommunication and their relationshlp to our admis5ion5 proce55es to ensure that our recruitment conversabon rate is high from first encountèr to final admission as a student. Representotlon ot Bo#Yd meetlnqs.. Thè Prlncipal, CLT and student representatives are part of Bgard of Governor meetings, prwding necessary perspectives to support the Board togovern effectively. The Principal. who attends meetin8s ex officio. and any additional paid member of the team invited into meetings, have full rights of attendance and panicipab'on at meetings, but in line with the College's constitution as a charity. as employees and beneficiaries of the Charitv, they do not have votlng rights. Studentrepresentatlves have no le55 right of p3rticlpation and are not in anyway disadvants8ed. The Governors tonfim) that they have refer￿d to the guidance contained In the Charity Commission's 8eneral guidance on public benefit when reviewing the organisation's aim5 and purposes. 15 Nazarene Theological College Report ofthe Board ol Govemors For the year ended 30 June 2022 Risk mana ment The risk m3nagemènt strategy of the College 15 reviewed and a risk assessment completed by the Senigr Leadership Team and reviewed by the Governors annually in their November meetin85. There 15 a continual proce55 01 formulation ènd development in response to the ch3n8ing circumstances that could impact upon ihe work of the Colle8e and its fuifilment of its ethos and mission. The Board of Governors, in conydering thi5 important task, take dir&ction from the on-going discussions of the College personnel, both internally and through their meetings with extemal advisers, and seeks to find ways t mitigate the impart of suth risks throu8h proactive planning and tran5ferrin8 of identified risks oh an on-goin8 basis. Rel*ed rtles Any and all related partiÈS are dear￿ identified in the notes to the Accounts. At each meeting of the Govemors there Is a tonfllct of Interest fomi to clearly idèntify any matter5 that arise and a re8lSter kept. In the course of thi5 year. due to the appolntment of Mr. Andmw Hollin8WOrth as a financlal tonsultant he CEased being a Governor. Mr. Hollingworth dld not participate in any Governance artivities since the commencement of hi5 contract in August 2021. prior to this he seryed on the Operations and Personnèl Committee of the Governing body. The elections of trustees from the British Isle5 South and North District and the ex officlo appolntments of the District Superintendents mean that from time to time there are transactions between those entitles and NazarenèTheolo8ical College. This is disclosed in note 31. tement of Board ot Governorg rès nslblllt1•5 The Board of Governors is responslble for preparing the Board of Governors, Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standard5 Iunited Ktrngdom GenerallyAccepted Accountlng Practice). Charity law In England & Wale5 requires the Board of G¢vernors to prepare Financial Statements for each financial year, which give a true andfairview of the stateof affairs of the charity and the income and expenditure of the charityfor that period. In preparing the accounts the Board of Governors are required to.. select suitable accountin8 policies and then apply them consistentlyi observe the Tnethods and principles in the Charities SORP; make judgefflents and estimate5 that are reasonable and prudent.. stste whether applicable accounting 5t4ndards have been followed, subject to any material departures disclosed and explained in the Financial Statement5.' prepare the Financial Statements on the 80inE conTrrn basis unless it Ss inappropriate to presume that the tharity will continue in busine5S. The Board of Governors is responsible lor keeping proper attounting records which disclose wfith reasonable accuracy at any time the financial position of thè charity and to enable it tts ensure that the Financial Staternents comply with the Charities Ad 2011 and the provisions of the Constitution. They are a￿0 responsible for safe8uardin8 the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irre8ularities. 16 Nazarene Theological College Report of the Board of Governors For the year ended 30 June 2022 ststement •sto dlstlosure of Informatlon to the auditor To the best of the knowledge and belief of each of the indiwdua15. who are the Trustees, at the time the report 15 approved.. So far as each trustee is aware. there is no relevant audit information ot which the charity's auditors are vnaware., and Each trustee has taken all the steps that ought to have been taken as a trustee in order to become aware of any relevant audit information and to establish that the charity's auditors are aware of that information. Voting Members of the Board ofGovernors, who are trustèes for the purposes of charitylaw, who served during the year and up to the date of this report are set out on page l. Advisors to the Board who sèrved durin8 the year and up to the date of this report are set out on page 2. Auditors Alexander Bursk Limited were reappointed. Thls report has been prepared in accordance with the Statement of Recommended Practice-. Accountin8 and Reportlng by Charities ISORP FR51021 and the Chorlties Art 2011. Approved by the Board of Governors and signed on its behalf by.. Mr. lan Ourlelgh 6th De¢ern￿r, 2022 17 Nazarene Theological College Independent Auditorfs Report to the Members of Nazarene Theological Collegè Year ended 30 June 2022 Opinlon We have audited the financial slalements of Nazarene Theological College {the 'charily') for the year ended 30 June 2022 which comprise the statement of financial activities, slalement of changes in reserves. statement of financial position, statement of cash flows and the related notes, including summary of Signifi￿nI accounting policies. The financial reporting framework that has been applied in their preparation is appIl￿ble law and United Kingdom Aceounling Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic ol Ireland (United Kingdom General Accepted Accounting Practice). In our opintin the fin8neSal statements.. gNe a true and fair view of the stsle of the ¢harily's affairs as al 30 June 2022 and of its irbcoming resources and application of resources, including ils income and expondiiure. for the year then ended", have been properly prepared in aGcordance with Vniled Kingdom General￿ Acceplod Accounting Piacti¢e', have been p￿Pared in accordance wlh the requirements of the Charities Act 2011. Whe￿ applicabl6. funds from whatever source administered by the providér for speclflc purposes have been propedy applled to those purposes and managed in accordance with rol&vanl legislation. where applicable. funds provided by the Ofs, UK Resear¢h and Innovation {including Research England), the Education and Skills Funding Agency and the Department for Education have been applied in accordance with the relevant temis and conditions. the requirements of the Ofs's accounts direction have been met. Basis for opir>ion yve conducted our audii in accordancg with Inlemational Standards on Auditing IUKI IISA5 IUK}} and applicable law. Our responsibilities under Ihosft standard5 are further described in the auditorfs responsibilities for the audit of the financial statements seclir)n of our r8port. We are independent of the charrty in accordance with the ethical requirements that are relevant to our audit of the financial slalemenls in the UK, ine14Jding the FRC'8 Ethical Stsndard, and we have fulfille(l our other ethical responsibilf(ies 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. Concluslons relatlng lo golng concern In auditing the finaneial ststements. we have conduded that the trustees, use of tho going concèrn basis of acwunting in the preparation of the financial slalements is appropriate. Based on the work we have perfomied. we have not identified orby material uncertainties relating lo evenls or conditions that, individualty or co118Ctively, rnay cast signrficant doubt on the charity's ability to continue as a going concern for a period of at least Iweive months from when the financial statements are authorised for issue. Our responsibilrties and the responsibilities of the Iruslees with respect to going ¢on¢8rn are described in the r818vant sections of this report. 18 Nazarene Theological College Independent Audltorfs Report to the Members of Nazarano Theologlcal College Year ended 30 June 2022 Other Infomiation The olhei infomiation comprises the information included in the annual report, other than the financial 5￿te￿￿nIS and our audrtorfs rgport thereon. The trustees are responsible for the other informalion. Our opinion on the financial statements does not cover the other infonnation and, except to the extent otherwise explicrtty stated in our report, we do not express any form of assurance conclusion thereon. In connection wrth QUT audrt of the finan¢i81 stal8menls, our responsibility is lo read the other infomiation and. in doing so, consider whether the other infomation is materially inconsistent with the financial st81ements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misslatemenls, we are required to determine whether there is a material mi8Statement in the flnancial statements or a material misslalement ol the other informaliorb. If, based on the work we have perfomed. we conclude that there is a material misstatement of this other infornation, we are required to report that fact. We have nothing to roport in this regard. Matt9rs on whl¢h w• ar• requlred to rnport by excèption In the light of the knoYAedgÈ and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees, report. Vve have nothing to report in respect of the followlng matters in relat￿ to which the Charities Act 2011 requires us to report to you rf, in our opinion.. the infomiation given in the trustees, report 1$ inconsistent in any material respect wSth the rinancial statements,. or adequatg occounting records have not been kept., or the financial statements are not in agreement with the accounting re¢ttds and returns., or we have not received all the infomiaion and èxplanations we require for our audit. Responslbllities of tru$teo8 As explained more fully in the trustees. r9sponsibilf(ies statement. the trustee$ arsy responsible for the preparation of the financial slalements and for being satisfied that they give a tru& and fair view. and for such intemal control os the trustee5 determine is ne¢gs¥ary to enable the preparation of financial Statements that are free from material misslalement, whethér due to fraud or error. In preparing the financial statements, the trustees are ￿sponSible for assessing the chanty's ability to continuo as a going concern. disclosing, a$ applicablè. matters related to going con¢em and using the going concern basis of accounting unless the trustees either intend to IiquKlale the charity or to cease operations, or have no realistic allemalive but to do so. 19 Nazarene Theological College Independant Auditoffs Roport to the Members of Nazarene Theological College (conllnued) Year end6d 30 June 2022 Auditorfs responsibilities for tho audit of the Ilnanclal ststements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due lo fraud or error, and to issue an auditor's report that Includes our ¢)pinion. Reasonable a$$urance is a high18vel of assurance, but is not a guarantee that an audi( wnducled in accordance with ISAS IUKI will a￿ayS detect a material mi$$tstemenl when it exists. Misstatements can arise from fraud or error and are considered material if, indimdually or in the aggreg*e, they could reasonab￿ be eXp￿ted to influence the economic decisions of users taken on the basis of these financial statements. Iiregularitw, including fraud, are instances of non•compliance with laws and regulation$. We design procedures in line with our responsibili(ies, OLrtlined above, to detect material misslalements In respect of irregularities, including fraud. The extent to which our procèdure8 are capable of detecting irrngularities. in¢lLKling fraLKI is detailed below.. The objectives of our audit in respect to fraud are to identrfy and assess Ihe risks of material misslalernent of the fi'nancial statements due lo fraud lo obtain sufficient appropriat& audit evidence regarding the assessed risks of material misststemenls due to frauij through designing and implementing appTopiiate responsos, and to respond appropriatety to fraud or suspected fffjud Klentffiod during the audit. However, the primary responsibiltty for the prevention and detection of fraud rests with both those charged wtih governance of the entity and management. Our approach Wds as follows.. We obtained an undetstanding of the legal and regulatory frameworks that are applicable to the college ar)d delemiined that the most significant framework5 which are direcly relevant to SP8cffic assertions in the financial stslements are those that relole lo the reporting framework FRS107, the Charity SORP. the Charity Act 2011 {21. other signrficant laws or regulations are those relating to occupational healih and safely arsd data protection. We Understo￿ how th8 ¢olleg8lcharity is complying wrth these frameworks by making enquire8 of management and those responsible for ￿981 and compliance procedures. We corroborated our enquires with our rev*w of board minute$ and any cotrespondence ree8ived from regulatory bodies. We assessed the susceptibility of the Charities financial ststemenls lo material misstatement including htrw fraud M￿ht occur by making enquires of management to where they conSide￿d there was susceptibility to fraud, there knowledge ol actual, suspeoted and alleged fraud. The risk of fraud and norFcompliance wrth laws and regulation and fraud and the risk of fraud through management bias and override of ￿ntrOlS was discussed wrf(hin tho audit team and tests wefe planned and perfomed to address these risks. To address Ihese risks we reviewed finanaal statement disclosures and tested lo supporting documentation. We Carried out analytical review procedures lo highlight unexpeded variances and relationships- any of which were investigated. 20 Nazarene Theological College Independent Auditorfs Report to the Members of Nazarene Theologlcal College (conlAnu Year ended 30 June 2022 The aeeounts were reviewed to highlight large unusual transactions that would be investigated. Manual journals and journals pre and post year end were reviewed. These procedures were designed to provKle reasonable assurance that the financial statements were free from fraud an error. There are inherent limf(ations in our audit procedures described above and an unavoidable risk that we may not have detected some material misstalemenls in the financial statements even though we havo properly planned and perfomed the audit in aC￿rdan￿ with auditing standards. As part of an audit in a¢¢ordance with ISAS {UKI, we exer¢ise professlonal judgment and malnlain professional sceplicism throughout the audit. We also". Idenlfy and assess the risks of material misstatarnent of the financial statements, whether due 10 fraud or error. design and perform audit pr￿edureS responsive lo those risks, and obtain audit evidence that 1$ SLffticienl and appropriate to provide a basis for our opinion. The nsk of not detecting a material misslatemenl reSu￿1n9 from fraud is higher than for one resulting from error. as fraud may involve collusion, forgery, intentional omissions. misrepresentalions, or the override of intemal control. Obtain an understanding of internal control relevant to the audit in order io design audlt procedures that are appropriate in the circumstances, bul not for the purpose of expressing an opinion on the effectiveness of the internal eontrol. Evaluate the appropriateness of accountsng policies used and the reasonableness of accounting estimates and related disclosures made by the trustee8. Conclude on the appropriateness of the twstees, use of the going concern basis of accounting and, based on the audrt ewdence obtsined. whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability lo continue as a going coneem. If we conclude that a material uncertainty exists. we are required to diaw attention in our auditorfs report lo the related disclosures in the financial statements or, if such disck)SUTes ore inadequate, lo modify our opinion. Our conclusions a￿ based on the audit evidence obtained up lo the dale of our audrtor's report. However. fulure evènts or corKlrtions may cause the chority to ¢ea$e lo continue as a going concem. EVaIL￿te Ihe overall presentation. Structure and content of the financial statements, including the disclosures, and whether the financial slalements represent the underwing transactk)ns and events in a manner that achieves fair prosentation. 21 Nazarene Theological College Indepondent Auditorfs Report to the Members of Nazarene Theologlcal College (continued) Year ended 30 June 2022 We communicate with those charged with govemance regarding. among other matters. the planned scope and timing of the audit and significant audit findings, including any signrficant deficiencies in internal Gontrol that we identify during our audit. Use of our report This report 15 made solely to the charity's mambers. as a body, in acwrdanee with section 144 of the Charrties Ad 2011 and regulations made under seotion 154 of that Act. Our audit work has been undertaken so that we might slate to the charity's members those matters we are required to stale to Ihem in an audilorfs report and for no other purF)ose. To the fullest exlenl permitted by Faw. we do not a¢cept or assume responsibility lo anyone other than Ihe charity and the charity's members as a body. for our audit work, for this report, or for the opinions we havo formed. B Fine FCA (Senior Ststutory Audrtor) For and on behaff of Alexander Bursk Limft8d A¢counlants & statutory auditor Parkgates Bury New Road Preslwich Manchesler Laneasttiie M25 DJW 6th Decemb8r2022 22 Nazarene Theological College Statoment of Financial Activlties Year ended 30 June 2022 2022 Reslricled funds Total funds Total funds 2021 Unreslricled funds Note Incom• and endowm•nts Donations and legacies Charitable aetivilies Investment income Other incom8 99,911 1,013.358 2,788 205,527 1,321.S84 178,226 278.137 1.013,358 2,834 205,527 293,250 1,024,248 3,093 195,024 Total Income 178,272 1N99,856 1,515,615 Expenditure Expenditure on raising funds.. Costs of raising donations and legacios Expendrture on charilable actwities Total exponditUTe 2,686 1,317.468 2,686 1,441.751 1A44.437 69 1.340,527 10.11 124,283 1,320.154 124.283 1,340,596 Net gains on investments 13 49,713 49.713 1,079 Not income and net movem8nt in funds 51,143 53.989 105.132 176,098 R•con¢iliatlon of funds Total funds brought foNArd Totsl fvnds carrled fonvard 2,526,152 2,577.295 364.796 2,890,948 2,996,08Q 2,714,850 2.890,948 418,785 The stalement of financial acliwlies incknd@s all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The note• on pagos 27 to 41 fomi part ofthe•e finon¢ial stat•m•nts. -23- Nazarene Theological College ststement of change$ in Reserves Year ended 30 June 2022 UnRstricted Fund$ Restricted Funds Tolal Funds Balance at 1 July 2020 2.367,791 347,059 2.714.850 Nèt It)come for th& y8ar ended 30 June 2021 Other comprehensive ineome I lexpensel Total comprehensiw income I lexpensel for the year ended 30 Juty 2021 Transfer 159,557 16,$41 176.098 159,557 (1,1961 16,541 1,196 176.098 Balance at 30 June 2021 2.526.152 364.796 2.890.948 Net Ineome for year ended 30 June 2022 Other comprehensive income I lexpensel Total compreh8nsive income l {exp8nse} for the year ended 30 June 2022 Transfer 51.143 53,989 105.132 51,143 53,989 105,132 Balance at 30 June 2022 2.577,295 418.785 2.996.080 The n•t•s on Pa9￿ 27 to 41 form part of tho8• finan¢io1 ¥tstèm•nts. Nazarene Theologlcal College ststement of Financial Posltion 30 June 2022 2022 2021 Flxed assets Tangible fixed assets Investments 19 20 1,926,806 161,043 2,086.849 1,953,281 111,330 2,064,611 Currnnt assets Debtors Cash al bank and in hand 21 206,422 1.144,214 174,260 1.035,277 1,209,537 1.350,636 Credllors: amounts falling due wllhln one year N•t current assèts 282,500 102,894 1.068.136 1,106,643 3.154,985 3,171,254 Total assets les$ current liabilities Credltors: amounts falling due after more than one year 23 158,905 2.99$.080 280,306 2,890.948 Nel assets Funds of tho ¢harty Restricted funds un￿StriCted fund$ 418.785 2,577.29S 2,996.080 364,7 2,526,152 2,890,948 Total charity funds 26 These financial statements were approved by the board of Irusleos and authorised for issue on 6th December 2022, and are signed on behalf of the board by.. Mr l Burleigh Trnslee The notès on pige$ 27 t? 41 form part of thM• flnanclal atstèm•nts. -25- Nazarene Theologlcal College Statement of Cash Flows Year gnded 30 June 2022 2022 2021 Cash flows from opgratlng a¢tlvities Net income 105,132 176,098 Adjustments for." Depreciation of tangible fixed assets Nel gains on investm8nl$ Dlvidends, interest and rents from investhients Other interest reeeivable and similar incom¢ Interest payable and similar charges Accrued income 27,475 149,7131 12.6401 11941 6A71 136.9941 28,274 {1,079) 12.640) (453) 8.675 15,471) Changes in.. Trade and other debtors Trade and other creditors 12421 79.638 128,833 28,341 103.070 Cash generated from operations 334,815 Interest paid Interest recewed 16.4711 194 18,675) 453 Net ￿$h from operating actNities 122,556 326.593 sh flows from Invesllng actlvltlg5 Dividends. interest and rents from invostmenls 2.640 2.640 Net cash from w)vesting activities 2.640 Cash flows from financing aclivities Proceeds from borrowings Net cash used in financing activities {16,259> {16,259} (18,9901 (18,9901 Net in¢r•a$g in cash and cash equlvalents Cash and cash oquivalents at beglnnlng of year Cash and cash equivalents at end of year 108,937 1,036,277 1.144,214 310,243 725,034 1,035,277 Th? notes on p*9•$ 27 to 41 fgrrn part Of1￿5• Ilnanclal statemènts. -26- Nazarene Theological College Notes to the Financial Statements Year ended 30 Jun• 2022 General Infomiation The charity is a public benefit entity and a registered eharty In England and Wales and is unin¢orpoTated. The address of the principal office is Dene Road, Didsbury, Manchester, M20 2GU. Statement of compliancg These financial slaloments have been prepared in compliance with FRS 102, The Flnancial Reporting Standard applicable in th¢ UK and the Republic of Ireland,, the Stalement of Re¢ommended Practice applicable to charitSes preparing their accounts in accordance with the Financial Reporting Standard applic8ble in the UK and Republic of Ireland IFRS 102} Icharilies SORP (FRS 102}l and the Charities Act 2011. Accounting pollcleg 8asls of preparation The accounts have be8n prepared under the historical cost convention, as modified by the revaluation of certain inv8$lm8nts measured al market value. The charty is a public benefrt entity. Golng concern There are no material uncertainties about the charty's abilty to continug. Judgements and key sources of estlmatlon uncertainty The preparation of the financial statements requires management lo make judgements. eslimales and assumptions that affect the amounts reported. These estimates and judgements continualty reviewed and are based on experience and other factors, includiTr4 expectattons of future events that are believed lo be reasonabte under the circumstances. Foraign currencies Foreign currency transactions are initially recorded in the functional currency, by applying tha $pol exchange rale as at the dale of the transaction. Monetary assets and liabilf(ies denominat8d In fO￿Ign Gurrencies are translated * the exchange late ruling at the reporting date, with any gains or losses being taken lo the statement of financial acliviti&s. Fund accountlng Unrestricted funds are available for use at the dlscrets'on of the trustees to further any of th6 charity's pU￿oses. Designated funds are unr8Stricted bjnds eamigrked by the trustees for particular fvture project or commitment. Restricted fun¢Js are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, gnd fall into one of subJnised in profft or loss, Prior to the introduction of FRS102, they were revalued at intervals of several years onty. FIna￿l41 instrumènts A financial asset or a finaneial liabilty is reccgnised only when the Gharity becomes 8 paty to the onlractual provisi￿$ of the instrumenl. Basic financial in51rumenls are inrtla1￿ reeognised 8t the amount receivable or payable including any related transaction Costs. Current assets and current liabilities arg subsequenlty measured * the cash or other consideration expected lo be paid or received and not discounted. Ogbl instruments are subsequently measured at 8mortised cost. Where investments in shares are publ￿lY traded or their fair value can Othe￿1$e be nwsured reliably, the investment is subsequently measured at fair value wrth changes in fair value recognised in income and expenditure. All other suth investment5 are subsequentty maasured at ost less impaim)ent. other financial instruments, including derivatives, are initialty re¢ognlsed 8t fair valu8. unless payment for an asset is defeired beyond normal busines8 temis or financed at a rale of interest that is not a market rate. in which case the osset is measured al the present v?lue of the futura payments discounted al a market rate of interest for a similar debt instnJm8nt. Olher financial instruments are subsequently measured at fair value, with any changes rewgnised in the statement of financial adivities, with th& exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortis¢d cost are revsewe(l ft)r objective evidence of impairment al the end of each reporting dale. If therg is objeelive evidenca of impairment, an impaimient Ioss is recognised under the appropriate heading in the statement of financial livities in which the initial gain was recognised. -30- Nazarene Theological College Note$ to the Financlal Statements {eonllnufj(l) Year gndod 30 June 2022 Accounting pollcles (eonllnued) Financlal instrum8ntS (conrAnu8d) For all equty inslrumenls regardless of significance, and other financiol asset5 that are individually significant, these are assessed individually for impaimienl. Other financial assets are either assess8d individually or grouped on the basis of similar credit risk characteristics. Any reversals of inpairmenl are recogni$ed immediately. to the extent that the reversal doe$ not resu￿ in a carrying amount of the financial asset that exceeds what the carying amount wouhj have been had the impaimenl not previously been recognised. Deflnod contribution plans The charity contributes lo definerl contribution pension schemes on behalf of rts employees. The assets of these schemes are entire￿ separatè lo those of the charity_ The pension cost shown represents contributions payable by the charty on behalf of the employees, and il has no other liabilrties to these schemes. Donalions and1ggaci•s Unrestricted Fun¢Js Restricted Total Funds Funds 2022 Donations Donations 99,911 178,226 278.137 Unraslricted Funds Restricted Total Funds Funds 2021 Donatlons Donations 21 D,097 83,153 293,250 Charltable activities Unrestrided Total Funds Unrestricted Total Funds Funds 2022 Funds 2021 Fees Bookshop sales Edu¢ation services grants IKCI District budget$ 904,601 300 50,100 58.357 904,601 300 50,100 58,357 1,013,358 943,373 422 51,209 29,244 943,373 422 51,209 29,244 1.024,248 1.013,358 1,024,248 31 Nazarene Theological College Notes to the Financial Statsments (condnu8d) Year ended 30 June 2022 Dlsclosure on grant and fee income 2022 2021 Grant income from OFS Feg income from tsughl awards Grant Income from other Bodies Fee income from research awards Fee income from nonqualfying courses Total grant and fee income 18,216 456,037 20,156 504,324 397.392 32.956 404.361 34,688 904.601 963.529 Investment Income Unrestricted Funds Restricted Total Funds Funds 2022 IrKome from investment propert Bank interest receivable Other investment income 2,640 21 127 67 127 2,788 2,834 Unrestricted Funds Restricted Total Funds Funds 2021 Income Irom investment propert￿$ Bank interest receivable Other investment income 2.640 80 2,640 431 351 2.742 351 3,093 Other in¢ome Unrestricted Total Funds Unrestricted Total Funds Funds 2022 Funds 2021 Lettings and commissions Employerfs allowance and JRS income Sundry income 185.406 185.406 137,427 137,427 12,692 7,429 12,692 7.429 205.527 57,597 57,597 205,527 195,024 195.024 Costs of ralslng donations and legacles Unrestricted Total Funds Unrestricted Total Funds Funds 2022 Funds 2021 Cost5 of raising donations and legaaes- Donations 2,686 2.686 69 69 -32- Nazarene Theologlcal College Notes to the Flnanclal Statements (conllnu8d) Yaar ended 30 June 2022 10. Expgndlturn on charitable a¢tlvltles by lund type Unrestricted Funds Restrided Total Funds Funds 2022 Facilities Education Support costs 198,039 682,957 436,472 50.764 72.722 797 248,803 755,679 437.269 1,317,468 124.283 1,441.751 Unreslrided Funds Restricted Total Funds Funds 2021 Facilrties Education Support costs 178,922 733.606 361,036 6.500 50.086 10,377 185,422 783,692 371,413 1,340,527 1.273,564 66,963 In accordance with the A￿e$S and Participation Plan, this year the College has spent £18,235. 12021 £23,100) on Access Investment, £2,66612021 £4,500} on Financial Support bursaries for students from underrepresènted groups, £46,320 12021 £12,000} of Fee waivers and £3.375 12021.£2,0001 on hardship funds. In addition, £2000 {2021 £2,000) has been spent on Res8ar¢h and Ev81uatkJn Investrnènl for new courses. 11. Expendlture on charllablg actlvltlès by actlvlty type ActNities undertaken direclty Support Total funds costs 2022 Total fvnd 2021 Fa¢ililies Education Governanc8 costs 248,803 755.679 380,508 39,179 17,582 437,269 629.311 794.858 17.582 547,019 783,691 9,817 1.340,527 1,OD4,482 1,441.751 -33- Nazarene Theological College Notes to tho Flnanclal Statements (con6fn¢iedJ Year ended 30 June 2022 11 Analysis of support eosts Analysis of Analysis of support costs support Costs Facilities Education Total 2022 Total 2021 Staff costs General office Finance c08ts Governance costs Travel and accommodation Publicity Events Depreciation Professional costs and $undrie5 189.216 68.409 11,385 17,582 15.708 1 5.306 1.725 27.475 51.284 189.216 68.409 11.385 17,582 15.708 15.306 1.725 27.475 90.463 198,483 64,886 13.087 9,819 5,846 38,089 309 28.274 12.621 39,179 398.09D 39.179 437.269 371,414 13. Net gain$ on Investments Unrestricted Total Funds Unrestrict&l Total Funds Fund¥ 2022 Funds 2021 Gainslllossesl on Investment propety Gainslllossesl on listed investments Gainsl{loss8sl on other investment assets 50.333 1620) 50.333 {620) 1,079 1,079 49,713 49,713 1,079 1,079 14. Met Income Net incc#me is staled after chargingl{¢reditingl'. 2022 2021 Depreclation of tangiblg fixed assets Foreign exchange diffarences 27.475 28,274 291 Also included within expenditure are bursaries and scholarshps of £84,578 {2021.' £91,945), of which £72,72212021.. £50,085} was paid from reslricled funds, and operating lease payments of £4.834 {2021.- £11,245). 15. Audltors remun•ratlon 2022 2021 Fees payabl8 for thg audit of the financial statements 6.960 6,000 Fees payable to the charty's auditor and its assoch*es for other services.. Audit-related assurance services Taxation advisory services 2.040 3,000 240 3.240 Nazarene Theological College Notes to tho Flnanclal Statements (contlntmd) Year ended 30 June 2022 16. Stsff Costs The total staff costs and empkjyeg benefits for the reporting period a￿ analysed as follgws.. 2022 2021 Wages arKI salaries Social se¢urty cos15 Employer contributions to penS￿n plans 634,958 44,828 17,677 658,123 18,039 697,363 720,828 The average head count of employees during the year was 25 {2021'. 241. The average number of fulktime ￿u1valent employees during the year is analysod as follows.. 2022 2021 No. Academ Student support Administration Chaplaincy Houseke&ping Library ManchesteT Wesley Research Centre Maintenance Publi¢ity and recruitment 10 26 24 No employee weived employee benefrts of more than £60,000 during the year (2021- Nill. Key Manayement Personnel 2022 2021 Salary of Principal Pension of Principal other taxable benefits 41.445 39,409 1.182 42.688 40,591 This ramuneration package 18 in line wth others in the School of Theology sector and 1$ in line with value and performance delivered. The performance is revigwed annualty by the Board of Govenors and the Rernuneralion is set by the Board of Governors, having due consKleralion lo perfomian¢e and $8clor wKle factoi8. i)The head of the providers. basic salary is 1.812021,1.71 time5 the median pay of staff, where the median pay is calculated on a fvlklime equlva￿nt basi$ for the salaries paid by ts provider to ils staff ii) The head of thè providers, totsl remuneration 58 1.3 {2021.1.31 limes the median total remuneration of staff, wheTe the median total remuneration is calculated on 8 fv11-lime equivalent basis for the lolal remuneration by the provider of rt$ staff. -35. Nazarene Theological College Notes to the Flnancial Ststements (coniiftue¢l) Year ended 30 June 2022 17. Trustee remunor•tion and expen$es Mr A Graystone, the former chair, Teceived remuneration of £nil 12021.. £8251. which was authorised as il was in his capacity a5 a visiting lecturer. Mr A Hollingworth, who wa8 a trustee for part of the 2021 year. received £10,462 {2021.' £150). which was aulhorised as it was in his capacty as a financial consullanl. Four trustees were Teimbursed a total amount of £388 to meet their &xpenses. 18. Transf•rs between funds £nil was transferred from the general fvnd lo the scholarship fund during the year. 19. Tanglbl• fixod assets Land and Fixtures and buildings ffttings Equipmgnt Total Cost At 1 July 2021 and 30 June 2022 Depreciation At 1 July 2021 Charge for the year At 30 Juno 2022 2,294,885 192,701 28.827 2.516,413 371.778 22,949 394.727 162,527 4,526 28,827 563.132 27,475 167,053 28.827 590.607 Carrying amount At 30 June 2022 1.￿0.158 25,648 1,925A06 1.953,281 At 30 June 2021 1,923,107 30.174 The Charity has not revalued land and buildings which are slated at cost. The Trustw are confident that the cur¥enl market value of the land and building5 exceeds the cost. -36- Nazarene Theological College Notss to the Flnanclal Statements (¢onthued) Year ended 30 Jung 2022 20. Inve$lments Listed Investment investments properties Total Cost or valuation At 1 July 2021 Additions Fair value movements 3.330 108.000 111.330 16201 2.710 50,333 158.333 49.713 At30 June 2022 161.043 Carylng amount At 30 Jun• 2022 2,710 158.333 161.043 111,330 AI 30 June 2021 3,330 108.000 All investments shown above are held at valuation. Investmont pmpertie$ The Investment property was revalued on 24 June 2022 by R￿hard N D Smth BSC{Honsl. MRICS on behaw of Fifield Glyn CharteTed Surveyors. Financial assets hold at falr value Investments in listed shares are stated at their market value at the balanGe sheet date. 21. Debtors 2022 2021 Trade debtors Prepayments and a¢¢rued income 161,102 45,320 206.422 125,980 48,280 174,260 22. Credltord: amounts lalllng due wlthln ono year 2022 2021 Bank loans and overdrafts Trade creditors Accruals and deferred income Social se¢urtty and other taxes Income T￿e1Ved in advance Loan Other creditors 19.309 66.493 91,044 9.620 14,167 27,958 44,919 14,028 100,000 6,034 1,822 282,500 102,894 -37- Nazarene Theological College Notes to the Financial Statements (contlnuvd) Year ended 30 June 2022 23. cr￿lt0[$. amounts falling du8 aftèr more than one year 2022 2021 Bank loans and overdrafts Other creditors 158.905 180,311$ 100.000 158.905 280,306 The Bank loans of £178.214 12021 £194,47318re secured by a first legal ¢h8rge over the charity's Propety at Dene House, Didsbury, which 1$ included in the accounts at net book value of £1,925,806. Included within credttors- ornounls falllng due aftor more than one year is an amount of £81,671 12021.. £114.3071 in resp￿1 of liabilities payable or repayable by instalments which f811 due for payment after more than five years from the repth'ng date. Mortgage payments falling due after more than fNe years are du8 lo be paid in inslalments of £1.893 per month, induding interest at the ralé applicable al the time. Deferred income 2022 2021 AN￿Unt def&rred in year 51.199 £28,399 of deferred income relates to money received from a will where the name of the beneficiary is not exact enough lo have certainty over the income. £22,800 relates to income from a two year fvnding of a PTojecl where the oblwations for the second year warrant deferment until the obligations are fulfilled by the college. 20. Pensions and other post r•tlremgnt benefits The amount recognised in expenditure as an expense in relation to defined contribution plans was £17.57712021.. £18,039). Pension Costs are attributed lo the activrties in which those employees for whom they relate are engaged. -38- Nazarene Theological College Notes to the Financial Statements (Continwd) Year ended 30 June 2022 26. Analysls of charitable funds Unrastrlcted funds At 1 Jul 2021 Gains and At losses 30 Jun 2022 Income Expenditure Transfers Unrestricted fvnds 2,526.152 1,321.584 11.320,1541 49,713 2,S77.295 At 1 Jul 2020 Gains and At losses 30 Jun 2021 Income EXpendi￿re Transfers Unre8lrieted funds 2.387.791 1.432,111 11.273.633) 11,1961 1,079 2,526.152 Rgstricted funds Al 1 Jul 2021 Gains and At 105ses 30 Jun 2022 Income Expenditure Transfers Student Scholarship Fund Development Fund Scottish School of ChTlStian Mission Science for seminarigs 185.937 100.464 {62.722) 223.679 145.532 40,608 {44.6631 141A77 33,327 {10,0001 23,327 37.200 (6.8981 1124,2831 30.302 418,785 364,796 178,272 At 1 Jul 2020 Gains and At losses 30 Jun 2021 Income Expenditure Transfers Sludenl Scholarship Fund Devglopment Fund Scottish School of Christian Mission Science for seminaries 178,747 46.080 {40,086} 1.196 185.937 127,942 34.467 116,8771 145,532 40.370 2,957 110,000 33.327 347,059 83.504 166,9631 1.196 364,796 -39. Nazarene Theological College Notes to the Financial Statements {contlftusd) Year ended 30 June 2022 26. Anatysls of charltable funds {contlnuo¢lJ Restricted funds represent monies lo be used for the followng specrfK purp¢)ses'. The Sludenl Scholarship Fund is made up of individu81 donations with specific instructions how the money should be used, according lo the wishes of the individual donors. The Development Fund represgnls donations made to the annual Principafs Project and expenditure relating Iherelo. The Scottish School of Christian Missb)n Fund represents monies received from that institu when ils work was incorporated into that of the Nazarene Thgological College, to be used for student burs8￿$ only. Sciertce for Seminaries fund relates to specifk Income received to by spent on the Science for Seminaries research and teaching projecL 27. Analysis of net •$$ets b•twoon funds Unrestricted Funds Restficted Total Funds Funds 2022 Tangible fixed assets Investments Current a$$ets Creditors1os$ than 1 year Creditors greater than 1 year Net assets 1,850,424 1,925.806 161.043 161.043 884,433 466,203 1.350,636 1159.7001 1122,800> (282,5001 {158.9051 (158,9051 2,577,295 2.996,080 75.382 418,785 Unre$lricted Funds Rèstricted Total Funds Funds 2021 Tangible fixed asset$ Inveslmenls Current assets Creditors less than l year Cr8ditors greater than 1 year Ngt assets 1,877,120 111,330 898,795 178.7871 1280,3061 2,52S,152 76,161 1.953,281 111,330 312,742 1.209.537 124,10n (102,894) (280,3061 2.890.948 364,796 28. Analy81s of changas in net dobt At At 1 Jul 2021 Cash fl¢)ws 30 Jun 2022 Cash at bank and in hand Debt due wthin one year Debt due after one year 1,035,277 114,167} 1180,306) 840,804 108.937 15,142} 21,401 125,196 1,144,214 119,3091 1158.9)5} 966.OIM) Nazarene Theological College Notes to the Flnanclal Statements (wifyrtued) Year ended 30 June 2022 29. Operatlng leas• commitments The totsl future minimum l&aso payments under non4ancellable operaliro leases are as follows-. 2022 2021 Nol18ler than 1 year Later than 1 year and not Latei than 5 years 5.931 9.723 2,056 19,446 15.654 21,502 30. Other flnan¢ial commithients 11 is intended that roof repairs expecting to ¢05t in the region of £51,000 will be carried out during the year ended 30 June 2023. Initial woth began on this in JUSY 2021, bul no formal contract has been entered into. 31. Related parties Unrestrieted donations of £1.510 {2021: £5,000} were received from trustees during the year. InGome of £31.400 12021.. £9,608} was r￿1Ved from the ChU￿h of the Nazarene British Isle$ Southern District, of whi¢h Reverend C Mccann 15 also a trustee. Income of £26,957 12021= £16,079) was received from the Church of the Ngzarene British IS￿ Northern District. of which Revd R Turner is a180 a twstee. 32. R•sources expanded Donation Facllltles Educatlon 2022 2021 Staff costs Premises Administrats'on Bursaries 39.061 202,854 6,898 469,096 508,147 202,854 211.689 84,578 1.007,168 522,345 146.182 208,710 91.945 2.686 202.tlOS 84,578 Total Diroct Cost$ 2.688 248.803 755,679 969.182 Support Costs Sl8ff Costs G&neral office Finan GovemarKe Travel Publicty Evants Depreciation Professional & Sundry Totsl Support costs 189,216 88A09 11.385 17.582 15.708 15.306 1,725 27,475 51.284 189.216 68.409 11,385 17,S82 15,708 15.306 1.725 27.475 90.463 198,483 64,886 13,087 9,819 5,846 38.089 309 28.274 12,621 39,179 39,179 398.090 437.269 371.414 Grand Total 2,686 646,893 794,858 1,444A37 1.340,5 41