Company registration number 06074349 (England and Wales)
Charity registration number 1122789 (England and Wales)
EMMANUEL THEOLOGICAL COLLEGE
(A COMPANY LIMITED BY GUARANTEE)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 AUGUST 2025
31 August 2025
EMMANUEL THEOLOGICAL COLLEGE
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Revd A R Brown
Mrs M A Cheung
The Revd A O Chimhowu
The Revd D A Craven
Revd A Ham
Dr A Lazz-Onyenobi
Mr N R Robson
The Rt Rev R P J North
Mr G Colville
Dr M Porter
(Appointed 1 December 2024)
Revd R L Pennystan
Country of incorporation
United Kingdom
06074349
(England and Wales)
Charity registration
England and Wales
1122789
Registered office
5500 Daresbury Park
Daresbury
Warrington
WA4 4GE
Auditor
Fairhurst Audit Services Ltd
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB
EMMANUEL THEOLOGICAL COLLEGE
CONTENTS
Page
Trustees' report
1 - 8
Independent auditor's report
9 - 11
Statement of financial activities
12
Balance sheet
13
Statement of cash flows
14
Notes to the financial statements
15 - 22
EMMANUEL THEOLOGICAL COLLEGE
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
For The Year Ended 31 August 2025
- 1 -

The trustees present their annual report and financial statements for the year ended 31 August 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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 (FRS 102)".

Objectives and activities

The objects are:

1. The advancement of theological education in areas of Christian faith, mission, practice and

- The provisions of learning opportunities for members of churches and other interested persons;

- The sharing of theological resources with and among local churches, committees and other training providers;

- The preparation of persons for accredited forms of ministry; and

- The provision of opportunities for post-graduate study.

2. To advance theological education generally.

Emmanuel Theological College aims to equip the whole people of God of the whole mission of God today. The College seeks to be an education resource, providing outstanding courses and programmes for lay and ordained leadership in the Church of England, and also opportunities for others from a range of Christian traditions to access high qualities undergraduate and postgraduate study.

There are a variety of different pathways through the College curriculum for Licensed Lay Ministry candidates, ordinands, and independent students.

The College offers teaching and supervision at all levels of study from Certificate of Higher Education to MA. Some students undertake doctoral studies for which the College works in partnership with a range of validating institutions. There are also significant opportunities for those wanting to do further study and extend their existing qualifications.

Students may study on a full-time or part-time basis.

Public benefit

The trustees have trustees confirm that they have complied with the duty under section 17 of the Charities Act 2011 to have due regard to the public benefit guidance issued by the Charities Commission.

Emmanuel Theological College trains lay and ordained ministers to university standards for the Church of England. Independent students are also encouraged and welcomed. The costs of training are not charged to the majority of students and courses are open to members of the public at a subsidised cost. The professional training of the church's ministers is essential to the quality of the service that they offer to the public.

EMMANUEL THEOLOGICAL COLLEGE
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
For The Year Ended 31 August 2025
- 2 -
Achievements and performance
Significant activities and achievements against objectives

All duties and responsibilities of the College pertaining to our aims and objectives have been undertaken. We have fulfilled our commitments to the University of Durham Common Awards (DUCA) under the terms of our contract, and to the Ministry Council of the Church of England under the terms of our Service Level Agreement (SLA).

The College delivered all its intended mid-week teaching of its theological studies programmes at teaching centres in Blackburn, Carlisle, Chester, Liverpool, Manchester. There was no hub in the Diocese of Sodor and Man in 2024/25. We reintroduced a sixth ordinand residential weekend having previously reduced to five to make way for two additional ordinand formation days. Student feedback was that the weekend was better than two separate days, and all six ordinand residential weekends were delivered fully at Swanwick, so was the ordinand residential week in April.

We were delighted to welcome a range of speakers to contribute to our residential ministerial formation programme across the course of the year. We welcomed the following expert visitors to deliver talks in our regular “College Lecture” series, which focuses on wider themes in theology, church, mission, and ministry: Tom Grant and Team from Proximity; Julie Connalty on Safeguarding; Peter Howell-Jones on entrepreneurial leadership; Nicholas Janni on leadership and healing; and Amy White on toxicity and leadership. We were also visited by various bishops from Liverpool, Chester, and Carlisle Dioceses. Our access programme, “Pop-up Theology” continued to run throughout the year, with one module delivered each term online on Monday evenings. The average attendance for each module was 32 people.

From September 2024, the College launched its joint-funded UKME Mentoring programme as part of our efforts to develop a pipeline of global majority heritage theological educators. We worked jointly with the Church of England Racial Justice Board who funded the project, and began with 4 mentees working with staff, and gaining important experience in TEIs and theological education sector more widely, including contributing to teaching and learning at Emmanuel. This was a very exciting project, and we were delighted to support several mentees through their discernment and job application processes.

From October 2024 the Rev’d Dr Christopher Landau, national Director of ReSource – a parachurch organization committed to enabling spiritual and theological renewal across little, local, and ordinary churches began his time as Honorary Professor in Practice of Christian Spirituality. Christopher contributed to teaching and learning, and led part of our annual staff retreat in July 2025. He will continue in this Honorary role until August 2026.

In November 2024, Emmanuel launched its new Continuing Ministerial Education offering with Blackburn Diocese with an online morning preparing clergy for the lectionary year ahead. A Memorandum of Understanding will be developed on the back of this launch, to secure our future working relationship. This is a key part of Emmanuel’s tragic objective to be a theological resource across the northwest region.

In mid-November 2024 we launched our Incumbents' Leadership Development Programme in conjunction with the national Church of England 30k project to develop 30,000 childrens, youth, and families ministers by 2030. Emmanuel was part of the initial pilot which is a leadership development programme for incumbents of mid-sized churches to develop toward greater impact with CYF. Our version of the ILDP contains two core modules on leadership and growing younger, and is taught both residentially and in online hubs throughout the year. The initial cohort had 28 students, and we anticipate more in 2025/26.

In March 2025 we welcomed Ms. Ally Reynolds as our new Admissions Office and Programmes Administrator (a combined role) after Mrs Helen Myers moved to become Events Manager that same month. Dr Gareth Crispin joined the team 0.4FTE in May 2025 as Lead Tutor for our new Children, Youth, and Families Ministry pathway (CYF). We expect our first cohort in September 2025. The pathway has been launched in partnership with the Diocese of Blackburn and the Diocese of Liverpool, who are each intending to send sponsored students to study with us from September 2025.

In May 2025 we were delighted to be included in the Office for Students Register of HE Providers. This is a significant strategic step for the College, allowing greater accessibility to a wider range of students through the provision of student loans. We had a great deal of interest and are expecting to see a significant increase in the numbers of independent (i.e. non-ministerial) students studying with us in the future. The details of our QSR Report can be found at www.emmanualtheologicalcollege.ac.uk/ofs-registration.

From May-June 2025 the College was inspected by the Church of England as part of its Periodic External Review. A team of four reviewers visited our teaching centres, head offices, and residential weekends and assessed the College against the terms of its SLA and the quality and standards of its formational provision. It was a demanding tie for staff and students, but also a cause for great celebration. The draft report was received at the end of July and gave the highest grade of “Confidence” to the College. The report can be read at www.churchofengland.org/sites/default/files/2025-11/emmanuel-per-report-june-2025.pdf.

EMMANUEL THEOLOGICAL COLLEGE
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
For The Year Ended 31 August 2025
- 3 -

In addition to those already listed, and as part of the College’s strategic objective to be a theological resource beyond IME1 training (c.f. the College’s Strategic Development Plan 2023-28), Emmanuel staff contributed to a range of joint ventures and projects during the academic year. These included:

- The Dean was invited to join the national Church Leadership Development Advisory Group and continued to contribute to the Strategic Leadership Development Programme as a member of faculty. He also continues as the Chair of the national Principals’ Steering Group and a Member of the Church of England Ministry Board.

- The Vice Dean, Rev’d Shemil Mathew, completed his time as a participant observer at the House and College of Bishops.

- Mr Chris Lane, Tutor in Planting and Pioneering, completed his secondment to the Archbishop of York’s Faith in the North Team for six months at 0.2FTE, focusing on developing new forms of church to engage previously unreached sections of society. Chris also acted as link Tutor for the College’s developing relationship with Proximity.

- The Rev’d Claire Cooke continued represented the College at various national conversations hosted at Lambeth Palace about the strategic focus on growing younger

- The Rev’d Matt Allen continued his work with The Preacher magazine and as an instructor with the College of Preachers.

- Several members of staff supported CME/CPD days in the Dioceses of Blackburn, Carlisle, Liverpool, and Chelmsford and others continued to publish scholarly works in peer-reviewed journal and edited collections.

Financial review
Reserves policy

The movement on reserves can be seen in detail in note 13 & 14 to these accounts. The Trustees have agreed that the aim is for a minimum of six months gross salary and benefits costs be maintained within reserves. Based on the costs incurred this financial year, this would mean that reserves should stand at approximately £490,000.

Principal funding sources

Income for the year totalled £1,509,762 (202 4: £1,533,932) and expenditure amounted to £1,337,743 (202 4: £1,214,713 ) per the Statement of Financial Activities (SOFA), leaving net surplus/(deficit) of £539,635 (202 4: £367,616 ). The trustees receive regular information and carefully monitor the financial position of the charity at their meetings.

They continue to review costs and reduce these where possible to ensure there are sufficient funds available to fulfil the core purposes of the charity as set out in the objectives above.

The trustees are satisfied that Emmanuel Theological College will have adequate resources to continue to operate as a going concern for the foreseeable future and have prepared the financial statements on that basis.

EMMANUEL THEOLOGICAL COLLEGE
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
For The Year Ended 31 August 2025
- 4 -
Structure, governance and management

Governing document

The charity, formerly called The Southern North West Training Partnership, was established in 2006 as an outworking of the commitment of church leaders and trainers in the region, to collaborate more closely in the provision of quality local and ecumenical theological education and training. Their vision was for a unitary and fully ecumenical Regional Training Partnership (the "RTP").

It became a company limited by guarantee on 30 January 2007 and gained charitable status in February 2008.

In May 2013, the charity changed its name to All Saints Centre for Mission and Ministry and then to Emmanuel Theological College in April 2021. It is governed by the provisions contained within its Memorandum and Articles of Association (reconstituted in 2021), the requirements of its partner institutions and other statutory and charity laws. With the transition to Emmanuel Theological College, the Members charged the Dean and CEO, The Rev'd Canon Dr Michael Leyden, to revitalise the work of the institution. A strategic Development Plan was drawn up by Dr Leyden and approved by the Board of Trustees in January 2023. This focused on twelve strategic objectives to be delivered over a five-year period.

There are twelve Member bodies.

The DBF of the Diocese of Chester

The DBF of the Diocese of Carlisle

The DBF of the Diocese of Liverpool

The DBF of the Diocese of Manchester

The DBF of the Diocese of Blackburn

The DBF of the Diocese of Sodor and Man

The Bishop of Carlisle

The Bishop of Chester

The Bishop of Liverpool

The Bishop of Manchester

The Bishop of Blackburn

The Bishop of Sodor and Man

Each member of the company has a personal liability limited to £1 under their guarantee as company members in the event of the company being wound up.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Revd A R Brown
Mrs M A Cheung
The Revd A O Chimhowu
The Revd D A Craven
Revd A Ham
Dr A Lazz-Onyenobi
The Revd R Mann
(Resigned 5 February 2026)
Mr N R Robson
The Rt Rev R P J North
Mr G Colville
Revd R Newton
(Appointed
1 November 2024
01 November 2024
and resigned 21 April 2026)
Dr M Porter
(Appointed 1 December 2024)
Revd R L Pennystan
EMMANUEL THEOLOGICAL COLLEGE
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
For The Year Ended 31 August 2025
- 5 -
Recruitment and appointment of trustees

The term trustee has the meaning as set out in section 177 of the Charities Act 2011, that is, "the persons having the general control and management of the administration of the charity regardless of what they are called". In the case of a charitable company, it is the directors who are the charity trustees. Throughout this report the word "director(s)" can also be read as "trustee(s)".

The trustees are appointed as per the Articles of Association, and are receiving ongoing training, as appropriate. Some senior staff have job titles incorporating the title 'Director' but they are not directors of the company for the purposes of company law. None of the trustees has any beneficial interest in the company.

The Chair of the Board is Rt Revd Philip North, and the Board normally meets 4 times per year. The Board of Trustees is responsible for the vision, strategy, and significant policies of Emmanuel Theological College.

Operational responsibility is devolved to the Dean and Chief Executive Officer as per the relevant Schedule. As stated in its principal activities, Emmanuel Theological College provides the advancement of theological education in areas of Christian faith.

EMMANUEL THEOLOGICAL COLLEGE
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
For The Year Ended 31 August 2025
- 6 -
Organisational structure

The day-to-day overview of the operation of the Course is in the hands of the Principal. This includes:

- Advising on action needed to raise the income necessary to finance expenditure

- Advising members of the financial aspects of its policy and on any other matters

- P reparation and management of the approved annual budget

- Investment powers over Emmanuel's' own assets

In accordance with clause 11.1 of the Articles of Association, the Board of Trustees has also established sub-committees, the functions of which are listed below. All sub-committees assist the Principal in carrying out his duties and are required to report all acts and proceedings to the Board as soon as is reasonable practical.

The Deans Review and Remuneration Subcommittee undertakes the following tasks:

- Review the Dean's performance against the job description and any performance indicators, including the details of the last annual performance plan.

- Agree an annual performance plan with the Dean for the forthcoming year.

- Arrange for any ongoing training or support that the Dean may need to complete duties.

- Appoint a member of the DRRS to conduct an interim review of the progress against the Dean's performance plan in December each year.

- Submit a report to the Board of Trustees highlighting both the successes of the previous year and outlining the key points in the annual performance plan.

- Review the Dean's remuneration in accordance with the contract of employment, job description, and performance plan and make recommendations to the Board of Trustees regarding any increase above those already contained in the Lichfield Scale for the forthcoming year.

- Through the Chair, keep informal contact with the Dean on a regular basis, offering support and advice as necessary.

The Academic and Partnerships Subcommittee undertakes the following tasks:

- Work with the Dean, and where appropriate other members of staff, to monitor all aspects of the College's curriculum, teaching and learning, and quality of provision.

- Ensure that the College's academic strategy meets the needs of the North West, including provision of appropriate support for students from underrepresented backgrounds.

- Contribute to relevant sections of the Action Plan.

- Support the work of the Academic Working Group (AWG) where appropriate

- Ensure that effective monitoring of student experience and formational opportunities is undertaken regularly, and appropriate follow up and response is undertaken.

- Review the relevant feedback from the annual student surveys.

- Exercise appropriate oversight regarding the accuracy of public information regarding the academic programmes offered by the College.

- Advise the Dean regarding partnerships, whether potential or actual, that will advance the goals of the College.

- Be responsible for policies that impact students experience, making any recommendations for change to the full Board of Trustees, including but not limited to:

- Admissions policy

- Terms and Conditions

- Student Complaints Policy

- Student Conduct Statement

- Student Disciplinary Policy

- Relevant sections of the Student Protection Plan

EMMANUEL THEOLOGICAL COLLEGE
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
For The Year Ended 31 August 2025
- 7 -

The Business and Finance Subcommittee undertakes the following tasks:

- Create the annual budget to be ratified by the Board.

- Conduct annual monitoring and evaluation of the budget.

- Ensure accounts are properly prepared and present each year.

- Recommend an external auditor to the full Board, and ensure the auditor has all necessary information to conduct their business each year.

- Work with the Dean, and where appropriate other members of staff, to monitor all aspects of the College's financial activities and business planning.

- Contribute to relevant sections of the Action Plan, and strategically review the financial resources available to the College.

- Review the relevant feedback from the annual student surveys.

- Exercise appropriate oversight regarding the accuracy of public information regarding the Fees charged for various programmes and courses.

- Be responsible for policies that impact students experience, making any recommendations for change to the full Board of Trustees, including but not limited to:

- Reviewing Fees for each academic year

- Refund and Compensation Policy

- Relevant sections of the Terms and Conditions

- Relevant sections of the Student Protection Plan

- Business Continuity Plan

The trustees acknowledge that due to the complexity of the structures in which Emmanuel Theological College operates, a number of related party transactions may occur. A related party transaction is one where the charity has a relationship with another party, which might inhibit it from pursuing its own interests.

Any decision by a charity to enter into a transaction ought to be influences only by the consideration of the charity's own interests. This does not necessarily mean that all transactions with related parties are influenced by the consideration of interests other than the charity's, nor that they are liable to invalidation, but transparency is important and therefore information about such transactions is necessary.

The transactions and balances with related parties are disclosed in note 14 to the financial statements.

Statement of trustees' responsibilities

The trustees, who are also the directors of Emmanuel Theological College for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

- select suitable accounting policies and then apply them consistently;

- observe the methods and principles in the Charities SORP;

- make judgements and estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

EMMANUEL THEOLOGICAL COLLEGE
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
For The Year Ended 31 August 2025
- 8 -

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

In so far as the trustees are aware:

- there is no relevant audit information of which the charitable company's auditors are unaware; and

- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit

information and to establish that the auditors are aware of that information.

Auditor

In accordance with the company's articles, a resolution proposing that Fairhurst Audit Services Ltd be reappointed as auditor of the company will be put at a General Meeting.

Risk management

The trustees have a duty to identify and review the risks to which the Charity is exposed and to ensure appropriate controls are in place.

In addition to the risk of fraud and error, the principal risks relate to the number of student enrolments and the funding provision for the Ministry Division of Archbishops' Council and other sponsoring bodies.

The Risk Register is overseen by the Business and Finance Subcommittee on behalf of the Board.

The trustees' r eport was approved by the Board of Trustees.

The Rt Rev R P J North
Trustee
22 June 2026
EMMANUEL THEOLOGICAL COLLEGE
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF EMMANUEL THEOLOGICAL COLLEGE
- 9 -

Opinion

We have audited the financial statements of Emmanuel Theological College (the ‘charity’) for the year ended 31 August 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including 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:

-

give a true and fair view of the state of the charitable company's affairs as at 31 August 2025 and of its incoming resources and application of resources, for the year then ended;

-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report.

Our opinion on the financial statements does not cover the other information and 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 in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

-

the information given in the financial statements is inconsistent in any material respect with the trustees' report; or

-

sufficient accounting records have not been kept; or

-

the financial statements are not in agreement with the accounting records; or

-

we have not received all the information and explanations we require for our audit.

EMMANUEL THEOLOGICAL COLLEGE
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF EMMANUEL THEOLOGICAL COLLEGE
- 10 -
Responsibilities of trustees

As explained more fully in the s tatement of trustees' r esponsibilities, the trustees, who are also the directors of the charity for the purpose 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 charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 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 auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the charity and the sector in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to, but were not limited to, The Companies Act 2006, UK Tax, employment, pension and health & safety regulations and 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 and Charities Act.

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 judgements.

Our procedures to respond to risks identified included the following:

To identify risks of material misstatement due to fraud ("fraud risks") we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:

- reviewing the financial statement disclosures and performing tests on supporting documentation to assess compliance with the provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management about actual and potential litigation and claims; their policies and procedures to prevent and detect fraud as well as whether they have knowledge of any actual, suspected or alleged fraud;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- reading minutes of meetings of those charged with governance; and

- in addressing the risk of fraud through management override of controls: testing the appropriateness of journal entries; assessing whether the accounting estimates, judgements and decisions made by management are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in our audit procedures described above. The more removed those laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspections of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or

collusion.

EMMANUEL THEOLOGICAL COLLEGE
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF EMMANUEL THEOLOGICAL COLLEGE
- 11 -

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Use of our report

This report is made solely to the charity’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 charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

For and on behalf of Fairhurst Audit Services Ltd, Statutory Auditor
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB
22 June 2026

Fairhurst Audit Services Ltd is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

EMMANUEL THEOLOGICAL COLLEGE
STATEMENT OF FINANCIAL ACTIVITIES
(INCLUDING INCOME AND EXPENDITURE ACCOUNT)
For The Year Ended 31 August 2025
- 12 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2025
2025
2025
2024
2024
2024
Notes
£
£
£
£
£
£
Income and endowments from:
Education and training for Ministry
3
1,413,542
-
1,413,542
1,244,816
167,350
1,412,166
Investment income
4
7,223
-
7,223
7,849
-
7,849
Other income
88,997
-
88,997
113,917
-
113,917
Total income
1,509,762
-
1,509,762
1,366,582
167,350
1,533,932
Expenditure on:
Education and training for Ministry
5
1,326,721
11,022
1,337,743
1,178,280
36,433
1,214,713
Total expenditure
1,326,721
11,022
1,337,743
1,178,280
36,433
1,214,713
Net income/(expenditure) and movement in funds
183,041
(11,022)
172,019
188,302
130,917
319,219
Reconciliation of funds:
Fund balances at 1 September 2024
236,699
130,917
367,616
48,397
-
48,397
Fund balances at 31 August 2025
419,740
119,895
539,635
236,699
130,917
367,616

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

EMMANUEL THEOLOGICAL COLLEGE
BALANCE SHEET
As At 31 August 2025
- 13 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
9
3,695
-
Current assets
Debtors
10
225,301
136,798
Cash at bank and in hand
350,743
267,626
576,044
404,424
Creditors: amounts falling due within one year
12
(40,104)
(36,808)
Net current assets
535,940
367,616
Total assets less current liabilities
539,635
367,616
The funds of the charity
Restricted income funds
13
119,895
130,917
Unrestricted funds
14
419,740
236,699
539,635
367,616

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2025.

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

The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 22 June 2026
The Rt Rev R P J North
Trustee
EMMANUEL THEOLOGICAL COLLEGE
STATEMENT OF CASH FLOWS
For The Year Ended 31 August 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
79,668
96,598
Investing activities
Purchase of tangible fixed assets
(3,774)
-
Investment income received
7,223
7,849
Net cash generated from investing activities
3,449
7,849
Financing activities
Repayment of borrowings
-
(155,000)
Net cash used in financing activities
-
(155,000)
Net increase/(decrease) in cash and cash equivalents
83,117
(50,553)
Cash and cash equivalents at beginning of year
267,626
318,179
Cash and cash equivalents at end of year
350,743
267,626
EMMANUEL THEOLOGICAL COLLEGE
NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 August 2025
- 15 -
1
Accounting policies
Charity information

Emmanuel Theological College is a private company limited by guarantee incorporated in England and Wales. The registered office is 5500 Daresbury Park, Daresbury, Warrington, WA4 4GE.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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 (FRS 102)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

1.3
Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Allocation and apportionment of costs

Wherever possible, each item of expenditure is allocated to either charitable activities or governance costs, according to the function it pertains to. The cost of charitable activities includes support costs, which are those costs not constituting part of the output of a charitable activity but which are necessary for its delivery. The main items allocated to support costs are the employment of administrative staff together with the running costs of the charity's offices.

Governance costs are costs associated with the governance arrangements of the charity and include the preparation of the financial statement and their review, legal advice for the trustees and the costs of holding trustees meetings.

Whenever a cost cannot be directly allocated to any of the above, an apportionment is made on a just and reasonable basis.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
25% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

EMMANUEL THEOLOGICAL COLLEGE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 31 August 2025
1
Accounting policies
(Continued)
- 16 -
1.5
Taxation

As a registered charity, the company is exempt from income and corporation tax to the extent that its income and gains are applicable to charitable purposes only.

The charity is not able to recover Value Added Tax and therefore all expenditure in the accounts is recorded inclusive of VAT.

1.6

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

1.7

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

2
Critical accounting estimates and judgements

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

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

3
Income from charitable activities
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2025
2025
2025
2024
2024
2024
£
£
£
£
£
£
Education and training for Ministry
Training Fees
1,019,148
-
1,019,148
1,013,628
-
1,013,628
Independent Students
54,383
-
54,383
40,246
-
40,246
Grants
305,603
-
305,603
155,000
167,350
322,350
Sundry sources
34,408
-
34,408
35,942
-
35,942
1,413,542
-
1,413,542
1,244,816
167,350
1,412,166
EMMANUEL THEOLOGICAL COLLEGE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 31 August 2025
3
Income from charitable activities
(Continued)
- 17 -
Performance related grants analysis
Education and training for Ministry
Education and training for Ministry
2025
2024
£
£
RMF Innovation funding
76,603
105,000
Grants from Member bodies
120,000
50,000
Incumbent CYPF programme
109,000
-
Other Charities
-
167,350
305,603
322,350
4
Income from investment income
Unrestricted
Unrestricted
funds
funds
2025
2024
£
£
Interest receivable
7,223
7,849
EMMANUEL THEOLOGICAL COLLEGE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 31 August 2025
- 18 -
5
Expenditure on education and training for ministry
Education and training for Ministry
Education and training for Ministry
2025
2024
£
£
Direct costs
Depreciation and impairment
79
-
Trustees expenses
724
87
Academic staff costs & expenses
614,146
519,998
Tutors & Course management
90,060
73,279
Library & web-site resources
59,880
63,590
Accommodation
206,809
186,512
Hardship payments
8,681
16,271
Ordinands expenses
73,377
109,019
Facilities & catering
75,150
69,185
1,128,906
1,037,941
Share of support and governance costs (see note 6)
Support
208,837
176,772
1,337,743
1,214,713
Analysis by fund
Unrestricted funds
1,326,721
1,178,280
Restricted funds
11,022
36,433
1,337,743
1,214,713
6
Support costs allocated to activities
2025
2024
£
£
Staff costs
162,161
136,933
Operating lease charges
-
1,442
Insurance
2,756
2,679
Other costs
29,373
26,088
Admin, travel & training
6,737
2,271
Audit fees
7,100
6,150
Bank fees
710
1,209
208,837
176,772
7
Trustees

There were no trustees' remuneration or other benefits for the year ended 31st August 202 5 nor for the year ended 31st August 202 4.

Expenses paid to trustees in respect of travel and associated expenses are shown in note 4.

EMMANUEL THEOLOGICAL COLLEGE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 31 August 2025
- 19 -
8
Employees

The average monthly number of employees during the year was:

2025
2024
Number
Number
Academic
13
12
Administration
7
6
Total
20
18
Employment costs
2025
2024
£
£
Wages and salaries
162,161
136,933
There were no employees whose annual remuneration was more than £60,000.
9
Tangible fixed assets
Computers
£
Cost
Additions
3,774
At 31 August 2025
3,774
Depreciation and impairment
Depreciation charged in the year
79
At 31 August 2025
79
Carrying amount
At 31 August 2025
3,695
10
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,995
35,847
Other debtors
80,595
2,808
Prepayments and accrued income
142,711
98,143
225,301
136,798
EMMANUEL THEOLOGICAL COLLEGE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 31 August 2025
- 20 -
11
Loans and overdrafts
2025
2024
£
£
Loans from related parties
10,000
10,000
Payable within one year
10,000
10,000

All of the above loans are interest-free and not secured and are repayable in full by 31st August 202 5.

12
Creditors: amounts falling due within one year
2025
2024
£
£
Borrowings
10,000
10,000
Other taxation and social security
17,018
13,771
Other creditors
7,462
7,777
Accruals and deferred income
5,624
5,260
40,104
36,808
13
Restricted funds

The restricted funds of the charity compri se the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be use d.

At 1 September 2024
Incoming resources
Resources expended
At 31 August 2025
£
£
£
£
130,917
-
(11,022)
119,895
Previous year:
At 1 September 2023
Incoming resources
Resources expended
At 31 August 2024
£
£
£
£
-
167,350
(36,433)
130,917
14
Unrestricted funds

The unrestricted funds of the charity compri se the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be use d. The se include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 September 2024
Incoming resources
Resources expended
At 31 August 2025
£
£
£
£
General funds
236,699
1,509,762
(1,326,721)
419,740
EMMANUEL THEOLOGICAL COLLEGE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 31 August 2025
14
Unrestricted funds
(Continued)
- 21 -
Previous year:
At 1 September 2023
Incoming resources
Resources expended
At 31 August 2024
£
£
£
£
General funds
48,397
1,366,582
(1,178,280)
236,699
15
Analysis of net assets between funds
Unrestricted
Restricted
Total
funds
funds
2025
2025
2025
£
£
£
At 31 August 2025:
Tangible assets
3,695
-
3,695
Current assets/(liabilities)
416,045
119,895
535,940
419,740
119,895
539,635
Unrestricted
Restricted
Total
funds
funds
2024
2024
2024
£
£
£
At 31 August 2024:
Current assets/(liabilities)
236,699
130,917
367,616
236,699
130,917
367,616
16
Related party transactions

Loans from related party organisations are as follows

Amounts owed to related parties
2025
2024
£
£
The Diocese of Sodor & Man
10,000
10,000
EMMANUEL THEOLOGICAL COLLEGE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For The Year Ended 31 August 2025
- 22 -
17
EMPLOYEE BENEFIT OBLIGATIONS

Pension Builder Scheme

The Pension Builder Scheme of the Church Workers Pension Fund is made up of two sections, Pension Builder

Classic and Pension Builder 2014, both of which are classed as defined benefit schemes.

Pension Builder Classic provides a pension for members for payment from retirement, accumulated from

contributions paid and converted into a deferred annuity during employment based on terms set and reviewed by

the Church of England Pensions Board from time to time. Bonuses may also be declared, depending upon the

investment returns and other factors.

Pension Builder 2014 is a cash balance scheme that provides a lump sum that members use to provide benefits

at retirement. Pension contributions are recorded in an account for each member. This account may have

bonuses added by the Board before retirement. The bonuses depend on investment experience and other

factors. There is no requirement for the Board to grant any bonuses. The account, plus any bonuses declared,

is payable from members' Normal Pension Age.

There is no sub-division of assets between employers in each section of the Pension Builder Scheme.

The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is

because it is not possible to attribute the Pension Builder Scheme's assets and liabilities to specific employers

and that contributions are accounted for as if the Scheme were a defined contribution scheme.

Church of England Funded Pension Scheme (CEFPS)

Emmanuel Theological College participates in the Church of England Funded Pensions Scheme for stipendiary

clergy. This scheme is administered by the Church of England Pensions Board, which holds the assets of the

schemes separately from those of the Responsible Bodies.

Each participating Responsible Body in the scheme pays contributions at a common contribution rate applied to

pensionable stipends.

The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This means it

is not possible to attribute the Scheme's assets and liabilities to specific Responsible Body, and this means

contributions are accounted for as if the Scheme were a defined contribution scheme.

The pensions costs charged to the SOFA in the year in respect of the above schemes were £84,507 (202 4:

£74,015).

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