OpenCharities

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

← St Paul's Theological Centre

2024-12-31-accounts

Docusign Envelope ID.. C4070AA>49324002-9D1C-367E66927C49 Company No. 5543940 Charity No. 1111609 St Paul's Theological Centre (A Charitable Company Limited By Guarantee) Trustees. Report and Financial Ststements For the year ended 31 December 2024

Docusign Envelope ID.. C4070AA>49324002-9D1C-367E66927C49 ST PAUL'S THEOLOGICAL CENTRE Financial statements for year ended 31 December 2024 Contents Page Trustees, annual report Independent auditor's report 8-11 Statement of financial activities 12 Balance sheet 13 Statement of cashflows 14 Notes to the financial statements 15-26

ST PAUL�S THEOLOGICAL CENTRE

Trustees� Annual Report for the year ending 31 December 2024

Reference and administrative information

The registered name of the Charity is St Paul�s Theological Centre.

Company Number: 5543940 Charity Registration Number: 1111609

Principal and Registered Office: Holy Trinity Brompton, Brompton Road, London, SW7 1JA.

Trustees:

Angus Winther Michael Lee (Treasurer) Andrew Brydon (resigned 23 September 2024) Revd Helen Shannon Jacintha Tagal Dr James Orr Jeremy Jennings (resigned 9 January 2024) Kathleen Chew Revd Miles Toulmin (Vice Chair) (resigned 23 September 2024) Revd Richard (�Archie�) Coates (Chair) Revd Sarah Jackson Revd Daniel Millest (appointed 26 March 2025) Omosoji Otudeko (appointed 20 March 2025)

Company Secretary: Mr Jon Shippen

Bankers: National Westminster Bank PLC, 55 Kensington High Street, London, W85EQ Auditors: Moore Kingston Smith LLP, 6th Floor, 9 Appold Street, London, EC2A 2AP

Objectives and activities

The main aim of the Charity, as laid out in its governing document, is to provide theological education on all aspects of the Christian life and faith in accordance with Biblical principles.

The vision of St Paul�s Theological Centre (SPTC) is to help bring theology back into the heart of the church and with this in mind it has four related aims:

  1. To provide training in theology and Christian practice for lay people.

  2. To establish a new opportunity for Church leadership training.

  3. To be a theological resource for the benefit of both Holy Trinity Brompton Church (HTB) and Alpha International.

  4. To help other churches develop their own theological training.

We have set out below our priorities, activities and achievements in 2024 in pursuit of our aims:

  1. Lay training : We continued to deliver the range of programmes we offer at introductory, undergraduate and postgraduate level. In 2024, 122 students not pursuing ordination were engaged in these programmes. We were successful in securing a funding bid from the Church of England's 30k project to support the delivery of Youth Ministry training, and the introduction of a new Children's Ministry offering which was launched in 2024 for a pilot year. The 30k project also funded full diploma programme fees for up to 30 students studying on these pathways for September 2024 entry and we were able to fill all these places. We hope to explore securing further funding to repeat or build on this success in future years.

1

ST PAUL�S THEOLOGICAL CENTRE

Trustees� Annual Report for the year ending 31 December 2024

Objectives and activities (continued)

  1. Introductory programme: In September 2023 a new introductory provision called �Beginning Theology� (BT) was relaunched in partnership with St Mellitus College (SMC) and HTB, with a particular intention to focus on SPTC's aims to provide theological training for lay people and be a resource for the benefit of HTB. Beginning Theology is offered as termly 8-week courses covering the basic principles of theology, faith and biblical study. It is delivered online on Tuesday evenings and inperson at Courtfield Gardens on Thursday evenings, with different content at each delivery point. Each delivers three modules per year which can be taken as stand-alone modules or students may sign up for a full year, with in-person and online offering being different but complementary modules to increase the resource available. Online delivery allows accessibility to a far greater audience and is also being utilised as part of a pilot discernment track for the Pentecostal Church, while in-person offering has been particularly promoted as a discipleship resource for HTB Church. In the autumn 2024, Beginning Theology In-Person focussed on Bible Basics, with 80 students (24 of whom signed up for a full year), while Beginning Theology Online focussed on the theme �Stepping into God�s Story� with 94 students (64 signed up for a year). 88% of those students have not previously studied at SMC / SPTC.

3. Ordination training and discernment :

The Peter Stream is a year-long programme designed to identify and encourage the gifts and calling of people. It offers a distinctive experience of discernment, complementing the Church of England processes and seeks to redress underrepresentation in ordained leadership in the Church of England � ethnic, social, educational � and is open to candidates who have faced exclusion due to these reasons. In September 2023 the stream was expanded to be offered in SMC East Midlands in addition to London, with 20 new candidates completing the Peter Stream in June 2024. 11 candidates joined the Peter Stream in September 2024.

2

ST PAUL�S THEOLOGICAL CENTRE

Trustees� Annual Report for the year ending 31 December 2024

Objectives and activities (continued)

4. Developing theological resources:

5. Resourcing the HTB Group:

3

ST PAUL�S THEOLOGICAL CENTRE

Trustees� Annual Report for the year ending 31 December 2024

Public benefit

The trustees are aware of the Charity Commission�s guidance on public benefit in �The advancement of religion for the Public Benefit" and have had regard to it in their administration of the resources of SPTC. In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission�s guidance on public benefit, including the guidance �Public benefit: running a charity (PB2) �.

The trustees believe that by promoting the Christian faith through theological education, and the training of future church leaders from a wide variety of Christian denominations, it provides a benefit to the public by:

Plans for future periods

SPTC aims to continue its successful partnership with SMC providing high quality theological training in the UK and internationally. SPTC has the following aims for the forthcoming year:

  1. To continue to support the development of high-quality theological training through SMC.

  2. To continue to develop and accelerate engagement with new models of training such as the Peter and Caleb Streams.

  3. To continue to make available theological resources to international partners and affiliates.

  4. To refine the financial and operational model to ensure ongoing sustainability for the future. This includes exploring ongoing partnership with the Church of England�s Ministry Division for delivery of Youth and Children�s Ministry Training following the successful 2-year pilot, and seeking approval for delivery of the Elizabeth Stream (a new Anglican ordination training pathway for older, experienced lay leaders) as a funded ministry training pathway.

Remuneration policy, principles and governance

At SPTC we place great value on our highly talented, dedicated and passionate staff team, without whom we could not deliver against our vision, mission and goals. Our remuneration policy is aimed at ensuring that pay is competitive within our sector, rewards staff fairly and enables the staff team to feel valued. Our principle is to reward staff, irrespective of seniority, informed by the following:

The HTB Group entities (HTB, Alpha International (AI), Revitalise Trust (RT) and St Paul�s Theological Centre (SPTC)) operate in close co-operation and within a shared operating model, including a common approach to pay and benefits for all staff employed within the group entities.

The HTB Group Remuneration Committee (�Group RemCo�) is a joint sub-committee of the HTB Parochial Church Council (PCC) and the RT and SPTC boards and includes representatives from each. Alpha International has its own Global Remuneration Committee (Global RemCo). In order to maintain a unified approach, Group and Global RemCo interface through the HTB Group COO who sits on both committees.

Authority has been delegated by each of the entity boards to the relevant Group and Global RemCo, to oversee remuneration on behalf of each board whilst acting within the group remuneration framework.

4

ST PAUL�S THEOLOGICAL CENTRE

Trustees� Annual Report for the year ending 31 December 2024

Financial review

SPTC generated income of £2,890,594 (2023: £2,829,212) comprising mainly income from courses of £1,489,613 (2023: £1,466,660). Independent student income from mid-week courses increased to £344,467 (2023: £285,863) whilst income from Ordinands decreased to £869,085 (2023: £920,815); Peter and Caleb Stream course income increased to £276,061 (2023: £258,032), due to an increase in Caleb Stream student numbers during the 2023/24 academic year, despite student numbers for both streams decreasing for the 2024/25 academic year.

In addition, there were donations and gifts received of £1,268,958 (2023: £1,288,311). The 2024 donations were spread over five main sources, whilst the 2023 donations were primarily one large one-off donation. SPTC usually anticipates a slight shortfall on costs each year; however, due to such generous donations during 2024 and cost savings which were made throughout the year, SPTC ended 2024 with a surplus on unrestricted funds of £415,884 (2023: £375,451).

SPTC ended their financial commitment to the Church Renewal Trust (CRT1) during the year. CRT1 is a related entity holding the lease to the St Jude�s building, from where SPTC operates. CRT1 incurred significant costs over 2017 and 2018 to carry out necessary repairs to the tower and spire at St Jude�s, and the deficit on this project (after a fundraising appeal) was over £700,000. In 2019, SPTC committed to paying a service fee of £70,000 per year over ten years (ending 2028) out of operating surpluses in order to contribute to this deficit. During 2021, St Mellitus College made a donation to CRT1 of £225,000, and in 2022, the London Diocese contributed £250,000 towards the spire repair work. These donations relieved SPTC of their annual commitment to contribute until 2024, during which year SPTC made their final payment.

Policy on reserves

The board updated the SPTC policy on reserves during 2022, aligning it with the policy of St Mellitus College and the other HTB entities, and better reflecting the needs and operations of SPTC. The new policy advises SPTC to maintain a minimum reserves level of two months of expenditure, which is approximately £450,000 based on the 2025 budget, with additional reserves being available to offset any future funding gaps. Free reserves at 31 December 2024 were £1,515,074 (2023: £1,087,870).

Fundraising

The trustees are committed to maintaining the highest legal and ethical standards in the way the charity undertakes its fundraising activities. All fundraising takes place in-house, and the charity does not use any professional fundraisers or commercial participators. SPTC is committed to abiding by the Code of Fundraising Practice and the Fundraising Promise.

SPTC takes precautions in our fundraising to ensure the protection of the public, including vulnerable persons, from unreasonably intrusive or persistent fundraising approaches and undue pressure to donate. Our fundraising team take seriously any expression of dissatisfaction we receive regarding our fundraising practice and aim to resolve any complaints as quickly as possible. Our policy is to escalate the issue internally to our Dean. If the complaint cannot be resolved, it will be further escalated to the Chair of the board of trustees, who will nominate an independent member of the board of trustees or an independent advisor to consider the merits of the complaint and any resulting actions. If necessary, we will contact the Charity Commission for advice and guidance. No complaints of this nature relating to fundraising were received in 2024.

SPTC has responded to the General Data Protection Regulation (GDPR), introduced in May 2018, and continues to monitor the use of data carefully, particularly concerning donor data for fundraising purposes. Our Privacy Policy covers how we use donor data and gives donors the option to opt out of any contact or make a formal complaint. We monitor carefully the relationships we have with donors and seek to maintain a consistent means of stewardship based on the guidance of the Code of Fundraising Practice and to Fundraising Promise.

Relationships and related parties

Details of related parties are given in notes 16 and 17 of the financial statements.

5

ST PAUL�S THEOLOGICAL CENTRE

Trustees� Annual Report for the year ending 31 December 2024

Structure, governance and management

St Paul�s Theological Centre is a charitable company limited by guarantee and not having a share capital. It was registered as a company on 23 August 2005 and with the Charity Commission on 10 October 2005.

Procedures for the recruitment and appointment of trustees are laid out in the memorandum and articles of association. Trustees nominate new or replacement trustees with approval by the members. The trustees are also directors for the purpose of Company Law.

New trustees are provided with guidance notes explaining their role and responsibilities as trustees of the charity. All new trustees are fully briefed on the activities and vision of SPTC and they pursue the independent interests of the charity notwithstanding their separate responsibilities in other organisations.

Weekly management team and general staff meetings during term time deal with the day-to-day issues arising. An executive committee meets as and when needed to deal with wider strategy, finance and staff appointment issues arising between board meetings. The board meets a minimum of three times a year.

Trustees� responsibilities

Company law requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of the charity�s affairs and of the surplus or deficit for that year. In preparing these financial statements the trustees are required to:

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

Each of the trustees at the date of approval of this report confirms that:

  1. So far as the trustees are aware, there is no relevant audit information of which the charity�s auditors are unaware; and

  2. The trustees have taken all the steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity�s auditors are aware of that information.

Risk management

The trustees have conducted a review of the major risks to which the charity is exposed. Where appropriate, systems and procedures have been established to mitigate the risks that the charity faces. Procedures are in place to ensure compliance with health and safety of staff, volunteers and visitors. The risk register is updated at least annually.

6

Schedule of Major Risks

Potential Risk Mitigation
1. Loss of confidence by
stakeholders, including but not
limited to its students, due to the
behaviour of senior leadership or
staff members.		 Organisational values are clearly defined and regularly
communicated.
Prayer and worship are central to life at SPTC.
Oversight and governance structures are in place for senior
leaders and staff.
2. Lack of clarity over the relationship
between SPTC and SMC could
result in poor governance and
difficulties in decision making
between the two entities.		 A close and effective relationship exists between SPTC and
SMC. The Chair of SPTC is one of the three members of SMC
and two other SPTC trustees also serve on the SMC board.
Compliance with Charity Commission, Fundraising and other
regulatory requirements is closely monitored.
Conflicts of interest are considered and disclosed for all decisions
related to SMC and other HTB group entities. Conflicted trustees
are excluded from the decision-making process where
appropriate.
3. Harm comes to visitors or staff due
to lack of appropriate and
compliant Health & Safety
procedures.		 Internal and external H&S advisors monitor and report on risk
areas identified.
Regular H&S reporting takes place at senior management
meetings.
Staff training in key H&S procedures is ongoing.
4. Inability to operate in the event of a
disaster due to lack of adequate
business continuity planning.
Business continuity compromised
or critical data lost through cyber-
attack.		 Significant investment has been made in upgrading digital and
technology systems, including moves to largely cloud-based
systems which has increased resilience. We demonstrated during
the pandemic our ability to respond flexibly and quickly in a crisis
to organisational needs.
5. Lack of adequate quality control
results in reduced student numbers
and loss of income.		 Working closely with Dioceses of the Church of England who
provide a core of the student numbers through ordination.
SMC is subject to regular external reviews from Ministry Division
and the Quality Assurance Agency.
SMC has a Registrar and Academic Administrator who are
responsible for ensuring ongoing monitoring and review.
6. Changes in Church of England
practices may potentially lead to a
reduced number of people
presenting for ordination training.		 Actively recruit more non-ordinand students to offset any drop in
ordinand numbers.
8. Cyber security risks continue to
increase rapidly with changes in
technology, creating risk of data
security breaches, impacting our
ability to operate and potential
significant financial loss.		 Continuous review of risks, education of staff and ongoing
investment in technology solutions which counter this risk.
9. Operating and financial model are
not sustainable.		 Fundraising activities will meet needs over the next few years.
The financial team have developed a plan of approach which
includes a clear timeline of data gathering, reporting to key
stakeholders and modelling options, with the intention of arriving
at a three year plan to sustainability.
Work is being undertaken to explore financial sustainability
including looking at modelling student numbers and types,
examination of staffing needs and potential forecast savings.

The Reverend Archie Coates, Chair of the board of trustees

7

CENTRE

Opinion

We have audited the financial statements of ended 31 December 202 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsi Responsibilities for the audit of financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the 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

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 charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the annual report, other than the financial Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified mat

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

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

In preparing the financial statements, the trustees are responsible for assessing the charitable 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.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole 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 aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

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

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of this report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to th e company’s members 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 any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

James Cross (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor

6[th] Floor 9 Appold Street London EC2A 2AP

Date: 10 July 2025

Docusign Envelope ID.. C4070AA>49324002-9D1C-367E66927C49 ST PAUL'S THEOLOGICAL CENTRE STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 December 2024 Note Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Total funds 2023 INCOME Collections, donations and grants 1,155,152 113,806 1,268,958 1,288,311 Investment income 38.015 38,015 11,713 Income from charitable activities Evening courses Mid-week courses Mid-week courses- ordinands Peter & Caleb Stream courses Other income including overseas hubs Income from space rental 1,950 285,863 920,815 258,032 21,536 40,992 1,529,188 344.467 869,085 276.061 45.020 48.988 1,583,621 344,467 869,085 276,061 45.020 48,988 1,583,621 TOTAL INCOME 2.776,788 113,806 2,890,594 2,829,212 EXPENDITURE enditure on raisin Costs of raising funds funds 18,859 18,859 42,159 Ex endlture on charltable actlvltles Evening courses Mid-week courses Wider ministry of SPTC Devèlopment of site 84.940 2,042.867 36.994 177.244 2.342,045 5,193 90,133 104,726 2,147,593 2,262 39,256 1,625 178,869 113,806 2,455,851 86,947 2,194,185 37,928 92,542 2,411,602 TOTAL EXPENDITURE 2.360,904 113,806 2,474,710 2,453,761 Net income and net movement in funds 415,884 415,884 375,451 Funds brought forward al 1 January 1,099.190 1,099,190 723,739 Funds carried forward at 31 December 1,515.074 1,515,074 1,099,190 All amounts are derived from continuing activities. The notes on pages 15 to 26 form part of these financial statements. All recognised gains and losses are included in the statement of financial activities. The statemenl of financial activities also complies wilh the requirement for an income and expenditure account under the Companies Act 2006. 12

Docusign Envelope ID.. C4070AA>49324002-9D1C-367E66927C49 ST PAUL'S THEOLOGICAL CENTRE BALANCE SHEET As at 31 December 2024 Note 2024 2023 FIXED ASSETS Intangible assets 11,301 Tangibl8 fixed assets 19 Total fixed assets 11,320 CURRENT ASSETS Debtors 216,720 292,567 Cash at bank and in hand 1,531,902 1,151,351 Total current assets 1,748,622 1,443,918 LIABILITIES: AMOUNTS FALLING DUE WITHIN ONE YEAR 11 {233,5481 (356,0481 NET CURRENT ASSETS 1,515,074 1,087,870 NET ASSETS 1,515,074 1,099,190 FUNDS Unrestricted General funds 12 1,515,074 1,099,190 1,515,074 1,099,190 Registered No. 5543940 Approved by the Board on 18th June 2025 and signed on its behalf by. The Rev'd Archie Coates Chair of the board of trustees The notes on pages 15 to 26 form part of these financial statements.

Docusign Envelope ID.. C4070AA>49324002-9D1C-367E66927C49 ST PAUL'S THEOLOGICAL CENTRE STATEMENT OF CASHFLOWS For the year ended 31 December 2024 Note 2024 2023 Net income l (expenditure) 415,884 375,451 Adjustments for.. Amortisation Depreciation (Increase) I decrease in debtors Increase l (decrease) in creditors 11,301 19 75,847 (122,500) 11,301 2,393 (15,387) 95,731 Net cash inflow l (outflow) from operating activities 380,551 469,489 Cash brought forward at 1 January 1,151,351 681,862 Cash carried fonward at 31 December 1,531,902 1,151,351 The charity has no net debt and accordingly no nel debt nole is presented. 14

Docusign Envelope ID.. C4070AA349324002-9D1 C-367E66927C49 ST PAUL'S THEOLOGICAL CENTRE Notes to the financial statements For the year ended 31 December 2024 1. Accounting policies Basis of re aration These financial statements are prepared on a going concem basis, under the historical cosl convention. The financial statements have been prepared in accordance with the Finanaal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The Charitable Company is a public benefit enlity for the purposes of FRS 102 and therefore the Charity also prepared its financial statements in accordance with the Statement of Recommended Practice applicable to charities preparing their accounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (The FRS 102 Charities SORPI, the Companies Act 20Q6 and the Chanbes Act 2011. The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these fi'nancial statements are rounded to Ihe nearest pound. Funds General funds represent the funds of ihe Charity that are not subject lo any reslrictions regarding their use and are available for application on the general purposes of the charity. Funds designaled for a particular purpose by Ihe Charity are also unrestricted. Restricted funds represent those received for specific Purposes as speafied by the donors. The accounts Include all transactions, assets and liabilibes for which the Charity Is responsible in law. Goln concem The trustees have assessed whether the use of the going concem basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity lo continue as a going cOn￿rn. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular, the trustees have considered the charity's forecasts and have taken account of pressures on fee income. After making enquiries, the trustees have concluded that there is a reasonable expectation that the charity has adequate resour￿$ lo conbnue in operation for the foreseeable future. The charity therefore continues to adopl Ihe going concern basis in preparing its financial ststements. Income Voluntary Income and capSLIl sources Planned giving receivable under Gift Aid is recognised when the tharity is notified of its legal entr'lement. the amount due is quantifi'able and its ultimate receipt by the charrty is probable. Income lax recoverable on Gift Aid donats'ons is re￿gnised when the income is re￿ived. Grants and legacies lo the Charity are accounted for as soon as the Charity is nob'fied of its legal entl￿eMent, the amounl due is quantifiable and its ultimate receipt by the charity is probable. Income from Investments Interest entidements on bank accounts are accounted for as they accrue. enditure Pension costs SPTC makes available a defined contribution pension scheme for stsff. SPTC also participates in the Church of England Funded Pension Scheme far Slipendiary Clergy (see note 18). Al pension costs are charged in the financial statements as they fall due. Expenditure Expenditure is charged lo the Slatement of Financial Activities as il falls due, and is analysed according to its nature be￿een Ihe following categories". Expenditure on raising funds Expenditure on charitable activities As reflected in note 17 (Related Entities), a strong partnership and working relationship is enioyed belween Holy Trinity Brompton IHTB), Alpha International IAII, Sl Paul's Theological Centre {SPTCI and Revitalise Trust {previously known as the Church Revitalisalion TrusVCR T). Shared service costs {known as GroLJP Professional servi￿$) are bome by HTB and then recharged to Ihe other charities using the most appropriate driver for each service cosi type. These support costs are then allocated betsveen charitable activilies based on estimates of the resour￿$ employed by Group Professional servI￿s toward5 each of these activities. 15

Docusign Envelope ID.. C4070AA349324002-9D1 C-367E66927C49 ST PAUL'S THEOLOGICAL CENTRE Notes to the financial statements For the year ended 31 December 2024 1. Accounting policies (continued) Fixed assets The charity capilalises any fixed assets over £1,OCQ. These assets are depreciated on a straight line basis over their estimaled useful economic lives. The penods used are as follows.. Computer equipment.. 2 years Furniture & fittings.. 3 years Other equipment". 3 years Intan Ible assets So￿are costs are capitalised at historic costs and amortised on a slraight line basis over 2 years. Current assets Amounts owing to the Charity at 31 December are shown as debtors after providing for amounts that it is thoughl may prove uncollectable. Cash and cash e uivalents Cash and cash equivalents include cash in hand and deposits held at call with banks. Financial instruments The charity has elected lo apply the provisions of Section 11 'Basic Financial Instruments, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes paty to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to setue on a net basis or to realise the asset and settle the liability simultaneously. With the exceptions of prepayments and deferred income all other debtor and creditor balances are considered lo be basic fi'nancial instrumènts under FRS 102. See notes 9 and 11 for the debtor and creditor balances. Credltors Creditors are rècognised where the charity has a present obligation resulb'ng from a past event that will probably rèsult in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. eratln lease Rentals paid under operating leases are charged to the ststement of finanual aclivits'es on a straight line basis over the lease lerm. Government rants Grants relating to revenue are recognised in income a systematic basis over the periods in which the entity recognises the associated costs for which the grant is intended lo compensate. Crltlcal accountln estlmates and areas of ud ement In preparing financial statements it is necessary lo make certain judgements, estimates and assumptions that affect the amounts recognised in the financial statements. The following judgements and estimates are considered by the trustees to have the most significant effect on amounts recognised in the financial ststements.. (il Useful Economic Lives The annual depreciation charge for propety, plant and equipment is sensitive lo change in the estimated useful eGonomiG lives and residual value of assets. These are reassessed annually and amended were necessary lo renect current circumstances. lill Pension Scheme Liability The pension liability relies on acluarial assumplions (see nole 18 for further details). (iiil Support Cost Allocation The allocation of support costs from Group Professional se￿ICe5 is based on estimates of the resources used by Group Professional Services on each of these activities. 16

Docusign Envelope ID.. C4070AA349324002-9D1 C-367E66927C49 ST PAUL'S THEOLOGICAL CENTRE Notes to the financial statements For the year ended 31 December 2024 2. Comparatlve Statemenl of Flnanclal Aclivities The following table analyses 2023,5 income and expenditure betsveen unrestricted and restricted funds: Unrestrlcted funds 2023 Restricted funds 2023 Total funds 2023 INCOME Donatlons and le Gift aid Collections, donations and grants acles 1,031 3¢X,275 307,306 1,031 1,287,280 1,288,311 981,005 981,005 Investment income 11.713 11,713 Income from charitable activities Evening courses Mid-week courses Mid-week courses- ordinands Peter & Caleb Stream courses Other income including overseas hubs Income from space rentsl 1,950 285,863 920,815 258,032 21,536 40,992 1.529 188 1,950 285,863 920,815 258,032 21,536 40,992 1529 188 TOTAL INCOME 1,848,207 981,005 2,829,212 EXPENDITURE enditure on raisin Costs of raising funds fund8 42,159 42,159 enditure on charitable activities Evening courses Mid-week courses Wider ministry of SPTC Development of site 86,947 1,213,180 37,928 92,542 86,947 2,194,185 37,928 92,542 981,005 1,430 597 981,005 2411602 TOTAL EXPENDITURE 1,472 756 981,005 2 453,761 Net operating income l {expenditurel 375,451 375,451 Gain I Ilossl on multi-employer pension scheme defiat reducbon plan Net income I (expenditure) and net mavement in funds 375.451 375,451 Funds brought forward at 1 January 723,739 723,739 Funds carried fornvard at 31 December 1,099,190 1,099,190 3. Costs of ralslng funds These are the costs incurred in fundraising. 17

Docusign Envelope ID.. C4070AA349324002-9D1 C-367E66927C49 ST PAUL'S THEOLOGICAL CENTRE Notes to the financial statements For the year ended 31 December 2024 4. Expenditurè on charitable activities Support costs for St Paul's Theological Centre have been allixated lo the various courses. events and projects on Ihe basis of workload involved in running them. Support costs have been apporboned as follows.. Evening Courses 2024 Weekday Wlder Mlnlstry St Jude's Courses {Hubsl Development 2024 2024 2024 Tolal 2024 Totsl 2023 Support costs Legal 931 4,977 2,604 4,144 757 13,413 18.772 100.359 52.521 83.561 15.259 270N72 405 2.168 1,134 1,805 330 5,842 291 1,557 815 1,297 237 4,197 20,399 109,061 57,074 90,807 16,583 293,924 25,760 134,409 69,601 95,073 22,182 347,025 Finance HR Operations Dlrect costs Salaries and accommodation Other general management Church buildings other direct costs 63,223 4,122 9,375 1.274.998 83.131 189.071 329,921 1,877,121 27.537 1,794 4.083 19,782 1,291 2,934 150,665 174,672 1,385,540 90,338 205,463 480,586 2,161,927 1,320,206 81,451 221,140 441,780 2,064,577 76,720 33,414 Totsl on Stslement of FSnanclal Actlvltles 90,133 2,147,593 39,256 178,869 2,455,851 2,411,602 As reflected in note 16 (Related parties), a strong partnership and working relationship Is enjoyed belween HTB, AI, SPTC and Revitalise Trust. All shared Support and Creative Services (known as Group Professional servi￿$) are allocated to each of Ihe charities using the most appropriate driver for each department in Group Professional Services. 5. Audlt costs and depreclallon 2024 2023 Net incomellexpenditurel is stated after charging.. Auditor's remuneration - current year ests'male Other services provided 5,720 5,750 52 5,802 5,720 Oepreciation 19 2,393 18

Docusign Envelope ID.. C4070AA349324002-9D1 C-367E66927C49 ST PAUL'S THEOLOGICAL CENTRE Notes to the financial statements For the year ended 31 December 2024 6. Staff costs 2024 2023 Wages and salaries Social security costs Pension costs 1,297,558 144,379 104,741 1,396,249 143,915 103,967 1,546,678 1644,131 As disclosed in note 16 (Related parties), there is a dose working relationship be￿een HTB. AI. SPTC. and Revitalise Trust. The Group Professional Services staff who support all of the charity.es with 'back office, funth.ons are employed by HTB, and their costs {logether with the costs of their departments) are allocated across the entibes using the mosl appropriate basis for each support service. The staff costs and information in this note includes the proportionate share of these Group Professional Services staff, as well as the relevant share of ministry staff who split their time across the charities due to the nature of their roles. The costs of some members of the HTB clergy were cross-charged for work which was done for SPTC. However, as these clergy members are employed by the Diocese of London and not by HTB. their costs have not been included in the salary figures shown above. The average monthly number of full time equivalent employees was 31 {2023'. 341. The number of employees whose total benefits (excluding pension) were greater than £60k was 312023.. 31, as follows.. £60k - £70k bracket- 1 £70k- £80k bracket- 2 Group Professional Services staff are on the HTB payroll but serve HTB, AI, SPTC and Revitalise Trust- each of which bear a portion of their costs. Relevant details of their remuneratson can be found in the 'Staff Costs, note in the HTB Financial Statements. None of the trustees received remuneration for services as employees or consultanls during the year, or for seNices as trustees {2023', £Nill refer to note 16 for further details. mana ement ersonnel The key management personnel of SPTC comprises the Dean and the Chief Operakn'ng Officer. The total employeè remunèration (including pension and employer NIC} was £142,221 12023. £135,813) The key management personnel of the Group Professional servI￿s function which serves HTB, AI, SPTC, and Revitalise Trust comprise the HTB Group Director of Professional Services, the HTB Group Chief Operating Officer, the HTB Group Director of Finance and the HTB Group Director of People. The total employee benefils lincluding pension and employer NIC) of these key management personnel was £370,98012023.' £319,800)., SPTC only bore a portion ofthese costs £20,42712023'. £24,773). 19

Docusign Envelope ID.. C4070AA349324002-9D1 C-367E66927C49 ST PAUL'S THEOLOGICAL CENTRE Notes to the financial statements For the year ended 31 December 2024 7. Intangible fixed assets Computor Software COST Opening balance at 1 January 2024 Additions Disposals Closing balance at 31 December 2024 22,602 22,602 AMORTISATION Opening balance at 1 January 2024 Charge for 2024 Disposals Closing balance at 31 December 2024 11,301 11,301 22,602 NET BOOK VALUE At 31 December 2023 At 31 December 2024 8. Tanglblo flxèd assèts Computer Equlprnent Furnlture & Flttlng8 Other Equlpment Total COST Opening balance at 1 January 2024 Additions Disposals Closing balance at 31 December 2024 25,204 17,529 56,288 99,021 25,204 17,529 56,288 99,021 DEPRECIATION Opening balance at 1 January 2024 Charge for 2024 Disposals Closing balance at 310ecember 2024 25,204 17,529 56,269 19 99,002 19 25,204 17,529 56,288 99,021 NET BOOK VALUE At 31 December 2023 19 19 At 31 December 2024 9. Debtors 2024 2023 Trade debtors Prepayments and accrued income Sundry debtors Balance owed by St Mellrtus College 3,561 211,685 1,474 7,002 45,172 1,492 238,901 216,720 292,567 20

Docusign Envelope ID.. C4070AA349324002-9D1 C-367E66927C49 ST PAUL'S THEOLOGICAL CENTRE Notes to the financial statements For the year ended 31 December 2024 10. Cash at bank and in hand 2024 2023 Cash at bank 1,531,902 1 151,351 11. Liabilities.. amounts due within one year 2024 2023 Creditors for goods and servi￿$ Balance owed to HTB Balance owed to SMC Taxation and social security Accruals and deferred income 3.280 62,130 11,550 30,365 126,223 5,436 14,087 31,378 305,147 Totsl 233,548 356,048 All deferred income relales to sludenl fees and wll be released in the following financial year. 12. Analysls of net assets by fund General funds Reslricted funds Total 2024 2024 Debtors Cash at bank and in hand Liabilities 216,720 1,526,570 1228,2161 216,720 1,531,902 1233,5481 5,332 {5,3321 Total 1515074 1515074 General funds Restrlcted funds Total 2023 2023 Fixed assets Intangible assets Debtors Cash at bank and in hand Liabilities 19 11,301 292,567 1,151,351 1356,0481 19 11,301 292,567 1,151,351 {356,0481 Total 1,099,190 1099,190 21

Docusign Envelope ID.. C4070AA349324002-9D1 C-367E66927C49 ST PAUL'S THEOLOGICAL CENTRE Notes to the financial statements For the year ended 31 December 2024 13. Restricted funds Transfer to Unrestricted Funds Expenditure 2024 2024 Opening Balance 2024 Closing Balance 2024 In¢ome 2024 2024 St Mellltus College - Church of England Innovation funding for pioneering the Peter Stream into a new regional hub based at St Mellitus College East Midlands St Mellltus College- McDonald Agape Foundation funding for Scriptorium St Mellitus College - The Queens, Foundation salary contribution for a SPTC staff member lo complete research on neurodiversity and formation St Mellitus Colleg• - McDonald Agape Foundation funding for the McDonald professor and adminislralive support St Mellltu$ College - McDonald Agape Foundation funding for SPTC staff oversight of the Nicaea Project 40.588 (40,5881 4.181 14,1811 5.332 15,3321 41.199 141,1991 22.506 122,5061 Total Restricted Funds 113,806 113,806 Transfer to Unrestrlcted Funds Expendlture 2023 2023 Openlng Balance 2023 CIo8lng Balance 2023 Income 2023 2023 Revitallse Trust- funding for Peter & Caleb Streams, and for the general growth and development of the college 950,OCrf) 1950,0001 St MellltU8 College - funding for college development 31.005 {31,0051 Total Restricted Funds 981.005 981005 14. Commitments On 14 December 2018, the SPTC board agreed to pay the unfunded costs of the emergency spire repairwork carried oul in 2017 and 2018 al St Jude's Courtfield Gardens. These payments could be accelerated at the board's discreb'on, however the original intent was for SPTC to pay the Church Renewal Trust {CRT11 £70,000 per annum, over a period of ten years starbng in 2019. During 2021, SPTC'S commilment was paused until 2024, due lo a £225,C4)O gift from St Mellilus College lo CRT1. A £250,000 gift was received by CRT1 during 2022, further reducing SPTC'S commrtment to end mid-2025. In light of this reduction, SPTC agreed to pay an additional amount towards the inlerest cost of the loan. SPTC paid off the remainder of their commitment to CRT1 during 2024. 2024 2023 Not later than one year Later than one year but not later than five years Later than five years 98,317 98,317 22

Docusign Envelope ID.. C4070AA349324002-9D1 C-367E66927C49 ST PAUL'S THEOLOGICAL CENTRE Notes to the financial statements For the year ended 31 December 2024 15. Contingent liability As at 31 December 2024 the charity is subject to the following contsngent liability.. SPTC had a lease agreement with The London DIO￿an Fund for the basement space al 40A Collingham Road and 22 Courtfield Gardens which ended in September 2024. The space was onginally configured as flats which SPTC converted into classrooms. Per a dause in the lease, SPTC was responsible for reinstating the space lo its original condition as flats." SPTC had asked for this clause to be removed and whilst this was agreed verbally with The London Dioc£san Fund the lease was never changed. As the lease has now ended, SPTC is in discussions with the Diocese as to what their commrtmenl lo this clause should be. At the date of approval of the financial statements, the outcome remains uncertain. 8ased on discussions with the Diocese so far. the Iruslees consider that il is unlikely Ihat a liabilrty will arise. Accordingly, no provision has been made in the financial statements. However, if the charity were found to be liable for the cost, the potential financial effect is estimated lo be a maximum of £253,000. 16. Related partles {see Related entities, note 17 None of the trustees were reimbursed expenses during the year12023.' none). REMUNERA- TION FOR NON TRUSTEE SERVICES TRUSTEE I KEY MANAGEMENT RELATED TRUSTEESHIPS RELATED PARTY PAYMENTS Andrew Brydon (resigned 23rd September 2024) Holy Trinity Brompton (Trustee). £Nil12023. £Nill None Holy Trinity Brompton (Trustee & Churchwardenl, Revitalise Trust {Trustee}. St Mellitus College Trust {Trusleel, Church Renewal Trust (Trusteel and Ecdesiastical Insurance Office PLC {Directorl. Ecdesiasb'cal acts as insurers to the HTB Group. The 2024 insurance premium for SPTC amounted to £6,41612023.' £8,519) Angus Winther £Nil {2023, £Nill Revitalise Trust (Trustee), St Mellitus College Trust {Trustee}, Alpha Internalional {Truslee). Church Renewal Trusl (Trustee) and Holy Trinity Brompton (Trusteel. Archie Coates £Nil {2023. £Nill None Sarah Jackson is the CEO of Revitalise Trust, a related enlity. See note 16 for disclosure of transactions befvleen SPTC and Revitalise Trust. Sarah Jackson None £Nil {2023. £Nill Tilly Bacon's husband, Jonathan Bacon, was paid for his creab've & design Setv1￿$. This payment was made by St Mellitus College and recharged to SPTC. Tilly Bacon (key management) None £Nil {2023. £Nill The totsl donations made by trustees during 2024 were £Nil {2023: £2,Th)0). 23

Docusign Envelope ID.. C4070AA349324002-9D1 C-367E66927C49 ST PAUL'S THEOLOGICAL CENTRE Notes to the financial statements For the year ended 31 December 2024 17. Related entities BALANCE OWED TOI (FROM) SPTC AT YEAR END 1£62,130112023. £14.087 owed to HTBI ENTITY INCOME EXPENDITURE NOTES Holy Trinity Brompton {HTBI £100,000 {2023. £Nill £Nil12023'. £Nill During the year HTB gave a gift of £100,000 to SPTC. The Church Renewal Trust wa5 responsible for the development of St Jude's, Courtfield Gardens which was officially opened on 27 November 2012 as the new home of SPTC and SMC. CRT1 holds the lease of 125 years on St Jude's with the Diocese of London. In 2018 CRT1 finished repair of the tower and spire at St Jude's, Courtfield Gardens. SPTC'S service fee commitment towards these repairs is ouuined in note 14. The 2023 grant from Revilalise Trust was in support of the Peter & Caleb Streams, and for the general growth & development of the college. There were no transactions during 2024 which rèquire disclosure. The Church Renewal Tnjst ICRT11 £Nil12023. £Nill £98,319 12023. £Nill £Nil {2023'. £Nill £Nil (2023- £950,OCrf)I £Nil (2023.. £Nill Rèvitalisè Trust £Nil {2023. £Nill SPTC has a very dose working relationship with Sl Mellitus College,. SMC pays a portion of sludenl income to SPTC, and SPTC reimburses SMC for a porb'on of shared costs. The governing slruclure of SMC stipulates that the board should include nominees of the SPTC board and during 2024 these were Mr Angus Winther and Revd Archie Coales. £2.618,668 {2023. £1,917.675} £401.542 12023. £378.1111 1£11,6711 12023. £238,901 owed from SMCI St Mellrtus College Trust ISMC) 24

Docusign Envelope ID.. C4070AA349324002-9D1 C-367E66927C49 ST PAUL'S THEOLOGICAL CENTRE Notes to the financial statements For the year ended 31 December 2024 18. Pension liability Sl Paul's Theological Centre partiupates in the Church of England Funded Pensions Scheme for stipendiary clergy, a defined benefil pension scheme. This scheme is administered by the Church of England Pensions Board, which holds the assets of the scheme separately from those of the Responsible Bodies. Each participab'ng Responsible Body in the Church of England Funded Pensions Scheme pays contn'butions 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. It is not possible to attribute the Scheme's assets and liabilities to each specific Responsible Body, and this means contributions are acLounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to Ihe SOFA in the year are contributions payable towards benefits and expenses accrued in that year, which were £39,038 in 202412023 £40,933). plus any figures arising from contributions in respect of the Scheme's deficit Isee below). The 2021 valuation showed the Scheme to be fully funded and as such in 2024, following the valuation results being agreed, the deficit contributions paid were £Nil12023'. £Nil)- A valuation of the Scheme is carrièd out once every three years. The most recent Scheme valuation completed was Ca￿led out at 31 December 2021. The 2021 valuation revealed a surplus of £560m, based on assets of £2,720m and a funding target of £2,160m, assessed using the following assumptions.. An average discount rale of 2.7 % p. RPI inflation of 3.6019 p.a. land pension increases consistent with this). CPIH inflation in line with RPI less 0.8 /0 pre 2030 moving io RPI wrth no adjustment from 2030 onwards., Increase in pensionable stipends in line with CPIH., Mortality in accordance with 90% of the S3NA tables, wth allowance for improvements in mortality rates from 2013 in line with the CM12020 extended model wlh a long term annual rate of improvement of 1.50A, a smoothing parameter of 7. an initial addition to mortality improvements of 0.5Vo pa and an allowancy for 2020 data of 0% (i.e. w2020 = 0%). Following finalisation of the 31 December 2021 valuation, deficit contributions cEased with effect from 1 January 2023, since the Scheme was fully funded. The deficit recovery contributions under the recovery plan in force at each 31 December were as follows.. % of pensionable stipends 31 December 2021 31 December 2a22 31 December 2023 31 December 2024 7.1% payable from January 2021 to De￿mber 2022 An interim reduction to deficit contributions to 3.2010 of pensionable stipends was made with effect from April 2022, and remained in place until December 2022. For senior office holders, pensionable sbpends are adjusted in the calculations by a multiple, as set out in the Scheme's rules. 25

Docusign Envelope ID.. C4070AA349324002-9D1 C-367E66927C49 ST PAUL'S THEOLOGICAL CENTRE Notes to the financial statements For the year ended 31 December 2024 18. Pension liability note (continued) Section 28.11A of FRS 102 requires agreed deficit recovery payments to be recognised as a liability. However, as there were no agreed deficit recovery payments from 1 January 2023 onwards, Ihe balance sheet liability as al 31 De￿mber 2023 and 31 December 2024 is £Nil. The movement in the balance sheet liability over 2023 and over 2024 is set out in the tsble below. 2024 2023 Balance sheet liability at 1 January Deficit contribution paid Interest cost Irecognised in SOFA) Remaining charge lo the balance sheel liability. Irecognised in SOFA) Balance sheet liabilit at 31 De￿mber 'Comprises change in agreed deficit recovery plan. and change in discy)unt rate and inflation assumptsons be￿een year-ends. The legal structure of the Scheme is such that if another Responsible Body fails, St Paul's Thèological Centre could become responsible for paying a share of that Responsible Body's pension liabilities. 26