2021-12-31-accounts

SALISBURY REFORMED SEMINARY TRUSTEES, ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR END 31 DECEMBER 2021 Charity Number (England and Wales): 1176241

SALISBURY REFORMED SEMINARY TRUSTEES, ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR END 31 DECEMBER 2021 Contents Page Report of the Trustees Independent Examinerfs Report Statement of Financial Activibes 2021 Balance Sheet 2021 Notes to the Financial Statements

SALISBURY REFORMED SEMINARY Report of the Trustees For the year end 31 December 2021 The Trustees present the Annual Report and the Financtal Statements for year end 31 December 2021. Charity Name and Number The full name of the Chartty is the Salisbury Refonned Seminary (SRS). It is registered with the Charity Commission in England and Wales with CharFty Number 1176241. Seminary Premises and address for correspondence Salisbury RefomRd Seminary Grove House 18, Wilton Road Salisbury SP2 7EE Structure, Governance and Management The Salisbury Refomed Seminary is a CharitatrAe Incorporated Organisation (CIO), registered as a Charity operating in accordan￿ with ts Governing Document. The Charity Trustees are all current or recently retired Church Ministers or elders of Reformed Churches. On 31 De￿mber 2021, the Charity had the following complement of Trustees in accordan￿ with its Goveming Document. Trustees The Trustees of the Charity who served all or part of the year are as follows: Rev Roland Burrows Rev Chris Buss Pastor Richard A Clarke (freasurer) Rev Simon Green (resigned on 11 February 2021) # Rev Dewi W Higham (Registrar) Pastor David Kay Rev Pooyan Mehrshahi Rev Neil Pfeiffer Mr Dale Roberts (resigned 12 February 2021) # Rev John Saunders Rev John Thackway ## Rev Malcolm H Watts # (Chaimian)

Trustee of Emmanuel Church, Salisbury.

Rev John Thackway VRS installed as Minister of Emmanuel Church. Salisbury on 18 June 2022 and

thereby becomes a Twstee of Emmanuel Church. Salisbury. Both the above resignations were accepted by the Trustees meeting held on 22 February 2021. There have been no other changes of Trustees to date Sin￿ the yearnd. The Trustees re￿Ne no remuneration for their lecluring sep4ices and receive no additional benefits beyond what a regular beneficiary of the Larity might receive. Necessary expenses are reimbursed subject to approval by the Treasurer. The Chartty holds no title to prorErty but operates in premises under a li￿nSe agreement vlith Emmanuel Churth. Salisbury. who hold title to those premises. To avoid potential conflicts of interest arising at any time. no Trustee who is also an Offi￿ bearer or member of Emmanuel Church Salisbury ¢an vote on any matters where a potential confiict may arise.

SALISBURY REFORMED SEMINARY Report of the Trustees For the year end 31 December 2021 The Trustees meet regularty to oversee and approve all matter5 relating to the Seminary, to set and monitor the annual revenue budget and review the chanty's strategic risk register. Independent Examiner Total Accounting Servi 10 Drake Mill Business Park Plymbridge Road Plymouth PL6 7PS Bankers The Co-operative Bank plc 1 Balloon Street Manchester M60 4EP The Charity's Object and Activities The Object of the Seminary is to advan￿ the Christian religion for the public benefit in, but not exhaustively by. training and preparing Ministers for Reformed Churches primarily in the United Kingdom thereby facilttating public benefit by way of spiritual and practical ministy in the communities in which those churches are established. The Charity engages in one activty and therefore. in the Gontext of the SORP FRS 102 reqLsirement to analyse the figures over activities, projects or servI￿s. the Charity's financial statements reflect just this single activty. Public Benefft & Impact The Trustees have regard to guidance published by the Charity Commission, including that in relation to Public Benefit. which requires that the Trustees make decisions which: ensure that the chartty's purpose provtdes benefiL manage risks of detriment or harm to the charity's benefictaries or to the public in general from carrying OLrt the diarity's purpose. detemiine who benefits in ways that are consistent with the charity's purpose. make sure any personal benefits are no more than incidental. The Seminary continues to provide public benefft by adhering to rts objective and continuing to carry out the activities referred to in this Report. This obj'ective wll not only briThJ glory to the triune God but immeasurable benefrt to all who are to be subsequently InflUen￿d by such artivity. Benefits wtll be primarily spiritual, but there will also be moral and practical benefits too. For many, attending ServI￿S for both Christian worship and the various meetings organised by the churches supplied wrth Refomied Ministers thoroughly equipped by the Seminary will have etemal benefit throu9h the salvation of souls, an immeasurably greater benefft than anything that can be given in this world. In addition, help and encouragement for daily living will yield great spiritual benefft too. We expect to measure impact by the many and varied antiapated expressions of gratitude and support which will be re￿ived. sometimes telling of a person who has been saved through hearing the preaching and attending the various meetings operated by the churches supplied with a fomier student of the seminary as ministsr. However, onty etemty and the day ofjudgement wtll reveal the true benefit and impact of the Seminary's work. Achievements and Perfomiance Operations The Seminary completed its fourth year of operation on 31 De￿mber 2021. The secorld Graduation remony was held on Monday 03 January 2022.

SALISBURY REFORMED SEMINARY Report of the Trustees For the year end 31 December 2021 Operations (continued) Throughout 2021 the course format has been as in previous years, i.e.. two blocks of one week from Monday to Friday providing 20 hours of lectures eath week. The first week was held in January and the second in September. Ten shorter blocks during the year were held on a Friday and Saturday each month (other than January, August. and September} providing 10 hours of lectures each over the days. This gives a total of approximately 140 hours per year. All lectures are held at Grove house, althou9h on-line lectures were necessary during the COVID restrictions. The students spend the rest of their assigned time in their home churches being mentored by Iheir Pastors andlor Elders. reading, studying, and preparing assignments. Apart from an occasional visitor, all lectures are 9iven by the Ttustees withoLrt remuneration. The full timetable is available to view on the SeMina￿s websrte, and occasional newsletters and updates are provided to supporters. The annual Open Study Day was combined with the first Graduation ceremony and took place on Saturday 03 July 2021. The Trustees are truly thanktul to God and to all supporters and volunteers. Review of Finances The operating surplus was £4.580 in 2021. Income of £15,891 was mainly donations but included £3,750.00 being the course fees paid (or payable) by the five students following the course during the year. Operating expenditure was £11.311. incurred in respect of student bursaries and other student support costs. property rental. and equipment to enhan￿ recording quality for on-line lectures. The cash balan￿ on 31 D￿mber 2021 was £66,429. Significant Events One new studerrt enrolled on 01 January 2021. and two students graduated on 31 December 2021. Reserves The Trustees believe the current level of reserves should be in the region of £6,000 which represents around six months of annual expendtture. However, in the early years of the Seminary a higher level of reserves is appropriate. Reserves are held in an instant access deposit account. Principal Risks The Trustees discuss the Charity's strategic risks from time to time and a fomial Risk Management Policy and Strategic Risk Register will te established early next year to ensure that all identtfied risks are managed effectively. Future The Seminary will commence its fffth year withoLrt any further students and will continue to recruit additional students in accordance with the Charity's objectives. The premises in Grove House will continue to be refurbished by Emmanuel Church wrf(h more suitable audio and IT equipment. ￿brary facilities will continue to be enhanced. The Trustees anticipate that the support base of the Seminary will continue to be extended.

SALISBURY REFORPIIED SEMINARY Report of the Trustees For the year end 31 December 2021 staternent of Trustees, Responsibilities The Trustees are responsible for preparing the Annual Report and the Financtal stat￿nents in accordance with aPp￿Cable law armj regulations. The Trustees are required to prepare financial statemerrts for each financial year in accordance with Untted Kingdom Generalty Accepted Accounting Practice (United Kingdom Accounting Stsndards and applicable law). The Financial s￿eMents are required by law to give a true and fair view of the of the charity, and of tts incoming resour￿ and the appli(ztion of resour￿ of the charity for that period. In preparing these financtal statemenK the Trl￿teeS should follow best practice and: select suitable accounting poficies and then apply them consistently. observe the methods and principles in the Charttses SORP. make judgments and estimates that are reasonable and prudent prepare the financiat statements on the going concem basis unless it is inappropriate to assume that the charty will continue ils operattons. The Trustees are resporisible for keeping proFer arzounting records that disdose with reasonable accuracy at any time the financial position of the chanty and enable them to ensure that the financial statements compty wtth the appli(xble law and the Laws and Regulations of the Society. They are also responsible for safeguarding the assets of the charity and hen￿ for taknng reasonabie steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintellan￿ and integrtty of the corporate and financial informatton included on the chartty's website. Independent Examiner Total Accounting se￿ices have indicated their willingness to orovide such seNices as appropriate. A resolutton proposed at the Annual General Meeling wa5 unaniniously adopted to re-appoirrt them. On behalf of the Trustges H Watts. Chain77an 04 October 2022

CHARITY COMMISSION FOR ENGLAND AND WALES Independent examiner's report on the accounts Section A Independent Examiner's Report Report to the trusteesl members of SALISBURY REFORMED SEMINARY On accounts for the year ended 31 December 2021 Charity no (rfany) 1176241 Set out on pages I report to the trustees on my examination of the accounts of the above charity (-thg Trusf) for the year ended 3111212021. As the chariws trustees. you are responsible for the preparation of Ihe accounts in accordan￿ with the requirements of Ihe Charities Act 2011 (-the Acr). I report in respect of my examination of the Trusl's accounis carried out under section 145 of the 2011 Act and in carying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 1495Xb) of the Act. Independent tThe charity's gross income did not exceed £250.000 and l am qualified to examiner's statement undertake Ihe examination by being a qualified member of AAT. I have completed my examination. I confimi that no materÈal matters have ome to my attention in connection with the examination (other than that disclosed below ") which gives me cause to believe that in, any material respect: the accounting records were not kept in accordance with section 130 of the Charities Act" or the accounts did not aG￿rd with the accounting records; or the accounts did not comply with the applicable requirements conceming Ihe fomi and content of accounts set out in the Charities {AGcounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'tnJe and fairf view which is not a matter considered as part of an independent examination. I have no COn￿mS and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. ' Please delete the words in the brackets rfthey do not apply. Responsibilities and basis of report Signed: Date: 1211012022 Name: A P YERRELL Relevant professional qualification{s) or body (rf any): FMAATI FIPA I FCPA I FFA IER Oct 2018

Address: 10 Drake Mill Business Park, Plymbridge Road. Estover Plymouth Devon PL6 7PS Section B Disclosure Only complete if the examiner needs to highlight rnaterial matters of concem (see CC32. Independent examination of charity accounts.. directions and guidance for examiners). Give here brief details of any items that the examiner wishes to disclose. IER Oct 2018

SALISBURY REFORhlED SEMINARY STATEMENT OF FINANCIAL ACTivrtlES FOR TbiE YEAR END 31 DECEMBER 2021 Total 3111212020 Income Donations Fees Deposit interest 12,123 3.750 18 10,336 4.500 176 Total income Expenditure Charitable actNibes 11.311 9.356 Total expenditure Net income BALANCE SHE￿ AT 31 DECEMBER 2021 Total 2020 Net Current assets Cash at bank and in hand 66.429 63.228 Debtors- HMRC Gift Atd 1.772 851 227 Creditors 422 1,107 Total Net Assets Unrestricted Funds Brought forward at 01 January 2021 Net income forthe year 63,199 4.580 5,656 Carried forward at 31 December 2021 Approved by the Trustees on 04 October 2022 and signed on their tehalF by: r4. M.H. Watts. Chainnan R. A Clarke. Treasurer

SALISBURY REFORMED SEMINARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR END 31 DECEMBER 2021 Accounting Policies (a) Basis of preparation These financial statements have been prepared under the historical cost convention with items recognised at wst or transaction value unless othe￿iSe stated in the relevant notes to the accounts, and in accordan￿ with the Charities Act 2011. FRS 102 and SORP FRS 102. The Charity meets the definition of a public benefft entity under FRS 102. {b) Going concern The Trustees have no Un￿rtaInty aboLrt the seminary continuing as a going concern. (c) Income All income ts recognised On￿ the chartty has entitlement. (d) Expenditure Because the charity only has one adivty (i.e., Preparing ministers for the ministry), it is not necessary to apportion trustees. expenses between cost categories. All figures include VAT. (e) Volunteer help The value of volunteer help is not induded in these financial statements. (fj Taxation As a registered chanty, the Seminary is exempt from income tax under part 10 of the Income Tax Act 2007. The seminary is not registered for VAT. Income figures indude Gift Aid as appropriate. (g) Trustee expenses. No expenses were paid to any of the Trustees during the period other than the nom)al re- imbursement of expendwture incurred on behalf of the Seminary. Charitable activities Student support costs Grove House costs Trustees, expenses ITICameralRecording Equipment Visiting Lecturers Printing Advertisin9 Professional fees Open meeting lunches 5.300 2.160 959 938 913 401 308 210 122 4.753 2,362 689 833 395 324 Total expenditure Creditors Fees paid in advan Student support Independent examination fees Trustee expenses HM Revenue and Customs 750 150 97 125 150 207 Total Creditors 422