SAUSBURY REFORMED SEMINARY TRUSTEES. ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR END 31 DECEMBER 2023 Charity Number (England and Wales): 1176241
SAUSBURY REFORMED SEMINARY TRUSTEES, ANNUAL REPORT & FINANCIAL STATEMENTS FOR THE YEAR END 31 DECEMBER 2023 Contents Page Report of the Trustees Independent Examinefs Report Statement of Financial Activilies 2023 Balance Sheet 2023 Notes to the Financial Statements
SALISBURY REFORMED SEMINARY Report of the Trustees For the year end 31 December 2023 The Trustees present the Annual Report and the Financial Statements for year end 31 Dernber 2023. Charity Name and Number The full namè of the Charity is the Salisbury Reforni&J Seminary (SRS). It is registered with the Charity Commission in England and Wales with Charity Number 1176241. Seminary Premises and address for correspondence Salisbury Reformed Seminary Grove House 18. WIOn Road Salisbury SP2 7EE for COespOndence cjo Tabemade CardrfF Pen-y-wain Road, Roath, Cardtff CF24 4GG Structure, Governance and Management The Salisbury Reformed Seminary ts a Charitable Incorporated Organisation (CIO), registered as a Charity operating in accordance with its Goveming Document. The Charity Trustees are all current or rentlY retired Church Minister5 of Refomied Churches. On 31 Dember 2023, the Charity had the following complement of Trustees in accordance with its Goveming Document. Trustees The Trustees of the Charity vtho served for all or part of the year are as follows: Rev Roland Burrov Rev Christopher Buss Pastor Richard A Clarke (Treasurer) Rev Dew W Higham (Registrar) Pastor David Kay Rev Pooyan Mehrshahi Rev Neil Pfeiffer Rev John Saunders Rev John Thackway # Rev Malcolm H Watts # (Chainnan)
Trustee of Emmanuel Church, Salisbury.
There have been no charw of Trustees to date since the year-end. The Trustees retsive no remuneration for Iheir lecturing Servi and re1ve no additional benefits beyond what a regular beneficiary of the charity might rer¥e. NSSary expenses are reimbursed subject to approval by the Treasurer. The Charity holds no title to woperty bLrt operates in premises under a license agreement with Emmanuel Church, Salisbury: who hold title to those premises. To avoid potential Gonfiicts of interest arising at any time, no Trustee who is also a Trustee of Emmanuel Church Salisbury can vote on any matters where a potential ¢onfiict may arise.
SALISBURY REFORMED SEMINARY Report of the Tntstees For the year end 31 December 2023 The Trustees meet regularly to oversee and approve all matters relating lo the Seminary. to set and monitor the annual revenue budget and review the chartty's strategic risk register Independent Examiner Total Accounting Servi 10 Drake Mill Business Park Ptymbridge Road Plymouth PL6 7PS Bankers The Co-operative Bank pl 1 Balloon Street Manchester M60 4EP The Chaiity's Object and Activities The Object of the Seminary is to advance the Christian religion for Ihe public benefit in. but not exhaustively by, training and preparing Ministers for Refomied Churches primarily in the United ngdom thereby facilTtating public benefft by way of spiritual and pracaical ministry in the communities in which those Churches are established. The Charity engages in one activity and therefore, in the context of the SORP FRS 102 requirement to analyse the figures over activtties. projects or services, the Chartty's financial statements reflectjust this single activrty. Public Benefft & Impact The Trustees have regard to guidance published by the Chartty Commtssion. induding that in relation to Public Benefft, which requires that the Trustees make de(asions which: ensure that the Chaiity's purpose provides benefiL manage risks of detriment or hann to the Charivs beneficiaries or to the public in general from carrying out the charty's purpose. determine who benefits in ways that are consistent with the Charity's purpose. make sure any personal beneffts are no more than incidental. The Seminary continues to provide public benefft by adhering to ts objectrve and continuing to cary out the activities referred to in this Report. This objective will not only bring glory to the triune God bLrt immeasurable benefft to all who are to be subsequerrtly irffluenced by such activity. Benefits will be primarily spiritual, but there will also be moral and practical beneffts too. For many, attending services for both Christian worship and the various meetings organised by the churthes supplied with Refomied Ministers thoroughly equipped by the Seminary will have etemal benefft through 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 lo measure impact by the many arKI varted anticipated expressions of gratitude and support which will be reived. sometimes telling of a person vtho has been saved through hearing the preaching and attending the various meetings owated by the thurches supplied with a fomier stLKJent of the seminary as minister. However, only etemty and the day of judgement will reveal the true benefit and impact of the Seminary's wor Achievements and Perfomiance The Seminary completed Its sixth year of OFEration on 31 Dmber 2023. Hubyever, no students graduated on 31 Drnber 2023 hen no Graduation rernonY was held in January 2024.
SALISBURY REFORMED SEIIJINARY Report of the Trustees For the year end 31 December 2023 Operations Throughout 2023 the course fomat has been as in previous years, i.e.. two blocks of one week from Monday to Friday providing 20 hour5 of lectures each week. The first week vtss held in January and the second in September. Ten shorter blocks during the year were held on a Friday and Saturday eaGh month (other than January, August, and September) t0VIding 10 hours of lectures each over the two days. This gives a total of approximately 140 hours per year. All lectures are held at Grove House. and there were no on-line lectures neSSary as all COVID restrictions had been w5thdrawn. The students spend the rest of their assigned time in their home churches being mentored by their Pastors andlor Eldet5, reading. studying, and preparing assignments. from an oClonal visttor, all lectures are given by the Trustees without remuneration. The full timetable is available lo view on the Seminarfs website, and occasional newsletters and updates are provided to supporters. The Annual Open Day took on 27 May. An Open Lecture Day was held on Saturday 14 October. The Trustees are truly trtanlrful to God and to all supporters and volunteers. Review of Finances The operating surplus was £5,435 in 2023. Inme of £14,955 was mainly donations but included £2,250 being the course fees payable by the three studerts following the course during the year. Operating expendiiure was £9,520 incurred in resFect of trustees. expenses, student bursaries and other student support costs, Ixoperty rental. and other expenditures. The cash balan on 31 Decemter 2023 was £72,104. Significant Events A further studenl was enrolled on the course on 01 January 2024. ReseNes The Trustees believe ts current level of reserves should be in the region of £6,000 which represents around six morrths of annual expenditu. However. in the early years of the Seminary a higher Eevel of reserves ¢orrtinues to be approprrate. Reserves are held in an instant acSS deposit account. Principal Risks The Trustees discuss the Charity's strategic risks from time to time and a fonnal Risk Management Policy and Strategic Risk Register will be established to ensure that all identified rEks arE managed effecttvely. Future The Seminary V11 Cornmen ts seventh year wilh four students and will continue to recruit additional students in accordan with the Charity's obJ'ectr¥es. The premises in Grove House will continue to be refijrbished by Emmanuel Church with more suitable audio and IT equipment. brary facilities wll continue to be enhanc&J. The Trustees anticipate that the support base of the Seminary will also continue to be extended.
SALISBURY REFORMED SEMINARY Report of the Trustees For the year end 31 December 2023 Ststement of Trustees. Responsibilities The Trustees are responsible for preparing Annual Report and the Finanaal Statemerrts in accordance with applicable law and regulations. The Trustees are required to prepare financial statemeriis for each financial year in accordance wtlh United Kingdom Generally ApIed Accounting Practice (United Kingdom Accounting Standards and applicable law). The Financial Statements are required by law to gNe a true and fair view of the of the charity, and of its incoming resources and the apication of resources of the chanty for that peritsj. In preparing these financial statements, the Trustees should follow best Practi and: select suf(able accourrting policies and then apply them consistently. ObSee the methods and principles in the Charities SORP. make judgments and estimates that are reasonable and prudent prepare the finanoal statements on the going conrn basis unless it is inappropriate to assume that the charity viill continue its i)perations. The Trustees are responsible for keeping proFEr accounting records that disdose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the finanGial statements comply wrth the app1tble law and the Lav and Regulations of the Society. They are also responsible for safeguarding the assets of the charty and hen for taknng reasonable steps for the prevention and detection of fraud and other iwularities. The Trustees are responsible for the maintenance and integrity of the Corporate and financial information induded on the charity's Wb5[te. Independent Examiner Total Accounting Services have indicated their wllingness to provide such seNices as appropriate. A resolution proposed at the Annual General Meeting was unanimously adopted to re-appoint them. On behalf of the Ttee9 M H Watts. Chaillnan 28 October 2024
CHARITY COMMISSION FOR ENGLPND 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 2023 Charity no (if any) 1176241 Set out on pages I report to the twstees on my examination of the accounts of the above charity (-the Trusf) for the year ended 3111212023. As the chartvs trustees. you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Acl 2011 (Ihe Acr). Responsibilities and basis of report I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carying out my examinalion, I have followed all the applicable Directions given by the Charity Commission under section 145(5Xb) of the Act. Independent he chartty's gross income did not exceed £250.000 and l am qualified to examinerfs statement undertake the examination by being a qualified member of AAT. I have completed my examination. I confim that no material matters have come to my attention in cA)nnection with the examination (other than that disdosed below") which gives me use to believe that in. any material respect: the accounting records were not kept in accordan with section 130 of the Charitses Act" or the accounts did not accord with the accounting records. or the accounts did not comply with the applicable requirements C£)nming the forni and content of accounts sel out in the Charities (Accounls and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination. I have no COnmS and have Gome across no olher matters in connection with the examination to which attention should be drawn in this reporl in order to enable a proper understanding of the accounts to be reached. ' Please delete the words in the brackets rfthey do not apply. Signed: Date: 0510912024 Name: A P YERRELL Relevant professional qualifi¢ation(s) or body (if any): FMAAT I 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 material matters of conrn (see CC32. Inde[ndent exatnination of charity accounts: directions and guidan for examiners). Give here brief details of any items that the examiner wishes to disclose. IER tb Oct 2018
SALISBURY REFORMED SEMINARY STATEMEpif OF FINANCIAL ACTMTIES FOR THE YEAR END 31 DECEMBER 2023 Total 2022 Note Income Donations Fees MIslIaneoUS- sale of library book Deposit interest 9.503 2.250 9,040 1,500 702 79 Total income Expenditure Charitable activitses 9,520 12,890 Total expenditure Net expenditurefincome BALANCE SHEEf AT 31 DECEMBER 2023 Total 2022 Net Current assets Cash at bank and in haThJ 72,104 63,377 Debtors- HMRC Gtft Aid 811 2,733 Creditors 1,972 602 Total Net Assets Unrestricted Funds Brought forward at 01 January 2023 Net incomel(exFerKliture) for the year Carried forward at 31 December 2023 65,508 67.T79 5,435 (2,271) Approved by the Trustees on 28 October 2024 aThJ signed on their behalf by: e-g_ <4 4&@j /L/L CLL M.H. Watt4 Chaim?an R. A. Clarte, Treasurer
SAUSBURY REFORIAED SEMINARY NOTES TO THE HNANCIAL STATEIAEKrs FOR THE YEAR END 31 DECEMBER 2023 Accounting Polici¢5 (a) Basls of preparation These finanoal statements have been wepared under the historiol cost convention with items recognised al or trartsadion value unless otherwise stated in relevant notes to the accounts, and in accordan with the CIMities Ad 2011. FRS 102 and SORP FRS 102. The Chanty meets the definition of a public berth a7tity under FRS 101 (b) Going concern The Trustees have rKI urMinty ab(xrt the semirRry continuirffJ as a goir¥J conrn. (¢) Income (d) Expenditure Because the charity onty has Or adivity (i.& Preparing students for the Ministy), it is not necessary to apportion trustees. cost rortes. AJI figures indude VAT. {e) Volunteer help The value of volunteer TrElp is inckKled in the* firBncial statements. (fj Taxation As a registered charfty, the Seminary is exempt from income tax under part 10 of the IrFtrJme Tax Acl 2007. The seminary is not registered fDr VAT. Income figures inGludè Gift Aid as appropriate. (g) Trustee expenses. No exper6es were pamj to any of ts Tntstees thring the Feritsj other than the rtormal re- imbursement of expenditijre incuThed on behalf of trte SemitHry. 2022 Student support costs Grove House costs Trustees, eynses ITICameralRecording Equtwnent Visiting Lecturers Printing Advertising Professional fees 2.085 2,302 3,604 473 6,960 2,552 2,433 43 117 176 210 Total expendlture 890 Creditors 2022 Tuition fees received in advan Trust expenses Student support 162 1,500 310 150 104 Total Creditors 602