2024-12-31-accounts

SAUSBURY REFORMED SEMINARY TRUSTEES. ANNUAL REPORT & FINANCIAL STATEMEKrs FOR THE YEAR END 31 DECEMBER 2024 Charity Number (England and Wales)= 1176241

SAUSBURY REFORMED SEMINARY TRUSTEES. ANNUAL REPORT & FINANCIAL STATEMEMrs FOR THE YEAR END 31 DECEMBER 2024 Contents Page Report of the Tn￿teeS Independent Examinerfs Report statement of Financffal Activities 2024 Balance Sheet 2024 Notss to the Financial Stateme

SALISBURY REFORMED SEMINARY Report of the Tn For the year end 31 December 2024 The Trustees present the Annual Report and the Financial Statements for year end 31 De￿rnber 2024. Charity Name and Number The full name of the Charity is the Salisbury Ref0￿ed Seminary (SRS). It is registered wth the Charity Commission in Englartd and Wales with Charity Number 1176241. Seminary Premises and address for correspondence Salisbury Reformed Seminary Grove House 18. Wilton Road Salisbury SP2 7EE for corresponden cjo Tabemade CardÈff Pen-y-wain Road. Roath, Cardiff CF24 4GG Structure. Governance and Management The Salisbury Reformed Seminary is a CharTtable Incorporated Organisation (CIO), registered as a Charity operating in accordan￿ with tts Goveming Document. The Chartty Trustees are all current or recently retired Church Ministers of Reformed Churches. On 31 December 2024, the Charity had the following complement of Trustees in accordan￿ with ts Goveming Document TTUStees The Trustees of the Charity who served for all or part of the year are as follows.. Rev Roland Burrows Rev Christopher Buss Pastor Richard A Clarke (Treasurer) Rev Dewi W Higham (Registrar) Pastor David Kay Rev Pooyan Mehrshahi Rev Neil Pfeiffer Rev John Saunders Rev John Thackway # Rev Malcolm H Watts # (Chairman)

Trustee of Emmanuel Church, Salisbury.

There have been no thanges of Trustees to dale since Ihe year*nd. The Trustees re￿1ve no remuneration for their lecturing serVi￿S and re￿1ve no additional benefrts beyond what a regular beneficiary of the chartty might receive. Necessary expenses are reimbutsed subject to approval by the Treasurer. The Charity holds no trtle to property but operates in premises under a litsnse agreement with Emmanuel Church, Salisbury, who hold title to those premises. To avoid wtential conflicts 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 confii¢t may arise.

SAUSBURY REFORMED SEMINARY Report of the Tntstees For the year end 31 December 2024 The Tnjstees meet regularfy to oversee and aptYove all matters relating to the Seminary, to set and monitor the annual revenue budget and review the charity's strategic risk register. Independent Examiner Total Accounting Servi 10 Drake Mill Business Park Plymbridge Road Plymouth PL6 7PS Bankers The C&operative Bank plc 1 Balloon Street Manchester M60 4EP The Charity's Object and Activities The Objert of the Seminary is to advance the Christian religion for the public benefft in, but not exhaustively by, training and preparing Ministers for Refom)ed Churthes primarily in the United Kingdom thereby fa￿ltiating public benefft by way of spiritual and practical ministry in the communrties in which those Churches are established. The Charity engages in one activty and therefore, in the context of Ihe SORP FRS 102 requirement to analyse the figures over activtties. projects or servI￿s, the Charity's financsal statements reflect just this single activity. Public Benefrt & Impact The Trustees have regard to guidano published by the Charity Commission, including that in relation to Public Benefrt, which requires that the Trustees make decisions which: ensure that the Charity's purpose provides benefft. manage risks of detriment or haryn to the Charity's beneficiaries or to the publi¢ in general from carrying Olrt the charity's purpose. determine who benefrts in ways that are consistent with the Charrty's purF()se. make sure any personal benefits are no more than incidental. The Seminary continues to provide public benefft by adhering to ts objective and continuing to carry out the activities referred to in this Report. This objective will not only bnng glory to the triune God but immeasurable benefft to all who are to be subsequentty influenced by such activity. Benefits will be primarily spiritual, bLrt there wtll also be moral and practical beneftts too. For many, attending serVI￿S for both Christian worship and the various meetings organised by the churches supplied with Refomied Ministers thoroughly equipped by the Seminary will have etemal benefrt through the salvation of souls, an immeasurably greater benefit than anything that can be given in this world. In addition, help and encouragement for daily living will yield great spjrrtual benefft too. We expect to measure impact by the many and varied anticipated 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 minister. However, only etemty and the day of judgement will reveal the true benefrt and impact of the Seminary's work Achievements and Perfonnance The Seminary Gompleted its seventh year of operation on 31 De￿mber 2024.

SALISBURY REFORMED SEMINARY Report of the Trustees For the year end 31 December 2024 Operations Throughout 2024 the course fomiat has been as in previous years. i.e., two blocks of one week from Monday to Friday providing 20 hours of lectures each 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 two days. This gives a total of approximately 140 hours per year. All lectures are held at Grove House. The students spend the rest of their assigned time in their home thurches being mentored by their Pastors andlor Elders. reading. studying. and preparing assignments. Apart from an occasional visitor. all lectures are given by the Trustees wrthoLrt remuneration. The full timetable is available to view on the Seminary's website, and occasional newsletters and updates are provided to supporters. The Annual Open Day took pla￿ on l June. An Open Lecture Day was held on Saturday 12 October. The Trustees are truly thankfvl to God and to all supporters and volunteers. Review of Finances The operating surplus was £7.055 in 2024 (£5,435 in 2023). Income of £19,953 {£14,955 in 2023) was mainly donations but induded £3,000 {£2.250 in 2023) being the wurse fees payable by the students following the course during the year. Operating expenditure was £12,898 (£9,520 in 2023) incurred in respect of trustees, expenses. studerrt bursartes and other student support costs, property rental, and other expenditures. The cash balan￿ on 31 December 2024 was £76,581 (£72.104 in 2023). Significant Events Three students are due to graduate on 31 December 2025. Reserves The Trustees believe the current level of reserves should be in the regton of £7.500 which represents around six months of annual expenditure. However, in the earfy years of the Seminary a higher level of reserves continues to be appropriate. Reserves are held in an instant access deposit account. Principal Risks The Trustees discuss the Chanty's strategic risks from time to time, and a formal Risk Management Policy and Strategic Risk Register be established to ensure that all identified risks are managed effectNely. Future Developments The Seminary will continue to recruit studerrts in accordan￿ with the Charity's objecttves. The premises in Grove House will continue to te refurbished by Emmanuel Church with more suitable audio and IT equipment. Library faGiltlies will continue to be enhanced. 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 2024 Statement of Trnstees. Responsibilities The Trustees are responsible for preparing the Annual Report and the Financial Statements in accordan￿ with applicable law and regulations. The Trustees are required to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting practi￿ (Unrted Kingdom Accounting Standards and applicable law). The Financial Statements are required by law to give a true and fair view of the of the charity, and of its incoming reSoUr￿S and the application of resources of the charity for that period. In preparing these financial statements. the Trustees should follow best pryactice and: • select surtable accounting policies and then apply them con5iStently. observe the methods and principles in the Charities SORP. make Judgments and estimates that are reasonable and prudent. prepare the financial statements on the going cOn￿M basis unless it is inappropriate to assume that the charity viill continue its operations. The Trustees are responsible for keeping proper a￿ountIng records that disclose with reasonable accuracy at any time the financial posttion of the charity and enable them to ensure that the financial statements comply with the applicable law and the Laws and Regulations of the Society. They are also responsible for safeguarding the assets of the charity and hen￿ for tsknng reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the Maintenan￿ and integrity of the corporate and financial infomiation induded on the charity's website. Independent Examiner Total Accounting SerVI￿s have indicated their willingness to provide such ServI￿S as appropriate. A resolution proposed at the Annual General M￿tIng was unanimously adopted to re-appoint them. On behalf of the Trustees M H Watts, Chaim7an 29 September 2025

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 2024 Charity no (if any) 1176241 Set out on pages I report to the trustees on my examination of the accounts of the above charity (llhe Trusf) for the year ended 3111212024. Responslbilities and basis of report As the charivs trustees, you are responsible for the preparation of th8 accounts in accordance with the requirements of the Charities Act 2011 ('the Acr). I report in respect of my examination of the Trust's accounts carried out under seclion 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 145(5Xb) of the ACL Independent rrhe chariws gross income did not exceed £250,000 and l am qualtfied to examinerfs statement undertake the examination by being a qualified member of AAT. I have completed my examination. I confimi that no material matters have come to my attention in connection wtth the examination (other than that disdosed below ") which gives me cause to believe that in, any material respect: the accounting records Y￿re not kept in accordance with section 130 of the Charities Act" or the accounts did not accord with the accounting records. or the accounts did not wmply with the applicable requirements con￿MIng the fom and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement Ihat the accounts give a 'true and fairf wew whith 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 Ihe 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. Signed: Date: 811012025 Name: A P YERRELL Relevant professional qualification{s) or body (rf any): FMAAT IER Oct 2018

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

SAUSBURY REFORMED SEMINARY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR END 31 DECEMBER 2024 Total 2023 Income Donations Fees Miscellaneous- sale of library book Bequest Deposit interest 11.289 3,000 3,000 1,611 1,052 9,503 2.250 2,500 702 Totsl income Expenditure Charita￿e a¢tivities 12,898 9,520 Total expendtture Net expenditurelin¢ome BALANCE SHEEf AT 31 DECEMBER 2024 Total 2023 Net Current assets Cash at bank and in hand 76.581 72,104 Debtors- HMRC Gtft AÈd 1,597 811 Creditors 180 1,972 Totsl Net Assets Unrestrrcted Funds Brought fomard at 01 January 2024 Net incomel{expendFture) for the year Carried forward at 31 December 2024 70.943 65,508 7,055 5,435 Approved by the Trustees on 29 September 2025 and signed on their behalf by: M.H. Watts, Chairman R. A. Clarke, Treasurer

SAUSBURY REFORMED SEMINARY NOTES TO THE HNANCIAL STATEMEKrs FOR THE YEAR END 31 DECEMBER 2024 Accounting Policies (a) Basis of PrePa￿lon These financial statements have tr£en prepared UfKler the historiol cost corwention with items recognÈsed at o)st or transadion value unless othefwise stated in the relevant notes to the accounts. and in accordan￿ wrth the Chanties Act 2011, FRS 102 and SORP FRS 102. The Charity meets the definition of a wblic benefft entrty under FRS 102. (bl Going concem The Trustees have uncertainty atNJut the seminary conttnuing as a going conom. (c) Income Al income is recognised once the charity has entiuement. (d) Expenditure Because the chartty only has one actÈvity (i.e. Preparin9 Students for the Ministy). rt is not necessary to apportion trustees, expenses between cost Wories. All figures indude VAT. (e} Volunteer help The value of volunteer help is not induded in these financial statemerrts. (fj Taxation As a registered dwity, the Seminary is exempt from income tax un(Jer part 10 of the Income Tax Act 2007. The seminary ts rK)t registered for VAT. Income figures indude Gfft Aid as appropriate. (g) Trustee expenses. No expertses were paid to any of the Try￿￿S during the pencKI (ther than the nomial re- imbursement of expendibjre in{￿rred on behalf of the Seminary. Charitable acthiities 2023 Student support costs Grove House costs Trustees, expenses ITIcamer￿ecordlng Ewit4nent Visiting Lecturers Adverbsing Library acquisitions Professional fees 1,022 2,378 4.415 933 2,185 1.015 2,085 2,302 3,61H 473 225 593 238 Total expenditure Creditors 2023 Independent examirtation fees Tuiknon fees receÈved in advan Trustee expenses 162 1.500 310 Total Creditors 180