2022-06-30-accounts

Registered Chority 1183818 LONDON SEMINARYao FINANaAL STATEMENTS FOR THE YEAR ENDED 30JUNE 2022 Contents= TFUStees' Re￿rt Independent Examinerfs Report Statement of Financial Activities Balance Sheet 7-10. Notes to the Finanaal Staiements. David Cooke & Co Chartered Accountants 5 Biiar Close 8anbury Oxon. OX16 9DS

LONDON SEMINARY CIO Report of the Governing Board for the Period Ended 30June 2022 The Trustees have pleasure in submitting their report and the ffirtancial statement5 Of the London Seminary CIO for the year ended 30 June 2022. Reference and AdMinistra￿Ve detalls London Seminary CIO 15 a registered charity, no. 1183818. Its address is.. 104 Hendon Lane. London, N3 3SQ. The Trustees of the charityare as follows.. Mr. BenedTCt Bird Rev. Hugh Collier Rev. Spencer Cunnah Ichairmanl Dr. Retjben Danladi Dr. David Earl IHon. Secretary) Rev. Gwynne Evans Mr. M Gill Rev. Philip Eveson Mr. Jeremy Marshall (Treasurer) Mr. Brian Stevens Rev. Andiew Young Iresigned 11/101221 Structure. Governan¢e and Management The Seminary 15 a CIO administered by ihe Board ofTrustees. The Board meets at least three times a year. The day-to-day running of the work of the Seminary is delegated to the Principal of rhe Seminary and, through him. the staff. New Members of the Board Appointments to the Board are made by 3 75% vote of Board member5 present. In making appointments. Board members consider individuals who are respected in the community which the Seminary serves and who have experience which is relevant to the work of the Seminary. Proposed appointees arÈ contacted by the Chairrnan of the Board who discusses wih them the work of the Seminary and the willingness and ability ol the proposed appointee to act a5 3 member of the Board. New members are provided with a copy of the Constitution and other documents relevant to the work of the Seminary. Risk Management The Board has identified the prlnthp31 risks to which ihe Seminary is subject and has reviewÈd those rsks to assess the likelihood of their occurrence and the likely impact OTh the Semioary bf they did occur. Action has been taken or is being taken. a5 appropriate, to mitigate risks. The Board bs satisfied that the risk5 which remain are at an acceptable level and are under control and that arrangements are in place to secure the ongoing work of the Seminary in the event of the occurrence of any of the risks identified. Appropriate insurance is in place aThd the rinances of the Seminaryare reviewed at each Board meetin& The risk assessment is reviewed regularlv.

121 LONDON SEMINARYCIO Report ofthe Governing Board fortheyear Ended 30 June 2022 (con￿nued1 Objects and Actlvltles The principal object ol london Seminary CIO is to train ar￿ SUp￿)rt pastows. Our pastoral training course seeks to ground students in the Scriptures (intludi￿g Biblical languages). theology. church history. and other elements to equip them lor the challenges of ministry. The course indudes church mentorine and placements. Ovr Pastors, Acaderny focu55e5 On the continuing training and support of those already in ministry. Achlevements and Performance In the academic year 2021122 30 students were enrolled in the Seminary pastoral training course. These were largely from the UK. with a handful ol European Students pining classes remotely. We are encouraged by the quality and spiritual vitality of the Student body. Numbers of residential student5 have dipped since the COVIO pandernic and we hope they will recover in due course. While we are developing some online resources. and all of our lectUFe5 are now offered both tn-person and via livestream link for those who cannot be physical￿ present. we belleve that in person and preferabty residential training is the gold standard for preparation for ministry. 10 students completed the cou¥5e in June 2022 in prepara11￿ for fflinistry. all in the UK except two vjho will be serving in Italy. In addition to the main Seminary covrse, a short course was a150 run for students. wlves. Our Flourish course for women workeT5 and pastors. wives ran in both London (year 21 and Leamington Spa (year 11, and ou¥ Plant course for church planting and revitalisation restarted In London. The teaching staff member5 weie.. Bill James (Principall and David Green Ivice-principall. They were assisted by a number of visiting le£turers, and we are grateful for their ministry here. Weeks of special lectures were delivered by Dr Craig Carter iottober 20211. and the PastOfS' Academy tvtors ljune 20221. The Martyn Lloyd-Jone5 rnernorial lecture in October 2021 was dellvered by Rico Tice. The Seminary is a rninistry which seryes the churches. We are grateful for churches who send us studentst provide mentorin& placement. and preaching opportunities. and support the ministry financially. We ale a150 grateful for the generosity of donor5 who made it possible to provide bursarie5 lor the support of students. The Pastors. Academyt led by its Director Dr. Garry Williams, tontinued to serve those already in ministry. Our Thm programme in partnership wilh PuTltan Refornied Theological Seminary only operated online this year. but is re5tartin8 in person in London in 2022123. The ministry of the Pastors. Academy has been reviewed, and now not tsnly study days but study hours loffered online) were made available to churth leaders in the UK and Europe. Teathing wa5 provided by Garry Williams, our Ethics Tutor Matthew Mason, and our Bibllcal Studie5 Tutor Neil Martln who left U5 in Summer 2022 to pursue ministryopportunitie5 in Oxford. Dr. John Benton continued his work as Director of Pastoral Support. providing teaching and pastoral support for pastors. He was asslsted by Malcolm MacGregor. Steven Bowers. and Philip Raine. Dr Benlamin Dean was apw)inted August 2021- January 2022 to assist with Seminary development, Includin8 the InStlatlon ol a rebranding exercise. We continue to explore new avenues to develop the ministry of the Seminarv. including engagement with Diaspora churches in London.

LONDON SEMINARY CIO Report of the Governing Board for theyear Ended 30June 2022 Icontlnuedl Publlc Benefft The 8oard confirms that they have had due regard to the tuidance publlshed by thè Charity Commisslon and consider that the preceding paragraphs demonstrate that the wot* and activities of the Seminary continue to provide significant public benefit. Financial Review The results for the year are set out oll page 5. There was a deficit across the funds totalling E275,423 12021, surplus £245.9141, afteT adjusting for the challge in the v3luation of the fixed asset inve5tment5, which rn the year nder review was an unrealised loss of £114,23512021. Bèin £269,672). The levÈl of rÈserves remains healthy and the Seminary is Investin8 in development work to build its ministryi incieasÈ incomÈ and to 8enerate a surplus in future years. Overall, the trustees consider the financial state of the CIO to be sat¢sfactory. BEHALF OF THE BOARD O Earl Trustee Oate.. 28 February 2023

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INDEPENDENT EXAMINER’S REPORT

TO THE TRUSTEES OF

LONDON SEMINARY CIO

I report on the accounts of the charity for the period ended 30[th] June 2022 set out on pages 5 to 10.

Responsibilities and basis of report

As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

The charity’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England & Wales.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which give 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 accord with the accounting records; or

• the accounts did not comply with the applicable requirements concerning the form and content of

• accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination.

I have no concerns 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.

D C S Cooke, MA (Oxon), FCA FCIE Chartered Accountant David Cooke & Co. 5 Briar Close Banbury Oxon. OX16 9DS

Date: 28 February 2023

LONDON SEMINARY CIO STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 30 JUNE 2022 Gener Restrktsd 2022 Total General Restrfcted 2021 Total Noie Fund Funds und Funds INCOMING RESOURCES From Generated Funds.. Voluntary income Investment income From Charitable Activities 40,853 64.257 208,656 37,S29 78,382 64257 208,656 36,251 113,985 64.471 207,832 150,236 64.471 207,832 Total Incomlng Resources 313,766 37,529 351.295 308,554 113,985 422,539 RESOURCES EXPENDED Cost5 of generating funds Charitable attlvlties 2,561 423.867 2561 509.922 2,406 359.696 2,406 443.895 86.055 84.199 426,428 86,055 512,483 362,102 84,199 446,301 Surplus/lDefi¢itl on aCtI￿tieS 1112.6621 148.5261 1161.1881 153.5481 29.786 123.7621 Net gainslllossesl on investments 1114.2351 1114.2351 269.672 269.672 NET INCOMING RESOURCES 1226.8971 148.5261 1275.4231 216.124 29.786 245.910 Transfers between fvnds 40,222 140,2221 39.850 139,8501 1186.6751 188.7481 1275.4231 255.974 110,0641 245.910 Fund balances brought forwa¥d 2,266,5dl0 365,986 2.632.526 2,010,566 376,050 2,386,616 Fvnd balances carried forward 2.079,865 277,238 2.357,103 2,266,540 365,986 2,632,526

LONDON SEMINARY CIO 161 BALANCE SHEET AS AT 30 JUNE 2022 2022 Total Ge￿eral Restrlcted 2021 Total Ilote Fu Funds Ftsr Fun FIXED ASSETS Tangible Assets Investments 6,215 I.9E0,￿l 6,215 1,960,gJi 4,370 2.265.136 4,370 2,265,136 1,967,116 1.967.116 2,269.506 2,269.506 CURRENT ASSETS Sundry debtors Bank Accounts Account with London Seminarv Interfund Aecount ?2,[￿5 213.517 110.749 51,370 1166.4891 166.489 22.065 324.266 51.370 10.972 313.991 53.831 149.442 164.549 53,831 1201.4371 201.437 120.463 277.238 397.701 12,808 365,986 378,794 CURRENT LIABILITIES Sundry Creditors io 7,714 7.714 Is,￿4 15,774 7.714 7.714 15,774 15,774 NET CURRENT ASSETS 112.749 277.238 389.987 2.966 365.986 363,020 NET ASSETS 2.079.865 277.238 2357,103 2.266.540 365,986 2.632,526 FUND5 12 2.079.865 277.238 2.3S7.103 2.266.S40 365,986 2,632,526 Approved by the Board on f and signed on its behalf by.. Trustee Trustee

LONDON SEMINARY CIO NOTES TO THE ACCOUNTS FOR THE YEAR ENDED ao JUNE 2012 lcontlnuedl l. Ac¢ountlnE Polldes Accountlng Conventlon The financial statements are prepared under the historical cost convention as modified by the valuatlon of fixed asset investments. The accounts have been prepared in accordance with the Statement of Recommended Practlce.'Accounting by Charities as it applies from l January 2015 and applicable UK accounting standards and the Charities Act 2011. The Seminary is a Public Benefit Entity as defined by FRSIO2. Going Concern At the time of approving the account5. the trustees have a reasonable expectstion that the charity has adequate resources to continue in operational existence for the foreseeable future. Therefore, the t¥ustees continue to adopt the going concern ba￿S of accounting in preparing the accounts. Depreciation Depreciatloll 15 provided on tangible fixed assets to write them off over their estimated useful life at a rate of 25% on a straight-line basis. Depreciation is prowded on tangible fixed assets lo write them off over their estirnated useful life at a rate of 25% on a 5traight-line basi Incoming Resour¢es Donations are accounted for on a receivable basis. Income tax credits associated wth Gift Aid donations are accounted for at the time ol the net gift. LeEacies are accounted for a5 soon as the Seminary is notified of lis legal entitlement. the amount due is quantifiable and the ultimate receipt by the Seminary 15 reasonably certain. Investment income is included on the accrva15 basis. Resources Expended The Seminary is not VAT-re8lStered and is therefore unable to redaim VAT on expenditvie. All amounts of VAT are recorded with the sums to which they are charged. Expenditure is charged to the accounts on the accruals basis. Non-current investments Fixed asset investtnents are initially measured at transaction price and are Subsequently measured at fair value at each ieporting date. Changes in fair value are reco8nised in Wbet income/ lexpendituiel for the year. Transaction costs are expensed as incurred. Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held at call with banks, other short-terrn liquid 2022 Total General Re5trirted 2021 Total Fund Fund Funds 2. Voluntary Income Donations from all sources Legacy income 40.8S3 37,529 78.382 36.251 113,985 150,236 40.853 37.529 78382 36,251 113.985 150.236 3. In￿mIng resources from charitable artivities Rent & ¥elated income Students Conference & Seminar Fees Sale of Books & Recordings Other income S6.059 129,680 1.341 21,576 56.059 129.680 1.341 21.576 45.696 156,165 881 s.o 45,696 156.165 881 5,090 208.656 208.f>56 207,832 207,832

LONDON SEMINARY CIO 181 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30JUNE 2022 (continued} 2022 Total Re5tridg 2021 Total FUNJ Funds Furx4 Funds 4. Costs of generatlng funds Marketing & Publicity 2.561 2.$61 2.406 2,406 5. Charitsble Activities Salaries Isoe note 61 Speakers and other5 Fee5 Tr3vellinB expenses Meals Library books & journals Rent & utilities Insurance Telephone & intemet Printing, Stationery & Equipment Computer Costs Student 8enevolent Fund & Bursaries Sundry expenses Development projeet (see note 61 Depreciation Legal & Professional costs Board travelling expenses 248,018 42.847 9,997 4.311 2.976 63.924 3.928 2.092 3.986 2,679 85,557 333.575 42.847 9.997 4.311 2.976 63.924 3.928 2,092 3.986 2.679 498 239.801 37.315 1,050 1.761 3,551 57.138 3,401 1.659 2,811 3.474 70.669 310,470 37,315 1,050 1,761 3,551 57,138 3,401 1,659 2,811 3,474 13,530 2.112 ia,s30 926 30.493 4,668 3.022 926 30.493 4.668 3.022 2.112 2,640 2.983 2,640 2,983 423.867 86.OS5 S09.922 359,696 84,199 443,895 6. Staff c(Jsts Wage5 and Salaries JRS receipts National Insurance costs Pension & other costs Total salarles Less.. included in Development Project 241.267 79.481 320.748 218.615 12,7001 17.578 6,308 239.801 65,091 283.706 12,7001 21.631 7,833 310.470 19.817 6.S24 267.(4J8 19.5 248.018 4.513 1.563 85.557 24.330 8.087 353,165 19,59LI 333.S7S 4.053 1,525 70.669 8S.S57 239,801 70,669 310,470 The average number of employees Ifull-time eoulvalentl was 1012021: 91. No employee earned £60.Crf)O or more. 7. Tangible Assets General Library 2022 General brary 2021 Total Cost brought forward Additions 98.575 115.495 6.513 214.070 6￿13 95.635 IIS,49S 2,940 211,130 2,940 Cost £arrled forward 105,088 115,495 220,583 98,575 115.495 214.070 Depreciation brought forward Charge for the period 94,205 115,495 4,668 209,71KI 4ffi68 91,565 115,495 2.640 207,060 2.640 Depreciation carried forward 98.873 IIS.495 214,368 94.205 115,495 209,700

LONDON SEMINARYCIO 191 NOTES TO THE ACCOUNTS FOR THE Y&4R ENDED 30JUNE 2022 {contlnuedl 7. Tan8lble Assets {continuedl General Library 2022 Total General Library 2021 Total Net book value tarried forward 6.215 6.215 4,370 4,370 Net book value brought forward 4.070 4,070 4.070 4,070 8. Fixed Asset Investments General 2021 Total Re51rKted 2020 Total Fund Fund Funds CCLA COIF Chari Fund Value brought lorw3rd Funds realised Net unrealised gainl Ilossl 2.265.136 1190.(KIOI 1114.2351 2,265,136 1190,0001 1114,2351 1,995,464 1.995,464 269,672 269,672 Market Value 30 June 1.960.901 1,960,901 2.265,136 2,265,136 9. Sundry debtors Fees and other debtors Prepayments 22.065 22.1%5 10,972 10.972 22.065 22￿65 10.972 10,972 10. Sundry creditors Creditors & accruals other taxes & pension liabilities 7.714 7.714 15.774 15,774 7.714 7.714 15.774 15.774 11. Trustees & Related Party Transactions No trustee or any person connected with them received, or is due to receive, any remuneration for the period directly or indirectly from the Charity's funds in connection with such position. 5 members of the Board received travel expenses in the year totalling £26612021.. 0 members. £nill and no member5 received lecturing fees12021: 2 members, £6361. There were no related party transattions in the period. 12. Restricted Funds London Seminary operates the following restricted funds: The Pastors, Academ Pastoral Fund The Pastors, Academy Pastoral Fund exists to finance the employment of staff to provide pastoral support to pastors. The Dr Llo d-jones Memorial Fund This fund exists for the financial support of studènts from overseas. This support is given by the transfer to General Fund of amounts to ¢overthe tuition fees of these students. The Robert Sheehan Memorial Fund This fund exists for the financial support of students from the UK. This support is given by the transfer to General Fund of amounts to cover the tuition fees of these students. The Bursar Deventer Le ac Fund This fund exists for the provision of bursaries to students in financial need.

LONDON SEMINARY CIO iioi NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30JUNE 2022 (continued? 12. Restrl¢ted Funds Icontinuedl The movements on the restricted funds during the yearwere as follows= 83lance Year ended 30 06 22 oi 130 PA Pastoral Fund PA Ethics Fund Dr Lloyd-Jone5 Memorlal Fund Robert Sheehan MemoTial Fund Bursary Ioeventer Legacy) Fund Student Benevolent Fund 173,396 162,0301 123.5271 111.366 12,3571 11.3651 15,3251 131.1751 164,136 1,736 1,365 5.325 4.775 191,034 1.556 14981 36S.986 37.S29 186.OSS1 140,2221 277,238 Transfer Balance Year ended 30 06 21 Serrb crt PA Pastoral Fund PA Ethics Fund Dr Lloyd-jones Memorial F￿nd Robert Sheehan Memorial Fund 8ursary (Deventer Leeacyl Fund Student Benevolent Fund 127,390 18.476 93,748 147.7421 122.9261 173.396 4,450 13.3471 16,3961 134.5571 191.034 1,SS6 3.347 6.396 10,32S 169 228.797 1,387 113.5311 376.OSO 113.985 184.1991 139,8501 365,986