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

(4) 

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