2023-06-30-accounts

Registered Charity 1183818 LONDON SEMINARY CIO FINANCIAL STATENIENTS FOR THE YEAR ENDED 30 JUNE 2023 Contents.. 1-3. Trustees, Report Independent Examiner's Report Statement of Financial Activities Balance Sheet 7-10. Notes lo the Financial Statements. David Cooke & Co Chartered Accountants 5 Briar Close Banbury Oxon. OX16 gDS

{1) LONDON SEMINARY CIO Report of the Governlng Board for the Perlod Ended 30 June 2023 The Trustees have pleasure in submitting Iheir report and the financial statements of the London Seminary CIO for the year ended 30 June 2023. Reference and Admlnlstrative details London Seminary CIO is a registered charity, no. 1183818. Its address is.- 104 Hendon Lane, London, N3 3SQ. The Trustees of the charity are as folknvs.. Mr. Benedict Bird Rev. Hugh Collier Rev. Spencer Cunnah {Chairman) Dr. Reuben Danladi Dr. David Earl (Hon. Secretary) Rev. Gwynne Evans Mr. Matthew Gill IAssist2nl Treasurer) Rev. Philip Eveson {retired February 2023) Mr. Jeremy Marshall ITreasurer)Idied 1318123) Mr. Brian Stevens Rev. Andrew Young (resigned 11110122) Structure, Govemancè and Management The Seminary is a CIO administered by the Board of Trustees. The Board meets at least three limes a year. The day-to4ay running of the WOTk of the Seminary is delegated lo the Principal of the Seminary and. through him. the staff. New Membern ofthe Board Appointments lo the Board are made by a 75% vole of Board members present. In making appointments, Board members consider indtviduals who are respected in the community which the Seminary serves and who have experience which is relevant lo the work of the Seminary. Proposed appointees are contacted by the Chairman of the Board who discusses with them the work of the Seminary and the willingness and ability of the proposed appointee to act as a member of the Board. New members are provided with a copy of the Conslitutson and other documents relevant to the work of the Seminary. Rlsk Management The Board has identified the principal risks to which the Seminary is subject and has reviewed those risks to assess the likelihood of their occurrence and the likety impact on the Seminary if they did occur. Action has been taken or is being taken. as appropriate. to mitigate tisks. The Board is satisfied that the risks 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 idenlilied. Appropriate insurance is in place and the finances of the Seminary are reviewed al each Board meeting. The risk assessment Is ieviewed regularly.

121 LONDON SEMINARY CIO Report of the Governing Board for the Year Ended 30 June 2023 {continuedl Objects and Activities The principal object of London Seminary CIO is to train and Supp￿ pastors. Our pastoral training course seeks to gr(HJnd students in the Scriptures (including Biblical languages). theology. church history, and other elements lo equip them for the challenges of ministy. The course includes church mentoring and placements. Our Pastors. Academy focusses on the continuing training and support of those already in ministry. Training is also offered to those engaged in church planting and revitslisation, and to women engaged in ministry to women. Achlevements and Performance In the academic year 2022123 27 students were enrolled in the Seminary pastoral training course. These were largely from the UK, with 2 small number of European students and one from Jerusalem joining classes remolety. We are encouraged by the quality and spiritual vitalty of the sludenl body, and students gave very positive feedback on their experience of the course and Seminary life. While we are developing some online resources, and all of our lectures a￿ now offered both in-person and via liveslfeam link for those who canngl be physTcalty present, we believe that in person and preferably idenll21 training is the gold standard for preparation for ministy. Seven students completed the course in June 2023 in preparalÈon for ministry, all in the UK except one who will be serving in Portugal. In addition lo the main Seminary course. a short course was also run for students, wwes. Our Flourish course for women workers was delivered in London this year. The Plant coutse did not run this year. The leaching staff members were= Bill James {Principall and David Green (Vice-Principall. They were assisted by a number of visits'ng lecturers. and we are grateful for their ministy here. Weeks of special lectures were delivered by Dr Greg Beale Ioclober 20221. and Dr Jonathan Gibson (June 20231. The Martyn Lloyd~Jones memori81 lee￿re in October 2022 was delwered by Dr Peter Wlliams of Tyndale House. The Seminary is a ministy which seNes the churches. are grateful for churches who send us students, provide mentoring. placement. and preaching opportunities. and support the ministry financially. We are also grateful for the generosity of donors who made it possible to provide bursaries for the support of students. and develop the work of the Seminary. The Paslors'Academy, led by its Director Dr. Garry Wlliams, continued to sefve those already in ministry with a variety of study opportunities including study days, study hours, study projects, reading groups, and the Thm programme. Remote study opportunities continue lo be offered for missionaries and church leaders in Europe, through our partnership with European Mission Fellowship. Teaching wa5 provided by Garry Wlliams, 2nd our Ethics Tutor Matthew Mason who had now successfully Gompleted hi5 PhD. Dr. John Benton Goiilinued his work as Director of Pastoral Support, providing leachiro and pastoral support for pastors. He was assisted by Malcolm Ma¢Gregor. Steven Bowers. and Philip Raine, and Mike Plant has nowjoined the team serving the North EasL

(3) LONDON SEMINARY CIO Report of the Governing Board for the Year Ended 30 June 2023 {continuedl Funding was received enabling the appointment of Stephen Wright as Development Director in April 2023. We continue to exrAore new avenues lo develop the ministy of the Seminary. Legacy Fund London Semin8ry is grateful to have a swJnificant°Legacy Fund.. This fund secures the long-lerm viability of London Seminary for future generations as we invest in projects lo develop and secure the ministry of the Seminary. and anticipate fvlure challenges. The investment income is used to finance the ministry of the Pastors, Academy. Publlc Beneflt The Board confirms that they have had due regard to the guidance published by the Charity Commission and consider that the preceding paragraphs demonslrale that the work and activities of the Seminary continue to provKle svJnificanl public benefit. Flnanclal Revlew The results for the year are set out on page 5. There was a dekit across the funds lotalling £33,199 12022, deficit £275.4231. after adjusting for the change in the valuation of the fixed asset investments, which in the year under review was an unrealised gain of £45,12412022, loss £114,235). The level of reserves remains healthy and the Seminary is investFng in development work lo build its ministry, increase income and to generate a surplus in future years. Overall. the Iruslees consKler the financial state of the CIO lo be salisfaclory. ON BEHALF OF THE BOARD DEarf Trustee Date.. 2F trd 2024

(4)

INDEPENDENT EXAMINER’S REPORT

TO THE TRUSTEES OF

LONDON SEMINARY CIO

I report on the accounts of the charity for the year ended 30 June 2023 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: 29 February 2024

LONDON SEMINARY CIO 151 STATEMENfoF FINANCIALAcrivmES FOR THE PERIOD ENDED 30JUNE 2023 2023 Totsl Gerral Restrted 2022 Total INCOMING RESOURCES From Generèted Funds.. Voluntary income Investment Income From Charitable Actiwties 39.188 107,909 60,245 206.407 147,097 60245 215,087 40.853 64,257 208,656 37￿29 78,382 64,257 208,656 8,680 Yotal Incomlng Resource5 305.840 116.SB9 422A29 313.766 37.529 351.295 RESOURCES EXPENDED Cost5 of generatlng funds Charitsble actfvities 1,577 390,8(￿ 108.369 l.S77 499,175 2,561 423,867 2,561 509,922 86,055 392.383 108.369 500.752 426.428 86.055 512.483 Surplus/lDeficitl orn actiwties 186,5431 8.220 178,3231 1112,6621 48,526 1161,1881 Net gaIn￿(loSseS) on investments 45,124 45.124 1114,2351 1114,2351 NET INCOMING RESOURCES 141.4191 8,220 133,199) 1226,8971 148.5261 1275,4231 Transfers between funds 16.103 116,1031 40,222 140.2221 125.3161 17.8831 133,199) 1186.6751 188.7481 1275,4231 Fund balance5 brought forward 2.079.865 277.238 2.357,103 2,266,540 365,986 2,386,616 Fund balances tarrfed forward 2,054,549 269,355 2.323,9 2,079,865 277,238 2.111,193

LONDON SEMINARY CIO 161 8ALANCE SHEET AS AT 30JUNE 2023 2023 Totsl G•wal Rewkted 2022 Fu FIXED ASSETS Tan8ible Assets Investment5 5.026 1.911,025 5A126 I.911￿25 6,215 1,960,901 6,215 1,960,901 1,916,OSI I,916￿51 1.967.116 1,967,116 CURRENT ASSETS Sundry debtois Bank Accounts Account with London Seminary Interfund Account 38.830 259,465 44.295 1191,8061 19L806 22,065 213,517 110.749 51,370 1166.4891 166.489 22,065 324,266 51,370 77,549 337,014 44295 150,784 269,355 420.139 120,463 1 277.238 397,701 CURRENT UABILITIES Sundry Creditors 12,286 12286 7.714 7,714 12,286 7,714 7,714 NETCURRENT ASSErs 138.498 269.355 407.853 112,749 277,238 389,987 NET ASSETS 2.054.549 269,355 2,323.904 2,079,865 277.238 2,357,103 FUNDS 2,054.549 269.355 2,323.904 2,079,865 277,238 2,111,193 Approved y the Board on and si8ned on its behalf by.. Trustee Trustee

LONDON SEMINARY CIO 171 NOTES ro THE ACC(WNTS FOR THE YEAR ENDED 30 JUNE 2023 Iwntlnued) l. AccountlnB Pollcles Accountlng Conventlon The finandal statements are prepared under the hlstorfcal cost Conven￿0￿ as modified by the walyation of flxed asset investments. The accounts have been prepared in accordance with the Statement of Recommended Practlce'.Accounting by (harities as it applies from l January 2015 and applicable UK acmunting standards and the tharitie5 Act 2011. The Seminary Is a Publlc Benefit Enttty as deffined by FRSIO2. Going Concern At the time of approving the accounts. the trustees have a reasonable expettatTon that the charity has adequate resources to continue in operational exislence for the foreseeable future. Therefore. the trustees continue to adopt the going cOn￿M basls of accountlng In preparfn8 the account& Depyeclatlon DepreciatlOFh 15 provided on tangible fixed assets to write them off over thelr estlmated useful Ilfe at a rate of 25% on a straight-line ba￿$. Depreoation is provided on tangible fixed assets to write them off over their estimated useful life at a rate of 25% on a stralBht-line basis. Incomlng Resources DOna￿On$ are accounted for on a recefvable basis. Income tsx credits associated wth Gift Aid donations are accounted for at the time of the netgift. Legacles are accounted for as sfy)n as the Seminary is notified of its legal entidemen¢ the amountduè is quantifiable and the ultimate re￿Ipt by the Seminary is reasonably ￿rtaIn. Investment income is included on the accruals basi Resources Expended The Seminary is notVAT-regi5tered and Is therefore unable to redaim VAT on expendlture. amounts ofVAT are recorded wlth the sums to which they are charged. Expenditure15 charged to the accLwJnts on the accruab basl Non.¢urrent Investments Flxed asset Investments are initially measured at tran5aCtton price and are subsequently measured at falrvalue at each repwtin8 date. Changes in fairvalue ale recogni5ed in net income/ {expendi￿re7 for the year. TTrn5action costs are expensed as IncLtrred. Cash and cash equivalents Cash and ￿5h equivalents include cash In hand. deposlts held at call wtth banks. other short-terni Ilquid Genenl Restrtted 2022 Total Total Fund Funds 2. Voluntary Income Oonations from all sovr Legacy income 36.410 2,778 86,209 21.7LK) 122.619 24A78 40,853 37.529 78,382 39.188 107.909 147,097 40,853 37,529 78,382 3. Incomlng resources from ¢harltable actlvSlles Rent & related Income Students, Conference & Seminar Fees Sale of Books & Recordlngs Other income 79,051 119,795 1,164 6.397 79A151 119,795 1,164 15x177 56.059 129,680 1,341 21,576 56.059 129,680 1,341 21,S76 206,407 8,680 215,087 208,656 208,656

LONDON SEMINARY CIO 181 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2023 (Con￿nUed} 2023 Totsl Rwrfrted 2022 4. Costs of Ieneratlnafunds Mèrketlng & Publltity 1,571 1577 2.561 2,561 5. Charitsble Acllvities Salarfes Isee note 61 Speakers and others Fees Travelling expenses Meals Library books & jOLFrnals Rent & Utilities Insurance Telephone & internet Prlnting, Stationery & Equlpment Cornputer Costs Student Benevolent Fund & Bursaries Sundry expenses Development project Isee note 61 Depreciatlon Legal & Professional costs Board travelling expense5 225.925 108,101 37,275 334,026 37.Z75 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 2,679 498 926 30.493 4,668 3,022 4,371 3,057 4.371 3.057 3,734 1.741 6.547 3.211 3.734 1,741 6y7 3.211 709 21,355 3.003 3,635 926 30,493 4,668 3,022 21.355 3,635 3SMI.806 108.369 499,175 423.867 86.055 509,922 6. Staff costs Wa8es and Salaries IRS recelpts National Insurance costs Pension & other costs Totsl salarles Less.. Included in Development Prolect 218.486 98.128 316.614 241.267 79.481 320,748 16,645 7,898 6.540 2.075 241,671 108.101 15,746 225,925 108.101 24.543 8.615 349,7n 15,746 334,026 19,817 6,524 267,608 19.590 248.018 4,513 1.563 85,557 24,330 8,087 353,165 19,590 333,575 85,557 The average number of employees Ifull-time equivalentl was 1012022.. 101. No employee earned £60,000 or more. 7. Tan8lble Assets General brary 2023 Totsl General Library 2022 Cost brought forward Addltlons 105,088 115,49S 1,814 220,583 1014 98.57S 115,495 6,513 214,070 6,513 Cost carrled fO￿ard 11%.902 115.495 222397 105.088 115.495 220,583 Depreclatlon brought forward Charge for the perlod 98.873 115.495 214B68 3.1x13 94,205 115,495 4,668 209,70Ct 4,668 Depreciatlon carried forward 101,876 115,495 217.371 98,873 115,495 214,368

LONtH)N SEMINARYao NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30JUNE 2023 Icontinuedl 7. Tangible A55èts Icontinuedl General Library 2023 Total General Llbrary 2022 Net book value carlled fo￿ard 5.026 5.026 6,215 6.215 Net book value brought fOn￿ord 4,070 4,070 4,070 4,070 , Flxed Asset Investments ral Restrktted 2023 otsl General Re5mCt￿j 2022 CCLA COIF Chars Fund Value brought forward Funds realised Net Un￿alIsed galnl Ilossl 1,960,901 195.cml 45,124 I￿60￿1 I95,(￿) 45.124 2,265,136 1190.fml 1114,2351 2,265,136 1190.OLK)I 1114.2351 Market Value 30Jvne 1,911,025 1.911,025 1,960,901 1.960.901 9. Sundry debtors Fees and other debtors Prepayments 34,476 4,354 34,476 4354 22,065 22,065 38,830 22,(￿5 22,065 10. Sundrycredltors Credltors & accruats 12,286 12.286 7.714 7.714 12.286 12,286 7.714 7.714 11. Trustees & Related Party Transactions No trustee or any person connected with them received, or is due to receive. any remuneration forthe period direttly or indlrectly from the Charity's funds in conne¢tlon wlth such position. 4 members of the Board received travel expenses in the year totalling £35112022- 5 members. £2661 and no members received lecturing fees12022- no members. £nlll. There were no related party transactions 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 Th15 fund exlsts forthe financi31 support of students from overseas. Thi5 SUPPOrt is given by the transfer to General Fund of amounts to cover the tuition fees of these students. The Robert Sheehan Memorial Fun(1 This fund exists for the financial support of students from the UK. Thls support Ls glven by the transferto General Fund of amounts to cover the tultion fees of these students. The Bursar Deventer Le ac Fund This fund exists forthe provislon of bursarles to students in financial need.

LONDON SEMINARY ao iioi NOTES TO THEACCOUNTS FOR THE YEAR ENDED 30JUNE 2023 (conilnuedl 12. Restricted Funds Icontlnuedl The movements on the restrfcted funds durtng the year were as follows.. Batsnce Year ended 30 30 PA Pastoral Fund PA Ethics Fund Dr Lloyd-jones Memoiial Fund Robert Sheehan Memorial Fund Bursary IDeventer Legacy) Fund Student Benevolent Fund 111,368 30.L 26.044 1.383 26,478 23￿01 203 166,1071 133,314} 75.261 7.270 11.3831 126,4781 4.488 192.156 1,938 164.135 1,735 12681 277.238 107.909 199,6891 116,1031 269,355 Incomini (Mrt£o Year ended 30 06 22 oi TraTh5fus PA Pastoral Fund PA Ethlcs Fund Dr Lloyd-jones Memo¥ial Fund Robert Sheehan Memorlal Fund Bursary IDeventer Legacy) Fund Student Benevolent Fund 173.398 162.0301 123.5271 111.368 25.884 1.365 5,325 4.775 2,357 11.3651 15.3251 131.1751 164,135 1.735 191,033 1.555 14981 365,986 37,529 186,0551 140,2221 277,238