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
Ger*ral
Restr*ted
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