Reglstered Clwrlty 1183818 LONDON SEMINARY CIO FINANCIALsfATEMENIS FOR THE YEAR ENDED 30 JUNÉ 2024 Contents: Trustee5' Report Independent Examinerfs Report Statement of Finar￿131 Actwities Balancesheet 7-10. Notes to the Flnanclal Ststements. David Cooke & Co Chartered Accountants 5 Briar Close Banbury Oxon. OX16 gDS LONDON SEMINARY CIO Report of the Governlng Board for the Period Ended 30 June 2024 The Trustees have pleasure in 5ubmMng their report and the finanaal statements of the London Semlnary CIO for the year ended 30 June 2024. Reference and Administrative details Londoll Sernlnary CIO is a reglstered charlty, ￿. 1183818. Its address ts- 104 Hendon Lane. London. N3 3SQ The Trustees of the charfty are as f￿lOW$. Mr. Benedict 8ird Rev. Hu8h Collier Flev. Spencer Cunnah Ichairmanl Dr. Reuben Danladi Dr. Oawd Ead (Hon. Secretary) Rey. Gwynne Evan5 Mr. Matthew Glll (Asslsranr T￿OSurer) Mr. Brian Stevens Structure, Governance and Management The Seminary is a 00 admlnlsrered by the Board of Trustee5. The Board meets at least three times a year. The day-t¢>day runnlng of the work of Serninary 15 delegated to the Prin¢Spal of the Seminary and, through him. the staff. New Members of the Board Appointments to the Board are rnade by a 75% vote of Board members present. In makine appointments, Board members conskler Indivldua15 who are respected in the community which the Seminary serves and who have experlence whith is relevant to the woik of the Seminary. Proposed appointees are contacted by the Chairman of the Board who discusses with them the work of the Semlnary and the willingness and ability of the proposed appolntee to act as a member of the Board. New members are provlded a copy of the Constitution and other documents relevant to the Work of the Seminary. Rlsk Management The Board has Identilied thE prirKipal risks to which the Serninary is svblect and has ￿vIewed those rfsks to assess the likellhood of Ihelr otturrence and the like￿ impact on the Seminary if they did OCc￿r. Action has been taken of Is being taken. as appropriate, to mittgatè risks. The Board 15 satisfied that the risk5 which remain are at an acceptable level and are under tontrol and that arranBements are in place to secure the ongThn8 work of the 5ernlnary in the event of the occurrence of any ol Ihe ri5k5 identified. Appropriate insurance 15 in place and the flnances of the Serninary are rewewed at each Board mèÈtlng. The ￿￿k a5SE55ment15 reviewed ie8ularly. Objerts and Activitie5 The prlncipal objett of London 5emlnary CIO Is to tTain and 5UPPOrt pastors. Our pastoral training course seeks to ground students in the Scriptures (including Biblical 13n£uagesl. theology, church history. and other elerneThts to equlp them lor the challenge5 of mintstry. The course Includes church mentorln8 and placements. Our Pastors, Academy f¢xusse5 ofi the conttnulng trainlng and 51SPPOrt of those already in ministry. Trainlng is also offered to those engaged In church plantlng ond revitallsatlon. and to wornen engaged In mlnlstry to womer*. 121 LONDON SEMINARY CIO Report of ihe Governlng Board for the Year Ended 30 June 2024 (contlnued) Achlevements and Performance London Semlnarfs core offeiing remains the pasto¥al training course. taught by qualified lecturers with extensNe pastoral experlence who are passionate about e4uippin8 the llext generation of preachers and church leaders. The programme combines riEorous a¢ademic leamlng wfth a vibrdnt community life that foster5 personal relationships and the appllcatlon of Blbllcal truth to todaws tornplex challellges. (￿er the years, thls course has become one of the most flexible of its kind in thÈ UK. Wltile in-person iesidEnlial training iemain5 the gold standard. we have adapted to the needs of those unable to attend in person by offering remote learning. as well as full- and pafl-tSme options. This ertsures the tralnln8 is accessible to a broader range of pr05pe¢iive pastots and weachers. and the course works well alon8side church-based trainlnE. In the 2023124 academic year. the majorily of students came from the UK, wtth some intematlonal students lolniJ)g remotefy. Those who completed the course in the summer have now taken on roles as pastors or assistant pastors in the UK and abroad. Please join us in praying for them as they tran￿tIOn into min¢stry. We are encouraged by the quality and 5Plritual vitality of our student body and by their positive leedback reg3rding the course and community life at the Seminary. However, WR Ternain concemed about the declifiln8 number of rnen coming forward for pastoral traininB-a trend seen across the UK. To address thi5, we have increased our vlsSbllity both at physlcal events and online. wlth the alm of raising awareness of the Seminary and its mlssbn, Our Plant and Flourlsh courses were both well attended and re￿iVed excellènt f*edba¢k. Trainlng and support was also pr¢)vlded for the wNes of Seminary students. We are actr¥ely exploriry new and innovatNe ways to support churches and those in leadership and ministry. Faculty and 5pBdal Events The teachlng staff comprised Principal Bill Jarnes and Wice-Principal David Green. supported by visiting lecturers whose contrlbutions we éeeply value. Weeks of special lectures were delivered by Dr James Eglinton, Meldrum Senior Lecturer al the UnNersity of Erf1nb￿r2h on Neolal¥inlsm, a￿1 Dr Nick Needham on 19 Century church hlstory. Dr Eglinton also dellvered an Inslghttul Martyn Uoyd-jones MeMO￿al lecture on Bavincys vlew of preaching and preachers, in spite of a power £ut, aided by portable lamp5. Gratitude to Partner Churches and Donors London Seminary is a ministry that exists to serve churches. We are deep￿ grateful to the thurches that send students, provide mentorin8p placernent opportunities. release their pastors to come and lecture. and support the Seminary financlally. We also thank our generous donors. whose contribvtions have enabled us to offer bursaries to students and expand the Semlnarfs work. The Pastor5, Academv The Pastors, Arademy. under the leadership of it5 Director ttr Garry Williams. continued to support those already in minlstry through study days, study hours. study projects. reading groups. and the Thm programme. Aemote Study opportunities remained avallable for mlsslDnariÈs and ¢hui¢h leader5 in Europe through our partnership with EuTopean Mission Fellowship. Dr Williams and Ethics Tutor tk Matthew Mason provided the teaching lor these prograrnmes. LONDON SEMINARYCIO Report of the Governlng Board for the Year Ended 30 June 2024 (contlnued) Achlevements and Perforniance Icontinued) Dr John Benton, as Olrecror of Pastornl Support. continued his invaluable work in teachSng and providlng pastoral care for pastors. He was ably supported by Malcolm MacGre8or. Steven Bowers, Philip Raine, and Mike Plant. Leader5htp Transltlons Stephen Wright stepped into the role of Chief Operating Officer. providing vital support to the leadership team. New appointments were rnade In the Summer of 2024- Eliot Kem as Development Manager, and C3roline Thuo as Finance and Administration Officer. We bld f8￿well to Nigel Redford and Hllèry Roberts, both of whom made significant contributions to the Seminary over many year& We thank for their faithfvl se*vke and pray for HIS blessings as they begin new chapters In thelr1Sves. Lookln% Ahead As we reflett on the pasi year. we give thanks for God's provisk)n and faithfulne55. London 5emlnary remalns committed to equipping pastors and chvrch leaders for the challeThges of mintstry, and we look forward to ctsntlnulng thls y6tal wotk In the years al*ad. Publlc Benefft The Board conflmis that they have had due ￿83rd to the guidance published by the Charity Cornmlssion and consider that the preceding paragraphs demonstrate that the work and actfvttie5 of the Semlnary contlnue to provlde Significant puEAic benefrt. Financial Review The results for the year are sei out on pa8e S. There was a surplu5 acr055 the fund5 totallin8 £150,55712023, delSclt £33,1991, after adjusting for the change in the valuation of the frrted asset investments, which in the year under revlew was an unrealised gain of £178,80712023. Bain £45.1241. The level ol reserve5 remains healthy and the Semlnary is investln8 in development wotk to build its mtnistry. increase income and to generate a surplus in future years. Overall. the trustees cc￿s1derthe finarKial state of the CIO to be 5at15factory. ON 8EHALF OFThE BOARO D Earl Trustee Date.. 3-4 2025 (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 2024 set out on pages 5 to 10. ## **Respective responsibilities of trustees and independent examiner** The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year (under section 144(2) of the Charities Act 2011 (the Act)) and that an independent examination is needed. It is my responsibility to: - Examine the accounts under section 145 of the Act; - To follow the procedures laid down in the General Directions given by the Charity Commissioners under section 145 (5) (b) of the Act; and - To state whether particular matters have come to my attention. ## **Basis of independent examiner's report** My examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently, no opinion is given as to whether the accounts present a “true and fair view” and the report is limited to those matters set out in the statement below. ## **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 and Wales. I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives 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: 27 February 2025 LONOON SEMINARY CIO STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 IUNE 2024 General Restthted 2023 Total Total Funds INCOMING RESOURCES From Generated Funds.. Voluntary income Investment income From Charitable Activities 35.676 170.803 60,595 255,121 206,479 60.595 255,121 39.188 107,9)9 60,245 206,407 147,097 60,24S 215.087 8,680 Total Incomlng Resources 351.392 170.803 5Z2,195 305,840 116.589 422,429 RESOURCES EXPENDED Costs of Reneratlng funds Charitable actlvltles 3,847 378.326 168.272 3W7 546.598 1.577 390,806 108.369 1.577 499,175 382.173 168,272 550,445 392.383 108,369 500,752 Surplu5llDelicitl on aclivities 130,7811 2.S31 1282501 186,5431 8,220 178.3231 Net galnsll1055es1 on Investments 178.807 178.807 45,124 45,124 NET INCOMING RESOURCES 148,026 2,531 150.557 141.4191 8,220 133.1991 Transfers between fund5 18,39)) 8,390 16.103 116,1031 139.636 10,921 150,557 125.3161 17,8831 133.1991 Fund balances brought forward 2.054.549 269.355 2323.904 2,079.865 277,238 2,357,103 Fur*d balances carried forward 2.194.185 280,276 2A74A61 2.054,549 269,355 2.323,904 LONDON SEMINARY CIO 161 BALANCE SHEET AS AT 30JUNE 2024 Gene￿ fte5￿*d 2024 Total Gener Restrfct 2023 Total Note Fu Fund Fun FIXED ASSETS Tangible Assets Investments 4,073 2,089,832 5,026 1.911.025 5,026 1,911,025 2m.832 2.093,90S 2.093.905 1,916.051 1.916,051 CURRENT A55EtS Sundry debtors Bank Accounts Account with London Seminary Interfund Account 41,842 285.923 1,270 1217.3271 217,327 41.842 348,872 L270 38,830 259,465 44.295 1191,8061 191.8C6 38,830 337,014 44,295 62,949 77.549 111,708 , 280.276 391,984 150.784 269,355 420,139 CURRENT LIABILITIES Sundry Creditors io 11,428 IIA28 12,286 12,286 11,428 IIA28 12.286 12.286 NET CURRÉNT ASSETS I(K>,280 280.276 380.556 138.498 269,355 407,853 NET ASSETS 2,194,185 280.276 1474,461 2,054.549 269,355 2,323,904 FUNDS 12 2.194.185 280,276 2N74A61 2,054,549 269,355 2,323,904 Approved by t Board on and sig[￿ on its behalf by.. Trustee Trustee LONI)ON SEMINARY CIO 171 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30JUNE 2024 Iwntlnued) l. Accoyntlng Polldes Accountlng Conventlon The financlal statements are prepared under the historical cost conventlon as m¢Mlified by the waluation of fixed i asset investrnents. The accounts have been prepared in accordance with the Statement of Recommended Practlce..Accounting by Charitie5 as It applies from l January 2015 and applicable UK accounting standard5 and the Charitles Act 2011. The Seminary is a Publlc 8enefit Entity as defined by FR5102. Going Concern At the time of approv¢ng the accounts, the trustees ha￿ a reasonable expectatlon that the charity has adequate resources to continue in operational e￿$tence for the foreseeable future. Therefore. the trnstees contlnue to adopt the going concern basi5 of accounting in preparing the accounts. Depredatlon Depreclation is provlded on tangible flxed assets to write them off over their estirnated useful life at a rate of 25% on a straight-llne basis. Depreciation is prowded on tsngible fixed as5et5to write thern off over their estimated useful Ilfe at a rate of 25% on a strai8ht-Ilne basis. Incoming Resources Donations are accounted for on a recefvable basis. Income tax credits a550ciated wlth Gift Aid donatlons are accounted for at the tirne ol the nei gift. Legacies are accounted for as soon a5 the Seminary is llotified of its legal entitlement. the amount due is quantifiable and the ultimate receipt by the Seminary is reasonably ￿rtaIn. Investment income is included on the accnsals ba￿s. Resources Expended The Seminary is not VAT-registered and is therefore unable to reclaim VAT on expenditure. amounts of VAT are recorded with the sums to whlch they are chaiged. Expenditure is charged to the accounts on ihe acuuals basis. Nonrward 4,073 4￿73 5.02S 5,026 Net book value broughi forward 5.026 5A126 4.070 4,070 8. Axed Asset Imiestments fj￿er ReStr*Lted 2024 Total Generdl Resthcted 2023 Total Fund Fu CCLA COIF Charit Fund Value brought fDrward Funds reallsed Net unrealised gain/ Ilossl 1,911.025 I311￿25 1.960,901 195,(yxII 45,124 1,960,901 195.0001 45,124 178,807 I78￿7 Market Value 30 Jufte 2.089.832 2.OB9.832 1,911.025 1.911,025 9. Sundry debtor5 Fee5 and other debtors Prepayment5 40,807 1,035 40W7 IA135 34,476 4.354 34,476 4,354 41.842 41 38,830 38,830 10. Sundry Credltors Creditor5 & accruals 11,428 IiN28 12.286 12,286 11,428 11,428 12.286 12,286 11. Trustees & Related Party Transactlons No trustee or any person connected with them receNed, or is due to recetve, any remuneration forthe period directly or indirectly from the Charity's funds in connection with such position. 3 members of the Board received travel expenses in the year totalling £47612023- 4 member5, £3511 and no members received lecturing fees12023.. no member5, £nill. There were no related party transactions in the period. 12. flestrlrted Funds London Semlnary operates the following restricted funds: The Pastor5, Academ Pastoral Fund To finance the employment of staff to provide pastoral 5UPPOrt to pastors. The Pastors, Academ Ethics Fund To finance the employment of staff in the area of Christian ethics. The Dr Llo d-lones Memorial Fund For the financial support of students from overseas. This support Is given by the transfer to General i Fund of amounts to cover the tuition fees of these students. The Robert Sheehan Memorial Fund For the financial support of student5 from the UK. This support is given by the transfer to General Fund l of amounts to cover the tuition fees of these students. The Bursa Deventer Le ac Fund For the provision of bursaries to students in financial need. Seminar Develo ment Fund To finance the employment of staff involved with the development of the Seminary's work. LONDON SEMINARY CIO iioi OTES TO THE ACCOUNTS FOR THE YEAR ENDEO 30 JUNE 2024 Icontlnuedl 12. Restrl¢led Funds {ton￿nuedj The movements on the restricted funds during the year were as folknws: Year ended 30 06 24 PA Pastoral Fund PA Ethics Fund Dr Lloyd-lone5 Memorial Fund Robert Sheehan Memorial Fund Bursary (Deventer LegaLyl Fund Seminary Development Fund student Benevolent Fun 75,261 39.1KN) 26,240 Sgj 4,63S 46.148 54,168 22 165,1511 136,4831 49,110 10.243 15901 14.6351 18,8171 229,406 12.189 192.156 1811 1663571 1.938 1,760 269.355 170,803 1168.2ni 8,390 280.276 Balantè Yèar ended 30 23 PA Pastoral Fund PA Ethics Fund Or Lloyd-jones Memo¥lal Fund Robert Sheehan Memorial Fund Bursary (Deventer Legacy) Fund Student Benevolent Fund 111,368 30.000 26,044 1.383 26,478 23.801 203 166,1071 133.3141 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