2025-06-30-accounts

Registered Churity 1183818 LONDON SEMINARY CIO FINANCIALSTATEMENYS FOR THE YEAR ENDED 30JUNE 2025 Contents: Trustees, Report Independent Exarniner's Report Statement of Flnanclal Activities Balance Sheet 7-10. Notes to the Financlal Ststements. David Cooke & Co Chartered Accountants 5 Briar aose Banbury Oxon. OX16 9DS

iii LONDON SEMINARY CIO Report of the Governing Board for the Period Ended 30 June 2025 The Trustees have pleasure In 5ubrnlttln8 theSr report and the financial statements of the London Serninary CIO for the year ended 30June 2025. Reference and Administratlve detalls London Semlnary CIO is 3 registered charityt no. 1183818. Its address is.. 104 Hendon Lane, London. N3 3SQ. The Trustees of the charity are as follows.. hAr. Benedict Bird Rev. Hugh Collier Rev. Spencer Cunnah (Chairman) Dr. Reuben Danladi DT. David Earl IHon. Secretary) Rev. Gwynne Evans Mr. Matthew Gill (Assistant Treasurer) Mr. Brian Stevens Rev. Christopher Roberts lappolnted 141101251 Rev. Simon Green lappolnted 141101251 Rev. Paul Stevens lappolnted 141101251 Structure, Governance and Management The Seminary is a CIO administered by the Board of Trustees. The Board Meets at least three times a year. The day-to-day runnlng of the work of the Semlnary Is delegated to the Prin¢lpal of the Semlnary and, through hlm, the staff. New Members of the Board Appointments to the Board are made by a 75% vote of Board members present. In maklng appointments. Board memtr)ers conslder Indlvidu31s who are respected In the community which the Semlnary serves and who have experlence whlch Is relevant to the work of the Seminary. Prop05ed appointees 3r& contacted by the Chairman of the Board vtho dlscusses with them the work of the Sernin3ry )nd the willingness and ability of the proposed appointee to act as a member of the Board. New member5 are provided with a copy of the Constltution and other documents relevant to the work ol the Serninary. Rlsk Management The Board has identified the principal risks to which the Seminary Is subject and has reviewed those rSsks to assess the Ilkelihood of their occurrence and the likely irnpact on the Seminary if they did occur. ActSon has been taken or Is belng taken, as appropriate, to mitigate risks. The Board is satisfied that the risks whlch remaln are 3t an acceptable level and are under control and that arrangements are in place to secure the ongoing work of the Seminary in the Èvent of the occurrence of any of the risks identified. Approprlate Insurance is in place and the linances ol the Seminary are reviewed at each Board meeting. The risk assessment Is reviewed regularlv. Object5 and Actlvltles The principal object of London Seminary CIO is to traln and support pastors. Our pasroral tralnlng course seeks to ground students in the Scriptures (including Blbllcal languages). theolo8y, ehurch hSstory, and other elements lo equlp them lor the challenges of mlnlstry. The course includes church mentorlng and placements. Our Pastors, Academy focusses on the continulng tralnlng and support of those already In mlnistry. Trainin8 is also offered to those en8aEed in church plantlng and revitalisation. and to women engaged In ministry to wornen.

LONDON SEMINARY CIO Report of the Governing Board for the Year Ended 30 June 2025 lcontlnuedl Achlevements and Performance London Seminarws core offering contlnues to be its pastoral training programme, delivered by qualified lecturers wlth extensive pastor81 experience and a shared commltment to equlpplng the next generatlon of preachers and church leaders. The course comblnes rigorous academlc study with a vlbrant residential communlty, f05tering deep personal relationships and the thoughtful applScat5on of blbllcal truth to the complex challenges ol contemporary mini5trv. Over time. the course has developed Into one of the mosr flexlbSe pastoral tralnlng prograrnmes In the UK. Whlle In-person re5identlal training remalns the Semlnary's preferred option, we have adapted to meet the needs of those unable to attend in person by offering iemote learnin8 alongslde full-time, part-time. and modular study option5. Thls flexibility ensures that tralning Is accessSble to a wider range of pr05pe¢tive pastors and preachers and works well alongslde church-based traini￿ pathways. During the 2024125 academic year, the majority of students were based in the UK, with a number of international students P8rticipatSng remotely. One such student. "Luke" who pastors in a sensitive region ol the Middle East, Commented on the course.. "l um deeply grateful for every moment in this course. as It hus been a t￿MendOuS blessing in my Ilfe.~ Thank you to all who supported Luke during his time at London Semlnary. Students completing the course In the summer have since taken up roles as pastors or assistant pastors Sn the UK and overseas, and we encourage continued prayer for them as they transition into ministry. We are encouraged by the quality, spiritual vitslityi and positive feedback of our student body, partICular￿ In relation to both the academi< programme and community life at the Seminary. Nevertheles5, we remain concerned by the continuing decllne in the number of men comlng forward for pastoral trainSng* a trend evident both wlthSn the UK and internationally. In response, the Seminary has ¢ncreased its proflle through partlclpation in key conferences and events, includin8 Bible by the Beach. Keswlck, and the Aber Conference, alongslde enhanced onllne engagement, wlth the aim of rai51nE awarenes5 of the Seminary and Its mlssion. Our Plant and Flourish course5 were both well attended and received very positive feedback. Training and support were also provided for the wlves of Seminary students. As part of our ongoln8 wmmitment to servlng churches and supporting those In mlnistry, we identifSed a growing need to equip leaders to teach and nurture the next generation wlthout continually reinventing resources. Frorn thls need, Relay was developed. Relay provides structLJred teaching resources and practical strategies. wlth tuitlon from the Principal and Vi¢e-Principal. A pilot course was well received, and plannlne Is underway forthe Inaugural Relay course in November 2025. Faculty and Spe¢l81 Events The teaching staff cornprised Prlncipal Bill James and Vice-Principal David Green, supported by a number of visiting lecturer5 whose contributions are greatly valued. The Auturnn le¢ture series on the Psa1rn5 was delivered by Christopher Ash. In October, we welcomed Jonathan Thomas to deliver the Martyn Lloyd-Jone5 Memorial Lecture, where he spoke on the Welsh Revivals, brlnging particular Insight and authenticity following over twenty years of pastoral ministry in Ammanford and Abergavenny. We are 8ratelul to all who contributed to the teaching and Ilfe of the Seminary durlng the year. GratI￿de to Partner Chur¢hes and Donors London Seminary ex15ts to serve the churches, and we are deeply thankful for those churche5 that send students, PTovlde mentoring and placement opptsrtunities. release pastors to lecture, and support the Seminary financlallv. We are a150 sincerely grateful to our donors. whose generosity has enabled us to offer bursarles to students and to extend the reach and impact ol the Seminary's work.

131 LONDON SEMINARY CIO Report of the Governing Board for the Year Ended 30 June 2025 {¢ontlnued) Achievements and Performan￿ Icontinuedl The Pastors. Academy The Pastors, Academy, under the leadership of Its Director, Dr Garry Williams, continued to support those alreadv in rninistry through study days. study hours, study projects, reading groups, and the Thm programme. Remote study opportunities remained avail3ble for mlssionaries and church leadÈrs acros5 Europe through our partnership with European Mission Fellowship. Tea¢hSn8 for these programmes was provided by Dr Willlams and Ethlcs Tutor Dr Matthew Mason. During the year. Dr John Benton retlred from hls role as Director of Pastoral Support. We record our heartfelt thank5 to John for hls s1gnificant and long-standing contribution to the work of the Pastors, Academy. which has impacted many pastors over the years. Recrultment Is underwayto appoint 3 successor for John In London and the South-East, while pastoral support in other regions £ontinues to be provided by Malcolm MacGregor, Steven 8owers. Phlllp Ralne, and fvllke plant. staff Chantes We sald farewell to Ellot Kern, Partnerships and Development Manager, who returned to Austra113 In June. We thank Ellot for his valuable contrlbutions to the Seminary and pray for God's rlchest blesslng upon hlm as he besins a new chapter In hls life. Thls role is Current￿ under review by the Board prlor to the appointrnent of a replacement. Looklng Ahead A5 we reflect on the year, we give thanks for God's continued provision and faithfulness. London Seminary remains firmly Committed to equipping pastors and church leaders for the demands of rninlstry, and we look forward with confidence to continuing this vital work in the years ahead. Publlc Beneflt The Board conflrms that they have had due regard to the guidance published by the Charlty Commi5sIon and consider that the preceding paragraphs demonstrate that the work and activitles of the Seminary Con￿nUe to provide significant public benefit. Financlal Revlew The resu5ts for the year are set out on page S. There was è deficit across the fund5 totalling £94,35712024, Surplus £150,557), after adjusting for the change in the valuation of the fixed asset investments. which in the year under review w3s an unrealised loss of £36.10312024, gain E178.8071. The level ol reserves remains healthy and the Seminary is investing in development work to buSld Its ministry, increase income and to generate a surplus In future years. Over811, the trustees con5iderthe financlal state ol the CIO to be satisfactory. ON BEPIALF OF THE BOARD D Earl Trustee Date.. L 2026

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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 year ended 30 June 2025 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: 12 February 2026

LONDON SEMINARY CIO 151 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2025 General Restilctsd 2025 Total General Restrlcted 2024 Total Fund Fu￿J5 Fvnd Funds INCOMING RESOURCES From Generated Funds: Voluntary income Investment income From Charitable Activitles 101,910 163,137 61.266 230,207 265,047 61.266 230,207 35.676 170,803 60,595 255.121 2[￿,479 60.595 255,121 Totsl Incomlng Resources 393,383 163,137 556,520 351,392 170,803 522,195 RESOURCES EXPENDED Costs of generatlng funds Charitable actlvlties 5.974 459,278 149,522 5,974 608,800 3,847 378,326 168,272 3,847 546,598 465,252 149.522 614,774 382,173 168,272 550,445 SurplusJlDeficktl on actlvltles 171,8691 13,615 158,2541 130,7811 2,531 128,2501 Nèt galnslllossesl on Investments 136,1031 136,1031 178,807 178,807 NET INCOMING RESOURCES 1107.9721 13.615 194.3571 148,026 2,531 150,557 Transfers between funds 12,7281 2,728 18,3901 8,390 I110.7￿) 16,343 194.3571 139,636 10,921 150,557 Fund balances brought forwdrd 2,194,185 280,276 2.474.461 2,054,S49 269.355 2,323,904 Fund balances carried forward 2,083,485 296,619 2,380,104 2,194,185 280,276 2,474,461

LONDON SEMINARY CIO 161 BALANCE SHEET AS AT30 JUhlE 2025 General 2025 Total Restrkted 2024 Total Fund Fund Funds FIXED ASSETS Tallgible Assets Investments 1,329 2,053,729 1.329 2,053.729 4,073 2,089,832 4,073 2.089,832 2,055,058 2,055.058 2,093,905 2.093,905 CURRENT ASSETS Sundry debtors Bank Accounts Account wlth London Seminary Interfund Account 36.185 127,623 192,874 3,602 1103,7451 103,745 36,185 320,497 3.602 41.842 285,923 1,270 1217,3271 217,327 41,842 348.872 1,270 62,949 63,665 296,619 360,284 111,708 280,276 391.984 CURRENT LIABILITIES Sundry Creditors io 35,238 35,238 11,428 11,428 35,238 35.238 11.428 11,428 NET CURRENT ASSETS 28,427 296,619 325,046 ICKJ,280 280,276 380,556 NET ASSETS 2.083,485 296,619 2,380.104 2,194,185 280.276 2,474,461 FUNDS 12 2,083.485 296,619 2.380.104 2.194,185 280,276 2,474,461 Approved by the Board on 10 o I12D? and 51gned on Its behalf by.. Trustee 04 Trustee

LONDON SEMINARY CIO 171 NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2025 l¢ontinuedl l. Attountlng Polk5es Actountlng Convention The financial statements are prepared underthe historical cost convention as modified by the valuation of fixed asset investments. The accounts have been prepared in accordance wlth the Statement of Recommended Practlce:Accounting by Charities as it applies from l January 201S and appllcable UK actounting Standards and the Charitie5 Act 2011. The Seminary is a Public Benefit Entity as defined by FRSIO2. Golng Concern At the time of appro￿n8 the accounts, the trustees have a rea5tsnable expectatlon that the charlty has adequate resources to continue In operational existence for the foreseeable future. Therefore, the trustees continue to adopt the going concern basis of accounting in preparing the accounts. Depreciatlon Depreciation Is provided on tanglble fixed assets to write them off over their estimated useful Itfe at a rate of 25% on è strai8ht-line basls. Incomlng Resour¢es Donations are accounted for on a receivable basi5. Income tax credits associated with Glft Ald donations are accounted for at the time of the net gift. Legacles are accounted for as soon as the Seminary Is notified of it5 legal entitlement, the amount due ts quantifiable and the ultimate receipt by the Seminary is reasonabty certain. Investment income is included on the accruals basis. Resources Expended The Seminary is not VAT-registered and is therefore unable to reclalm VAT on èxpenditure. All amount5 of VAT are recorded with the sums to which they are charged. Expenditure is charged to the account5 on the accruals basls. Non-current Investments Fixed asset ifivestments are inltlally measured at transaction prlce and are subsequently measured at fair value at each ￿porting date. Changes ill falr value are reeognlsed in Thet incomel lexpellditurel for the year. Transaction costs are expensed as ineurred. Cash and cash equivalents Cash and cash equivalents Include cash In hand, deposlts held at call wlth banks, other short-term liquld Investments wlth original maturltSes of three months or less, and bank overdrafts. Bank overdrafts are shown General Restrlcted Fund5 2025 Total General Restrlcted 2024 Total Fund Fund Funds 2. Voluntsry income Donations from all sources Legacy Income 68,801 163,137 33,109 231,938 33.109 32.657 170,803 3,019 203,460 3,019 101,910 163,137 265,047 35,676 170.803 206,479 3. In¢omlng resources from charltable actlvitles Rent & related Income Students, Conference & Seminar Fees Sale of Books & Recordings Other iDcomÈ 93,631 114.922 922 20,732 93,631 114,922 922 20,732 104.521 142,525 1.647 6.428 104,521 142,525 1,647 6,428 230.207 230.207 255,121 255.121

LONDON SEMINARY CIO 181 NOTESTO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2025 Icontlnuedl General Restricted 2025 Total General Aestritted 2024 Total Fund Fund Costs of generatlng funds Marketln8 & Publicity 5,974 5,974 3,847 3,847 S. Charltsble Actlvltles Salarie5 (see note 61 Speakers and others F&s Travelling expenses Meals Library books &journals Rent & Utilities Insurance Telephone & internet Prlnting, Stationery & Equipment Computer Costs student 8enevolent Fund & Bursaries Sundry expenses Development project (see note 61 DepreclatlonlLoss on dlsposals Legal & Profe551tsnal costs 276,302 31,185 15,061 4,880 2.963 94,913 1,416 1,693 8,511 4,457 SSO 836 10,215 2,744 3.552 90,230 366,S32 31.185 15,061 4.880 2.963 94,913 1,416 1,693 8,511 4,457 992 836 69.065 2.744 3,552 221,728 101,633 38.467 10,S17 6,924 3,835 64,821 3.304 1,772 8.034 4,667 323,361 38,467 10.517 6,924 3.835 64,821 3.304 1,772 8,034 4,667 281 407 72,621 2,706 4.881 442 281 407 6,263 2.706 4,881 58,850 66,358 459,278 149.522 608.800 378,326 168,272 546,598 6. Staff tosts Wages and Salaries National Insurance costs Pension & other costs Total salarles Less.. included in Development Project Les5'. charged to 3rd parties 242,136 129,733 24,029 13,513 10,137 5,834 276,302 149,080 58,850 371,869 37,542 15,971 425,382 58,850 201,413 160.948 14,251 14,374 6,064 3,615 221,728 178,937 66,358 10,946 221,728 101,633 362,361 28.625 9,679 400.665 66,358 10.946 323.361 276,302 90,230 366,532 The average number of employees Ifull-time equivalentl was 1012024.. 101. No employee earned £60,000 or more. 7. Tanglble Assets General Librarv 2025 Total General Llbrary 2024 Total Cost brought forward Additlons DIsp05815 C05t carried forward 108,655 115,495 224,150 106,902 115,495 1,753 222,397 1,753 18991 107.756 115,495 18991 223.251 108.655 115,495 224.150 Depreciation brought fonKard Charge for the period Wrltten out on disposals Depreclation carried forward 104,582 115,495 2.295 14501 106,427 115.495 220,077 2,295 14501 221,922 101,876 115,495 2,706 217,371 2,706 104,582 115,495 220,077

LONDON SEMINARY CIO 191 NOTES TO THE ACCOUNT5 FOR THE YEAR ENDED 30 JUNE 2025 lcontinuedl 7. Tan8lble A$5ets Icontlnuedl General Library 2025 Total General men Llbrary 2024 Tolal Net book value carrled forward 1,329 1,329 4.073 4,073 Net book value brought forward 4,073 4,073 4,070 4,070 8. Fixed Asset Investments Generhl Restrfcled 2024 Total Gener ReStr￿ted Funds 2023 Total Fund Furhds Fund CCLA COIF Chèrlt Fun Value brought forward Funds realised Net unreaSised Èalnl Ilossl 2,089,832 2,089,832 1,911,025 1,911,025 136.1031 136.1031 178,807 178,807 Market Value 30 June 2.053,729 2,053,729 2,089,832 2,089,832 9. Sundry debtors Fees 8nd other debtor5 Prepayments 36,185 36.185 40,807 1,035 40,807 1.035 36,185 36.185 41,842 41,842 10. Sundry tredltors Credltors & accruals 35,238 35.238 11,428 11,428 35,238 35,238 11,428 11,428 11. Trustees & Related PartyTransactions No trustee or any person connected with them received, or is due to receive, any remuneration for the perlod directly or indirectly from the Charity's funds in connection with such position. 3 members of the Board reteived travel expenses in the year totalling £42012024.. 3 members, £4761 and no members received lecturing fees12024.' no members, £nill. There were no related party transactions in the perlod. 12. Restrlcted Funds London Seminary operates the following restricted funds.. The Pastors, Academ Pastoral Fund To finance the employment of staff to provide pastoral support to pastors. i The Pastors, Academ Ethics Fund To finance the employment of stsff In the area of Chrlstian ethics. The Dr Llo d-jones Memorial Fund For the financial support of students from overseas. This support is given by the transfer to General Fund of amounts to cover the tLlltion fees of these students. i The Robert Sheehan Memorial Fund l 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 For the provision of bursaries to students in financial need. Semina Develo ment Fund To finance the employment of staff involved wlth the development of the Seminary's work.

LONDON SEMINARY CIO iioi NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 30 JUNE 2025 Itontlnuedl 12. Restrlctsd Funds Icontlnuedl The movement5 Oh the restricted fund5 durlng the year were a5 follows.. Out8dng alance Year ended 30 06 25 eSoUr￿$ f30 06 PA Pastoral Fund PA Ethics Fund Dr Lloyd-lones Mernorial Fund Robert Sheehan Memorial Fund Bursary IDeventer Le8a¢yl Fund Seminary Development Fund Student Bellevolent Fund 49,110 so,000 57,766 147,4141 142,8161 51,696 14,950 480 4,310 16,1181 223,423 8,846 4,310 577 50,004 229,406 14421 158A501 1,760 1,760 280,276 163,137 1149.5221 2.728 296,619 IncomSr6 fol 07 LLL23 Re50 OutsolD R4s0urce5 Year ended 30 06 ransfers 30 PA Pastoral Fund PA Ethics Fund Dr Lloyd-jones Memorial Fund Robert Sheehan Memorlal Fund Bursary Ioeventer Legacy) Fund Seminary Developrnent Fund Student Benevolent Fund 7S,261 39,000 26,240 590 4,635 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 166,3571 12001 1,938 1,760 269,355 170,803 1168.2721 8,390 280,276