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

(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 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