## **Lanier Theological Education Foundation** 

Report and Financial Statements 

Year Ended 

31 December 2023 

Company Number 13541047 Charity Number 1195607 



## **Lanier Theological Education Foundation** 

## **Charity Information** 

|**Trustees**|B Lanier|
|---|---|
||P Lindon|
||K Roberts (Chair)|
||E Thee|
||A R R Wingfield Digby|
|**Registered number**|1354104|
|**Charity number**|1195607|
|**Principal office**|Yarnton Manor Church Lane|
||Yarnton|
||Oxford|
||OX5 1PY|
|**Independent auditor**|Critchleys Audit LLP|
||23-38 Hythe Bridge Street|
||Oxford|
||OX1 2EP|





## **Lanier Theological Education Foundation** 

## **Contents** 

||Page|
|---|---|
|**Trustees' Report including the Strategic Report**|1 - 4|
|**Independent Auditor's Report**|5 - 8|
|**Statement of Financial Activities**|9|
|**Balance Sheet**|10|
|**Statement of Cash Flows**|11|
|**Notes to the Financial Statements**|12 - 21|





## **Lanier Theological Education Foundation** 

## **Trustees' Report including the Strategic Report For the Year Ended 31 December 2023** 

The Trustees, being also Directors of the charitable company, present their Trustees' report including the Strategic Report together with the financial statements for Lanier Theological Education Foundation for the year 31 December 2023. The report complies with the Charities Act 2011, and the Directors’ report as required by section 415 of the Companies Act 2006. The financial statements comply with the requirements of the Companies Act 2006, the charitable company’s Articles of Association and the Charities Statement of Recommended Practice (SORP FRS 102 effective 1 January 2019). 

The principal and registered office address is Yarnton Manor, Church Lane, Yarnton, Oxfordshire, OX5 1PY. The comparative information is for the period from incorporation on 30 July 2021 to 31 December 2022 and is therefore not comparable with the current year information. 

## **Trustees’ responsibilities in relation to the financial statements** 

The trustees are responsible for preparing the Trustees' Report including the Strategic Report and the financial statements in accordance with applicable law and regulations. 

Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of the profit or loss of the Charity for that period. 

In preparing these financial statements, the trustees are required to: 

- select suitable accounting policies and then apply them consistently; 

- make judgements and accounting estimates that are reasonable and prudent; 

- follow applicable accounting standards, subject to any material departures disclosed and explained in the accounts; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. 

The Trustees are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the accounts comply with the Statement of Recommended Practice "Accounting by Charities". They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

## **Charitable purpose and Main Activities** 

The Charity’s object is, for the benefit of the public, to advance the Christian faith particularly but not exclusively through the establishment and maintenance of a theological library and learning centre at Yarnton Manor. 

The Charity has been established to operate the new theological library and learning centre with a focus on biblical research, theological education, and training individuals for Christian ministry in the UK and across Europe. Since incorporation, the Charity’s main activity has been to renovate the historic Yarnton Manor and surrounding properties to aid in the purposes of the Charity. Major renovations to the Manor House were completed in July of 2023 along with the completion of supporting accommodation and housing. The final project will be completion of the Library, expected in December of 2024. 

Beginning in August of 2023, the Charity began hosting individuals and small groups at Yarnton Manor, including groups for training and strategic planning, visiting scholars from across the UK and around the world, and residents who are students of Oxford University. 

1 



**Lanier Theological Education Foundation** 

## **Trustees' Report including the Strategic Report (continued) For the Year Ended 31 December 2023** 

## **Financial review and reserve policy** 

The net income for the year amounted to £1,865,840 (period ended 31 December 2022 - £18,921,463). 

The majority of the Charity’s 2023 income was used for the cost of renovations to Yarnton Manor, as expected. Once renovations have been completed, it is expected that a reserve will be held by the Charity as determined by the Trustees. A reserve policy was adopted by the Charity’s Trustees on 21 March of 2023. It was agreed that the Charity should maintain a reserve of three months, to be reviewed annually by the Trustees. The reserves at the year end were £20,787,303 (period ended 31 December 2022 - £18,921,463) including restricted funds of £18,625,626 (period ended 31 December 2022 - £18,802,913) and unrestricted funds of £2,161,677 (period ended 31 December 2022 £118,550). 

## **Aims and achievements** 

The Charity aims to advance the Christian faith through the development of a theological library and learning centre at Yarnton Manor. The library and learning centre will house a publicly accessible, and free of charge, library of theological and biblical texts, and may also house collections of artefacts that promote experiential learning in the Christian faith, for example ancient manuscripts and facsimiles and other artefacts of religious significance. It is envisaged that the library will house a comprehensive collection of books, periodicals, historical documents and with topics ranging from church history and biblical studies to archaeology and linguistics (these being relevant to understanding the birth and growth of Christianity). There will be extensive facilities for self-study at the library. 

With a focus on biblical research, scholars will gather to research, collaborate, write, and lecture on a variety of theological topics. The Charity will facilitate rigorous theological education, supporting scholars and students in pursuit of advanced degrees and strategic teaching assignments. Those already serving in Christian ministry will benefit from seminars, retreats, collaboration, and mentoring. Success will be measured objectively through participation in events and activities, both as residents and guests of Yarnton Manor. In addition, and somewhat subjectively, participants will be asked to indicate whether the facilities, programs, and events are helpful and impactful in the area of research, scholarship, and ministry. With full participation and a consistent positive response from participants and strategic oversight by the Trustees, the Trustees will be able to ensure that the Charity achieving its stated aims and objectives. 

## **Going concern** 

At the time of approving the accounts, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Lanier Theological Library Foundation (“US Foundation”) has approved an additional grant in 2024 to the Charity in the amount of $5,100,000, which will cover operations and the cost to complete the renovation of Yarnton Manor. The US Foundation is adequately resourced and able to maintain its commitment to the Charity to fully fund operations on an ongoing basis. Bank and investment statements have been provided to Critchleys verifying that capacity. The Trustees believe that it is appropriate to prepare the accounts on a going concern basis. 

2 



**Lanier Theological Education Foundation** 

## **Trustees' Report including the Strategic Report (continued) For the Year Ended 31 December 2023** 

## **Strategic Report** 

## _Objectives_ 

The immediate objective continues to be to complete the renovation of Yarnton Manor and surrounding properties. Once complete, the Charity will establish the Lanier Theological Library and Learning Centre at Yarnton Manor. The objectives will be to promote and facilitate biblical research, theological education, and training in Christian ministry. This will be accomplished for on campus residents and guests through a variety of courses, seminars, retreats, conferences and mentoring. These activities, to the benefit of the public, will advance the Christian faith across the UK and Europe. 

## _Future Developments_ 

With completion of the Manor House and supporting accommodation, LTEF at Yarnton Manor is now able to work more actively and diligently in accomplishing its objectives. Throughout 2024, thirteen visiting and resident scholars along with their families will live and work at Yarnton Manor. In addition, LTEF will host ten different groups on campus for multi-day conferences and training events. LTEF is also anticipating the arrival of its Resident Academic Director and two Junior Research Fellows in 2024. Remaining works at Yarnton Manor include repair of the garden walls and installation of the electrical substation. Construction on the Library is scheduled to be complete in December of 2024, bringing all major works at Yarnton Manor to a close. 

## _Principal risks and uncertainties_ 

The final cost of renovation is becoming clearer but there are still variables. The most obvious variable is the cost of converting the Tythe Barn into a Theological Library as construction is just now underway. A colony of bats has been identified in the roof structure of the Barn which requires careful attention throughout the process. A potential longer term delay may be the recommended electrical sub-station for Yarnton Manor as it depends on the electric company and listed building consent. 

## _Key performance indicators_ 

Progress on the renovation of Yarnton Manor has been slow, as expected, but steady progress is being made. Meanwhile, there is great interest in the local community and beyond in the works being done and the program to follow. Key relationships have been and are continuing to be developed with strategic partners, including Wycliffe Hall at Oxford, the Oxford Center for Christian Apologetics, Tyndale House at Cambridge, and the European Leadership Forum. The Charity is well-positioned to accomplish its objectives when the facility is available for use in 2023 and throughout 2024. 

## **Public benefit** 

The Charity advances the Christian faith generally, particularly but not exclusively through theological activities such as the provision of a theological library and providing education and training in the subjects of Christian theology, biblical studies, church leadership and ministry which will be available to any interested members of the public and academics, helping to advance the Christian faith across the UK and Europe. 

## **Structure and Governance** 

The Charity is a charitable company limited by guarantee governed under its Articles of Association. 

The Trustees are responsible for the strategic direction of the Charity, its funding and development and the oversight of its performance; with the trustees meeting at least twice each year and in regular email communication. 

The Charity has a Scheme of Delegation in place approved by the  Trustees in October 2022. A Cooperation Agreement is also in place between the US Foundation and the Charity. 

The Charity has established a trading subsidiary LTEF Trading Limited, currently dormant, but which in time will be used to carry out any non-charitable trading activities. 

3 



## **Lanier Theological Education Foundation** 

## **Trustees' Report including the Strategic Report (continued) For the Year Ended 31 December 2023** 

## **Trustees** 

The directors of the Charity are its Trustees for the purpose of charity law and throughout this report are collectively referred to as the Trustees. 

The Trustees serving during the year and up to the date of signing the financial statements are as follows: 

B Lanier P Lindon K Roberts (Chair) E Thee A R R Wingfield Digby 

There shall be at least three Trustees from the date the Charity was registered. The appointment of a trustee is by decision at the trustees' meeting. There are three Trustees from the US Foundation and two from the UK. 

Policies and procedures for the induction and training of trustees are being developed. 

The key management personnel are David Fleming and Beverly Fleming. 

## **Disclosure of information to auditor** 

Each of the persons who are trustees at the time when this Trustees' Report including the Strategic Report is approved has confirmed that: 

- so far as the trustees are aware, there is no relevant audit information of which the Charity's auditor is unaware, and 

- the trustees have taken all the steps that ought to have been taken as a trustee in order to be aware of any relevant audit information and to establish that the Charity's auditor is aware of that information. 

## **Post balance sheet events** 

There have been no significant events affecting the Charity since the year end. 

## **Auditor** 

The auditor, Critchleys Audit LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. 

This report was approved by the board on and signed on its behalf. 

## **P Lindon** 

Trustee 

4 



**Lanier Theological Education Foundation** 

## **Independent Auditor's Report to the Trustees of Lanier Theological Education Foundation** 

## **Opinion** 

We have audited the financial statements of Lanier Theological Education Foundation (‘the charitable company’) for the year ended 31 December 2023 which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). 

In our opinion, the financial statements: 

- give a true and fair view of the state of the charitable company’s affairs as at 31 December 2023 and of its incoming resources and application of resources for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 

5 



## **Lanier Theological Education Foundation** 

## **Independent Auditor's Report to the Trustees of Lanier Theological Education Foundation (continued)** 

## **Other information** 

The other information comprises the information included in the annual report, including the trustees’ report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

## **Opinions on other matters prescribed by the Companies Act 2006** 

In our opinion, based on the work undertaken in the course of the audit: 

- the information given in the trustees’ report, which includes the directors’ report and the strategic report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the directors’ report and the strategic report included within the trustees’ report have been prepared in accordance with applicable legal requirements. 

## **Matters on which we are required to report by exception** 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report. 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 require(s) us to report to you if, in our opinion: 

- adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of trustees’ remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit 

## **Responsibilities of directors** 

As explained more fully in the trustees’ responsibilities statement [set out on page 1, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustees are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. 

6 



## **Lanier Theological Education Foundation** 

## **Independent Auditor's Report to the Trustees of Lanier Theological Education Foundation (continued)** 

## **Auditor's responsibilities for the audit of the financial statements** 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. 

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: 

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 

- we identified the laws and regulations applicable to the Charity through discussions with directors/trustees and other management, and from our commercial knowledge and experience 

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Charity, including Companies Act 2006, Charities Act 2011, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation; 

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and 

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

We assessed the susceptibility of the Charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; 

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and 

To address the risk of fraud through management bias and override of controls, we: 

- performed analytical procedures to identify any unusual or unexpected relationships; 

- tested journal entries to identify unusual transactions; 

- assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 3 were indicative of potential bias; 

- investigated the rationale behind significant or unusual transactions; and 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 

- agreeing financial statement disclosures to underlying supporting documentation; 

- reading the minutes of meetings of those charged with governance; 

- enquiring of management as to actual and potential litigation and claims; 

7 



## **Lanier Theological Education Foundation** 

## **Independent Auditor's Report to the Trustees of Lanier Theological Education Foundation (continued)** 

## **Auditor's responsibilities for the audit of the financial statements (continued)** 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any. 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. 

This description forms part of our auditor’s report. 

## **Use of our report** 

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed. 

**Robert Kirtland** (Senior Statutory Auditor) For and on behalf of Critchleys Audit LLP, Statutory Auditor Beaver House 23-38 Hythe Bridge Street Oxford OX1 2EP 

Date: 

8 



## **Lanier Theological Education Foundation** 

## **Statement of Financial Activities (combined income and expenditure account) For the Year Ended 31 December 2023** 

|**Unrestricted**<br>**Funds**<br>**Year ended**<br>**31 December**<br> <br>**2023**<br>**Note**<br>**£**<br>**Income**<br>Grants<br>4<br>**3,951,780**<br>Donations and<br>Legacies<br> <br>**17,460**<br>**Total income**<br> <br>**3,969,240**<br>Charitable<br>expenditure<br>5**(1,926,113)**<br>**Net income**<br> <br>**2,043,127**<br>**Net**<br>**movements**<br>**in funds**<br> <br>**2,043,127**<br>Funds at 1<br>January 2023<br>**118,550**<br>Net movement<br>in funds<br> **2,043,127**<br>**Funds at 31**<br>**December 2023**<br> <br>**2,161,677**|**Restricted**<br>**Funds**<br>**Year ended**<br>**31 December**<br> <br>**2023**<br>**£**<br> <br>**-**<br> <br>**-**<br>**-**<br> <br>**(177,287)**<br>**(177,287)**<br>**(177,287)**<br>**18,802,913**<br>**(177,287)**<br>**18,625,626**|**Total**<br>**Year ended**<br>**31 December**<br> <br>**2023**<br>**£**<br> <br>**3,951,780**<br> <br>**17,460**<br>**3,969,240**<br>**(2,103,400)**<br>**1,865,840**<br>**1,865,840**<br>**18,921,463**<br>**1,865,840**<br>**20,787,303**|**Unrestricted**<br>**Funds**<br>**Period from**<br>**30 July 2021**<br>**to**<br>**31 December**<br> <br>**2022**<br>**£**<br>818,784<br>737,934<br>1,556,718<br>(1,438,168)<br>118,550<br>118,550<br>-<br>118,550<br>118,550|**Restricted**<br>**Funds**<br>**Period from**<br>**30 July 2021**<br>**to**<br>**31 December**<br> <br>**2022**<br>**£**<br>18,825,408<br> <br>-<br> <br>18,825,408<br> <br>(22,495)<br> <br>18,802,913<br> <br>18,802,913<br> <br>-<br>18,802,913<br> <br>18,802,913|**Total**<br>**Period from**<br>**30 July 2021**<br>**to**<br>**31 December**<br>**2022**<br>**£**<br>19,644,192<br> <br>737,934<br>20,382,126<br>(1,460,663)<br>18,921,463<br>18,921,463<br> <br>-<br>18,921,463<br>18,921,463|
|---|---|---|---|---|---|



The notes on pages 12 to 21 form part of these financial statements. 

9 



## **Lanier Theological Education Foundation Registered number:1195607** 

## **Balance Sheet As at 31 December 2023** 

|**Note**<br>**Fixed assets**<br>Tangible assets<br>9<br>**Current assets**<br>Debtors<br>10<br>Cash at bank and in hand<br>11<br>**Current liabilities**<br>Creditors: amounts falling due within one<br>year<br>12<br>**Net current assets**<br>**Net assets**<br>**Capital and reserves**<br>Restricted funds<br>Unrestricted funds<br>**Total funds**|**1,388,694**<br>**920,454**<br>**2,309,148**<br>**(951,337)**|**2023**<br>**£**<br>**19,428,592**<br>**1,357,811**<br>**20,786,403**<br>**18,625,626**<br>**2,161,677**<br>**20,786,403**|95,872<br>5,357,359<br>5,453,231<br>(452,518)|**2022**<br>**£**<br>13,920,750<br>5,000,713|
|---|---|---|---|---|
|||||18,921,463|
|||||18,802,913<br>118,550|
|||||18,921,463|



The financial statements were approved and authorised for issue by the board and were signed on its behalf on 

## **P Lindon** Trustee 

The notes on pages 12 to 21 form part of these financial statements. 

10 



## **Lanier Theological Education Foundation** 

## **Statement of Cash Flows For the Year Ended 31 December 2023** 

|**Cash flows from operating activities**<br>Net movement in funds<br>**Adjustments for:**<br>Depreciation of tangible assets<br>Increase in debtors<br>Increase in creditors<br>**Net cash provided by operating activities**<br>**Cash flows from investing activities**<br>Purchase of tangible assets<br>**Net cash used in investing activities**<br>**Net (decrease)/increase in cash and cash equivalents**<br>Cash and cash equivalents at beginning of year<br>**Cash and cash equivalents at the end of year**<br>**Cash and cash equivalents at the end of year comprise:**<br>Cash at bank and in hand|**2023**<br>**£**<br>**1,864,940**<br>**190,439**<br>**(1,277,526)**<br>**483,523**<br>**1,261,376**<br>**(5,698,281)**<br>**(5,698,281)**<br>**(4,436,905)**<br>**5,357,359**<br>**920,454**<br>**920,454**|**2022**<br>**£**<br>18,921,463<br>3,155<br>(95,872)<br>452,518<br>19,281,264<br>(13,923,905)<br>(13,923,905)<br>5,357,359<br>-<br>5,357,359<br>5,357,359|
|---|---|---|



The notes on pages 12 to 21  form part of these financial statements. 

11 



## **Lanier Theological Education Foundation** 

## **Notes to the Financial Statements For the Year Ended 31 December 2023** 

## **1. General information** 

Lanier Theological Education Foundation is an incorporated Charity limited by guarantee which is incorporated in England and Wales. The registered company number is 13541047 and the principal office address is Yarnton Manor Church Lane, Yarnton, Oxford, OX5 1PY. 

## **2. Accounting policies** 

## **2.1 Basis of preparation of financial statements** 

The financial statements are prepared under the historical cost convention and in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019) – (Charities SORP (FRS102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102), the Charities and the Companies Act 2006. 

The financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £1. 

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Charity's accounting policies (see note 3). 

The following principal accounting policies have been applied: 

## **2.2 Going concern** 

At the time of approving the accounts, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The trustees believe that it is appropriate to prepare the accounts on a going concern basis. 

## **2.3 Foreign currency translation** 

## **Functional and presentation currency** 

The Charity's functional and presentational currency is GBP. 

## **Transactions and balances** 

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. 

At each period end foreign currency monetary items are translated using the closing rate. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. 

## **2.4 Income** 

Income is recognised in the Statement of Financial Activities when the Charity is legally entitled to the income, it is probable that the income will be received and the amount can be quantified with reasonable accuracy 

12 



## **Lanier Theological Education Foundation** 

## **Notes to the Financial Statements For the Year Ended 31 December 2023** 

## **2. Accounting policies (continued)** 

## **2.5 Expenditure** 

All expenditure is accounted for on an accruals basis and has been classified under heading that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources. 

Governance costs are those incurred in connection with Governance of the Charity and compliance with constitutional and statutory requirements. 

Redundancy costs are recognised as an expense in the Statement of Financial Activities and a liability on the Balance Sheet immediately at the point the foundation is demonstrably committed to either: terminate the employment of an employee or group of employees before normal retirement date; or provide termination benefits as a result of an offer made in order to encourage voluntary redundancy. The Foundation is considered to be demonstrably committed only when it has a detailed formal plan for the termination and is without realistic possibility of withdrawal from the plan. 

## **2.6 Pensions** 

Pension contributions are paid into personal pension schemes on the advice of independent financial advisors. Pension costs are charged to the Statement of Financial Activities account on an accruals basis. 

## **2.7 Tangible fixed assets** 

Fixed assets are stated at cost less accumulated depreciation. Fixed assets with a cost below £1,000 are not capitalised. 

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. 

Depreciation is provided on the following basis: 

|Freehold Land and Buildings|- Straight line over 50 years|
|---|---|
|Improvements|- Straight line over 50 years|
|Fibre optic|- Straight line over 25 years|
|Plant and machinery|- Straight line over 3 years|
|Motor vehicles|- Straight line over 4 years|
|Network infrastructure|- Straight line over 10 years|
|Fixtures and Fittings|- Straight line over 4 years|
|Computer equipment|- Straight line over 3 years|
|Firewall/Security/Wifi|- Straight line over 5 years|



## **2.8 Debtors** 

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. 

13 



**Lanier Theological Education Foundation** 

## **Notes to the Financial Statements For the Year Ended 31 December 2023** 

## **2. Accounting policies (continued)** 

## **2.9 Cash and cash equivalents** 

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. 

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Charity's cash management. 

## **2.10 Creditors** 

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. 

## **2.11 Financial instruments** 

The Charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 

## **3. Judgements in applying accounting policies and key sources of estimation uncertainty** 

In the application of the charitable company's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the year of the revision and future periods if the revision affects both current and future periods. 

There were no judgement or material estimation uncertainties affecting the reported financial performance in the current year. 

14 



## **Lanier Theological Education Foundation** 

## **Notes to the Financial Statements For the Year Ended 31 December 2023** 

## **4. Grants receivable** 

|**Unrestricted**<br>**Funds**<br>**Year ended**<br>**31**<br>**December**<br>**2023**<br>**£**<br>**Lanier**<br>**Theological**<br>**Library**<br>**Foundation**<br>**Grants**<br>Purchase of the<br>Manor<br>**-**<br>Refurbishments<br>and operations<br>**3,951,780**<br>**3,951,780**|**Restricted**<br>**Funds**<br>**Year ended**<br>**31**<br>**December**<br>**2023**<br>**£**<br>**-**<br>**-**<br>**-**|**Total**<br>**Year ended**<br>**31**<br>**December**<br>**2023**<br>**Unrestricted**<br>**Funds**<br>**Period from**<br>**30 July 2021**<br>**to 31**<br>**December**<br>**2022**<br>**Restricted**<br>**Funds**<br>**Period from**<br>**30 July 2021**<br>**to 31**<br>**December**<br>**2022**<br>**Total**<br>**Period from**<br>**30 July 2021**<br>**to 31**<br>**December**<br>**2022**<br>**£**<br>**£**<br>**£**<br>**£**<br>**-**<br>**-**<br>**9,000,000**<br>**9,000,000**<br>**3,951,780**<br>**818,784**<br>**9,825,408**<br>**10,644,192**<br>**3,951,780**<br>**818,784**<br>**18,825,408**<br>**19,644,192**|**Total**<br>**Year ended**<br>**31**<br>**December**<br>**2023**<br>**Unrestricted**<br>**Funds**<br>**Period from**<br>**30 July 2021**<br>**to 31**<br>**December**<br>**2022**<br>**Restricted**<br>**Funds**<br>**Period from**<br>**30 July 2021**<br>**to 31**<br>**December**<br>**2022**<br>**Total**<br>**Period from**<br>**30 July 2021**<br>**to 31**<br>**December**<br>**2022**<br>**£**<br>**£**<br>**£**<br>**£**<br>**-**<br>**-**<br>**9,000,000**<br>**9,000,000**<br>**3,951,780**<br>**818,784**<br>**9,825,408**<br>**10,644,192**<br>**3,951,780**<br>**818,784**<br>**18,825,408**<br>**19,644,192**|
|---|---|---|---|
||||**19,644,192**|



## **5. Charitable expenditure** 

|Staff costs (note 7)<br>Legal fees<br>Consultancy<br>Facilities<br>Exchange rate differences<br>Travel and entertainment<br>Donations<br>Other<br>Audit fees<br>Accounts preparation<br>Outsourcing and other advice|**Charitable**<br>**Expenses**<br>**£**<br>**293,138**<br>**99,469**<br>**1,200**<br>**1,336,770**<br>**12,135**<br>**9,740**<br>**151,500**<br>**21,634**<br>**-**<br>**-**<br>**-**<br>**1,925,586**|**Governance**<br>**Costs**<br>**£**<br>**-**<br>**40,851**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**11,700**<br>**8,979**<br>**-**<br>**61,530**|**Support**<br>**Costs**<br>**£**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**117,184**<br>**117,184**|**Total**<br>**£**<br>**293,138**<br>**140,320**<br>**1,200**<br>**1,336,770**<br>**12,135**<br>**9,740**<br>**151,500**<br>**21,634**<br>**11,700**<br>**8,979**<br>**117,184**|
|---|---|---|---|---|
|||||**2,104,300**|



15 



## **Lanier Theological Education Foundation** 

## **Notes to the Financial Statements For the Year Ended 31 December 2023** 

The below table relates for the period ended 31 December 2022: 

|Staff costs (note 7)<br>Legal fees<br>Consultancy<br>Facilities<br>Exchange rate differences<br>Travel and entertainment<br>Donations<br>Other<br>Audit fees<br>Accounts preparation<br>Outsourcing and other advice|**Charitable**<br>**Expenses**<br>**£**<br>203,136<br>131,990<br>9,058<br>693,435<br>(127,305)<br>27,704<br>146,291<br>26,842<br>-<br>-<br>-<br>1,111,151|**Governance**<br>**Costs**<br>**£**<br>-<br>155,328<br>-<br>-<br>-<br>-<br>-<br>-<br>9,000<br>5,000<br>-<br>169,328|**Support**<br>**Costs**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>180,184<br>180,184|**Total**<br>**£**<br>203,136<br>287,318<br>9,058<br>693,435<br>(127,305)<br>27,704<br>146,291<br>26,842<br>9,000<br>5,000<br>180,184|
|---|---|---|---|---|
|||||1,460,663|



## **6. Auditor's remuneration** 

During the year, the Charity obtained the following services from the Charity's auditor: 

|||**Period from 30**|
|---|---|---|
||**Year ended**|**July 2021 to**|
||**31 December**|**31 December**|
||**2023**|**2022**|
||**£**|**£**|
|Fees payable (including VAT) to the Charity's auditor and its associates|||
|for the audit of the Charity's annual financial statements|**11,700**|10,800|



16 



**Lanier Theological Education Foundation** 

## **Notes to the Financial Statements For the Year Ended 31 December 2023** 

## **7. Employees** 

|Wages and salaries<br>Social security costs<br>Cost of defined contribution scheme|**Year ended**<br>**31 December**<br>**2023**<br>**£**<br>**276,730**<br>**10,230**<br>**4,866**<br>**291,826**|**Period from 30**<br>**July 2021 to**<br>**31 December**<br>**2022**<br>**£**<br>188,810<br>6,249<br>5,112|
|---|---|---|
|||200,171|



The average monthly number of employees during the year was 5 (period ended 31 December 2022 - 4). 

No trustees were paid within wages and salaries in the period. The key management personnel in the year were David Fleming and Beverley Fleming, employees of the foundation. The key management personnel total remuneration for the year totalled £111,146 (period ended 31 December 2022 - £53,553). 

One person was paid between £60,000 - £70,000 in the year (period ended 31 December 2022 - nil). 

In the year ended 31 December 2023, a £30,000 redundancy payment has been paid, which is included in the wages & salaries figure above and measured in accordance with accounting policy 2.5. There were no amounts in respect of this transaction still owed at the year end. There were no redundancy payments made in the prior period. 

## **8. Taxation** 

The Charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 

17 



## **Lanier Theological Education Foundation** 

## **Notes to the Financial Statements For the Year Ended 31 December 2023** 

## **9. Tangible fixed assets** 

|**Cost or valuation**<br>At 1 January 2023<br>Additions<br>At 31 December 2023<br>**Depreciation**<br>At 1 January 2023<br>Charge for the year<br>At 31 December 2023<br>**Net book value**<br>At 31 December 2023<br>At 31 December 2022|**Freehold**<br>**Land and**<br>**Buildings Improvements**<br>**£**<br>**£**<br>**9,700,065**<br>**4,183,911**<br>**-**<br>**5,072,085**<br>**9,700,065**<br>**9,255,996**<br>**-**<br>**-**<br>**70,538**<br>**67,637**<br>**70,538**<br>**67,637**<br>**9,629,527**<br>**9,188,359**<br>9,700,065<br>4,183,911|**Plant and**<br>**machinery**<br>**£**<br>**13,536**<br>**-**<br>**13,536**<br>**2,581**<br>**4,512**<br>**7,093**<br>**6,443**<br>10,955|**Fixtures**<br>**and**<br>**Fittings**<br>**£**<br>**25,016**<br>**336,473**<br>**361,489**<br>**-**<br>**35,017**<br>**35,017**<br>**326,472**<br>25,016|**Computer**<br>**equipment**<br>**£**<br>**1,377**<br>**921**<br>**2,298**<br>**574**<br>**689**<br>**1,263**<br>**1,035**<br>803|**Fibre**<br>**optic**<br>**£**<br>**-**<br>**38,822**<br>**38,822**<br>**-**<br>**342**<br>**342**<br>**38,480**<br>-|**Motor**<br>**vehicles**<br>**£**<br>**-**<br>**29,808**<br>**29,808**<br>**-**<br>**3,726**<br>**3,726**<br>**26,082**<br>-|**Network**<br>**infrastructure**<br>**£**<br>**-**<br>**99,739**<br>**99,739**<br>**-**<br>**2,254**<br>**2,254**<br>**97,485**<br>-|**Firewall/**<br>**Security/**<br>**Wifi**<br>**£**<br>**-**<br>**120,433**<br>**120,433**<br>**-**<br>**5,724**<br>**5,724**<br>**114,709**<br>-|**Total**<br>**£**<br>**13,923,905**<br>**5,698,281**|
|---|---|---|---|---|---|---|---|---|---|
||||||||||**19,622,186**|
||||||||||**3,155**<br>**190,439**|
||||||||||**193,594**|
||||||||||**19,428,592**|
||||||||||13,920,750|



18 



## **Lanier Theological Education Foundation** 

## **Notes to the Financial Statements For the Year Ended 31 December 2023** 

## **9. Tangible fixed assets (continued)** 

The net book value of land and buildings may be further analysed as follows: 

|Freehold Land and Buildings<br>Improvements|**2023**<br>**£**<br>**9,629,527**<br>**9,188,359**<br>**18,817,886**|**2022**<br>**£**<br>9,700,065<br>4,183,911|
|---|---|---|
|||13,883,976|



## **10. Debtors: amounts falling due within one year** 

|Amounts owed by group undertakings<br>Other debtors<br>Prepayments and accrued income|**2023**<br>**£**<br>**2,946**<br>**10,856**<br>**1,374,892**<br>**1,388,694**|**2022**<br>**£**<br>-<br>-<br>95,872|
|---|---|---|
|||95,872|



Amounts owed by group undertakings are unsecured, repayable on demand and interest free. 

## **11. Cash and cash equivalents** 

||**2023**|**2022**|
|---|---|---|
||**£**|**£**|
|Cash at bank and in hand|**920,454**|5,357,359|



## **12. Creditors: amounts falling due within one year** 

|Trade creditors<br>Other taxation and social security<br>Other creditors<br>Accruals|**2023**<br>**£**<br>**834,062**<br>**13,479**<br>**186**<br>**103,610**<br>**951,337**|**2022**<br>**£**<br>18,694<br>7,597<br>69<br>426,158|
|---|---|---|
|||452,518|



19 



**Lanier Theological Education Foundation** 

## **Notes to the Financial Statements For the Year Ended 31 December 2023** 

## **13. Statement of funds** 

|Unrestricted funds<br>Restricted funds|**Balance at**<br>**1 January**<br>**2023**<br>**£**<br>**118,550**<br>**18,802,913**<br>**18,921,463**|**Income **<br>**£**<br>**3,969,240**<br>**-**<br>**3,969,240**|**Expenditure**<br>**£**<br>**(1,926,113)**<br>**(177,287)**<br>**(2,103,400)**|**Balance at**<br>**31 December**<br>**2023**<br>**£**<br>**2,161,677**<br>**18,625,626**|
|---|---|---|---|---|
|||||**20,787,303**|



The restricted funds relate to aiding to further the purpose of the of establishment and maintenance of a theological library. 

|**Balance at**<br>**30 July 2021**<br>**£**<br>Unrestricted funds<br>-<br>Restricted funds<br>-<br>-|**Income **<br>**£**<br>1,556,718<br>18,825,408<br>20,382,126|**Expenditure**<br>**£**<br>(1,438,168)<br>(22,495)<br>(1,460,663)|**Balance at**<br>**31 December**<br>**2022**<br>**£**<br>118,550<br>18,802,913|
|---|---|---|---|
||||18,921,463|



## **14. Analysis of net assets between funds** 

|Net current assets<br>Tangible fixed assets|**At 1**<br>**January**<br>**2023 Unrestricted**<br>**£**<br>**£**<br>**5,000,713**<br>**1,358,711**<br>**13,920,750**<br>**802,966**<br>**18,921,463**<br>**2,161,677**|**Restricted**<br>**£**<br>**-**<br>**18,625,626**<br>**18,625,626**|**At 31**<br>**December**<br>**2023**<br>**£**<br>**1,358,711**<br>**19,428,592**<br>**20,787,303**|
|---|---|---|---|



20 



## **Lanier Theological Education Foundation** 

## **Notes to the Financial Statements For the Year Ended 31 December 2023** 

## **14. Analysis of net assets between funds (continued)** 

|Net current assets<br>Tangible fixed assets|**At 30 July**<br>**2021 Unrestricted**<br>**£**<br>**£**<br>**-**<br>**118,550**<br>**-**<br>**-**<br>**-**<br>**118,550**|**Restricted**<br>**£**<br>**4,882,163**<br>**13,920,750**<br>**18,802,913**|**At 31**<br>**December**<br>**2022**<br>**£**<br>**5,000,713**<br>**13,920,750**|
|---|---|---|---|
||||**18,921,463**|



## **15. Commitments under operating leases** 

The Charity leases out the land at Yarton Manor under a non-cancellable operating lease for the following future minimum lease payments. There are no contingent rents. 

|Not later than 1 year<br>Later than 1 year and not later than 5 years|**2023**<br>**£**<br>**3,028**<br>**-**<br>**3,028**|**2022**<br>**£**<br>3,028<br>3,028|
|---|---|---|
|||6,056|



## **16. Related party transactions** 

During the year, the foundation received grants and donations in total of £3,951,780 (period ended 31 December 2022 - £20,382,126) from Lanier Theological Library Foundation; a charity based in Texas where B Lanier is a common trustee (see note 4). 

21