LICC LIMITED (A COMPANY LIMITED BY GUARANTEE) REPORT AND ACCOUNTS st FOR THE YEAR ENDED 31 MARCH 2024 COMPANY NO: 01680265 REGISTERED CHARITY NO: 286102
CONTENTS Page Annual Report 1-12 Independent Auditor5, Report 13-16 Statement of Financial Activlties 17 Balance Sheet 18 Statement of Cash Flows 19 Notes to the Accounts 20-32
UCC UMITED THE LONDON INSTITUTE FOR CONTEMPORARY CHRISTIANITY REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31" MARCH 2024 The trustees present thelr annual report and flnanclal review for the year ended 31st March 2024. The accounts comply with statutory requirements and with the requirements of the charity's governlng document. Structurefv governance, and management Statusi Kovernlng document. and constltutlon LICC Llmlted is a registered charV (number 2861021. The legal status of the charity is a company limited by guarantee, without a share capital. Its company number is 01680265. The liability of member5 of the ompany Is Ilmlted to £1 each. The charltyls also known as The London Instltute forcontemporary Chrlstlanw ILICCI. The 8ovemlng documents of the company are its memorandum and artides of association. LICC is adminlstered bya Board ofTrusteeswho are the membersènddirectors ofthe company.The Board meets regularly in the mannerprescribed in the articles of association. The Board rotation policy requirestW5tees to retire after foLrr years after which they are eligible for re-election for a further four years. The Board of Trustees is authorised to appoint new members to Its number. There is an Inductlon programme for new members, whlch Includes meetingthe senior managementteam,training on good corporate gOVernaTh and ensuring a clear understanding of their roles and responsibilities. The trustees do not receive remuneration or derwe any other personal benefit from the activities of the Charity. Board of Trustees The Board of Trustees listed below have continued to seNefrom IApril 2023 to the date of thls report unkss Stated otherwise: Alasdair Christopher Gillies Alexandra Uoyd Davies Jessica Lacey John Ibbett. Julia Sloan Keith Wllson Olivia Harris Paul Valler Slmon Abrams Vlctorla Lawren Vanessa Wilson ITrea5urer, appointed 26 September 2023 (Appointed 5 December 20231 (Treasurer, resigned 26 September 20231 {Chairl Member of the Finan and Operations Committee durSng the year Memberof the People Committee during the year LICC Umlted Page I
LICC UMITED THE LONDON INSTITUTE FOR CONTEMPORARY CHRISTIANITY REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31" MARCH 2024 Organisation and management The Board of Trustees is responsible forthe 5trategicdirection of the charityand agreesthe annual objetteS and budgetwlth the senior management, whoare responslble fortheday-t&daymanagement of the charity. The Board usually meets formally four times a year, includlng a 24 hour long retreat. An update on achievement against objectwes Is provided at each meeting of the trustees. A 'related parties, register Is maintained and the Board has adopted a conflicts of Interests policy which is referred to at every Board meeting. The Board has two committees which usually also meet four times a year and review 5pecifl aspects of the charlty's policy and operations In more detail: these are the Flnance and Operations Committee and the People Committee, both are advisoryand Make recommendationstothe Board. Other committees may be formed as and when required. Senior management The senior management personnel of LICC are a150 those normally in attendance at Board meetings.. Paul Woolley ICEO}, Davld Leeds ICOOI. Erln Winfield (up to 3 October20231, and Rowena 8iddlecombe (Direthr of Finance and Fundralsingl. These named individuals formed the senior management team during the reporting period, but due to changes in the scope of some roles, and for ease of referen, theircurrentjob titles have been used. LICC is led by an Executive Team and a Strategic Leadership Team. The Executive Team is responslble for everyday operational issues such as f inan, HR, logistics, and administration, and the Strateglc Leadersh Team is responsible for the design and delwery of organisational strategy. Reglstered offlce and prlntlpal address St. Peterfs Church, Vere Street, London, WIG ODQ Company secretary Rowena Blddletombe Bankers HSBC Plc, 90 Bakerstreet, London, WIU 6AX CAF Bank Ltd. 25 Kings Hlll Ave. Kings Hill, West Malling, Kent, ME19 4JQ Audltors Knox Cropper LLP, 65 Leadenhall Street, London EC3A 2AD Legal advisor Keelys Solicitors, 28 Dam Street, Llchfield, Staffordshire, WS13 6AA Support of volunteers LICC is extremely grateful for the support we receive f rom a number of volunteers, including trustees, wlthout whose help we would not be able to operate. UCC Limited Page 2
LICC UMITED ThE LONDON INSTITUTE FOR CONTEMPORARY CHRISTIANITY REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31" MARCH 2024 Purpose and objectives LICC was established for: lal the advancement of the Chrlstian religlon, In partlcular by Instructlon In the Christlan faith, life, and mission and thelr appllcation to lrfe In the contemporary world,. and Ibl the advancement of the education of adults and young people In the fields of sociology* social sciences, polltlcs and economics with particular reference to the impact of the Christian faith on such matters, LICC is committed to the fundamental truth5 of historic, biblical Christianity. Trustees are required to signify their acceptance of LICCS doctrinal basis, which is based on these truths. In furtherance of its aims, and working with individuals, churche5 and denomlnatlons, LICC undertakes speaking engagements, runs courses, workshops and events, offers consultancy, produces and distributes books, podcasts, vldeos and other resources, conducts research, and communlcates through its website. social media, email and postal malllngs and magazines, seeking to be a thought leader and influencer. Public benefit The Board of Trustees has considered the Charlty Commission's guidan on publlc benefit and, in particular, the speciflc guldance on the advancement of religion, and believe that LICC fulfi15 the requirement5 in a number of ways. LICC'S primary beneficiarie5 are those who engage wlth our content and tralnlng, but our impact extends intentlonally beyond our direct beneficiaries to the wider public. In our cent impact survey, 84% of respondent5 said LICC has helped them become more fruirful on their frontline. Our first Impact Report was published in September 2023 and hlghlighted examples of the difference LICC makes to society through the lives of ordinary Christlans. Christlans are called to seNe others, whether they are Christians or not. and work for the wellbeSng of the communities and organisations of which theyare a part. A key framework we use to help Christians be fruitfijl In their everyday contexts is the 6Ms: Modelllng godly chararter: Being bearers of the fruit of the Holy Spirit.. love, joy, peace, patience, kindness, goodness, faithfulness, gentleness. and self-control. Displaying self-control by keeping a cool head when a colleague Is provoklng you,. promoting peace by mediatlng an argument between two buslnesses,. bringing joy by encouraging those around you. Makin88ood work: Everythlng we do Is to and for theglory ofGod. We can do everything-the fun, the interesting, the big, the small, the mundane, and the just plain borin8- for the love of God and the servlce of others. LICC Limited Page 3
LICC LIMITED THE LONDON INSTITUTE FOR CONTEMPORARY CHRISTIANITY REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Ministering grace and love.. This could be as simple as a timely cup of coffee, or tsking ten minutes out to talk stuff over with someone who is struggling. Moulding culture.. Thi5 mean5 making small changes that help 'the way we do thin8s' become more Christlike. Belng a Mouthplece fortruth and Justlce.. Big or small, bein8 a mouthplece for truth and Justice looks like standing up- often at personal cost-to promote good, fair, and just practices. Belng a Messenger of the gospel: This means having an intentionality, a desire to talk about Jesus with those around us, In a way that brings life and is good news. Activitie5 and achievements during the year LICC 2022-27 Strategy lic¢. Vl•lon To world vnsftymfjd forthv 9bryofGod through thg hpa¢lvFwhoIe-Ifediicl&¥QI JowJS Purpose To mo¥ementthol ¢nvlsloM Bnd •mpr>w•ri Chrlxti¥nx to Mvg v$ diK1pS of J48u3 in thaireverydoyliyog Audi•ncè chris1$, Approo¢h To lkn Ilothè BrO.the ehurch. and cuMuro1. 60Ne (the gblh•red church Ond Inddull chri1tn, ènd pirtnllr{wilh olhgrn In tho c4Usal Iocuson those a9od 1È-35 StrAt•g1¢ Prlorlt Aud8¢lOu8 Goal Embbdwhrdé-lil toi••howthDlr •v•ryrroft1hft Eng•o•a mllli•nChrlrtl#thi rThitt•rtoQtyJ,w q1•y¢hUWh %¥hhthpyl¥ion olwh0l•-1e 4Mm l¢r dlidpl••klp by20 und•T•lindtr t¢•9ppl kn¢h•8ib,l1 whol¢-lrfè *etk•1 T51v5cUr1 In 2023-24, the second year of Implementing our five-year strategy, the focus has been on the development of new content, distribution channels, and strateglc partnerships to scale our work and extend our Impact and effectiveness. We have attended to our organisational culture, value5, and the growth of our supporter base. The results of staff surveys indicate continued high, and increasing, levels of staff engagement and an excellent organisational culture. Our organisational value5 are wisdom, authenticity, creativity, generosity, and excellence. We asplre to embody and exhibit these values in all we do, as we join in God's mission to cultivate whole-life disciples gf Jesus. We have continued to work with Eido research to develop and Improve our impact and effectiveness framework, and we were encouraged by over 600 respondents to the latest survey. LICC Limited Page 4
UCC LIMITED THE LONDON INSTITUTE FOR CONTEMPORARY CHRISTIANITY REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31" MARCH 2024 Key emphases In 2023-2024 In addltion to developlng new content, including Vltal Signs. we reached new audiences through events such as those wlth Tom Holland and Justin Brierleyi and Pete Greig, and through strate8lc partnerships such as those with the Everything Conference and the Redeemed Christlan Church of God IRCCGI. The Vision tour also continued to engage new and existing audiences. In the digltal space, we increased our offering and engagement on our own platforms, including Instagram and YouTube, and third-party platforms, such as RightNow Medla, Youversion and Premier. We launched two podcast series IThank God it's Monday and The Whole Life Podca5t} which secured audlence figures in the top IO% of all podcasts. The vision and strategy for ChristSans at work were reviewed and refreshed under the leadership of David Walker, and, internally, we reviewed our malling and events strategy to increase Impact and effectiveness. We also secured new income streams, which we aim to grow in the coming year. LICC Strategic Outcomes Framework Overall, we have seen good prog$5 towards our ambitiOUS targets across our strategic priorities. Some key highlight5 from our impact suNey are below. Strategic prlorlty I: Frontllnes. Insplre Chrlstlans to see how thelr Èveryday frontllnes matter to God, and equip them for frultfulness there OUTCOME5 Reported LICC Impact Chrlstian respondents demonstrate a clear vlslon for whole-llfe dlsclpleship on thelr frontllne 84% say LICC has Increased thelr motlvatlon to Ilve out their faith on their frohtllne In the past 12 months Chrlstlan respondents demonstrate a hlgh level of fruitfulnLWS on their frontline 73% say LICC has helped them become more frulttul In the past 12 months Examples of slgnlficant activltles In this space include: Embarking on a si8nificant partnershlp with RlghtNow Medla, a vldeo streaming and content producer to reath new churches in the UK and across the world. 'Doe5 God Care About My Work,, the first series produced in partnership with RightNow MedSa, has been completed and due to launch in the coming weeks. Thls unpacks the various ways In whlch our work Join5 in with the mi551on of God. Relaunching LICC'S Instagram channel in September 2023, with 60-second reels from Christians living fruitfully and faithfully wlth Jesus in their everyday life- from footballers to singer- 50ngwriters, dietlcians. nursery nurses and recruitment consultants. We've since seen an increase In engagement with 128% more accounts reached and 214% more accounts engaged. LICC Llmlted Page 5
LICC UMITED THE LONDON INSTITUTE FOR CONTEMPORARY CHRISTIANITY REPORT OF THE BOARD OF TRUSTEES ST FOR THE YEAR ENDED 31 MARCH 2024 Releasing the first slx-episode season of Mark Greene's podcast Thank God It's Monday featuring conversations with Christians in entry-level and Senior roles acro55 different sectors, exploring how they put their falth Into action at work. The Series insplre5 listeners to spot how they're making a difference through their own job and has built an audience of over 600 engaged listeners since launchlng, with an estimated 50% of listeners aged 18-35. Strateglc prforlty 2: Church. Embed who1life dlsclplemaking In the Ilfe of the gathered church OUTCOMES Reported LICC Impart Church leader respondents demonstrate a clear vlslon for whole-life dlsclplemaklng in their church 68% say they have increased the Importance they place on whole-llfe disclplemaklng In the last 12 months thanks to LICC Church leader respondents demonstrate clear behavlours of bulldlng whole-1Sfe dlsdples wtthin thelr church 66% Say they have done more to build whole-life di5ciple5 in their chuich In the last 12 months thanks to LICC Exarnple5 of SiBniflcant activities In thls space include: Vital Signs, a new resource to help leaders embed whole-life disciplemaking into the Ilfe of their churches is complete and ready to launch In May. The project Includes a book. an online diagnostic tool for leaders and their teams. 'next steps, videos, and further online content. Strategic partnershlp with the Redeemed Christlan Church of God IRCCGI. In April 2024, we took the LICC stand to their Europe Continent Ordained Ministers, Conference which Eathers over 2,500 RCCG leaders for an annual splritual retreat. Ken Benjamin spoke at the conference. and we are exploring how LICC can work more strategically with RCCG to develop and support their faith and work stream. The vislon tour. In addition to the evening vision events, the ongoing tour of cltie5 acr05S the UK has included church leader breakfasts and lunches, and preaching engagements, enabling us to engage with new audiences. Strategic prlorlty 3: Culture. Help individuals understand culturei grapple wlth complex Issues, and Ilve wisely in our tlme OUTCOMES Reported LICC Impact Chrlstian respondents demonstrate clear confidence In engagin8 Wlth and responding wlsely to Complex 155ues In contemporary culture 73% say LICC has Increased thelr confidence In th15 area in the past 12 n)onths LICC Llmlted Page 6
UCC UMITED THE LONDON INSTITUTE FOR CONTEMPORARY CHRISTIANITY REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31" MARCH 2024 Examples of Significant artlvltles In thls space include: The Whole Life Podcast. Connectlng the Chrlstlan story with all of Ilfe. Paul Woolley and Grace Fieldin8 have been joined by well-known experts over 12 eplsodes to discuss tOPiC5 such as Al, politics, comedy, the imagination, and beauty and Justlce. The Whole Life Podcast is already in the top IO% of podcasts on iTunes. In March, we hosted a live podcast retordlng at Westmlnster Chapel with author Justin Brierley and hlstorlan Tom Holland. Over 500 people came to hear how people are Elvlng belief in God a second look as we explored Justin's book, The Surprising Rebirth of Belief in God. Relmaglne. In January 2024. we Corded a 13-part series of 30-minute programme5 which have been broadcast twice by TWR, exploring a process of better understandin& engaging, and changing the culture of our everyday places where we're called to follow Jesus. We are in the proce55 of developing our Reimagine course as a 5-session small group resource to help participants see God at work In all of their lives - and how they might join In what he's already dolng around them. Each sesslon has a video, reflectlon on Scripture. and teaches people a splrltual practice to form and SU5taln them as a disciple In their particular time and place. The resource is currently In the plloting stage, and we hope to release it In Q4 2024. Strate8lc prlorlty 4.. Blble. Grow confidence In the Blble, Its whole-llfe relevance, and It5 practlcal application OUTCOMES Reported LICC Impact Chrlstian respondents demonstrate a clear confldence In the Blble, its whole-life relevance, and Its practlcal application 83% say LICC has helped them see the relevance of the Blble to their life and practically apply It In the past 12 months Examples of significant actlvitle5 In this space Include: Devotlonal Journeys. Our Advent and Lent devotlonal Journeys IThe Whole Christmos Story and On Purposel helped a total of over 30,000 people read the Bible with a whole-life lens and respond to God's Invitation to walk with him in the everyday moments of each season. Extraordlnary Iformerly known a5 Biblical Frontlinersl. These films exploring Bible characters who had a particular'frontline impact,, presented by Mark Greene, Tim Yearsley, and Ennette Lainchbury, were alred on prime-time slots on GodTV and are available on demand. At the end of April, we released the episodes on our own channels, alongside a discussion guide for those wanting to dive deeper into each video. LICC Llmlted Page 7
UCC LIMITED THE LONDON INSTITUTE FOR CONTEMPORARY CHRISTIANITY REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024 Objectlves for 2024-25 Our third year of strategy implementation will be key in Seeing an acceleration towards the scaling of our work and achievement of our targets.. l. Increasln8 our ft)cus on our strategic 18-35-year-old mission audience and the content required to engage them le.g. including the launch of 'Un5cripted.' honest questions aboijt culture, faith, and everything in-between, on YouTube. a redesign of Frultfulness on the Frontline). 2. Focusing on the implementation of the work strategy to support strategic priority one lfrontllnesl under the leadership of David Walker. 3. Identlfylng major partnership opportunitles that wlll enable us to scale and accelerate our impact. 4. Continuing to priorit15e the reach and Impact of our content through digital media. 5. Maximising the reach and impact of Vital Signs, a new resource designed to help embed whole-life disciplemaking into the Ilfe and culture of churches. Below are the specific initiatives to support the progress of our strateglc prlorltles. Some activities support more than one goal.
strateglc priority I: Frontlines. Inspire Chrlstians to see how their everyday frontllnes matter to God and equip them for fruitfulness there. Implement a new work strategy, under the leadership of David Walker, fresh existing assets, and develop new ones to See every ChristSan confident in their calling and equipped for fruitfulness in thelr workplace. Continue to grow profile and engagement through Our presence at festivals and through the LICC Vision tour. Undertake due diligence for a major new partnership and maximise synergies Wlth LICC'5 current offering to extend strategic audience reach and impact. strdteglc prlorlty 2: ChUh. Embed whole-life disciplernaking in the life of the gathered church. Successfully launch Vital Signs, our new resource. which includes an online diagn05tic tool, a book. and a series of videos, and helps leaders embed whole-life dlsciple maklng into the life of their churches. Develop our relationshlp with Integrity music and artists through the 'Boundless: songs for the scattered church, songwriting camp and beyond. Develop strategit partnerships with larger thurches li.e. over 5001, and other networks and colleges trainlng church leaders. Strategic priority 3: Culture. Help individuals understand their culture* grapple with complex issues, and live wisely in our time. Develop LICCS podcast offerinB and grow audlence reach. Continue staling our current offer to reach new audiences le.8. through the production and launch of the Reimagine small group resourcel. LICC Llmlted Page 8
UCC LIMITED THE LONDON INSTITUTE FOR CONTEMPORARY CHRISTIANITY REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024
Strate8lc prlorlty 4: Blble. Grow confldence In the Bible, its whole-life relevance, and practKal application. Complete and market a major new resource in partnershlp with another organisatk)n to maximlse engagement. Continue to offer world-dass content (written. audlo-vlsual, and In person} to help peop read the Bible through whole-lrfe eyes. Financial review The deficit for the year after unrealised losses on investments was £327,52512023'. deficit of £42,386). A deflcit budget for 2023-24 had been approved in order to invest our reseNes In increasing our reach and impact. Notwithstandlngthis, the end result was a larger deficit than budgeted which was mainly due to the timing of a slgnificant donation. Additionalty. the eeonomlc environment, the closure of some famity trust f unds that have historically supported vs and the absence of a Dittor of Fundraising for half of the year have all contrlbuted to a challenging financial tontext. However, despite thls, we celebrate the fatt that, by the grace of God, we remain In a healthy flnancial position. Total incoming resources forthe year were £1,695,04712023: £2,048,789). Although thls is a decrease from the outstanding 2022-23 result, it still represents a 17% Increase compared to 2021-22. During the year expenditure rose by 1.7% to £2.021,633 from £1,987,147. Overall investments were largely unchanged with an unrealised loss of £93912023: £104,028). Investments LICC has an investment policy whtch seeks to manage risks Suth as volatlllty, Ilquidity, security. tum, reputatlon, and inflatw)n. Investments are spread across a variety of institution5 Wlth baland portfolios. LICC invest5 funds that are not required at short notice. The investment funds selerted are designed especially for charities and the trustees considerthese have performed adequately In relation to the market and the circumstances. Envlronmental, social. and governance factors are considered In the selection of funds. The Finance and Operations Committee scrutlnlses LICC'S investments. Resenos At 31 March 2024, LICC had unrestricted resee5 of £915.23412023: £1,250,1341 of whith £28.248 12023., £41,456) has been deslgnated for futu requlrements leaving 'free' reseNes of £886,986 12023.. £1,208,678), see notes 19 and 20. The SerVeS policy is reviewed by the Board of Trustees annualty. The trustees have agreed that 'free' reseNes should fall within a range which would enable LICC to withstand a variety of stre55 scenarios. Thi5 range reflects the amount needed foran orderfyclosure of the charity plus amounts that would enable the organisation to withstand a sustained drop in incorne caused bya varietyof different stssesfOr3 period of twelve months. The target range is currently set at £600k-£800k. UCC Llmited Page 9
LICC LIMITED TME LONDON INSTITUTE FOR CONTEMPORARY CHRISTIANITY REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31" MARCH 2024 This range equates to between 3.5 and 4.5 months of total running costs. The current reseNes level of £886,986 is slightly higher than the target range. LICC remains commlttedto a growth strategy and has set a deflcit budget for 2024-25 to invest some of these re5eNes in increasing our impart, It IS experted that by 31st March 2025, the level of 'f ree, reserves wlll fall within the target range. In addition to unrestricted funds, LICC had expendable endowment funds of £92,21312023., £84,8381. Going concern The trustees considerthatthe charity can continue as agoing concernfora period of at least 12 monthsf rom the date of approval of these financial statements. The trustees aL50 have a reasonable expectation thatthe charity will have adequate resources to contlnue in operation for the foreseeable f uture. Risk The risks faced bythe tharity have been reviewed during the year, and policies and controlsto mitlgate these risks are in place. The lour most significant rtsks Identified, together with mitigating attions are: Failure to deliver the mission against the set success criteria, caused by lack of focus, relevan, or Inability to attract or retain key staff. The new strategy provide5 US with the necessary clarity and focus with the risk of dlstraction being mitigated through regular Strategic Leadership Team discussion5. conslstent messaglng, one-to one meetings, and staff workshops. Performance is monitored quarterly against the current yearfs prioritles and targets are reviewed. Work has been carrled outwlth the help of Eido to assess ourlmpact and in September2023 ourfirst Impact Report was published. Voluntsry income doe5 not grow Sufficient to match the growth strategy and we remain highlv dependent on a small numberof major donors. Followingsuccessf ul recrultmentto the fundralsing team, our Income generation strategy is being reviewed and updated. Key dependencies of income sourcesare reviewed bythe Finance & Operations Committee and everyeffort made to maximise the diversificatlon of income sources with income targets developed. Monthly management accounts are provided to the Executive and the Finance and Operations Committee. so that there is early awareness of any potential shortfalls. Reputational damage arislng from cultural contexti public messaging, and integrity of personnel. LICC'S theologlcal approach is carefully and prayerfully considered, with broad consultation for anv Issues which are regarded as particularly sensitive. and escalation to the Board as appropriate. We have a reputational risk management framework in place, a strong Communications Team with access to external support where needed, and there are regular l..1 meetings between the Board Chair and Chief Executive. There is also a regular dlalogue between trustees and those on the ExecutiveTeam. We promote a culture of transparency arid accountablllty. We have robust policies in place including Whistleblowing, Safeguardlng, Bullylng and Harassment along with relevant sections within our Staff Handbook. LICC Limlted Page 10
UCC LIMITED THE LONDON INSTITUTE FOR CONTEMPORARY CHRISTIANITY REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024 Spiritual opposltlon. Our work is not only in the physical dimenslon, there are many spirltual aspects to what we do and we must remain prayerful and faithful. Our trustees, staff and some supporters pray for the organisation on a regular basis. Remuneratlon policy At LICC. it Is accepted that most individuals are attracted, retained, and motivated by our calling and misslon. However, we should never seek to exploit this motivatlon, remembering that Jesus, own teaching Is that the 'worker deserves hSs wages, ILuke 10.71, In settlng remuneration and in accordance wlth our values. LICC adopts the following prSnciples: l. We seek to offer fair and generous pay for all staff, not least towards those in lower graded roles. 2. We seek to reflect objective measures to quantify the reward appropriate for the role (typically these mea5ure5 will include educational attainment or skills, responsibility, complexlty, rlsk, relationships pressure of work and environment). 3. We COgnise that pay is part of a wider employment package that includes not only other tangible benefits le.g. pension, maternity & paternlty pay, death-in-service coverl but also personal development, fulfilment and assoclation with LICC'S cause. 4. We will agree on remuneration band5 Using a variety of data including relevant benchmarked salary ranges in the UK charity sector (using Cronerl. The Implementation of thls pollcy Is effected by LICC'S Executive. The People Committee provides governance oversight and Input on all matters concerning principles and policies of pay and benefits, whi15t the Finance and Operations Committee sets the overall salary budget and review5 and approves salary increase5. comparing with approprlate benchmarks. All salaries are reviewed on an annual basis. Fundralslng policy The Charity does not use fundraising 5ervice5, consultants or external professional fundraisers to undertake its fundraising activities. Additionally, no data is shared beyond our Privacy Pollcy or sold to any extemal agencies. LICC Issues quarterly paper mailings and monthly and bi-weekly emails to subscribers Iwhich they can unsubscribe from) that share information about the charitable work of LICC. The Charity invites individua15 to attend events but does not exert undue pressure to attend or donate. It doesn't approach or pressure vulnerable people to support its work. The Charlty adheres to the Fundralslng Code of Practice Issued by Fundraising Regulator, and a complaints policy is in pla. No complaints about fundraising were received durlng the year. Statement of Board of Trustees, responslbilities The trustees (who are a150 the dlrectors of LICC for the purposes of company lawl are responsible for preparing the Report of the Board of Trustees and the financial Statements In accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practicel, Including Financial Reporting Standard 102 The Financial Reportlng Standard applicable in the UK and Republic of Ireland,. LICC Llmlted Page 11
LICC LIMITED THE LONDON INSTITUTE FOR CONTEMPORARY CHRISTIANITY REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Company law requlres the Board of Trustees to ppare financial statements for each financlal year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure. of the charitable company for that period. In preparing those financlal statements, the trustees are required to.. Select Suitable accountlng policles and then apply them conslstently Observe the methods and principles in the Charity SORP Make judgements and estimates that are reasonable and prudent Prepare the financial statements on the going concern basls unless it 15 inappropriate to presume that the charltable company will continue in buslness The trustees are responsible for keeping proper accounting records whlch dlsclose with reasonable acturacv at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taklng reasonable step5 for the prevention and detection of fraud and other irregularlties. In so far as the trustees are aware: There is no relevant audit information of which the charitable company's auditors are unaware The trustees have taken all Steps that they ought to have taken to make themselves aware of anv relevant audit information and to establlsh that the auditors are aware of that information Auditors Knox Cropper LLP have slgnlfled their willin8ness to continue in office and a resolution proposing their reappointment will be submitted to the Annual General Meetlng. 8y order of the Board of Trustees on 2 July 2024 and signed on its behalfr. Paul Valler, Chalr St. Peter's, Vere Street, London WIG ODQ LICC Limited Page 12
LICC LIMrrED THE LONDON INsfiTUTE FOR CONTEMPORARY CHRISTIANITY INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024 Oplnlon We have audited the financial statements of LICC Llmlted for the year ended 31 March 2024 which comprise the statement of financlal activities, the balance sheet, the statement of cash flows and notes to the flnancial statements, Including a summary of significant accounting policies. The financlal reporting framework that has been applied In thelr preparation 15 applicable law and United Kingdom Accounting Standard5, Including Financial Reporting Standard 102 The Financlal Reportin8 Standard appllcable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accountlng Practice), In our opinion, the financial statement5- • give a true and falr view of the state of the charltable company's affairs as at 31 March 2024 and of its incoming resources and applicatlon of resources for the year then ended: have been property prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 The Financlal Reporting Standard applicable in the UK and Republit of Ireland., and have been prepared in accordance wlth the requirements of the Companies Act 2006. Basis for oplnlon We conducted our audit in accordance wlth International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those Standards are further described in the Auditorfs responslbilltles for the audit of the financial statements sectlon of our report. We are independent of the charitsble company in accordon¢e with the ethical requlrements that are relevant to our audit of the financlal statement5 in the UK, Including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requlrements. We believe that the audlt evidence we have obtained is sufFicient and appropriate to provide a basi5 for our opinion. Concluslons relatlng to golnB concem In auditlng the flnancial statements, we have concluded that the tru5tees' use of the going concern basis of accountlng in the preparatlon of the financial statements 15 approprlate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, indivldually or collectivelyi may cast significant doubt on the charitable tompanws ability to contlnue as a going concern for a period of at least twelve months from when the financial statements are authorSsed for Issue. Our re5ponslbllities and the responsibilities of the trustees wlth respect to going concern are described in the relevant sections of thi5 report. LICC Limited Page 13
LICC LIMITED THE LONDON INSTITUTE FOR CONTEMPORARY CHRISTIANITY INDEPENDENT AUDITORS, REPORTTO THE TRUSTEES FOR THE YEAR ENDED 31sr MARCH 2024 Other Information The other information comprises the information Included in the annual report, other than the financial statements and our auditorfs report thereon. The trustees are responslble for the other information. Our oplnlon on the financlal statements does not cover the other information and, except to the extenl otherwlse explicitly stated in our report, we do not express any form of assuran conclusion thereon. In connectlon wlth our audit of the finantial statements, our responsibllity 15 to read the other Information and. in doing so, consider whether the other information 15 materially Inconsistent with the financial statements or our knowledge obtained In the audit or otherwise appears to be materially misstated. If we Identify such material inconslstencies or apparent material misst4tement5, we are required to determine whetherthere is a material mi55tatement in the financial statements ora material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material mi55tatement of thls Other Information, we are required to report that fact. We have nothing to report in this regard. Oplnlons on other matters prescrlbed 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 prepared for the purposes of company law, for the financial year for which the financial statements are prepared is conslstent with the finantial 5tatements,' and the directors, report included wlthin the Trusteeg report has been prepared in accordance with applicable legal requlrements. Matters on whlch we are requlred to report by exception In the light of the knowledge and understanding of the charttable company and Its environment obtained In the course of the audit, we have not identifled material misstatement5 in the directors, report included within the Trustees. report. We have nothin8 to report in respect of the followin8 matters in relation to which the Companles Act 2006 requires us to report to you if. in our opinion: • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not Vlslted by us; or the financial statements are not in agreement wlth the accounting records and returns; or certain disclosures of Trustees, remuneration speclfied by law are not made,. or we have not received all the information and explanations we require for our audlt; or • the Trustees were not entitled to prepare the financial statements in accordance wlth the small companies regime and take advantage of the small companles. exemptions in preparing the Trustees, report and from the requlrement to prepare a strategic report. LICC Umlted Page 14
UCC LIMITED THE LONDON INSTITUTE FOR CONTEMPORARY CHRISTIANITY INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024 Responsibilttles of Trustees As explained more fully in the Trustees, respoFlSibilities statement, as set out in the Report of the Board of Trustees. the Trustees, who are also the directors of the charStable company for the purposes of company law, are respon5Ible for the preparation of the financlal statements and for being satlsfled that they glve a true and fair view, and for such intemal 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 responslble 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 accountin8 unless the Trustees elther Intend to Ilquidate the company or to cease operation5, or have no realistic alternative but to do so. Auditoe$ respenslblllties for the audlt of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the financl31 statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditorfs 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 IUKI will alway5 detect a materlal misstatement when it exists. Misstatements can arise from fraud or error and are considered materlal if, Individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basls of these financial statements. Irregularities, including fraud, are Instances of non-compliance with laws and regulations. We design procedures in line wlth our responsibilitie5, Outlined above, to detect material mlsstatements in respect of Irregularities, including fraud. The extent to which our procedures are capable of detecting Irregularltles, including fraud Is detailed below.. The Charitable Company is required to comply with both company law and charity law and, based on our knowledge of its activitles, we identified that the legal requirement to accurately account for restricted funds was of key significance. We Eained an under5tandlng of how the charitable company complied with its legal and regulatory framework, Including the requirement to properly account for restricted funds, throu8h discussions with management and a review of the documented wilicies, procedures and control5. The audit team, which is experlenced In the audit of charitles, consided the charitable company's susceptibility to material misstatement and how fraud may occur. Our consideration5 Included the risk of management override. Our approach was to check that all restricted Income was properly identified and Separately accounted for and to ensure that only valid and approprlate expenditure was charged to restricted funds. This included reviewing journal adjustments and unusual transactions. A further description of our responsibillties for the audit of the flnanclal statement5 is located on the Flnancial Reporting Council's website at: www.frc.or auditorsres onsibilities. Th15 description forms part of our auditorf5 report. UCC Limited Page 15
UCC LIMITED THE LONDON INSTITUTE FOR CONTEMPORARY CHRISTIANITY INDEPENDENT AUDITOR5, REPORT TO THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2024 Use of our report Thi5 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 undeitaken, so that we might state to the charitable compan5 member5 th05e matters we are required to State to them in an auditorfs 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 tompany's members as a body, for our audit work, for this report or for the opinlons we have formed. Rlchard Bllllnghurst FCA (Senlor Statutory Auditor) For and on behalf of Knox Cropper LLP, Statutory Auditor 65 Leadenhall Street London EC3A 2AD July 2024 LICC Limited Page 16
LICC LIMrrED THE LONDON INsrrruTE FOR CONTEMPORARY CHRISTIANrrY STATEMEKf OF FINANCIAL ACTIvrrIES FOR THE YEAR ENDED 31sf MARCH 2024 Unrestslcted Funds Restrlcted Endowment Funds Funds 2024 Total 2023 Totsl INCOME FROM: Donatbons and legacles Charitstle artlvitbes Other trading actfvitles Investments 1,236,896 81,164 37,828 35,680 297,440 1,534,336 81,164 37,828 41,719 1,887,670 102,262 31,305 27,552 6,039 Total Income 1391568 1695 047 EXPENDITURE ON: RalslThJ Fund5 ChadtaL ActIvIe5 168,671 1,555,522 168,671 1052,962 89,828 1,897,319 297,440 Totsl Ewendlture 1724 193 297 440 2 021633 1987 147 Net Income1(Expendre) before gainsl{10sse5) on Investments (332,625) 6,039 {326,586) 61,642 Other Recognlsed Galns and L055e5 Net gainsl{losses) on Invesiments 13 (2,275) 1,336 (939) (104.028) Net Income/(ExndIlUre) l Net Movement in Fund5 (334,900) 7,375 (327,525) (42.386) Fund balare5 brought fOard 1,250,134 84,838 lJ34,972 1,377,358 Fund balances carrted forward 915 234 1007 447 1334 972 The companls income and expendlture all relate to contlnulng operatlons. The full comparatlves are t out In Note 23 to the accounts. LICC Llmlted Page 17
LICC UMITED THE LONDON INSTrnITE FOR CONTEMPORARY CHRISTIANrrY BALANCE SHEEr AS AT 31ST MARCH 2024 2024 2024 2023 2023 Notes FIXED ASSErs Tangible Assets Intsnglble Assets Investments li 12 13 25,206 3,042 26,445 15,011 803 057 844,513 838,892 CURRENT ASSETS Stocks Debtors Cash Deposlts Cash at Bank and in Hand 25,575 97,413 705 215 612 339,305 38,006 96,032 19,635 471 703 625,376 14 Creditors: Amount$ falling due within one year 15 (170,750) (134,917) Net Current Assets 168,555 490,459 Totsl Assets less Current Llabilltles 1,007,447 1,334,972 Funds Capltsl Funds Endowments 17 92,213 84,838 Inc(*ne Funds Restritted Funds 18 Unrestricted Funds.. - Deslgnated Fund General Fund 19 28,248 886 986 41,456 1208 678 915,234 1,250,134 1,007,447 1,334,972 Approved by the Director5 on 2TvJ July 2024 and signed on thelr behalf: Paul Valler, Chairman Reglstered Company Number: 01680265 LICC Llmlted Page 18
UCC LIMITED THE LONDON INsfrniTE FOR CONTEMPORARY CHRIsfiANrrY srATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST MARCH 2024 2024 2024 2023 2023 CASH FLOWS FROM OPERATING ACTIVITIES Net Incomel(expendlture) for year {327,5251 {42,386) Adjustments for: Depreclatlon charges Amortisation charges Interest and dlvldends {Gains)/losses on Investments {Increase)/decrease in stocks (Increase)/decrease in debtors Increase/(decrease) In creditors 11,112 11,969 141,7191 939 12.431 (1,3811 9,802 11,970 {27.552} 104,028 18,956} (29,9451 NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES {298,3411 26,184 CASH FLOWS FROM INVESTING ACTIVITIES Interest and dlvldends receSved Purchase of tanglble fed assets Purchase of Investsnents 41,719 (9,8731 27,552 (21,4551 7,387 CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES 23,320 {1,2901 Change In cash and cash equlvalents In the year 1275,0211 24,894 Cash and cash equivalents at the beglnnlng of the year 491,338 466,444 Cash and cash equivalents at the end of the year 216,317 491,338 LICC Llmlted Page 19
LICC LIMrrED THE LONDON INsfrniTE FOR CONTEMPORARY CHRISTIANrrY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 CHARITY INFORMATION LICC Llmlted Is a private company limlted by guarantee (reglstered company number 01680265) whlch is incorporated In England and Wales. The address of the reglstered offke Is St. Peterfs, Vere Stree( London, WIG ODQ. ACCOUNTING POLICIES The principal accountlng policies adopted and crltkal area5 of judgements are as folbws: 2.1 Basis of preparatlon The accounts have been prepared in accordan wlth the Charities SORP (FRS 102) applicable to charlties preparing thelr accounts in accordance wlth the Finanaal Rep)rtlng Standard applicable in the UK and Republlc of Ireland and the Charitles Act 2011 and UK Generally Accepted Prattice as It applles from l January 2018. LICC meets the deflnltlon of a publlc benefit entty under FRS 102. Assets and Ilabllltles are initkilly recognised at historical cost or transaction value unless otherwise stated In the accounting policies notes. 2.3 Preparatlon of the accounts on a going concern basls The trustees have assessed whether the use of the going concern basis is approprlate and have consldered possible events or condltlon5 that might cast slgnificant th)ubt on the ablllty of the Charity to contlnue as a going COnrn. The trustees have made this assessment for a perfod of at least one year from the date of approval of the flnancial statements. In particular the trustees have consided the Char(Vs forecasts and projections and have taken account of pressures on donation and investment Income. After maklng enquiries the trustees have concluded that the Charity has sufficient resources to continue In operational existen for the foreseeable future. The Charity therefore contlnues to adopt the going conrn basis in preparing its flnancial ststements. 2.4 Functlonal currency The functlonal currency of the Charity is considered to be pounds sterllng because that is the currency of the primary economic environment in whlch the Charity operates. The flnanclal statements are also presented In pound5 Sterling. 2.5 Xncome and Expendlture Income All income is Included in the Ststement of Flnanclal Activities when the charltable company Is legally entitled to the income, [pt Is probable and the amount can be quantiffied wlth reasonable accuracy. Donations and glfts are credlted to the SOFA on reIpt. Expenditure Expenditure is CogniSed once the is a legal or constructive obligation to make a payment to a thlrd party, it is probable that setttement wlll be requlred and the amount of the obligatlon can measured Ilably. LICC Limlted Page 20
LICC LIMITED THE LONDON INsrrruTE FOR CONTEMPORARY CHRIsfIANITY NOTES TO THE FINANCIAL sfATEMEKrs FOR THE YEAR ENDED 31W MARCH 2024 AccourirING POLICIES (Contlnued) Support costs are those functlons that asslst the work of the charity but do not dlrectly undertake charltsble athvltles. Supwrt costs include back office costs, finan1 personneli payroll and governance costs. These costs have been aliocated beeen cost of raising funds and expendliure on tharitable actlvttles on the bosls of stsff tlme. 2.6 Tanglble and Intangible Mxed Assets Tanglble flxed assets are stated at cost less depreciation. DepreCIatSn is provided at rates calculated to write off the cost less estlmated resldual value of each asset over Its expected useful Ilfe, as follows: Fixtures and Fittings IO% stralght Ilne Equlpment 20Yo Stralght Ilne Computer Equlpment 33.3% straight line Intsngible assets are stated at C05t less amorusatlon. Assets are amortlsed once brought Into use Amortlsatson Is provlded at ratss calculated to write off the cost less esttmated resldual value of each asset over Its expthd usefvl life, os follows: CRM system 20% straight Ilne 2.7 Investments Investments are siBted In the balan sheet at thelr market value as at the balan Sheet date. All movements In value arlsSng from Investment changes or revaluation are shown In the Statement of Financial Attivities. Reallsed gains or1055es on investments are calcvlated as the differen beeen the disposal proceeds and market value at the beglnnlng of the year or cost If purchased durlng the year. Unrealised galns or losses are derived from the movement In market values during the year. 2.8 stocks St(Kks are of goods for resale and are stated at the lower of cost and net reallsable value. 2.9 Rnanclal Instruments Flnandal assets such as cash and debtors are MeasUd at their present value of the amounts recelvable, les5 an allowance for the excted level of doubtful recelvabks, Financial liabilltles such as trnde credltors, loans and finance leases are measured at the present value of the obllgatlon. 2.10 Operatlng Lease$ Rentals payable under operating leases are charged on a straight line basls over the temi of the lease. 2.11 Pension Costs The company makes contributlons to Personal Pens5on Plans for all eligible employeesi unle55 they have opted out of the company's scheme. LICC Llmlted Page 21
LICC LIMITED THE LONDON INSTrruTE FOR CONTEMPORARY CHRISnANITY NOTES TO THE FINANCIAL sfATEMENTS FOR ThE YEAR ENDED 31ST MARCH 2024 ACCOUNTING POLICIES (Contlnued) 2.12 Fund Accounting Funds held by the charitable c(*npany are either: Unrestrlcted funds- these are funds whlch can be us&1 in accordan wlth the company's charltable objects at the discretlon of the trustees, some of which have been designated for speclflc purposes. ENlowment funds- these are funds, the capltal of whKh has to be retslned. Restricted funds - these are funds that can only be used for particular restricted purp)ses wlthln the obJects of the charitsble company. Restdctk)ns arlse when speclfled by the donor or when funds are ralsed for particular restrfcted purposes. Further explanatton of the nature and purp)se of each fund is included In the notes to the financial statements. 2.13 Forelgn Currencles Assets, lbIlItIeS, revenues and costs expressed In forelgn currencies are translated Into sterling at rates of exchange rullng on the date on which transactions occur, except for monetary assets and Ilabllities whKh are translated at the rate ruling at the balance sheet date. DIfferenS arlsing on the translation of such items are dealt with in the statement of financial actIvIe$. INCOME Income and the result for the year are attributsble to the company's activitles In seeklng the advanrnent of Chrlstlanlty, In particular by providing Instructlon In the ChstIan falth, Ilfe and mlssSon in the context of the contemporary world, With the eXptIon of a very small amount of overseas sales, all the Income arose In the Unlted Klngdcft). 4. INVESTMENT INCOME Total 2024 Total 2023 Bank Interest Income from Fixed Asset Investments 15,597 2,819 5. RAISING FUNDS Total 2024 Total 2023 Direct Stsff Costs Other Direct Costs Support Costs (See Note 7) 115,620 22,921 30,130 168,671 53,336 5,721 30,771 89,828 All costs of raising funds are unrestrlcted. LICC Umlted Page 22
LICC LIMITED THE LONDON INSTrruTE FOR CONTEMPORARY CHRIsfIANITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 6. CHARITABLE ACTIVITIES Researchingi Envlslonlngi Equlpplng and Resourcing Chrlstlans and Churches Total 2024 Total 2023 Dlrect Staff Costs other Dlrect Costs Support Costs (See Note 7) 957,920 322,570 572 472 1.852,962 997,716 324.001 575,602 1,897,319 7. SUPPORT COSTS Ralslng Funds Charitable Activities Total 2024 Total 2023 Stsff Costs Premises Costs Office Costs Other Costs 14,887 5,703 2,542 6,179 29,311 282,851 108,359 48,305 117,403 556.918 297,738 114,062 50,847 123,582 586.229 264,358 102,521 47,107 175,610 589,596 Staff Costs Governan other G0Veman Costs 415 404 819 7,882 7,672 15,554 8,297 8,076 16,373 11,897 4,880 16,777 Total Support Costs 30,130 572 472 602 602 606 373 8. STAFF cosrs Total 2024 Total 2023 Gross Salary Costs Ex-gratia NIC Empbyerf5 Penslon Employer's 1,121.085 1,089.180 15.270 123,322 99.535 1,327.307 121.210 137.280 1,379,575 The average headcount during the year was: 27.8 24.9 The average number of stsff (full tlme equlvalent) durlng the year was: 24.9 22.3 The totsl employee brits of the Key Management Personnel of the Charity, defined as the Senior Management Team as identified In the Trustees Report were., 248,674 366,962 LICC Llmlted Page 23
LICC LIMITED THE LONDON INSTrruTE FOR CONTEMPORARY CHiusfIANrrY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31sf MARCH 2024 8. STAFF cosrs (contlnued) The number of empbyees whose employee benefits (excluding employer penslon costs) exceeded £60,000 was: Total 2024 Total 2023 £60,001- £70,000 £70,001- £80,000 £80,001- £90,000 £90,001- £100,000 £ioo,ooi - £110,0 Contributlons to a defined contributlon pen5w)n scheme amounting to £45,060 (2023,. £44,397) were atso made In respect of these staff MeMr5, 9. NET INCOME This Is ststed after charglng: Total 2024 Total 2023 Auditors, remuneration statutory audit- current year Depreciatlon Amortlsation 4,900 11,112 11,969 4,250 9,802 11,970 10. TAXATION The company Is a registered charity and no taxatlon Ilabllltles arise from its charltsble actfvitles. LICC Limlted Page 24
LICC LIMITED THE LONDON INsrrrLrrE FOR CONTEMPORARY CHRIsfIANrrY NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31sf MARCH 2024 11. TANGIBLE FIXED ASSEfs- ALL FOR CHARrrY USE fixtures & Fittings Computer Equipment Equlpment Total Cost At start of year Additions Di5P05a15 At 31st March 2024 17,586 49,612 690 47,074 9,183 114,272 9,873 17,586 50.302 56,257 124,145 Depreciation At stsrt of year Charge for the year Disposals At 315t March 2024 17,215 36,336 3,022 34,276 8.026 87,827 11,112 17,279 39,358 42,302 98.939 Net Book Values At 31st March 2024 307 10,944 25,206 At 14 Aprll 2023 371 12, INTANGIBLE FIXED ASSETS- ALL FOR CHARITY USE CRM System At start of year Addltlons Disposals At 31* March 2024 59,843 Anwrtlsatlon At start of year Charge for the year Dlsposals At 315t March 2024 44,832 11,969 Net Book Values At 3151 March 2024 3,042 At 1st Aprll 2023 LICC Umlted Page 25
LICC LIMrrED THE LONDON INsrrruTE FOR CONTEMPORARY CHRisfrANrrY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31W MARCH 2024 13. FIXED ASSETS - INVESTMENTS Total 2024 Total 2023 Market Value At Isr Aprll 2023 Purchases Dlsposals Galns l (Losses) At 31&t March 2024 803.057 8,526 899,698 7,387 {9391 810 644 {104,028 803 057 2024 2023 Market Value Market Value BlackRk Charttes UK Equlty M & G Charlfund CCLA COIF Epworth AIF Sarasin Alpha CIF Endava plc 89.133 147,431 162,639 200,579 85,014 169,784 45.197 810644 89,133 152,213 126,500 78,986 126,500 31,723 805 055 143,244 155,935 183,705 82,218 156,470 81,575 803,057 160,738 126,500 78,986 126,500 31,723 613,580 14. DEBTORS Total 2024 Total 2023 Due Wlthin One Year Trade Debtors Prepayments and accrued Ororne other Debtors 34.71 S 61.281 1.417 97.413 22.176 73.553 303 96,032 15. CREDrroRS: Amounts falllng due within one year Total 2024 Total 2023 Trade Credltors PAYE and Social Security costs VAT Accruals and Deferred Income 21,191 30,689 2,528 116.342 170.750 7.139 35.513 1,292 90,973 134,917 UCC Limited Page 26
LICC LIMITED THE LONDON INSTITirrE FOR CONTEMPORARY CHRIsfxANrrY NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 15. CREDITORS: Amounts falllng due within one year (Contlnued) Analysls of deferred Income Total 2024 Total 2023 As at l* Aprll 2023 Released to the Statement of Financial Activities Deferred in the current year As at 315t March 2024 22,748 (22,74B) 45,290 45,290 32,083 (32,083) 22.748 22.748 16. PENSION COMMITMENTS A stakeholder penslon scheme is open to all employees and the Charlty contributes to a number of personal plans. The assets of the plans are held separately from those of the Charty In independently adminlstered funds. The penslon cost charge represents contributions payable by the Charlty to these plan5 and amounted to £137,280 durlng the year (2023.. £99,535). 17. EXPENDABLE ENDOWMENT FUNDS 2024 Movement In Funds Balance at 1st Aprll 2023 Balan at 3181 March 2024 Income Gain$1 (Losses) on Investments Endowment Fund & Legacy Contlngency Fund 84,838 6,039 1,336 92,213 84,838 6,039 1.336 92,213 2023 Movement in Funds Balance at 1st Aprll 2022 Balance at 3191 March 2023 Income Galnsl (Losses) on nvestments Endowment Fund & Legacy Contlngency FurKI 83,732 5,216 (4,110) 84,838 84,838 The Endowment and Legacy Contingency Fund has been set up as a last resort if no other source of finance is avallable. It may be used to repay outstandlng commltments and debt arising in the unllkely event of the company closing down. There Is no restriction on expenditure from Income arising from this fund. LICC Llmited Page 27
LICC LIMITED THE LONDON INSTrnITE FOR CONTEMPORARY CHRISTIANrrY NOTES TO THE FINANCIAL sfATEMEKrs FOR THE YEAR ENDED 31ST MARCH 2024 18. REsfRICTED FUNDS The Income funds of the company Indude restricted funds comprising the followlng unexpended balanS of dOnaOn$ and grnnts held on trust to te applied for speclflc purposes. 2024 Balance at 191 Aprll 2023 Income Expenditure Transfersl Gains on Investments Balance at 31st March 2024 Executlve Toolbox Emerglng Generatlons The Workpla Vital Signs 10,000 281,052 2,888 3,500 297,440 110,0001 1281,0521 12,8881 3,500 (297,440) 297 440 2023 Balance at 1st Aprll 2022 Income Expendlture Transfersl Balance at Garns on 31st March Investments 2023 Prfnclpal trust funds Dlck Blrd Fund 281 281 221 (221) 4,509 (4,569) Other funds Imaglne Project The Workplace Blble & Culture Queen Project 9Jstsining Transformatlve Dlsclples Emerglng generatlons Growing on the Frontline 14,943 5,770 1,749 17,673 21,200 160,264 {14,9431 15,7701 11.7491 {17.6731 {62,0251 {160,264} 43.222 (305,646) 40,825 43,222 84,047 221,599 221880 310 215 221 Prlnapal trust funds are.. The Dlck Bird Fund is used for International ministry. Otherfunds.. The Imaglne Project Fund Is to be used for LICC'S work focussed on creating whole-life dlsdple-making communltfes. The workpla Fund is to be used for UCC'S range of projects to help individuals and churches advan the cause of the Christian falth In the workpla. The Blble and Culture Fund is to be used to enable individuals and church leaders to engage better wlth the Bible and how It applies in today's world. LICC Llmlted Page 28
LICC LIMITED THE LONDON INsrrruTE FOR CONTEMPORARY CHRIsfIANITY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31sf MARCH 2024 18. RESTIUCTED FUNDS (contlnued) The Queen fund is to be US for the devebpment and dlsseminatlon of SOUr5 that hlghllght the role of the Queen'5 Christlan falth In her Ilfe and servlce, particularly amongst churches in the UK. The SustalnlNJ Transfomiative Disciples Project has been set up to Identlfy how to sustaln a disciplemaklng culture In a local church and to develop new resources to help Christians maxlmlse thelr Impact on their dally frondlnes. The Emerging Generattons Fund Is to used for LICC'S worf( supporting young adult ChrSstSans to grow as disciples in their everyday Ilfe and work The Growlng on the Frondine Fund Is to be used for the devdopment of a Small group resource of the same name which will help Chrfstlans deepen thelr falth. ExecutSve Toolbox is a tsilored leadership course speclfically for Christians in senlor marketplace leadershlp roles and aims to equip them to have greater impact for Christ in their workpla, and to be agents of transformatlve change. In the year 2023-24 thls course was run in Scotland. Vital Slgns Is a comprehensive resourtr deslgned to help church leaders assess how whole-llfe-enabllng their chuKhes a. By focussing on 20 vital signs, it provldes dlagnostic tools and resour$ to help them make progress Sn embedding and 5UStaining whole-llfe values in their churches. 19. DESIGNATED FUNDS 2024 Balance Jt 311t March 2023 Income And New Allocatlons utlllsed Durlng Year Transfersl Galns on Investments Balance at 31Ji March 2024 Tanglble Hxed Asset Fund Intangible Fixed Asset Fund 26,445 9,873 (11,112) 25,206 15,011 41,456 111,969) 23,081 3,042 28,248 9,873 2023 Balance at 31Jt March 2022 Income And New Allocatlons utlllsed Durlng Year Transfersl Galn$ on Investments Balance at 311t MaKh 2023 Tanglble Asset Fund Intanglble Flxed Asset Fund 14,790 11,655 26,445 15.011 15,011 41,456 14,790 26.666 Tanglble Flxed Asset Fund: Thls fund provides for future depreclatlon charges. Intanglble Flxed Asset Fund: Thi5 fund provldes for future amortisation charges. UCC Llmlted Page 29
LICC LIMITED THE LONDON INsfITUTE FOR CONTEMPORARY CHRISTIANITY NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 315f MARCH 2024 20. ANALYSIS OF NEf ASSETS BEfwEEN FUNDS Unrestrlrted Funds Restrlcted Funds Endowment Funds Total Fund balances at 315t March 2024 are represented by Tangible Fixed Assets Intangible Fixed Assets Investrnents Net Current Assets Net Total Net Assets 2S,206 3,042 718,431 168,555 915,234 25,206 3,042 810,644 168,555 1,007,447 92,213 92.213 Unrestrlcted Fund$ Restrlcted Funds Endowment Funds Total Fund balances at 31gt March 2023 are represented by Tangible Fixed Assets Intangible Flxed Assets Investments Net Current Assets Net Totsl Net Assets 26.445 15,011 718,219 490,459 1,250,134 26,445 15,011 803,057 490,459 1,334,972 84,838 84,838 21. OTHER FINANCIAL COMMThMENTS The total future minimum lease payments under nOn-CanlIable operatlng kases are payable: Land and Bulldings 2024 2023 Wlthin One Year Beeen One and Five Yea 73,000 54,750 73,000 127,750 127 750 On 21st November 2022 a renewed lin agreement in respect of St Peterfs Church, Vere Street, was aged wlth All Souls Langham Pla Church, London, commencing 1st January 2023 at an annual rentsl of £73,000, untll 31st Dmber 2025. Durlng the year, lease payments amounted to £73,000 (2023.. £67,750). LICC Llmlted Page 30
LICC LIMITED THE LONDON INStrnlTE FOR CONTEMPORARY CHR15TIANrrY NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31W MARCH 2024 21. OThER FINANCIAL COMMITMENTS (continued) Photocopier Lease 2024 2023 Within One Year Bettn One and three Years 1,480 2,590 On 7 November 2023, an operatlng lease was taken out In respect of a photc(opler for a perhjd of 36 months beginning on l December 2023. Durfng the year lease payments amounted to £493 {2023: nll). 22. TRUSTEES, REMUNERATION AND RELATED PARTY TRANSACTIONS No remuneratlon was pald to the trustees in the year (2023,, £NII). Expenses totslllng £280 were paid to three trustees In the year (2023: £Nil). A number oftrustses, key management personnel and parties related to key management personnel gave donation5 to the Charlty durlng the year. There were no conditions attached to these dOaOn$. The aggregate donatlons gfven to the Charlty by related partie5 was £68,625 (2023: £129,278) LICC Llmlted Page 31
LICC LIMrrED THE LONDON INSTrtUTE FOR CONTEMPORARY CHRISTIANrrY NOTES TO THE FINANCIAL sfATEMEKrs FOR THE YEAR ENDED 31W MARCH 2024 23. COMPARATIVE sfATEMENT OF FINANCIAL AcfivrnES Unrestrl¢ted Funds Restricted Funds Endowment Funds 2023 Total 2022 Total Notes INCOME FROM: DOnaonS and legacle5 Chatable actfvities Other tradlng activities Investments. 1.666,071 102,262 31,305 22,055 221,599 I87,670 102,262 31,305 27,552 I41,334 77,920 11,241 23,133 281 5,216 TL*al Income 1821693 1453 628 EXPENDThURE ON: Ralslng Funds Chadtable kuvIeS 89,828 1,587,104 89,828 1,897,319 96,807 1,540,744 310,215 Totsl ExpendUre 1676 932 310 215 1987 147 1637 551 Net Incomel{ExpendibJre) before galnsl{losse51 on Investrnents 144,761 (88,335) 5,216 61.642 {183,923) Other Recognised Galns and Losses Net gainsl(losses) on Investments 13 (99,697) (221) (4,110) {104,028) 106,928 Net Incomel{Expenditure) 45,064 (8B,556} 1,106 (41386) (76,995) Transfers bets¥een funds Net Movement Sn Funds 45,064 {88,556} 1,106 (4l386) (76,995) Fund banS brought forward 1,205,070 88,556 83.732 1,377,358 1,454,353 Fund balan carrd forward 1250 134 1334 972 1377 358 LICC Limited Page 32