LICC LIMITED (A COMPANY LIMITED BY GUARANTEE) REPORT AND ACCOUNTS FOR THE YEAR ENDED 31" MARCH 2025 COMPANY NO: 01680265 REGISTERED CHARITY NO: 286102
CONTENTS Page Report of the Board of Trustees 1-13 Independent Auditors, Report 14-17 Statement of Financial Activities 18 Balance Sheet 19 Statement of Cash Flows 20 Notes to the Accounts 21-33
LICC LIMrrED THE LONDON INSTITUTE FOR CONTEMPORARYCHRISTIANITY REPORT OF THE BOARD OF TRUSTEES ST FOR THE YEAR ENDED 31 MARCH 2025 The trustees present their annual report and financial review forthe year ended 31st March 2025. The accounts comply with statLJtory requirements and with the requirements of the charitvs governing document. Structure. governance. and management Status, governing document, and constitution LICC Limited 15 a registered charity Inurnber 2861021. The legal status of the charity is a company limited by guarantee, without a share capital. Its company number 15 01680265. The liability of members of the company is limited to £1 each. The charity is also known as The London Institute for Contemporary Christianity, ILICCI. The governing documents of the company are its memorandum and articles of association. LICC is administered by a Board of Trustees who are the members and directors of the company. The Board meets regularly in the manner prescribed in the articles of association. The Board rotation policy requires trustees to retire after three years after which they are eligible for re-elertion for a further three year5. The Board of Trustees 15 authorised to appoint new members to its number. There is an induction programme for new mernbers, which include5 rneeting the senior management team, training on good corporate governance and ensuring a clear understanding of their roles and responsibilities. The trustees do not receive remuneration or derive any other personal benefit from the activities of the Charity. Board of Trustees The Board of Trustees listed below have continued to serve from l April 2024 to the date of this report unless stated otherwise.. Alasdair Christopher Gillie5 Alex3ndra Lloyd Davies Jessica Minocha john Ibbett. Julia Sloan. Karen Brown Olivia Harris Paul Valler. Simon Abrams Victoria Lawrence Vane55a Wi150n (Treasurer) (Retired 20 September 20241 (Chair from appointment 20 September 20241 (Chair up to retirement 20 September 20241 Member of the Finance and Operations Committee dLJring the year Member of the People Committee during the year
LICC LIMrrED THE LONDON INSTITUTE FOR CONTEMPORARYCHRISTIANITY REPORT OF THE BOARD OF TRUSTEES ST FOR THE YEAR ENDED 31 MARCH 2025 Organlsation and management The 803rd of Trustees is responsible for the strategic direction of the charity and 38rees the annual objectives and budget with the senior management, who are responsible for the day-to-day management of the charity. The Board usually meets formally four times a year, including a 24-hour long retreat. An update on achievement against objectives is provided at each meeting of the trustees. A 'related parties, reElSter 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 specific aspects of the charitvs policy and operations in rllore detail.. these are the Finance and Operations Committee and the People Committee, both of which are advisory and make recommendations to the Board. Other corllmittees may be formed a5 and when required. Senior management The senior management personnel of LICC are those normally in attendance at Board meetings.. Paul Woolley ICEOI, David Leeds ICOOI and Rowena Biddlecombe IFinance Director). LICC is led by an Executive Team and a Strategic Leadership Team. The Executive Team 15 responsible for everyday operational issues such as finance, HR, logistics, and adrllinistration, and the Strategic Leadership Team is responsible for the design and delivery of organisational 5trategv. Registered office and principal address St. Peterfs Church, Vere Street, London. WIG ODQ Company secretary Rowena Biddlecombe Bankers HSBC Plc, 90 Baker Street, London, WIU 6AX CAF Bank Ltd, 25 Kings Hill Ave, Kings Hill, West Mallin& Kent, ME19 41Q Auditors Knox Cropper LLP, 65 Leadenhall Street, London EC3A 2AD Legal advisor Keelys Solicitors, 28 Dam Street, Lichfield, Staffordshire, WS13 6AA Support of volunteers LICC is extremely grateful for the support we receive from a number of volunteers, including trustees, without whose help we would not be able to operate.
LICC LIMrrED THE LONDON INSTITUTE FOR CONTEMPORARYCHRISTIANITY REPORT OF THE BOARD OF TRUSTEES ST FOR THE YEAR ENDED 31 MARCH 2025 Purpose and objectives LICC was established for-. lal the advancement of the Christian religion, in particular by instruction in the Christian faith, life, and mission and their application to life in the contemporary world,. and Ibl the advancement of the education of adult5 and young people in the field5 of 50ciology, social sciences, politics and economics with particular reference to the impact of the Christian faith on such matters. LICC is committed to the fund3mental truths of historit, biblital Christianity. Trustees are required to signify their acceptance of LICC'S doctrinal basis, which is based on these truths. In furtherance of its aims, and working with individuals, churches and denominations, LICC undertakes speaking engagements, runs courses, workshops and events, offers consultancy, produces and distributes books, podcasts. videos and other resources, conducts research, and communicates through its website, social media, email and postal mailings and magazines. seeking to be a thought leader and influencer. Public benefit The Board of Trustees has considered the Charity Commission's guidance on public benefit 3nd, in particular, the specific guidance on the advancement of religion, and believe that LICC fulfils the requirements in a number of ways. LICC'S primary beneficiaries are those who engage with our content and training, but our impact extends intentionally beyond our direct beneficiaries to the wider public. In our recent impact survey 9(YA of respondents said LICC has increased their motivation to live out their faith on their frontline. We publish an annual Impact Report which highlights examples of the difference LICC make5 to Society through the live5 of ordinary Christians. Christians are called to serve everyone Christian or not and to work for the common good wherever they are placed. A key framework we use to help Christians be frLJitful in their everyday contexts is the 6Ms'. Modelling godly character.. 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 provoking you,. promoting peace by mediating an argument between two busine55e5; bringing joy by encouraging those around vou. Maklng good work.. Everything we do is to and for the glory of God. We can do everything- the fun, the interesting, the big, the small, the mundane, and the just plain boring- for the love of God and the service of others.
LICC LIMrrED THE LONDON INSTITUTE FOR CONTEMPORARYCHRISTIANITY REPORT OF THE BOARD OF TRUSTEES ST FOR THE YEAR ENDED 31 MARCH 2025 Ministèring Brace and lové.. This could be as simple as a timely cup of coffee, or taking ten minutes out to talk stuff over with someone who is strLJgglinE. Moulding culture.. This means making small changes that help'the way we do things, become more Christlike. Being a Mouthpiete for truth and justite.. Big or small, being a mouthpiece for truth and justice looks like standing up often at personal cost to promote good, fair, and just practices. Being a Messenger of the gospel.. This means having an intentionality, a desire to talk about Je5US With those around u5, in a way that brings life and is good news. Activities and achievements during the year The challenge 'Discipleship isn't o progromme or on event,. it's a way of life. It's notfor t7 limited time. butfor our whole life. Discipleship isn'tfor beginners alone,- it'sfor all believersfor every day of their life. Discipleship isn't just one of the things the church does,. it is what the church does. Bill Hull, The Complete Book of Discipleship LICCS five-year strategy We have now completed the third year of LICCS five-year strategy to catalyse a movement that envisions and empowers Christians to live as disciples of Jesus in their everyday lives. In this strategy. we have an audacious goal to engage one million people. and 100.C¥)0 18-35-year- old5, Wlth a vision for whole-life discipleship by 2027. Supporting these goals are four strategic priorities.. Frontlines Church Culture Bible Inspiring Christians to Ernbedding whole-life see that their everyday distiplem3kin8 in the frontline5 matter to life of the gathered God and equipping chLJrch. them for frLJitfLJlness. Helping individuals Growing confidence in understand their the Bible, its whole-life culture, grapple with relevance, and its complex issues, and live practical application. wisely in our time.
UCC LIMITED THE LONDON INSTITUTE FOR CONTEMPORARY CHRISTIANITY REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31" MARCH 2025 Our ultimate goal is to See a world transformed for the glory of God through whole-life disciples of Jesus. What follows is a summary of some of the activity undertaken to support the delivery of the above and our four overall strategic priorities.. Frontlines Work strategy Under the leadership of our now full-time Work Champion. David Walker. we develop a new work strategv. As part of this, we refreshed key resource5 and created new tools to help every Christian grow in confidence in their calling and be equipped for the workplace. Equipping Christians to see their work as a calling We launched Does GodCoreAboutMy Work? a three-part video series featuring Mark Greene that explores what the Bible says about work- whether paid or unpaid, in an office. a factory, or at home. Through biblical stories and real-life testimonies, the series challenges viewers to ernbrace their work as a vital part of God's redemptive plan. Work is not a curse,. it's a gift. Every task God gives u5 Can contribute to the flourishing of others and the renewal of the world. DOES. CARE A MYW Produced in partnership with RightNow Media, this series is now available to over 800 UK churches and thousands more worldwide, significantly increasing our reach and engagement. Alongside the videos, we launched small group discussion guides to help participants reflett on their work and faith in communitv and a Youversion devotional journey. Developing leaders Recognising the growing need for leadership development, we refreshed and rebranded two kev leadership programme5'. EXECLITIV E Executive Toolbox- equipping Christians in leadership roles to bring biblical wisdom TOOLBOX to their workplaces. TAKE THE LEAD Take the Lead Iformerly Emerging Letsdersl- designed to support emerging leaders in developing a whole-life discipleship approach to leadership. Both programmes will run at Waverley Abbey between May and September 2025. Piloting o new evtsngelism course In response to a growing need for fresh approache5 to evangelism, we piloted a new course (Word & Witne55 on the Frontlinel designed to empower Christians to share their faith on their frontlines with attentiveness, curioslty, and confidence. This Course is anchored in Jesus, encounter with the disciples on the road to Emmaus (Luke 241 and offers a framework for engaging with others in a relational and thoughtful way.
UCC LIMITED THE LONDON INSTITUTE FOR CONTEMPORARY CHRISTIANITY REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31" MARCH 2025 Church (including festivals) Vitol Signs In May 2024 we launched Vital Sign5, a flagship new resource for church leaders which help5 therll erllbed whole-life di5ciplem3king in the life of their churches. It includes an online dia8nostic tool, a book, and a series of videos- all to help leaders embed whole-life disciple making into the life of their churches. We integrated Vital Signs into our church visits, frequently offering church leaders a consultation alongside their requested Sunday sermon. Beginning with the Vision Tour to the Isle of Man in October 2024, we introduced a refreshed Vision Tour format.. focusing on LICC'S GM frarnework for individuals and Vital Signs for church leaders. Since then, over 1,800 people-more than 95°A of whom are UK church leaders-have taken the assessment. Meanwhile, the book continues to perform strongly. consistently ranking among the top twenty discipleship titles on Amazon. Expanding our presence in churches andfrstivols Our engagement with ¢hLJrches and Christian festivals continued to grow. Through speaking engagements, festival partnerships, and LICCS Vision Tour, we have strengthened our connection with key church networks. Boundless.. seeding whole-life discipleship in worship A major milestone this year was working with Integrity music on the Boundless EP. A songwriting camp bringing together 16 leading worship artists, including Nick Herbert, Elle Limebear. Phillipa Hanna. Noel Robinson, and Lucy Grimble produced 14 new'whole-life, worship songs, six of which were recorded live in February 2025. BOUNDLESS Songsfvrthe scotreredchurch With the full backing of Integrity Mu51C, these song5 will be released as a series of singles and an EP over the coming months. We are also working with Thy Kingdom Come to launch the first of these songs at their annual Pentecost festival, encouraging thousands of churches worldwide to come together and sing'This is the Day, on Pentecost Sundav. This project has the potential to embed whole-life theology into the sung worship of the UK church, shaping how the next generation expresses their faith through music. Down to Eorth.. A Fresh Woy to Celebrate Chri5tma5 As part of our strategy to support churches during the Christmas season. we created Down to Eurth, devotional journey designed to help church leaders connect the message of Christma5 Wlth whole-life discipleship. The resource included a devotional via email or Youversion, sermon plan5 for each Sunday of Advent and Christmas Day, five short films, and a digital graphics pack. The impact was encouraging.. around 8,000 people joined the devotional journey, and an estimated 200-300 churches used the full teathing series. Feedbatk from churches and individuals w3s exptIonallY positive, affirming the value of providing early, high-quality resources rooted in everyday faith.
UCC LIMITED THE LONDON INSTITUTE FOR CONTEMPORARY CHRISTIANITY REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31" MARCH 2025 Strotegic partnerships with larger churches ond training institutions ond networks We continued to build strategic partner5hip5 Wlth larger churche5 and continue to provide lectures and seminars across a broad range of colleges and networks that train church leaders. Globol influence.. Lausonne Movement Congress From 22-28 September 2024, over 5,300 Christian leaders from across churches, parachurch organisations, and workplaces gathered in Seoul- Incheon for the Fourth Lausanne Movement Congre55, Wlth an additional 2,000 delegates participating online. LICC p13yed a key role in sh3ping the congress. Dr Dave Benson, Director of Culture and Discipleship, was seconded to the programme team, contributing Significantly to the development of the event's theme. Let the Church Declare and Display Christ Together.. LICC'S influence was particularlv evident in the afternoon collaborate sessions, which used a reflective practice framework drawn from our work to address 25 gaps in the Great Commission. LJ()11 I INCHEON Xlg-OIXl 2024 Culture Expunding digitol content ondpodca5t reach To engage younger audiences, we expanded LICC'S podcast offerings.. The Whole Life Podcust continued to see strong engagement, with over 87,lJ)O plays across platforms. Our Tom Holland episode alone generated over 45,000 plays on YouTube- our most successful podcast episode to date. Unscrlpted, launched in September, and had 3000 plays. Thank God It s Mond¢7y. which explores faith and work, finished its second Season in March. It's growing in popularity among young professionals and has reached over 15,000 plays. Investing in Instugram We built our Instagram channel into a significant platform for engaging 18-35s. Our follower count topped 15,000, of whom at least half are in our target demographic, regularly receiving content on whole-life discipleship. Our video stories about Christians engaging in their frontline culture also achieved significant reach, driven by a combination of powerful messaging, influencer partnerships, and targeted ads. Our three highest-performing videos of 2024125 had 145,WD, 80,000, and 57.000 views respectively. Wisdom Labs.. addressing pressing culturul issues Our Wisdom Labs continued to provide biblically rooted insights into contemporary issues. combining article series, discussion guides, live events, and small group resources. This year's highlights (all held in partnership) included.. Working Out justice Jesus Died to Save the Planet Peacemaking in Wartime
UCC LIMITED THE LONDON INSTITUTE FOR CONTEMPORARY CHRISTIANITY REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31" MARCH 2025 Reimagine.. o new discipleship resource We created Reimagine, a five-part small group discipleship series designed to help people explore what it truly means to follow Jesus in everyday life. Rooted in the Listen-Imagine- Create-communicate framework, this free resource will equip individuals and groups to engage with culture, align their lives with Scripture, and live out their faith with wisdom, boldness. and love. Bible Everyday Faith Bible.. o major new resource In partnership with Bible Society, we continued work ON the Everyday Faith Bible- a resource designed to help emerging generation5 and others see Scripture through the lens of whole-life di5ciple5hip. Alongside this, we planned an expansion of our Gateway Seven series by repurposing Worshipping the God of All in All of Life into a new resource on the Psalms, deepening our engagement with biblical worship and whole-life discipleship. Objectives for 2025-26 Strateglt Oblectlves for 2025-2026 l. Equip Individuals for Whole-Life Discipleship on Their Frontlines We will help people confidently live out their faith in the everyday through- New content, including three new video Series with RightNow Media, exploring how to share faith, navigate workplace challenges, and make an impact at work. Seasonal prayer and devotional journey5 including Advent lon wonderl designed to deepen spiritual formation in daily life. Piloting new frontline-focused initiatives, including Evt>ngelism fvr Non-Evongelists, to support everyday witness with confidence and authenticity. 2. Strengthen and Resource the Local Church for Whole-Llfe Mlsslon We will support church leaders and corNmunitie5 to nurture whole-life discipleship through.. A national church leaders, conference featuring leading thinkers and practitioners. A fully revised edition of Fruitfulne55 Oll the Frontline, supported by a podcast and new church-wide tool5. 8oundless.- Songs Everydoy Life this new worship projert in partnership with Integrity Music speaks to God's interest and action in everyday life and work. The songs were recorded in February 2025 and will be released between May and July 2025. Continued investment in partnerships with church networks to deepen our impact at the local level.
UCC LIMITED THE LONDON INSTITUTE FOR CONTEMPORARY CHRISTIANITY REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31" MARCH 2025 3. Support Cultural En8agement Through Creative. Contextual Content We will produce timely, relevant content to help Christians connect faith and culture by-. Launching Reimogine, our new small group series. Creating relevant digital content including webinars, podcasts, and short-form videos responds to cultural issues with biblical wisdom and imagination. Developing formats that engage younger generations and sustain long-term discipleship engagement. that 4. Show the Whole-Life Relevance of the Bible We will help people connect Scripture to all of life through.. The launch of the Everydoy FoNth Bible in partnership with Bible Society designed to demonstrate the Bible's whole-life relevance and practical application in accessible and engaging ways. S. Extend Our Reach Through Strateglc Growth and Innovatlon We will strengthen LICC'S long-term impact by.. Conducting due diligence on two potential strategic partnerships to expand our capacity and influence. Deepening collaboration with media partners to reach wider audiences globally. Building relationships with theological colle8e5, church networks, and media partner5 to enhance credibility and amplify reach. Financial review Navigating Financial Challenges with Integrity and Care The deficit for the year after gains and losses on investments was £380,37012024.. deficit of £327.5251. A deficit budget for 2024-25 had been approved in order to invest our reserves in increasing our reach and irnpart. Notwithstanding this, the end result was a larger deficit than budgeted due to a Significantly rnore challenging financial landscape. Several key funders trusts that had generously supported our work over many years have now closed after exhausting their available resources. At the same time, salary-related expenses aCCOLJnt for 70% of our total costs, and recent changes to Employer National Insurance Contributions have increased this pressure further. Additional challenges have included new restrictions on sub-letting parts of our premises. limiting our ability to generate supplementary income, and an ongoing challenge in finding the right person to fill the key role of Director of Philanthropy. Globally, market instability driven by events in the United States and eastern Europe - has negatively impacted our investment reserves. Total incoming resources for the year were £1,598,32712024.. £1,695,047). During the year expenditure reduced by 2.6% to £1,969,542 from £2,021,633.
UCC LIMITED THE LONDON INSTITUTE FOR CONTEMPORARY CHRISTIANITY REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31" MARCH 2025 There was a £12,(1(K) realised gain on investment5 in the year and an unrealised 1055 of £21,155 on investments at year end12024= unrealised Ios5 of £9391. As a result of the f1nancial challenges, we made the painful decision to restructure parts of our team after the year end. Some roles were made redundant, and several staff members voluntarily reduced their hours. These decisions were not taken lightly and were shaped by a range of external and internal pressures. In responding to these challenges, we have sought to act in a manner consistent with our values treating each person affected with dignity, respett, and compassion, and offering meaningful support throughout the process. We pray that, by God'5 grace, these difficult but necessary actions will place LICC on a more sustainable financial footing, enabling us to continue our mission with renewed focus and resilience. We will continue to take necessary action to grow income as much as possible, and to reduce costs further should that prove necessary- Investments LICC has an investment policy which seeks to manage risks such as volatility. liquidity, security, return, reputation, and inflation. Investments are spread across a variety of institutions with balanced portfolios. LICC inve5t5 funds that are not required at short notice. The investment fund5 selected are designed especially for charities and the trustees consider these have perforrned adequately in relation to the market and the circumstances. Environmental, social, and governance factors are considered in the selection of funds. The Finance and Operations Committee scrutinises LICC'S investments. Reserves The reserves policy is reviewed by the Board of Trustees annually. The trustees have agreed that 'free' reserves should fall within a range which would enable LICC to withstand a variety of stress scenarios. This range reflects the amount needed for an orderly closure of the charity plus amounts that would enable the organisation to withstand a sustained drop in income caused by a variety of different stresses for a period of twelve months. The target range is currently set at £530k-£697k. This range equates to between 3.5 and 4.7 months of total running Costs. LICC has been committed to a growth strategy and investing some of our historic reserves in increasing our impact. It was expected that, in so doing, by 31st March 2025, the level of 'free' reserves would reduce down into our target range. However, since the deficit for the year was higher than budgeted, the reserves level has fallen to slightly below our target range. As a result, steps are being taken as outlined above to reduce expenditure in 2025-2026 and beyond. At 31 March 2025, LICC had unrestricted reserves of £534,52812024= £915,234) of which £20,07012024= £28,2481 has been designated for future reqLJirements leaving'free. reserves of £514,45812024: £886,986), see notes 19 and 20. In addition to unrestricted funds, LICC had expendable endowment funds of £92,54912024.' £92,213). io
UCC LIMITED THE LONDON INSTITUTE FOR CONTEMPORARY CHRISTIANITY REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31" MARCH 2025 Going concern The trustees considerthat the charity can continue as a goin8 concern for a period of at least 12 months from the date of approval of these financial statements. The trustees also have a reasonable expettation that the charity will have adequate resources to continue in operation for the foreseeable future. Risk The risks faced by the charity have been reviewed during the year, and policies and contro15 to mitigate these risks are in place. The three most significant risks identified, together with mitigating actions are.. Flnanclal Instablllty: the reduction in income caused by a challenging economic environment may limit our ability to deliver our planned activities in full. In response, we will continue to identify opportunities for cost savings and strengthen processes for managing and controlling expenditure. We are also developing a revised fundraising strategy Wlth a focus on growing and diversifying income streams, and will maintain regular check-ins with the Finance and Operations Committee to closely monitor cash flow and reserve5. Rèduced staffing capacity: redLJndancies 3nd a retruitment freeze may lead to staff burnoLJt unless we scale back plans for delivery, both of which may affect our ability to retain talent and impart negatively on staff morale. Regular check-ins with staff will be carried out and workloads will be reviewed and prioritised. Strate8ic delivery.. in view of the above, our ability to fully deliver on our five-year strategy may be impacted. In response, we will prioritise the investment of our time, talent, and financial resources on activities that deliver the greatest impact. Remuneration policy At LICC. it is accepted that most individuals are attracted. retained, and motivated by our calling and mission. However, we should never seek to exploit this motivation, remembering that jesus, own teaching is that the 'worker deserves hi5 wages, ILuke 10'.71. In setting remuneration and in accordance with our values, LICC adopts the following principles.. l. We seek to offer fair 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 measures will include educational attainment or skills, responsibility, complexity, risk, relationships, pressure of work and environment). 3. We recognise that pay is part of a wider employment package that includes not only other tangible benefits le.g. pension. maternity & paternity pay. death-in-service coverl but also personal development, fulfilment and association with LICC'S cause. 4. We will agree on remuneration bands using a variety of data including relevant benchmarked salary ranges in the UK charity Sector. li
UCC LIMITED THE LONDON INSTITUTE FOR CONTEMPORARY CHRISTIANITY REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31" MARCH 2025 The implementation of this policy is effected by LICC'5 Executive. The People Committee provide5 governance oversight and input on all matters concerning principles and policies of pay and benefits, whilst the Finance and Operations Committee sets the overall salary budget and reviews and approves salary increases, comparing with appropriate benchmarks. All salaries are reviewed on an annual basis. Fundraising policy The Charity does not use fundraising services. consultants or external professional fundraisers to undertake its fundraising activities. Additionally, no data is shared beyond our Privacy Policy or sold to any external agencies. LICC issues quarterly paper mailings and monthly and bi-weekly ernails to subscribers (which they can unsubscribe from) that share information about the charitable work of LICC. The Charity invites individuals 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 Charity adheres to the Fundraising Code of Practice issued by Fundraising Regulator, and a complaints policy is in place. No complaints about fundraising were received during the year. Statement of Board of Trustees, responsibilities The trustees (who are also the directors 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 (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. Company law requires the Board of Trustees to prepare financial statements for each financial 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 financial statements, the trustees are required to.. Select 5Ultable accounting policies and then apply them con51Stently 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 basis unless it is inappropriate to presume that the charitable company will continue in business The trustees are responsible for keeping proper accounting records which disc105e with reasonable accuracy 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 safegLJ3rding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 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 any relevant audit information and to establish that the auditors are aware of that information 12
UCC LIMITED THE LONDON INSTITUTE FOR CONTEMPORARY CHRISTIANITY REPORT OF THE BOARD OF TRUSTEES FOR THE YEAR ENDED 31" MARCH 2025 Auditors Knox Cropper LLP have si8nified their willin8ness to continue in office and a resolution proposing their reappointment will be SLJbmitted to the Annual General Meeting. y order of the Board of Trustees on 3 July 2025 and signed on its behalf: Karen Brown, Chair St. Peter's, Vere Street, London WIG ODQ 13
LICC LIMITED THE LONDON INSTITUTE FOR CONTEMPORARYCHRISTIANITY INDEPENDENT AUDITORS, REPORTTO THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2025 Oplnlon We have audited the financial statements of LICC Limited for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 March 2025 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, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland,. 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 IUKI IISAS IUKII and applicable law. Our responsibilities under those standard5 are further described in the Auditorfs respon5ibilitie5 for the audit of the financial Statements sertion 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 thatthe 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 statement5, we have concluded that the trustee5' use of the going concern basis of accounting in the preparation of the financial staterllents 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 charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respett to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the annual report, other than the financial statements and OLJr auditor's report thereon. The trustees are responsible for the other information. 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. 14
LICC LIMITED THE LONDON INSTITUTE FOR CONTEMPORARYCHRISTIANITY INDEPENDENT AUDITORS, REPORTTO THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2025 In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of thi5 Other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companie5 A¢t 2CK16 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 consistent with the financial statements; and the directors, report included within the Trustees, report has 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 Ljnderstanding of the charitable 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 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 V151ted by us,. or the financial statements are not in agreement with the accounting record5 and returns; or certain disclosures of Trustees, remuner3tion specified by law 3re not made,. or we have not received all the information and explanations we reqLJire for our audit,. or the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the Trustees, report and from the requirement to prepare a strategic report. Responsibilities of Trustees As explained more fully in the Trustees, responsibilities statement, a5 set out in the Report of the Board of Trustees. the Trustees, who are also the directors of the charitable company for the purp05e5 of corllpanv law, 3re responsible for the preparation of the finantial statements and for being satisfied that they give 8 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 dLJe 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, disclosin& 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. Is
LICC LIMITED THE LONDON INSTITUTE FOR CONTEMPORARYCHRISTIANITY INDEPENDENT AUDITORS, REPORTTO THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2025 Audltorfs responslbllltles for the audlt of the financlal 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 condutted in accordance with 15As IUKI will always detect a material rllisstatement when it exists. Mi55tatements 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 deci5ion5 of users taken on the basi5 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 respert of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities, 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 activities, we identified that the legal requirerllent to accurately account for restricted funds was of key signifitance. We gained an understanding of how the charitable company complied with its legal and regulatory framework, including the requirement to properly account for restricted funds, through discussions with management and a review of the documented policies, procedures and controls. The audit team, which is experienced in the audit of charities, considered the charitable company's susceptibility to material misstatement and how fraud may occur. Our considerations 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 v3lid and appropriate expenditure was charged to restricted fund5. This included reviewing journal adjustments and unusual transactions. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.or .uk auditorsres onsibilities. This description forms part of our auditor's report. Use of our report This report 15 made solely to the Charitable comp3nVs members, as 3 body, in accordance with Chapter 3 of Part 16 of the Companies Art 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 3uditor's report 3nd 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. 16
LICC LIMITED THE LONDON INSTITUTE FOR CONTEMPORARYCHRISTIANITY INDEPENDENT AUDITORS, REPORTTO THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2025 Richard Billinghurst FCA1Senior Statutory Auditor) For and on behalf of Knox Cropper LLP. Statutory Auditor 65 Leadenhall Street London EC3A 2AD ¥w2txx 1210812025 17
LICC LIMITED THE LONDON INSTITUTE FOR CONTEMPORARYCHRISTIANITY STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2025 Unrestrlcted Funds Restrleted Funds Endowment Funds 2025 Total 2024 Total Note INCOME FROM: Donations and legacies Charitable activities Other trading activities Investments 1.300.377 61,737 42,090 33,549 160,574 1,460,951 61,737 42,090 33,549 1.534.336 81.164 37.828 41,719 Total Income 1,437,753 160,574 1,598,327 1.695,047 EXPENDITURE ON.. Raising Funds Charitable Activities 159,558 1,649,410 159,558 1,809,984 168.671 1.852.962 160,574 Total Expenditure 1,808,968 160,574 1,969,542 2.021.633 Net Income/lExpenditurel before gains/llossesl on Investments 1371,2151 1371.2151 1326,5861 Other Recognised Gains and Losses Net realised gains/llossesl on Investments Net unrealised gainslllossesl on Investments 13 12,(KK) 12,000 13 121,4911 336 121.1551 19391 Net Income/lExpenditurel Net Movement in Funds 1380.7061 336 1380.3701 1327,5251 Fund balances brought forward 915,234 92,213 1,007,447 1,334,972 Fund balances carried forward 534,528 92.549 627,077 1.007.447 The company's income and expenditure all relate to continuing operations. The full comparatives are set out in Note 23 to the accounts. 18
LICC LIMITED THE LONDON INSTITUTE FOR CONTEMPORARYCHRISTIANITY BALANCE SHEET AS AT 31ST MARCH 2025 2025 2025 2024 2024 Note FIXED ASSETS Tangible Assets Intangible Assets Investments li 12 13 20,070 25,206 3,042 810,644 838,892 481,769 501,839 CURRENT A55ETS Stocks Debtors Cash Deposits Cash at Bank and in Hand 18,628 86,670 290 146,958 252,546 25,575 97,413 705 215,612 339,305 14 Creditors.. Amounts falling duè within onè yèar 15 1127,3081 1170,7501 Net Current Assets 125,238 168,555 Total Assets le55 Current Liabilities 627,077 1,007,447 Fund5 Capital Fund5 Endowment5 17 92,549 92,213 Income Funds Restricted Funds 18 Unrestricted Funds.. Designated Fund General Fund 19 20,070 514,458 28,248 886,986 534,528 915,234 627,077 I,IK>7,447 Approved by the Directors on 3 july 2025 and signed on their behalf: fv-- Karen Brown, Chair Registered Company Number.. 01680265 19
LICC LIMITED THE LONDON INSTITUTE FOR CONTEMPORARYCHRISTIANITY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31ST MARCH 2025 2025 2025 2024 2024 CASH FLOWS FROM OPERATING ACTIVITIES Net incomellexpenditurel for the year 1380.3701 1327.5251 Adjustments for.. Depreciation charges Loss on di5P05al of fixed assets Amortisation charges Interest and dividends IGainsl/losses on investments Ilncreaselldecrease in stocks Ilncreaselldecrease in debtors Increaselldecreasel in creditors 11,254 79 3,042 133,5491 9,155 6,947 10,743 143.4421 11,112 11,969 141,7191 939 12,431 11,3811 35,833 NET CASH PROVIDED BY (USED INI OPERATING ACTIVITIES 1416,1411 1298,3411 CASH FLOWS FROM INVESTING ACTIVITIES Interest and dividends received Purchase of tangible fixed assets Disposal of tangible fixed assets Purchase of investments Disposal of investments 33,549 16,7961 599 19,4941 329,214 41,719 19,8731 18,5261 NET CASH (USED INI PROVIDED BY INVESTING ACTIVITIES 347,072 23,320 Change in cash and cash equiv31ents in the year 169,0691 1275,0211 Cash and cash equivalents at the beginning of the year 216.317 491,338 Cash and cash equivalents at the end of the year 147,248 216,317 20
LICC LIMITED THE LONDON INSTITUTE FOR CONTEMPORARYCHRISTIANITY NOTES TO THE FINANCIAL STATEMENTS ST FOR THE YEAR ENDED 31 MARCH 2025 CHARITY INFORMATION LICC Limited is a private company limited by guarantee (registered company number 016802651 which is incorporated in England and Wales. The address of the registered office is St. Peterfs, Vere Street, London, WIG ODQ. ACCOUNTING POLICIES The principal accounting policies adopted and critical areas of judgement5 are as follows: 2.1 Basis of preparation The accounts have been prepared in accordance with the Charities SORP IFRS 1021 applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Charities Act 2011 and UK Generally Accepted Practice as it applies from l January 2018. LICC meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the accounting policies notes. 2.3 Preparation of the accounts on a going contern basis The trustees have assessed whether the use of the going concern basis is appropriate anij have considered possible events or conditions that might cast siÉnificant doubt on the ability of the Charity to continue as a going concern. The trustees have made this assessment for a period of at least one vear from the date of approval of the financial statements. In particular the trustees have considered the Charity's forecasts and projections and have taken account of pressures on donation and investment income. After making enquiries the trustees have concluded that the Charity has sufficient resources to continue in operational existence for the foreseeable future. The Charity therefore continues to adopt the going concern basis in preparing its financial statements. 2.4 Functional ¢urren¢y The funttional currency of the Charity is considered to be pounds sterling because that is the currencv of the primary economic environment in which the Charity operates. The financial statements are also presented in pounds sterling. 2.5 Income and Expendlture Income All income is included in the Statement of Financial Activities when the charitable company is legallv entitled to the income, receipt is probable and the amount can be quantified with reasonable accuracy. Donations and gifts are credited to the SOFA on receipt. Expenditure Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. 21
LICC LIMITED THE LONDON INSTITUTE FOR CONTEMPORARYCHRISTIANITY NOTES TO THE FINANCIAL STATEMENTS ST FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES Icontlnuedl Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, personnel. payroll and governance costs. These costs have been allocated between cost of raising funds and expenditure on charitable activities on the basis of staff time. 2.6 Tangible and Intangible Fixed Assets Tangible fixed a55et5 are stated at C05t less depreciation. Depreciation 15 provided at rates calculated to write off the cost less estimated residual value of each asset over its expetted useful life, as follows.. Fixtures and Fittings Equipment Computer Equipment i(VA straight line 2(VA straight line 33.3% straight line Intangible assets are stated at cost less amortisation. Assets are amortised once brought into use Amortisation is provided at rates calculated to write off the cost less estimated residual value of each a55et over it5 expected useful life, as follow5.. CRM system 20% straight line 2.7 Investments Investments are stated in the balance sheet at their market value as at the balance sheet date. All movements in value arising from investment changes or revaluation are shown in the Statement of Financial Activities. Realised gains or losses on investments are calculated as the difference between the disposal proceeds and market value at the beginning of the year or cost if purchased during the year. Unrealised gains or105se5 are derived from the movement in market values during the year. 2.8 Stocks Stocks are of goods for resale and are stated at the lower of cost and net realisable value. 2.9 Flnanclal Instruments Financial assets such as cash and debtors are measured at their present value of the amounts receivable, less an allowance for the expected level of doubtful receivables. Financial liabilities such as trade creditors, loans and finance leases are measured at the present value of the obligation. 2.10 Operating Leases Renta15 payable under operating leases are charged on a straight line basis over the term of the lease. 2.11 Pension Costs The company makes contribLJtions to Personal Pension Plans for all eligible employees, Ljnless thev have opted out of the company's scheme. 22
LICC LIMITED THE LONDON INSTITUTE FOR CONTEMPORARYCHRISTIANITY NOTES TO THE FINANCIAL STATEMENTS ST FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES Icontlnuedl 2.12 Fund Accountlng Funds held by the charitable company are either.. Unrestricted funds these are funds which can be used in accordance with the company's charitable objects at the discretion of the trustees, some of which have been designated for specific purp05e5. Endowment funds- these are funds, the capital of which has to be retained. Restrirted fund5- these are funds that can only be used for particular restricted purpose5 Wlthin the objects of the charitable company. Re5triction5 arise when specified by the donor or when funds are raised for particular restricted purp05e5. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. 2.13 Forelgn Currencles Assets. liabilities, revenues and costs expressed in foreign currencies are translated into sterling at rates of exchange ruling on the date on which transactions occur, except for monetary assets and liabilitie5 which are translated at the rate ruling at the balance Sheet date. Differences arising on the translation of such items are dealt with in the Statement of financial activities. INCOME Income and the result for the year are attributable to the company's activities in seeking the advancement of Christianity, in particular by providing instruction in the Christian faith, life and mission in the context of the contemporary world. With the exception of a very small amount of overseas sales. all the income arose in the United Kingdom. 4. INVESTMENT INCOME Totsl 2025 Total 2024 Bank Interest Income from Fixed Asset Investments 8,567 24,982 33,549 15,597 26,122 41.719 S. RAISING FUNDS Total 2025 Total 2024 Dirert Staff Q)sts Other Direct Costs Support Costs (See Note 71 114,317 21,840 23,401 159,558 115,620 22,921 30,130 168,671 All costs of raising funds are unrestricted. 23
LICC LIMITED THE LONDON INSTITUTE FOR CONTEMPORARYCHRISTIANITY NOTES TO THE FINANCIAL STATEMENTS ST FOR THE YEAR ENDED 31 MARCH 2025 6. CHARITABLE ACTIVITIES Researchln& Envlslonlngi Equlpplng and Resourdng Chrlstlans and Churches Total 2025 Total 2024 Oirect Staff Costs Other Direct Costs Support Costs (See Note 71 1.138,749 226,618 444,617 1,809.984 957,920 322,570 572,472 1.852.962 7. SUPPORT COSTS Raising Funds Charitable Activitie5 Total 2025 Total 2024 Staff Costs Premises Costs Ol¢e Costs Other Costs 9,239 5,576 2,024 5,400 22,239 175,537 105,940 38,462 102,593 422,532 184,776 111,516 40,486 107,993 444,771 297,738 114,062 50,847 123,582 586,229 Staff Costs Governance Other Governance Costs 741 421 1,162 14,077 8,008 22,085 14,818 8,429 23,247 8.297 8,076 16,373 Total Support Costs 23,401 444,617 468,018 602,602 8. STAFF COSTS Total 2025 Total 2024 Gross Salary Costs Ex-gratia NIC Employer's Pension Employer's 1,176,770 1,121,085 127,267 148,623 1,452,660 121,210 137,280 1,379,575 The average headcount during the year was: 29.4 27.8 The average number of staff (full time equivalentl during the year wa5.. 27.0 24.9 24
LICC LIMITED THE LONDON INSTITUTE FOR CONTEMPORARYCHRISTIANITY NOTES TO THE FINANCIAL STATEMENTS ST FOR THE YEAR ENDED 31 MARCH 2025 8. STAFF COSTS Itontlnuedl The total employee benefits of the Key Management Personnel of the Charity, defined as the Senior Management Team as identified in the Trustees Report were.. 248.059 248,674 The number of ernployee5 whose employee benefits lexcluding employer pension costs) exceeded £60,000 wa5.. Total 2025 Total 2024 £60,001- £70,000 £70.001- £80,000 £80,001- £90,000 £90,001- £100,000 £iOO,OOi- £iiO,(K)O Contributions to a defined contribution pension scheme amounting to £61,08912024.. £45,060) were also made in respect of these staff members. 9. NET INCOME Thi5 IS stated after charging- Total 2025 Total 2024 Auditors, remuneration Statutory audit- current year Depreciation Amortisation 5,150 11,254 3,042 4,900 11,112 11,969 10. TAXATION The company is a registered charity and no taxation liabilities arise from its charitable activities. 25
LICC LIMITED THE LONDON INSTITUTE FOR CONTEMPORARYCHRISTIANITY NOTES TO THE FINANCIAL STATEMENTS ST FOR THE YEAR ENDED 31 MARCH 2025 11. TANGIBLE FIXED ASSETS- ALL FOR CHARITY USE Flxtures & Fittings Offlce Equlpment Computer Equipment Total Cost At Start of year Additions Disposals At 31" March 2025 17,586 50,302 1,858 16901 51,470 56,257 4,938 124,145 6,796 16901 130,251 17,586 61,195 Depreciation At start of year Charge for the year Disposa15 At 31" March 2025 17,279 62 39,358 3,148 1121 42,494 42,302 8,044 98,939 11,254 1121 110,181 17,341 50,346 Net Book Values At 31" March 2025 245 8,976 10,849 20,070 At I" April 2024 307 10,944 13,955 25,206 12. INTANGIBLE FIXED ASSETS- ALL FOR CHARITY USE CRM System Cost At start of year Additions Disposa15 At 31" March 2025 59.843 59,843 Amortlsotlon At start of year Charge for the year Disposals At 31" March 2025 56,801 3.042 59,843 Net Book Values At 31" March 2025 At I" April 2024 3,042 26
LICC LIMITED THE LONDON INSTITUTE FOR CONTEMPORARYCHRISTIANITY NOTES TO THE FINANCIAL STATEMENTS ST FOR THE YEAR ENDED 31 MARCH 2025 13. FIXED ASSETS- INVESTMENTS Total 2025 Total 2024 Market Value At I. April 2024 Purchases Disposals Reali5ed Gains I (Losses) Unrealised Gains / ILossesl At 31" March 2025 810.644 9,494 1329,2141 12,000 121,1551 481,769 803.057 8,526 19391 810,644 2025 2024 Markèt Value Market Value Cost Cost 8lackRock Charites UK Equity M & G Charifund CCLA COIF Epworth AIF Sarasin Alpha CIF Endava pl¢ 89.133 160,738 126,500 78,986 126,500 31,723 613,580 147,431 162,639 200,579 85.014 169,784 45,197 810,644 170,232 126,500 78,986 180,118 191,233 87,808 31,723 407,441 22,610 481,769 14. DEBTORS Total 2025 Total 2024 Due Wlthln One Year Trade Debtors Prepayments and accrued income VAT Other Debtors 7,869 76,662 2,139 34,715 61,281 1,417 97,413 86,670 15. CREDITORS: Amounts falllng due wlthln one year Total 2025 Total 2024 Trade Creditors PAYE and Social Security COSt5 VAT Accruals and Deferred Income 17,736 31,993 21,191 30,689 2,528 116,342 170,750 77,579 127,308 27
LICC LIMITED THE LONDON INSTITUTE FOR CONTEMPORARYCHRISTIANITY NOTES TO THE FINANCIAL STATEMENTS ST FOR THE YEAR ENDED 31 MARCH 2025 15. CREDITORS: Amounts falling due wlthln one year Icontlnuedl Analysls of deferred Income Totsl 2025 Total 2024 As at I, April 2023 Rele35ed to the Statement of Financial Activities Deferred in the current year As at 31" March 2024 45,290 145,2901 9,754 9,754 22,748 122,7481 45,290 45,290 16. PENSION COMMITMENTS A stakeholder pension scheme is open to all employees and the Charity contributes to a nLJmber of personal plans. The assets of the plans are held separately from those of the Charity in independently administered funds. The pension cost charge represents contributions payable by the Charity to these plans and amounted to £148,623 during the year12024'. £137,280). 17. EXPENDABLE ENDOWMENT FUNDS 2025 Movement in Funds Intome Gainsl (Losses) on Investments Balance at 1° Aprll 2024 Balance at 31. March 2025 Endowment Fund & Legacy Contingency Fund 92.213 336 92,549 92,213 336 92,549 2024 Movement in Funds Intomè Gainsl (Losses) on Invèstmènts Balancè at I April 2023 Balancè at 31. Mar¢h 2024 Endowment Fund & Legacy Contingency Fund 84,838 6,039 1,336 92,213 84,838 6,039 1,336 92,213 The Endowment and Legacy Contingency Fund has been set up as a last resort if no other source of finance is available. It may be used to repay outstanding commitments and debt arising in the unlikely event of the company closing down. There 15 no restriction on expenditure from income arising from this fund. 28
LICC LIMITED THE LONDON INSTITUTE FOR CONTEMPORARYCHRISTIANITY NOTES TO THE FINANCIAL STATEMENTS ST FOR THE YEAR ENDED 31 MARCH 2025 18. RESTRicfED FUNDS The income funds of the company include restritted funds comprising the following unexpended balances of donations and grants held on trust to be applied for specific purposes. 2025 Balance at I" April 2024 Income Expenditure Transfersl Gains on Investments Balance at 31" March 2025 Executive Toolbox Emerging Generations The Workplace FOFL 2.0 Vital Signs 148,538 2,036 10,000 1148,5381 12,0361 iio,0001 160,574 1160,5741 160,574 1160,5741 2024 Balan¢e at I" April 2023 Income Expenditure Transfersl Gains on Investments Balance at 31" Marth 2024 Executive Toolbox Emerging Generations The Workplace Vital Sign5 10,000 281,052 2,888 3,500 297,440 iio,0001 1281,0521 12,8881 13,5001 1297,4401 297,440 1297,4401 Executive Toolbox is a tailored leadership course specifically for Christians in senior marketplace leadership roles and aims to equip them to have greater impact for Christ in their workplaces, and to be agents of transformative change. In the year 2023-24 this course was run in Scotland. The Emerging Generations Fund is to be used for LICC'S work supporting young adult Christians to grow as disciples in their everyday life and work. The Workplace Fund 15 to be used for LICC'5 range of projects to help individuals and churche5 advance the cause of the Christian faith in the workplace. 29
LICC LIMITED THE LONDON INSTITUTE FOR CONTEMPORARYCHRISTIANITY NOTES TO THE FINANCIAL STATEMENTS ST FOR THE YEAR ENDED 31 MARCH 2025 18. RESTRicfED FUNDS ICONTINUEDI FOFL 2.0 is a fully revised and updated version of our flagship resource Fruitfulness on the Frontline. Based on LICC'S 6M framework. this new updated suite of resources will consist of a small group course, Sunday service materials, youth and children's materials and more, and will be for Christians of all ages and denominations. Vital Sign5 is a comprehensive resource designed to help church leaders a55e55 how whole-life-enabling their churches are. By focussing on 20 vital signs, it provides diagn05tic tools and resource5 to help them make progress in embedding and sustaining whole-life values in their churches. 19. DESIGNATED FUNDS 2025 Balance at 31" March 2024 Income And New Allocations Utilised During Year Transfersl Gains on Investments Balance at 31. March 2025 Tangible Fixed Asset Fund Intangible Fixed Asset Fund 25,206 6,118 111,2541 20,070 3,042 13,0421 28,248 6,118 114,2961 20,070 2024 Balan¢e at 31" March 2023 In¢ome And New Allocatlons Utilised During Year Transfersl Gains on Investments Balance at 31, March 2024 Tangible Fixed Asset Fund Intangible Fixed Asset Fund 26,445 9,873 111,1121 25,206 15,011 111,9691 3,042 41,456 9,873 123,0811 28,248 Tangible Fixed A55et Fund: Thi5 fund provides for future depreciation charges. Intangiblè Fixèd Assèt Fund.. This fund provides for future amortisation charges. 30
LICC LIMITED THE LONDON INSTITUTE FOR CONTEMPORARYCHRISTIANITY NOTES TO THE FINANCIAL STATEMENTS ST FOR THE YEAR ENDED 31 MARCH 2025 20. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestrlcted Funds RestrScted Funds Endowment Funds Total Fund balances at 31" March 2025 are represented by Tangible Fixed Assets Intangible Fixed Assets Investments Net Current Assets Net Total Net Assets 20,070 20,070 389,220 125,238 534,528 92,549 481,769 125,238 627.077 92.549 Unrestrlcted Funds Restr5cted Funds Endowment Funds Total Fund balances at 31" March 2024 are represented by Tangible Fixed Assets Intangible Fixed Assets Investments Net Current Assets Net Total Net Assets 25,206 3,042 718,431 168,555 915,234 25,206 3,042 810,644 168,555 1,007,447 92,213 92,213 21. OTHER FINANCIAL COMMITMENTS The total future minimurn lease payments under non-cancellable operating leases are payable= Land and Buildin85 2025 2024 Within One Year Between One and Five Years 54,750 73,000 54,750 54,750 127,750 On 21" November 2022 a renewed licence agreement in respect of St Peter's Church, Vere Street, was agreed with All Souls Langham Place Church. London. commencing I, january 2023 at an annual rental of £73.000. until 31st December 2025. During the year, lease payment5 amounted to £73,CW12024- £73,000). 31
LICC LIMITED THE LONDON INSTITUTE FOR CONTEMPORARYCHRISTIANITY NOTES TO THE FINANCIAL STATEMENTS ST FOR THE YEAR ENDED 31 MARCH 2025 21. OTHER FINANCIAL COMMITMENTS Icontlnuedl Photocopler Lease 2025 2024 Within One Year Between One and three Years 1.480 i.iio 1,480 2,590 2,590 4,070 On 7 November 2023, an operating lease was taken out in respect of a photocopier for a period of 36 months beginning on l December 2023. During the year lease payments amounted to £1,48012024.. £4931. 22. TRUSTEES, REMUNERATION AND RELATED PARTY TRANSACTIONS No remuneration was paid to the trustees in the year12024'. £Nill. Expenses totalling £137 were paid to two trustees in the year12024.' £280 to three trustees). A number of trustees, key management personnel and parties related to key managerllent personnel gave donations to the Charity during the year. There were no conditions attached to these donations. The aggreg3te donations given to the Charity by related parties was £67,86612024.. £68,6251 32
LICC LIMITED THE LONDON INSTITUTE FOR CONTEMPORARYCHRISTIANITY NOTES TO THE FINANCIAL STATEMENTS ST FOR THE YEAR ENDED 31 MARCH 2025 23. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES Unrestrlcted Funds Restrlcted Funds Endowment Funds 2024 Total 2023 Total Notes INCOME FROM: Donations and legacies Charitable artivities Other trading activities 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 1,391,568 297,440 6,039 1.695,047 2,048.789 EXPENDITURE ON.. Raising Funds Charitable Activities 168,671 1,555,522 168,671 1,852,962 89,828 1,897,a19 297,440 Total Expenditure 1,724,193 297,440 2,021,633 1,987,147 Net Income/lExpenditurel before gain511105se51 on Investments 1332,6251 6,039 1326.5861 61,642 Other Re¢ognised Gains and Losses Net Eains/llossesl on Investments 13 12,2751 1,336 19391 1104,028} Net Income/lExpenditurel Net Movement in Funds 1334,9001 7,375 1327.5251 142.3861 Fund balances brought forward 1,250,134 84,838 1,334,972 1,377,358 Fund balances carried forward 915,234 92.213 1.007,447 1,334.972 33