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2022-12-31-accounts

Sion College

Annual Report and Accounts

31 December 2022

Charity Registration Number 306142

Contents

Reports

Reference and administrative information 1
Annual Report of the Court of Governors 3
Independent examiner’s report 13
Accounts
Statement of financial activities 14
Balance sheet 15
Principal accounting policies 16
Notes to the accounts 20
Appendices
A – Grant Making Policy 25

Sion College

Reference and administrative information Year to 31 December 2022

Governors The Revd Matthew Duckett (President from 12 May
2022)
The Revd Jeremy Crossley (President until 12 May
2022)
David Banks Esq (appointed 12 May 2022)
The Revd George Bush
The Revd Philip Chester (appointed 12 May 2022)
The Revd Mae Christie
Paul Double Esq
The Revd James Heard
The Revd Dr Alison Joyce
The Revd Eileen McGregor (resigned 12 May 2022)
The Revd Sam McNally-Cross
Sir Michael Pownall (resigned 12 May 2022)
The Revd Christopher Trundle
Honorary Librarian The Revd Gillean Craig
Finance Committee The Revd Mae Christie (Chair)
The Revd Matthew Duckett
David Scott Esq
The Revd Christopher Trundle
The Revd Peter Wolton
Grants Committee The Revd Sam McNally-Cross (Chair)
David Banks Esq
The Revd James Heard
The Revd Dr Alison Joyce
Honorary Treasurer The Revd Mae Christie
Honorary Curator The Revd George Bush
Registered office Faith House
7 Tufton Street
London
SW1P 3QB
Charity registration number 306142

Sion College 1

Reference and administrative information Year to 31 December 2022

Independent examiner

Buzzacott LLP 130 Wood Street London EC2V 6DL

Bankers

Unity Trust Bank Plc 4 Brindley Place Birmingham B1 2BJ

Investment managers

Investec Wealth & Investment Limited 30 Gresham Street London EC2V 7QP

CCLA Investment Management Limited Senator House 1 Angel Lane London EC4R 4AB

Sion College 2

Annual Report of the Court of Governors Year to 31 December 2022

The Court of Governors, who are also the trustees of the charity, present their statutory report together with the accounts of Sion College for the year to 31 December 2022.

The accounts have been prepared in accordance with the accounting policies set out on pages 16 to 19 of the attached accounts and comply with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), effective from accounting periods commencing 1 January 2015 or later.

ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES

Charitable objectives and activities

The College’s charitable objectives as expressed in its Constitution are as follows:

In furtherance of these objects the College has the power under an Amending Order in Council dated 26 June 1996:

The College makes grants to a range of charities and charitable activities in accordance with the College’s grant making policies, as set out below.

In setting the College’s objectives and planning its activities, the governors have given consideration to the Charity Commission’s general guidance on public benefit.

Grant making policy

A priority for the College is the personal development and refreshment of the clergy by our grant-making programme which is open to clergy in active ministry within the M25 who are Fellows or Members of Sion College.

Currently the maximum grant available to individuals is 1,000 (2021 – £1,000) and is awarded to fund study leave, courses, research and other innovative projects.

Applicants must complete an application form and grants are not normally made to an individual more than once in a two year period, and are not made for courses already underway.

Applications are considered by the Grants Committee at its meetings which occur three times a year and members of the Grants Committee may ask to meet with applicants to discuss their proposals.

Sion College 3

Annual Report of the Court of Governors Year to 31 December 2022

ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES (continued)

Grant making policy (continued)

In addition, we offer a subscription to a number of central London libraries, including the library at King’s College.

Further details of the College’s grant making is included in Appendix A to the accounts.

Investment policy

The objectives of the policy are to ensure the creation of sufficient income and capital growth to enable the charity to carry out its purposes consistently year by year with due and proper consideration for future needs and the maintenance of and, if possible, enhancement of the value of invested funds while they are retained. Both capital and income may be used at any time for the furtherance of the charity’s aims. We generally follow the ethical policy of the Church of England.

ACHIEVEMENTS AND PERFORMANCE

Review of activities

President’s report

Report from the President on the life of Sion College in 2022

Sion College AGM, 4th May 2023

Sion College’s purposes are to promote learning and Godly fellowship among the clergy, and these are achieved largely through our programme of events as well as through the grants that we are able to make to Fellows and Members of the College for study leave, library membership and retreats.

All these things require a collective effort by the Court and we would not be able to deliver our programme without the hard work and dedication of all its members, who give their time voluntarily. Their work covers not only the annual programme but also the necessary duties of trustees in matters of finance, governance, and law, in all of which Court members are unfailingly diligent. I wish to record my heart-felt gratitude to all the Court for all their imagination and dedication to the College, and also to our hard-working Administrator Jeremy Smith, much of whose work is unseen by most but nonetheless vital, and whose efficiency and grasp of detail in our complex and busy year is so necessary to our work.

The members of the Court elected at the previous Annual General Meeting oversaw the first part of 2022. The AGM in May then saw the retirement from the Court of Immediate Past President Eileen McGregor, whose steady hand during the pandemic (and associated twoyear tenure of the Presidency) were so important in guiding the College through that crisis, unprecedented in its modern history. The debt the College owes to her is immense. Likewise, I record my gratitude on behalf of the Court and College to Jeremy Crossley, who was President for the first part of 2022, and whose encouragement, wisdom and quiet determination were so important in our return to a normal programme.

Sion College 4

Annual Report of the Court of Governors Year to 31 December 2022

ACHIEVEMENTS AND PERFORMANCE (continued)

Review of activities (continued)

President’s report (continued)

Report from the President on the life of Sion College in 2022 (continued)

The AGM saw the retirement of Lay Fellow Sir Michael Pownall, whose contribution to the work of the Court has been invaluable, and the arrival on the Court of our new Lay Fellow David Banks, whose hard work, experience and vigour are already much appreciated.

The AGM also saw the return to the Court of Past Presidents George Bush and Philip Chester, bringing their long experience and wisdom to our counsels. In a Court which is elected afresh each year the Past Presidents are, among other things, the custodians of our collective long-term memory, keeping us mindful of our history and purposes as we plan for the present and future.

The elections of Alison Joyce as Senior Dean, and of Mae Christie as Junior Dean, were welcomed with acclaim, Mae being also re-elected as Treasurer. Their energy, enthusiasm and expertise are a tremendous gift to the College.

Sam Cross, James Heard and Christopher Trundle were re-elected as Clerical Assistants, continuing their much-appreciated work as members of the Court as the year progressed.

Although there were four places available, no other Fellow stood for election as Clerical Assistant in 2022, meaning that the Court was one member short for a year in which the expanded programme entailed a larger than usual shared workload. This was challenging at times, but everyone on the Court rose to the challenge, and whilst I am hopeful that this will not be the case again this year, I would like to reiterate my appeal to all voting Fellows to consider whether service on the Court is something that they might be able to offer at a future AGM.

Court members serve in various committees and roles, notably the Grants Committee, Finance Committee and Safeguarding Lead.

The Finance Committee also includes those who are not Court members but who generously give their time and vital financial expertise in advising the Court. This year saw the retirement from the Finance Committee of David Scott, after 25 years’ service, a milestone marked at a recent lunch given by the Court in his honour. Eileen McGregor and Peter Wolton continue to serve as members of the Finance Committee.

Honourable mention for their work is also due to our Honorary Curator George Bush, our Honorary Librarian Gillean Craig, and Honorary Cellarer Brian Leathard.

Sion College 5

Annual Report of the Court of Governors Year to 31 December 2022

ACHIEVEMENTS AND PERFORMANCE (continued)

Review of activities (continued)

President’s report (continued)

Report from the President on the life of Sion College in 2022 (continued)

2022 will be remembered above all for the death of Her Majesty the Queen and the Accession of King Charles III on 8 September, followed by the period of National Mourning. As we are a College established by Royal Charter, the Court expressed its condolences to the King by way of a formal address recalling the close association between the College and the Sovereign since our founding Charter under Charles I. One College event, the planned visit to the Magic Circle, was cancelled as it fell in the period of National Mourning.

Last year was the first year since the pandemic that we have been able to run a full programme of in-person events. With this in mind, and to enable as many Fellows and Members to participate as possible after a time of privation, the Court devised an ambitious programme on a somewhat larger scale than usual.

January saw well-attended and stimulating seminar suppers with Roger Garside speaking on China at the Oriental Club, and Martyn Percy speaking on the current state of the Church of England at the Oxford and Cambridge Club.

February was a packed month, featuring a fascinating visit to the London Library, a muchappreciated daytime seminar on the status of the clergy and current demands on clerical life, with Matthew Chinery and other contributors at Goodenough College, a visit to the Freud Museum with James Wilkinson, and a seminar supper with Catherine McGuinness on inclusion and “levelling up” at the Caledonian Club.

During March, in Lent, two Zoom events were held online, Marc Woodhead on the Raphael exhibition and Angela Tilby on “From Narnia with Love”. Online events continue to be appreciated and the Court determined to include some in the programme in future.

In May, the Feast was held for the first time in three years, with 140 Fellows, Members and guests of the Court enjoying a celebratory dinner at Fishmongers’ Hall, entertained by guest speaker Catherine Fox.

Also in May, there was a visit to Bletchley Park, and seminar suppers with Jeremy Morris at the Royal Over-Seas League on his new book on the history of the Church of England, and with Robert Hardman at the Army & Navy Club on the Queen’s Platinum Jubilee.

It was good to be able to return to Lambeth Palace for Founder’s Day in June, with an outstanding and highly topical lecture on Standards in Public Life from Baron Evans of Weardale. Also in June, there was a children’s trip to London Zoo, and a challenging seminar supper with Baroness Butler-Sloss on the evil of modern slavery.

In July, there was a visit to Kew Gardens with afternoon tea, and a guided walk through Whitechapel with Fr Peter McGeary, concluding with curry in Brick Lane, an event so popular that it was repeated two weeks later.

Sion College 6

Annual Report of the Court of Governors Year to 31 December 2022

ACHIEVEMENTS AND PERFORMANCE (continued)

Review of activities (continued)

President’s report (continued)

Report from the President on the life of Sion College in 2022 (continued)

In August, a group visited St James Piccadilly to examine that Church’s response to the climate emergency.

In September nineteen Fellows and Members took part in the visit to the Churches of Scotland, our first extended visit since the pandemic, a very rich and fruitful time encountering the Scottish Episcopal Church, the Church of Scotland and the Roman Catholic Church, as well as other aspects of life north of the border. Coming shortly after the death of Her late Majesty, it was of great interest to hear of the role in State functions of the other established Church in Britain. In addition to the Court members who organized the visit, we were indebted to the Rev’d Markus Dünzkofer of St John’s Edinburgh for his extensive work arranging our visits and encounters. In recognition of his work, his name is among those nominated to this meeting for Honorary Fellowships.

Baroness Tanni Grey-Thompson spoke by Zoom on inclusion in sport in September. In October, John Casson spoke on the l’Arche Community and its values of inclusion.

The year concluded with three outstanding seminar suppers in November: Lucy Winkett on Advent at the Oriental Club; Bishop Lusa Nsenga-Ngoy on the theology of diversity and inclusion at ROSL; and Mike Lloyd on the state of theological education in the Church of England at the Oxford and Cambridge Club.

In writing this report I am conscious of the tremendous privilege and trust that were bestowed on me by the Fellowship in electing me to the office of President, something that I never dreamed of when I entered ordained ministry. It has been a wonderful year and a great honour to preside in our collective work ensuring that the life of Sion College continues in full vigour. I now hand over to the incoming President with both confidence in the future and great gratitude for all that has been.

Matthew Duckett, President

29th March 2023

Sion College 7

Annual Report of the Court of Governors Year to 31 December 2022

ACHIEVEMENTS AND PERFORMANCE (continued)

Review of activities (continued)

Grants committee report (Fr Sam Cross)

I took over as chair of the Grants Committee partway through the year as the previous chair, The Rev’d Alison Joyce, the Senior Dean, stepped down after several years in the role. I give thanks to her for the way in which the committee was chaired and the good stewardship of the assets leaving a very healthy committee to take over.

As the world begins to emerge from COVID restrictions there has been a flurry of applications, some from delayed sabbaticals and others for much needed retreats.

Gladstone’s Library and Sheldon remain popular with £1,859 awarded to individuals making

their retreats there.

We also granted £900 for three members to attend particular courses and awarded £8,200 for Study Leave grants. It has been excellent to see the thoughtful and interesting plans that are in place for sabbatical study and refreshment and I am very pleased we are able to assist clergy in this manner.

We continued the £1,000 donation to ALMA and gave Lambeth Library the last instalment of a three-year grant totaling £45,000 specifically supporting staff working on the Sion Collection at the Library.

FINANCIAL REVIEW

Results for the year

A summary of the year’s results can be found on page 14 of this report and accounts.

The accounts for 2022 show a net decrease in funds of £395,241 (2021 net increase of £430,396). This increase included a net loss on investments of £363,692 (2021 net gain in value of £424,942).

The total net assets in the balance sheet of £4,288,244 (2021 £4,683,485) are stated at market value and all funds are unrestricted.

Treasurer’s Report (Revd Mae Christie)

Sion College’s operations generally fall broadly into three categories: events, grant making and administration. The large and growing size of the membership across several dioceses makes some of this unpredictable even against robust budgeting.

There is an operating deficit shown in the 2022 accounts of £31,549 (2021 surplus of £5,454).

Sion College 8

Annual Report of the Court of Governors Year to 31 December 2022

FINANCIAL REVIEW (continued)

Treasurer’s Report (Revd Mae Christie) (continued)

Our investment manager at Investec reports: During the calendar year 2022, the Sion College portfolio made a negative total return of 4.55% (net of fees). The Investec benchmark rose by 1.74% while the ARC Steady growth index fell by 10.2%. A strong outperformance in the USA and other overseas markets, helped to protect the portfolio from further weakness in a year which saw a significant decline in equities and bonds. During 2022 the portfolio produced income of £122,782. Looking forward markets and economies are adjusting to a much higher level of interest rates as a result of inflation.

Combined with our CBF Church of England Investment Fund holding, managed by CCLA, our overall investment income in 2022 was £128,780 , which is a marginal increase from 2021 and a positive performance against our total 2022 budget for investment income of £121,000. We have set a slightly higher budget for overall investment income in 2023 of £126,500, cautiously aware of the current volatility of the market, rising inflation and the impact of various political situations, including the Russian invasion of Ukraine.

At our 2021 AGM, one of our members helpfully queried the current spread of investments given the notably strong performance of the CBF Fund. In 2022, the Finance Committee undertook the process of re-evaluating our investment policy and considering where our investment holdings are managed. For now, our advice to the court and fellowship is to maintain our investments allocation as they currently stand, due to various factors including risk exposure. However, we will keep actively monitoring this and suggest changes where they seem wise.

Our 2023 budget predicts a deficit of just over £24,000. We have planned deficits in the past (such as in 2022) and have, instead, tended to finish the year with a surplus or a lower deficit, but it is likely that we will indeed run a deficit this year, which the Court has planned for and agreed. Our planned deficit for this year is far less than last year, but is likely to be met. The on-going deficit relates to our event programme and associated increasing costs. We believe our current financial holdings and long term financial prospects allow for such a deficit to be undertaken again in these extraordinary times, and feel that our obligation to provide for the fellowship of the clergy continues to be needed. We will continue to monitor this over the year.

On a personal note, I would once again like to pay tribute to the wonderful work of our Finance Committee and administrator this year, both due to the continuing challenging times we face and in gratitude for their thoughtful stewardship of the college’s finances. I also want to recognize the particularly significant contribution that David Scott has made to the court as a key part of the Finance Committee for the last 25 years. David is now stepping down from that role, but I thank him for the considerable expertise, wisdom and hard work that he has contributed, which has helped steer us through extremely challenging times over the years. We all wish him well in his future endeavours.

Sion College 9

Annual Report of the Court of Governors Year to 31 December 2022

FINANCIAL REVIEW (continued)

Reserves Policy

It is the policy of the College to maintain unrestricted funds that are at least enough to generate sufficient income for planned activities in the coming year and to produce annually a budget based upon the forecast income. Currently, the College’s projects are both in line with its Charter as well as being short term. The required funds are always spent in the budget year with some funds carried forward into future years to fund specific projects. A contingency reserve is also included in the annual budget to meet any unforeseen expenditure.

At 31 December 2022, the net current assets of the College, that is those unrestricted funds not designated for specific purposes or held as fixed asset investments, amounted to £46,698 (2021 £31,186).

GOVERNANCE, STRUCTURE AND MANAGEMENT

Sion College is registered on the Central Register of Charities maintained by the Charity Commission for England and Wales, under registration number 306142.

The College received a Royal Charter from King Charles I in July 1630, modified by Charters, Acts and Orders in Council over the subsequent centuries.

Organisation and Governance

The names of the governors who served during the period are set out as part of the reference and administrative information on page 1.

The government of the College is vested in the Court of Governors.

The Court of Governors controls and manages the affairs of the College and may exercise on behalf of the College all powers vested in the College and administer its property and income.

The Court of Governors meets on a regular basis; during 2022 eight (2021 – nine) Court meetings were held.

Recruitment and appointment

The Court of Governors is elected annually at each Annual General Meeting from amongst the Fellows of the College.

Induction and training

The College recognises that new and current governors should be aware of the College’s charitable purposes, mode of operation, plans, policies and costs.

The governors are provided with appropriate updates relating to matters impacting upon charity law and the running and administration of the College from their professional advisers. They also attend external training events where appropriate.

Sion College 10

Annual Report of the Court of Governors Year to 31 December 2022

GOVERNANCE, STRUCTURE AND MANAGEMENT (continued)

Governors’ responsibilities statement

The governors are responsible for preparing the Court of Governors’ report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the governors to prepare accounts for each financial year which give a true and fair view of the state of affairs of the College and of the income and expenditure of the College for that period. In preparing these accounts, the governors are required to:

The Governors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the College and enable them to ensure that the accounts comply with the Charities Act 2011, applicable Charity (Accounts and Reports) Regulations and the provisions of the governing documents. They are also responsible for safeguarding the assets of the College and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Governors are responsible for the maintenance and integrity of the charity and financial information included on the College’s website. Legislation in the United Kingdom governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions.

Key management personnel

The members of the Court of Governors consider that they comprise the key management of the College in charge of directing and controlling, running and operating the charity on a day to day basis.

The members of the Court of Governors receive no remuneration in connection with their duties.

Sion College 11

Annual Report of the Court of Governors Year to 31 December 2022

GOVERNANCE, STRUCTURE AND MANAGEMENT (continued)

Risk management

The trustees have examined the major risks which the College faces, in particular those related to the operations and finances of the College, and confirm that systems are in place to mitigate the College's exposure to the major risks.

In accordance with Charity Commission guidance, risks are reviewed under the following headings:

Regular (mostly monthly) meetings of the Court enable the trustees to review these risks regularly. For example, the programme of events as well as individual events are reviewed at each meeting; and there is a regular review of expenditure - again at each meeting - against a detailed budget.

The College investment portfolio is professionally managed by Investec Ltd and CCLA Investment Management Limited; and a cautious approach to investment has been endorsed by the Court and its Finance Committee.

The Court has agreed to review the risks set out above at its regular annual Residential meeting in June.

Signed on behalf of the Court of Governors:

Governor

Approved by the Court of Governors on:

Sion College 12

Independent examiner’s report Year ended at 31 December 2022

Independent examiner's report to the Court of Governors of Sion College

We report on the accounts of Sion College for the year ended 31 December 2022, which are set out on pages 14 to 15.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

We report in respect of our examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out our examination we have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

We have completed our examination. We confirm that no material matters have come to our attention in connection with the examination giving us cause to believe that in any material respect:

We have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Buzzacott LLP 130 Wood Street London EC2V 6DL

Sion College 13

Statement of financial activities Year ended at 31 December 2022

Notes Unrestricted funds Unrestricted funds
Total
funds
2022
£		 Total
funds
2021
£
Income from:
Charitable activities
. Functions, educational visits and database receipts
Trading activities
. Subscriptions
Investments
1
Total income
Expenditure on:
Raising funds
2
Charitable activities
. Promotion of learning and fellowship amongst the clergy of the
Church of England
3
Total expenditure
Net (expenditure) income before gains and losses on investments
Net (losses) gains on investments
10
Net (expenditure) income and net movement in funds for the year
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 18,086
11,144
128,780		 12,806
10,848
118,520
158,010 142,174
41,087
148,472		 40,781
95,939
189,559 136,720
(31,549)
(363,692)		 5,454
424,942
(395,241)
4,683,485		 430,396
4,253,089
4,288,244 4,683,485

All of the College’s activities derived from continuing operations during the above two financial periods.

All gains and losses recognised in the year are included in the above statement of financial activities.

Sion College 14

Balance sheet as at 31 December 2022

Notes
2022
£		 2022
£		 2021
£		 2021
£
Fixed assets:
Investments
10
Current assets:
Debtors
11
Short term deposits
Cash at bank and in hand
Creditors:amounts falling due
within one year
12
Net current assets
Total assets less current
liabilities
Total net assets
The funds of the charity:
Unrestricted income funds

11,290
23
46,345		 4,241,546

46,698		 8,641
23
43,656		 4,652,299
31,186
57,658

(10,960)		 52,320
(21,134)
4,288,244 4,683,485
4,288,244 4,683,485
4,288,244 4,683,485
4,288,244 4,683,485

Approved by the Court of Governors and signed on their behalf by:

Governor

Approved on:

Sion College 15

Principal accounting policies 31 December 2022

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out below.

Basis of preparation

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these accounts.

The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

The accounts are presented in sterling and are rounded to the nearest pound.

Critical accounting estimates and areas of judgement

Preparation of the accounts requires the governors to make significant judgements and estimates.

The items in the accounts where these judgements and estimates have been made include the allocation of support costs.

Assessment of going concern

The governors have assessed whether the use of the going concern assumption is appropriate in preparing these accounts.

The governors of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern.

With regard to the next accounting period, the year ending 31 December 2023, the most significant areas that affect the carrying value of the assets held by the charity are the level of investment return and the performance of the investment markets (see the investment policy and the risk management sections of the trustees’ report for more information and note 10 to these accounts). This is reflected in the College’s reserves policy and the governors are therefore of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.

Income recognition

All income is recognised in the period in which the charity has entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be received.

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Principal accounting policies 31 December 2022

Income comprises donations, income from charitable activities, income from other trading activities, investment income and other miscellaneous income.

Donations are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Income from functions and educational visits is recognised when the charity has entitlement to the income; this is usually when the function or visit has taken place.

Income from subscriptions is recognised in the period in to which the subscription relates.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings. The classification between activities is as follows:

Expenditure recognition (continued)

Charitable grants and donations are made where the trustees consider there is real need following a review of the details of each particular case and comprise single year payments rather than multi-year grants. Grants and donations are included in the statement of financial activities when approved for payment. Provision is made for grants and donations approved but unpaid at the period end.

Sion College 17

Principal accounting policies 31 December 2022

Expenditure is stated inclusive of any attributable VAT which cannot be recovered.

Allocation of support and governance costs

Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity, it is necessary to provide support in the form of personnel development, financial procedures, and a suitable working environment.

Governance costs comprise the costs involving the public accountability of the charity (including independent examination costs) and costs in respect to its compliance with regulation and best practice.

Where possible, support and governance costs are charged to a specific activity and the balance is allocated on the basis of estimates attributable to that activity in the year.

Fixed asset investments

Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price.

The charity does not acquire put options, derivatives or other complex financial instruments.

Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value is acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are credited (or debited) in the year in which they arise.

Heritage assets

Heritage assets have historic, artistic, scientific, technological, geophysical or environmental qualities and are held and maintained principally for its contribution to knowledge and culture.

The College holds a number of historic assets, including a unique collection of paintings, together with books, manuscripts and other artefacts. These assets are held on trust in perpetuity as a permanent record of the College’s history. They are irreplaceable originals, whose intrinsic value is also bound up in the College’s history. There is no market for these items and so no reliable cost or value can be attributed to them, and accordingly they have not been included on the balance sheet.

Debtors

Debtors are recognised at their settlement amount, less any provision for nonrecoverability. Prepayments are valued at the amount prepaid.

Sion College 18

Principal accounting policies 31 December 2022

Cash at bank and in hand and short term deposits

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits.

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt.

Financial instruments

The College only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the College and their measurement basis are as follows:

Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments.

Cash at bank and short term deposits – classified as a basic financial instrument and is measured at face value.

Financial liabilities – trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument.

Fund structure

The unrestricted income funds represent funds available for the general charitable purposes of the charity at the discretion of the Court of Governors.

Restricted funds comprise monies raised for, or their use restricted to a specific purpose or contributions subject to donor imposed conditions.

Leased assets

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the statement of financial activities on a straight-line basis over the term of the lease.

Statement of cash flows

The financial statements do not include a statement of cash flows because the charity is exempt from the requirement to prepare such a statement under the Charities SORP (FRS 102) Update Bulletin 1.

Sion College 19

Notes to the accounts 31 December 2021

1 Investment income

Investment income
Unrestricted
2022
£		 2021
£
Dividends and interest from investments
Interest on short term deposits		 122,210
6,570		 112,141
6,379
128,780 118,520

2 Expenditure on raising funds

Direct
costs
£		 Direct
costs
£		 Support
costs
(note 6)
£		 Support
costs
(note 6)
£		 Total
Un-
restricted
2022
£		 Total
Un-
restricted
2022
£		 Direct
costs
£		 Support
costs
(note 6)
£		 Total
Un-
restricted
2021
£
Donations
Members’
subscriptions
Investment
management costs		 —
29,035		 —
10,893
1,159		 —
10,893
30,194		 —
—
30,018		 1,948
7,790
1,025		 1,948
7,790
31,043
29,035 12,052 41,087 30,018 10,763 40,781
Total
Un-
restricted
2022
£



Direct
costs
£

Support
costs
(note 6)
£		 Total
Un-
restricted
2021
£
Promotion of learning and
fellowship amongst the
clergy of the Church of
England
. Grants payable (note 4)
. Functions and
educational visits and
debates
. Annual feast
Total funds		 11,959
85,869
19,126		 3,152
23,639
4,727		 15,111
109,508
23,853
4,263

63,490

—

7,047
21,139
—
11,310

84,629

—
116,954 31,518 148,472
67,753		 28,186
95,939

3 Expenditure on charitable activities

Sion College 20

Notes to the accounts 31 December 2021

4 Grants payable

Grants payable
2022
£		 2021
£
Research and sundry grants
ALMA
Retreat study grants – 10 awarded (2021 – 9)
Research and educational grants – 3 awarded (2021 – 1)
Grants for study leave
Study leave – 9 awarded (2021 – 1)
Total grants payable
Support costs
Grants payable to:
. Institutions
. Individuals		 1,000
1,859
900		 1,000
1,863
400
3,759
8,200		 3,263
1,000
11,959
3,152		 4,263
7,047
15,111 11,310
1,000
10,959		 1,000
3,263
11,959 4,263

5 Staff costs and remuneration of key management personnel

2022
£		 2021
£
Salaries and wages
Pension costs		 23,320
1,399		 22,000
1,320
24,719 23,320

The charity employed one member of staff during the year (2021– one).

No employee earned more than £60,000 per annum in 2022 (2021 - none).

The members of the Court of Governors consider that they comprise the key management of the College in charge of directing and controlling, running and operating the charity on a day to day basis.

The members of the Court of Governors receive no remuneration in connection with their duties.

Sion College 21

Notes to the accounts 31 December 2021

6 Support costs

The breakdown of support costs and how these are allocated are shown below:

Raisingfunds Raisingfunds Charitable
activities
(note 3)
£		 2022
total
£
Donations
and
sub-
scriptions
(note 2)
£		 Investment
manage-
ment
costs
(note 2)
£
Premises
Administrative
. Administrator (note 5)
. General administrative expenses
Governance costs (note 7)
General
. Other expenses
Total 2022 funds		 1,859
6,180
97
1,640
1,117		 74
742
12
197
134		 5,504
17,797
279
4,721
3,217		 7,437
24,719
388
6,558
4,468
10,893
1,159		 31,518 43,570
Raising funds Raising funds Charitable
activities
(note 3)
£		 2021
total
£
Donations
and
sub-
scriptions
£		 Investment
manage-
ment
costs
(note 2)
£
Premises
Administrative
. Administrator (note 5)
. General administrative expenses
Governance costs (note 7)
General
. Other expenses
Total 2021 funds		 1,799
5,830
96
751
1,262		 72
700
12
90
151		 5,321
16,790
278
2,165
3,632		 7,192
23,320
386
3,006
5,045
9,738
1,025		 28,186 38,949

Cost allocation includes an element of judgement and the College has had to consider the cost benefit of detailed calculation and record keeping. Where possible, support costs are charged to a specific activity and the balance has been allocated on the basis of estimates attributable to that activity in the year.

7 Governance costs

2022
£		 2021
£
Court expenses
Independent examiner’s remuneration
. Independent examination fee
. Other services		 3,258
2,200
1,100		 6
2,000
1,000
6,558 3,006

Sion College 22

Notes to the accounts 31 December 2021

8 Trustees’ remuneration and related party transactions

Members of the Court of Governors received no remuneration (2021 – nil). Two members of the Court were reimbursed for directly incurred expenses of £66 (2021 – nil).

9 Taxation

Sion College is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

10 Investments

Investments
2022
£		 2021
£
Market value of listed investments at 1 January
Acquisitions at cost
Disposals at market value (proceeds £721,445; realised losses
£15,293)
Net (losses) gains on revaluation at 31 December
Market value of listed investments as at 31 December
Cash held for investment
Total market value of investments at 31 December
Historical cost of listed investments as at 31 December		 4,576,184
660,490
(736,738)
(348,399)		 4,210,790
590,866
(605,844)
380,372
4,151,537
90,009		 4,576,184
76,115
4,241,546 4,652,299
3,577,234 3,467,935

Listed investments held at 31 December comprised the following:

2022
£		 2021
£
UK equities
Fixed interest securities
Property unit trusts
Overseas equities
Alternative assets		 748,679
617,116
417,762
1,848,719
519,261		 1,031,576
689,276
386,833
1,926,804
541,695
4,151,537 4,576,184

All listed investments held are dealt in on a recognised stock exchange.

The following investments individually amounted to over 5% of the portfolio at 31 December 2022 (2021: 5%).

2022
£
The CBF Church of England investment Fund – Income shares 5.18% 219,522

Sion College 23

Notes to the accounts 31 December 2021

10 Investments (continued)

The total unrealised gains as at 31 December constitute movements on revaluation and are as follows:

2022
£		 2021
£
Reconciliation of movements in unrealised gains
Unrealised gains at 1 January
Less: in respect to disposals in the year
Add: net (losses) gains arising on revaluation in the year
Total unrealisedgains at 31 December		 1,108,249
(185,547)
(348,399)		 861,202
(133,325)
380,372
574,303 1,108,249

11 Debtors

Debtors
2022
£		 2021
£
Accrued income
Prepayments
VAT		 7,356
3,934
—		 2,780
4,551
1,310
11,290 8,641

12 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
2022
£		 2021
£
Accruals and deferred income
Other creditors
Grants committed (note 4)
VAT		 10,776
—
—
184		 5,694
440
15,000
—
10,960 21,134

13 Operating lease commitments

As at 31 December the College had the following future minimum commitments in respect of non-cancellable operating leases on land and buildings:

2022
£		 2021
£
Payable within:
One year
One and five years		 6,500
19,958		 5,950
26,459
26,458 32,409

Sion College 24

Appendix A – Grant making policy

Course and Sabbatical Grants

The College supports the personal and ministerial development of London clergy, making grants to licensed or beneficed clergy who are Fellows or Members of the College and who reside within the boundaries of the M25.

Applicants for Sion College grants must be Fellows or Members of the College, and have been a Fellow or Member for at least two years before the date of application. With limited funding, we look particularly to support with our grant-giving those who are active members of the College.

The Grants Committee meets three times a year to discuss applications and make decisions based on the funds available. Members applying for study leave grants are invited to meet the Grants Committee to discuss their proposal. Please note that these meetings usually take place in Faith House, on the first floor with no lift. If you have any difficulty with this please let us know.

The considerations which the Grants Committee will take into account when considering applications for grants and the policies which the Committee will follow have been agreed by the Committee and are set out below.

The Administrator would be pleased to give any further information you need. If you believe you may be eligible, please complete and return the grant application form, along with any links or information about the proposed course of study.

Two grant application forms are now used:

One is for grants for study leave and the other for courses. Please select and submit the correct form.

Applications are considered by the Grants Committee at its meetings in February, May and October. We are not able to consider applications which do not meet the deadlines indicated in the table below:

Sion College 25

Appendix A – Grant making policy

Last date for application Course/ study beginning Committee meets
31stDecember May to August February
31stMarch September to December May
31stAugust January to April October

Gladstone’s Library and the Society of Mary and Martha

Members eligible for grants may apply on a bi-annual basis for an up to four-night residential stay at Gladstone’s Library or the Society of Mary and Martha at Sheldon. Please submit a grant form to the College Administrator. Once you have received notification from the Administrator that a grant will be awarded please contact Gladstone’s Library or the Society of Mary and Martha directly who will invoice Sion College once the dates are confirmed. Please note that members will be responsible for any additional costs above the level of the grant.

Grants Committee: Sabbatical or study leave grants

When applications for sabbatical or study leave grants are considered by the Sion College Grants Committee, account will be taken of:

The rationale for this policy is that:

Sion College 26

Appendix A – Grant making policy

Grants Committee: Library Grants

The Grants Committee can receive applications for library grants from Sion College members for theological study. Sion College Fellows and Members can apply for such grants from the start of their membership. In the event of the number of applications exceeding the budget set for this purpose in any one calendar year, awards will normally be made on a first come, first served basis.

Sion College 27