Sion College Annual Report and Accounts 31 December 2023 Charily R8gistralion Number 306142
Contents Reports Reference and administrative information Annual Réport of the Court of Governors Independent examinerfs report 13 Accounts statement of financial activities 14 Balance sheet 15 Principal accounting policies 16 Notes to the accounts 21 Appendlces Grant Making Policy 26 Hon Librarian's Report- Gi118an Craig 28 Sion College
Reference and administrative information Year to 31 Dernber 2023 Governors The Revd Matthew Duckett (President until 4 May 20231 The Revd Jeremy Crossley (resigned 4 May 2023) David Banks Esq The Revd George Bush (resigned 4 May 2023) The Revd Philip Chester The Revd Mae Christie Paul Double Esq The Revd James Heard The R6vd Dr Alison Joyce (Prèsident from 4 May 2023) The Revd Sam Cross The Revd Christopher Trundle The Revd Jonathan Kester (appointed 4 May 2023) The Revd Canon Roxanne Eversley (appointed 4 May 2023) Honorary Librarian The Revd Gillean Craig Financo Committee The Revd Mae Christie (Chair) The Revd Matthew Duckett The R8vd Christopher Twndle The Revd Peter Wolton The Revd Canon Roxanne Eversley Grants Commlttee The Revd Sam Cross (Chair) David Banks Esq The Revd James Heard The Revd Jonathan Kester Honorary Treasurer The R8vd Ma& Christie Honorary Curator The Revd Philip Chester Registered offlce Faith House 7 Tufton Str88t London SW1 P 3QB Charity registratlon number 306142 Sion College
Reference and administrative information Year to 31 December 2023 Independent examiner Winchester Bourne Limited Sullivan Court Wessex Park Colden Common Winchester S021 1WP Bankers Unity Trust Bank PIC 4 Brindley Place Binningham B12BJ Investment managers Rathbones incorporating Investec Wealth & Investment 30 Gresham Street London EC2V 7QN CCLA Investment Management Limited Senator House 85 Queen Victoria Street London EC2V 4ET Sion College 2
Annual Report of the Court of Governors Year to 31 December 2023 The Court of Govemors, 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 2023. The accounts have béèn prepared in accordance with the accounting policies set out on pages 16 to 20 of the attached accounts and comply with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charilies 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 activitie5 The College's charitable objective5 as expressed in its Constitution are as follows: a. The charitable purposes of the Church of England. b. Leaming, in particular among Fellows and Members of the College. In furtheranc8 of these objects the College has the power under an Am8nding Order in Council dated 26 June 1996: a. to promote fellowship among Fellows and Members of Ihe College; b. to provide instruction and to do such other things, including the holding and sponsoring of lectures and discussions, as shall promote learning., and c. to provide, equip and maintain premises. 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 govemors hav& 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 12022 £1.000) and is awarded to fund study leave, courses, research and other innovative projects. Applicants must complete an application fomi and grants are not normalEy made lo an individual more than onc8 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 member5 of the Grants Committee may ask to meet with applicants to discuss their proposals. Sion College
Annual Report of the Court of Governors Year to 31 December 2023 ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES Icontinuedl Grant maklng 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 creatlDn of SLJfFicient income and capital growth to enable the charity to cary out its purposes consistently year by year with due and prDper 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 tirlle for the ftjrtherance 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 R8POrt from the President on the life of Sion Collaga in 2023 In 2024 wè are marking the 400th anniversary of the death of our founder, Thomas White. During this milestone year it is both a joy and a source of encouragement to see Sion College flourishing and broadening its membership both in terms of our geographical rèach and the range of church traditions represented. Having now fully emerged from the restrictions imposed by the pandemic, the College has continued to benefit from one positive legacy of that challenging time, by offering occasional online events. These have enabled us to hear from speakers who are based outside the UK and have also facilitated the involvement of those members who are based outside London. Noteworthy event5 during my Presidential year have included a memorable Foundels Day lecture in July 2023 by Lord Dannatt at the new Lambeth Palace Library. His candour. wisdom and insight were an inspiration to all who were privileged to be present. We have also enjoyed a wonderful and varied range of speaker events this year. These have included seminar suppers with the Revd Canon Professor Mark Chapman on 'Sex, Establishment and the Church of England." a session on the Environment with Ruth Valerio (and others)., the Very Revd Dr David Hoyle on Church and Throne- an evening on Ihe History of Evensong at St Bartholomew the Great; Torin Douglas on Religious Reporting- and the journalist and biographer Lesley-Ann Jones, who spoke on religion and rock rnusiG. A large number of our members were able to attend a memorable evening with the former Archbishop of Canterbury, the Rt Revd Professor Rowan Williams. Other highlights of the year includ8d fascinating visits to the College of Anns and to the Sion College 4
Annual Report of the Court of Governors Year to 31 December 2023 'Unforgotten Lives, exhibition at the London Metropolitsn Archives. In addition, in the théatrical realm, a memorable evening at Holland Park Opera took place in July 2023 for a performance of La Bohème, and our annual children's theatre event in January 2024 was this year kindly hosted by Graham Buckle at St Stephen's, Rochester Row. On the administrative side, there have been two very significant developments.. first. we have one of our Lay Fellows, David Banks, to thank for overseeing the creation of a new and up to date members, list, which Can be made available to our membership and will help develop the social dimension of our corporate life. Second, heartfelt thanks are due to our wonderful administrator, Jeremy Smith. who successfully managed the complex, time- consuming, and at times frustrating task of overseeing the migration of our accounts to a new bookkeeping system - a truly Herculean task. We have said farewell this year to two people who have played a particularly significant role in the life of the College in recent years, although in both cases. we sincerely hop8 that this will prove to bé merely 'au revoir,: the Revd George Bush served two distinguished terms as President of Sion College, and has always been one of our most valued and hard working Court members. Amongst his other rolès, he has served as Treasurer and also as Honorary Curator, which required oversight of the rationalisation of our collection of pictures and silver, which he undertook with his customary diligence and tènacity. Wé owe Géorge an immense dèbt of gratitude for his years of exemplary service, and it was wonderful to invite back a number of Past Presidents and Court members for a special Court dinner to mark his recent retirement. For a number of years, Giles Mandelbrote ha5 been the Gu5todian of the Sion College books that are housed at Lambeth Palace Library in his role as its Librarian and Archivist. W& ongratulate him on his new role as thé Librarian and Director of Collections at the Warburg Institute, which is associated with the University of London. We werè delighted to invite both Glles Mandelbrote and George Bush lo become Honorary Fellows of Sion, and we look forward to their continued participation in the lifè of the College. The Revd Canon Dr Alison Joyce President 2023-24 Sion College
Annual Report of the Court of Governors Year to 31 December 2023 ACHIEVEMENTS AND PERFORMANCE (continued) Review of activities (continued) Grants committee report (the Revd Sam Cmssj This year we have continued to receive a good number of very well-thought-out sabbatical applications. some hanging over still from plans being rearranged from the various states of lockdown in previous years. While our grant-making has been a touch over budget in this area, we felt that all of the applications deserved either the tull atnount or in one case. the amount they had asked for (being less than the maximum offered) and we look fonmard to hearing the reports from each of their well-deserved sabbaticals. This year we also awarded 19 grants for retreats at Sheldon or Gladstone's library, and l am pleased to see that our fellows and members are still making use of this offer, timely as we are constantly reminded about clergy wellbeing - so a vitsl setvice that Sion College is able to offer to the membership. We did not award any course grants this yèar but remain open to applications for such offerings that will enhance the ministry of our members, but the lack of applications her8 has allowed us to be more g8n8rous in our sabbatical grants. Chairing this committee is a great privilege, as it is not often in ministry one is able to see the immediate results of one's decisions, and thi5 is one of the rare cases where the work comes to fruition immediately. As such, I wish to sincerely thank the members of the grants committee, The Rev'd James Heard, The Rev'd Jonathan Kester and David Banks for their wisdom, insight, and forensic questioning of the applicants, and also our administrator Jeremy Smith for his careful monitoring of our budget, the collation of the grants applications and the correspondence involved in arranging the interviews and making the awards. The Revd Sam Cross Junior Dean and Grants Committee Chair. Sion College 6
Annual Report of the Court of Governors Year to 31 December 2023 ACHIEVEMENTS AND PERFORMANCE (continued) Review of activities (continued) FINANCIAL REVIEW Results for the year A summary of the yea¢s results can be found on page 14 of this report and accounts. The accounts for 2023 show a net increase in funds of £27,802 {2022 net decrease of £395,241)- This increase included a net gain on investments of £42.473 (2022 net loss in value of £363,692). The total net assets in the balance sheet of £4.316,046 (2022 £4.288,244) are stated at market value and all funds are unrestricted. Treasurer's Report (Revd Mae Christie) Sion Colleg8's operations generally fall broadly Into thre8 cat8gori8S: 8v8nts, grant making and administration. The large and growing size of the membership across several dioceses makes some of this unprèdictable even against robust budgeting. There is an operating deficit shown in the 2023 accounts of £14,671 (2022 deficit of £31,549). Our investment manager at Investec reports: As at 31 st December 2023 the value of the portfolio was £4,046,944 with an income yield of 3.040/.. During 2023 the portfolio prodUd income to th8 charity of £122,579.08. After a difficult year as markets dealt with higher interest rates, we did see a rally in the final two months, helping the portfolio to produce a totsl retum of 4.08ts/.. This was behind the ARC Steady Growth index which rose 7.200/0 and tha Balanced asset index which rose 5.79 % . Although the portfolio has a 25Vo weighting to the US markéts, our technology exposure was not significant enough to match the performance of the seven leading technology companies. Altemative assets and commercial propèty were impacted by higher rates. Sion College 7
Annual Report of the Court of Governors Year to 31 December 2023 FINANCIAL REVIEW (continued) Treasurer's Report (continued) Combined with our CBF Church of England Investment Fund holding, managed by CCLA, our overall investment incomé in 2023 was £130,126, which is a marginal increase from 2022 and a positive performance against our total 2023 budget for investment income of £120,000. We have set a similar budget for overall investment income in 2023, cautiously aware af the current volatilty of the market. rising inflation and the impact of various political situations. including the Russian invasion of Ukraine and increased tension in the Middle East. As stated above, our 2023 budget predicted a deficit of just over £24,000 and we finished the year with a deficit of £14,671. We have planned deficits in the past Isuch as in 2022) and have, instead, tended to finish the year with a surplus or a IDwer deficit, and indeed that is what happened this year. In the current financial year, we are planning for another deficit, larger due to our visit to Ireland. but hoping that once again we come under budget in this area. The on-going deficit relales to our event programme and associated increasing G05ts. We believe our current financial holdings and long term financial prospects allow for such deficit to be undertaken again in these complicated 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. Buzzacott LLP have seNed us very well as our Independent Examiner for many years, but have changed this aspect of their portfolio of work and after a process of interviewing r8PUtable firms, we have engaged Winchéster Bourne Limited to undertake this work for us. We greatly appr8cial8 the previous work of Buzzacott and are now glad to be in the capable hands of Winchester Boume, who were highly recommended. Thank you particularly to our Administrator for helping to manage this process so well. On a personal note, I would once again lik8 to pay tribute to the wonderful work of our Finance Committee and administrator this year, both due to the continuing challenging times we fac8 and in gratitude for their thoughtful stewardship of the college's finances. We are blessed to have such acumen. capability and kindness in our f1nancial team. After this yearfs AGM, I will be passing on the proverbial baton to another court member, The Revd Canon Roxanne Eversley, and am grateful for her substantial churchlcharitable finance experience and willingness to serve! Sion College 8
Annual Report of the Court of Governors Year to 31 December 2023 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, th& College's projects are both in line with its Charter as well as being short term. The required ndS are always spent in the budget year with some funds carried forward into future years to fijnd specific projects. A contingency reseNe is also included in the annual budget to meet any unforeseen expenditure. At 31 Dember 2023. the net current assets of the College. that is those unrestricted ndS not designated for specific purposes or held as fixed asset investments. amounted to £28.961 (2022 £46.698). Investrnents are excluded from the free reserves balance due to their intended use being for the long-term viabilty of the College and are therefore not deemed to be immediately realizable although in addition to the main investment portfolio the College has units in a CCLA Fund to the value of £219.522 at 31 December 2023. This investment is intended to be availabl& for use at Short notice if required. Sion College
Annual Report of the Court of Governors Year to 31 December 2023 FINANCIAL REVIEW (continued) GOVERNANCE, STRUCTURE AND MANAGEMENT Sion College is registered on the Céntral Register of Charities maintained by the Charity Commission for England and Wales, under registration number 306142. The College reiVed a Royal Charter from King Charles l 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 referenGe and administrative infomiation on page 1. The government of the College is vested in the Court of Govemors. The Court of Govemors 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 incom8. The Court of Governor5 meets on a regular ba515- durlng 2023 nine (2022 - eight) Court meetings were held. Recruitment and appolntment The Court of Govemors is elected annually at each Annual General Meeting from amongst the Fellows of the College. Induction and tralnlng The College recognises that new and current gov8mors should be aware of the College's charitable purposes, mode of operation, plans. policies and costs. The govemors 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 extemal training events where appropriate. Sion College 10
Annual Report of the Court of Governors Year to 31 December 2023 GOVERNANCE, STRUCTURE AND MANAGEMENT (continued) Governors, responslbilities statement The governors are responsible for preparing th8 Court of Govemors, report and accounts in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requi$ 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 incorne and expenditure of the College forthat period. In preparing these accounts, the governors are required to.. select suitable accounting policies and then apply them consistently. observe the methods and principles in Accounting and Reporting by Charities: ststement of Recommended Practice appliGable to Gharities preparing their accounts in accordance wilh the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 1021- make judgements and estimates that are reasonable and prudent. • state whether applicable United Kingdom accounting stsndards have been followed, subject to any material departures disclosed and explained in the accounts; and + prepare the accounts on the going concern basis unless it is inappropriate to presume that the College will continue in operation. The Governors are responsible for keeping proper accounting records that disclose with r8asonable accuracy at any tim& the financial position of the College and enable thèm to ensure that the accounts comply with the Charities Act 2011, applicable Charity (Accounts and Reports) Regulations and thè provisions of the governing documents. Thèy ar8 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 direGting and controlling. running and operating the charity on a day-to-day basis. The members of the Court of Govemors receive no remuneration in connection with their duties. Sion College 11
Annual Report of the Court of Governors Year to 31 December 2023 GOVERNANCE, STRUCTURE AND MANAGEMENT {continuedl Risk management The trustees have examined the major risks which the College faces, in particular those related to the operations and financès of the Collage and confirm that systems are in place to mitigate the College's exposure to the major risks. In accordance with Charity Commission guidance, risks a reviewed under the following headings.. Governance, including membership of the Court and the skills set of Fellows & Members, and succession planning. External risks. including the influence and reputation of the College- and the importance of a well-reGeived programme of events. Regulatory and Compliance: compliance with govèrning documents and legislation, including Safeguarding and Dats Protection. Financial ri5ks- appropriate financial management and investment policy- keeping within budget. Operational risks.. College management and administration, in particular reliance on a single member of staff (our Administrator). Regular (mostly monthty) 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 dètailed budget. The College investment portfolio is proféssionally managed by Investec Ltd and CCLA Investment Management Limited; and a cautious approach to investment has been èndorsed by the Court and its Finance Committee. The CDUrt has agreed to review the risks set out above at its regular annual Residential meeting in June. Signed on behalf of the Court of Govemors- Governor Approved by the Court of Governors on.. Sion College 12
Independent examlner's report Year ended at 31 December 2023 DRAFT 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 2023, which are set out on pages 14 to 15. Rosponslbilities and basis of roport As the charity trustees of the Trust, you are responsible for the preparation of the accounts in accordance with the requirements of the Charlties 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 carying out our examination we have followed all the applicable Directions given by the Charity Commission under section 14515)Ib) of the Act. Independont examlne¢$ Statement We have completed our examination. We confirm that no material matters have come to our attention in connection with the examinatlon giving us cause to believe that in any material respecL' accounting records were not kept in respect of the Trust as required by section 130 of the Act" or the accounts do not accord with those records," or th8 accounts do not comply with thè applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view which is not a matter consideréd as part of an independent examination. W8 have no COnrnS and have come across no other matters in connection with the examination to which attention should bè drawn in this report in order to enable a proper understanding of the accounts to be reached. Julia Linclau FCA ICAEW Membership No. 7923260 Senior Accounts Manager Winchester Bourne Limited Sullivan Court Wessex Park Colden Common Winchéster S0211WP Sion College 13
statement of flnancial activities Year ended at 31 December 2023 Unre5trlcted funds Total Total funds funds 2022 2023 Notes Income from.. Charitable activitie5 Functions, educational wsits and database receipts Trading activities Subscriptions Investments Total income 11,900 18.086 11,073 130.126 153,099 11,144 128,780 158,010 Expenditure on,. Raising funds Charitable activities - Promolion of18arning and fellowship amongst the clergy of the Church of England Total expfjnditure 42.545 41.087 125,225 167,770 148.472 189.559 Net {expendlturg} Incomg before gains and losses on investments Net galns110ssesl on Investments Net income lexpenditurel and ngt mov•ment in funds for the year 114,671) 42,473 27,802 131,549) {363,692) (395.241) Reconciliation of funds: Total funds brought forward Total funds carried forward 4,288,244 4,316,046 4,683,485 4.288,244 All 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 2023 2023 2023 2022 2022 Notes Fixed assets: Investments 10 4.287.085 4.241,546 Currenl assets: Debtors Short teTm depostts Cash at bank and in hand 6.653 24 38,380 45,057 11.290 23 46.345 57,658 Creditors: amoun15 falling du8 within one y8ar 12 (16,096) {10.960) Net currgnt assets 28,961 46,698 Total assets less current liabilities 4.316,046 4,288,244 Creditors: amounts falling due after more than one year 13 Total net assets 4,316,046 4,288,244 The funds of tho charity". Unrestricted Income funds 4,316,046 4,316,046 4.288.244 4.288.244 Approved by the Court of Governors and signed on their behalf by= Govemor Approved on.. Sion College 15
Principal accounting policies 31 December 2023 The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the accounts are laid out belaw. Basls 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 IFRS 102) and the Charities Act 2011. The charity constitutes a public benefit entity a5 defined by FRS 102. The accounts are presented in sterling and are rounded to the nearest pound. Critlcal accounting estimates and areas of judgement Preparation of the accounts r8quires the governors to make significant judgements and estimatès. The items in th6 accounts where these judgements and estimates have been made includg 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 have made this assessment having taken account of the consequences of the coronavirus pandemic, and in respect to a period of at least one year from the date of approval ofthese financial statements. 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 concem. With regard to the next accounting period, the year ending 31 December 2023, the most significant areas that affect the carying value of the assets held by the charity are the level of investment relurn and the performance of the investment markets (see Ihe 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'5 reserve5 policy and the governors are therefore of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due. Sion College 16
Prlncipal accounting policies 31 December 2023 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. 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 confimation of both the amount and settlement date. In the event of donations pledged but not reived, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to onditions 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 fvlfilment of those conditions is wholly within the control of the charity, and it is probable that those conditions will be fUilled in the reporting period. Income from ftjnctions and educational visits is recognised when the charity has entitlement to the incom8', this is usually when th8 function or visit has taken place. Income from subscriptions is recognised in the period into which the subscription relates. Dividends are recognised once the dividend has been declared and notification has been received of th& dividend due. Interest on funds hèld on deposlt is Included whèn receivable and th8 amount can be measured rellably by the charity,. this is normally upon notification of the interest paid or payable by the bank. Expendlture 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 setdement and the amount of the obligation can be measured reliably. AEI expenditure is accounted for on an accrual's basis. Expenditure comprises direct costs and support costs. All expenses, including support costs. are allocated or apportioned to the applicable expenditure headings. The classffication between activities is as follows= + Raising funds includes all expenditure associated with raising funds for the charity. This includes investment management fees and an allocation of support cost5. • Expenditure on charitsble activitie5 includes all costs associated with furthering the charitable purposes of the charity through the provision of its charitable activities. Such costs include charitable grants and donations, the costs of functions. educational visits and other events, and an allocation of support costs. Sion College 17
Principal accounting policies 31 December 2023 Expenditure recognition Icontinuedl 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 persod end. 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 Gharity {including independent examination costs) and costs in respect to its compliance with regulation and best practice. Wh8re possible, support and g0Veman costs are charged to a specific activity and the balance is allocated on the basis of 8Stimates attributable to that activity in the year. Fixed asset investments Listed investments are a form of basic financial instrument and aré initially récognised at their transaction valu8 and subsequently measured at their fair value as at the balance sheet date using the closing quoted market pri. The charity does not acquire put options, derivatives or other complex financial instruments. Realised gains lor losses) on investment assets are calculated as the difference betsveen disposal proceeds and their opening carying 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 lor 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. Th8 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 tnjst in perpetuity as a permanent record of the College's history. They are irreplaceablè originals, whose intrinsic valuè 15 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. Sion College 18
Principal accounting policies 31 December 2023 Debtors Debtors are recognised at their settlement amount, less any provision for non- recoverability. Prepayments are valued at the amount prepaid. Cash at bank and in hand and short tenn 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 frotn 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 wh8n thore is an obligation at the balance shaat date as a result of a past event, it is probable that a transfer of eGonomiG benefrt will be required in settlement. and the amount of the settlement Gan be estimated reliably. Creditors and provisions are r8cognis8d at the amount the charity anticipates it will pay to setue the debt. Financial instruments The Co118ge only holds basic financial instruments as dèfined in FRS 102. The financial assets and financial liabilities of the College and their measurement basis are as follows: FinanGial assets trade and other debtors are basic financial instruments and are debt instruments measur6d at amortiséd cost. Prepayments are not financial instruments. Cash at bank and short tem? deposits - classified as a basic financial instrument and is measured at face value. Financial liabilities- trade creditors, accruals and other Greditors 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 liabilty, 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 fijnds 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 18ases 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 basi5 over the temi of the lease. Sion College 19
Principal accounting policies 31 December 2023 Statement of cash flows Th8 financial staternents do not include a statement of cash flows because the charity is exempt from the requirement to prepare such a ststement under the Charities SORP (FRS 1021 Update Bulletin 1. Sion College 20
Notes to the accounts 31 December 2023 1 Investment income Unrestricted 2023 2022 Dividends and interest from investrments Interest on short temi deposits 123,555 6.571 130.126 122,210 6,570 128.780 2 Expenditure on raising funds Total Total Un- restricted 2022 Support costs (note 61 Support Costs {note 6) Direct costs restricted 2023 Direct costs Donations Members. subscriptions Investment management costs 12,723 12.723 10,893 10.893 28.454 28,454 1,368 14.091 29,822 42.545 29,035 29,035 1,159 12,052 30,194 41.087 3 Expenditure on charitable activitie5 Total Total Support costs {note 6) Support costs (note 61 Direct costs restrlcled 2023 Direct costs restricted 2022 Promotion of leaming and fellowship amongst the clergy of the Church of England . Grants payable {note 41 . Functions and educational visits and debates 18.463 3.680 22,143 11.959 3.152 15.111 53.920 16.040 88,423 27.602 9.200 36,802 81,522 25.240 125.225 85.869 19.126 116,954 23,639 7.880 31,518 109,508 27.006 148.472 . Annual feast Total funds Sion College 21
Notes to the accounts 31 December 2023 4 Grants payable 2023 2022 Research and sundry grants ALMA Retreat study grant5 - 19 awarded12022- 10) Research and educational grants- none awarded {2022- 31 1,000 3,763 1,000 1.859 900 3,759 4,763 Grants for study leave Study leave - 12 awarded12022 - 9) Total grants payable Support costs 13.700 18,463 3.680 22.143 8.200 11.959 3,152 15.111 Grants payable to.. Institutions Individuals 1.000 17,463 18,463 1,000 10,959 11.959 5 Staff costs and remuneratlon of key management personnel 2023 2022 Salari8s and wages Pension costs 30,304 1.399 31,433 23,320 1.399 24.719 Th8 charity ernployed one member of staff during the year12022- one). No employ88 earned more than £60,000 per annum in 202312022 - none). The members of the Court of Govemors consider that they comprise the k8y managém8nt of the College in charge of directing and controlling, running and operating the charity on day to day basi5. The members of Ihe Court of Governors re1ve no remuneration in connection with their duties. Sion College 22
Notes to the accounts 31 December 2023 6 Support costs The breakdown of support costs and how thes8 are allocated are shown below.. Raising funds Donations Investment and manage- sub- ment Charitable scriptSons costs activibes (note 21 (note 21 {note 3) 2023 total Premises Administrative Administrator {note 5) General administrative expenses Governance costs (note 71 General other exp8nses Total 2023 funds 1,989 80 5.888 7,957 7.858 319 1,363 943 38 164 22.632 917 3.925 31,433 1.274 5.452 1,194 12.723 143 1,368 3,440 36,802 4.777 50,893 R81sing ftinds Investment manage- ment Ch8nfable costs activities (note 2) (note 3) Don8tions and sub- scnpfions 2022 rotal Premises Administrative . Administrator (note 5) General 8dministfStive expenses Govemance costs (note 7J Gene1 Other expens&s Total 2021 fvnds 1,859 74 5,504 7,437 6,180 97 1.640 742 72 197 17.797 279 4,721 24,719 388 6,558 1,117 70.893 134 1, 159 3,217 31.518 4.468 43,570 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 cosls 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 2023 2022 Court expenses Independent examiner's remuneration Independent examination fee . other services Accountancy fees 2,762 3,258 1.890 2.200 1,100 800 5,452 6,558 Sion College 23
Notes to the accounts 31 December 2023 8 Trust8?s' remuneration and related party transactlons Mèmbers of the Court of Govemors received no remuneration12022 - nil). No member5 of the Court were reirnbursed for directly incurred expens8s (2022 - 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 charitablé activities, as it falls within the various exemptions available to registered charities. 10 Investments 2023 2022 Market value of listed investments at 1 January A¢qui3ilions at cost Disposals at market value Iprooeeds £632,681- realised losses £24,180) Net Ilossesl gains on revaluation at 31 December Market value of listed invfrstmenls as at 31 December Cash held for investment Total market value of Investments at 31 December 4.151,537 674,955 4,576.184 660,490 1656.861> <736,7381 66,653 (348,3991 4,236,284 4,151,537 50801 90,009 4,287,085 4,241,546 Hlstorical cost of listed Investments as at 31 December 3,578,760 3,577,234 Listed investments held at 31 Dember comprised the following.. 2023 2022 UK equllles Fixed interest s8curi118S Property unit trusts Overseas equities Allernalive assets 723,302 748,679 B69,157 617.116 334.375 417.762 1,858,821 1,848,719 450,629 519,261 4,236,284 4,151,537 All listed investments held are dealt in on a recognised stock exchangè. The following investments individually amounted to over 5./0 of the portfolio at 31 December 202312022.. 50/01. 2023 The CBF Church of England inv@stm8nt Fund - Income shares 5.61% 240,378 Sion College 24
Notes to the accounts 31 December 2023 10 Investments (continued) The total unrealised gains as at 31 December Gon5titute movements on revaluation and are as follows: 2023 2022 ReGonGilialion of movements in unrealised gains Unrealised gains at 1 January Less.. in respect to disposals in the year Add- net Ilossesl gains arising on revaluation in the year Totsl unrealised gains at 31 December 574,303 1,108.249 116,567) (185,5471 66,653 1348,399) 657,523 574,303 11 Debtors 2023 2022 Accrued income Prepayments and other debtors VAT 3.862 2.703 88 6.653 7,356 3,934 11,290 12 credltors: amounts falling due within one year 2023 2022 A¢crual$ and deferred income VAT 16,096 10,776 16,096 10,960 13 Operating lease commitments As at 31 December th8 College had the following futuré minimum commitments in respect of non-cancellable operating leases on land and buildings: 2023 2022 Payable within.. One year One and five years Over five year5 6,542 13,416 6,500 19,958 19,958 26.458 Sion College 25
Appendices- Grant Making Policy and Hon Librarian's Report 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 mernber5 of the College. The Grants Committee meets three times a year to discuss application5 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 tske place in Faith Hous8, on th8 first floor with no lift. If you have any difficulty with this please let us know. The considerations which the Grant5 Committee will take into account when considering applications for grants and the policies which the Committee will follow have been agr88d 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 eligibl8, please complete and return the grant application form. along with any links or information about the proposed course of study. Two grant application fonns 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: • Successful applicants may reapply for a further grant after two years havè elapsed, however priority will be given to those who have not received any previous grant. • Grants are not made for courses or worf( already in progress. Study leave grants are considered from those whose study leave has been approved by their diocese. • Grants are no longer available for formal post-graduate academic study. The decision of the Grants Committee is final and no correspondence will be entered into. Sion College 26
Appendlces - Grant Making Policy and Hon Librarian's Report Last date for application Coursel study beglnnlng Commlttee meets 31st December May to August February 315t March September to December May 31 $1 August 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 coniact Gladstone's Library or the Society of Mary and Martha directly who will invoice Sion College once the date5 are Gonfirmed. Please note that memb8rs will b8 responsible for any additional costs above the level of the grant. Grants Commlttee: Sabbatlcal or study leave grants When applications for sabbatical or study leave grants are consid8r8d by the Sion College Grants Committe8, account will be taken of: • The level of engagement with, and contribution to, the wider life of the College. shown by applicants. • The educational value of the proposed activities, i.e. in what ways the proposed programme will benefit the applicant and their ministry • Financial need and whether the activity to be funded represents reasonable value for money. The rationale for this policy is that.. + One of the central aims of Sion College is to promote fellowship amongst its members. It is therefore assumed that members of the College will play their part in contributing to the College by taking part in its events. In order to facilitste access to events, the College has a policy of varying the days and the times of day when its events tske place, to give maximum opportunity for all members to attend at least some of its activities throughout the year. • The other central aim is to support the education of Glergy with a view to the development of Iheir ministry for the benefit of the church and its mission and ministry in the broadest temis. including ministerial development and sabbatical refreshmerrt • Funds are Ilmited and to be used for the wider public benefit requiring some assessm8nt of benefit, need and value. Sion College 27
Appendices- Grant Maklng Policy and Hon Librarian's Report Grants Committee.. Llbrary Grants Thé 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. Appendix B - Hon Librarian's Report- Gillean Craig Once more I remind Sion's Fellows and Members that although we no longer own the library that brought such fame to our College - and that constant and unmeetable drain on our resource worse than anything dealt with by the London Water Board we still have links with the three institutions that now own and care for the books. Our post-1850 books are kept in King's College London where we hope they are eagerly studied by members of that universty and other researchers. the College's Administrative archives are kept in the London M8tropolitan Archives, alongside all the materials gathered for any serious scholarship into the infinit8 rich8s of London's history. But the jewel in the crown, the pre- 1850 books and manusGripts. are held in the magnificent new Lambeth Palace Library, wh8r8 they continue to disclose treasures to research8rs, cataloguers and con5ervator5 alike. In 2023 we were sorry to bid farewell to our friend and Honorary Fellow Giles Mandelbrote on his resignation of the post of Lambeth Librarian. I was fortunate to meet his successor Pip Willcox on her first official engagement. I was delighted to find her fully appraised of the Sion materials within the Librarfs holdings, and their ntral importance to the collection - indeed, speaking to other members of the Library's staff I found that they were all really engaged with and excited by our former Collections - many of them working on them as cataloguers, cOnseatOrS, digitisers etc - and eager to share with me the new discoveries that they constantly make. Ted Simonds, rare books cataloguer. writes.. The headline of this update is that in 2023 we catalogued 2,085 books lup from 2048 in 2022), averaging 173 books per month. Since Kristyna and I started working on Sion in 2021, 4.717 books have been catalogued, which I think is a significant number (we can safely aim to reach 5,000 in the first quarter of 2024). Given that in 2013 it was said there were some 35,000 books in Sion College Library, (and probably a further -30.000 pamphlets) I feel reasonably confident this estimate is conservative based on how much shelf meterage is still occupied with uncatalogued material. This offers an exciting opportunity for more discoveries and interesting material to come to light. The work on thi5 collection is always revealing new. important, and rare items. In the past few weeks a printed edition of the Papal Bull excommunicating Martin Luther - printed in Anerp in 1520 turned up {Sion Main Octavo A55.31C12 021. We hav8 also s8en a collection of tracts by 18th Gentury Swedish mystic Emanuel Swedenborg, given to Sion College by Swedenborg himself (Sion Pamphlet Volume.. N.3.54 01-06). Only this week we found and catalogued a book owned by the playwright, Eton headmaster, and early Sion College 28
Appendices- Grant Maklng Pollcy and Hon Llbrarlan's Report Protestant clergyman Nicholas Udall {1504-1556), who wrote poems celebrating the marriage of Henry Vlll to Anne Boleyn and who in later life came under the patronage of Catherine Parr. Udall is a fascinating character who used his books in interesting ways. Udall's copy of Livy is held by Sion College Library {Sion Main Octavo.. K16.21L76) and is decorated with these chamiing manuscript portraits, which you can read more about here. A highlight this year is an article showcasing a collection of books given to Sion College by the abolitionist Granville Sharp in the 18th century, and the work done to catalogue and conserve Ih6s8 interésting and important objects. You can read this article here. I was also pleased to talk about Sion College Library at the Chartered Institute of Librarians and Information Professionals. Library and Infomiation History Group annual conference in the summer, and again at the Institute of English Studies, History of Libraries Seminar this autumn. As always the invitation to Sion College members to come and See Sion College Library r8mains open. We would be delighted to welcome you here. Over the course of the year the Library holds a series of exhibitions related to speciFIG themes, and books and manuscripts from Sion College Library always feature prominently and identifiably (se8 their website for detsils). The College has also held I0 prestigious events in the dramatic rooftop-level reception room of Lambeth Palace Library- the Founder's Day lecture by Sir Richard Dannatt, and the reception and presentations by Ruth Valerio and others on the theme of the theology of environmentalism in November. Sion College 29