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 De￿rnber 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 prodU￿d
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 De￿mber 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 re￿iVed 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 COn￿rnS 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 re￿ived, 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 fU￿illed 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 re￿1ve 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
Gene￿1
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 De￿mber 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, cOnse￿atOrS, 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
An￿erp 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 I￿0 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