Sion College Annual Report and Accounts 31 December 2024 Charity Registration Number 306142
Contents Reports Reference and administrative information Annual Report of the Court of Governors Independent examinerfs report Accounts Statement of financial activities 12 Balance sheet 13 Principal accounting policies Notes to the accounts 14 19 Appendices A- Grant Making Policy 24 Sion College
Reference and administrative information Year to 31 December 2024 Governors David Banks Esq The Revd Dave Chesney (appointed 2 May 20241 The Revd Philip Chester The Revd Mae Chrislie (Presidenl from 2 May 20241 The Revd Sam Cross Paul Double Esq The Revd Matthew Duckett (resigned 2 May 2024} The Revd Canon Roxanne Eversley The Revd James Heard The Revd Dr Alison Joyce (President until 2 May 20241 The Revd Jonathan Kester The Revd Christopher Trundle Honorary Librarian The Revd Gillean Craig Finance Committee The Revd Mae Christie The Revd Matthew Duckett The Revd Canon Roxanne Eversley (Chair) The Revd Eileen McGregor The Revd Christopher Trundle The Revd Peter Wolton Grants Committee David Banks Esq The Revd Dave Chesney The Revd James Heard (Chair) The Revd Jonathan Kester Honorary Treasurer The Revd Canon Roxanne Eversley Honorary Curator The Revd Philip Chester Registered office Failh House 7 Tufton Street London SW1P 3QB Charity registration number 306142 Sion College 1
Reference and administrative information Year to 31 December 2024 Independent examiner Winchester Bourne Limited Sullivan Court Wessex Park Colden Common Winchester S021 1WP Bankers Unty Trust Bank PIC 4 Brindley Place Birmingham B12BJ Investment managers Rathbones Incorporaling Investec Wealth & Investment Limited 30 Gresham Street London EC2V 7QN CCLA Investmenl Management Limited One Angel Lane London EC4R 3AB Sion College 2
Annual Report of the Court of Governors Year to 31 December 2024 The Court of Governors, who are also the trustees of the charity, present their statutory report together with the accoLsnts of Sion College for the year lo 31 December 2024. The accounts have been prepared in accordance with the accounting policies set out on pages 14 to 18 of the altached accounls and comply wrth Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), effective from accounting periods commencing 1 January 2015 or later. ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES Charitable obje¢tives and activities The College's charitable objectives as expressed in its Constitution are as follows.. a. The charitable purposes of the Church of England. b. Learning, in particular among Fellows and Members of the College. In furtherance of these objects the College has the power under an Amending Order in Council dated 26 June 1996.. a. to promote fellowship among Fellows and Members of the 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 governors have given consideration to the Charity Commission's general guidance on public benefit. Grant making policy A priority for the College is the personal development and refreshment of the clergy by our grant-making programme which is open to clergy in active ministry who are Fellows or Members of Sion College, with priority given to those within the M25. Currently the maximum grant available to individuals is £1,200 and is awarded to fund study leave, courses, research and other innovative projects. Applicants must complete an application form and grants are not normally made to an individual more than once in a two year period, and are not made for courses already underway. Applications are considered by the Grants Committee at its meetings which occur three times a year and members of the Grants Committee may ask to meet with applicants to discuss their proposals Sion College 3
Annual Report of the Court of Governors Year to 31 December 2024 ACTIVITIES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES {continued} Grant making policy {continued) In addition, we offer a subscription to a number of central London libraries, including the library at King's College. Further details of the College's grant making is included in Appendix A to the accounts. Investment policy The objectives of the policy are to ensure the creation of sufficient income and capital growth to enable the charity to carry out its purposes consistently year by year with due and proper consideration for future needs and the maintenance of and, if possible, enhancemenl of the value of invested funds while they are relained. Both capital and income may be used at any time for the furtherance of the charity's aims. We generally follow the ethical policy of the Church of England. ACHIEVEMENTS AND PERFORMANCE Review of activities President's report (the Revd Mae Christie) 2024 saw us mark the 4001h anniversary of death of our founder, Thomas White, which led to the foundation of the college, and there were many occasions where we shared Godly fellowship and learning, just as he hoped we would. Below. I will highlight some of the activities which we hosted as we aimed to follow through on Thomas White's admirable vision. My Presidential year began following a fantastic Feast at stationers, Hall, hosted by my predecessor Alison Joyce. It was a terrific evening. l am honoured to be the first Sion Presidenl from the Diocese of Southwark as well as {we believel) the first American. Given that the Virginia General Assembly was founded just five years prior to Thomas White's death, I suspect he would have found il hard to imagine that 400 years later, a descendent of those early colonists would be leading such a British institulionl This past year has featured a number of events covering a variety of topics, ranging from suffragettes to reporting from the frontline of the war on free speech We had a fantastic extended visil to Ireland thanks to careful planning by Graham Buckle, Alison Joyce and Philip Chester. More than one event took place at the beautiful and historic Dutch Church, including our Founder's Day where we were grateful to have a fascinating lecture from Rory Stewart. A few months later, we were joined by the Archbishop of York, Stephen Cottrell, as part of our ecclesiology series. Recent events have included a seminar supper with Brenda Hale and an evening with Mudlarks at St Bride's, Fleet street. On behalf of the whole college, I would like to once again thank our incredibly hard-working court for their dedication to the work of the college and the good spirits in which they undertake that labour. The college finances are in an excellent position thanks to our finance committee, led by our Sion College
Annual Report of the Court of Governors Year to 31 December 2024 new Treasurer, Roxanne Eversley. She will highlight that further in her report, but shepherding our firsances is an important task which the whole committee and our lerrific administrator, Jeremy, do so well. This enables us to continue lo put on high calibre events {with,e hope, delicious food and drinksll at a large subsidy. Speaking of Jerèmy. 2025 has marked his 10-year anniversary as our administrator. We benefit so much from his expertise. tenacious work ethic, attention to detail and dedication to the purpose of our college. I think it's fair to say that looking after an institution (nearly) entirely comprised of clergy can be challenging at times, but Jeremy navigates those challenges with such kindness and grace, while enabling us to flourish. Reflecting on the last 10 years has been a joy and we continue to be grateful for all that he does for us. As I write this annual report, l am doing so from maternity leave as we welcomed our second child into our family lale this January. Being on maternity leave is a blessing for me and my family, but of course has presented challenges for the court. I want to pay special tribute to Alison Joyce, Sam Cross and Jeremy Smith for all that they have done to take on large parts of my role in this time period. They have done so seamlessly and kindly kept me in the loop. We are blessed, indeed, by great people on the court with very good relationshipsl I pray that next year is as varied, enjoyable and fruitful as the last and l am certain it will be as the college goes from strength to strength. In my letter lo the college in January, I quoted this verse from scripture, which I hope continues to guide us in our time with each other as well as in our shared ministry in the Church. And let us consider how to provoke one another to love and good deeds, not neglecting to meet together, as is the habit of some, but encouTrging one another, and all the more as you see the Day approaching.- Hebrews 10."24-25 Grants committee report (the Revd Dr James Heard) The Grants Committee continues to be both impressed and encouraged by the high quality and diversity of applications we receive for sabbatical grants. Each proposal reflects thoughtful preparation, and long-standing areas of interest which applicants are facilitated to pursue during a sabbatical. Since the Covid-19 pandemic, all sabbatical granl interviews have been conducted via Zoom. During these interviews, we always seek feedback about Sion College, which provides valuable insights into how we can refine and improve our annual programme of events. While our grant-making for study leave slightly exceeded budget this year, this was offset by a decrease in course grants, ensuring overall financial balance. We were pleased to award 19 grants for retreats at the Gladstone's Library and at the Society of Mary and Martha at Sheldon, and it is heartening to see our fellows and members continuing to lake advantage of this opportunity. Given the ongoing discussions surrounding clergy wellbeing, this remains a vital service that Sion College is privileged to offer. Sion College 5
Annual Report of the Court of Governors Year to 31 December 2024 I would like to express my sincere gratitude to the members of the Grants Committee, The Revd Jonathan Kester, David Banks and The Revd Dave Chesney, for their dedication and thoughlful contributions. Special thanks also to our hardworking administrator Jeremy Smith, for Ix's meticulous oversight of our budget, careful coordination of granl applications, and management of the many logistical details involved in the intetview and award processes. The Revd Dr James Heard Grants Committee Chair FINANCIAL REVIEW Results for the year A summary of the yearfs results can be found on page 12 of this report and accounts The accounts for 2024 show a net increase in funds of £203,967 (2023 nel decrease of £27,802) This increase included a net gain on investments of £208,309 (2023 net gain in value of £42,473). The total net assets in the balance sheet of £4,520,013 {2023 £4,316,046) are slated at market value and all funds are unrestricted. Treasurer's Report (Revd Canon Roxanne Eversley) Sion College's operations generally fall broadly into three categories.. events, grant making and administration. The large and growing size of the membership across several dioceses makes some of this unpredictable even against robust budgeting. There is an operating deficit shown in the 2024 accounts of £4,342 (2023 deficit of £14,671). During the calendar year 2024, the overall Sion College investment portfolio (including both the Investec l Rathbone's portfolio and our CBF Church of England Investment Fund holding, managed by CCLAI, produced a total return of £133,782, which is a marginal increase from 2023 (£130, 126) and a positive performance against our total 2024 budget for investment income of £126,500. We have set a similar budget for overall investment income in 2025, cautiously aware of the current volatility of the market, the risk of inflation and the impact of various political situations, including the ongoing war in Ukraine and the decisions made by the President of the USA. Our investment manager at Investec l Rathbone's reports.. As at 3151 December 2024, the value of the Sion College portfolio was £4, 205, 435, with an income yield of 3. 760/ (net of fees). Mt7rkets were positive in 2024, driven by the technology sector moinly in the United Stotes. Over the calendar year the portfolio rose by 7.9% on a total return bosis while the ARC steady growth index 0150 rose by 7.9%. The main contributors were U5 morkets, Asit7 ond global insurance. Sion College 6
Annual Report of the Court of Governors Year to 31 December 2024 Over the last couple of years the Finance Committee has kept our investment policies under review, including considering where our investment holdings are managed. For now, our advice to the court and fellowship is to maintain our current investment allocation. However, we wjll keep actively monitoring this and suggest changes where they seem wise. We should note that the merger of Investec with Rathbone's has as far as we are concerned been a smooth transition. and OLsr longstanding Investment Director remains in charge in the newly merged firm. Our 2025 budgel predicts a deficit ofjust over £16,000. We have planned deficits in the past and have, instead, tended to finish the year Wlth a surplus or a lower deficit, but it is likely that we will indeed run a deficit this year, which the Court has planned for and agreed. The on-going deficrt relates to our events programme and the rising costs of these events. We believe our current financial holdings and long term financial prospects allow for such a deficit to be undertaken again, and feel that our obligation to provide for Ihe fellowship of the clergy continues to be needed. We will continue to monitor this over the year, as well as in planning the events programme for 2026. A number of new event formats have been developed over the last Couple of years that help in managing these costs. On a personal note, I would like to extend my 9ralitude to our lotally committed Finance Committee and administrator this year, both due to the continuing challenging times we face and in thankfulness for their thoughtful stewardship of the College's finances. Reserves Policy It is the policy of the College to mainlain unrestricted funds that are at least enough lo generate sufficient income for planned activities in the coming year and to produce annually a budget based upon the forecast income. Currently, the College's projects are both in line with its Charter as well as being short term. The required funds are always spent in the budget year with some funds carried forward into future years to fund specific projects A contingency resetve is also included in the annual budget to meet any unforeseen expenditure. At 31 December 2024, the net current assets of the College, that is those unrestricted funds not designated for specific purposes or held as fixed asset investments, amounted lo £48,01212023 £28,961). Investments are excluded from the free reseNes balance due to their intended use being for the long-term viability of the College and are therefore not deemed to be immediately realisable although in addition to the main investment portfolio the College has units in a CCLA Fund to the value of £245,881 at 31 December 2024. This investment is intended to be available for use at short notice if required. Sion College 7
Annual Report of the Court of Governors Year to 31 December 2024 GOVERNANCE. STRUCTURE AND MANAGEMENT Sion College is regislered on the Central Register of Charities maintained by Ihe Charity Coffwission for England and Wales, under registration number 306142. The College received 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 reference and administrative information on page 1. The government of the College is vested in the Court of Governors. The Court of Governors controls and manages the affairs of the College and may exercise on behalf of the College all powers vested in the College and adminisler its property and income. The Court of Governors meets on a regular basis,. during 2024 nine {2023 meetings were held. nine) Court Recruitment and appointment The Court of Governors is elected annually at each Annual General Meeting from amongst the Fellows of the College. Induction and training The College recognises that new and current governors should be aware of the College's charitable purposes, mode of operation. plans, policies and costs. The governors are provided with appropriate updates relating to matters impacting upon charity law and the running and administration of the College from their professional advisers. They also attend external training events where appropriate. Sion College 8
Annual Report of the Court of Governors Year to 31 December 2024 GOVERNANCE, STRUCTURE AND MANAGEMENT {conlinued) Governors, responsibilities statement The governors are responsible for preparing the Court of Govemors, report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generauy Accepted Accounting Practice}. The law applicable to Charities in England and Wales requires the governors to prepare accounts for each financial year which give a true and fair view of the state of affairs of the College and of the income and expenditure of the College for that period. In preparing these accounts, the govemors are required to.. select suitable accounting policies and then apply Ihem consistently., observe the methods and principles in Accounting and Reporting by Charilies.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland IFRS 102)., make judgements and estimates thal are reasonable and prudent., state whether applicable Unrted Kingdom accounting standards 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 inappropriale to presume that the College will continue in operation. The Governors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the College and enable them to ensure that the accounts comply with the Charities Act 2011, applicable Charily {Accounts and Reports) Regulations and the provisions of the governing documents. They are also responsible for safeguarding the assets of the College and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Governors are responsible for the maintenance and integrity of the charity and financial information included on the College's website. Legislation in the United Kingdom governing the preparation and dissemination of accounts may differ from legislation in other jurisdictions. Key management personnel The members of the Court of Governors consider that they comprise the key management of the College in charge of directing and controlling, running and operating the charity on a day to day basis. The members of the Court of Governors receive no remuneration in connection with their dulles. Sion College 9
Annual Report of the Court of Governors Year to 31 December 2024 GOVERNANCE, STRUCTURE AND MANAGEMENT {conlinued} Risk management The trustees have examined the major risks which the College faces, in particular those relaled lo the operations and finances of the College, and confirm that systems are in place to mitigate the College's exposure to the major risks. In accordance with Charity Commission guidance, risks are reviewed under the following headings.. Governance, including membership of the Court and Ihe skills set of Fellows & Members., and succession planning. External risks, including the influence and reputation of the College,. and the importance of a well-received programme of events. Regulatory and Compliance.. compliance with governing documenls and legislation, including Safeguarding and Data Protection. Financial risks.. 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 monthly) meetings of the Court enable the trustees to review these risks regularly. For example, the programme of events as well as individual events are reviewed at each meeting., and there is a regular review of expenditure again at each meeting against a detailed budget. The College investment portfolio is professionally managed by Investec Ltd and CCLA Investment Management Limited,. and a cautious approach lo investment has been endorsed by the Court and its Finance Committee. The Court has agreed to review the risks set out above at its regular annual Residential meeting in June. Signed on behalf of the Court of Governors.. Governor Approved by the Court of Governors on.. 15M* 20Tf Sion College 10
Independent examiner'5 report Year ended at 31 December 2024 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 2024, which are set out on pages 12 to 13. Responsibilities and basis of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act,). We report in respect of our examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out our examination we have followed all the applicable Direclions given by the Charity Commission under section 145(5)(bl of the Act. Independent examiner's statement We have completed our examination. We confirm that no material matters have come to our attention in connection with the examination giving us cause to believe that in any material respect.. accounting records were not kept in respecl of the Trust as required by section 130 of the Act., or the accounts do not accord with those records., or the accounts do not comply with the 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 matter considered as part of an independent examination. We have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. VA4kieCA6 Vikkie Cheng FCCA Senior Accounts Manager Signed on behalf of Winchester Bourne Limited Sullivan Court Wessex Park Colden Common Winchester S021 1WP Date.. 10.04.2025 Sion College 11
Statement of financial activities Year ended at 31 December 2024 Unrestricted funds Total Total funds funds 2024 2023 Notes Incomg from: Donations Charitable activities Functions, educab'onal visits and database receipts Trading activities Subscriptions Investments Total income 157 15,133 11.900 10,565 133,782 159,637 11,073 130.126 153,099 Expenditure on: Raising funds Charitable activities Promotion of 5earning and fellowship amongst the clergy of the Church of England Total expenditure 42,736 42,545 121,243 163,979 125,225 167,770 Net lexpenditurel income before gains and losses on investments Net gains Ilossesl on investments Net income lexpenditurel and net movernent in funds for the year 14,342) 208,309 203,967 114,671} 42,473 27,802 10 Reconciliation of funds: Total funds brought forward Total funds carried forward 4,316,046 4,520,013 4,288.244 4,316,046 All of the College's activities derived from Continuing operations during the above two financial periods. All gains and losses recognised in the year are included in the above statement of financial activities. Sion College 12
Balance sheet as at 31 December 2024 2024 2024 2023 2023 Notes Fixed assets: Investments 10 4,472,001 4,287,085 CUrn1 assets: Debtors Short term deposits Cash al bank and in hand 11,659 25 47,018 58,702 6,653 24 38.380 45,057 Creditors- amounts falling due within one year 12 {10,690) 116,0961 Net current assets 48.012 28,961 Total assets less current liabilities 4.520,013 4,318,04S Creditors." amounts falling due after more than one year 13 Total net assets 4,520,013 4,316,046 The funds of the ¢harity: Unreslricled income funds 4,520,013 4,520.013 4,316,046 4,316,046 Approved by the Court of Governors and signed on their behalf by. Governor VV7 @L- fvc,>r If Approved on.. Sion College 13
Principal accounting policies 31 December 2024 The principal accounting policies adopted, judgements and key sources of eslimation uncertainty in the preparation of the accounts are laid out below. Basis of preparation The accounls have been prepared under the historical cost convention with items recognised al cost or transaction value unless othemise stated in the relevant accounting policies below or the notes to these accounls. 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 IFRS 102) {Charities SORP FRS 1021, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) and the Charities Act 2011. The charity constilutes a public benefit entity as defined by FRS 102. The accounts are presented in sterling and are rounded to the nearest pound. Critical accounting estimates and areas of judgement Preparation of the accounls requires the governors to make significant judgements and estimates. The items in the accounts where these judgements and estimates have been made include the allocation of support costs. Assessment of going concern The governors have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The governors 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 of these financial statements. The governors of the charity have concluded that there are no material uncertainties related lo events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. With regard to the next accounting period, the year ending 31 December 2023, the most significant areas that affect the carrying value of the assets held by the charity are the level of investment return and the performance of the investment markets (see the investment policy and the risk management sections of the trustees, report for more information and note 10 to these accounts). This is reftecled in the College'5 reserves policy and the governors are therefore of the opinion that the charity will have sufficient resources to meet ils liabilities as they fall due. Sion College 14
Principal accounting policies 31 December 2024 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 confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before Ihe charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of Ihose conditions is wholly wrthin the control of the charity and it is probable that those conditions will be fulfilled in the reporting period. Income from functions and educational visits is recognised when the charity has entitlement to the income,. this is usually when the function or visit has taken place. Income from subscriptions is recognised in the period in to which the subscription relates. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity.. this is normally upon notification of the interest paid or payable by the bank. Expenditure recognition Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing ihe charity to make a payment to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. Expendilure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings. The classification between activities is as follows.. • Raising funds includes all expenditure associated with raising funds for the charity. This includes investment management fees and an allocation of support costs. • Expenditure on charitable activities includes all costs associated with furthering the charitable purposes of the charity Ihrough 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 15
Principal accounting policies 31 December 2024 Expenditure recognition (continued) Charitable grants and donations are made where the trustees consider there is real need following a review of the details of each particular case and comprise single year payments rather than multi-year grants. Grants and donations are included in the statement of fingncial activities when approved for payment. Provision is made for grants and donations approved but unpaid at the period 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 lo carry out the primary purposes of the charty, it is necessary to provide support in the form of personnel development, financial procedures, and a suitable working environment. Governance costs comprise the costs involving the public accountability of the charity {including independenl examination costs) and costs in respect to its compliance with regulation and best practice. Where possible, support and governance costs are charged lo a specific activity and the balance is allocated on the basis of eslimates attributable to that aclivity in the year. Fixed asset investments Listed investments are a form of basic financial instrument and are initially recognised at their transaction value and SLtbsequently measured at their fair value as at the balance sheet date using the Closing quoted markel price. The charity does nol acquire put options, derivatives or other complex financial inslrumenls. Realised gains (or Iossesl on investment assets are calculated as the difference between disposal proceeds and their opening carrying value or their purchase value is acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value at that date. Realised and unrealised investment gains {or losses) are combined in the statement of financial activities and are credited lor debited) in the year in which they arise. Heritage assets Heritage assets have historic, artislic, scientific, technological, geophysical or environmental qualities and are held and maintained principally for its contribution to knowledge and culture. The College holds a number of historic assets, including a unique collection of paintings, together wilh books, manuscripts and other artefacts. These assets are held on trust in perpetuity as a permanent record of the College's history. They are irreplaceable originals, whose intrinsic value is also bound up in the College's history. There is no market for these items and so no reliable cost or value can be attributed to them, and accordingly they have not been included on the balance sheet. Sion College 16
Principal accounting policies 31 December 2024 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 term deposits Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits. Creditors and provisions Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, il is probable thal a transfer of economic benefit will be required in settlemenl, and the amount of the settlement can be eslimaled reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay lo settle the debt. Financial instruments The College only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the College and their measurement basis are as follows. Financial assets - Irade and other debtors are basic financial instruments and are debt instruments measured al amortised cost. Prepayments are not financial instruments. Cash at bank and short temi deposits - classified as a basic financial instrument and is measured at face value. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition. Deferred income is not deemed to be a financial liability, as the cash settlement has already taken place and there is an obligation to deliver services rather than cash or another financial instrument. Fund structure The unrestricted income funds represent funds available for the general charitable purposes of the charily at the discretion of the Court of Governors. Restricted funds comprise monies raised for, or their use restricted to a specific purpose or contributions subject to donor imposed conditions. Leased assets Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the statement of financial activities on a straight-line basis over the term of Ihe lease Sion College 17
Principal accounting policies 31 December 2024 Statement of cash flows The financial statements do not include a statement of cash flows because the charity is exempi from the requirement to prepare such a statement under the Charities SORP {FRS 102) Update Bulletin 1. Sion College 18
Notes to the accounts 31 December 2024 1 Investment income Unreslricled 2024 2023 Dividend5 and interest from investments Interest on short lerrx deposits 127.079 6,703 133,782 123,555 6,571 130,126 2 Expenditure on raising funds Total Total Un- restricted 2023 Support costs {note 61 Support costs (note 61 Direct costs restrlcted 2024 Direct costs Donations Members, subscriptions Investment management COSts 11,757 11,757 12,723 12,723 29,730 29.730 1,249 13,006 30,979 42,736 28,454 28.454 1,368 14.091 29.822 42.545 3 Expenditure on charitable activities Total Un- restrietèd 2024 Total Support Costs (note 61 Support costs Inole 61 Direct costs Direct costs restricted 2023 Promotion of learning and fellowship amongst the clergy of the Church of England Grants payable (note 41 Functions and educational visits and debates Annual feast Total funds 18,803 3,402 22,205 18,463 3,680 22,143 55.232 13.189 87.224 25,514 5,103 34,019 80,746 18,292 121,243 53,920 16,040 88,423 27,602 5,520 36,802 81,522 21,560 125.225 Sion College 19
Notes to the accounts 31 December 2024 4 Grants payable 2024 2023" Research and sundry grants ALMA Retat study grants - 15 awarded12023- 191 Research and educational grants - none awarded12023 - none) 1,000 2.903 1,000 3,763 3,903 4,763 Grants for study leave Study leave - 13 awarded12023- 12) Total grant$ payable Support costs 14,900 18,803 3,402 22.205 13,700 18,463 3.680 22,143 Grants payable lo.. Institutions Individuals 1,000 17,803 18,803 1.000 17,463 18.463 5 Staff costs and remuneration of key management personnel 2024 2023 Salaries and wages Pension costs 25,302 1,399 26.701 30,034 1,399 31.433 The charity employed one member of staff during the year12023- one). No employee earned more than £60,000 per annum in 202412023 - none). The members of the Court of Governors consider that they comprise the key management of the College in charge of directing and controlling, running and operating the charity on a day to day basis. The members of the Court of Governors receive no remuneration in connection with their duties Sion College 20
Notes to the accounts 31 December 2024 6 Support costs The breakdown of support costs and how these are allocated are shown below.. Raising funds Donation5 Investment and manage- sub- ment Charitable scriptions costs activities (note 21 Inole 21 (note 31 2024 total Premises Administrative Administrator (note 51 General administrative expenses Governance costs (note 71 General Other expenses Total 2024 funds 2,023 81 5,986 8,150 6,675 147 1,517 801 18 182 19,225 423 4,368 26,701 588 6,067 1,395 11,757 167 4,017 34,019 5,579 47,025 1,249 Raising fvnds Inv8Stment manage- ment Charitable costs aGtiviti8s (note 2) (note 3) Donations and sub- scriptions 2023 total Premises Administrative Administrator (note 5) General administrative 8xpenses Governance Costs (note 7) General Other expenses Total 2023 funds 1,989 80 5, 888 7,957 7,858 319 t,363 943 38 164 22, 632 917 3,925 31,433 1,274 5,452 I,f94 12,123 143 1,368 3,440 36,802 4, 777 50.983 Cost allocation includes an element of judgement, and the College has had to consider the cost benefit of detailed calculation and record keeping Where possible, support costs are charged to a specific activity, and the balance has been allocated on the basis of estimates attributable to that activity in the year. 7 Governance costs 2024 2023 Court expenses Independent examiner's remuneration Independent examination fee Accountancy fees 3,385 2, 762 1,907 775 6,067 1,890 800 5.452 Sion College 21
Notes to the accounts 31 December 2024 8 Trustees, remuneration and related party transactlons Members of the Court of Governors received no remuneration12023 of the Court were reimbursed for directly incurred expenses12023- nil). nil). No members 9 Taxation Sion College is a registered charity and therefore is not liable to income lax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities. 10 Investments 2024 2023 Market value of listed investrnents at 1 January Acquisitions al cost Disposals at market value Nel gains (losses) on revaluation at 31 December Market value of listed investments as at 31 December Cash held for inveslmenl Total market value of investments at 31 December 4,236,284 4,151.537 307,570 674,955 1262,716) {656.8611 189.378 66,654 4,470,517 4.236,284 1,484 50.801 4,472,001 4,287,085 Hi$torical cost of listed investments as at 31 December 3,596,982 3.578.760 Lisled investments held at 31 December comprised the following.. 2024 2023 UK equities Fixed interest securities Propety unil trusts Overseas equities Allernalive assets 797,862 846,238 336,886 2,033,248 456,283 4,470.517 723.302 869.157 334,375 1.858,821 450.629 4,236,284 All listed investments held are dealt in on a recognised stock exchange. The following investments individually amounted to over 5% of the portfolio at 31 December 202412023.. 5 % ). 2024 The CBF Church of England investment Fund - Income shares 245.881 Sion College 22
Notes to the accounts 31 December 2024 10 Investments (continued) The total unrealised gains as at 31 December constitute movements on revaluation and are as follows.. 2024 2023 Reconciliation of movements in unrealised gains Unrealised gains at 1 January Les5.' in respect lo disposals in the year Add.. nel Ilossesl gains arising on revaluation in the year Total unrealised gains at 31 December 657,523 26,634 189,378 873,535 574,303 16,567 66,653 657.523 11 Debtors 2024 2023 Accrued income Prepayments and other debtors VAT 3,990 7,669 3,862 2,703 88 11,659 6,653 12 Creditors: amounts falling due within one year 2024 2023 Accruals and deferred income VAT 10,485 205 10,690 16,096 16,096 13 Operating lease commitments As at 31 December the College had the following future minimum commitments in respect of non-cancellable operating leases on land and buildings.. 2024 2023 Payable within.. One year One and five years Over five years 6,500 5,958 6,542 13,416 12,458 19,958 Sion College 23
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 al least two years before the date of application. With limited funding, we look particularly to support with our grant-giving those who are active members ofthe College. The Grants Committee meets three times a year to discuss applicalions 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. These meetings are held on Zoom. The considerations which the Grants Committee will take into account when considering applications for grants and the policies which the Committee will follow have been agreed by the Committee and are set out below. The Administrator would be pleased to give any further information you need. If you believe you may be eligible, please complete and return the grant application form, along with any links or information about the proposed course of study. Two grant application forms are now used.. One is for grants for study leave and the other for courses. Please select and submit the correct form. Applications are considered by the Grants Committee al 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 IMO years have elapsed, however priority will be given lo Ihose who have not received any previous grant. Grants are not made for courses or work 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 24
Appendix A - Grant making policy Last date for application Coursel study beginning Committee meets 3191 December May to August February 31. March September to December May 3151 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 contact Gladstone's Library or the Society of Mary and Martha directly who will invoice Sion College once the dates are confirmed. Please note that members will be responsible for any additional costs above the level of the grant. Grants Committee: Sabbatical or study leave grants When applications for sabbatical or study leave grants are considered by the Sion College Grants Committee, account will be taken of= + The leve5 of engagement wilh, and contribution to, Ihe 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 lo be funded represents reasonable value for money The rationale for this policy is that. • One of the two central aims of Sion College is to promote fellowship amongst its members. It is therefore assumed thal members of the College will play their part in contributing to the College by taking part in its events. In order to facilitate access to events, the College has a policy of varying the days and the times of day when its events take 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 clergy with a view to the development of their ministry for the benefit of the church and its mission and ministry in the broadest terms, including ministerial development and sabbatical refreshment • Funds are limited and to be used for the wider public benefit requiring some assessment of benefit, need and value. Sion College 25
Appendix A- Grant making policy Grants Committee: Library Grants The Grants Committee can receive applications for library grants from Sion College members for theological study. Sion College Fellows and Members can apply for such grants from the start of their membership. In the event of the number of applications exceeding the tsudget set for this purpose in any one calendar year, awards will normally be made on a first come, first served basis. Sion College 26