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
CUr￿n1 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
Ret￿at 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