OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-08-31-accounts

Report and Financial Accounts 2024 Company Registered No: 381332 Registered Charity No: 312778 Year ended 31 August 2024 '? —

INTRODUCTION FROM THE

PRINCIPAL Welcome

It is a real pleasure to introduce the Report and Financial Accounts of the London School of Theology for the academic year 2023-2024. It has been an enjoyable and eventful year, for which we are most grateful.

At the end of the summer term, we celebrated the Graduation of our students, with another wonderful service held at Emmanuel Church, Northwood. The Revd Gavin Calvin from the Evangelical Alliance was our speaker this year and it is always good to welcome an alumnus to speak at such an important occasion for us as a School. There were 73 students who graduated across all programmes, from BA to PhD degrees! Every year our Graduation service is more than a ceremony, it is an act of worship in which we give thanks for the achievement of our students and commission them to go and serve the Lord Jesus Christ in a variety of roles and contexts. It is always a delight to celebrate together.

There were many events throughout the year. We held a celebration of achievement event in January to allow colleagues to share their research and professional contributions to knowledge. The inaugural Principal’s formal dinner was held in February and provided an opportunity for third year undergraduate and postgraduate students to learn about becoming alumni of the School. A full schedule of six Research Seminars has run this year, after a partial post-Covid relaunch last year. An excellent internal Research Conference took place in March, with 12 quality papers and 40+ attending. The Foundations Course, which prepares students to enter Higher Education after some time away from formal education, was delivered for the second time in September and it was a great success. Our annual public Laing Lecture was delivered in November by Professor Daniel Jeyaraj on the subject of ‘Christian Mission Past and Present: An Indian Perspective’, which was appreciated by a good number of people. We closed off the calendar year with a spectacular Christmas Concert in December, which is always a reminder of just how talented our students and colleagues are at LST!

Update on our Strategic Plan and its Implementation:

There are several important updates to note:

• Our undergraduate recruitment in general is proving a significant challenge for us as the number of new students is decreasing year on year. We anticipated this reduction, at least to some extent, and we have countered it with the design of the new MA Practical Theology and Ministry degree, which has proved very popular this year. We are delighted that it has exceeded its recruitment target, and this is matched by strong recruitment performances by the MA Biblical Studies and MA Theological Studies programmes. We are very grateful to all our colleagues who have made this possible.

| 02 Report and Financial Accounts 2024

• We are also diversifying our undergraduate provision with our new BA Theology and Liberal Arts programme, which is being validated by Middlesex University. A validation event is planned for April 2025, and we expect that new students will arrive in September 2025. This is a very exciting development. The degree can be taken on campus or through online delivery, or through a combination of both modes via a blended experience. We hope it will become popular, not just for British students but for international ones as well, especially from North America.

• Linked to this strategic development is a new partnership with Regent University, Virginia Beach, USA. We have agreed a new arrangement whereby second year undergraduate students from Regent can attend LST for one semester, as study abroad students. These students will take theology modules in class and have the full on-campus experience of education alongside our regular students. We are excited about this development and look forward to receiving our first group in the autumn of 2025.

• This year we have been strengthening our academic life and we have been using the Quality Assurance Agency (QAA) to assist us. Over the summer we have paid particular attention to our research degrees and to the role that our faculty research has in attracting new students. There was a dedicated faculty development day in September that focused on the nature of research and how we can develop our research culture, external engagement and publications. Over the course of the next academic year, we shall develop a new research strategy.

• In addition to this development, we are also strengthening the teaching side of the work that we do. This has involved reviewing our policies and procedures, as well as reflecting together on our pedagogical practices, including the implementation of a new marking scheme, which has been long overdue. Again, we are using the QAA to assist us in this work. I am grateful to colleagues for their significant investment in these developments, which strengthen our provision, enhance our academic standards and enrich the student learning experience.

In the context of a Higher Education sector that is struggling financially, we have needed to make several reductions in our costs, and there may well be further cost-cutting to be made in 2025. However, we are exploring how we can diversify our income streams, given our location and facilities in Northwood, Middlesex, such an attractive part of London. This year (2024-25) our strategy aims to consolidate the progress we have made and develop new initiatives in relation to research, micro credentials and life-long learning, external partnerships and impact opportunities.

I am extremely grateful for all that my colleagues do in their work for LST. They are hardworking, deeply committed and extremely cheerful in their everyday activities. I am so grateful to them, our supportive trustees and our wonderful students, without whom we would not be delivering excellent education. There is much to give thanks to Almighty God.

As usual, I write this welcome letter before the Christmas holiday. I am once again reminded of the doctrine of the Incarnation, that the eternal Son of God should take human nature and be revealed in the person of Jesus Christ. As John’s Gospel declares: “The Word became flesh and made his dwelling among us. We have seen his glory, glory of the one and only Son, who came from the Father, full of grace and truth” (John 1.14). Perhaps the phrase “grace and truth” captures something of the incarnational aspect of our educational mission. It focuses on the person and work of Jesus Christ, it transforms us such that we increasingly reflect the glory of the Son, in the weakness of our own humanity. May this report be read with “incarnational eyes” and may glory be given to the one who is the eternal Trinity, Father, Son and Holy Spirit.

May I wish you every blessing for 2025!

The Revd Professor Mark J. Cartledge Principal | Professor of Practical Theology

Report and Financial Accounts 2024 03

2023-24

At a glance

Income & Expenditure 2023-24 Year ended 31 August

Balance Sheet 2023-24 Balance at 31 August

ear ended 31 August Balance at 31 August
Income
Expenditure
Net (loss)
Investment gains / (losses)
Pension scheme gains
Net movement in funds		 2024
£’000		 2023
£’000		 Tangible assets
Investments
Net current assets
Creditors greater than one year
Pension scheme asset
Net assets		 2024
£’000		 2023
£’000
3,183
(3,924)		 3,049
(3,760)		 1,455
7,195
806		 1,615
7,378
660
(741)
562
285		 (711)
(744)
213
9,456
(35)
1,268		 9,653
(53)
983
106 (1,242) 10,689 10,583

Our Income 2023-24

----- Start of picture text -----
Education 54%
Investments / Trading 25%
Legacies 14%
Fundraising (Excl. Legacies) 6%
Conferences 2%
0% 10% 20% 30% 40% 50% 60% 70%
Our Expenditure 2023-24
Education 93%
Fundraising 3%
Bursaries 2%
Trading / Conferences 2%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
----- End of picture text -----

Our Expenditure 2023-24

04 Report and Financial Accounts 2024

What we achieved

London School of Theology graduated 61 undergraduate level qualifications

London School of Theology graduated a total of 61 undergraduate students (Certificate, Diploma and BA Degree programmes) in Theology, Theology & Counselling, Theology & Worship, Theology & Music and Theology, Music & Worship during the year. 43 students participated in the graduation ceremony.

London School of Theology’s undergraduate programmes bring the opportunity to study the Bible in greater depth, with world-class scholars. We have three Levels, across five programmes designed to train those looking to learn more about their faith.

London School of Theology graduated 31 postgraduate qualifications

London School of Theology graduated a total of 31 postgraduate students across the MA in Aspects & Implications of Biblical Interpretation, MA in Integrative Theology, MA in Theological Studies and MA in Theological Education programmes during the year. 19 students participated in the graduation ceremony.

Postgraduate study at London School of Theology equips students with skills of understanding, discovery, depth and determination. When they graduate, students are equipped to teach others and make a positive difference in their lives. Their qualification opens up significant employment opportunities in academia, Christian leadership and the marketplace.

Each year the postgraduate students take up leadership roles all over the world. The majority of our graduates can be found teaching in churches, seminaries and university faculties around the world. As part of a larger network of over 150 students from all over the world, London School of Theology’s postgraduate centre is a unique and exciting place to study.

London School of Theology graduated 11 research qualifications

London School of Theology graduated 11 postgraduate research students across the Master of Theology, Master of Philosophy and Doctor of Philosophy programmes during the year. All these students participated in the graduation ceremony.

The purpose of a research degree is to establish and demonstrate competence in a theological discipline via a thesis project. The discoveries made by research students contribute not only to their personal growth but also to the academy and the community they serve.

Those taking a research programme at London School of Theology are expected to demonstrate critical knowledge of their chosen field. Research degrees are not taught courses, although students may be asked to take a course of guided reading or attend relevant classes.

Report and Financial Accounts 2024 05

2024-25

Plans for 2024 2025

The priority for the new academic year was as always to welcome our new and returning students, whether on campus, online or blended and ensure they have everything they need to thrive both in their academic and Christian life.

Much of our focus continues to be around strengthening our student support processes to ensure we identify at the earliest opportunity any students who are struggling or falling behind with their studies and determine how they can best be supported. Following the successful launch of a short foundations course last year we again offered it this year with over 20 of our new students attending. This is designed for anyone returning to studies after a significant gap who needs a confidence boost around what they can expect and the resources that will be available to them.

As we move into the third year of our five year strategy focused on Forming Disciples, Resourcing Churches and Impacting Society we also have a clear set of tasks we will be focusing on.

THE IMMEDIATE PRIORITIES SET FOR THE YEAR AHEAD HAVE BEEN AGREED AS FOLLOWS:

06 Report and Financial Accounts 2024

Student life

We are committed to offering the highest standard of education

We are at the forefront of theological education designed to equip Christians for life in the real world. More than ever, there is a need to train Christians to have a deeper understanding of Scripture and its relevance to the world. To help support this, we have a range of bursaries and scholarships available to help students with their fees and other costs. These funds have been established and supported by generous donors who have a heart to help students in need of financial assistance. To celebrate our 80th year, we launched a fundraising campaign 80 for 80 - £80,000 for 80 years, to help top up these fast depleting bursary funds. This has raised £69,000 to date, it’s still not too late to add to this total!

We are a resource for churches

London School of Theology continues to seek to resource churches in multiple ways: through public lectures and partnership in mission, including offering students for placements. Our faculty and staff teach and preach in churches across the country and around the world. We also make our wide range of seminar rooms, excellent catering and accommodation available at competitive rates to churches, charities and Christian organisations.

We have an Alumni Association across the world

London School of Theology is one of the largest, most diverse theological colleges in Europe, with over 7,500 alumni across 40 countries. As our alumni continue to make meaningful contributions to the Church worldwide, the Alumni Association helps to maintain valuable connections to the School, faculty and classmates, as well as provide them with appropriate resources. We are confident that our Alumni website https://alumni.lst.ac.uk will be instrumental in facilitating this still further.

Report and Financial Accounts 2024 07

STUDENT LIFE

What Our Students Say

Studying at LST has taught me how to dig deeper into Scripture. I have become more fascinated in the theological truths of the Bible, how it relates to experience, reason, tradition, and community . I have been challenged academically and wrote a dissertation that is my proudest academic accomplishment to date.

Meagan Lord, MA Theological Studies

LST is an oasis for Christians in our contemporary society and culture , leading the way in anchoring the faith in rigorous scholarship and academic truth. It’s a real privilege and God-given opportunity to be counted part of the student body.

Michael, MA Practical Theology and Ministry

What really attracted me to this course was the duality of Theology and Counselling and the REMA model that is used. Studying at LST has made me a better person and a better Christian who is equipped to use my theological and Counselling skills to help people in my world.

Alison Shakespeare, BA Theology and Counselling

The chance to study psychotherapy and counselling skills merged with theological studies was a unique and valuable opportunity to deepen my own faith and allow space for self-exploration, as well as gaining new skills in counselling and psychotherapy. The level of teaching at LST, the expertise of tutors, the dedication of staff and pastoral team got me inspired and hopeful to set on a journey of pursuing a second career. The most attractive part from the beginning was the visibly dedicated faculty team of the highest level of expertise in the fields of Christian Theology, Human and Social Psychology, Music and Worship Studies and of course, one of the greatest and richest libraries in the UK. To have access to the best minds and the best books within a safe, relaxed and supportive environment can ensure your irreversible personal and professional growth as well as inspiring career, that is fulfilling, rewarding and gives a chance of changing the world into a better place, one person at a time.

Julia, BA Theology and Counselling.

| 08 Report and Financial Accounts 2024

Year ended 31 August 2024

Report and Financial Statements

Company Name London School of Theology

Company Number

381332

Registered Charity Number 312778

Address of School and Registered Office

London School of Theology Green Lane, Northwood, HA6 2UW

Bankers

National Westminster Bank Plc

159 High Street, Rickmansworth, Herts, WD3 1AR

Auditors

HaysMac LLP

10 Queen Street Place, London, EC4R 1AG

Solicitors

Pothecary Witham Weld

70 St George’s Square, London, SW1V 3RD

Report and Financial Accounts 2024Report and Financial Accounts 2024

099

GOVERNORS' YEAR ENDED REPORT 31 AUGUST 2024

Governors' Report

Introduction

The Governors, who are the trustees and directors of the London School of Theology, have pleasure in presenting their report and the financial statements for the year ended 31 August 2024.

Statement of Governors’ responsibilities in preparing the accounts

Company law requires the Governors to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the charitable company and of the surplus or deficit for that period. In preparing those financial statements, the Governors are required to:

The Governors are responsible for maintaining proper accounting records, which disclose, with reasonable accuracy at any time, the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for prevention and detection of fraud and other irregularities.

Preparation of accounts

The accounts have been prepared in accordance with the Statement of Recommended Practice for Accounting and Reporting by Charities and the Companies Act 2006. The accounting policies are listed in Note 2 to the accounts.

10 Report and Financial Accounts 2024

Governance and management of the charity

Trustees

The following served as Governors of the charitable company for the whole of the period, and up to the approval of the accounts, unless otherwise stated:

Name Honorary Position Note
Mr Steve Hughes* Chair of the Board Trustee until 01/24, chair
until 10/23
Mr Malcolm Peckham+
Mrs Margaret Doyle
Prof Peter Oakes+
Revd Johnny Douglas
Mr Paul Smith
Rt Revd Graham Cray
Mrs Kate Meathrel
Revd Dr Jenni Williams+
Ms Lydia Lee		 Chair of the Board
Vice-Chair of the Board
Chair of the AAC
Chair of the F&GP		 Trustee and Chair from
10/23
Until 10/24
Until 10/23
Until 10/23

Revd Alton Bell*

Attendees and Representatives

The following attended meetings of the Board of Governors:

Name Position Note
Revd Prof Mark Cartledge*+ Principal
Rev Dr David Hilborn+
Dr Shivanthi Manickasingham+
Mr Jonathan Mead*
Dr Cornelis Bennema+
Dr Julie Rob+
Dan Forshaw
Mr Glenn Clarke
Mrs Elizabeth Case
Mr Noah Stannard		 Academic Dean
Academic Secretary, Director of Academic
Services
Director of Finance and Administration
Company Secretary
Faculty Representative
Faculty Representative
Faculty Representative
Staff Representative
Staff Representative
Student Representative		 Until 09/24
From 10/24
Until 12/24
Until 12/23
Miss Maria Thomas Student Representative Until 12/23

continued overleaf >>

Report and Financial Accounts 2024

11

GOVERNORS' YEAR ENDED REPORT 31 AUGUST 2024

(continued) Governance and management of the charity

Attendees and Representatives (continued)

Name Position Note
Mr Nathan Kosciecha
Mr Will Davy		 Student Representative
Student Representative		 From 01/24 to 03/24
From 04/24 to 09/24
Miss Adrea Wright
Mr Stuart Livings		 Student Representative
Student Representative		 From 04/24
From 10/24

Company Secretary

Mr Jonathan Mead

Methods of Recruitment of Trustees

The Charity draws on its wide range of supporters and former students, from whom trustee candidates with the required experience and skills are sought. It is the Charity’s aim always to maintain a broad representation among its trustees, in terms of their academic, financial, interpersonal, cultural, business skills and religious commitments.

Methods of Appointment

Once potential trustees have been identified and following a discussion at a meeting of the Board of Governors, the candidates are asked to submit a CV for consideration at the next Board meeting. Once candidates have been accepted by the Board and have confirmed their agreement to the Charity's Doctrinal Basis statement, they are usually co-opted onto the Board. Subsequently, at the next AGM they formally stand for election as a Company Member (if required) then stand for election as a Governor for a three year term.

Training and induction provided for trustees

Our trustees will already be familiar with the ethos and working practices of the Charity, but each new trustee is personally briefed about their role. The Charity arranges suitable training for all trustees includes regular safeguarding training. Trustees are also asked to access the Charity Commission's website on a regular basis. Trustees are encouraged to attend and to be involved in the Charity's activities throughout the year.

Senior Employees

Serving as the School's Executive Team during the year 2023/24:

----- Start of picture text -----
Revd Prof Mark Cartledge Principal
Rev Dr David Hilborn Academic Dean
Mr Jonathan Mead Director of Finance and Administration
Dr Shivanthi Manickasingham Academic Secretary, Director of Academic Services
----- End of picture text -----

The arrangements for setting the remuneration of the senior employees are detailed in note 5.

12 Report and Financial Accounts 2024

Statement of Corporate Governance

The Governors confirm that the financial Statements comply with the current statutory requirements and with the requirements of the charity’ governing document.

The Board of Governors meets three or four times a year to consider all matters pertaining to the governance of the Charity. In addition to the trustees, the members of the executive team and elected student, staff and faculty representatives also attend. The main operating sub-committees of the Board meet two or three times a year and are the Finance & General Purposes Committee (F&GP), which is chaired by Paul Smith and manages the Charity's fiscal and business affairs under its devolved responsibility from the Board and the Academic Affairs Committee (AAC) chaired by Prof. Peter Oakes. In addition, there is a Scholarships and Bursaries Committee and a Pensions Committee, the former being chaired by the Director of Finance and Administration and the latter by a Pensions Trustee. The School reviews the terms of reference for all sub committees of the Board of Governors every two years to ensure the School’s governance is to the levels required by the School’s status as a HEI.

The School has posted all its policies on matters of public, students and staff interest on the School’s website. Please see: - https://lst.ac.uk/our policies/

How the Charity is managed

The Executive Team (ExT) is the day-to-day decision-making body of the Charity, covering its full life and operations. The ExT meets regularly and is accountable to the Board of Governors.

Salaries of key staff are reviewed from time to time taking into account pay in comparable organisations and the finances of the Charity.

On academic matters arising from the Charity's work in providing higher education courses, the Charity has the Academic Affairs Committee mentioned above and an Academic Board that is chaired by the Academic Dean and to which various academic sub-committees report.

Internal Control

The governors are responsible for maintaining a sound system of internal control that supports the achievement of policies, aims and objectives, while safeguarding the public and other funds and assets for which it is responsible, in accordance with the responsibilities assigned to the members of the Board in the terms and conditions of funding with the OfS.

The system of internal control is designed to manage rather than eliminate the risk of failure to achieve policies, aims and objectives; it can therefore only provide reasonable and not absolute assurance of effectiveness.

The system of internal control is based on an ongoing process designed to identify the principal risks and to evaluate the nature and extent of those risks and to manage them efficiently, effectively, and economically.

The key elements of the School’s system of internal control are as follows:

The Board’s view of the effectiveness of the system of internal control is informed by the work of the Finance & General Purposes Committee and management who have responsibility for the development and maintenance of the internal control framework, and comments made by the external auditor in their management letter and other reports.

Report and Financial Accounts 2024 13

GOVERNORS' YEAR ENDED REPORT 31 AUGUST 2024

(continued) Governance and management of the charity

Fundraising approach and performance

The School undertakes fundraising activity to its supporters via direct mail, email, telephone and fundraising events. Our fundraising promise is:

When you support us, you can be sure of the following:

These promises are also designed to protest vulnerable people, by ensuring we are not unreasonable or persistent or place undue pressure on any of our prospective donors.

The charity does not work with any other organisation to deliver its fundraising activity. We have a training programme for all our fundraising staff to regularly reinforce our fundraising ethics.

During the year we received no complaints about our fundraising activities.

The purpose of the charity

Summary of the Objects of the Charity

The principal activity and objectives of the charitable company, as set out in the Articles of Association, is the advancement of the Christian religion, by such means as the Company may determine, including but not limited to:

All such activities are carried on in strict accordance with the School's Doctrinal Basis of Faith.

Public Benefit of the Charity

Trustees are aware of the guidance on Public Benefit as described by the Charity Commission, have taken it into account in operating the Charity, and have sought to ensure that any decisions taken are in furtherance of the Charity's benefit to the public. Trustees consider that the Charity's aims, objectives and activities as described below demonstrate proof of public benefit in the advancement of religion and in the advancement of education. In addition, through the operation of the Charity, associated benefits to the public arising from the operation of the Charity include:

14 Report and Financial Accounts 2024

Strategic Report

Aims, objectives and activities

Aims

To establish LST as an exemplar of engaged evangelical theological education in the UK.

We achieve these aims by providing:

We see our key values as being:

And some of our unique selling points would be having:

Activities

All activities undertaken are in support of the aims and objectives of the Charity. Our primary activity is the provision of high-quality academic education that will equip our students for Christian service and leadership. All our other activities support that primary activity and help ensure that the School operates in a financially viable manner. Full details of our courses and other resources can be found on our website (www.lst.ac.uk).

Report and Financial Accounts 2024 15

GOVERNORS' YEAR ENDED REPORT 31 AUGUST 2024

(continued) Strategic Report

Key Objectives and Activities for 2023/24 were:

Measures of Success and Outcomes in 2023/24:

Future Objectives and Activities for 2024/25:

16 Report and Financial Accounts 2024

The operation of the Charity relationships and affiliations

The partnership with Middlesex University as the School's validating authority continues and remains a positive relationship.

The School is a member of the Evangelical Alliance, Global Connections (the Evangelical Missionary Alliance), the Association of Bible College Principals, the Association of Bible College Bursars, the European Evangelical Accrediting Agency and the British Association for Counselling and Psychotherapy (BACP).

Risk Management Statement

The Charity's risk management strategy continues to be reviewed to identify the potential risks that could materially impact the Charity. The F&GP Committee reviews and monitors risk on a regular basis, taking direction from the risk evaluation undertaken by the school's departments during the year through a risk matrix. It seeks to mitigate identified risks on an on-going basis.

The key risks facing the School during the year were identified as :

Actions to address these risks include for our:

The purchase of appropriate insurance products is also used to protect the Charity’s assets and operations.

Dependence on Volunteers

The Charity is reliant on the continuing voluntary commitment of the trustees, as well as other volunteers who have helped in a number of ways around the school. Students also volunteered in areas such as the library and helping with events, as well as running the student committee and acting as course representatives on academic committees.

Facilitating Access to Christian Theological Education

The Charity operates fourteen separate restricted bursary funds. The Charity's policy is to award grants on the basis of demonstrable financial need, subject to any restrictions imposed by the original donors of the funds. Award decisions are made by the Charity's Scholarship and Bursary Committee.

Report and Financial Accounts 2024 17

GOVERNORS' YEAR ENDED REPORT 31 AUGUST 2024

The Finances of the Charity

As is well publicised in the press many Higher Education institutions are currently struggling financially. Government actions including Brexit and changes to student visa rules have severely impacted the number of overseas students wanting to come and study in the UK and the freeze on amounts universities can charge home students makes balancing ones books particularly challenging. A brief moment of hope when increases to fee limits was announced was quickly reversed by significant increases in Employer National insurances costs. The continuing squeeze from increases in the cost of living and the negative press about the value of an HE qualification, has all made for a challenging landscape when it comes to attracting students. New students are very reticent to sign up and a sizeable number of existing students also struggle in some way, which leads to a material number interrupting, dropping out, or having to retake the year. All of this impacted student numbers and resulted in a further fall of £144k in our fee income.

Reserves

The total Unrestricted Funds amount to £7.3m (2023: £7.6m) before accounting for the pensions reserve surplus of £1,268k (2023: £983k). Included in these funds are £5.5m of designated income investments and functional fixed assets valued at £1.4m. In calculating a free reserves figure the fixed assets are excluded and historically 100% of the investments have also been excluded on the basis they were designated for income generation. In January 2024 the trustees decided that if circumstances require, 50% of the designated investments could be treated as unrestricted to enable some cash withdrawals to assist with short term cashflow requirements, an amount after withdrawals of £2.4m at 31 August 2024. Free reserves are calculated therefore to be in surplus by £4.0m (2023: £1.1m). For disclosure purposes 100% of the investment portfolio is still included in the designated funds within the financial statements.

This level of free reserves (excluding the fixed assets and relevant portion of designated investments but including the pension assets) exceeds the 20% target of annual Unrestricted Funds expenditure and gives the trustees confidence that the School remains a going concern.

The value and purposes of the School’s various restricted funds are set out in note 12.3. The Trustees make use of these funds as opportunities arise.

Investments

Over the year the net value of the School's fixed asset investments decreased by £182k to £7,195k (2023: decrease of £983k).This year’s movement included investment gains of £562k and withdrawals of £700k to fund ongoing activities. These investments are invested with JM Finn investment managers.

The School's investment objectives are to provide long-term growth of both capital and income. These objectives form part of the contract with the fund manager JM Finn. The investments are reviewed quarterly by the F&GP Committee, who also meet with JM Finn as required.

The School's investments are held in managed funds. The school operates an Ethical investment policy which is based largely on the Church of England policy, to ensure that the school’s investments are held in companies and sectors that demonstrate a proper regard for the environment and for the well-being of the created order.

After a slow start investments performed well during the year recording an overall gain of £562k reflecting the positive upward movement in most exchanges around the world.

Financial Results

Overall income increased from £3,049k to £3,183k (2023: decreased from £3,210k to £3,049k). Expenditure in total increased from £3,760k to £3,924k. Declining fee income continues to be a significant issue, we had hoped that confidence might start to return to our existing and potential new students, but instead cost of living concerns continued to only exacerbate these creating even more uncertainty and increasing the chances of students interrupting or dropping out. Realistically there is a strong chance this will continue for at least a few more years so actions are being taken to address the financial viability of existing programmes and introduce new ones which should attract more new students. Investment in new programmes has continued which partially explains why the costs for the year actually increased rather than being reduced to try and offset the reduction in income. The final result for the year was an operational loss of £742k (2023: operational loss of £712k).

Investment values bounced back in the year which was encouraging after two years of underperformance. The overall gain for the year was £0.6m (2023: losses of £0.7m).

18 Report and Financial Accounts 2024

The improved investment values also impacted the School’s Defined Benefit Pension Scheme, but this was partially offset by a decrease in the discount rate (based on the yields of long dated high quality corporate bonds) from 5.3% to 4.85% as part of the actuarial assumptions for the FRS 102 year end valuation, increasing the predicted liabilities of the scheme. Overall the pension fund surplus increased from £1,183k to £1,568k. With the scheme now well in surplus the pension trustees have suggested the scheme should be prepared for a buy-out by an insurance scheme as soon as practically possible. Since the costs associated with this would be in the region of £300k the current surplus value has been reduced by this amount.

]The School's funds have been applied for the purpose of the principal activity.

Future plans

The delivery of a first class education to our students continues to be our principal aim. We are acutely aware that the ongoing cost of living challenges, will present our students with additional pressures and uncertainties in the next few years and deter many potential students from applying. We are determined to increase the level of support we have in place for our students to monitor their progress and well-being and work with our lecturers, tutor group leaders and support staff to monitor any concerns they observe, so these can be quickly followed up by our excellent pastoral and registry teams. We are also focused on continuing to implement our five year strategic plan which we are confident will help us address many of the challenges we and other similar colleges in our sector are currently facing.

Independent Auditors

A resolution was made at the AGM in 2024 to reappoint HayMac LLP as auditors to the Charity. This appointment and the auditor’s remuneration will be reviewed again at the AGM in 2025. On 18th November 2024 Haysmacintyre LLP changed its name to HaysMac LLP.

Statement of disclosure to Auditors

As far as the Trustees are aware:

This Governors’ Report, which incorporates the Strategic Report, was signed on behalf of the Board of Governors in their capacity as the Company Directors by:

Mr Malcolm Peckham

Chairman

29th January 2025

Report and Financial Accounts 2024 19

INDEPENDENT REPORT YEAR ENDED OF THE AUDITOR'S 31 AUGUST 2024

Independent Report of the Auditor's to the Members and Trustees of London School of Theology

Opinion

We have audited the financial statements of London School of Theology for the period ended 31 August 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

20 Report and Financial Accounts 2024

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report (which incorporates the strategic report and the directors’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Matters on which we are required to report in respect of the Office for Students

In our opinion, in all material respects:

We have nothing to report in respect of the following matters in relation to which the Office for Students requires us to report where:

Responsibilities of trustees for the financial statements

As explained more fully in the trustees’ responsibilities statement set out on page 10, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Report and Financial Accounts 2024 21

INDEPENDENT REPORT YEAR ENDED OF THE AUDITOR'S 31 AUGUST 2024

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to regulations prescribed by the Office for Students, employment law, safeguarding regulations and Company and Charity law and we considered the extent to which noncompliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, Charities Act 2011, OfS Accounts Direction and Charities SORP.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to the risk of improper revenue recognition in relation to donations, grants and trading income and the risk of management override of controls. Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Steven Harper (Senior Statutory Auditor)

for and on behalf of HaysMac LLP, Statutory Auditors

10 Queen Street Place London EC4R 1AG

31st January 2025

22 Report and Financial Accounts 2024

Statement of Financial Actitivies

Year ended 31 August 2024

Notes
Income From
Donations, grants and legacies
Charitable activities
Education
3
Investments
Trading income
Other income
Total Income
Expenditure On
Raising Funds
Investment manager fee
Trading expenses
Fundraising costs
Charitable activities
Education
Conferences
Total Expenditure
4
Net expenditure before investment
gains /(losses)
Investment losses
Net expenditure
Defined benefit pension scheme
gains
Net movement in funds
Balance brought forward at
1 September 2023
Balance carried forward at
31 August 2024		 Unrestricted
Funds
£
562,623
2,158,008
190,144
96,283
50,548
3,057,606
35,953
55,910
63,556
3,599,608
39,509
3,794,536
(736,930)
451,156
(285,774)
285,000
(774)
8,562,494
8,561,720		 Restricted
Funds
£
79,205
-
46,080
-
-
125,285
-
-
-
128,425
-
128,425
(3,140)
94,683
91,543
-
91,543
1,785,831
1,877,374		 Endowment
£
-
-
-
-
-
-
1,431
-
-
-
-
1,431
(1,431)
16,716
15,285
-
15,285
234,728
250,013		 Total 2024
£
641,828
2,158,008
236,224
96,283
50,548
3,182,891
37,384
55,910
63,556
3,728,033
39,509
3,924,392
(741,501)
562,555
(178,946)
285,000
106,054
10,583,053
10,689,107		 Total 2023
£
202,705
2,413,672
274,293
116,598
41,473
3,048,741
40,373
51,363
60,296
3,570,655
37,662
3,760,349
(711,608)
(743,912)
(1,455,520)
213,000
(1,242,520)
11,825,573
10,583,053

The School had no recognised gains and losses other than the result for the period. There were no movements on reserves other than those on the Statement of Financial Activities above. No separate income and expenditure account has been prepared on the basis that the difference between the net result for the year as shown above and profit/(loss) as per Companies Act 2006 is shown separately in the endowment column of the Statement of Financial Activities.

Report and Financial Accounts 2024 23

As at 31 August 2024

Balance Sheet

Notes
Fixed Assets
Tangible assets
7
Investments
8
Current Assets
Stocks
9
Debtors
10
Cash at bank and in hand
Current Liabilities
Creditors: within one year
11.1
Net Current Assets
Total assets less current liabilities
Creditors: after more than one year
11.2
Pension scheme asset
Net Assets including Pension
Scheme assets
Funds
Unrestricted
12.2,13
Unrestricted pension reserve
12.3,13
Total unrestricted
Restricted
12.3,13
Endowment
12.1,13		 2024
£
1,454,771
7,195,367
21,401
565,087
743,692
1,330,180
(523,977)
7,293,720
1,268,000		 £
8,650,138
806,203
9,456,341
(35,234)
1,268,000
10,689,107
8,561,720
1,877,374
250,013
10,689,107		 2023
£
1,614,790
7,377,889
31,629
237,363
832,554
1,101,546
(441,322)
7,579,494
983,000		 £
8,992,679
660,224
9,652,903
(52,850)
983,000
10,583,053
8,562,494
1,785,831
234,728
10,583,053

The financial statements were approved and authorised for issue by the Board on 29th January 2025 and were signed on its behalf by:

Mr Malcolm Peckham (Chairman)

Revd Prof Mark Cartledge (Principal)

2424 Report and Financial Accounts 2024Report and Financial Accounts 2024

Cash Flow Statement

Year ended 31 August 2024

changes in resources to net cash inflow
from operating activities
Net outgoing resources for the year
Depreciation charged
Decrease / (increase) in stocks
Increase in debtors
Increase / (decrease) in creditors
Less investment income
Net cash flow from operating activities
Investing activities
Investment income
Additions to investments
Withdrawals from investments
Sale of investments
Purchase of tangible fixed assets
Financing activities
Loan for asset purchases
Decrease in cash in the year
equivalents at the beginning of the year
cash equivalents at the end of the year
cash equivalents (net funds) comprise:
Cash at bank		 2024
£
£
(741,502)
217,419
10,228
(327,724)
65,039
(236,224)
(271,262)
(1,012,764)
236,224
(672,648)
700,000
717,725
(57,399)
929,902
-
(88,862)
832,554
743,692
743,692
743,692		 2023
£
£
(711,608)
208,898
(9,896)
(64,983)
(52,887)
(274,294)
(193,162)
(904,770)
274,294
(1,497,156)
500,000
1,546,864
(99,966)
724,036
70.466
(110,268)
942,822
832,554
832,554
832,554		 2023
£
£
(711,608)
208,898
(9,896)
(64,983)
(52,887)
(274,294)
(193,162)
(904,770)
274,294
(1,497,156)
500,000
1,546,864
(99,966)
724,036
70.466
(110,268)
942,822
832,554
832,554
832,554
(904,770)
724,036
70.466
(110,268)
942,822
832,554
832,554
832,554

Reconciliation of changes in resources to net cash inflow from operating activities

Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Cash and cash equivalents (net funds) comprise: Cash at bank

Report and Financial Accounts 2024 2525

NOTES TO THE YEAR ENDED FINANCIAL STATEMENTS 31 AUGUST 2024

Notes to the Financial Statements

1. Company Status

London School of Theology is a charitable company incorporated in England and Wales. Further company information can be found on page 9.

London School of Theology is a company limited by guarantee and not having a share capital. The members have each undertaken to contribute such a sum as may be required, not exceeding £10, in the event of the company being wound up.

The London School of Theology is also a registered charity and as such is exempt from Corporation Tax on its charitable activities.

2. Accounting Policies

The financial statements have been prepared in accordance with applicable accounting standards and the Statement of Recommended Practice for Charities SORP 2015 (Second Edition, effective 1 January 2019), the Companies Act 2006 and FRS102 the Financial Reporting Standard applicable in the UK and the Republic of Ireland. The accounts have also been prepared in accordance with the requirements of the Accounts Direction issued by the Office for Students.

London School of Theology meets the definition of a public benefit entity under FRS 102.

Having reviewed the funding facilities available to the School together with the expected ongoing demand for places and the School’s future projected cash flows, The Governors consider that there are no material uncertainties regarding the charity’s ability to continue as a going concern. As part of this review specific consideration has been given to the finances, cashflow as well as the potential risks and how these could be mitigated. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

(a) Basis of accounting

The financial statements are prepared under the historical cost convention which has been modified to include the revaluation of fixed asset investments.

(b) Fees and similar income

Fees receivable and charges for services and use of premises are accounted for in the period in which the service is provided. Fees receivable include contributions received from Restricted Funds for scholarships, bursaries and other grants.

(c) Legacies

Legacies receivables are credited to the Statement of Financial Activities only to the extent that the 3 principles of entitlement, probability and measurability can be applied.

(d) Donations and Fund accounting

Donations under Gift Aid are included in the Statement of Financial Activities inclusive of any tax recoverable. Donations received for the general purposes of the charity are included as Unrestricted Funds. Donations whose application is restricted by the wishes of the donor are taken to Restricted Funds and donations that are required to be retained as capital in accordance with the donor's wishes are accounted for as Endowments. Designated funds are those funds set aside by the Trustees out of the Unrestricted Funds for a particular purpose.

26 Report and Financial Accounts 2024

(e) Expenditure

Resources Expended are accounted for on an accruals basis. Certain expenditure is apportioned to cost categories based on the estimated amount attributable to that activity in the year. These include some specific costs and the following larger cost areas:

The Administration Department activities cover supporting teaching and students as well as administering the charity. 5% of the Administration Department's staff costs are charged to the Governance of the charity.

The Communication Department activities cover the issue of information to prospective students as well as publicising the charity for fundraising purposes. 20% of the Communication Department's costs are charged to fundraising and publicity.

Catering & Housekeeping costs are apportioned between the following activities at the given percentages, based on the estimated use of these resources during the year.

Raising Funds

Fund-raising trading costs - 2%

Charitable activities

Education - 94% Conferences - 4%

Other administration and IT costs and Property & Services costs are apportioned between the following activities at the given percentages:

Costs of generating funds

Costs of generating voluntary income - 2% Fund-raising trading costs - 0%

Charitable activities

Education - 96% Conferences - 2%

(f) Recognition of liabilities

Liabilities are recognised in the period to which they relate. Shortfalls in anticipated future pension scheme commitments are calculated on the basis of assumptions stated in Note 15. Constructive obligations under pension arrangements are also recognised as liabilities.

(g) Grants and bursaries

Grants and bursaries from Restricted Funds are included as expenditure in the period in which the award is given.

(h) Investments and investment income

Investments are stated at the middle market price at the balance sheet date. Realised increases or decreases in the value of these investments are shown as realised gains or losses in the statement of financial activities. Investment income is accounted for in the period in which the charity is entitled to receive it.

(i) Interest receivable

The cash holdings of the special funds are held in the general fund bank accounts. The interest receivable on these balances is based on each of the special funds’ holdings at the balance sheet date and transferred to the individual special funds as income in that year.

Report and Financial Accounts 2024 27

NOTES TO THE YEAR ENDED FINANCIAL STATEMENTS 31 AUGUST 2024

2. Accounting Policies (continued)

(j) Tangible fixed assets

All assets are included at cost and capitalised only where the value is greater than £500.

Depreciation is calculated (except on freehold land) to write off the cost of buildings and tangible fixed assets on a straight-line basis over their estimated useful lives. Rates for fixed assets are applied as follows:

Land 0% Equipment 20% - 25% Buildings 2% Computers 33% Fixture and fittings 10%

A depreciation rate on the building element of the properties reflects the anticipated active life of the existing structures. The Governors are, nevertheless, of the opinion that the residual value of the School's freehold buildings is substantially in excess of the present book value.

Leasehold properties are depreciated over the remaining life of the lease.

(k) Stock

Stocks of catering and other supplies are valued at the lower of cost and net realisable value.

(i) Exchange gains and losses

Transactions designated in foreign currencies are translated at the rate prevailing on the date of the transaction. Balances denominated in foreign currencies are translated at the rate prevailing at the balance sheet date.

(m) Operating leases

Operating lease premiums are spread on a straight-line basis over the lease term.

(n) Pension costs

Defined Benefit Scheme

Contributions to the defined benefit scheme are charged to the statement of financial activities on the basis of the current service cost as reported by the scheme actuaries under FRS 102.

Defined Contribution Scheme

Contributions payable to the defined contribution pension scheme are charged to the statement of financial activities in the period to which they relate.

(o) Critical sources of estimation uncertainty and accounting judgements

The preparation of the organisation's financial statements requires management to make judgements, estimates, and assumptions that affect the application of accounting policies and reported amounts of assets and liabilities, income, and expenses. These judgements, estimates, and associated assumptions are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition, seldom equal the related actual results. The governors consider there to be the following key sources of estimation uncertainty and judgement are the useful lives of fixed assets, valuation of the pension scheme asset and the bad debts provision. Details of and the basis for the current pension scheme surplus / asset are detailed in note 15, any such surplus will be returned to the School on the buyout of the scheme, but this is totally dependent on the final amount an insurance companies agrees to pay to take over the assets and liabilities of the scheme.

28 Report and Financial Accounts 2024

Grant income from the Office for Students
Fee income from taught awards
Fee income from non-qualifying courses
Other Educational and related income
3. Grant and Fee Income
Year Ended 31st August 2024
Direct costs
Staff costs
Depreciation
Bursaries and prizes
Support and governance costs
4. Expenditure
Year Ended 31st August 2023
Direct costs
Staff costs
Depreciation
Bursaries and prizes
Support and governance costs		 Raising
Funds
£
38,350
92,510
8,696
-
17,293		 2024
£
51,174
1,652,303
6,847
447,684
2,158,008
Charitable
Activities
£
565,277
2,326,175
208,722
128,426
538,943		 2023
£
51,216
1,796,761
8,285
557,410
2,413,672
Total
£
603,627
2,418,685
217,418
128,426
556,236
156,849 3,767,543 3,924,392
Raising
Funds
£
45,058
92,970
4,178
-
9,826		 Charitable
Activities
£
508,439
2,249,128
204,721
108,950
537,079		 Total
£
553,497
2,342,098
208,899
108,950
546,905
152,032 3,608,317 3,760,349

Included in expenditure are the following:

The auditor’s remuneration during the year amounted to £17,335 for audit services (2023: £15,950) and £nil for other services (2023: £nil).

Hire of plant (operating leases) which amounted to £7,814 (2023: £7,814).

Report and Financial Accounts 2024 29

NOTES TO THE YEAR ENDED FINANCIAL STATEMENTS 31 AUGUST 2024

5. Staff Costs

taff Costs
Wages and salaries
Social security costs
Pension contributions
Other pension costs
Termination payments		 2024
£
2,029,238
190,091
112,048
59,913
27,395
2,418,685		 2023
£
2,013,952
171,010
121,424
35,712
-
2,342,098

No members of the London School of Theology, who are trustees and directors for the purposes of the Companies Act received any remuneration for their services during the year (2023:0). No trustees (2023:2) received reimbursement of their travel expenses (2023: total reimbursed £220) during the year. There were no other related party transactions during the year.

The average number of employees by function was:
Education
Fund-raising and publicity
Ancillary to main function of education		 2024
No.
71
3
2
76		 2023
No.
72
3
2
77

One employee earned between £80,000 and £90,000 and 3 employees between £60,000 and £70,000 during the year, no other employees earned more than £60,000 (2023:one employee earned between £70,000 and £80,000 and 2 employees between £60,000 and £70,000). Key management personnel remuneration for the period (salaries, taxable benefits and employers pension contributions) totalled £319,000 (2023: £318,000)

Mark Cartledge was principal for the year. He was paid £81k plus pension contributions (2023: £79k plus pension contributions). The principal’s base salary and gross salary including pension contributions are 2.3 times (2023: 2.4 times) the median pay of all other employees (on an FTE basis).

When making changes to the salaries of senior staff, the School takes account of:

The School will review and moderate the pattern of increases across its senior staff in order to ensure fairness and consistency.

Specifically regarding the principal’s remuneration, this is set by the chair and vice chair of trustees taking in to account his or her performance in meeting the goals set as part of the annual appraisal process.

The current level of remuneration at 2.3 (2023: 2.4) times the medium salary of all other staff is considered relatively low, for the level of responsibility held by the post holder, the breadth of courses offered by the School and the significant changes he has had to manage in recent years, including most recently the implementation of the School’s new five year strategic plan.

30 Report and Financial Accounts 2024

6.
7.		 The School’s Access and Participation Plan can be found at: https://accessandparticipationplans.officeforstudents.
org.uk/accessplansdownloads/2226/LondonSchoolofTheology_APP_2022-23_V1_10004075.pdf
Actuals
£
Per Plan
£
Actuals
£
Per Plan
£
Access investment
92,193
47,500
68,099
41,000
Financial support
25,150
38,000
33,860
35,000
Research and evaluation
25,979
17,500
29,421
15,000
143,322
103,000
131,380
91,000
Staff costs included in the above
63,708
57,182
Access and Participation
2024
2023
Freehold and
leasehold property
Motor Vehicles
Fixtures, fittings &
equipment
Total
£
£
£
£
Cost
At 1 September 2023
1,287,768
3,676
2,474,792
3,766,236
Additions
-
23,194
34,205
57,399
Disposals
-
(3,676)
-
(3,676)
At 31 August 2024
1,287,768
23,194
2,508,997
3,819,959
Depreciation
At 1 September 2023
454,060
3,676
1,693,710
2,151,446
Charge for the year
-
(3,676)
-
(3,676)
Disposals
20,719
2,319
194,380
217,418
At 31 August 2024
474,779
2,319
1,888,090
2,365,188
Net Book Value
At 31 August 2024
812,989
20,875
620,907
1,454,771
At 31 August 2023
833,708
-
781,082
1,614,790
Fixed Assets		 The School’s Access and Participation Plan can be found at: https://accessandparticipationplans.officeforstudents.
org.uk/accessplansdownloads/2226/LondonSchoolofTheology_APP_2022-23_V1_10004075.pdf
Actuals
£
Per Plan
£
Actuals
£
Per Plan
£
Access investment
92,193
47,500
68,099
41,000
Financial support
25,150
38,000
33,860
35,000
Research and evaluation
25,979
17,500
29,421
15,000
143,322
103,000
131,380
91,000
Staff costs included in the above
63,708
57,182
Access and Participation
2024
2023
Freehold and
leasehold property
Motor Vehicles
Fixtures, fittings &
equipment
Total
£
£
£
£
Cost
At 1 September 2023
1,287,768
3,676
2,474,792
3,766,236
Additions
-
23,194
34,205
57,399
Disposals
-
(3,676)
-
(3,676)
At 31 August 2024
1,287,768
23,194
2,508,997
3,819,959
Depreciation
At 1 September 2023
454,060
3,676
1,693,710
2,151,446
Charge for the year
-
(3,676)
-
(3,676)
Disposals
20,719
2,319
194,380
217,418
At 31 August 2024
474,779
2,319
1,888,090
2,365,188
Net Book Value
At 31 August 2024
812,989
20,875
620,907
1,454,771
At 31 August 2023
833,708
-
781,082
1,614,790
Fixed Assets		 The School’s Access and Participation Plan can be found at: https://accessandparticipationplans.officeforstudents.
org.uk/accessplansdownloads/2226/LondonSchoolofTheology_APP_2022-23_V1_10004075.pdf
Actuals
£
Per Plan
£
Actuals
£
Per Plan
£
Access investment
92,193
47,500
68,099
41,000
Financial support
25,150
38,000
33,860
35,000
Research and evaluation
25,979
17,500
29,421
15,000
143,322
103,000
131,380
91,000
Staff costs included in the above
63,708
57,182
Access and Participation
2024
2023
Freehold and
leasehold property
Motor Vehicles
Fixtures, fittings &
equipment
Total
£
£
£
£
Cost
At 1 September 2023
1,287,768
3,676
2,474,792
3,766,236
Additions
-
23,194
34,205
57,399
Disposals
-
(3,676)
-
(3,676)
At 31 August 2024
1,287,768
23,194
2,508,997
3,819,959
Depreciation
At 1 September 2023
454,060
3,676
1,693,710
2,151,446
Charge for the year
-
(3,676)
-
(3,676)
Disposals
20,719
2,319
194,380
217,418
At 31 August 2024
474,779
2,319
1,888,090
2,365,188
Net Book Value
At 31 August 2024
812,989
20,875
620,907
1,454,771
At 31 August 2023
833,708
-
781,082
1,614,790
Fixed Assets		 The School’s Access and Participation Plan can be found at: https://accessandparticipationplans.officeforstudents.
org.uk/accessplansdownloads/2226/LondonSchoolofTheology_APP_2022-23_V1_10004075.pdf
Actuals
£
Per Plan
£
Actuals
£
Per Plan
£
Access investment
92,193
47,500
68,099
41,000
Financial support
25,150
38,000
33,860
35,000
Research and evaluation
25,979
17,500
29,421
15,000
143,322
103,000
131,380
91,000
Staff costs included in the above
63,708
57,182
Access and Participation
2024
2023
Freehold and
leasehold property
Motor Vehicles
Fixtures, fittings &
equipment
Total
£
£
£
£
Cost
At 1 September 2023
1,287,768
3,676
2,474,792
3,766,236
Additions
-
23,194
34,205
57,399
Disposals
-
(3,676)
-
(3,676)
At 31 August 2024
1,287,768
23,194
2,508,997
3,819,959
Depreciation
At 1 September 2023
454,060
3,676
1,693,710
2,151,446
Charge for the year
-
(3,676)
-
(3,676)
Disposals
20,719
2,319
194,380
217,418
At 31 August 2024
474,779
2,319
1,888,090
2,365,188
Net Book Value
At 31 August 2024
812,989
20,875
620,907
1,454,771
At 31 August 2023
833,708
-
781,082
1,614,790
Fixed Assets		 The School’s Access and Participation Plan can be found at: https://accessandparticipationplans.officeforstudents.
org.uk/accessplansdownloads/2226/LondonSchoolofTheology_APP_2022-23_V1_10004075.pdf
Actuals
£
Per Plan
£
Actuals
£
Per Plan
£
Access investment
92,193
47,500
68,099
41,000
Financial support
25,150
38,000
33,860
35,000
Research and evaluation
25,979
17,500
29,421
15,000
143,322
103,000
131,380
91,000
Staff costs included in the above
63,708
57,182
Access and Participation
2024
2023
Freehold and
leasehold property
Motor Vehicles
Fixtures, fittings &
equipment
Total
£
£
£
£
Cost
At 1 September 2023
1,287,768
3,676
2,474,792
3,766,236
Additions
-
23,194
34,205
57,399
Disposals
-
(3,676)
-
(3,676)
At 31 August 2024
1,287,768
23,194
2,508,997
3,819,959
Depreciation
At 1 September 2023
454,060
3,676
1,693,710
2,151,446
Charge for the year
-
(3,676)
-
(3,676)
Disposals
20,719
2,319
194,380
217,418
At 31 August 2024
474,779
2,319
1,888,090
2,365,188
Net Book Value
At 31 August 2024
812,989
20,875
620,907
1,454,771
At 31 August 2023
833,708
-
781,082
1,614,790
Fixed Assets
Cost
At 1 September 2023
Additions
Disposals
At 31 August 2024
Depreciation
At 1 September 2023
Charge for the year
Disposals
At 31 August 2024
Net Book Value
At 31 August 2024
At 31 August 2023
Fixed Assets		 Freehold and
leasehold property
£
1,287,768
-
-		 Motor Vehicles
£
3,676
23,194
(3,676)
23,194
3,676
(3,676)
2,319
2,319
20,875
1,287,768 3,819,959
454,060
-
20,719		 2,151,446
(3,676)
217,418
474,779 2,365,188
812,989 1,454,771
833,708 - 1,614,790
Market value at 1 September 2023
Additional investments purchased
Disposals at market value
Withdrawals
Revaluation in the year
Market value at 31 August 2024
Cost of investments
8. Fixed Assets Investments		 2024
£
7,377,889
672,648
(717,725)
(700,000)
562,555
7,195,367
6,684,590		 2023
£
8,671,508
1,497,156
(1,546,864)
(500,000)
(743,911)
7,377,889
7,147,720

The School’s investments comprise a mixed portfolio of listed investments managed by JM Finn & Co., with a total value as at 31 August 2024 of £7,195,367.

Report and Financial Accounts 2024 31

NOTES TO THE YEAR ENDED FINANCIAL STATEMENTS 31 AUGUST 2024

9. Stocks

Catering and other sundry stocks
.
Fee debtors
Other debtors
Prepayments
10. Debtors
Trade creditors
Deferred income – payments received on account
Social security costs
Pension scheme contributions
Other creditors
Accruals
11. Creditors
Balance at 1
September 2023
Fees in advance
103,285
Open learning fees
12,828
116,113
Deferred income comprises:
11.1 Amounts falling due within one year
11.2 Amounts falling after one year
Capital payments on loan for solar panels		 Receipts in the
year
124,776
-
124,776		 2024
£
21,401
2024
£
81,741
798
482,548
565,087
2024
£
161,116
192,431
41,660
20,767
36,961
71,042
523,977
Credited to income
in the year
(44,471)
(3,987)
(48,458)
2024
£
35,234		 2024
£
21,401		 2023
£
31,629
2024
£
81,741
798
482,548		 2023
£
72,363
13,070
151,930
565,087 237,363
2024
£
161,116
192,431
41,660
20,767
36,961
71,042		 2023
£
75,153
116,113
42,798
16,150
47,093
144,015
523,977 441,322
Balance at 31
August 2024
183,590
8,841
192,431
2023
£
52,850

In 2023 the School installed 142 solar panels on its roof which it funded with a loan from one of its trustees. The loan is repayable in 4 equal instalments of £17,616 on the 5th May commissioning anniversary, the first payment was made in July 2024.

32 Report and Financial Accounts 2024

12. General and Special Funds

General and Special Funds
Montague Goodman Bursary
Jomac Hennell Bursary
Sir John Laing Memorial
Sir John Laing Lecture
Montague Goodman Bursary
Jomac Hennell Bursary
Sir John Laing Memorial
Sir John Laing Lecture
12.1 Endowment Funds		 Balance at 1
September 2023
£
95,164
30,576
95,518
13,470
234,728
Balance at 1
September 2022
£
104,117
33,452
104,505
14,738
256,812		 Income
£
(580)
(186)
(582)
(82)
(1,430)
Income
£
(599)
(192)
(601)
(85)
(1,477)		 Gains/(Losses)
£
6,777
2,177
6,802
959
16,715
Gains/(Losses)
£
(8,354)
(2,684)
(8,386)
(1,183)
(20,607)		 Balance at 31
August 2024
£
101,361
32,567
101,738
14,347
250,013
Balance at 31
August 2023
£
95,164
30,576
95,518
13,470
234,728

The Montague Goodman, Jomac Hennell and Sir John Laing Memorial funds were established for the provision of bursaries to students attending the School. The Sir John Laing Lecture fund was established to finance the organisation of the annual memorial lecture. The capital of these funds are to be kept in perpetuity.

General fund
Designated fund
Pensions reserve
General fund
Designated fund
Pensions reserve
12.2 Unrestricted Funds		 Balance at 1
September
2023
£
1,703,976
5,875,518
983,000
8,562,494
Balance at 1
September
2022
£
2,418,502
6,482,100
770,000
9,670,602		 Income
£
3,057,606
-
-
3,057,606
Income
£
2,935,396
-
-
2,935,396		 Expenditure/
Fund
transfers
£
(3,794,536)
-
-
(3,794,536)
Expenditure/
Fund
transfers
£
(3,649,922)
-
-
(3,649,922)		 Gains/
(Losses)
£
-
451,156
285,000
736,156
Gains/
(Losses)
£
-
(606,582)
213,000
(393,582)		 Balance at 31
August 2024
£
967,046
6,326,674
1,268,000
8,561,720
Balance at 31
August 2023
£
1,703,976
5,875,518
983,000
8,562,494

The designated fund was established in 2017 from the proceeds of a land sale and invested with JM Finn to generate long term investment income for the School.

Report and Financial Accounts 2024 33

NOTES TO THE YEAR ENDED FINANCIAL STATEMENTS 31 AUGUST 2024

12. General and Special Funds (continued)

12.3 Restricted Funds

Henman Memorial
Bursary
Student Grant Bursary
Graham Scholarship
Mary Fisher Memorial
L Smid-Walker bursary
Laing Scholarship
Student Wives Bursary
Music and Worship
Bursary
Students in Need Fund
Reading Prize Fund
Sir Eric Richardson Prize
Griffiths Prize
Children Workers
Course
David Wheaton book
bursary
Beacon Trust
Henman Internet Fund
Tom Rees Evangelist in
residence
Vaux sur Seine
Building Development
Fund
Alumni Fund
Hebrew Prize
W Atkinson Prize
ECLAS Science for
Seminaries
BFBS
Other restricted funds
Endowment Income
Accounts
Montague Goodman
Bursary
Jomac Hennell Bursary
Sir John Laing Memorial
Sir John Laing Lecture
Total		 Balance at 1
September
2023
£
499,531
858,916
142,729
34,708
2,093
4,650
45,752
9,511
25,641
(200)
29
2,231
1,759
419
3,367
4,013
6,688
2,224
2,091
13,238
520
900
11,625
11,877
30,819
28,774
11,205
30,161
560
1,785,831		 Income
£
12,811
20,249
3,658
893
-
16,950
1,346
719
37,938
-
9
66
-
750
-
-
-
-
950
1,135
-
-
-
-
20,764
2,795
897
2,805
550
125,285		 Expenditure
£
(8,624)
(18,628)
(6,633)
(255)
(2,093)
(20,100)
(233)
(9,662)
(11,856)
200
(2)
(111)
-
(150)
(1,114)
(4,013)
(2,522)
(2,224)
0
(6,432)
(100)
(200)
(1,596)
(11,877)
(20,200)
-
-
-
-
(128,425)		 Gains
£
31,076
49,119
8,873
2,166
-
-
3,266
-
-
-
22
161
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
94,683		 Balance at
31 August
2024
Purpose of fund
£
534,794
For student bursaries
909,656
For student bursaries
148,627
For student bursaries
37,512
For student bursaries
-
For international bursaries
1,500
For research student scholarship
50,131
For study support for Students’
spouses
568
For bursaries to music and
worship students
51,723
For students in need
-
For annual prizes
58
For annual prizes
2,347
For annual prizes
1,759
For the development of
Children’s ministry
1,019
For the purchase of books
2,253
To help support a student from
Latin America
-
For the development of IT projects
by LST research students.
4,166
For funding an evangelist in
residence
-
For the translation of open
learning resources into French
3,041
For School development projects
7,941
For alumni events and bursaries
420
For high attainment in Hebrew
language studies
700
For taught Masters
10,029
For the advancement of science-
engaged theology
-
For research fellow
31,383
For various restricted purposes
31,569
For student bursaries
12,102
For student bursaries
32,966
For student bursaries
1,110
For the annual memorial lecture
1,877,374

34 Report and Financial Accounts 2024

12.3 Restricted Funds

Henman Memorial
Bursary
Student Grant Bursary
Graham Scholarship
Mary Fisher Memorial
L Smid-Walker bursary
Laing Scholarship
Student Wives Bursary
Music and Worship
Bursary
Students in Need Fund
Reading Prize Fund
Sir Eric Richardson Prize
Griffiths Prize
Faculty Hardship Fund
Children Workers
Course
David Wheaton book
bursary
Beacon Trust
Henman Internet Fund
Tom Rees Evangelist in
residence
Vaux sur Seine
Building Development
Fund
Alumni Fund
Hebrew Prize
W Atkinson Prize
ECLAS Science for
Seminaries
BFBS
Other restricted funds
Endowment Income
Accounts
Montague Goodman
Bursary
Jomac Hennell Bursary
Sir John Laing Memorial
Sir John Laing Lecture
Total		 Balance at 1
September
2022
£
524,686
903,313
149,920
36,345
1,074
3,000
47,888
9,378
21,892
(100)
130
2,442
958
1,759
641
10,282
4,013
6,688
2,224
1,091
16,783
620
900
39,436
20,910
30,158
25,744
10,233
27,121
(1,370)
1,898,159		 Income
£
13,885
21,996
3,964
1,068
1,019
12,000
1,459
6,199
19,892
-
10
72
-
-
-
-
-
-
-
1,000
1,388
-
-
-
1,050
19,371
3,030
972
3,040
1,930
113,345		 Expenditure
£
(2,251)
(3,057)
(643)
(157)
-
(10,350)
(237)
(6,066)
(16,143)
(100)
(102)
(112)
(958)
-
(222)
(6,915)
-
-
-
-
(4,933)
(100)
-
(27,811)
(10,083)
(18,710)
-
-
-
-
(108,950)		 (Losses)
£
(36,789)
(63,336)
(10,512)
(2,548)
-
-
(3,358)
-
-
-
(9)
(171)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(116,723)		 Balance at 31
August 2023
Purpose of fund
£
499,531
For student bursaries
858,916
For student bursaries
142,729
For student bursaries
34,708
For student bursaries
2,093
For international bursaries
4,650
For research student scholarship
45,752
For study support for Students’
spouses
9,511
For bursaries to music and
worship students
25,641
For students in need
(200)
For annual prizes
29
For annual prizes
2,231
For annual prizes
-
For faculty members
1,759
For the development of
Children’s ministry
419
For the purchase of books
3,367
To help support a student from
Latin America
4,013
For the development of IT projects
by LST research students.
6,688
For funding an evangelist in
residence
2,224
For the translation of open
learning resources into French
2,091
For School development projects
13,238
For alumni events and bursaries
520
For high attainment in Hebrew
language studies
900
For taught Masters
11,625
For the advancement of science-
engaged theology
11,877
For research fellow
30,819
For various restricted purposes
28,774
For student bursaries
11,205
For student bursaries
30,161
For student bursaries
560
For the annual memorial lecture
1,785,831

Report and Financial Accounts 2024

35

NOTES TO THE YEAR ENDED FINANCIAL STATEMENTS 31 AUGUST 2024

13. Analysis of Net Assets Between Funds

Fund balances at 31 August 2024
Represented by:
Tangible fixed assets
Investments
Current assets
Current liabilities
Creditors due after one year
Pension Scheme assets		 General Funds
£
1,454,771
5,529,198
868,962
(523,977)
(35,234)
7,293,720
1,268,000
8,561,720		 Restricted
Funds
£
-
1,416,156
461,218
-
-
1,877,374
-
1,877,374		 Endowment
Funds
£
-
250,013
-
-
-
250,013
-
250,013		 Total Funds
£
1,454,771
7,195,367
1,330,180
(523,977)
(35,234)
9,421,107
1,268,000
10,689,107

14. Corporation Tax

The company is exempt from Corporation Tax on its charitable activities.

15. Pension Commitments

The School operates two pension schemes for its employees; the London School of Theology Pension and Assurance Scheme ("the Defined Benefit Scheme"), which is a defined benefit occupational pension scheme and a Group Personal Pension (GPP) which is a defined contribution arrangement.

The Defined Benefit Scheme is closed to new members. Employees who joined the School after 1 April 2000 are offered membership of the Group Personal Pension (GPP). The assets of the Defined Benefit Scheme are held separately from the assets of the School and are administered by Trustees and managed professionally. The assets of the Group Personal Pension are held separately from the assets of the School and are managed professionally.

Under the Group Personal Pension (GPP) the School pays contributions to personal pension policies for pensionable employees who joined the School after 1 April 2000. The pension cost charge represents contributions payable by the School to the personal pension policies and amounted to £112,376 (2023: £121,424). At 31st August there were £20,767 of outstanding contributions (2023: £16,150) payable to the personal pension policies.

The remainder of this note relates to the pension costs for the Defined Benefit Scheme determined in accordance with the accounting standard FRS 102 as amended by Accounting Standards Board December 2006, amendment. The contributions to the GPP are accounted for on a cash accruals basis in addition to the costs shown below.

The Scheme is subject to the Statutory Funding Objective under the Pensions Act 2004. A valuation of the Scheme is carried out at least every three years to determine whether the Statutory Funding Objective is met. As part of the process the school must agree with the Trustees of the Scheme the contributions to be paid to address any shortfall against the Statutory Funding Objective.

The Defined Benefit Scheme is administered by Barnett Waddingham LLP in accordance with the rules and valuations of that fund. Before the scheme closed to future accruals in the year, contribution rates for employees were 6% of pensionable salary. Employer contributions were 14.1% of pensionable salary. Barnett Waddingham LLP have provided actuarial advice to the Governors.

36 Report and Financial Accounts 2024

Non Scheme Pension Provision

In addition to the Scheme liabilities there is a potential liability of £nil (2023: nil) for discretionary pension benefits, if such payments continued to be made over the lives of the beneficiaries at the present rate. These beneficiaries may include retired members of staff who are not members of the Scheme. These benefits are paid from the School's general fund and not from the Scheme itself.

The amounts in the balance sheet, excluding the discretionary pension benefit amounts, are as follows:

Scheme assets at year end
Present value of funded obligations obligation
Provision for costs of potential buyout of scheme
Actuarial (gains) / losses comprise:
(Gain)/loss on scheme assets in excess of interest
Losses/(gains) from change in assumptions
Gains from changes to demographic assumptions
Experience gains on liabilities
Analysis of amounts charged to activity costs categories:
Bank and other Interest / (other finance charges)
Interest on scheme assets
Interest on liabilities
Change in scheme liabilities
Beginning balance
Interest cost
(Losses) / gains from changes in actuarial assumptions
Changes to demographic assumptions
Experience gains on liabilities
Benefits paid
Closing balance
Change in scheme assets
Beginning balance
Interest on scheme assets
Return on assets less interest
Contributions by employer
Benefits paid
Closing balance		 2024
£000’s
5,241
(3,673)
1,568
(300)
1,268
(430)
141
(34)
-
(323)
2024
£000’s
(249)
187
(62)
(3,657)
(187)
(141)
34
-
278
(3,673)
4,840
249
430
-
(278)
5,241		 2023
£000’s
4,840
(3,657)
1,183
(200)
983
264
(541)
-
(103)
(380)
2023
£000’s
(212)
179
(33)
(4,413)
(179)
541
-
103
291
(3,657)
5,183
212
(264)
-
(291)
4,840

Report and Financial Accounts 2024

37

NOTES TO THE YEAR ENDED FINANCIAL STATEMENTS 31 AUGUST 2024

15. Pension Commitments (continued)

The value of scheme’s assets currently exceeds the FRS valuation of the scheme’s liabilities by £1.6m. A recommendation has been made by the pension trustees that plans be put in place to move towards a complete buyout of the scheme’s liabilities by an insurance company within the next three to five years. At the point this happens, any excess funds would be returned to LST and on this basis the current surplus is recorded as an asset in the accounts. Since there will be quite significant costs associated with this buy out and there are only a limited number of insurance companies that might be interested in bidding for them, which may increase the cost they quote to purchase them, the current recognised surplus has been reduced by an amount of £300k so the balance more accurately reflects the potential recoverable amount.

31 August 2024 31 August 2023 31 August 2023
% of assets Fund value % of assets Fund value
£000s £000s
Equities and other growth assets 42% 2,210 41% 1,988
Bonds and cash 58% 3,031 59% 2,852
Total assets at end of year 5,241 4,840
2024 2023
£000s £000s
Actual return on scheme assets 679 (52)

The value of the Scheme’s liabilities has been determined by a qualified actuary based on the results of the actuarial valuation as at 5 April 2024, updated to the review date allowing for cashflows in and out of the scheme and using the following assumptions:

Actual assumptions used: 2024 2023
% %
Discount rate 4.85% 5.3%
Rate of increase in pensions in payment (RPI max 5%) 3.1% 3.3%
Rate of increase in pensions in payment (RPI max 3%) 2.50% 2.55%
Rate of RPI price inflation 3.2% 3.4%
Rate of CPI price inflation 2.2% 2.4%
Post – retirement mortality 110% S3PMA/ 110% S3PMA/
105% S3PFA 105% S3PFA
CMI 2023 [1%] CMI 2020 [1%]

Commutation: Members are assumed to take 20% of their pension as tax free cash.

Sensitivity analysis Impact on the value of liabilities of: Reduction of 0.1% in the Discount Rate £35k increase Increase of 0.1% in inflation assumption £9k increase Increase in long-term mortality projection of 1.5% £37k increase

38 Report and Financial Accounts 2024

16. Leasing Commitments

At 31 August 2024 the School was committed to making the minimum lease payments in respect of hire of machinery:

Operating leases which expire:
Within 1 year
Within 2 to 5 years		 2024
£
1,954
-
1,9548		 2023
£
7,814
1,954
9,768

17. Comparative Statement of Financial Actitivies

Income From
Donations and legacies
Charitable activities
Education
Investments
Trading income
Other income
Total Income
Expenditure On
Raising Funds
Investment manager fee
Trading expenses
Fundraising costs
Charitable activities
Education
Conferences
Total Expenditure
Net expenditure before transfers
Investment losses
Net expenditure
Defined benefit pension scheme gains
Net movement in funds
Balance brought forward at 1 September 2022
Balance carried forward at 31 August 2023		 Unrestricted
Funds
£
140,785
2,413,672
222,868
116,598
41,473
2,935,396
38,896
51,363
60,296
3,461,705
37,662
3,649,922
(714,526)
(606,582)
(1,321,108)
213,000
(1,108,108)
9,670,602
8,562,494		 Restricted
Funds
£
61,920
-
51,425
-
-
113,345
-
-
-
108,950
-
108,950
4,395
(116,723)
(112,328)
-
(112,328)
1,898,159
1,785,831		 Endowment
£
-
-
-
-
-
-
1,477
-
-
-
-
1,477
(1,477)
(20,607)
(22,084)
-
(22,084)
256,812
234,728		 Total
2023
£
202,705
2,413,672
274,293
116,598
41,473
3,048,741
40,373
51,363
60,296
3,570,655
37,662
3,760,349
(711,608)
(743,912)
(1,455,520)
213,000
(1,242,520)
11,825,573
10,583,053

Report and Financial Accounts 2024 39

London School of Theology | Green Lane | Northwood | HA6 2UW t: 01923 456000 | e: enquiries@lst.ac.uk | w: lst.ac.uk

LondonSchoolofTheology LondonSchoolofTheology LSTheology LSTheology LondonSchoolofTheology

Company limited by guarantee. Registered in England No. 381332 | Registered Charity No. 312778