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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT

COMPANIES

Investment Company Act file number             811-08228            

Timothy Plan

(Exact name of registrant as specified in charter)

1304 W. Fairbanks Ave. Winter Park, FL     32789

(Address of principal executive offices)         (Zip code)

Arthur Ally

(Name and address of agent for service)

Registrant’s telephone number, including area code:            (407) 644-1986            

Date of fiscal year end:            12/31            

Date of reporting period:            06/30/2003            

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

ITEM 1.    REPORT TO STOCKHOLDERS

[GRAPHIC OF THE TIMOTHY PLAN]

Semi-

Annual Report

June 30, 2003

Timothy Plan

Small-cap Variable Series

LETTER FROM THE PRESIDENT

June 30, 2003

ARTHUR D. ALLY

Dear Timothy Plan Shareholder:

Stock market history clearly demonstrates that stock prices tend to move in both directions — up and down — over time. In the 1990’s, investors became erroneously convinced that “things were different now” and the consensus seemed to be that, henceforth, prices were only going to go up. Well, the latter part of 1999 through the first quarter of 2003 exposed the fallacy of that theory and replaced it with the reverse “things are different now” and, henceforth, prices are only gong to go down. For a while there, it appeared that they might have a valid point.

I am pleased to report, however, that overall market performance in the second quarter of 2003 demonstrated the error of that theory. While there can be no guarantee of investment success in the capital markets, our experience has shown that patient investors, the ones that stay the course as opposed to trying to out-guess the market, generally have fared very well over complete market cycles.

I would also like to remind you that it is not so much a stock market as it is a market of stocks. That is why we put so much time and effort into selecting and retaining firms that we believe to be top-tier sub-advisors to manage our various funds. Each of our sub-advisors has demonstrated, through their long-term performance histories, that they know what they are doing. Of course, performance, both actual and relative, will fluctuate but we have the utmost confidence in each and every one of our money managers.

Although earning competitive returns is a valid objective of every shareholder of every mutual fund, Timothy Plan shareholders have another (hopefully) more compelling concern and objective — investing the resources our Lord has entrusted into their care in a morally responsible manner. The question has always been, “Can you do both?” While there is no precise answer to that question, each of our sub-advisors will unequivocally state that there is little or no penalty for applying our moral screens to their investment selection process.

In closing, I believe you will be pleased with the increased market value reflected on your June 30, 2003 quarterly statement. As indicated above, no one can guarantee investment performance but it is our belief that we are now in the early stages of a very nice market recovery. Thanks for your faithfulness.

Sincerely,

/s/    ARTHUR D. ALLY

Arthur D. Ally,

President

SCHEDULE OF INVESTMENTS

As of June 30, 2003 (Unaudited)

Timothy Plan Small-Cap Variable Series

COMMON STOCKS – 91.68%

number of shares		market value
	APPLICATION SOFTWARE – 2.37%
3,000	Barra, Inc.*	$	107,100
	BALL & ROLLER BEARINGS – 2.62%
5,700	Kaydon Corp.	$	118,560
	BUSINESS SERVICES – 3.61%
9,100	NCO Group, Inc. *	$	162,981
	CANNED, FROZEN & PRESERVED FRUIT, VEGETABLES & FOOD SPECIALTIES – 2.99%
4,500	Corn Products International, Inc.	$	135,135
	ELECTRIC & OTHER SERVICES COMBINED – 3.52%
6,000	ALLETE, Inc.	$	159,300
	HEALTH CARE SERVICES – 2.40%
6,000	Covance, Inc.*	$	108,600
	HEALTH CARE SUPPLIES – 0.38%
1,000	Sola International, Inc.*	$	17,400
	MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT, & SUPPLIES – 3.09%
10,800	Rayovac Corp. *	$	139,860
	MISCELLANEOUS PLASTIC PRODUCTS – 4.22%
9,000	Spartech Corp.	$	190,890
	PHARMACEUTICAL PREPARATIONS – 2.15%
3,500	K-V Pharmaceutical Co. – Class A *	$	97,300
	PHOTOGRAPHIC EQUIPMENT & SUPPLIES – 3.92%
25,000	Concord Camera Corp. *	$	177,250
	PUBLISHING – 3.98%
6,000	Interactive Data Corp.*		101,400
3,000	John Wiley & Sons, Inc.		78,600
			180,000
	RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT – 2.48%
11,800	CommScope, Inc. *	$	112,100
	RETAIL – EATING PLACES – 3.83%
7,000	Ruby Tuesday, Inc.	$	173,110
	RETAIL – FAMILY CLOTHING STORES – 4.11%
7,900	Stage Stores, Inc.	$	185,650
	SCIENTIFIC/TECHNICAL INSTRUMENTS – 2.97%
6,000	Cognex Corp. *	$	134,100
	SEMICONDUCTOR EQUIPMENT/MATERIALS – 3.18%
23,500	Axcelis Technologies, Inc. *	$	143,820

The accompanying notes are an integral part of these financial statements.

SCHEDULE OF INVESTMENTS

As of June 30, 2003 (Unaudited)

Timothy Plan Small-Cap Variable Series

COMMON STOCKS – 91.68% – continued

number of shares		market value
	SERVICES – BUSINESS SERVICES – 12.14%
8,120	SOURCECORP, Inc. *	$	175,392
8,250	StarTek, Inc. *		216,975
7,000	Viad Corp.		156,730
			549,097
	SERVICES – COMPUTER PROGRAMMING SERVICES – 0.73%
12,000	Hall, Kinion & Associates, Inc. *	$	32,880
	SERVICES – COMPUTER INTEGRATED SYSTEMS DESIGN – 3.66%
9,300	Henry Jack & Associates, Inc.	$	165,447
	SERVICES – DATA PROCESSING – 2.89%
5,000	Ceridian Corp.*		84,850
2,500	The BISYS Group, Inc.*		45,925
			130,775
	SERVICES – DIVERSIFIED COMMERCIAL – 2.42%
7,500	The Brink’s Co.	$	109,275
	SERVICES – MISCELLANEOUS HEALTH & ALLIED SERVICES – 2.71%
19,000	Hooper Holmes, Inc.	$	122,360
	SPECIALTY STORES – 7.07%
3,400	Group 1 Automotive, Inc.*		110,194
4,000	Sonic Automotive, Inc.		87,640
5,600	United Auto Group, Inc.*		121,968
			319,802
	STATE COMMERCIAL BANKS – 0.96%
1,800	Capital Crossing Bank *	$	43,488
	TELEPHONE & TELEGRAPH APPARATUS – 4.31%
9,000	Plantronics, Inc. *	$	195,030
	THIFTS & MORTGAGE FINANCE – 2.97%
9,000	The PMI Group, Inc.		134,200
	Total Common Stocks (cost $4,154,493)	$	4,145,510

SHORT TERM INVESTMENTS – 9.11%

number of shares/principal amount		market value
201,682	Federated Cash Trust Series II Treasury Fund		201,682
21.0,233	First American Treasury Obligation Fund, Class S		210,233
	Total Short Term Investments (cost $411,915)		411,915
	Total Investments – 100.79% (identified cost $4,566,408)	$	4,557,425
	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.79)%		(35,907	)
	Net Assets – 100.00%	$	4,521,518

* Non-income producing securities.

The accompanying notes are an integral part of these financial statements.

STATEMENT OF ASSETS AND LIABILITIES

As of June 30, 2003 (Unaudited)

Timothy Plan Small-Cap Variable Series

ASSETS

	amount
Investments in Securities at Value (identified cost $4,566,408) [NOTE 1]	$	4,557,425
Cash		—
Receivables:
Interest		156
Dividends		2,080
Fund Shares Sold		764
Due from Advisor		1,509
Prepaid Expenses		1,636
Total Assets		4,563,570

LIABILITIES

	amount
Payable for Investment Purchased	27,050
Payable for Fund Shares Redeemed	12,804
Accrued Expenses	2,198
Total Liabilities	42,052

NET ASSETS

	amount
Net Assets	$	4,521,518

SOURCES OF NET ASSETS

	amount
At June 30, 2003, Net Assets Consisted of:
Paid-in Capital	$	5,010,834
Accumulated Undistributed Net Investment Loss	$	(12,695	)
Accumulated Net Realized Loss		(467,638	)
Net Unrealized Depreciation in Value of Investments		(8,983	)
Net Assets	$	4,521,518
Shares of Capital Stock Outstanding (No Par Value, Unlimited Shares Authorized)		386,817
Net Asset Value, Offering and Redemption Price Per Share ($4,521,518 / 386,817 Shares)	$	11.69

The accompanying notes are an integral part of these financial statements.

STATEMENT OF OPERATIONS

For the six months ended June 30, 2003 (Unaudited)

Timothy Plan Small-Cap Variable Series

INVESTMENT INCOME

	amount
Interest	$	3,883
Dividends		9,882
Total Investment Income		13,765

EXPENSES

	amount
Investment Advisory Fees [Note 3]	22,049
Fund Accounting, Transfer Agency, & Administration Fees	14,134
Custodian Fees	1,235
Pricing Fees	1,367
Report Printing Fees	684
Auditing Fees	904
Insurance Expense	331
Participation Fees	4,410
Legal Expense	728
Miscellaneous Expense	485
Total Expenses	46,327
Expenses Waived by Advisor [Note 3]	(19,867	)
Total Net Expenses	26,460
Net Investment (Loss)	(12,695	)

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS

	amount
Net Realized Loss on Investments		(452,780	)
Change in Unrealized Appreciation (Depreciation) of Investments		863,970
Net Realized and Unrealized (Loss) on Investments		411,190
Increase in Net Assets Resulting from Operations	$	398,495

The accompanying notes are an integral part of these financial statements.

STATEMENT OF CHANGES IN NET ASSETS

For the six months ended June 30, 2003 (Unaudited)

Timothy Plan Small-Cap Variable Series

INCREASE (DECREASE) IN NET ASSETS

	six months ended 6/30/03			year ended
	(unaudited)			12/31/02
Operations:
Net Investment (Loss)	$	(12,695	)	$	(5,887	)
Net Realized Gain (Loss) on Investments		(452,780	)		63,638
Net Change in Unrealized Appreciation (Depreciation) of Investments		863,970			(1,186,240	)
Increase (Decrease) in Net Assets (resulting from operations)		398,495			(1,128,489	)
Distributions to Shareholders:
Return of Capital		—			(35,110	)
Net Realized Gains		—			(2,099	)
Total Distributions to Shareholders		—			(37,209	)
Capital Share Transactions:
Proceeds from Shares Sold		189,831			2,288,278
Dividends Reinvested		—			37,209
Cost of Shares Redeemed		(905,719	)		(1,435,018	)
Increase (Decrease) in Net Assets (resulting from capital share transactions)		(715,888	)		890,469
Total Increase (Decrease) in Net Assets		(317,393	)		(275,229	)
Net Assets:
Beginning of Period		4,838,911			5,114,140
End of Period	$	4,521,518		$	4,838,911
Shares of Capital Stock of the Fund Sold and Redeemed:
Shares Sold		17,659			178,384
Shares Reinvested		—			3,482
Shares Redeemed		(83,225	)		(121,453	)
Net Increase in Number of Shares Outstanding		(65,566	)		60,413

The accompanying notes are an integral part of these financial statements.

FINANCIAL HIGHLIGHTS

The table below sets forth financial data for one share of capital stock outstanding throughout each period presented.

Timothy Plan Small-Cap Variable Series

	six months ended 6/30/03 (unaudited)			year ended 12/31/02			year ended 12/31/01			year ended 12/31/00			year ended 12/31/99			period ended 12/31/98 (A)
Per Share Operating Performance:
Net Asset Value, Beginning of Period	$	10.70		$	13.05		$	12.29		$	12.37		$	10.38		$	10.00
Income from Investment Operations:
Net Investment Income (Loss)		(0.03	)		(0.01	)		(0.02	)		0.07			(0.06	)		0.08
Net Realized and Unrealized Gain (Loss) on Investments		1.02			(2.26	)		1.42			0.94			2.07			0.30
Total from Investment Operations		0.99			(2.27	)		1.40			1.01			2.01			0.38
Less Distributions:
Dividends from Net Investment Income		—			—			—			(0.08	)		(0.02	)		—
Dividends from Realized Gains		—			—			(0.64	)		(1.01	)		—			—
Return of Capital		—			(0.08	)		—			—			—			—
Total Distributions		—			(0.08	)		(0.64	)		(1.09	)		(0.02	)		—
Net Asset Value at End of Period	$	11.69		$	10.70		$	13.05		$	12.29		$	12.37		$	10.38
Total Return (B)		9.25	%		(17.38	)%		11.48	%		8.16	%		19.38	%		3.80	%
Ratios/Supplimental Data:
Net Assets, End of Period (in 000s)	$	4,522		$	4,839		$	5,114		$	3,326		$	1,137		$	301
Ratio of Expenses to Average Net Assets:
Before Reimbursement and Waiver of Expenses by Advisor		2.12	%(C)		1.82	%		2.00	%		1.83	%		2.60	%		2.88	%(C)
After Reimbursement and Waiver of Expenses by Advisor		1.20	%(C)		1.20	%		1.20	%		1.20	%		1.18	%		1.20	%(C)
Ratio of Net Investment Income (Loss) to Average Net Assets:
Before Reimbursement and Waiver of Expenses by Advisor		(1.49	)%(C)		(0.73	)%		(0.94	)%		0.11	%		(1.47	)%		0.98	%(C)
After Reimbursement and Waiver of Expenses by Advisor		(0.57	)%(C)		(0.11	)%		(0.14	)%		0.74	%		(0.05	)%		2.66	%(C)
Portfolio Turnover		25.66	%		69.14	%		67.40	%		85.82	%		65.60	%		3.00	%

(A) For the Period May 22, 1998 (Commencement of Operations) to December 31,1998.

(B) For Periods of Less Than One Full Year, Total Returns Are Not Annualized.

(C) Annualized.

The accompanying notes are an integral part of these financial statements.

NOTES TO FINANCIAL STATEMENTS

June 30, 2003 (Unaudited)

SMALL CAP VARIABLE SERIES

Note 1 – Significant Accounting Policies

The Timothy Plan Small-Cap Variable Series (the “Fund”) was organized as a diversified series of The Timothy Plan (the “Trust”). The Trust is an open-ended investment company established under the laws of Delaware by an Agreement and Declaration of Trust dated December 14, 1993 (the “Trust Agreement”). The Fund’s primary objective is long-term capital growth, with a secondary objective of current income. The Fund seeks to achieve its investment objective by investing primarily in common stocks and American Depositary Receipts (ADRs) while abiding by ethical standards established for investments by the Fund. The Fund is one of one series of funds currently authorized by the Board of Trustees. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America for investment companies.

A. Security Valuation.

Investments in securities traded on a national securities exchange are valued at the last reported sales price on the last business day of the period. Unlisted securities, or listed securities in which there were no sales, are valued at the mean of the closing bid and ask prices. Short-term obligations with remaining maturities of 60 days or less are valued at cost plus accrued interest, which approximates market value.

B. Investment Income and Securities Transactions.

Security transactions are accounted for on the date the securities are purchased or sold (trade date). Cost is determined and gains and losses are based on the identified cost basis for both financial statement and federal income tax purposes. Dividend income and distributions to shareholders are reported on the ex-dividend date. Interest income and expenses are accrued daily.

C. Net Asset Value Per Share.

Net asset per share of the capital stock of the Fund is determined daily as of the close of trading on the New York Stock Exchange by dividing the value of its net assets by the number of Fund shares outstanding.

D. Federal Income Taxes.

It is the policy of the Fund to comply with all requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no federal income tax provision is required.

E. Use of Estimates.

In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Note 2 – Purchases and Sales of Securities

Purchases and sales of securities, other than short-term investments, aggregated $1,118,607 and $930,028 respectively, for the six month period ended June 30, 2003.

Note 3 – Investment Management Fee and Other Transactions with Affiliates

Timothy Partners, LTD., (“TPL”) is the investment Advisor for the Fund pursuant to an Amended and Restated Investment Advisory Agreement (the “Agreement”) effective June 11, 2001. Under the terms of the Agreement, TPL receives a fee, accrued daily and paid monthly, at an annual rate of 1.00% of the average daily net assets of the Fund.

NOTES TO FINANCIAL STATEMENTS

June 30, 2003 (Unaudited)

SMALL CAP VARIABLE SERIES

Note 3 – Investment Management Fee and Other Transactions with Affiliates – continued

The Advisor has voluntarily agreed to reduce fees payable to it by the Fund and reimburse other expenses to the extent necessary to limit the Fund’s aggregate annual operating expenses, excluding brokerage commissions and other portfolio transaction expenses, interest, taxes, capital expenditures and extraordinary expenses, to 1.20% of average daily net assets through June 30, 2003. As a result, the Advisor has waived a portion of their fee and reimbursed the Fund for expenses in excess of the limit in the amount of $19,867 for the six month period ended June 30, 2003. There is no guarantee that the Advisor will waive fees and/or reimburse expenses in the future.

Note 4 – Unrealized Appreciation (Depreciation)

At June 30, 2003, the cost for federal income tax purposes is $4,566,408. At June 30, 2003 the composition of gross unrealized appreciation (depreciation) of investment securities for tax purposes is as follows:

	Appreciation		Depreciation			Net Depreciation
The Timothy Plan Small-Cap Variable Series	$	529,287	$	(538,270	)	$	(8,983	)

Note 5 – Distributions to Shareholders

The tax character of distributions paid during 2002 and 2001 were as follows:

	Small-Cap Varible Fund
2003
Ordinary Income	$	—
Long-term Capital Gains		—
Return of Capital		—
	$	—
2002
Ordinary Income	$	2,099
Long-term Capital Gains		—
Return of Capital		35,110
	$	37,209

As of December 31, 2002, the components of distributable earnings on a tax basis were as follows:

Undistributed Ordinary Income	$	—
Undistributed Long-term Captial Gains		—
Unrealized (Depreciation)		(887,811	)
	$	(887,811	)

The difference between book basis and tax basis unrealized depreciation is attributable to the tax deferral of losses on post-October losses.

[GRAPHIC OF THE TIMOTHY PLAN]

1304 West Fairbanks Avenue

Winter Park, FL 32789

(800) TIM-PLAN

(800) 846-7526

Visit the Timothy Plan web site on the internet at:

www.timothyplan.com

This report is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective Prospectus which includes details regarding the Fund’s objectives, policies, expenses and other information. Distributed by Timothy Partners, Ltd.

ITEM 2.    CODE OF ETHICS.

Not applicable at this time.

ITEM 3.    AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable at this time.

ITEM 4.    PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable at this time.

ITEM 5.    AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6.    [RESERVED]

ITEM 7.    DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8.    [RESERVED]

ITEM 9.    CONTROLS AND PROCEDURES.

Not applicable.

ITEM 10.    EXHIBITS

(a) Not applicable at this time.

(b) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.CERT. Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-906CERT.

SIGNATURES

[See General Instruction F]

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)             Timothy Plan            

By (Signature and Title)*         PRESIDENT AND TREASURER

Date             08/25/2003            

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*         Arthur Ally         PRESIDENT

Date             08/25/2003            

By (Signature and Title)*         Wesley Pennington         TREASURER

Date             08/25/2003            

^* Print the name and title of each signing officer under his or her signature.

EX-99.CERT

Exhibit 99.CERT

I, Arthur Ally, certify that:

1. I have reviewed this report on Form N-CSR of Timothy Plan;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statement were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-2^© under the Investment Company Act of 1940) for the registrant and have:

(a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) evaluated the effectiveness of the registrant’s disclosure controls and procedures as of a date within 90 days prior to the filing date of this report (the “Evaluation Date”); and

(c) presented in this report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant’s ability to record, process, summarize, and report financial data and have identified for the registrant’s auditors any material weaknesses in internal controls; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls; and

6. The registrant’s other certifying officers and I have indicated in this report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

Date:    08/25/2003                                              /s/    Arthur Ally            

Exhibit 99.CERT

I, Wesley Pennington, certify that:

1. I have reviewed this report on Form N-CSR of Timothy Plan;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statement were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-2^© under the Investment Company Act of 1940) for the registrant and have:

(a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) evaluated the effectiveness of the registrant’s disclosure controls and procedures as of a date within 90 days prior to the filing date of this report (the “Evaluation Date”); and

(c) presented in this report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant’s ability to record, process, summarize, and report financial data and have identified for the registrant’s auditors any material weaknesses in internal controls; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls; and

6. The registrant’s other certifying officers and I have indicated in this report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

Date:    08/25/2003                                              /s/    Wesley Pennington

EX-99.906CERT

Exhibit 99.906CERT

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. 1350, and accompanies the report on Form N-CSR for the period ended June 30, 2003 of Timothy Plan (the “company”).

I Arthur Ally, the President of the company, certify that:

(i) the form N-CSR fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C 78m(a) or 78o(d)); and

(ii) the information contained in the Form N-CSR fairly represents, in all material respects, the financial condition and results of operations of the Issuer.

Date:             08/25/2003             /s/    Arthur Ally, President

Exhibit 99.906CERT

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. 1350, and accompanies the report on Form N-CSR for the period ended June 30, 2003 of Timothy Plan (the “company”).

I Wesley Pennington, the Treasurer of the company, certify that:

(i) the form N-CSR fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C 78m(a) or 78o(d)); and

(ii) the information contained in the Form N-CSR fairly represents, in all material respects, the financial condition and results of operations of the Issuer.

Date:             08/25/2003             /s/    Wesley Pennington, Treasurer