Registered Company No". 3203917 The Christian Conference Trust Consolidated Annual Report and Financial Statements for the year ended 31 sl October 2023 Registered Charity No: 1056604 seniing the Christian family, with beautiful venues and great hospitality, to see ministry flourish
The Christian Conference Trust Trustees, Annual Re ort For the year ended 31 St Oc ober 2023 Contents Page Reterence and Adminislralive detai15 of the Ch8rf(y. its trustees and advisers Trustees, Annual Report lincluding Strategic Report) Statement of Trustee5' Responsibilities Independent Auditor's Report Consolidated Slalement of Financial Aetwrties (incorporating a consolidated income and expenditure account} 13 Balance Sheets 14 Consolidated Cash Flow Statement 15 Notes to the Finaneial Statements 16 The Christian CCferen Trusl Annual Report and Financial Statèmènts 2022123 Page 1
The Christian Conference Trust Trustees, Annual Re REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS Legal Status Th& Christian Conference Trust I the Trust.) is a Tegislered charity Iregistration number 10566041 and is constituted as a company regisle¢ed in Englar and Wales and limited by guarantée Ir8gistralion number 032039171 Trustéès Elected by membws.. Andy LuGas Ichair from l November 20231 Mich1 Page (Chair until 31 October 2023} Hayley Beckett Peter Brierley (resigned 13 April 20231 David Evans Dionne Gravesande Sharon Greasley (COknOPted from 19 October 20231 Elizabeth Isola (co-opted from 19 October 20231 Michael Kinlon John Levick Ico-opled from 19 October 20231 Nicholas Myers Michael Quantick Bankers Barclays Bank PLC Third Fl(x)r Office 2 High Streel Nottingham NG12EN Audltor Moore Kingston Smith L LP g Appold Street London EC2A 2AP Registered Office The Christian Conference Trust The Hayes Conference Centre Hayes Lane Swanmick Alfreton Derbyshire DE55 1AU Senlor Management John Heasman Chief Executive Lofna Page Finance Director Mark Rowe Sale5 & Marf<eting Director Heather Thomas Operations Director The Chrtran Confere4)cè Trust Annual Report and Finantsal Statements 2022123 Page 2
The Christian Conference Trust Trustees, Annual Re ort STATEMENT OF FAITH The Twst's Statement of Faith is 'Ie confess the Lord Jesus Christ as God and Saviour and seek to fu11 mylour Calling lo the glory of one God.. Fother, Son and Holy Spirit.. OBJECTIVES The charitable objeelive for which tho Trust is established, as slated in ils Memorandum and Articles of AssocTralion. is 'lo promote the Christian religion, in particular by providing facilities al less than the cornmercial rate for conferences, retreats, and meetings.. This is achieved by reinvesting the annual net surplus of the organisalion $0 as lo Continue lo improve and develop the facilities available to guests. The Trust runs cenlres for residential and day eonfeienees. Ther8 are ¢urrenlly tsyo ¢enlres,' The Hayes in Derbyshire and High Leigh in Hertfordshl. A third centre has since been acquired in February 2024.. Highgate House in Northamplonshire. Each of our cenlres has a rieh Christian legacy with which many of our groups are connected. As the charty is nori-denominional in oulk)ok, we aim to provKle inclusThie, safe. comlortable. and wekoming places of confeience and prayer where. in Ihe words of one of our founders, 'all Christians might meet and take counsel together about the affairs of the kingdom of God- We pul this into effect by.. seeking God'5 leading for the Trust in all that we do orgat7ising ourselves lo meet our guests, requirements. rather than expecting them lo meet ours striving lo treat our guests a5 we would wish to be treated valuing each member of staff. providing them with support and training as necessary, offering employment on the basi5 of a rnulually beneficial relationship, and recruiting in the expectation that the Trust's Christian ethos will bè honoured and promoted emKM)wering and encouragin9 each member of staff to take decisions that improve or enhance each guest's experience of our cenlres playing our part as an interested and concerned corporate Citizen in each community where we operate Where there is excess capacity, the Trust addiiionally provides hospltality and ¢onference fa¢ilrtEs lo charrties and public sector organisations that are not primarily Christian, through a wholly owned subsidiary company, First Confererice Estate Ltd. All taxable profits of the sUbsidry are gffted lo the Tr¥Jsl. PERFORMANCE AND ACHIEVEMENTS We thank God for a blessed year of operation wfth strong demand from churches and Christian groups spending lime away together in residential ministry al our centres. Our financial perfomiance for 2022123 was ahead of expectations for the year, which has gener81ed a strong surplus for reinveslmenl. In oober 2023 the Board of trustees approved the acquisrtion of Highgale House in NorthamptonshiTe, with th8 purcha$8 completed in February 2024. By lalrnching a third cenlre, the Tiusl will be able lo offer 3 more space for Christian groups lo k>enef(( from rates that are on average half the price of Commercial venues, helping us continue to meet our charitable objective of providing conference facilities to Christian groups al below the market rate. This affordability. combined wth the warm and friendly Christian welcome synonymous with High Leigh and The Hayes. makes Highgale House another hIgh4]L[lIY option for those seeking a horne-from-home for conferences and group retreats. In April 2023 we launched Huh Leigh as an offla1 Partner-in-A¢lion' with A Rocha UK, the Christian environmental and conservation charity. We have wntinued to make good progresg during the yèar with invesknents in our environment and biodversity. The Christrdn Conf6rèn¢¢ Tw8lAnnual Report and Financial Statements 2022123 Page 3
The Christian Conference Trust Trustees, Annual Re ort For the year ended 31st Oc ober 2023 We are blessed with a Gommitted and servanl-hearted staff team. many of whom live in the bcal community in which each of our cenlres are located. During the year we launched our Hosprtality Aeademy as part ol our existing Palhw8ys prograrnme. This will enable staff to develop their skills as they shape their own career path in hospitality, whether w(th the Trust or elsèwhere. INe achieved 101,470 overnight visitors for the year12021122. 96,0001 the vast majority of which were attributable to churches and Christian groups as we continue lo deliver the principal objective of the charity by being able lo provide these groups with the benefit of charges at less than the commercial rate. A eombination of great value, beautiful, well-located venues, and warm Christian service, Consistent lead lo very high levels of guest satisfaction and repeat bookings. In the period. 72 Christian eonferenees were able to benefit from bursary funding12021122.' 461, with £59,365 being awarded to those delegates in partKular need of additional financial support12021122.. £30,075). STRUCTURE, GOVERNANCE AND MANAGEMENT Corporate governance is as relevant in the charitable sector as rt is in the commercial world. The trustees of Ihe Christian Conferenc& Trust aim lo have high standards of accounlabilily as well as a proper and ethical performance of their duties. During the year the 8oard and its four committees met regularly, both face-t¢>faca and by video-conference. Governanee arrangements The Trust is a registered charity Iregislration number 10566041 and 15 con5tilLkted a5 a company registered in England and Wales and limited by guar8ntee IgIStration number 3203917}. Its objects and power5 are sel out in ils Mernorandurn and Articles ol Association, most recently revised in 2021, The trustees of the charity are the directors of the company and known as the Board. The Board wneels quarterly and is responsible for the strategic decisions of the company, having regard lo advice from senior management. Day-to-day operational decisions are made by senior management. The Chair and Chief ExecutNe are in regular contact between Board meetings. The composition ofthe Board is as follows.. The Board comprises a minimum of four and up lo fv4elve ethted and fwe nominated trusteès. Trustees serve for four-year terms and no twslee can seNe for more than three consecutive full temis wilhoul a break of al least twelve months. While five Christian charities each have a right to nominate a trusteè, none have done so in recent years and three have indicated that they will not do $0 in the future. OlheT trustees may be nominated for election by any member of the Trust. Trustee5 may also TOrnmend individuals for ele¢lion. Eligibility for election requires subscription lo the Trust's Statement of Faith and musl be erther a member of an organisation whieh is a member of the Trust. or an individual who is a member of the Trust. Approprtate trainin9 is provided foi new and existing trustees as required. The names of the trustee5 who have served on the Board during the year and up to the dalè of signing are shown on page 2_ Sharon Greasley, Elizabeth Isola and John Levick were co.opted by the Board of direclws in October 2023 with their subsequent olection by members in April 2024, for a first lem) of four years. There are four Board committee$', Audit and Compliance, Estates and Health & Safety, S810s & Marketing. and Stralegic Funding each having specific terms of reference and functions delegated by the Board. The ChristFan Contsren¢t Tw3tAnnuo1 Report and Financial Slatements 2022123 Page 4
The Christian Conference Trust Trustees. Annual Re ort Forthe year ended 31st Oc ober 2023 Management StNcture The Chief Executive is responsible to the Board for the overall management of th8 Trust's affairs. Igading the Senior Leadership Team which comprises the Operations Director, Finance Director, and Sales & Markding t)ireclor. The ¢tJfrent Senior Leadership Team brings a breadth of experience to the Trust from previous roles in the commercial, public and charitable sectors, including the hospitality and Conferencing industries. The Chief Executive is a nonoxecutive trustee of thre& other unwnnecterl Christian charities including one which he setves as chair of trustees. This involvement with other Christian organisalions enables the sharing of best practice in leadefship and governance for the benefit of the TTUSI. sonlor Managèmènt Remuneratlon Poll¢y The Twsl is committed lo ensuring we pay our staff fairty and in a way which ensures we attract and retain the right skills lo have the greatest impact indelivering our charitable objoclives. The Audit and Compliance Committee also acts as a remuneration committee on behalf oflhe Bo, reVIng staff remuneraion at least once annually. The committee reviews senior management pay against comparable third-sector organisalions and ensures salaries remain eompetf(ivÈ within the sector in whih the frusl operate5. staff The work of the Trust relies on the eommilmenl and hard work of valued staff. Whilst the decision-making processes within the organisation incorporate consultation5 beeen the lines of management, communication links with staff are maintained by the Senior Leadership Team, through general staff meetings. departmental briefings, or dtscussions with individuals. The Board recognises Ihal, under God's leading, the success of the Tiust is due in no small part lo the continuing efforts of the highest order by everybody who works for the Trust, whether they aré guest-facing or work behind the scenes. The Board wants to publiclyacknowledge the great job that has been done by the whole Tn¢sl family over the past year.. thank you for all you do. Directors. indemnities The CpanY has made qualifying indemnity provisions for the benefit of ils diTectors whh were made during thp year and remain in force al the date of this report. Related Parties The Christian Conference Trust has a wholly owned subsidiary, First Conference Eslale Ltd. During the year a management charge of £1.2m {2021122 £1.3m} was made from the Trust to the subsidiary company. Publ1¢ Beneflt The trustees confirm they have referred lo the guidance contained in the Charity Commission's general guidance on publi¢ benefit when ieviewing the Trust's aims and obj'ectives and in planning future activitie5. The trustees ensure that prices are kept as affordable as FK)ssible, whilst still ensuring there are sufficient funds lor maintaining and improving the facilities offered. They also recognise that those delegates facing financial hardship may find i( drfficull to allend conferen¢es_ To assist such delegates, the trustees have established a bursary fund which receNes five per cent of the Tiusl's surplus each year. confenceS may apply lor bur$aries to supplement their own support for such ddegates. The actual arnounl grarbted is at the discretion of the Chf Executive to ensure as many conferen$ as possible Can benefit from the fund. The scheme continues lo be monktored lo ensure il 15 achieving tts o*ectives. The Christian conferen TrustAnnual Roport and Fin8ncial Stal£rnents 20223 Page 5
The Christian Conference Trust Trustees, Annual Re ort Fundraising Regulallons Statemont Under provisions of section 13 of the Charities Act, the disclosure of fundraising practi¢es is required. This pfovisv)n is not applicable for The Chfi51i8n Conference Trust given the Charity éoe5 not partake in fundraising acllvities therefore no corresponding fundraising income is raised. Investment Pollcy The Iruslees h8ve the authority conferTed by the Articles of Association of the Charity to invest monies not immediately required in such inveslmertts as they think fit. PRINCIPAL RISKS AND UNCERTAINTIES The trustees have previou$ly given consideration to the major risks that the group is exposed lo and prepared risk register. A5 part of thi$ process, they have assessed the likely level of impact such risks pos& on the organisalion. The principal risk the Iruslees believe the organisation faees is that of damage lo ils reputation which could subslanli8lly affect bookings. Measures have been taken lo prevent this. including the appointment of a senior manager with Health and Safely responsibil"f(ies. This oirer helps the Board of trustees and executive team manage the risk of reputational damage occurring as a resuk of a failure to implement appropriate standards, processes, controls and preventative measures around food safety, fire safety, legionella control and the general health and safety of guests and staff. The Estsles and He811h & Safety Committee consideis the internal controls already in place for all heallh and safety risks and risks lo buildings, idèntifying key are8s which require action lo be taken. In addition, the Audit and Compliance Committee is responsible lor reviewing financial intemal controls and covoring other risks by insurance. The trustees undertake this process on a regular basis to ensure the operations of the group are adequately protected against the risks il faces in achieving ils main objectives. The trustees mon((or inlemal control through the regular review of the financial position and the control gnvironment. Th8 Trust operates a comprehensiveannual planning and budgeting system. Any significant changes to those plans are subject to specific approval. The financial reporting syslern compares results with the plan on a monthly basis, with management infofmation règularly feported to trustees. Golng Concern The financial statements are prepared on a going concem basis which assumes the Trust will continue in operational existence for the foreseeable futtjre. Forecasts have been prepared under vaTlOUS trading scenarios for the twelve months from the dato of approval of these financial slalements and based on these and the level of reserves available, the trustees have concluded there is no material uncertainty as to the Charity's ability lo meet i(s liabilities as they fall due. A¢cording1y, the trustees Gontinue to adopt the going concem basis in the preparation of the financial slaements. FINANCIAL REVIEW 2022123 Income Total in¢ce for 2022f23was £7.8m12021122'. £7.1rn1. Expenditure Total exp@ndiiure for 2022123 amounted to £7.5m {2021122.- £7.2ml. Surplus The annual surplus for 2022123 was £235k after investment of £575k in property upgrades (included wllhin £628k of repair costs shown in note 8}. The Trust regulady reinvests signifi'cant surpluges to upgrade the facilities available to guests and additionally upgraded assets in the region of a further £476k this year as shown wrthin note 12. Total cash feinveslment in proporty and assets this period therefo being £1.3m. The Christian conferen Twst Annual Report and Financial Statement5 2022123 Page 6
The Christian Conference Trust Trustees, Annual Re ort Reserves Policy and Financial Position As shown in the group's balance sheet on page 14, the total funds al the end of the year amounted to £10.8m {2021122'. £10.5ml representing unreslricled funds. Of these funds. £0.7m is freely available to spend (2021122.. £0.8ml, representing available cash balances nel of deposits for future conferences, the balance of total funds only being realisable by disposing of fixed assets held for charity use. The Trustees continue operations in such a way Ihal there will be a buffer, of al least £O.Sm. of uncommitted cash to cover unknown contingencies and events_ PLANS FOR THE FUTURE With ongoing demand for OUT cenlres consislenlly oulslripping availability, we have been prayerfully exploring how we might grow our organisation inorganically. A5 part of this we have recently formed a new Board commiitee,. the Strategic Funding Committee. We are blessed as a charity lo run a financially sustsinable organisation which does not require financial support for day.t0aY operating costs The purpose of the committee is therefore lo explore potential major sources of funding whh could support the acquisition of new ¢enlres or make strategic investments al uur current cenlres. The purchase of HIgale House was funded through debt finance and we are prayerfully approaching those who the Lord has blessed materially who may be able lo support our vision for inorganic growth lo fLtnd the acquisition of additKJnal cenlres, particularty in the South-Easl where the church is growing. Vve plan to open Highgale House in summer 2024. Highgale is a former coaching inn dating from Éhe 1600s which we are looking lo transform into a beautrful space for Christian groups lo experience residential ministry. With more than 80 ensuite bedrooms. the venue ean accommodate over 150 adults and 30 children. making il ideal for exclusive-use events, strategically located bo(ween oui exisling cenlres. The Hayes and High Leigh. We have budgeted for unprecedented asset investment ifi our existing properties and facilities for 2024 as part of a ¢ommitment lo continuous improvement at our Cent$. We value each and every one of our guests and we want Ihe1r experien of residential ministry lo be a real blessing as we invest in our facilities foT their benefrt. In Autumn 2023 we applied for planning consent to develop a rlew 300-sealer conference hall al High Leigh. for which we have now secured donated funds. We anticipate this project will be cornpleted during 2025 and pray that this new world-class facilty will be o great bl¢ssing to our groups for Kingdom benefit. We eontinue our journey of environmental stewardship in partnership with A Rocha UK, Wfth a growng undeistanding across the Trust of our responsibilities and opportunities as a charity. We have a dedicated envlronmenlal budget lo help us reduce our carbon foolpiint and increase biodiversity. Our first cohort of staff in our Hospftaltty Academy lrial will graduate this year. We are delighted with the yway our teams have engaged with this init"alive, with staff across our centres and departments embracing the opportunity lo develop their hospitality skills. As a r&sull of the programme's success. we will be acceleratir the roltoul of the academy this year as part of our continuing commitment to invest in our staff. The Christian confe TrustAnnual Report and Fin4n¢i* Staternent5 2022f23 Page 7
The Christian Conference Trust Trustees, Annual Re ort For the year ended 31 St 0¢ ober 2023 TRUSTEES. STATEMENT OF RESPONSIBILITIES The trijstees Iwho are also directors of The Christian Conference Trust for the purposes of Company lawl are responsible for preparing the Trustees'Annual Report and the financial slalements in accordan wrth applicable law and United Kingdom Accounting Standards (Uniterl Kingdom GenerallyAccepted Accounting Praclicel, including FRS 102 "The Financial Reporting Standard applicable in the Unrted Kingdom and Republic of Ireland" C¢Jxpany law requires the Iruslees to prepare financial slat&ments for each financial year which give a true and fair view of the slate of affairs of the charitable company and the group and of the incoming resources and application of resoufces, including the income and expendituie, of the eharilable group for that period. In preparing these financial stalemenls, the ITUStees are required to.. select suitable accounting policies and then appty them consistently., observe the methods and principles in the CharitEes SORP make judgements and eslimales that ar& reasonable and prudent state whether applicable accounting standards have been followed,. and prepare the finaneial s18temenls on the going concern basi5 unless il is inappropriate lo presume that the char(Éable company will continue in business The trustees are responsTri >le for keeping adequate aoUntIng records which disclose with reasonable accuracy, al any time, the financial posilion ofthecharitable company and enables them to ensur8 the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of thè charitable company and the group ar)d hence, for taking Teasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustee5 are aware.. there is no relevant audit infomatioTr of whi¢h the charitable company's auejilor is unaware., and the trustees have taken all steps that they ought to have taken lo make themselves aware of any relevant audit information and lo establish that the auditor is aware of that information The twstees are responsible for the Maintenan and integrity of the charty and financial information included on the charity's websile Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from giSlatIon in olherjur¢sdictions. This report satisfies the requirement for a directors, report as required by company law. The Trustees. Report, including the Strategic Report, was approved by the Board on 11th April 2024 and signed on ils behalf by. Andy Lucas- Chair Dale The Christian Conference TfUStAnnual Report and Finaneial Stattments 2022123 Page 8
The Christian Conference Trust Independent Auditors, Re ort to the Members of The Christian Conference Trust For t e year ended 318t October 2023 Oplnlon We have audited the financial statements of The Christian Conference Trust for the year ended 31 Bl October2023 which comprise the Consolidated Statement ol Financial Aclivf(ies incoiporaling an Income and Expenditure Account. the Group and Parent Charicable Company Balance Sheets, the Consolldaled Cash Flow Statement and notes lo the financial slatemenls. including a summary of significant accounlirig 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 Iunilgd Kingdom Generally Accepted Accounting Pracli¢el. In our opinion the financial 5tatements'. givè a true and fair view of the stale of the gTOUP'S and the parent charitable company's affairs as al 31¥ October 2023 and ol the grDUP'S incoming resources and application of resources, including ils income and expenditure, for the year then ended., have been properly prepared in accordan with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordanc& with the requirements of the Companies Act 2006. 8a$ls for oplnlon Vve conducted our audit in accordance with Intemational Standards on Auditing IUKI IISAs{UK}l and applicable law. Our responsibilities under those slandards are further described in the Auditor's Responsibilities for the audit ol the financial stslements section of our report. We 8fe independent ol the charitable company in accordance with the ethical requirements that are relevant lo our audi( of the financial slalements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. Vve believe that the audit evidence we have ¢)btained is sufficient and appropriate lo provide a basls for our opinion. Conclustons relating to going concern In auditing the financial stalemenls, wo have concluded that the trustees. use of the going coneein basis of accounting in the preparation of the financial slalemenls is appropriate. Based on the work we have perfomed, we have not identified any material uncertainties relating lo events or conditions that, individually or colleclivety. may cast siqnificanl doubt on Ihe charf(able company's ability to continue as a going Concern for a period of at least e1ve months from when the financial statements are 8ulhorised lor issue. Our fesponsibililies and the responsibilities of the trustees with resped lo going concem a described in the relevant Sections of this report. Other Informatlon The other information comprtses the infomation included in the annual Feport. other than the financial statements and our auditor's report thereon. The Iruslees are responsible for the other information. Our opinion on the financial slalemenls does not cover the other infomalion and. except lo the exlenl olhenMise explicitly staled in our report, we do not express any fomi of assurance conclusion thereon. In Connection with our audit of the financial slatemenls, our responsibilty is to read the other infomiation and, in doing so, consider whether the other information is materially inconsistent with the finaneial statements or our knowledge oblaine(J in the audr( or olhelwise appears lo be materially misstated. If we identrfy such mal8rial inconsistencies or apparent m*erial misstatements, we are required lo detemine whether there is a material misslalemenl in the financial statements or a material misslatemenl of the other information. If, based on the worl( we have perforwned, we conclude that there is a material misstatement of this other information, we are required to ieport that faet. We have nothing lo report in this regard. The christs.an Conference TrustAnnual Report and FEngncial Statemgnts 2Q22123 Page g
The Christian Conference Trust Independent Auditors, Re ort to the Members of The Christian Conference Trust For tfie year ended 31 St October 2023 Opinions on other mattefs prescribed by the Companies Act 2006 In our opinion. based on Ihe work undertaken in the course of the audY(', the infomation given in the trustees, annual feport for the financial year for which the financial statements are prepared is consistent with the financial statements., and the trustees, annual report have been preparecf in accordance wi(h applicable legal requirements. Matter5 on which we are required to report by exceptlon In the Ih1 of the knowledge and understanding oflhe group and parent chafjlable company and their environment obtained in the course of the audit, we have not identified material misstalemenls in the trustees, annual reF)Ort. We have nothing to report in respect of the folk)wing matters where the Companies Ael 2006 requires us to report to you if, in our opinion.. the parent chaiilable company has not kept adeqL¢ale and sufficient aceounling recoTds, or Teturns adequate for our audit have not been received from branche5 not visited by u5", or the parent charitable company's financial statements are not in agreement with the accounting records and returns., or ertain disclosures of trustees, remuneration specified by law are not rnade., gr we have not Teceived all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the truste8s' responsibilities statement set out on page 8, the Irltstees (who are a15Q the directors of the ¢harYcable company for the purposes of company18w} are responsible for the preparation of the financial slalements and for being satisfted that they give a true and fair view, and for such internal control as the Iruslees detem)ine is necessary to enable the preparation of financial slalements that are free from material misstalemenl, whether due to fraud or eiror. In preparing the financial slalemenls. the trustees are responsible for assessing the group and par&nl ¢harilable company s ability lo continue as a going ¢on¢ern. dalo$1ng. as applicable, matters related lo going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or tr) cease operations, o¥ have no realistic allelnalive bul lo do so. Audltor's responslbllltles for the audit of the financial statements Our objectives are lo ob18in reasonable assuTance about whether the financial Statements as a whol& are free from material misstatement, whether due lo fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detecl a material mi$stslement when f( exists. Misslatement5 can arise from fraud or eiror and are considered material If, individualty or in aggregate, they could reasonably be expected to Influen economic decisions of users taken on the basis of these finaneial slalemenls. As part of an audit in accordance with ISAS {UKI we exercise professional ludgemenl and maintain professional sceplicism throughout the audit. We also". Identfy and assfjss the Trsks of material misslalemenl ofthe financial statements, whether due to fraud or error, desisn and perform audit procedurgs responsive lo those risks, and obtain audit evidence that is sufftcient and appropriate to provide a basis for our opinion. The risk of not delecling a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve coflusion, forgery, Intentional omissions, misrepresenlatDns. or the override of internal control. Obtain an understanding of internal control relevant lo the audit in order to design audit procedures that are appropriate in the circumstances, bul not for the pUoSeS of expressing an opinion on the effectiveness of the group and parent charitable company's internal control. Evatualè the appropriateness of ac¢oyntin9 policies used and the reasonableness of accounting estimates and related disclosures made by the Iruslees. Th& Christian ConfergnrA Trust Annual Report 8nd Finanaal Statements 2022123 Page 10
The Christian Conference Trust Independent Auditors, Re ort to the Members of The Christian Conference Trust For t e year ended 3181 October 2023 Conclude on the appropriateness of the trustees, use ol the going Concem basis of accounting and, based on Ihe audit evidence obtsined, whether a material uncertainty gxists related lo events or conditions that may casl significant doubt on the group and parent charitable company's ability to Continue as a going concern. If we conclude that a material uncertainty exists. we are required lo draw attention in our auditor's report to the rekaled disclosures in thè tinancial slalemenls or, if such disclosures are inadèquate, to modrfy our opinion. Our conclvsions are based on the audit evidence obtained up to the clale of our auditor's report. However, future events or condl0S may cause the group or parent charitable company lo cease lo continue as a going concern. Evaluate the overall presentation. stN¢lure gnd content of the financial statements, including the disclosures, and whether the financial statements represonl tho undertying Iransaclions and events in a manner that achieves fair presentatn. Obtain sulficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on tho ¢onsolitJate¢J financial staloments. We are responsible for the direction, supervision and performance of the group audit We remain sole responsible for our audit report. We ¢ommuni¢ale with those charged with govemance regarding. among other mallers, the planned scope and timing of the audit and signfficant audit findings, including any significant deficiencies in intemal control Ihat we idenlrfy during our 8udil. Explanatlon as to what extentth? auditwas considered capablo of detectlng Irregularftles, including fraud Irregularities, including fraud, are inslances of n¢)n-compliance w(th law5 and regulations. We design procedures in line with our responsibilrties, outlined atry)ve, lo delecl malerial misstalemenls in iespect of irregularities, including fraud. The extent lo which oui procedures 8re capable of detecting irregularities, inclLtding fraud is detailed belN. The objectives of our audit in respect of fraud. are.. lo identify and assess the risks of material misslalemenl of the finan¢iaS statements due lo fraud., to obtain sufficient oppropriale audit evidence regarding the assessed risks of material rnisstalement due lo fraud, through designing and implementing appropriate responses lo those assessed risks., and lo respond appropriately lo inslances of fraud or suspected fraud identified during the audit. However, the primary responsibilty for the prevention and detection of fraud rests wi(h both management and those charged with governance ol the charitable company. Our approach was as follows,. we obtained an understanding of the legal and regulatory requirements applieable lo the eharilable company through the use ofpemianenl audit file information, updated this year lor any changes Ihol have been identified by management or by our own investigations and considered that the most STgnrfi¢anl are the Companies Act 2006, the Charitl8s Act 2011. the Charity SORP, and UK linancial reporting standards a8 issued by the Financial Reporting Council. we obtained an understanding Df how the charitable company complies wf(h these requirements by discussions with mana9emenl gnd those charged with govemance. we assessed the risk of material misslalemenl of the financial statements, iricluding the risk of material misslalemenl due lo fraud and how il might occur, by holding discussions with management and those harged wilh governance. We bru4red of management and those charged with govemance as to any known instances of non- compliance or suspected nonrycompliarkce with laws and regulations. Based on thi$ understanding. we designed specific 8ppropriale audit procedures to identify instances of non-compliance with laws and regulations. This included making ènquiries of mana9emenl and those charged with governance and obtaining additional corroborative evidence as required. The Christian conferen Trust Annual Report and Firlancial Statements 2022123 Page 11
The Christian Conference Trust Independent Auditors, Re ort to the Members of The Christian Conference Trust For t e year ended 31 sr October 2023 There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related lo events and Iransaelions reflected in the financial slalemenls. Also, the risk of not dètecting a material misslalement due lo fraud is hi9her than the risk of not delecling one resulting from effor, as fraud may involve deliberate concealment by, for ex8mple. forgery or intentional misrepresentations, or Ihrouoh collusion. Use of our report This report is made solely lo the ¢hari18ble company's members, as a body. in ac¢orcSan¢e with Chapter 3 of Part 16 of the Companies Act 2006. Our audi( work has been undertaken so that we might state to the charitable company's members those matters which we are required to Stale lo them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume SPOnSIbl11ty to any party other than the char¢table company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have fomied. Ylort k+. LLF Andrew Stickland {Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Slalulory Auditor Dale= 17 May 2024 9 Appold Street London EC2A 2AP The Christian Confèrènts Trk&stAnnual Rèport and Financial StAtem8nts 2022123 Page 12
The Chrlstian Conference Trust Consolldated Statement of Financial Activities (In¢orporating an Income and Expenditure Accounti For the year ended 31$t October 2023 R88tri¢ted Fund8 Total 2023 Total 2022 Funds In¢omE from.. Charitable aetivibès OthÈrtradg activ$ 5,872.8e7 I.7.817 5.872.687 1,907,817 5,SOS,646 1,595,545 Total Income 7.780,504 7,780.S04 7.102,191 Exwndknr8 on Rais9 fund5 295.413 295.413 123549 Cha[itab adivthes.. Ongoino ¢hafhab ac&Ve8 7.249.609 7,249.609 6.775.928 ExCepnal Costs.. 8elsey Brfdge cbsu 295.376 Totsi •xpendit¥r• T,515.022 7,54S,022 7,194.863 NfrtlnGome I IExppndltsrel lortbe Or beforo tron$ler¥ 2JS,482 235A82 152.6621 TRnslets telwe8n funds Nptmgvpment In lynd¥ 23S,482 235N42 192,662 RÈconBll18tlon ollund8 Funds broughl torw&r(S 18 10.543.200 10,543,200 IOh35.862 Yotal frJnd¥ forward 18 to.778.U2 10.778.682 10.543.200 The $tslemeni offinanti a115 4deS 4198Sns 8nd losses rewised in the ye¥. AJI trLcome and eypenthtUf8 derives IfOTr aclfvilies. The accopatrying noles form partofthp5e statemen¢&. The Christ¥n Confewire Tr¢ l Annual Report and Fingnci* Slalements 2022r23 PwJe13
The Christian Conference Trust Balance Sheets as at 31sl October 2023 Char Note 202$ 2022 2023 2022 FlxedA$$ets Tangib assets Invastrnent subdrdry 12,OOB.60B 12,161.374 12.OOB.808 110.358 12.181,374 110,358 12,008,608 t2,161,374 12.118.966 12,271,732 ¢uireniAs80ts Stock DEblors Cash a1 Bank 63.988 604.8)3 2.298,632 38.249 592.270 2.490.448 41.907 978.929 1.542,949 14.083 1,521.935 734,978 14 2,967,453 3,118,967 2.663,785 2.Z7Q.996 Cryh1o arnounts tslling due wilMHI one year 15 13,035,532) 12,953,5341 12.829,5701 12.3SO,4301 Net CurreAtlLlabllMle81 IAsstts 168,0791 165,433 1265,78SI 17Y.4341 7)tsl As¥9ts I¥ Curveni Ll4blliJeg 11.940,529 12,326,807 11.B53,181 12.192.298 Cre(Moth arn¢unlS Palling due after ore yea 16 1.181.847) If.7J3.6071 11.699,3191 1V,778,eB2 10,543,200 10,728,462 10.492.479 R8pie8oTrtsd by.. Unre51ridÉd funds Rasilled funds 18 18 10,778,882 10.543.2(J) 10.728.462 10A92,979 Totsl Funds 10,778.682 10.543,2QO 10.72B,162 10,492.979 Th surplus for Ihe finonG&4lyeardeattwilh In the finaAck81 slatemts of the partehantable ¢ompawamDuni8d to £235,48312021122.' ¢Yeficlt £92.6821. The ac¢omp8nynG notes form part of ihese fman¢ial sialeinEnl$ The finaficjal siateeTrts of The Chri5tkin Conference Trust. r8glgiered number 3203917 werè appTts¥ed by the Bo3rd of TFUStee5 8nd authoT%sed fDr SL 11th Apr 2024 and sBnpd on behaw ty.. Ch8irof Trusiees Cornpany Dumber.. 03203917 The Chrislwn Conference Trust l Annu Rewrt and Fhantial siaiements 2022123 Page t4
The Chrlstlan Conference Trust Consolldat¢d Ststem¢nt of Ca$h Flow For the year ended 31st October 2023 2023 2022 Not• Met tashflOWS pmvlded by opÈratsng actIv5 Z3 855,843 1.122.822 Cash Ilows from ¥t311n9 attlvltl•$ Invesknenl Incorne Purchase$ of property. plant and equiprnenl 1475,9191 1863,8571 N81 ¢agh Iu$od IMI InvesJn9 acUvltle$ 475.9191 1663,6571 Cash flow& from tlnan¢lng athlJe•: Inleresi paid Ca$h inftows from borfowi Repayrnent ofborrowiws It11.5401 160,4481 1460.0001 4D1,6671 tlet ¢a8h lu$8d In) fknan¢lng •ctlvkl85 1571,5401 1462,1151 ¢hakg0 In ¢o$h and ¢ash ooulval•ls In tho roporting p•riod 1191,8161 122,9501 Cash and catsh equfvalents at the begInIng ol the rnporttng pprfo 2.490,448 2.513.398 Casb ond ¢a¥h qulv41ents at the end ol the ttrporbng p•rfod 2.298.632 2A90,448 ash ad caih e Iwalènts 2023 Cath in hand Cash ai Bank Cash in noie daposlts 400 2,148.232 150.000 400 2,486,098 3,950 Total Gash and cash pquivaknts 2,298,632 2Ng0,448 At beglnnlng ol year ¢oshflows Other movements A¢ end of year ash 2.490,448 2,298,632 Loan$ faHwg the wthin year Loan5 fallmg (ets[ter more th8n tyar I460.0) 11.408.333) 460.00 1460,DOOI 460.ODO 1460,0001 1948,3331 622,115 268,184 890,298 The Cht1$Tr Cmference Tst IAnnu Reportgnd FKiancial SlaterAents 2022r23 P8gB 15
The ChTiStiaTr Confergncg Trust Notes to the Financlal Statements For the year ended 31st October 2023 Ac¢ounYng Polkle8 C•mpany and ¢haritablo &tatus The Christsan Conferefice Trust. a publK benefitenlty, is a regr5tered charity N Engi3nd andW85 (number 10568041 and Incorporated England snd Wales 8$ a comp8ny limlled by guaRoiee not han9 a Share tapital Itompany nurnber 32039171. It is govemed by ils Memrandum and AltS of As$OClltw and al the yearenLI there were 14 Frember512021122- 171 wlowere each Ilabk 10 conirtbute £1 in the evenlof the panybeiDg wound up. The Charity has adapl8d tho Cor(vanS Actlormais lo [ect Ihp Chaiilies SORP and the speEral nature oflhe ChaW$ acti¥Ee$. Basi$ of4¢9#1ng The financial stalemenls have LEen prepared under the h$s10(al cost tonvenlkjn and in atts>rdan¢e wflh Ihe Companies A¢1 20C6. the Chaiities Aci 2011 attd the StateNenl of RerA>rnmended Pracbce applicalle to chanlies weparlng Ihelr accounts in accordanee with the Fifi8nual Reportino standard appiKable Ihe UK and Rewwic of Irend IFRS 1021. effecii¥e 1 Jafjuary 2019. The gr0p is a pubh'c banefil entty as delnert by FRS 102. The St8iement Dr Financial Aclivilies ISQFAI and 8818nc8 Sheet consolattr the ffftancial stathmÉnts of the parèrf £thnpany itÈ 5th5idiary undertakirig. The resuh5 Df the subSry are consDlvJated on a line by line basL8. The financi81 st8MentS ar& prepared In Sterling. whKn is the fvwlion8J cwrencyoflhe gro¥p and charity. etary¥Mots in these fia8nci slalerrenls are rwnded lo the neaSt pound. 12 Golng ¢¢nc•m The financial 5ts1emeTrt5 are prep8rgd on a going coDcem bask3 which assumes Ihalthe Ch81itywill contlnu# in ¢peT81ional exlsiencefty the foreseeabte fulute. Forec&$l$ havé bèen prepared undprvarklUS trading scenarh)5 forlhe iwe2 monlhs trom Ihe date ol appro¥al ofthese finanuèl 8tatemeni$ 2nd baswl on these and Ihe ¥el of resee5 aallab]e. ihe trustees have concluded ihat ihere is no material uncenainty as to Ihe Charily's abilityto meet rfs lkibilits.es as ihey fall due. Ac)rdIng th&trsS £Onbnue 10 #do Ihp goiTrg concern basi5 in the preparation ofthe nan¢Aal stst&ments. 1J Basil of ¢onsolld•tlort Gro4Jp finCl slatements Xave be prepared M fespecl ofTheChDsiian Conference Tfustand ils wholtytswned subsidiary. F¥5t Conlerence stsle L. These finan¢k91 statements have bean NsOlated an a line by line basi% and Ihe re5uIt5 of the 5ubsKliary UTulertatho 8re0isd(1s8d ift Note S. As permitted by Sertion 408 of the CoMpanie5 Act 2008. no 5eparaie Statement otfinancwl acDvil$ or Income and Expendllure Aryoynl hgs bee presented in reSl0f the pareMtcharilab company. The charitab16 Company has iakèn adyaniage of the exernptK)n5 in FRS 102 from the requwemen15 lo present a Charitab company only Cash Fthi StateNni and certain dis¢k)$uffjs )ul tharitabkn ry)mpqny's finan¢S Insirumtrnis. IA In¢ome and expgndltu Income and 8xpendllure 8re geralty accounted for on an accrua18 basi%. Intome Incomé from tDnferEntÉ feesand oiher sources of Income reCogne when the ¢halty and subsklrdry have lnlitlemèrnits the fvnds, IL k prUbab the income will be recw¥ed and the annI can be measured wNh sufficient rellètmlity. Donaied professKJnal Serv&8 and donated tscilitE5 are fecognised os income the chanty has Control overlhe item. any ¢Dndibon5 associated wlh the donzled lem have been mei. the feceipt ofemnomK barn8fi1 from the use by the rharityof Ihe ilern Pr(>ab and that ecorm befftcafft be measured rellabty. Income from iovemmenl Olhtrr9rants aft rewgnised atta valuewhen the ch8rty has enlillemenl after any performance con(liIK)ts$ have beèr• mei. it is Pfobable thai the irtcome will be rewell ard the amount Gan be measurel relrdbty. Ilenlillèment Is not ien Ihe5e amounts are deferred. C8pl8lgrants are accounted a5 inc4)mo as scoTr as they8 re¢eivabl8. Exp••d(ture ExpthJ is recognised as 800n a8 there Is a leyal orconstruce thgation commil the charity to the expendllure_ 1 expendil¥re is accounted fDf Dn an accruals Iksis and ha5 bepn ckssrfEd under headings thai aggregate all costs related 10 thè caie90ry. Expenditure on rdiwllu fullds r¢lude those costs directly rd8led lo the olhertrading 8Cti¥Kies (see note 5}.. Thesè t081& 8re regarded è5 necessary to raise ftinds that are needed to finan challtable ac15vities. SvpWcoslsaTe Ihose funGlions thata551Stlhework of kne charity bul dD nDI direcw $Jertake Charl8b aclivkts. They Inclde co$1$ such as general ra[geenl, fiTrance. premk5e5 an(1 faC111tS. maikallng aftd oovernance. Fund AGcDuntlThg The chanlable company tnalnlains threB types Dffund. Unre6thcted are availabk for u$e #¢thedreor ofthe boeA ofdlrectois In furtherance ofthe 98ner81 chaftlae obie(th25 oflhB or08Sa.. O¢¥lgn•ted ynr¢¥trfctsd funds are rnon$ sel 8s*e by the board kom UnresIted fu5 fvra &peTr)Ic purpDSe. Re8trl¢tsd fuThd8 hold moe3 whkh have been re£ewed k)r a $K)èt4fiG purpose. The Chrisian Cfyiferefft Trust l Annual Report and FnancTal Statements 2022123 Page 16
The Christian Conference Trust Notes to the Finan¢ial Statements For the year ended 31$t O¢tober 2023 Y8t)ytbl• flK8d 4$8ts depie¢latlon Tanolble fixed assets are ai iosl125s accumukled deprBc1aln. Depre3110 is is pro¥e all tangib rtxed assets, olherthan IreehDkl d, at rates calCUted to write off Ihe cost ¥alualb)n over their eslSmaled usetulewnomic Irf& ai the followlng 8nnual lates.. Freehold. bng leasehold builthws Assets underconstruction Plant bJmiluTE and e4uipmeni- computers aTrd olher elecironKequipmenl all otheF item5 otol VEhKles 2Yo on cosÉ nodeprecialiTri 339A on cost 20Yo on wdtten down value 25Yv on written down valu? Invpstrnents Invesiment In ihe subshJk4ry Is includad l Ihe Charitys finoncd slaiements ai wst. 1.10 Stocks StpEk& are Staled * Ihe bwer otrA)sland nel rea15able ¥8lue. 1.11 Oppratlng Lpa5PS The cost5 oloperalino l&ases ar8 charged io the kncom8 exp8rnditure atcouni as theyattft. 1.12 P•nslons The chrtath CoftlÈrenee T$t opeAte$a dÈfth contribu1n pÈr50#1 pen5Kn Scheme. ContrtsAlons are charged lo th6 $1818mentof Financkl Activit$ as they bEwrne payab. 1.13 Fl••n¢lal In9trumwnts eompanyh8s financkli as$È1S all(t liabilit5 of a kind Ihatqualify as basicfinanclal inslrumerts. Baslc Iranclal Instrumefiis are inib'al recognised al ¢r3nsaclion Val and sUbseqUenY measur8d atthelr seiuementvatue. Trod• and otherdobtor8 aro rprognised at the 5etllernent afflounl due after anytrgde ¢Jlxountoffered, Prepayments are valued atlhe amtsuni prepa. ntrl ol any trade dlscounts de. Cash at bank and cash hand ifjdude5 cash 8nd 5hort18rm tt(gh IKJuh1 In¥e$imentswtth a short ollhree moMh8 or1è¥s from the da of acquis¢fion or opening of the depps11 or sifflilar account. ¢dIo pmwlglons are remgnised where Ihe compaY ha5 3 present oblvjalton resuthng from a p25tevent lknatwill probably result in the transler ollunds tg a third party and Ihe amount due lu Sett the Db1i9alMin tan be tn8asurÈd or Èstimed lblY Creditors and provisions are nDtrnaly recosnised altheir SetrneI arnounl after bwing for nY tr8de discounts due. 1.14 Taxation The ChristsJn cferenCe Tmst Is poienl(81ty exemptfrom KaOn on its ineome and 9ains under 50ction$ 466 10 493 ofll¥t C•rpor8iwn TaxAct 2010 ad Secbon 2S6 of th8 taxat of Capital GaiTrs Act 1992. to extent Ihal Ihey are appl fu charrtable purposes No tsxats profilaiises on Fir5tConfeFenGe E$lale tsrnrfed due to the fact that al taxable Pfoffts are Qrft lo The C¥isiK?n Confvrence TFusi under Oe&d Of Covenant. l¢al AtcOthnng lu¢Jo•mènts imd kty sourtts of oStlrMtlDn In thè applitalion of the Grow'5 accounling policles. whlch are descdbed In note 1. Ihe InJslees are requiTed to tnakEjudgeTrnls, estimates and assurnplions aboutlhe carrying amoun1$ of assels 8nd1i8bJliltes Ih818re noi readity apparent from Other $our¢es. The e$titnales and ass(¢ialed aS8MptionS are ba8ed on fvL8torrcal ey¢ncè and Olherfaciors that are considèied io be relevant. Actual re5uMs may differfrom Ihtrsè agiunales. The ÈStiTnatss and undetlyin9 assumplK>n& are rpviewed on an ongoi9 bas15. Revisions lo accounliro estimate5 are recogni5ed In tha period Iheestsrnole is revised rfib¢ re¥l$knn affecls that period. Qr Sn Ihe period oflhe revision and tsture perp)ds ifthe rèvssKJn affects both cuent and tulure perh)ds. The financ1 staiernenls inrjude managerAent'8 estlmate ofthe costs 10 the closure oflhe wnference centre ai 8a¢w 8rKtge b&5ed thi professionai advice that has been receiv The Christ cDnfeCS Tnjst l Allnual Reportand Fywnaal Statemenis 2022r23 Pe 17
The ChTlstlan Conference Trust Notes to the Financial Statement$ For the year ended 31st October 2023 2Q23 20Z2 In49rn0 from DonafiDn IndlIdual giwn9donalitins Of l¢tal dwaiK>ns (ted above £0 1$ ?ilrrbuiable10 ffjlrGled fuDds12022..£0I and £0 is attribut8ble lo unre5tTi¢ted fvnd$12022..£01. 2023 2022 Ineornefrom Charltiblè Activiti•s Conf8renc8 fefrs 5,872,687 5.506.646 S72.667 5.516,646 l income fvomchgtiith actie5 is altribulable lo urestrted funds. 0th8rTr•dlTrg A¢tl¥ltlp¥ 2023 2022 Trading sub$Klk%ry3ctiwlts.. conferen fees Bar and $hDP Sates Subshlkqry renlal incom (Sal 1,640.972 236.343 17.699 1,3B5,014 1.387.430 203.531 16.583 1,589.514 rru5t rental Èicome Olher4)peraiing CoMe 8,427 8,376 6.QOO 1,907,817 1.595.$46 TT&dlng subsidlary Thè Christian Conferènce Twsl owns the ¥vhola of the issued ordinary share capllal of Firstconfererte Eslaie Lld.. 8 ¢omp8ny regstered England and Wales. The she Capit af Ihe sub5N118ry consists of 110,358 sha$ of £1 each. The princy81 acli¥ty ol First Conference Estate Ltd is that Df provpjhg Conlerellce faolites to secularthEritie3 and OIhErorgaTri5alic$. the provision ol 8H bar and shop facilitres for CLfen¢t8 h?j 81 The Hayè5, High LEigh and Be15ey Bridge. ThE taxable profits of the subs1ry are giNed to The Chrisirdn Conference Trust. 2023 2022 Turnover Cost otsales an¢ adMl&strat)n expenses Managemenl chargefrom parenteompany Other operating incom& 1.677.315 1210.9641 1.570.961 195,9581 11.266,7381 18A83 17.699 Net Pioflt J02.9S5 226,850 Amounlgiged ts parèntcharity 1502,96S1 1226.1501 R•tain•d In the $ub$ldL8ry The aggrege oflhfr as8ei8. liabaii¢es 8nd resew ofthè subsidL8rywer6'. Assets 1.145.518 1984.9441 180,572 1.842,0&3 Agyreoat8 8*are caphai and reservès 160,572 Invetsiment Irtf¢)me 2023 2022 ank Interest The Christian ConfereTrts Trltst l Annual Reportand Finan¢k81 SlateFffdnl$ 2022123 Page 16
The Chrlstian Conference Trust Notes to the Flnancial Statements For the year ended 31st October 2023 Analy81s of ExwndRu Dlr¢¢t Stall cosls Othor tslro¢t ¢O$ts Is•e note Support costs l$¢e noi¢ 91 Totsl 2023 Totsi 2022 81 Expondtturo on: RaLsing FuTrds (Tradlng subsary aciivibÈSI 7a1 55.387 133.023 107.003 295.413 123,549 Tot•1 E¥pgndl¢uTr gen0ng fund8 55.387 133,lJ23 107,OL)3 295,413 123,549 Conferen&ng a¢ti¥ltlas Be15ey Brge eknsure 2,449,070 2,174,615 2.825,924 7.249.609 6.775,928 299,376 Total ExpettdKurt on thaTltsble acthihk$ 2A49.1170 2,174,$15 2,626.924 7,249,6Qg 771 J04 Total Expendllure 2,604.457 2,307,638 2,732,927 7,545.022 7,194,853 Tot41 expendltufe Z022 2,563.14S 2,176,$20 2.455.188 7.194.8¥3 l expwditure incurred Bdwiknes was attribulab to Unrest¢1ed f$fOr boih eurreni and prfor yeai. COMPARATIVE INFORMATION.. AIIALYSIS OF EXPEMDIYURE YEAR ENDED 31 o¢foBER 2022 Dlrottstaff costs OthrDlr•¢t ¢08ts19e• not• SLtpport Costs Isee note 91 Toial 2022 81 ExppOd#u on: Rall Funds (fradlng subsldiary aciiwties) Is•e nots 741 81.389 42.160 123.549 Total Exppndttur• on g¢neratlng fur 81.319 42,160 123,549 Conlemong %ltS 8elsey 8ridye Closure 2.529.091 34.054 1.833.809 261.322 2.413,028 6.775.928 29S.376 Totsl ExpEndttur on ¢hwrft•bl¢ 8GtfvftieB 2,663,14S 2,096.121 2A13.028 7,071,304 Total Exyndlturo 2,563,146 2.176.520 2.455,188 7.194,85J The ChristTr CoDferen¢8 Trust l Annual Report and FIrtartl siaietnen15 2022r23 Page19
The Christian Conference Trust Notes to the Financial Statements For the year ended 31st October 2023 2023 2022 78 Ralolng Fund¥ Tradin9 subsdjary cosls relate to.. Bar and shop costs Oireci staff cosls Support cos 133.023 55.387 107.W3 81.389 IS not• 91 42.160 298AIJ 123.S49 Olhgr Dl¥Kt ¢ts An4lys1¥ 202J 2022 Confeiences direcl c05t5 Repgirs, renew&lsand maintenance 8ursgri88 Beisty Brfue tkisure tosts 1.e19,590 62$,664 59.365 1.J73.389 st1,734 30.075 261.322 Total Oth•i Dlrect costs (geo note 71 2.307.639 2.170.52Q Other dirxt costs havebeen alhicald auD5s activlips as folknw5.' R8tsing knds Charitable aclpib"e5 l¥ee ngte 71 lsèt nots 71 133,023 2.174,61S 81.3&9 2.005,131 Totsl Oth¢r Dlrect Cots Is¢• not•71 2,307.639 2,176ZD support Cost AnaWL8 2023 2022 Staff SUp)rt costs FlnancL91 Jdmln &managernent¢05ts General tunning &adminstrgti Rale5 & ]it5 OpeTaliTrg ases Cornpuier& IT ¢OSts TplpphoTre. postag8 & printiny General PfeSSnal fee5 Trauillig and other staff TeIed c951S MarkeiiRg Dépreuain Insuravrce Loan inteFe$i paid B4nk charges 449.837 387.418 46,006 484,640 51.921 122,464 28.805 20.272 45,546 79.338 628.685 280.137 299.145 60.288 581.490 39.779 136.912 30,336 49,744 69,698 133.%1 510,755 99,033 60,448 6.454 97.008 111.540 10,393 149.920 Total SupportCQsts Isoe llvte 71 2,732,92 2,456.108 Swport CO& Mave be allocated on a s¢aff co# ba&& to activliÈ8 as fofth¥s'. Raising thnds Chaiitabl act[$ (See TrolE71 1¥8• tbots 71 107.003 2.625,924 42.180 2.413.028 Total Support Costs 1888 noh 71 2 732 928 2 455.18 The Chrislwn Conference Trusl l Annual Report ad Financxl Slalernents 2022123 Page 20
Thg Christlan Conference Trust Note5 to the Financial Statements For the year ended 31st October 2023 2023 2022 GovgTnan¢O ¢09ts Slaff & rnanagemenl cosls Tru5tee5' expense5 eoard rnember5' Ik4bKty iTrsuTrnce Le9al and prolessw31 Ipe5 Auditu'$ Remunerallon18oe n• 101 70.274 2.401 4.620 46.365 25.260 61249 6.142 4,296 25.221 Yotal GovtrnaTr Costs l¥e• noth 91 149.920 9708 10 Pld lexpendlturelfortheyear 15 slated after chargBIg'. 2023 2022 tleprecBDDn of owned as5els 628.685 510.775 Intsre81 on b8nk toafis and ovèrdrafl 111,540 51,921 60.448 operall leases 39.779 Auditots MUneration". - Cuffani yaar fÈÈs'. Extémal audil PrioryEarfees". Extetnal audit underl lover) accrual - Non tudil teIceS.. thounts prep8ralK) - Non ad)I Str¢8$." Taxcornpl'ance-ru(Tenl year 21.750 t600 4.516 3.6fO 1.195 3.935 1.300 Ied in audilorfs remuneral¥)n is £8.000 rokqlno to the Cost of the audit of ihe subsidiary12021122.. £6,S251 and £2.900 rdating to C05t of non audll $gNKes12021122.' £2.660}.' these amoun15 have bsen induded In ihe Irading costs of the subsldlary. 11 Stalf costs and empltytè benetlts. Group Cbarlty 2023 2022 WaJÈs and salaries So31 security costs Pen5x>n w515 3,054.616 f86.400 1%,209 2.942.307 159.480 88.834 3 377.224 3.19ri.682 Rèthindaney and iemiination costs totslling É2.298 ale illduded staflcosts reported abtr4812022.' £34,054) Staff Costs have baen allocated lo aciwit*5 as bebw.. 2023 2Q22 Raislng funds charilabk actWilEs Support¢osls 55.387 2.449,070 872.768 2,562,145 627,537 3.377,224 3.190,182 I Siaff arè en¥)byed by perent cn8rii8bk ctympany. The Chrfsiian clem¢e TrnbSI. 2023 Z022 No Average nrtber ofstafl 175 119 The numberofernpbyee5 whose Om0MentS. &xdudlw p8n$n conlribulv)ns 8nd ¢tRp1Dyer, naliDnal in5urall, ilUn9 IHxab)e benefits. w8r6 in 8xce8s of£60.000 h Iheyear was a$ fdlDWS." 2Q23 2022 £100.001- £110.QOO £70.001- £80.OOQ £60.001- £70.OL The Chri51ian Conference Trust | Annual Reporf and FIn8[ st8Ments 2022123 Page 21
The Christian ConfeTen¢¢ Trust Notes to the Financial Statements For the year ended 31st Octobgr 2023 The key rnanagerreol personnel oflhB Group are lisied on page 2 and comprise those ofthe p1 chartsab company. Th8 Chrlstian Confence T&t and 118 who+ty owned trading sUbs¥ry Fi151 Conference Estate Lld. The lot81 refflunvabon lindu¢ing contribul¥)ns aTht employers, nalional Insurancel pf ihe key management per¥oThnel of the Chavty for Ihè year totalled £379.78812021122". £378.5561. 11 TrnJieFs' Rerntsmeratlon 2023 2022 Pensk)n to Mkhael Kthlfyl. as a fotmèr execulivè dir¢¢tor ¢lth¢ sub5KIiyry 2,109 2,017 Other Ihan IhÈ abovè. thè tru51eÈS lÈ no rémuneralitn forthdr sepvKes bul are reimbursed forthwr iravel expenses lo Bo8rd mliFys and sundry oiher expenses incurred. During th& period endÈd 31 OGlober2023 ts4¥elin9 and other expenses relmbur5ed lolallkno £3.401 12021122.. £6.1421 to 14 1202t122. 91 Iruslee5. In Sdilion. Ihe urwp malntains an insutan pok¢Y for diieGtor4 a91 babilitE5 in rektiOntot group. c05tsng e4,62012021122'. £4.2961. 11b Emplohyè retFrmenl bénefits The curyenl pensh)n Scheme fw slallis princip811¥ 8 Group Pef80n81 PensTon plan with Aviva. lft ad(ItK>n 10 this pensitsns are alBO made toell910 fQtrnrdeGto[s ol First conferen E5fale Ltd and Iheir 5Ut¥Ing spouses. Group8nd Cha 2023 2022 starfn$n tosis Pen$K)ns furmerdvèdors of the &ubsidiary 131.415 4.794 82,965 5.869 136,209 As at31 Oclob8r 2023. total penston ¢untthtic* outstanding toiaHed £15,07512022". £11,96J} a1 inthd2d wthin [-end ¢¥10[5 85 per noi8 Th8 Chnslkqn conferen Trust l Annual Report and Financk81 stsiements 2022123 Page 22
The Christian Conference Trust Notes to the Financial Statements For the year ended 31st O¢tober 2023 t? T$nglble Ilxwl A99ets l of Ihe actwilE5 undertakeTr by the *arity fsl wilhtr tho exemptlon¥ granted 10 charities by legislatitin. Gipup & ¢h•rty Land and Bultdlngs PlanL Equlpmèni 8rt Vehlel•s Total Cost 1st Trlowember 2022 AddiliNs 15.990.514 24.750 6.396.177 451.169 22,386.691 475.919 At 31 O£tobèr2023 16.1115.264 6,847,346 22.162.610 DÈpre¢l•tltsn 1st November 2022 Charoe fi)r year 4.ess.423 3f9,38f 5.569,894 309,304 10.225.3)7 628.685 At 31 O¢tober2023 4.474.IOA SA79.198 to,8Y.¢02 Noi book ¥alu• At 31 O¢tober2023 11.040.480 968.148 12.aQ8.608 At31 Oetobtrr 2022 11.335,D91 626.283 12,161.374 The ll81 Illl85 of IhÈ propertiès resi• with First Coence E51ale Ltd wilh ben8fKial ownership beng1Th0 toThe Chtitsttan Conference Twst. The prOPert$We mÈluÈd in 1996 before tre0 asgned over to The Chrfsiiaft Conference Tru51 on a 280 year ase al an annua5 rent of£1. erfectwely a long ka5ehohS propety whlth was prior to thè IMeMeIdIK)n of Finar<ial Reporfing Standard 15 Ilanglble fixed asselsl. The does nol rovalue its fixed as&ets and teiain5 Ihe bk amunt50nlywilhin Ihe Financkil Stslements. Land aad Buildings 2D23 2D22 At Valuat- 1996 Auditi5 91 cost 2.719.999 13.Z95.265 2.719.999 13.270.515 16.01S.264 15.990,514 Ilst8ted underhisbrlcal cost rlples, the cparab aMnIS foy the totasfreehokl pIapetyW be. Cost ta The Chri51&?n Conference Tru AcGumulaled tjepreewtson 15,829.713 14.869.188) 15.e04.963 14,$54.4431 Hi510rffjal w$1 rtel book va 10.960.52S 11250,$20 12a L8lld and Bulldlnq¥ corrIS• th• hllowirtg.. Group Charlty 2023 2022 2023 2022 Ffe8trKj Propert Long18a3ehold propptty 16.015.264 15.990.514 16.015.264 15.9,514 16.115.2 11,990 514 16,015,264 15.99D,514 The Chrisilan Contsrence Tru$t l Annual Report and FinatKial SWeMents 2022rd3 Page 23
The Christian Conference Trust Notes to the Flnanclal Statements For the year ended 31st October 2023 q3 Investmènt in gLtbsidiary Charlty 2023 2022 The Chrisban Covference Twsl has a wholly owned SL5idiary Fffsl Conler8nc£ E51ate Ltd a8 dei& in NDle 5a. The amouni dlsclosed is at¢ost. Inveslmemkn 8ubsbJiary Iregislraiion numw 001095S81- Note 5a 110.358 110.358 14 D•biOrn ono y8aY Group ChaEKy 2023 Z023 Z022 2022 Traoedebiws Amounls Ju8 from subsidiary ufderf8ki VAT recoverab Prepayrnents. saks dep051ts and accrued inco 255,469 427.OV2 226.749 362.644 977.524 1$.586 165.178 405.340 346,841 349.364 165,178 604.833 692.270 97&929 1,521.93S 15 CTedltors'. amounts Iolllng dye wlthln onoye¥r Gioup ¢haTty 2Q23 2023 2022 2022 Trade ueditors Amowtowed lo subsh1hry undertaklTrg Loats payats (see notè 171 and 80cLal Sectsiity 512,528 53Q,34(k 49B,599 336,509 460,000 36,934 497.962 460,000 36.934 259.633 25.898 346.686 460.000 50.156 297.429 22,069 381,YO 460.000 50.156 VAT payabltr Other Gredlors A¢ciuats and Defwred Mcom8 18.567 335.789 22.078 344.250 Depp5rf5 for fulurev)nFwenGes (see nole 15al 1.393,853 1,231,990 1,143.172 975,986 3,0)S,532 2.9S3,S34 2,829WO 2,3SO,432 15a Deposrt¥ lorluture ¢onfer¢n¢p¥ Group Chartty 202J 2023 2022 2022 Broughlfow8rd Defetred in the year Released in Ihe year I,607,4 1,232,092 11.231.990) f,302,860 1,419.481 1.266,971 1.028.572 1975.9861 1,064.674 202.297 1,607.366 1,607,264 1,319,567 1,266,971 Depo&ls for lulure confèrences l¢ldeS £213.51312021122." £375.2741 held by tho group in respectofcofifereAC85 schedvled tot&ke more than one yvrtrom the bakinTr sheet dale The Cbtslian Contsence Yrusl | Annwl R8p(xl and Flnan¢i81 Siatsrnents 2022r23 Pa 24
Thg Christian Conference Trust Notes to the Financial Statements For th¢ year ended 31st October 2023 16 ¢redIto.. amounts falllng duo aftoronè yeai Group Charlty 2023 2023 2022 2022 Dapoth tsrfuiureconf8reces Is8e not8 15al Loans pay8& (see note 171 213,513 948,333 375.274 1,408,333 176.386 948.333 2Y),985 1,408.333 1,161.847 1.783.607 1,124,718 1.699,318 t7 L••n$ payabJ• Ltsan5 payable induths £1.408.39312022.. £1.868.3331 re¥ng io 2 ts8nches of UK Government Coronavtu$ BSinesS InterruptiDn Loan Scheme rep8yob to Ba[cy$ Bank PLC. Inieresi on thè 1st loan tranthe ts charged al 2 99% over base rato and mth)ihty capital and inleie51 payentS in Seplember2021. Interest on the 2nd loan trdnche Is charoed al 3.39'h over b88e ral8. Capital repayménts are dut as folk$". 2023 2022 0-1year 2.5year8 460.000 948,333 460,ODO 1.408.333 1,408,333 1,868.333 The loan is secured by a speckfic Ipg41 Gharge on prw)erty. The Hayes Conferwtce Centre. SvAnwick. Derbyshire. The ChrIStll Confereftce Trust l Anllual Reportand Finan¢K81 ststsments 2022123 Page 25
The Christlan Conference Trust Notes to the Financial Statements For the year ended 31st October 2023 18 Rècoth¢lllatlon of mo¥•metht In Iun4J$ Year endod 31 Ottobèr 2023 Gro 8alan¢e Ic)me Expendltut Other8aln¥ & Trnn$Kers BalarJ¢e crt Llnv25trf¢ted Fund5 General income 10,382.208 7,780,504 17,485,657) (7,1381 10.669,917 eslynat¢d fund¥ Bursary funds Rèv8lu8lm resetve 49.163 111,829 159.3651 1,774 14,6361 1,572 107.193 T4)tsl Unvestslctèd Furtds 10.543.ZDO 7,TBO,6D4 17.545,0221 YO,778.682 Total Fund¥ 10,543,200 7,780,504 17.545.022) 10,778,682 Balance brf lTh¢om• Expendltuie Other 9aln$ & Transfer Baf8rtce ¢M lJnf09tr1¢t•d Fvnds Genetal incomefijnd 10,331,987 7.576,501 (728t,6531 17,1361 10.619.597 Deslgnated fund& Bursary funL15 Revaluation reserve 49,16S 111.82g 159,3651 11,774 4,6361 1.572 107,193 Total Ufirttstri¢t•d Furkdb 10,492.979 7,S76.SOq 17,341,018> 10.728.462 Total Fund$ 10.492.979 7,$7$.SQ1 17.341,OIBI 1Q.728.462 Mursary Fund$- A desigMie¢ unrestricled bursary fund rnalntained where 50h of ibe netgenwal fvnd Surplus is albtaled ID Ihe fundeach year. BU3[& are a¥aiK4k)lÈ to organisatitsAs forihe support of indwaduals attending Gtsnferènces ai y of the t8nires. Thè amouThiof rary #warded tc 8n oiganisatlm is charoed ag8trrn51 the bursary fund when the ¢onfererLce h85 taken place_ Revaalln TTre- Unreali$ed capital surpkn¥es and defi¢rf5 #F15in9 on the rtvualion Otrnd and buildlttg8 are taken kn 8 6x8d &set relUat[On resetve. An allnual am¢Junt, equalent lo the addilional depreciation on revalued Hssets, is transferted trom thè rewahjation r8serve fvnd lothe unre$lTrcled oener81 income fund. The Chrfslian Conference Tru$t l Arinual Roport and Fsn*a81 Ststern0n15 2022Q3 P8ge 26
The Christian Confvrgnce Trust Notes to the Financial Statements For the year ended 31st October 2023 18a COMPARATIVE INFORMATION= ReconGifiHt4on uf rnovernenl In for Y#ar 31 O¢tobei 2022 R?ststed BAtsnce brt Incom• Exp•tydtture Other galns & frnn$fers Balancp trt Unregtiktgd Funds Gen¢fal Income fund 9,500.160 7.102.191 17.164.778) 944h36 10,382,209 De¥lgnatod funds Burs8ry lund$ Revaluation reserve 79.238 116,465 130.0751 49,163 111.829 14.6361 Totsl lJnrostrf¢iod Funrfs 9.695.863 7,102,19t 17.194,8531 940.000 10.043.200 Restrf¢t fynd5 Tuwer project Fut>J 940.000 1940.0001 Yotsi RÈ&tri¢tsd Funds 940.000 1940.OODI Totsl Funds 10.635,862 7.lQ2,191 17.194,8531 10,543,200 Fot1Tr4g a revtew of re5eNes durinu theyear. ndS held as 1419 lo a'G3tNt81 reser, and a.revalua reserve'¥Me fOUt to beerroneousty show#7 as reshicted ftsnds. No resiriBIK)Trs exist regards lo Ihe5e funds and 80 Ihey ¥Yere reclassifi2d as uniestittsdfunds. 8alantt blf other galll$ & Tian8f2rs Chaw Exp•ndrtu Bal3n¢e ¢11 Unr•$trlcteth Funds General COMe frjnd 9,449.947 7.D24.286 17.D86.8B21 944.836 fO,331,987 Dest9natsd fLEnds Bursary funds Re¥alwn re¥ee 79.238 116.465 (30.0751 45,163 111,829 14.6%) Totsl Vn148lrlcted Fund¥ 9.645.650 7.024.286 17.116,9671 940.000 10,492,979 Ileth¢ted Tth¥er pr¢lect FuTrJ 940,000 1940.0001 Totsl R•8trfcted Fund8 940.000 1940.0001 Totsl Funds 10,$85,6SO 7.024.2a$ ff.116.9571 1Q.492,979 Bursary FuTrd5- A desvjnateé unreslric¢ed bursary fund is maintskned wh8re S°A of lh8 netgeneral fijnd surplus is alknGlted lo the fnd Éach year. Burs8ltes are available to DrganisalK)ns forlhe supwrt of individuels attending conferences 81 any of Ihe canlres. The arnrit of Iwrsary awarded 10 an OTgani$alK)n t¥[geo 8galn51the bursary bjnd wh8n Ihe conferenté has tsken plate_ Revaluatlon re$erYe- unrealed cayt81 surpluses •na dafiots arising on Ihe rEvtiDn i)f land and buiktinys ale tal¢en to a fixed assélrevaiudb tesÈtve. An annval amount. equ1TrJanI lo the addltSoDal depre¢lallon on revalued assets, Is transfetrpd frorn the revaaan reseNe fulld tothe nre51ri¢rt general Income fuod Tow•f Prol•ct Fund. Th8 fvnd ft$ ?rnaunts gifteis for fjnan¢ing the rebulldlw oflhe soulhem tower al HwJh Leigh. The lawpr rebudowas cornpÈled drIng year to 31st Ociober 2023 and thus the reStch0n of inthalgift fvo5 beendischarged and released lo unr851ncied 9Ènerai res8rves. The Chdsin Conference Trust | knnual Reporiand Financkgl Slaterwnls 2022123 Pag8 27
Th8 Christian Conferonce Trust Notes to the Financtal Statements For the year ended 31st October 2023 19 Analy61$ of a88&ts and Ilabllities beNY•en lunds Desl9n8tsd Fund R6¥trlcted Fund Total Fund Gro Tangible fixed assets Cuf¥gni asse CuryBnt Nabiliiies Credittrrs due afterone year 11.901.415 2,965,881 13.035,5321 11.161.847) 107.193 1.572 12,000,608 2.967.463 13.035,5J21 11,161,847> Ywr end¢d 31 O¢t•b¢r 2022 10.669,911 108.765 10,778,682 Cha Tangible fixed assets lThveslTnenl in sub5KJk4ry Current assets ¢eI liabilitie5 Creditots due afteroneyear 11.901,415 110,358 2.562,213 12,829.5701 11.124.7191 f07,?93 12,008,608 tfjO,358 2,563,78S 12,829,$701 11,124,719) 1.572 Y¢4rended Sl OGtob¢r 202) 10.119,897 1Q8,765 10.728,462 Unre$tri¢tsd Fund Do¥lgnatod Fuhd Ro8trteted Fund Total Tangib ftxed assets Current assets Cuirent lbilit$ Credltors e afterone year 12.049.545 3.069.804 12.953.534) 11,783.6071 111.829 49.163 12.161.374 3.118,957 12.95J,5341 11.783.60YI At 31 Octo1 2022 10.382,208 t60,992 10,543.2DO Tangible fixed 858e15 Inv8sbmenlin subsKJiary Currenl assets Currenl labilib.es 12.049,545 110.358 2.221,834 P.250.4301 111,829 11161,374 110,3$8 2,270,997 12,350.4301 49.183 Creditors due afteraneye 11,699.3191 1.699,319 At 31 O¢tob•r2022 10,331,988 160,992 10,492,979 Tthe Chitsiian ConfeYen¢e Trusl l Annual Rewt and Financial Statemants 2022123 Page 28
The Chrlstlan Conference Trust Notes to the Financial Ststements For the year ended 31$t O¢tober 2023 20 Capital ¢ommiiments GrDUP and ¢harlty 2023 2022 CtsrslrarAÈd foT bul not prov Authoriseil but notyet contr3¢led 52,S19 21 Operntlng tea&è5 Oper•llng T•a¥¢g- Lo8gor The group leases farm Ignd and stsrpbs builth'w areas kn third PaeS urtderoperabng se a¥rangement5. The tolal mlninum rental insowe receiw*k under nonuned1ab operal#iu 8$$ for propptly are ds blbws.. Buildlng 2023 Total 2022 thin s year Two to fve ye8r5 More Ihw S ye¥$ 7,B68 2.500 7,861 Ch Bulldlng 2023 Total 2022 Within a year Two lo five ye8r5 MoFè than 5 years 2.500 Z,SDO Operatlng leas¢- Le58•1 Total fvture rnininLYn lease p8yments undu nncellale •pernb a$a1 arè a5 falltsw$.' CoDferen¢¢ Equlprnent 2023 Vehl¢le8 Total Total 2023 2023 2022 Ihin & year Two to fwe years than 5 years 37.497 26.2$f 14.529 20 898 5Z.020 47.149 44,384 83,261 83.748 35,421 99.q69 127,845 Char con10¢è Equlpmtsnt 2023 V•hl¢le8 Toial Total 2D2J 2023 wtihln a year Two lo fve years Fth)re Ih8n 5 years 37.497 28.251 14.523 20.898 52.020 47.1¢9 44.384 83,261 64748 35.421 99.169 127.64$ Tha chrIsan Confeienee Trust l Annual RÈport and Finarridl Slalernenls 2022123 Page 29
The Cttristian Conference Trust Notes to the Flnanclal Statements For the year ended 31st October 2023 Related party Iransa¢tlons The Chri5tiAft Cfee Trust has a ¥tholty wDed Subry, Flrst cOnfen¢t Estate Ltd. The tradin9 a71188 ofthe ¢orThpany are sei out in Nots 5. The aMnIS duè 10 the subs1 are di$ck)sed in Note 1512021122.. 5tsbsidlary as di10$e0 in Nole 14). Dng the year 8 management charge of£1.181.49512021122' £f.266.7381 was made from itt6 Trnst to the subsidlary compa#y. Therewere no other related party Irans¥iws during Ihe wr12021122. non&l. Re¢on¢lllatlon ol K6t Incom to net ¢a#h Ilows pMvld•d byoporatlng ctIvIt$ 2023 2022 OpeTatlng 8ttlvlti08 Net Incomel (Expethdliurel tsr the year 235.482 192.6621 Adlu5trrtnis tQT'. InterÈ$t payable on bank ban$ Opbenltjre k)ari 5trKk Iniere$t re¢èivabltr DepreCIn and deficit on dK%wsal of tafigib atsets ImPaeThI offixéd as$Èts Ilnuea5el in stOGk Ilncreasel In dsbtors IOecfft8sel in Csedito 111,540 60,448 628,685 510,775 56,972 125.7881 153.0311 686.108 127,739} 179,7621 Not cash provldvd by oporatlng letse% 866.643 1,122,822 Pt Balance Shept Even¢ Alter Iho reportirg dale. The TnJ81enl8red Into a purchase agreem8n(to acqulre a third CDnfer&nce fntre ai HvJh9aie Sn Northamptonshirè for £3.4rn. ThE qUITon was wmpleled on 14th FeiKuary 2024. finanGed bydebl secured woperty The Chll5tian Conference Tru511 Allqu¥l Reportand FipancLg1 Slaternts 2022123 Page 30
The Chrlstian Confèrtrnce Trust Notes to the Financial Staternent$ For the year ended 31st Octobgr 2023 26 COMPARATive INFORMATIOPI: CON50LIDATED STATEME14T OF FINANCIAL A¢7MTIES FOR YEAR ENDED 31st OCTOBER 2022 Ufirèstslttted Funds Restrlded Funds Total 2022 Total 2021 In¢om¢ Irom.. DoanS Chariiable aclriities Qlher trading activi15 Go¥ernmenl grants Investht income 940,50e 1.383.512 688.552 303.501 5,506,e46 1.595.545 5.506.$46 1.595.545 Totsl Incorne 7.102.191 7.102.191 3.316.073 ExperLdltur¢ on Generating tunds ODgtyno Charit8bk ae¥ 123,$49 6.775,928 123.549 e.T75.928 65.867 4,149.491 Plet Incomè I lexpendliuvel IoTths y00r beforo x¢p tlonal costs 202,714 202,714 1899,2851 Excepts"onal ¢osls'. Be15ey Bridge closure 295.376 2.376 f4)tsl frxpfyndhui? 7.19£8S3 7,194.853 4,214358 Net IExp•ndltu¥•l I In¢oftx• lorthe year bpfore trth8féF 192.662} 92.6621 3.3q6,07J Transfers btheen fvniss 940.0 1940,000) Nat m¢)vém•rrt In fv#ds 847.33¥ 1940,0001 192,6621 1899.2851 Reco£1117119rt of tunds Funds broughl fefv4ard 9.6e5.862 940,000 10,635,662 11.535.148 Tow lunds fotward 10.643.200 10,643,200 10,635.863 The stalementollnaual aGtMbes IrKlUd 811 gaiD5 and ID5seg rewni5ed In the year. All IrKome and 8xpefidre derwes cgntsnuing acti15. 2022 2021 Nel Income I IE%penditurel forlhe yearbefore excaptron81 costs ExGeplnal C05ts.. ae15ey 8fjdge thure 202.714 I2.376) 1899,28S1 Net IEKp•nditurel lorthB year after pxGeptlDn•l ¢o¥ts 192.6821 1899,28SI Nel Income." The TnJstgener31ed a swplus of £0.2m12020121.' deficit EO.9ml. belore taking In xcouni eteplb)nal costs reiaiing to ihe ¢losue of Belsey Erklge. leading lo an overall a*nual deficit of £0.1fft12020121.. £0.9ml forlhe Trust. Ttt• Chr551ian crenC0 TTrJsi i Annual Report and Finon¢io1 $131ernents 2022r23 Pay 31