Registered Company No: 3203917 The Christian Conference Trust Consolidated Annual Report and Financial Statements for the year ended 31 St October 2024 Registered Charity No: 1056604 seNing the Chnstian family, with beautiful venues and great hospitality, to see ministry flourish The Christian conferen￿ Trust Trustees, Annual Report For the year ended 31$1 October 2024 Contents Page Reference and Administrative details of the Chanty. ils trustees and advisers Trustees. Annual Report (including Strategic Report) Slatement of Trustees, Responsibilities Independent Auditorfs Report Consolidated Statement of Financial ActNities (incorporating a consolidated income and expenditure account) 12 Balance Sheets 13 Consolidated Cash Flow Statement 14 Notes to the Financial Statements 15 Pa9e I The Christian Confeience Trust Annud Reporiand Fi1￿Cial st￿￿￿15 2023124 The Chrislian Conference Trust Trustees, Annual Report Forthe year ended 31st October 2024 REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS Legal Status The Christian Conference Trust ('the Trust°} is a registered charty (registration number 10568041 and is constituted as a company registered in England and Wales and limited by guarantee (registration number 32039171. Trustees Elected by members: Andy Lucas (Chair) Hayley Beckett Andrew Cave (co-opted from 1 May 2024) David Evans (resigned 30 April 2024) Dionne Gravesande Sharon Greasley Elizabeth Isola (resigned 7 October 2024) Michael Kinton (resigned 15 April 2024) John Levick Nicholas Myers Michael Page Michael Talbot (co-opted from 11 April 2024) Michael Quantick Bankers Barclays Bank plc Charity Bank Third Floor Office Fcsse House 2 High Street 182 High Street Nottingham Tonbridge NG12EN TN9 1BE Auditor Moore Kingston Smith L L P Devonshire House 60 Goswell Road London EC1M 7AD Registered Office The Christian Conference Trust The Hayes Conference Centre Hayes Lane Swanwick Affreton Derbyshire DE55 1AU Senlor Leadership Team John Heasman Chief Executive Lorna Page Finance Director Mark Rowe Sales & Markeling Director Heather Thomas Operations Director Paye 2 Th¢ Chrisii•n Conlereq¢e Tnjst Afinual Fleport aF￿ FIna￿¥al st*l￿*r￿ 2023124 The Christian Conference Trust Trustees, Annual Report For the year ended 31 sl October 2024 STATEMENT OF FAITH The Trust's Statement of Faith is "Ilwe confess Ihe Lord Jesus Christ as God and Saviour and seek to fulfil mylour calling to the glory of one God.. Father, Son and Holy Spiiit.. OBJECTIVES The charitable objective for which the Trust is established. as stated in its Memorandum and Articles of Association, is lo promote the Christian ￿lIgIOn, in particular by providing facilities at less than the commercial rate for conferences retreats and meelings- This is achieved by reinvesting the annual net surplus of the organisation lo continue to improve and develop the facilitie5 available to guests. The Trust runs centres for residential and day conferences. There are currently three centres: The Hayes in Derbyshire. High Leigh in Herttordshire and Highgate House in Northamptonshire. Our centres have a rich Christian legacy with which many of our groups are connected. As the charity is non-denominational in outlook we aim to provide inclusive. safe. comfortable and welcoming places of conference and prayer where, in the words of one of our founders. 'all Christians might meet and take counsel together about the affairs of the kingdom of God.. We put this into effect by.. seeking God's leading for the Trust in all that we do organising ourselves to meet our guests, requirements, rather than expecting them to meet ours striving lo treat Our guests as we would wish to be treated valuing each member of staff, providing them with support and training a5 necessary, offering employment based on a mLrtually beneficial relationship, and recruiting in the expectation Ihat the Trust's Christian ethos will be honoured and promoted empowering and encouraging each member of staff to take decisions that improve or enhance each guest's experience of our centres playing our part as an interested and concemed Corporate citizen in each community where we operate Where there is excess capacity, the Trusl additionally provides hospitality and conference facilities to charilies and public seclor organisations that are not primarily Christian. through a wholly owned subsidiary company, First Conference Estate Ltd. All taxabk profits of the subsidiary are gifted lo the Trust, PERFORMANCE ANOACHIEVEMENTS We thank God for another blessed year of operation wilh strong demand from churches and Christian groups spending time away together in residential ministry at our centres. We achieved 119,100 visitor nights for the year {2022123:101,500) the vast majority of which were attributable to churches and Christian groups as we continue to deltver the principal objective of the charity by being able to provide these group5 Wlth the benefit of charges at less than the comm8rcial rate. A combination of great value, beautiful well-located venues and wam Christian service consistently leads to very high levels of guest satisfaction and repeat bookings. In February 2024 the Trust completed the acquisiiion of Highgate House in Northamptonshire, with the centre ¢)pening to guests in June 2024. In launching a third centre. the Trust is able to offer 309/0 more space for Christian groups to benefit from rates that are on average half the price of commercial venue5. Following several months of operation, Highgate House is already proving to be a very popular centre with Christian groups. In October 2024 the board of trustees approved a £2m prqect to build a major new conference hall at High Leigh, with works commencing on site in February 2025. We thank God that this project was funded entirely through the generosty of a Christian donor. We are blessed with a committed and servant-hearted staff team. many of whom live in the local community in which each of our centres are located. During the year we celebrated our inaugural Hospitality Academy graduation at Highgate House as part of our existing Pathways programme. We also invested heavily in our learning and development environment during the year, to ensure our staff team continue to be well trained and equipped. During the period, 57 (2023124.72) Christian conferences were able to benefft from tsursary funding, with £37k {2022123:£59k) being awarded to those delegates in part￿ular need of addttional financial support. Page J The Chrfsiian coll1￿n¢e T¥U$tAnnu￿ Rewrf and Fin￿¢1* Sta¢ments 2023rd4 The Christian Conference Trust Trustees. Annual Report For the year ended 3191 October 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Corporate governance is as relevant in the charitable sector as it is in the commercial world. The trustees of the Christian Conference Twst aim lo have high standards of accountability as well as a proper and ethiGal performance of their duties. During the year the Board and its four committees met regularly, both face-to-face and by video-conference. Governance arrangements The Trust is a registered charity (registration number 1056604) and is constituted as a company registered in England and Wales and limrted by guarantee {regislration number 3203917). Its objects and powers are set out in its Memorandum and Articles of Association, most recentty revised in 2021. The trustees of the charity are the directors of the company and are known as the Board. The 8oard meets quarterly and is responsible for the strategic decisions of the company, having regard to advice from senior management. Day4cKlay operational decisions are made by senior management. The Chair and Chief Executive are in regular contact between Board meetings. The composition of the Board is as follows: The Board comprises a minimum of four and a maximum of 17 trustees Trustees serve four-year terms. and no trustee can serve for more than three consecutrve full terms without a break of at least twelve months While five Christian charities each have a right to nominate a trustee, none have done so in recent years and three have indicated that they will not do so in the future Other trustees may be nominated for election by any member of the Trust. Tru3tees may also recommend individuals for election Eligibility for election requires subscription to the Trust's Statement of Farth and must be either a mernber of an organisation which is a member of the Trust. or an individual who is a member of the Trust Appropriate training is provided for new and existing trustees as required. The names of the trustees who have Served on the Board during the year and up to the date of signing are shown on page 2. Michael Talbol and Andrew Cave were co-opted by the Board of directors in April and May 2024 respectively, with their subsequenl ethtion by members in April 2025, for a first term of four years, There are four Board committees.. Audit and Compliance. Estates and Health & Safety, Sales & Marketing, and Strategic Funding each having Specif￿ terms of reference and fundion5 delegated by the Board. Management Structure The Chief Executive is responsible to the Board for the overall management of the Trust's affairs, leading the Senior Leadership Team which comprises Ihe Operations Director, Finance Director and Sales & Marketing Director. The current 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 induslries. The Chief Executive is a non-executive trustee of tsvo other unconnected Christian charities and is also on the worldwide board of an international umbrella association representing Christian residential ministry in over 80 countries. This involvement with other Christian organisations enables the sharing of best praclice in leadership and governance for the benefit of the Trust. Senior Leadership Team Remuneration Policy The Trust is commilted to ensuring we pay our staff fairly and in a way which ensures we attr&t and retsin the right skills to have the greatest impact in delivering our charitable objectives. The Audit & Compliance committee also acts as a remuneration committee on behalf of the Board, reviewing staff remuneration at least On￿ annually. The committee reviews Senior Leadership pay against comparable third-seclor organisations and ensures salaries remain compettiive within the sector in which the Trust operates. P•3e 4 The Christian Corderence Trust and FinanaalSt*emBrts 2023124 The Christian Conference Trust Trustees, Annual Report For the year ended 31st October 2024 Staff The Work of the Trust relies on the commitment and hard work of valued staff. Whilst the d￿lS￿on-MakIng processes within the organisation incorporate consuliations between the lines of management, communication links with staff are maintained by the Sen1￿ Leadership Team, through general staff meetings. departmental briefings or discussions wth individuals. The Board recognises that, under God's leading, the success of the Trust is due in no small part to the continuing efforts of the highest order by everybody who works for the Trusl, whether they are guest-facing or work behind the scenes. The Board wants to publiclyacknowledge the great job that has been éone by the whole Trust family over Ihe pasl year.. thank you for all you do. Directors, indemnities The Company has made qualifying indemnity provisions for the benefrt of its directors which were made during the year and remain in force at the date of this report. Related Parties The Christian Conference Trust has a wholly owned subsidiary. First Conference Estate Ltd. During the year management charge of £1.3m (2022123 £1.2m) was made by the Trust to the subsidiary company. Publlc Beneflt The Trustees confirm they have referred to the guidance contained in Ihe Charity Commission's general guidance on public benefit when reviewing the Trust's aims and objecttves and in planning future activities. The trustees ensure that pri￿$ are kept as afft)rdable as possible, whilst still ensuring there are sufficient funds for maintaining and improving the facilities offered. They also recognise that Ihose delegates facing financial hardship may find it difficuSl to attend conferences To assist such delegates, the trustees have established a bursary fund which receives be￿een 5 %-100/0 of EBITDA generated by the Trust each year, Conferences may apply for bursaries to supplement their own support for such delegates. The actual amount granted is at the discretion of Ihe Trust's bursary committee to ensure as many conferences as possible can benefit from the fund. The scheme ¢ontinues to be monitored to ensure it achEves its objectives. Fundralslng Regulations Statement Under provisions of section 13 of the Charities Acl, the disclosure of fundraising practices is required. This provision is not applicable for The Christian Conference Trust given the Charity does nol partake in fundiaising activities therefore no corresponding fundraising income is raised. Investment Policy The trustees have the authority conferred by the Articles of Association of the Charity to invest monies not immediately required in such investments as they think frt. PRINCIPAL RISKS AND UNCERTAINTIES The trustees have previously considered the major risks that the group is exposed to and prepared a risk register. As part of this process. they have assessed the likely level of impact such risks pose on the organisation. The principal risk the trustees believe the organi5ation faces is that of damage to its reputation which could substantially affect bookings. Measu￿$ have been taken to prevent Ihis, including the employment of a senior manager with Heahh and Safety responsibilrtie5. This officer helps the Board of trustees and executive team manage the risk of reputational damage occurring, through 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 Estates and Health & Safety Committee considers the internal controls already in place for all health and safely risks and fisks to buildings, identfying key areas which require action to be taken. In additDn, the Audrt and Compliance Committee is responsible for reviewing internal financial controls and covering other risks by insuran￿. The trustees undertake this process on a regular basis to ensure the operations of the group are adequately protected against the risks it faces in achieving its main rt)jectives. The trustees monitor internal control through the regular review of the financial position and the control environment. The Trust operates a comprehensiveannual planning and budgeting system. Any significant changes to those plans are subject to spec.rfic approval. The financial reporting system compares resutts with the plan monthly, with management infomatDn regularly reported to trustees. P8ga 5 The Chris￿an C¢nfer¢rt*TFustAnnu•l Rerrf￿ &nd FIn￿Cial Statements 2023124 The Christian Conference Trust Trustees, Annual Report Forlhe year ended 31st October 2024 Going Concern The financial statements are prepared on a going concern basis which assumes the Trust will continue in operational existen￿ for the foreseeable future. Forecasts have been prepared under various trading scenarios for the twelve months from the dale of approval of these financial statements and based on these and the level of reserves available. the trustees have concluded there is no material uncertainty as to the Charity's abilty to meet its liabilities as they fall due. Accordingly. the trustees continue to adopt the going concern basis in the preparation of the financial statements. FINANCIAL REVIEW 2023124 Income Trading income for 2023￿4 was £8.5m (2022r23: £7.8m) with an additional £1.3m restricted donation {2022123.' nil) towards the new conference hall at High Leigh. Tolal income this period therefore being £9.8m. Expenditure Total expenditure for 2023124 amounted to £9.2m12022r23.' £7.5m) after renovation cosls of £358k in the new Highgate House centre and £808k in property upgrades (included wrthin repair costs shown in note 8). The Trust regularly invests significant surpluses to upgrade facilities available to guests and additionally upgraded assets by a further £883k this year (shown within note 12). Totsl cash reinvestment in property and assets this period therefore being £2m, Funds Movement Net expenditure for the year detailed above resulted in an overall annual surplus of £675k (2022123.. surplus £235kl. Reserves Pollcy and Financial Position As shown in the group's balance sheet on page 14. the total funds at the end of the year amounted to £11.5m (2022123-. £10.8ml representing unrestricted funds of £10.3m (2022123.. £10.7m) and restricted funds of £1.2m (2022123 £nil).The realisation of these funds being achievable by disposition of fi'xed assets held for charity use. The Trustees are currently reviewing the reserves policy with Ihe expectation lo finalise it for next year's financial st8tements. PLANS FOR THE FUTURE In January 2025 the board of trustees approved our 2030 strategic plan. This strategic plan is called 'Investing" because we are committed to investing through two main strategic pillars: invest-to-protect and invest-to-grow. Invest-tckprotecl is about sustainability and excellence. It's about maintaining our sweet spot and de-risking the organisation with a core focus on doing what we do well. Invest-to-grow pillar is about opportunty and impact. extending our reach as we take a risk-based approach to opportunities for growth. These strategic pillars are driven by fpie clear stralegtc principles.. charrtable-objectNe fulfilling, fatth-led, risk-sawNy, change-ready and investment-centric. Our 2030 strategic plan includes the following areas of targeted investment.. 1) our Christian ethos and values 2) our staff 3) our market knowledge 4) our organisational resilience 5) qualrty of guest experience 6) our cent￿S 7) our environment 8) our governance We believe we have a particular OPPOrtunty in this next strategic cycle to devel¢)p a voice-strategy or thought leadership for the changing church. INe are well positioned to develop this role from the strong position our doctrinal neutrality affords us together with the shop-window we are for the church. We are seeing unprecedented change in our target market, with essentialty traditional denominations declining and newer ones growing. Page 6 Th2 Christian ConfererKe TFLStAnnuai Repcdl and h'nancd ￿t[Be￿I5 202>24 The Christian Conference Trust Trustees, Annual Report For the year ended 3151 October 2024 We want to ensure that our offering continues to be relevant and attractive to a changing market, while also cautiously exploring product and market development to satisfy the significant demand for Christian residential conferencing. We are blessed as a charity to run a financially sustainable organisation which does not require financial support for day-to-day operating costs_ As we deliver against our 2030 strategy we are prayerful￿ building relationships with those who the Lord has blessed Material￿ who may be able to support our vision for investment, whether organic or inorganic. As part of our 2030 strategic deliverables, WO￿ began on a new 300-seater conference hall al High Leigh in February 2025, with the new facility scheduled to open to guests in earty 2026. We pray that Ihis investment will be a great blessing to the church. In early 2025 we launched our new leaming and development portal for staff training, covering a wide range of operational and management tools. from food hygiene to hospitality serV￿e excellence. We continue our Journey of environmental stewardship in partnership with A Rocha UK, Wbth a growing understanding across the Trust of our responsibilrties and opportunities as a charity- We have a dedicated environmental budget lo help us reduce our carbon footprint and increase biodiversity and will complete our second carbon footprint assessment in 2025. TRUSTEES. STATEMENT OF RESPONSIBILITIES The trustees (who are also directors of The Christian Conference Twst for the purposes of company law) are responsible for preparing the Trustees'Annual Report and the financial slatemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom GenerallyAccepted Accounting Practice), including FRS 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland" Company law requires Ihe trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the Incoming resources and application of resources, including the income and expendrture, of the charitable group for that period. In preparing these financial statements, the trustees are required to: selecl suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP make judgements and estimates that are reasonable and prudent state whether applicable accounting standards have been followed., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business The trustees are responsible for keeping adequate accounting records which disclose with reasonable accuracy, at any time, the financial posrtton of thecharilable company and enables them to ensure the financial statements comply wilh the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence. for taking reasonable steps foi Ihe prevention and detection of fraud and other irregularities. In so far as the trustees are aware: there is no relevant audit information of which the charitable company's auditor is unaware; and the trustees have taken all steps that they oughl to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that infomiation The trustees are responsible foi the maintenance and integrity of the charty and financial information included on the charity's webslte. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in otherjurisdiclions. 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 and signed on its behalf by: Chair 10 April 2025 Page 7 The Ckn¥ban Conlerence TThJstAnnual Re￿and Fifj*¢d Staternetrt52023124 The Christian Conference Trust Independent Auditors, Re ort to the Members of The Christian Conference Trust For t e year ended 31st October 2024 Opinion We have audited the financial statements of The Christian Conference Trust for Ihe year ended 31st October 2024 which comprise the Consolidated Statement of Financial Activities incorporating an Income and Expenditure Account, the Group and Parent Charitable Company Balance Sheets, the Consolidated Cash Flow Statement and notes lo the financial statements. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial stalements.. give a true and fair view of the state of the group's and the parent charitable ￿MpanY'S affairs as at 31$t October 2024 and of the group's incoming resources and application of resources. including its income and expenditure, for the year then ended- have been property prepared in accordance with United Kingd¢Jn Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) IISA5{UKI) and applicable law. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial stalements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe thatthe audrt evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Concluslons relating to golng concern In auditing the financial Statements, we have concluded that the trustees, use of the going concern basi5 Of accounting in the preparation of the financial statements is appropriate, Based on the work we have performed. we have not Klentified any material uncertainties felating to events or conditions that, individually or collectively. may cast S￿nifiCant doubt on the charitable company's ability lo continue as a going concern for a period of at least iwelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilitie5 of the trustees with respect to going concern are described in the relevanl sections of this report. Other inforrnation The other information comprises the information included in the annual report, other than the financial statements and our auditor'5 report thereon. The trustees are responsible for the other infomiation. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any fomi of assurance conclusion thereon. In connedion with our audit of the financial statements. our responsibility is to read the other infomiation and, in doing so, consider whether the other information is materially inconsistenl with the financial statements or our knowledge obtained in the audit or othelwise appears to be materialty misstated. If we identify such material inconsistencies or apparent material misstatemenls, we are required to delemine whether there is a material misstatement in the financial statements or a material mi5Statement of the other infomalion. If, based on the work we have performed, we conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. The Christian Conference Tfust Annual Report and Financial Statements 2023124 Page 8 The Christian Conference Trust Independent Auditors, Re ort to the Members of The Christian Conference Trust For t e year ended 31st October 2024 Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the aud￿. the information given in the truslees. annual report for the financial year for which the financial statements are prepared is consistent with the financial statements, and the Iruslees, annual report have been prepared in accordance with applicable legal requirements. Matters on which we are requlred to report by exceptlon In the light ofthe knowledge and understanding ofthe group and parentcharitable company and their environment obtained in the course of the audrt, we have not identified material misslatements in the trustees, annual report. We have nothing to report in respect of the followin9 matters where the Companies Act 2006 requires us to report to you if, in our opinion.. the parent charitable company has not kept adequate and SLrfficient accounting records, or returns adequate for our audit have not been received from branches not visited by us., or the parent charitable company's financial ststements are not in agreement with the accounting records and returns., or certain disclosures of trustees. remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit. Responslbilitles of trustees As explained more fuSly in the trustees, responsibilitres statement set out on page 7, the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial stalements and for being satisfied that they give a true and fair vtew. and for such internal control as the trustee5 determine is necessary to enable the preparation of financial statements that are free from material misslalement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the group and parent charitable company's ability to continue as a going concern, disclosing. as applicable. matters related to going concern and sing the going concern basis of accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic altemative but to do so. Audltor'8 responslbllitles for the audit of the financlal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an auditor's report that in¢lude5 our opinion. Reasonable assurance is a high level of assurance, but is not a guaranlee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audil in accordance with ISAS (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also.. Identify and assess the risks of material misst*ement of the financial statements, whether due to fraud or error, design and perform audil procedures responsive to those risks. and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecling a material misstatement resulting from fraud is higher than for one resulting from error. as fraud may involve collusion, for9ery, intentional omissions, misrepresentations, or the ovefflde of internal control. Obtain an understanding of inlemal control relevant to the audit in order to design audit procedures that are appropriate in the circumstsnces. but not for the purposes of expressing an opinion on the effectiveness of the group and parent charrtable company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and relaled disclosures made by the Irustees. The Christian Conference TrustAnnual Report and Financial Statements 2023124 Page 9 The Christian Conference Trust Independent Auditors, Re ort to the Members of The Christian Conference Trust For t e year ended 31st October 2024 Conclude on the appropriateness of the trustees. use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exisls related to events or Gonditions that may cast signif￿ant doubl 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 requirecl to draw attention in our auditor's report to the related disclosures in the financial stalem8nts or. rf such disclosures are inadequate, to modity our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However. future events or condrtions may cause the group Of parent charf(able company to Cease to continue as a going concern. Evaluate the overall presentation. structure and content of the financial statements, including the disclosures, and whether the financial statements represent the undedying transactions and events in a manner that achieves fair presentation. Obtain sufficient appropriate audit evidence regarding the financial infomiation of the entities or busin&ss activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supeNision and performance of the group audit. We remain solely responsible for our audit report. We communicate wilh those charged with governance regarding. among other matters, the planned scope and timing of the audit and signrficant audit findings. including any signifKant deficiencies in internal control that we identify during our audit. Explanatlon as to what extent the audltwas consldered capable of detecting irregularltles, Includin9 fraud Irregularitie5, including fraud, are instances of nonntlnuing activi11g5. The aecompanyin9 note$ fom part of1h•8e financlal ststern•nts. The Christian Confeience frust l Annual Report ar￿ F￿an￿al Stalernents 2D22f23 Page 12 The Christian Conference Trust Balance Sheets as at 31st October 2024 Group Charlty Mot• 2024 2023 2024 2023 Flxed A539tg Tangible assets Inve51rvenl in 5ub$wJwy 12 13 15,658,916 12,008.608 15,658.916 110.358 12.008.608 110,358 14658.916 11008,608 1S,769374 12,118,966 Cuirenl A88ets Stock Debtors Inveslrnents Cash and Bank 77.242 675,397 1.579,832 2.524,031 63,988 604.833 46.136 1.307.479 1,57S.832 1,216.129 41,907 978.929 14 2,298,632 1,542,949 4.856.602 2.967,452 4.149.676 2,563,785 credIto￿.. amoun15 falllng due wlthln on8 yaar 15 14.021.936) 13.035.532) 13,513,328) 12,829,570) Not Currènt A•801$ I ILlabllltle81 834,566 168,079) 630.248 1266,7841 Totsl As••ts I￿8 Currenl Lb•blllll8• 18,493,482 11,940,629 16.406.622 11,863.181 Creditors.. amounts lalllng due after one year 16 15.039,439) {1.161.847) {5,001,6991 11.124,7191 Il•t A•8•ts 11.454,043 10,778.682 11,403,823 10,728,462 R•pr•4gnt¢d by.. Unfeslrided fjJnd8 Reslricled fvnds 10,255,772 1,198.271 10.778,682 10,205,552 1,198,271 10.728.462 18 Total Funda 11,454.043 10,778,682 11,403,823 10,728A62 As pemiltt8d by SedK)n 408 ofthe Compantes Act 20￿, no 3epaiale Statement of financio18ctTrittle$ ￿ In￿me Expendtturt Accounl h&5 been Pfesenled in rospecl ol Ihe p8renl charits0￿ ¢omp8ny. rhe deficil lor the trancial year dealt with In the financlal slatemenls of ihe parent ¢hariiable ¢gmpany amounted to £875.3e112Q22ft3.' syrplus £235.4831. The ac¢omp8nylng notgs fom part of Ihese fin8n¢k)I stst•ments The ftnancial slalements ofThe Chrislian Conference T￿81. rgglstered 3203917 wero approvgd by the Board ol Trusiee$ and aulhorf$ed for Issue on 10th April 2025 ar*J 51llned on ils behalf by.. Andy Lu6as Chalr ol Tojslaos Company number.. 03203917 The Christon conferen￿ Trusl l Annual Report and FI￿claI Stalements 2023r24 Pauè 13 The Christian Conference Trust Consolidated Statement of Cash Flow For the year ended 31st October 2024 2024 2023 Nots N•t cash flows provid•d by oyratlng aetlvltlB$ 23 2.788.740 855.643 Cash Ilows from Investlng a¢Uvltfie8 Investment Income Purchases of Invèstments Purchases ol properly. plant and eqLFipment 31.498 11.579.8321 14.2S3.1391 1475,9191 Ngt cash lujod In) Inve$tlng a£tlvlt*e¥ 15.801A731 1475.9191 Caah flows from flnanclno a¢tlvlt￿8'. Inleresl paid Cash innows from new borrovmg Repaym•nl of bofrowlngs 1253,5361 4.900,000 11.408.333) 1111,5401 1460.0001 Net eaath provlded by I lused Inl flnan¢ln9 a¢thltl 3.238,131 1671.5401 Ch•ng• In e•sh and ca•h •q¥Jlval•nts In th• r•portbng p•flod 226.398 1191.8181 Cash and ea8h •qulv•l¢nts at th• beglnnlng of th• reportlng porlod 2,298.632 2,490.448 C*$h Ind *qulv•l•nts •t th• •nd of thè reportlng perlod 2.524,030 2.298.832 2024 2023 Cash In hand Cash al 8Bnk Cash In notice doposits 400 2,889,215 400 2.148,232 150,000 Total cash and Gash equlvaknl8 2,869.615 2,298,632 At hglnnlng ol Ca¥ttllow• Oth•r mov•m•nts At end of y••r Cas 2.298.632 225.398 2,524,030 Lrjans lalling due wrthln one yegr Loans lalling due after more than one ye {480.0001 1948,3331 460,000 948.333 {55,3341 (4.844,6681 1SS,J341 14,844,6661 Total 890,298 1.633.731 14.9DO,0001 12,375,972> The Christian CoHferenrL Trust l Annual Report and Financi31 Statemènls 2022r23 Pagè 14 The Christian Conference Trust Notes to the Financial Ststements For the year ended 31st October 2024 Aecoun¢iftg Pollclès Company and Charttab￿ 8tatU5 The ChEi5trdn Conference Trust, a Publ￿ beAeft enbty. is a registere(l ¢hafrty in EngL4nd and Wa*$ {nurnber 10566041 and is fftcorporated England and Wales as a cornpany lirnsted by guarantee not having a Share capTial (company number 32039171. 11 is govemed by its Mèmorandum and Aric￿5 of A550Cial￿n and al the year eud theFe were 14 member5 (2022123- 141 who were each liabte lo c4)ntribule £1 ifh the eversl ol the ¢ornpany bèing wound ￿p. Thè Chath has adapted thè Companiès Act fomiats to rèfiÈd thè charl￿èS SORP and the spécial nature of the Charitys o¢INrftes. Basls of accountlng Th& financia1 slatemenls have been prepared undei the h[sto￿l co$1 ￿nvertI￿ and in a¢crydanr* with the Companies Acl 2006. the Charil*es Acl 2011 ano the Stalement of RecLJmrnelldett PraCt￿e applicable to chafilies preparing their accoDnls in accordance with the Flnanc*81 Reportbng Siandard appI￿able ￿ ihe UK and Rèpublic of I￿and {FRS 102). effectrve l January 2019. The group is a pubk bene)It entity as dafined by FRS 102, The Slal•menl of F￿lan￿al Acl1¥￿e5 (SOFA) aThJ 8alance Sheet crmso&dale the fjnancial stslements of the parent tharitable c¢>mpany and its subsidlary undertaking. The results ol the 5ub5idiary are consolijated on a line by line basis. The financtal statements are Pfepared in sIer￿ng, wth￿h Is th& lunclional cuff8ncy ol lh8 group and charity. Monetary aM￿JnIS in Ihe$e financlal Slatements are rounded lo Ihe nearesl ￿)Und. Golng eonc•rfi The financtsl $tstemènts are prepar•d on a going ¢oncem ba$* which assumes th81 thè Chartty will continu• ift operatbnal •xisl•ne8 for thè lo￿$9e0tyIQ lutLFre. FcKecas1s have been prepared under various trading scenari05 lor the ￿e1Ve months Irom lh6 date ol approval of these fin8llQ81 slalernents and ba3ed on these and the level ol ieseryes availabb. Ihe trusle85 hav8 concluded Ihat there m8teri81 uncertalnty a$ lo Ihe Charity's ability io meet its lIab￿ltieS as they 1811 due. Ac¢ordin9ly the InJsiee$ conbnue to adopt the going ¢oncem basls in th¢ preparation of the ffnanci41 slatemenlg. 8asl$ of ¢on•olldatlDn Group fingncial 51alernenls have been PrePa￿d in respKI ofThe Chrisltan Corbferen¢& Tnjst and rts wholty owned subsidiary, Firsl Conler&nce Estate Ltd, These Inancial slal•menls have beèn consolidated on a line by line basis and the results ol thè subsidlary undertaking are disclosed In Nole 5. The eharflable company has tsken a¢Jvanlage ol Ihe exemplit)n$ In FRS 102 from Ihe requirements to present a chgrilabk ￿MpO￿Y onty Cash Fbw Slalernent and certain di5cK)sure5 about the chartlable companys financial Instruments, In¢ome and oxp•ndltUf• Income and expenditure are generalty a¢￿￿￿ted on ￿ accwal8 basis. Income from ¢onfeon¢è feès and tsther sources of income Is ￿tO￿niSed when the charity ond subsidiary havo entruomtrnl lo lh8 fvnds,111s probabto Ihe Income wlll be ￿¢eIved and Ihe gmounl can be measLwed wilh suffideni rell8bilNy. Oonaled piolessional ser¥lces and donated tscilltie5 are recognised as income when the charity has coniTol over (he item, any ¢onttlllons assoclaied with the donated Iiem have been mel. the ￿e￿Il ol ec0n0ffl￿ ￿errt from the use by the charity or tho Item L8 probabb and that economlc benefft can be measured reliabty. Incorne from governm&nl and other grant$ are rgcognised al fak v￿¢ when the charity has gnlltlenwnl after any pertorrnance condllions have been rnel, il is probable that the incorne will be received and the amcyjnt can be measured reliably. If entitlemenl is not rnet then these amounts are deferred. Capital gfanl$ are accounied foT as ¥)come a$ 500n as they are recer¥able. Exp*ndrt￿re Expendrture Is recogni8ed as soon as Iheie Is a legal L¥ CODSlwcllve obligalion comrnilty.ng the charTty lo Iho expenditure. Ail exp&ndilure l¥ 4ccounie%Y lor on an a¢GnJal$ basis and has been classified un(1er headings thai aggwatè all ¢osls ielaled to Iho ¢aleg0ry. Exp8ndilure on ralsing fund5 include Ihose rA)St5 diredy r￿a￿j to Ihe other tradlng aclivibes {see note 51., These c051s are regardgd as Trecessary to raise fiJnd5 that are needed lo fman¢e chgrrtable a¢bvKtse$. Support costs are IfrKJse (unctions that a$$isl the w04* of Ihe Charity but do not dirocltty un¢Jerfak¢ charitable adivitles. include cost$ Such a$ general management. finance, premise5 and facfirties. maTkelin9 and 9ovemarKe. Fund A¢¢ountln9 The charitable cornpany rnasntstns th￿e lypes of luTrJ. u￿￿tr￿god fund$ afe availabje for use at Ihe discreip)n Oftt￿ board of(trectors in ffiJrfhelan￿ of Ihe qeneral chantable oty'eciives of the organi5alion. D•slgnat•d unrestrkted lunds are rTrJnie5 Sel aside by Ihe board frDm unreslrthl fvThJs fora specffic purpose. Restrlcted I￿nd9 hold rnonies wh￿h have been received fDr a spec4fic purkthe. The Christian Conference Trust l Annual Report and Finanaal Statemen15 2023r24 Page 15 The Christian Conference Trust Notes to the Financial Statements For the year ended 31st October 2024 1,8 T•nglble fixed assets and depreclatlon Tangible fixe¢J assets are stsled at cost less attumulaled dep￿13th0n. DeprecLatkon Is Is pmvidÉd on all larrfjtble fixed assets. other than freehold land, at rates calcuLatecl to wrile off the cost Ix valuation over their estimated useful economic lrfe 81 the lollThing annual rates.. Freèhold. long leasèhold buhd1￿5 Assets under conslFUCtion Planl. fumiturÈ and èqulpment- compulefs and other e￿trOn￿ equipment all othèr items fflotor veh￿S 2% on cost no dèprèuat 33% on cosl 20°A OTr written down value 25% un wfjtten down value IMvÈstm*nts The investment In the sUb8kI￿Ary is included in the Chaiivs sl*mefrts at C051. 1.10 Sto¢k$ Stocks are staled al the bwer of cost and Mt r•alisable value. 1.11 Op•ratlng L•a¥os The cost5 01 operating Jeases ar& charged to lh8 In￿me and expeThJrfurg ac￿￿1 as Ihey accrue. 1.12 P•n$loni The Chruslran Conference Twst opeTaie$ a d8llned ¢onIn￿￿OI} persc*wl pens*)n schèmè. Contr*)utb)n$ ar¢ ¢harged ta the Slalemenl ol Flnan¢ial Ackn'¥itie$ 0$ they become p8yabl8. 1.13 Flnan¢l41 In$trum•nts Th¢ compary h8$ fin8n¢t81 assets and Ilabitrtie5 of a kind thal qualfy as bask finoniai inslrumenls. Baslc fManc1￿ inslrtjmenls arn Inltlal rKognised at transaction valLte and subsequently measured al thèN seiNernent value. Trad• •nd oth•r d•btorn ar8 r8cognised al lh& settlemenl amount due after any Irade dis￿nI offered. Pr8paym•nts are valued at Ihe amount prepgSd, nel ol any trade dlscounls due. Ca$h at bank ¢a¥* in hand includes cash and short tgmi highfy l*uld Mi¥e8lments with a short m8lurfty Dflhree months OT ITOM th• dale ol acquisrtion or Dpening ol the d8posiI or sim4af accounl. Cr•dltor* and provl6lons are recognised Wh￿ the cornpany has a present obli9atron restsNlng from a past event that will probably resull in the transfer of fijnds lo a Ihird party and the amount due lo settle the oblwJatson can bo measufgd or estimated rel￿￿¥. Creditor5 and provisions are nom)alty recoynise(l al their setuement arnrHJnl after alh)wing lor any trade dlscounts due. 1.14 T*￿tIon The Christian ConteTeTrce Trusl is potenllalfy exerftpt trom tsxalion on its Incomè and gains under $•eb'ons 46810 493 01 the Corporation Tax Acl 2010 and seCt￿n 256 01 the taxatlon ol Capnal Gains Act 1992. lo Ihe exignl thal th&y afg applied for eharitsble pvrppses. No taxab￿ Pfofil arise$ on Fi151 Conference Estate Lirnrted due to the fact thal all tsxaWe proffts ar6 oifted to Th8 Chrislian Conference TNSI under Deed of C￿￿onI. Crltlcal Accountlng Judgements •nd k•y $our¢¢$ of •8tlmatlon In the appltcai*)n ol Ihe GroLtp'$ accounting y)li¢ies. wh￿h are described kn note l. Ihe trusle8s are r8qulr•d to maka judoèm•nls. èsttynates and ssurnpiK)ns about the carrying amounts of assets and liabilil*s Ihal ate not readily apparenl from olher wJrces. The esllmates and 8ssoci8led aSsUmp￿n$ are based on historicgl experierte and olhef laclors th8t are Cons￿￿¢d lo be rglgvanl. Actual resutts may dlffer from thes8 •slimales. The esbmales and underlying assumptions ore I￿leWed on ￿ ongowty basls. Revisions to acCO￿ting e5timat85 are recA)gnlsed In the per*)d in which Ihe gslimale is reviseo rf the rewsb)n affeets only Ihat perfod, or In Ihe perfod of re¥￿1￿ and luture peric*J5 rfthe revish)n affects both urrenl and fulure pernds. The fin8n¢ial statements include marbagemenl's estmale olthe ￿$ts related 10 ihtt closuiè of conference centr8 al Belsey Bridge based on professlonal adV￿e Ihal has been ￿te1ved. The Chylsllan Conference Trust l Annual Report ano Fi)an¢ial Statements 2023r24 Page 16 The Christian Conference Trust Notes to the Financial Statements For the year ended 31st October 2024 2024 2023 Ineonw from Oonations 5ndividu81 giving donat￿5 1.318,350 1.318,350 Oflolal don8tr.ons repDrted 8t￿￿ £1.303J50 is attributable to reslricted ￿nts$ and £15.Cth Fs attributabb to unreslitied (unds12023'.£Ndl. 2024 2023 Income frtsrn Charltable Actlvltles Confefence lees 6.723.990 5,872,887 6.723,990 6,872.687 Al income from ¢hairtabkn adSvllte$ is attrbbulable to unrtstiicted ftmds. Oth•rTrndlng Aetlvltl•8 2024 2023 Tradlno subsijlary actlvlll88.' Conlorence fees Bar and shop sales Subsidiary rental income 1SaJ 15al 15al 1.489.114 246.296 17.806 1.753.016 1,640.972 236,343 17,699 1.896.014 Trust rental Income Other operatirg Inccme 6,427 8.376 5.127 1751.143 1 907.817 TrJdlng $ub$ldl•ry The ChrislIan Conference Trust owns lh• whole of the Issued ordinary share eamal ofFirst c￿ferenCe E$iale Ltd., 8 Company re9l$lered In England ané Wales. The shafe capital of lh8 subsMJLqry consisls of 110,358 shafes of £1 each. The P￿nCipal acitvlty of First cOnfe￿nce Eslale Ltd Is that of providing ¢onlerence la¢llrt*s lo seculai dlaribes and other Organisations, and the provl$ion ol all bar and shop f8¢11itles for Conferences held at The Hayes. Hlgh L¢lgh and HKdh9ale House. The laxJblE pro)lts of the 5ubsidlary afe glfted to Tha Chrlstian Confèrence Twst. 2024 2023 Turnover Cost o15aleB aTrJ admini51rabon expenses Managernenl ch81ge from pa￿nI Company Olh&r opgrallng income 1,735,595 1217.7011 (1,310,406) 17.420 1.877,315 1210,5641 11,181,495) 17,899 Nei Prottt 224.910 502,95S Amount gffted to parent charily 1224.9101 1502.9551 R•tsln•d In th* 8uts•ldkgry The aggregate of tho assels, &8bilities and reserve5 ofthe subsidiarywere: Assets LiabilIt￿S 1,341.993 1.181.420 1,145,516 984.944 Aggregate shafe ¢apit81 and feser¥es 160.573 160,572 Inv•stmellt Incomfr 2024 2023 Bank Interest 31.498 31,490 The Chilsllan Conference Trusl l Annual Report and Finandal SlatemeTrts 2023r24 Pagè 17 The Christian Conference Trust Notes to the Flnancial Statements For the year ended 31st October 2024 Analys1$ ol Exyndlture Dlrecl Staff costs other Olrect COgts1gee not¢ 81 Support costs 18ee note 91 Total 2024 Total 2023 Ex￿ndIt￿l0 on: Raising Funds ITradiThJ subsidiary a¢Uvitiesl Is•• noto 74) 45.237 139.863 110.854 295,954 295,413 Totsl Exp•ndltur• on gtn•r•t1fi9 funds 45.237 139,8SJ 110.854 29S,954 295,413 Conferencing activi￿3 2.889,263 2.672,502 3.318,900 8,860,665 7,249.809 Total Expendliur¢ on eharltsbl• a¢tNltle¥ 2.889.263 2,672.502 3.318.900 8.860.665 7,249,609 Total Expfrndtt￿r• 2024 2,914,500 2,812,365 3.429,765 9,166,619 7,S46,022 ToLg1 ExpendI￿re 2023 2.$04.456 2.307.639 2,732.928 7,545,022 EX￿￿ditUrt ificurted on aclfvitios durlng lh& year ￿1MprISeS £105.079 altrlbutable restrKtsd lunds and £8,760,919 atrrlbulable to unrestrictsd fijnds 12022123.. all expenditure attrébutabkq to Unre$l￿e4 funds). COMPAIiATIVE INFORMATION: ANALYSIS OF EXPENDITURE YEAR EIIDEO 31 OCTOBER 2023 Dkn¢t Sl•ll Costs Other Dlr•ct l•et not• 81 Support costs liee not• 91 T¢t•l 2023 ExpendSture on: RoisSng Funds ￿l¥dIng subsidiary acllvttiesl l$ee not• 741 55,387 133.023 107,¢)03 295,413 Totsl Ex￿ndItute on g•n•t•tlng lund* 55,387 133.023 107.003 295,413 Conferen¢wig activit￿5 2.449,070 2.174.815 2.625.924 7,249,609 Totsl Expendltur• on CharItab￿ actIV￿leS 2.449.070 2.174.61S 2.625,924 7,249.6Qg Total Expendlltsre 2023 2.504,456 1307.639 2,732.9211 7,545,022 The Chrisban CrJnfe¥enGe Ttusl l Annu81 RekK)rt and Financial Ststements 2023f44 Page 18 The Christian Conference Trust Notes to the Financial Statements For the year ended 31st October 2024 2024 2023 74 Ra161ng Fund5 rfadlng sUbS￿l8ry COSt$ retsle to.. Bar and shop costs Dire¢t staff costs Supwrt eosts 139.B63 45.237 110.854 133,023 55,387 107,003 not# 91 ljee note 7> 295.954 295,413 Othèr Dlrect Costs Anatysts 2D24 2023 Conferences direct costs Rèpalrs. renewals and maintenance Highgate House set up cosis 8ursarios 1,573,584 703,163 358.740 37,015 1,488,566 628,684 59,365 Tot•1 Oth•f Dlr•¢t Colts {•*• note 71 2,672.$02 2.174,615 Dir8cI cosls have been all¢¢aled across actThiit*s as ftths: Ralslng fvjnds Charilable activues 139,863 2,672,502 133,023 2,174,615 l¥•• not• 7) Total Oth•r Olr•¢t C¢•ts l*ts not• 7) 2,812,366 2.307.639 3￿pport Cost Anaty8 2024 2023 SIBff support ￿sts Financial adrnin & management Costs Gen•ral running & admtnslialion Rates & uulllles Operating lea5e3 Computer & IT Costs Tglephong. postsoe & prbnling Yow Trefr guild General Profe$$ional lees Tralnlng and other staff re￿1￿￿ ¢o$is Marketing Depreck?lion Insur8n¢e Loan lTrlertrsl paid Bank ¢harges Sundry Governance Iw• not• 94) 525,074 461.225 32,198 538.369 49.091 137.422 28.184 105.079 449.837 387,418 46,006 484,640 51.921 122,464 28,805 20.272 45.546 79.338 628.085 116,143 111,540 10,393 74.S03 124,518 602.831 174.038 253.536 97.132 14.482 212.073 149,920 Total Support costs 3,429,765 2,732.928 Suppori costs have been allocated on 8 stsff cosl b8s1s to acti¥it*g 8$ fol￿W5. Raislng fvryds Charilable aclivtie5 (s•e nots n (sèe notè 71 110.854 3.318,900 107.003 2,625.924 Total Support costs {see nots n 3.429,755 2,732,928 The Chris￿an Conference Trust l Annual Repjrt and F￿aTr￿al Statements 2023r24 Page 19 The Christian Conference Trust Notes to the Financial Statements For the year ¢nded 31st October 2024 2024 2023 ga Governanct ¢o$ts Slèff & management cosis Trustees. expenses Board members, Iiatmlrty insuranee Legal and professional fee8 Auditorfs Remuner4tion1gee llot• 101 52.861 4,280 4,871 119,330 30,730 70,274 3.401 4,620 46,365 25.260 ToLIl Govgmance Costs (s￿ notè 91 212,073 149,920 10 Net Income lor th• y•*r Is slated after charginu.. 2024 2023 Deprèclation ofth¥nèd assets Inl¢rest on bank kJan$ and overdrnft 602,831 628,685 253,536 49,091 111,540 51,921 OpeTrlng leases Audttor5 rernuneration.. - Curr8nl year lees.. Extemal oud - Prior year fees.. External audil under I lover) accnwl . Non audll s6Nices'. Accounts ptsparation - Non audit seNi¢ès'. lax compkn- oirrenl ￿81 25,275 21.750 11.725 3.935 1,300 4,095 1,360 Included in auditofs rernunef¥tlon Is £9,01)O relaling to the cost ol Ihg audll of Ihe subsNJHry12022123= £8,000) ar￿ £3,025 rel8llng to cosl of non a¢Jdrt le￿ICeS{2022I2J. £2,900)., thas• arnounts have been Ineluded In the tradlng costs of the subsh1iary. 11 Staff co•i8 and •mploy•• bendlts . Gioup •nd Chartty 2024 2023 Wages and salaftes Soclal Security co$ls PensvJn cosls 3,495.277 253,708 189,881 3,054.618 186.400 136.209 3.91a,847 3,377,225 Radundaney and lerminoi￿n co$1$ lotalling £NII are included withln staff ￿518 feptyted atrf)ve12023.' £2.2981 Staff ¢osls havè be¢n allocated lo aC￿Vi￿¢S as bekw.. 2024 2025 Raising fvnds Charitable activNi8$ Support costs 45.237 2.869.263 1.004.347 55.387 2,449,070 872.768 3,918.847 3.377.224 All slaff are employed by the parenl chari18bb company. The Chrfslian Conference TEU51. 2024 2023 No Average number of staff 232 175 The number ofemphjyees whose emoluments. exciuth'ny pension contribulion$ and em￿0YerS. national insurance. but knchJdTrig taxable beneffts, were in excèss of£eo.000 irn the year was as foffrws: 2024 No 2023 £60,001- £70,000 £70,001- £80.000 £80.001- £90.000 £100.001 E110.000 £110.001 - E120.000 The Chrislian ConlerenGe Tnjsl l Annual Rew)rt aod Financial Stalements 2023r24 Page 20 The Christian Conference Trust Notes to the Financial Statements For the year ended 31st October 2024 11 Stsff co$ts and •mployee beneffts- Group and Charlty IconL} K•y Managoment P•rnonn&l The key management personnel of Ihe Grtsup are listed on page 2 and comprssè those ol the parent charilable cornpany, The Christian Conference Tnjsl and its wholly owned trading sUbs￿lary Firsl Conference Estate Ltd. The tolal remuneralR)n lindudin9 pension contribuliorns and employets. nath'onal insurance) of the key managèment Fernonnel of the Charity for the ytar total￿ £414.87612022123." £379,788}. 11a Tru$t•o9' R•munèratlon 2024 2023 Pension to Michael Kini￿. as a fomier execulive director ofthe subsbJHry 2,219 2,109 Other than Ihè above. the truslees r￿[¥¢ N) r4mun¢ratp?n for Iheir seryicos INJt ar• ffelmburud for Ihelf travel eX￿nSeS to Board meelSngs and sundry olhtr èxpértS•s incurred. Dudng Ihg wo(1 ended 31 O¢tober 2024 Ira¥elling and other èxpènsès were reimbursed lolalling £4,28012022123.' £3.401I10 1012022123.. 141 Irusteey. In addition, the group mainlains an in$uran¢* p)Ucy for its diTecloTs against wjli￿$ in lo Ihe grDUP. c05ts.ng £4,87112022123.' £4.6201. 11b Employ•• rntlr•m•nt b•n•fK• The current pens1)n scheme for staff 1$ prln¢lpalty a Group Personal Penslon plan with A¥iv8. In addidon lo thls p8n¥ions arè also made lo eligible lormgr dl¥eelofs of Flr$l Conlerence Estat8 Ltd and their suNlving srouses. Gfowp ind ¢h•rlty 2024 2023 Staff pension costs P¢n$bns lo fomier of Ihe subsKliary 164.816 5.045 131.415 4,794 169J61 138,209 As 8131 Octob8f 2024. lotal ptnston conlrfbull￿s Lwi$tsndi)g lO￿l￿d £19.074 {2023.' £15.0751 ond induded wilhin yearond CTeditors as per notè 15. The Chrisllan Conference Trust l Annual Report and Financjal Sialemeni$ 2023r£4 P8ge21 The Christian Conference Trust Notes to the Financial Statements For the year ended 31st October 2024 12 Tanglbl¢ Ilxed assets Al ol ihe activib'e5 undert8keft by the charity fal wifhin fv exemo•)ns granted to clwil*s by legFslation. Group & Charlty Land and Buildlng$ Pl•nt, Eq￿1Pment and Vehkles Total 1st November 2023 Addittons 16.015.264 3.370.001 6.847.346 883,138 22.862,610 4,253.139 At 31 October 2024 19,385,265 7,730,484 27,115.749 D•pr•clatlon 1st November 2023 Charge for year 4.974,804 340,393 5.879,198 262.438 10.854.002 602.831 At 31 Oetob•r 2124 5,315,197 6.141.630 11,456.833 N•t book valu• At 31 O¢tob•r 2024 14,070,068 1.588.848 1S.668.916 At 31 October 2023 11.040,4SD 968,148 12,008.608 The Legal lill• of Mighgate House rests dirvtty wNh Cfvislkan Confer•n¢e Tnjsi whdst the leg81 tlle8 ol Hlgh Leigh ar#J The Hayes resis wilh Flrsl Conferen¢e Estaie Llmited wmh ben•ficial ownership bebnging to Chri8tian ConF8ren¢e Trust c•￿1￿ prop8rt*s were r￿alU•d in 1998 t•fofe belng assigned 0￿r to The ChrL%tian C￿l￿re￿? Trusi on a 280 year lease at an annual rent of £1. eff￿1￿¢ty a kJng leasehold property whieh wa5 priof lo the KnFknentatson of Finanelal Rerortlng Slandard 15 Ilangibb fixed a8sei$l. Thè charty doés not revalue ils fixed assets 8nd retains the b)ok amounts only wfthth Financial Ststements. Land and Buildings 2024 2023 At valual¢on - 1996 Addl￿onS al ¢osi 2,719,999 16,685.268 2.719,999 13,295,285 19,385,265 16,015,264 If stsle(l undgr histor￿al ¢osl pdndpkns, the Cornparab￿ amounts fvy th& lotal freehold property would b?: Cosl to The Chrislk4n Confergnce Tfust Accurnulated dep￿ClaI10n 19.199,714 15.209.581) IS,829,713 14,869.1881 HistorKal o>st nei book value 13.990.133 10.960,525 12a Land and 8ulldlngi comprls• tho lollowlng: Gr*wp Charlty 2024 2024 2023 2023 FTeehold Property Lon9 leasehold pr¢)perty 19.385,265 16.015.264 3.370.001 16.015.284 16,015,284 19.3lJ4285 16.015,264 19.385265 16,015,264 The Christian Conleience Trust l Annual Report Fknawal Statements 2023124 Pa￿ 22 The Christian Conference Trust Notes to the Financial Statements For the year ended 31st October 2024 13 Investment In $ubsldlary Charlty 2024 2023 The Chrislian Conference Twst has a wholy ¢y4ned subsid4ry First Cmlèrenee Es&ite Lid as detsited In Notè 5a. Tht amttunt dtscjosed is al cost. Investrnent in subs¥Jlary Irwslralton numbef ty)109588). Nole 53 110.358 110,358 14 Dobtorn du• wlthSn one yell Group Ch4rlty 2024 2024 2023 2023 Trade deblors Amounts due frorn subsidiary undertakm9 VAT recLxierab Prepayments ond ac￿￿¢d income 307,615 255,469 304.625 635.072 226.749 405,340 346.840 367.782 349,364 387.782 675,397 fj04.833 1.307,479 978,929 16 Cr•dlton,' amounts lallSng due wlthln on• y••r Grnup Ch*rlty 2024 2024 2023 2023 Trade credilors Amount owed to subsldlary undertaking Loans payab￿ (see note 171 Other tsxalion and 3OCk41 secuflty VAT payable Other ¢redllofS Ac¢rua 489,757 512,528 475,364 498.599 336,509 480,000 36.934 55.334 85,745 516.702 22,503 369.218 460.000 36,9J4 259.633 25.898 346.686 55.334 65,745 404,203 22,503 357,242 18.587 335.789 DeFosits for future conferen¢es188e nole 15a) 2.S02.679 1,393.853 2.132,936 1,143,172 4.021.936 3.035.532 3,513,328 2A29,570 154 Depo¥ll• foi futur• ¢onl•ren¢•8 Group Charlty ReJlated 2023 ft•$tat•d 2023 2024 2024 Brought lurwar Amounts doferred In the year Amounts r818ased lo incom& in the year 1.607.366 1.S37,S68 (447.481) 1,807,264 32.688 {32.5861 1.319,557 1,339,453 {369.041) 1,286,971 76.770 124,1841 8alan¢e ¢arrl•d forrtard 2.$97.452 1.607,366 2.289.969 1,319,557 Deposils for future ￿nferenCeS Includes £194.77312022r23.' £213.5131 held by the group Èn rÈsped (Trfconfrrences 5theduled lo lake place mofe Ihan one year from Ihe balance sheet date. The Chrisliartr Conference Tfusl l Annual Report ano Financ￿1 Statements 2023r24 P8ge 23 The Christian Conference Trust Notes to the Financial Statements For the year ended 31st October 2024 16 Credltors: amounts falllng du• after on• y•ar Group Chaflty 2024 2024 2023 2023 Deposits for future eOnfefen￿S (see nole 15a} Loans payab￿ Isee note 171 194.773 4.844.666 213,513 948.333 157,033 4.844,666 176,386 948.333 5,039.439 1,161.847 5.001,689 1,124,719 17 Loans payable Loans payabb Éncludes £NIL12023.' £1.408.333) ￿lat￿g to 2 tranches of UK Go¥erMienl Cornrtavirus Business Intenspl￿n Loan Scheme repayab￿ lo 8arclays Bank PLC and £4.900.000 relaiing to Charity Bwk Loan. UK Govemrnenl Coronavlwus Business Interruplton Loan Scheme - Interest on Ihe Isl loan tranche was charged al 2.99•10 ovw base raté and monthly capital and interest payments eomrnenced In Septernber 2021. Inlèrest on ￿e 2nd k)an Iranche wa5 charged a13.39g/) over base rate. The loan balance was settléd duiing the year ended 31 October 2024. Charity Bank Loan . Inleresl on the k￿￿ is charged at 2.79% above ba￿ rale. fvknnthty inl•r8$1 pawnents commenced In Mard) 2024 and rnonlhly cgpilal will commenc• in March 2025. Capitsl repayments are due aj lolbws". 2024 2023 0-1year 2.5yea¥s S￿OIS* 55,334 393,821 4,450.845 460.000 948,333 4,900,000 1.408,333 The loan 1$ se¢ure(I by a fixed and flOa￿￿v Char￿ over the assets and un¢JertaWng8 ofthe chadty, in¢luLting properties The Hay&$ Conferenc8 Centre, Swanwlck, Dèty5hke. Hlgh Leloh H¢rtfWdshl￿. Hi9hWe House Northanls. The Christian ConfeTenrR Trust l Annual Repjrt and Fin￿c$al statem￿1$ 2023124 Page 24 The Christian Conference Trust Notes to the Financial Statements For the year ended 31st October 2024 18 R•¢on¢lllatlon of movem•nt in fuTrd5 Year efided 31 O¢t•)ber 2024 Balanc• blf In¢M ExpondituA Other galns & Tian$ferJ 8al•nce cll Unre$tilcted Funds Gefteral income fijnd 10.689.917 8.528.631 19.014.526) 132.3791 10,151,643 0•8lgnat•d lund8 Bursary funds Revaluation reserve 1.572 107.193 {37.0151 37.015 14.636} 1.672 102.667 Total Unrt$trl¢lèd Fundo 10.778,682 8.S28,631 19,0$1,541) 10,255.772 Rutrl¢t¢d fund$ Yew tree Project Furtra 1.303.350 1105.078) 1.198.271 Totsl R••trlct•d Fund# 1.303.360 1105.0791 1,198,271 Total Fund¥ 10.778,682 9.831.981 19.156.619) 11.454.043 Charl Balan¢• blf In¢om• Exp•ndfturn Oth•r galm & B•hn¢• cll UnM8trl¢ted Fund$ General incomè lund 10.619.697 8,310,930 {8.796,8251 132.3791 10.101,423 D•Jlgnat•d lund• 8ufsary funds R&valu8llon festhfe 1,572 107.193 137,0151 37,015 14,6361 1,672 102,557 Tot•1 Unr•slflcted Fundj 10,721.462 8.310.930 18.833,8401 10,206,662 R•strlcl•d fynds Yw4 Iree Prole¢t Fund 1.303.350 1105,0791 1,198.271 Totsl R￿trICted Fund$ 1,303,3S0 1105,0791 1.198.271 Total Fund• 10.728.462 9.61<280 18,038.9191 11.403.824 Burnary Fund$- A deslun•ied unresirfeted bursary frjndls malniainod where befyyeen 5%-70% ol EBITDA 9eftefated by the Trusl Is 811ocaled lo the fvnd each year. Bursaries are avai18ble io organ￿al￿nS for the support of indivmluals attending rA1nlèrèrt￿S at any of the Centres. The amountol bursary awa¥ded lo an QTgani5a1￿D 15 charyed again51 the bursary fund when Ihe conleren¢¢ has taken place. Rèvaluatlon TeseT¥è- un￿￿115ed rapilal surpluses and deficils *ri&ng on the Tevalualbn ol Land and buildlngs afe taken lo a fixed asset rev0￿01{0￿ ieswwe. An annual amounl. equr¥aienl to Ihè additional deFYecialion on rèvalued a$s81s, ts transferred from the revalualion reswe lund to the unrestricted general incom¢ fLmd. Y•w Tree Proloct Fund . Restr￿ed hjnds wovlded for ptwwse of busldinu a conference hall at HvJh Leigh for which Ihe charlty exF*cts works lo ¢ommen¢e during 2025. The Christian confe￿nce Tru511 knnual Report and Flnancial Statements 202Y24 Page 25 The Christian ConfeRnce Trust Notes to the Financial Statements For the year ended 31st October 2024 18a COMPARATIVE INFORMATION: Re¢Oncl￿a10￿ of movernent In funds lor Year •nd•d 31 Octobèr 2023 Restatsd Balarte• IVI Incom• Expendlture Othergalns & Tran8fErs Bal•n¢e ¢ff Unrnstrlct•d Funds General income fun 10.382.208 7,780.504 {7,485.6571 17.1381 10,669.917 Deslgnated funds BU￿ary funds Revaluatkjn ieserve 49.163 111.B29 159.3651 11.774 14,6361 1.672 107,193 Total Unr•strlct•d Funds 10,$43,200 7.780.504 {7.546.0221 10.778,682 Total Funds 10,643.199 7,no.504 .545.0221 10,778,682 B4lJn¢• lfteon Exp•ndltur• O¢hgr galn$ & Transfers 8alin¢e cll Unr•$trf¢t•d Fund$ GeneTal Income fund 10.331.987 7,576.501 (7.281.6S31 17,1381 10.619,697 De*lgnat•d tund• Bursary funds Revaluation iesoNe 49.163 111.829 159.3651 11.774 14.6361 1,572 107.193 Totsl Unr••trlct•d Fund• 10.492.979 7,S76.$01 {7.341,018} 10.728A62 Total Fund• 10.492,979 7.576,501 17.341,0181 10.728.482 8urs•ry Funds. A desFJnaled unreslrlcted bursary frjnd Is mairtt•'ned where beN¥een 5%-10% of E81TDA gonerale(I by the Tnjst 1$ alb¢aled lo the fund each year. Bursari¢s ale avaIl3b￿ lo wgani$alw)ns IDT Ihe support ol IndNlduals attending conferènces al any of the centre6. The amount of bursary awarded lo an organisation is ¢hafge¢J ag•'nsl Ihe bursary lund when the conference has laken placo. RtrY*lu•tlon r*ser4?- Unreolised ￿pIlo7 surpluse$ and def¢rts ariwg on the re¥alual*)n of land and bulldlngs aro laken to a fixed a58ei revalvallon reserve. An annual arnount. equi¥aknt to the 8chJltional depffjeialthi ￿ ievalu&J a5spts. Is IransleThed from th9 revaluatbn reseN8 lund lo the unrestricted general Inc￿rne fund. Thè Chrlsllan Conferonce Tnjsl l Annual Report and Financial Staiements 2023r24 Page 26 The Christian Conference Trust Notes to the Financial Statements For the year ended 31st October 2024 19 Analy$ls of assets amd Ilabllitlg8 b•tween funds Unr•strieted Fund Oeslgnated Fund Restrlcted Fund Totsl ou Tan9ible fixed ass815 Current assets Current liabilllies Credllors due aftér one year 15.556.359 3,656.658 {4,021,936) {5.039.4391 102,557 1.572 15,658,916 4.856.502 14,021,936) 16,039,439) 1.198,271 Yèar ended 31 Octob?r 2024 10,151.642 104,129 1.198.271 11.454,042 Chaf Tangib￿ fixod assels Investrnent in subsbjlary Currenl assets Current Ikibilities Croditors du8 after on• year 15.55e.359 110.358 2.949.733 13,S13,3281 15.001.609) 102.557 15.668.916 110,358 4.149.576 13.513,3281 15.001.699) 1.572 1.198,271 Y•ar •nd•d 31 Octob•r 2024 10.101.422 104.129 1.198.2TI 11.403.823 Unrn•trf¢tsd Fund D••lgn•l•d Fund R•#trfct•d Fund Total Tongible fixeij assels Cu¥reni assets Cuirenl liabilllles Creditorn d¢Je after one year 11.901.415 2.965.8B1 13.035.532) 11.161.847) 107,193 1,572 12.008,608 2,9$7,453 13,035,532) 11,161,847) At 31 octob•r￿23 111.669.917 108.765 10.778.682 Ch 23 TIngib￿ fixed assels Investrnent in subsidiary Current assets Current liablllites 11.901.415 110,358 2,562.213 12,829,5701 {1,124,7191 107.193 12,008,608 110,358 2,583,785 12,829,570) 11,124,719) 1.572 Credllor5 due after ono year Al 31 October 2023 10,619,697 108.765 10.728,462 The Chrtsllan Conf&rence Trust l Annual Reporl arKI Financ4al Slalements 2023r24 Pagè 27 The Christian Conference Trust Notes to the Financial Statements For the year ended 31st October 2024 20 Capitsl ¢¢mmi¢ments Gfoup and Ch4rlty 1024 2023 Contractèd for but not prO￿ded Authorls*d but not yÈl Contracted 52.519 2.300.c￿0 21 Operatlng l•a$ c￿ratIng 1•aS￿ . L•$8or The group leases farm lan¢J and surplus bullding areas to thirf paities under wrating ￿ase aryangements. The total mlnlnum renl&l income receivatsle undèr noTrc8ncellable operaling ￿aSeS loi propety a￿ as lolbws.. Grou Bullding 2024 Total 2023 Within a year 8,800 7.868 8￿00 7,868 Op•ratlTrg l••s•- Le88•• To181 fulure rnlnlmum le#se payments under Th)n￿ncelL￿1)l￿ op8rabThJ teases are 05 foll)w$'. Re•tst•d Conl*r•n¢• Equlpme 2024 Vohlclo• Totsl Tot41 2024 2024 2023 thin a year Two lo five yegr$ More than S years SO.219 68,796 13,888 5,739 64,105 74,535 85.625 136,840 119.01S 19.625 138,640 204,266 22 R•lat•d party tran$•¢tlon¥ The Chilslan Conference Trust has a wholty ovmed subsldiary. Fnl Conlerence Eslale Ltd. The IFadlng actlvlues of lh8 company are s•t oul In Note S. The amounis due lo tfve subsidiary are disclose¢ In Note 1512022123., due from s¢tsbsidiary as disclosed In Nole 141. During the year managomenl charg8 01 £1,310.40612022r23'. £1,181.4951 was mad& Irom the Twsl lo the subsid4ry ￿MPanY. There wern no other ret8led party ITansack•ns during the year12022r23.. n￿e). 23 R•conclllitlon ol n•t In¢on* to n•t ¢•8h Ilow8 wo¥lded ty operaung actlvlll 2024 2023 Op•ratlftg a¢tfj¥tti Nal Incoma for the year Adlustmanis foy: Interest payable on bank and olhor loans Inieresi receivable Depfeci8lion and d*it M disposal ol knglble assets {In¢reasel in stock Iln¢reasel In debtors IDeGfeasel in credilors 675,361 235.482 253,536 131,4981 602,831 113,2541 170,5641 1.372.330 111.540 628,685 {27,7391 (12,5631 179,7621 Npt c4¥h provldod by oppratlng actl¥ltles 2.788.740 865,644 The Christian CtsnfèrÈn¢e TNst l Annual Report and Financial Statements 2023r24 Page 28 The Christian Conference Trust Notes to the Financial Statements For the year ended 31st October 2024 25 COMPAPATIVE IMFORP*lATION: CONSOLIDATED STATEMEIIT OF FIKANCIAL ACTMYIES FOR YEAR ENDED 31gt OCTOBER 2023 Restricted Funds TotsS 21124 Total 2023 Funds In¢ome fwm: Donallons Charllable a¢￿VItIeS Other trading aclwite8 Government graftls Investsnenl income 5.872.687 l.W7.817 5.872.687 1.907,817 S,506.646 1.S95.$45 Total In¢omg 7.780,603 7.780.503 7.102.191 EX￿ndI￿re on Generating funds Ongoing Charitable acti￿08$ 295.413 7.249.809 295.413 7.249.609 123.549 6,775.928 Ex¢eplk>nal cosis.. 8els8y Bridge closwtr 295.376 Tot•1 exp•ndltur• 7,$46,022 7.545.022 7.194.883 Ng1 {Ex￿ndItUre) I In¢om• for the y￿r b•lor• trnnsf?r* 235,411 23S.481 192,6621 Tianslers between fvnds N•t m•v•m•nt In lund• 235N81 236.481 192,6621 Rt¢onclll*tlon ol fund* Fun(Js broughtfopNard 10.543.200 10,$43,21JO 10,835,882 Total fund• ¢•irl•d lopw•rd 10.778.682 10.778.882 10,$43.200 Thè statèment of ffinancial aclNities Nicludes all gain5 and losse$ reCOg￿Sed In the yw. All Income and expendsture defives from conllnuin9 activities. Thè Christ4an Confèreficè Tiust l Annual Report and Finanaa Stslements 2023r24 Page 29