2024 ANNUA Ics INTERCONTINENTAL CHURCH SOCIETY I ntercontinental Church Society Unit 11 Ensign Business Centre Westwood Way Westwood Business Park COVENTRY CV4 8JA UNITED KINGDOM Registered Charity.. 1072584 A company limited by guarantee registered in England and Wales: 3630342 Table of Contents Word from the Chair........................... Mission Director's introduction........................ Directors and Trustees, Report.............................................,................................................................. Executive Report.....,.....,......................................................................................................................... Change of Council Chair............ th 200 Celebration................................................................................................................................ ICS Office............................................................................................................................................ Permanent Chaplains...........................,..,.......................................................................................... Province of Alexandria................................................... New Work......................................................................................,..,.....,.... ...................................... Life Member5......................,.............................................................. Short-term Mission.............................,.,..................................................................................... Volunteers.....................................,..,. Existing work . New work............... ...................................................,....................................................................... Building work........................,................................................................... Preparation forchange............................,,.........................................................................,............. 10 Partnerships................................................... 10 Communications.. io ICS publications . io Good News Travels............ li Web5ite.............................,................................................................,...,... li Social Media.........................,...,..,. li Property owned by ICS.........................,....,........ 13 St Mary's Rotterdam............................... .......................................................................,...... St Michael's Paris........................................ 13 13 St Peter's Chateau d'oex................,....... 13 Environment.............................................................. 13 Environmental Response..................................................,............................................................... 13 Future Plans..................................................................... 15 Partnerships......................................................................................................................................... 16 Volunteers . 16 Overview of financial plan and strategy in 2024...................- Income..................................................................,..,. 17 17 ICS. Helpii?g Jle fiiTrd Jeius. Intercontinental Church Society Trustees Annual Report 2024 Expenditure........................................... 17 Net gain on investments..............................................................................................,.... 18 Financial result ft)r the year..................................... Fixed Assets............................................................................. 18 18 Investments............................................................................,... 18 Current Assets........................................,.............................................,.. 18 Reserves 18 2025 Financial plan and prospects. Council and Governance 19 .20 Council. .20 Council Members, Responsibilities...- Funds held as Custodian Trustee on behalf of others...........................,.............................................. 22 .20 Governance and Management.............................,. Public Benefit .22 .23 Risk Review........................................................................,.,,... .23 Safeguarding........................................,..............................................,... Statement of Fundra ising Practice . Fundraising Activities..............................................,..................................................,..,................... 25 .24 .25 Spring and Autumn Appeal Christmas Cards..............................................................,.... 25 25 Used Stamps.................................................................................,,.............................................. 26 Thanks, and In Memory.........................,...............................................,.,............................................ 26 How we are 5tructured............................................................................................,. 27 Independent auditor's report to the members of Intercontinental Church Society............................ 28 Statement of Financial Activities......................................................................................,................... 31 Balance Sheet.............................................................. 32 Statement of cash flows. 33 Notes to the accounts............. 34 Intercontinental Church Society Trustees Annual Report 2024 Word from the Chair Dear friends, I have been in the role of Chair of ICS for a little over six months and l am so excited about all that the Lord is doing with you and through you. It has been a great joy to see your strong desire to reach people with the gospel and the bold vision you have of how to do that afresh in this generation. Reflecting on the previous year of the ministry of ICS, l am filled with gratitude for your unwavering support, and the dedication of our team. Your prayers, encouragement, and generosity have made it possible to continue our mission to share the gospel through encouraging, equipping, and planting local churches throughout the world. Looking ahead, we are excited to launch a new ten-year vision to plant English-speaking Anglican churches in major cities and towns across Europe, to proclaim the gospel in cultura Ily relevant ways, foster collaboration with other denominations and congregations, and become catalysts for further church plants. To achieve this vision, we aim to inspire and equip church planting teams who will pioneer new expressions of church alongside our existing chaplaincies. None of this would be possible without the incredible team, of which you are a part, who bring energy, creativity, and faithfulness to their work. To every member of our staff, council, and the countless volunteers who give so generously of their time: thank you for your commitment to this shared vision. With your continued prayers and support, we are confident in moving forward with courage and hope in the gospel. With every blessing and thanks to you in Christ, (&L The Rt Revd Dr Ric Thorpe Chair of ICS Council and Bishop of Islington IC.S. Helpiij JL P￿lIl)I￿ I, Intercontinental Church Society Trustees Annual Report 2024 Mission Director's introduction As I sit in my study, overlooking the allotments, I have been observing a team preparing the ground for a new pond. Initially, l expected the digging to begin immediately, but it became clear that significant groundwork was needed before the project could truly take shape. As I watch them build the road to a Ilow machinery access, I see a parallel to the journey ICS has undertaken in 2024. This year has been about preparation laying the groundwork for the transformative changes ahead. 2024 has been a year of significant progress alongside our ongoing work. It has been a time of setting the stage for the future of ICS, ensuring that we are well-positioned to embrace the opportunities to come. We undertook a major redevelopment of the ICS office, which required moving out for three months-a challenging but ultimately rewarding process. This disruption was a necessary step to create a more efficient and inspiring space for our team. This year saw the appointment of a new Chairperson for ICS Council, bringing fresh leadership to our governance. Alongside this, we have been refining our vision, building on our rich heritage to focus on our mission of proclaiming the Lord Jesus to those we serve. This cla rity of purpose will guide us as we step into a new phase of ministry. The achievements of 2024 would not have been possible without the dedication of the ICS team: Maggie Winham, Yelena Williams, Jim Perryman, Jacqueline Cottier, Jeannette Spaanderman, and Alice Miles. Their hard work, resilience, and commitment-often in challenging circumstances- have been instrumental in moving ICS forward. With a small team of fourfull-time and three part- time staff we continue to accomplish an extraordinary amount, and it is both a privilege and a joy to work alongside them. I would also like to extend my gratitude to Calen Gayle, Ann Tyndall, Roger Hoyle, and Bishop Richard Jackson for their invaluable contributions to the ICS Council. Working closely with Richard Jackson as Chair has been a privilege, and I deeply value the friendship we've developed in our shared service to ICS. I look forward to building a similar partnership with Bishop Ric Thorpe as he has stepped into this leadership role. As we prepare for the changes and opportunities to come, I commend this report to you with gratitude for yourcontinued support and interest in ICS. Your partnership in this mission is never taken for granted. Together, as the ICS family, we are working to make Jesus known. Thank you for being part of this journey. Yours in Christ The Revd Canon Richard W Bromley MA ICS Mission Director ICS.. Helping petsple find Jpbus. Intercontinental Church Soclety Trustees Annual Report 2024 Directors and Trustees, Report ICS objective o advance the Christian Gospel by Evangelical Mission and Ministry to English-speaking people throughout the world. This happens in three main areas: The Mission Partners, both Patronage and Associate, serving in churches and chaplaincies around the world, provide beacons of outreach, worship, and care. Our support of the mission partners who serve in these locations enhances their ability to serve, minister and operate effectively. Short-term Mission and Outreach, with the opportunity to communicate the Good News of Jesus Christ, provides acts of worship, engagement with tourists and travellers. Our resident chaplains allow u5 to fulfil our object in several locations around Europe. New Work is driven by a passion to renew, support and plant churches that advance the Christian Gospel, which of course is our heritage and passion. Our strapline. Helping people find Jesus, communicates the desire behind all we do. While we would want to unpack this in many ways, it does get at the heart of what we are about as an evangelical mission agency. ICS values: The Bible as ourguide and final authority. The pursuit of excellence in all that we do. Integrity in all areas of our work, seeking to be transparent, honest, and genuine in our dealings, internally and externally. Partnerships and seek to work this way whenever possible with like-minded groups and individuals. The pursuit of ministering at the frontiers; this has marked ICS over the years. We value volunteers and the voluntary principle in the pursuit of our objectives. IC5.- HelptriTrfj oei)lllJ Intercontinental Church Soclety Trustees Annual Report 2024 Executive Report Change of Council Chair In 2024, Bishop Richard Jackson concluded his tenure as Chair of the ICS Council after eight years of dedicated service. We extend our heartfelt gratitude to Bishop Richard for his remarkable contributions to the life, vision, and care of ICS during this time. His leadership and commitment have been instrumental in shaping the Society's mission and impact. We are equally pleased to welcome Bishop Ric Thorpe as the new Chair of the Council. Bishop Ric brings extensive experience in chairing and governing organizations, combined with a deep passion for church planting. His expertise in this area will be invaluable as ICS seeks to expand and develop it5 work in planting and revitalizing churches across the continent. Bishop Ric has already integrated well into the ICS community and is making a positive impact through his leadership and insights. We look forward to the exciting journey ahead under his guidance and to the continued growth of ICS in its mission to share the Good News of Jesus Christ. th 200 Celebration In 2023, we celebrated the 200 anniversary of ICS with a final event taking place in Northern Ireland in May 2024. We gathered at Hillsborough Parish Church and met with a number of supporters and church leaders to share a programme of celebration and rejoicing at God's provision over 200 years. It was a pleasure to be with so many friends and associates of ICS. Chair of Council, Richard Jackson, was able to join us as was council member, Mimy Gardner, the worship was led by Andy Flanagan. The programme was very Similar to that of the previous year but with the added distinction of Northern Irish hospitality and a wonderful lunch. ICS Office In 2024, we undertook a significant refurbishment of the ICS office in Coventry. Late in 2023, the property owner5 informed us of their intention to sell the building. After conduttsng thorough due diligence to explore alternative options, we determined that purchasing and upgrading the existing property was the best course of action. This decision set in motion a detailed process that included obtaining quotes, designing a refurbishment plan, and temporarily vacating the premises for three months while major renovations were carried out. The result is a beautifully refurbished, purpose-built office space that is both light-filled and highly functional and represents an important milestone for ICS, providing a solid and inspiring base for our operations- it underscores our commitment to creating an environment that supports our team and our mission effectivelv. ICS stuff welcomes Roger5coones to the ojfvce Space (picture left} ond the officiol opening of the offi'ce by IC5 Council. ICS.. Helping people findJesus. Intercontlnental Church Society Trustees Annual Report 2024 Permanent Chaplains ICS serves fifty plus mission partners and chaplaincies; where we have Patronage and where Associate Ministry Partners are ministering. We support them in various ways, the most obvious being the ICS Conference which took place in April 2024 in Beatenberg Switzerland. Our council member, Stephen Hance, led the bible teachings and Clive and Ali Hogger the seminar stream. This conference is a valuable resource and a lifeline for our mission partners as it is a time of encouragement, refreshment, and fellowship for the chaplains and their families. We support our mission partners through coaching where each new chaplain is being coached for the first six months, as well as the offer of ad-hoc coaching whenever is required. On top of this we help chaplaincies think strategically which direction they want to go, sometimes as a pre- recruitment review or as strategy days. Lastly, and perhaps the most demanding part of our work in terms of resources, we help recruit new chaplains. This year we were delighted to have recruited in Chantilly, Arnhem and Nijmegen, Cannes, and alongside the Bishop of London, in Holy Trinity Brussels, where a new chaplain was licensed in February 2025. We have made a nomination to the Bishop for St Marc's Grenoble. 8en Evans, Elise and Elva St Peterfs Chantllly Wim Kuiper Arnhem and Nljmegen Andy Brewerton and Amanda Holy Trinity Cannes Arani Sen and Alison Holy Trlnity Brussels It is always important to note people changes, Tony Lomas has moved on from Aquitaine, Adrian Green from Ibiza and Formentera, Chris Howitz from St John's Muscat, and Matthew Fitter from Bangkok. They will be missed, and we wish them well in their new stages of life and ministry. The Revd Canon Debbie Flach retired from ministry at Christ Church Lille. Debbie was appointed as Chaplain in Lille in 2007, moving from Holy Trinity Maisons-LafFitte where she was the Assistant from 1996-2007. Debbie will continue in her role of Dean of Women's Ministry IDiocese in Europe). We wish her all the very best in her retirementl Mark Hafkenscheid has finished his ministry at the Schiphol Airport Chaplaincy and, from January 2025, will start as Chaplaincy Team Leader in Rotterdam forthe Mission to Seafarers. He will continue his curacy at St Mary's Rotterdam. St Andrew's Puerto Pollensa is a new ICS mission partner, they recently said goodbye to their chaplain, The Revd Bill Boyce. We were also delighted to welcome new mission partner, The Revd David Mccleod, the new chaplain at Christ Church Brittany. This year we were involved in recruitment processes in Versailles, Grenoble and Aquitaine. Intercontlnental Church Society Trustees Annual Report 2024 Province of Alexandria ICS continues to have strong links with the Province of Alexandria and Archbishop Samy. This yearfs ICS Spring Appeal was aimed at raising funds for the ministry of Martin Reakes-williams who recently became a Bishop in the Province. We have been working closely with Bishop Anthony Ball to resource the ministry in North Africa. We were delighted to present to him, The Revd Craig Watson and his wife Elaine Ipicturedl, as new Rector of Holy Trinity Algiers. We continue to keep in close contact. As the Province develops there will be challenges, and ICS will walk alongside the people there and maintain our commitment to them. New Work In 2024, ICS continued to support three stream5 of New Work. In Izmir, ICS financially 5UPPOrts, alongside others, chaplain James Buxton who continues to have a fruitFul ministry which appear5 to get better as the years develop. In Liège, ICS financially supports chaplain Guy Diakiese and are invested in seeing this ministry flourish. Liège was at a low ebb and under the care of Guy with the people in the church, there is a resurgence of life and energy. Lastly, ICS has been funding the part-time youth workers in Grenoble. The ministry here has grown and at my last visit there were about thirty children as well as young people. The church is youthful and the ministry of the youth workers is valuable. ICS is going to help support the chaplain over the next three years so our continued involvement in Grenoble is high as we see this as an important church of interest. Other areas of new work have been explored, and these are under development. Life Members Four people were presented with ICS Life Membership5. Clifford Owen, who served with ICS in Corfu and Ostend and Bruges, and who has been a friend for many years, Chris and Susie Martin who were in Lyon, now serve as locum across the Diocese in Europe and who are great supporters of ICS, and Chris Weller, a former ICS Treasurer who played a significant role in the way our finances were organised. We are delighted to have them as Life Members. Clifford Owen receives his ICS Life membershipfrom RichGrd Bromley ICS." Helping pe()ple find Jes115. Intercontinental Church Society Trustees Annual Report 2024 Short-term Mission Blessings and preparation for change Volunteers Through 2024, thirty-four different chaplains, together with family and team members, seNed as volunteers in our chaplaincies in Switzerland and Greece-with four serving both winter a nd summer, and one serving two different re50rt5 during the summer. Four of these were serving for the first time, and two served aga in following a gap of several years. In total, they served for eighty- seven weeks between them, including five weeks back in Interlaken and Grindelwald. One of the great blessings through 2024 has been the number of applications to join the team of chaplains. Thirteen excellent candidates have been added to the team, more than twice the number added in any previous single year. Existing work Tourist number have continued to increase, and reports indicate that these have now fully recovered after the problems of the pandemic and are probably at an even higher level than before. Chaplains in Winter and Summer reported on the great opportunities for positive conversation5 about faith and seeing God at work drawing people closer to Him through the mission and ministry they received from our chaplains. We also heard of miraculous healing in answer to one chaplain praying with someone. In Corfu, the new Cafe Logos at Holy Trinity Church provided our team of chaplains some excellent opportunities for meeting and talking with people-both visitors and locals. New and deepening relationships with local residents have also taken place in our Swiss resorts, and we look forward to 2025 with excitement about what God has in store. New work Openness into possible opportunities for new work continues but no decisions are likely to be taken until the forthcoming changes within the staff team, allowing whoever might take on the role to be able to have a fresh vision to discern God's guidance. Building work All planned building maintenance in Zermatt and Wengen has been largely completed, although there is still some residual work to be done at St Bernard's Wengen to repair part of the interior. The work on the exterior of the Wengen church and the windows in the Zermatt church all appear to have been completed to a high standard and will both assist the long-term wellbeing of the fabric and the insulation against heat-loss so, while not making any significant difference visually, should have a positive impact on worshippers as well as the environment. St Peter's Zermott windows New boor ur Sr Bernard 5 Wengen ICS. 14elpiiig peLTrJle fiiid Josus. Intercontinental Church Society Trustees Annual Report 2024 Preparation for change Towards the end of 2025, Short-term Mission Manager, Jim Perryman, will retire from the role after nearly fourteen yea rs,. he Started initially as a volunteer while still a member of ICS Council and then twelve-and-a-half years as part-time salaried staff. The ongoing nature of the role is under discussion but much of the administrative work of 2025 will be preparing for the handover. It is hoped that there will be an opportunity to get many of the team of chaplains together in the autumn for an in-person gathering, hopefully to meet the new manager and to say goodbye to the outgoing manager. Also to increase the sense of 'team' among them which has been somewhat damaged since preparation days became video meeting events at the start of the pandemic, remaining so afterwards due to time and cost benefits which resulted from this unexpected change. Partnerships We are extremely grateful for the strong partnership5 ICS Short-term Mission ha5 Wlth a variety of organisations, which both assist us in our work but also reflects the value placed upon it by these organisations. The Ski Club of Great Britain The Down Hill Only Club in Wengen The Zermatt Bergbahnen companv The Wengen Tourist Office The Interlaken Tourist Office The Zermatt Tourist Office The Chaplain and Chaplaincy of Holy Trinity Corfu The Swiss Reformed Church in Lauterbrunnen The Swiss Reformed Church in Interlaken The Roman Catholic Church in Grindelwald The Gemeinde in Zermatt The Canton of Wallis/Valais Communications IC5 publications ICS News and Prayer Diary continues to be well received with uplifting and encouraging news stories from ICS chaplaincies. Our designer, Alex Grey, does an excellentjob in making it look attractive, and the printing and mailing processes are efficiently handled by Swan Print Ltd. Bedford. IEwséglCSNEWI IEwstsICSNEW¢ IEws&IcsNEW¢ I things new ICS. HelKi117g people find Jvsus. Intercontinental Church Society Trustees Annual Report 2024 io ICS News and Prayer Update is a monthly communication that is produced in-house. It is mailed out by post to over 250 addresses and by email to more than 650 subscribers. Both ICS News and Prayer Diary and the monthly update are posted out by mail and digitally to Subscribers. ICS Zoom Prayer Meetings run bi-monthly and continue to be well attended. This meeting follows on from the monthly News and Prayer Update where an ICS Mission Partner is invited to lead a time of Devotion, shares news and gives an update on their ministry. This is then followed by a time of prayer. These meetings give opportunity to catch up with people from all over the world. Good News Travels This is a new initiative to encourage people to sign-up and receive ICS mailings, to 'Come Closer, to ICS. A Good News story from the world of ICS will be sent out by email every couple of months with the aim of being shared widely, in church, in a church newsletter or with family and friends and so to raise awareness of ICS. Website The ICS website is both an important communications tool and fundraising platform. It features stories, points for prayer, gives the location of ICS churches, and advertises job vacancies. It also allows chaplaincies to raise funds for their ministry and mission, furthermore, people can make donations, sign-up for events, be added to our mailing list, become a member, or renew their membership. This year we moved to a new platform provider, Squarespace Inc. An American website building and hosting company based in New York City. It provides software as a service for website building and hosting and allows users to use pre-built website templates and drag-and-drop elements to create and modify webpages. Social Media We use social media to let supporters find out what is going on in the life of ICS and to allow us to keep them connected. It is also a good way to attract new people by creating engaging content. Our primary channel is Facebook where we have our main page to share the latest news stories as well along with photos and videos from across the different chaplaincies and ministries we work with and support. Any short form video and photos will also be shared to Instagram. This year we moved away from using our Facebook Prayer Group to publishing prayer points directly to our main ICS Facebook page to increase engagement coming there rather than being split across two different areas. We use Facebook ads to help promote Short-term Mission in the winter season in Zermatt and Wengen and in the summer in Zermatt, Wengen and Corfu as well as supporting Ibiza with their'Here for You Ca mpaign,. These ads specifically target those visiting the region who may be looking for a church to attend and direct people towards the pages on our website where they can find out more information. Alongside ads for Short-term Mission, we also encourage the chaplains who are serving in resorts to share updates of how they are getting on and what they are doing to specific groups allowing them to engage directly with those attending and keep other chaplains informed. Intercontinental Church Society Trustees Annual Report 2024 li As part of our Spring Appeal, which was focused on Refugee Ministry in The Diocese of The Horn of Africa, we ran a campaign alongside it called '1 Was Hungry,, a collection of bible reflections and stories of how different chaplaincies were involved in refugee ministry. Ics 'Opening the Door, was a series we ran during Advent which gave a glimpse into what some of the chaplaincies we support were up to during the Advent/Christmas season. This was done by entering through an animated door and emerging into a shortvideo clip of an event or greeting. HDtyYrfra Social media is making a push towards video so alongside those we also shared some Short interviews and greetings with chaplains as well as some longer in-depth interviews which were posted to Facebook and YouTube. ICS.. Helping people find jesus. Intercontinental Church Society Trustees Annual Report 2024 12 Property owned by ICS In 2024 the notable property highlights were as follows.. St Mary's Rotterdam The title for the courtyard at St Mary's has been transferred and the exterior refurbishment of the tower and masonry work are complete; the church is looking magnificent after the repairs. The Usage Agreement has also been finalised. St Michael's Paris A new Syndic wa5 appointed at the AG in June. Since then, the co-owners, SASAgusseau, have sold their share of the Copropriete. This means there is fresh opportunity to discuss shared needs for the building usage with the new owners. There have been some maintenance issues inside the building that have been delayed by the situation with the co-owners. The team at St Michael's are doing an excellentjob of managing this to keep the building operational in the meantime. St Peter's Chateau d'oex Over the last seven years, St Peter's has gone through a thorough renovation, internally the church has been transformed, and the exterior has been restored and painted for the first time. A Service of Thanksgiving and Rededication was held to mark the completion of the church restoration project and to celebrate the 125 anniversary of the dedication of St Peter's in January 2025. th St 8ernard's Wengen Works on the exterior of the church, including a new side door and painting of the windows, have been completed. St Peter's Zermatt For the first time in the history of St Peter's, the stained glass has been fully refurbished by a professional glass company. All the windows and leading are now in good order and full functionality has been restored to the fitttngs on the opening windows. Environment Environmental Response As we progress on the journey 'Towards Net Zero,, ICS are continuing to monitor the impact of our activities in the Carbon Footprint that we generate. In 2024, the UK office was refurbished with conscious choices made on the specification. New windows and doors provide better insulation, and the heating solutions will improve our efficiency and significantly reduce energy consumption. Most of the old furnishings were rehomed to minimise waste. The UK office uses electricity from renewable sources so reducing our emissions to zero for this category. Travel continues to be the most significant contributor to the carbon footprint, and we are conscious of the impact this has. We always look for the optimum solution when booking travel. Intercontinental Church Society Trustee5 Annual Report 2024 13 Climate Stewards have supported us again with an analysis of ICS travel throughout the year. The combined C02 equivalent remains relatively low at 28.8 tonnes Coze with one long haul r Climate ' Stewards fiight contributing half of the flight footprint. Travel has been offset with a payment of £576 towards Climate Stewards, offsetting programme. We continue to work with the Diocese in Europe to monitor ICS chaplaincies. We aspire to be good steward5, making conscious choices, reducing usage and waste and buying ethically and locally as much as possible to reduce our overall impact. Our overall footprint will continue to be monitored as we progress towards the net zero target. Map of worldwidefiights flights tCO2e 50,040 passengers miles travelled times round the world ICS.. Helping peoplefind Jesus. Intercontinental Church Society Trustees Annual Report 2024 14 Future Plans Strategic Priorities for 2025 The year 2025 presents a range of significant initiatives and tasks to address. Alongside the ongoing work of the Society-including support, conferences, short-term ministry, recruitment, administration, fundraising, communication, and member support-we are also embarking on new strategic developments. New Work Strategy: Church Planting A key focus in 2025 will be the development of a new work strategy that is centred on church planting. Our vision is to establish a College of Church Planters, to equip and inspire individ uals to plant churches in innovative and contextually relevant ways. This initiative aims to expand our reach and impact by engaging new communities and contexts. To achieve this, we are actively seeking a dedicated leader to drive this strategy, ensuring the capacity and momentum needed to make this a cornerstone of ICS'S mission. Financial Sustainabilitv The 2025 budget reflects a significant deficit, highlighting the need for a strategic reassessment of our fundraising approach. To address this, we have convened a Fundraising Group tasked with evaluating and implementing sustainable and appropriate methods to secure the resources necessary for our ministry's growth a nd long-term viability. This effort is both critical and strategic for the future of the Society. Key Recruitment Initiatives Recruitment and Short-Term Mission Manager In 2025, we look to appoint a new Recruitment and Short-Term Mission Manager to succeed Jim Perryman. This person will also take on responsibilities currently managed by the Mission Director, including oversight of chaplaincies, recruitment. Identifying the right candidate for this role is vital to the continued development of our Short-term Mission initiatives and broader patronage efforts. Mission Director Preparations to recruit the next Mission Director will also begin in 2025 with key decisions regarding the recruitment process to be made to ensure a smooth transition. This marks an exciting period of change for the Society and the leadership of Bishop Ric Thorpe will be invaluable during this time. Please continue to pray for him as he guides us through this transition. Conclusion The year ahead is filled with opportunities for growth and transformation. While challenges remain-particularly in the areas of h'nancial sustainability and leadership transitions-we are confident that these initiatives will strengthen the Society and its mission. Your prayers and support are deeply appreciated as we navigate this exciting season of change. IC5 NJJlpii?g npople finrf Je511i. Intercontinental Church Society Trustees Annual Report 2024 15 Partnerships ICS continues to enjoy strong and positive links with the Diocese in Europe, the Province of Alexandria, and the Diocese in Singapore. In the Diocese in Europe, the Mission Director is present at the Synod and Bishop's Council. The partnership with the Province of Alexandria continues to be warm and our relationship with Archbishop Samy and his team is excellent. We continue to support in the recruitment of English-speaking chaplains when called upon. We continue our link with the International Church Leadership Network. Often from the US, but not exclusively, they are involved in church planting, very similar to our own, but from different denominational backgrounds. ICS is an active partner of the Partnership for World Mission where the Anglican mission agencies gather. We also work in close collaboration with Lambeth Palace in relation to areas of shared interest, this mainly involves Christ Church Cathed ral in the Falkland Islands. Volunteers ICS started as a volunteer society, as Bishop Robert pointed out during his talk at the 200th celebration. OLsr volunteers are also our partners, and we are delighted with their commitment, energy, and support. Notably our Council members, their contribution and support outside the regular meetings are gratefully received. We have a positive, engaged Council who readily take on roles; this is a blessed position to be in. Additionally, the following people volunteer with us: Short-term Mission Chaplains People who distribute ICS News andprayer diaries. People who organise ICS prayer meetings. David White who 5UPPOrts us with property Issues and acts as a Secretariat to the Council. Denise Bromley who provides administrative support. lan Ward who supports on database development. Tim Wright who links ICS with churches in the Republic of Ireland and Northern Ireland. Council members, Folli Olokose and Tim Wright, who have served and travelled extensively in 2024 supporting the recruitment of Chaplains where we have patronage. It is our privilege to say thank you to them for their time, energy, enthusiasm, and commitment. IC5.' Helpiiig pei)i}lo fii?d JpilJJ Intercontinenta1 Church Society Trustees Annual Report 2024 16 Overview of financial plan and strategy in 2024 During the year, the Council took the decision to focus on church planting and church development as the targets for the 200th anniversary fund. Plans are being established to organise and to implement this work. A deticit on the unrestricted funds was budgeted to be £265,000. In the event, the actual result was a deficit of £290,000. During the year, the Society purchased the leasehold of its premi5e5 in Coventry and carried out certain work which was capitalised. The total cost of this purchase and property work was £290,000, £215,000 of which was capitalised. Income General unrestricted income at £300,204 was £1,037,959 lower than in 2023; general fund income in 2023 was unusual because of the size of legacies. Subscription and donation income from individuals at £110,221 was £70,564 lower than the previous year which included giving to celebrate the 200th anniversary of the Society. Legacies at £91,587 were £1,013,609 lower than 2023. Donations received for specific chaplaincies and projects came to £261,090 which was comparable with the 2023 figure of £259,291. Dividends and interest on the investment portfolio amounted to £103,896 which was £31,421 higher than the previous year. Total income came to £561,294 against £1,597,454 in 2023. Expenditure Our charitable activity expenditure is shown under the following headings: New Mission work- covering grants and direct expenditure on developing new mission opportunities and initiatives in outreach situations for both permanent and seasonal ministry. Qngoing Mission work- covering direct expenditure on recruitment, placement and the continuing support of chaplains in their permanent and seasonal ministries. Staff a nd support costs - all costs related to administering the charitable activities of the Society. Costs of raising funds - covering direct expenditure incurred in raising funds including trading activities. Direct expenditure on New Mission work is detailed in Note 3 of the financial statements and totalled £32,847 in 2024 which included £10,000 for new work in Grenoble and £12,402 from the 200th Anniversary Reserve for new work in Liege, compared to £30,899 in 2023. Expenditure for Ongoing Mission work with permanent chaplaincies is also comparable with 2023 at £139,080. Resort Missions expenditure is above 2023 due to the refurbishment of the windows at St Peter's Zermatt and refurbishment work on the apartment, a5 well as work on the Wengen Church. Staff and support costs at £489,311 were on budget but higher than last year reflecting the impact of inflation. The cost of the Chaplains, Conference was £30,890 against £22,967 in 2023 reflecting a higher level of attendance and increased costs. Total expenditure amounted to £809,295 compared to £682,356 in 2023. ICS. Helpiiig k)eoplé IinLI Jesui. Intercontinental Church Society Trustees Annual Report 2024 17 Net gain on investments Net gains on the investment portfolio amounted to £3,915 compared to a net gain £61,106 in the previous year. Of this net gain, a gain of £27,900 was attributable to the endowment funds and a loss of £23,985 to the general funds. Financial result for the year The year 2024 marked a return to a more usual level of income. Legacies were markedly lower and individual givi ng fell back after the 200th anniversary year. The result was an overall deficit for the year of £244,086 compared to an overall surplus of £976,204 in 2023. Total funds carried forward at the end of the year totalled £3,768,299 against £4,012,385 the previous year. Fixed Assets During the year fixed assets increased to £364,329 from £135,825 in 2023 as the lease and property improvements were capitalised. 1nvestments The portfolio of investments is professionally managed by CCLA Investment Management Ltd and Ruffer LLP. It is invested to provide regula r income whilst maintaining ca pital va lue. The investment policy is to invest in companies whose activities do not conflict with the ethos and basis of belief of the Society but give the levels of yield necessary to enable it to continue supporting both new and ongoing mission work. The Society has made no social investments. The small net ga in of the portfolio over the last year reflected the general uncerta inty of financial markets in the face of conflict in Ukraine and the M iddle East coupled with high levels of inflation and interest rates. The result was that the Society's portfol io increased in value over the year by £3,915 whereas 2023 showed an increase of around £61,106. Our budget for 2025 does not assume any capital gains from the portfolio. Current Assets The Society has short-term dep051ts with CCLA Investment Management Ltd totalling £484,133 and bank balances of £125,665. Council believes that the Society has suffi'cient working capital for the next year. The abnorma15y high level of accounts receivable {£152,6271 includes several legacies which remain unpaid at the end of the year. Reserves The Council has continued with its policy of setting aside designated reserves for specific new mission projects, investment opportunities and operational prudence. Note 11 of the financial statements details the movement on the reserve accounts for the year. The general fund free reserves are held to ensure that the Society can sustain the cost of maintaining operations for a reasonable period of time. While expenditure is relatively evenly spread over the calendar year, the same cannot be said for donation income and receipt of legacies is by its nature unpredictable. In the event of income not reaching predicted levels, there is a need to demonstrate that the Society is able to meet the cost of maintaining essential operations either until predicted income is received or, when necessary, a reduction is made in expenditure. Council is aware of the high level of free IC5.' Helpiii9 IYQiiple1117d 1:5US. Intercontinental Church Society Trustees Annual Report 2024 18 reserves at the end of 2024. However, taking account of the anticipated deficit for 2025, the uncertain economic and financial environment, Council decided that reducing reserves at this time would be imprudent. The target for a rolling 3-year break even result before investment gains, although not achieved recently, is maintained and Council is making plans to achieve this. Total designated reserves at year end stood at £1,116,96112023- £943,294). General fund free reserves amounted to £1,411,04712023: £1,874,389) while restricted funds held for Chaplaincy work totalled £329,42212023- £311,733) and Endowment funds £910,86912023: £882,969). The general fund free reserve at year end was the equivalent of 30 months, unrestricted normal outgoing charitable expenditure12023.' 45 months'l 2025 Financial plan and prospects Council plan that 2025 should be a year when we start to implement our strategy of investing in church planting and church development. In addition, plans will be implemented with the aim of returning the Society to breakeven or better in the next 3 years. Graham Sopp ICS Treasurer ICS.. Helping peoole fiiji Intercontinental Church Society Trustees Annual Report 2024 19 Council and Governance Council Council is well run with clarity about roles and responsibilities, holding the Mission Director to account for the work while making sure that they operate to best practice. The Charity Commission has recently Issued a new set of videos on good governance with worksheets. These will now be used by the Council, each time they meet where a member of the Council will show the video and then reflect on it using the five-minute guide provided by the Cha rity Comm ission. We feel this is the best way to share the learning as well as keep current with the Charity Commission's best practice. ICS Council has a number of sub-groups that either run continuously or pop up as needed. The most regular is the Standing Committee that does business between the Council meetings and sets agenda for the Council meetings. The Conference Planning Group is chaired by Utrecht Chaplain, Ruan Crew, who is on ICS Council, with contributions from a number of other chaplains. The Resort Mission Group which was chaired by Tim Wright now no longer meets as its work has been completed but could be called in to action as and when. The New Work Group, chaired by Tim Wright, exists to interrogate new ideas before they are put in front of the Council and meet as needed. The last group to mention is the Governance Groupi chaired by Graham Sopp. This group has become far more active of late as we continue to want to make sure that the Council and the Society as a whole is run well and professionally. We work closely with the Charity Commission and seek to follow their guidelines as well as learn from recommendations made by other professionals and our auditors. Our employment solicitors, Keeley's also advices us with regards to changes in employment law so that we can again make sure we are compliant with all expectation5 as an employer. Several ICS Council members are part of each group and report back to the main Council. This flexible, agile structure allows us to dig into the detail at an appropriate level. Finally, former Council member David White, acts as the Secretariat to the Council, setting a standard of how minutes should be produced so that those who come one, five or twenty-five years later can look back and understand what was decided and why. Something that is important for a Society that has such a d iverse portfolio of ministry and properties. Council Members, Responsibilities Council Members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations. The annual report also contain5 the Directors, Report as required by Company Law. Company Law requires Council Member5 to prepare financial statements for each year. Under that law, Council Members have elected to prepare the financial Statements in accordance with United Kingdom Generally Accepted Accounting Practice Iunited Kingdom Accounting Standards and applicable law). Intercontinental Church Society Trustees Annual Report 2024 20 Under Company Law, Council Members must not approve the financial statements unless they are satisfied that these give a true and fair view of the state of affairs of the Company and of the income and expenditure of the Company for that period. In preparing these financial statements, Council Members are required to: select suitable accounting policies and apply them consistently. observe the methods and principles in the Charities SORP. make judgements and estimates that are reasonable and prudent. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and expla ined in the Financial Statements. prepare the financial statements on a going concern basis unless It 15 inappropriate to assume that the activities of the Company will continue. Council Members are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Council Members who held offi'ce at the date of approval of this annual report, as set out on page 27 each confirm that.. as far as they were aware, there is no relevant audit information linformation required by the Company's Auditors in connection with preparing their report} of which the Company's Auditors are unaware. and as Council Members of the Company, they have taken all steps necessary to establish that the Company's Auditors are aware of that information. IC5.. Helping people fiiiiq jesus. Intercontinental Church Society Trustees Annual Report 2024 21 Funds held as Custodian Trustee on behalf of others Funds are held in the CBF Church of England Deposit Funds, and COIF Charities Investment Funds, in accounts separate from those of the Society's on behalf of two chaplaincies totalling £255,09112023: £248,192). Governance and Management Intercontinental Church Society Icommonly known as ICSI operated through a charitable trust from the date of formation of its oldest parent charity on 30 June 1823. The Society then transferred its operations to the Company on 11 September 1998. The Company was incorporated under the Companies Act 1985 as a Company Limited by Guarantee, and its governing instrument is its Memorandum and Articles of Association, last amended by a special resolution passed on 21 September 2013. Each member has undertaken to contribute a sum not exceeding £10.00 on winding up as Set out in Clause 8 of the Memorandum. The Society has a subsidiary charity of which on 19 March 2020 the Charity Commission appointed ICS as the sole corporate trustee, the charitable trust (The Colonial and Continental Church Society, formerly known as ICS Trust, charity number 1072584-1, formerly 2411111, and is the sole shareholder in Intercontinental Church Society INominees} Limited, both of which are the owner5 of a number of properties used in the Society's work. The Board of Directors is known as the Council. The Council Members are Directors under Companies, Legislation and Trustees under Charity Law. The Council Members and the Honorary Treasurer are elected by the members; the Council additionally includes: The President who is a member of the Council ex-officio and appointed by the Council, and a maximum of two co-opted Council Members who are appointed by the Council. One-third of the elected Council Members retire each year and are entitled to offer themselves for re-election. The key management personnel of the charity as listed on page 27 direct, control, run and operate the charity on a day-to-day basis. All Trustee Directors give of their time freely and no Trustee Director received any remuneration in the year. Details of Trustee Directors, expenses and related party transactions are disclosed in Note 5 to the financial statements. The salary of all staff is reviewed annually as part of the budgeting process. Each Council Member receives a comprehensive induction on election or appointment and is encouraged to become involved in the Society'5 activities by serving on one or more of its executive and advisory sub-committees, promote the Society's interests through e.g. seeking to increase support for the Society's work and to maintain a prayerful interest in the chaplaincies of which the Society is patron. The Council is responsible for setting strategy, overall policy, and budgets, and then delegates to the salaried staff the management of the Society. The senior staff advise and brief the Council and its sub-committees lone executive and two advisory} on strategy and policy and regularly consult sub- committees for advice. The Council in 2024 had no observers to its meetings. The Society receives no funding from the central resources of the Church of England, save for the valuable a5SiStance provided by the Church of England in meeting CEFPS pension payments for priests in missionary service under the Vote 4 arrangements. ICS.. Mission and Ministiy in English to help people find Jesus. Intercontinental Church Society Trustees Annual Report 2024 22 Public Benefit The Charity Trustees have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers or duties. The Society's achievements and activity, as detailed above, have benefitted the public in numerous ways. In the European locations where our short-term mission took place, through the provision of resort chaplains and tea ms to pastorally care for, counsel and explain the Christian Gospel to holidayma kers. Through the distribution of Christian literature, the conducting of public worship a nd other open Christia n meetirlgs, the visitation of those unwell or bereaved, the conducting of memorial services for those who die while away on holiday, the provision and maintenance of church buildings in Wengen and Zermatt which are open daily during the seasons. Through the ownership of numerous church buildings, we provide and help maintain facilities used both for public Christian worship and wider community activities, and through owning or funding accommodation to enable the local ministry of ministers of religion. We use our network to find priests with cross-cultural skills to serve people from many economic, cultural, and religious background5 and lay people to asslst in and expand English-language ministry. Through the provision of finance, prayer support and expertise we enable the pastoral and outreach ministries of the chaplaincies, as detailed a bove. In our role as a n Evangelical Private Patronage Society combined with training and resources, we advance the Christian religion and contribute to the life and mission of the Church. Risk Review The Mission Director and Finance Manager regularly review the Risk Register, ensuring it remains a central focus of organizational oversight. Additionally, the Governance Group is kept informed of key risks and developments. In 2024, a comprehensive review of the Risk Register was conducted during the Council residential, reaffirming our commitment to mitigating high-priority I'red'l risks to the greatest extent possible. This ongoing effort demonstrates that the Risk Register is a dynamic and actively managed tool, regularly reviewed and updated to address evolving challenges. The Mission Director and Finance Manager regularly review the Risk Register, this is then reviewed by the Governance Group and finally in detail by the Council at the November meeting. Using the standard recommended formula, we calculate risk using likelihood and impact. Items are then marked in three categories, blue, amber or red. Currently the significant risks a re.. The loss of two or more staff members in a short period of time. The sudden departure of the Mission Director. The death or serious injury of a Mission Partner, volunteer, or staff member. The dependence on limited income sources. Failure to renew our supporter base. A significant reduction in our investment portfolio. The emergence of Safeguarding issues within an ICS chaplaincy or chaplain. Problems with our property portfolio. While many of these risks have been red for some time, at the recent Council meeting it was deemed necessary that further steps should be taken to mitigate red risks and to reduce them to an amber ICS.. Mi55ion ond Ministry in English to help people find Je5U5. Intercontinental Church Society Trustees Annual Report 2024 23 status. This work is now in progress. The SCS Risk Management document continues to be a working document that is important to the good management of the Society. Safeguarding In 2024, the role of Safeguarding Lead on the Council transitioned from Mrs Ann Tyndall to Revd Folli Olokose. Significant efforts have been undertaken to ensure robust safeguarding practices, including a thorough review of the ICS Safeguarding Policy. Additionally, thoughrful discussions have been held to reflect on the findings of the Makin Report and to identify valuable lessons that can enhance our safeguarding framework. A process for convening a safeguarding panel has been instigated by the Council and a more robust process of risk assessment implemented. Intercontinental Church Society Trustees Annual Report 2024 24 Statement of Fundraising Practice In accordance with the Charities (Protection and Social Investment) Act 2016, the following outlines our fundraising practice. ICS'S fund raising is built on values of honesty and tra nsparency. We are extremely grateful to the individuals, trusts, churches, and other organisations who donate funds to ICS. We invite offerings at events and services. We conduct an annual direct mail appeal and invite financial support on our website and in ICS publications. We recognise that some supporters may be in vulnerable circumstance5, and we take care to serve them appropriately. We will never put anyone under pressure to make a gift. Our Privacy Policy is easily accessible on our website and there have been no complaints or criticisms during the year about our fundraising activities. ICS is registered with the Fundraising Regulator, the independent regulator of charitable fundraising in England, Wales, and Northern Ireland. During 2024 we did not employ professional fundraisers. Registered wlth FR FUNDRAISING REGULATOR Fundraising Activities Spring and Autumn Appeal We conduct a direct mail appeal every Autumn to raise money for ICS General Funds. In Spring, we ask people to donate to a specific project, this changes every year. This year we raised money for the ministry of The Rt Revd Martin Reakes-williams in the Province of Alexandria. ,1 l'ip Murtin Reakes-williams in his ministry in Ethiopia Christmas Cards ICS Christmas cards are sold to raise funds for ICS and this year we offered two new packs, one focussed the church in Wengen and the other the one in Zermatt. ICS E-card options are also available through 'DontSendMeACard.com' .C'lirl¥•mcv* Greviliiii C.'1ii.IAlin(￿ C¥reeili•iJ• Ill /*. ) ICS." Mission Ministiy in English to help peoplefind Jesus. Intercontinental Church Society Trustees Annual Report 2024 25 Legacy Fundraising At the start of a new year, we bring the importance of leaving a legacy to ICS to the forefront of people's minds. This year we included a bookmark in the March edition of ICS News, hoping to draw attention with something that is useful and regularly reminds. Ics Used Stamps Used stamps and coin collections raise important funds for ICS. In 2024, this amounted to £585. Thanks, and In Memory We give thanks to God for the ICS supporter5 who passed away during 2024. They journeyed with us through the years, and we fondly remember their contribution, dedication, and service. We especially want to give thanks for their generosity as they remembered ICS in their wills. May they rest in peace in rise in glory. Ics ,*eiJiilQ oèJ.,,Ig firi(l Jp5115 Intercontinental Church Society Trustees Annual Report 2024 26 How we are structured Patrons: The Archbishop of Canterbury The Archbishop of the Province of Alexandria The Archbishop of York The Archbishop of Armagh The Bishop of London President: Vacant Council Members: The Revd R Crew (Appointed June 2024) The Revd E Dumain Mr C Gayle (Resigned l May 2024) The Revd Dr S Hance Mrs A Hopkins (Appointed June 20241 Mr R A Hoyle (Resigned June 2024) The Rt Revd R C Jackson (Resigned June 20241 The Revd K D Mentzel The Revd F O Olokose The Revd P Parker (Appointed June 2024} Mrs J Savill Mrs E D Skudder Mr G J Sopp (Treasurer} The Rt Revd Dr R C Thorpe (Appointed June 2024} The Very Revd T Wright Key Management Personnel: ICS Council Members and the Mission Director (The Revd Canon R W Bromley) Company Secretary: The Revd Canon R W Bromley Solicitors Moore Barlow LLP Concord House 165 Church Street East WOKING GU216HJ Registered Auditors Xeinadin Audit Limited 5 Robin Hood Lane su￿ON SMI 2SW Principal Bankers Barclays Bank plc 100 Fenchurch Street LONDON EC3M 5JD Investment Advisers: CCLA Investment Management Ltd Ruffer LLP One Angel Lane 80 Victoria Street LONDON LONDON EC4R 3AB SWIE 5JL For and on behalf of the Council Unit 11 Ensign Business Centre Westwood Way Westwood Business Park COVENTRY CV4 8JA The Rt Revd R C Thorpe Chairman of ICS Council l May 2025 ICS.. Mission ond njlinisti'y in English ro help people find JeSLIS. Intercontinental Church Society Trustees Annual Report 2024 27 Independent auditor's report to the members of Intercontinental Church Societv Opinion We have audited the financial statements of Intercontinenta I Church Society Ithe 'charitable company,) for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporling Standa rd 102 The Financial Reporknng Standard a pplicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of resources for the year then ended; have been properly prepared in accordance with United Kingdom 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 {UKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the U K, including the FRC'S Ethical Standard, a nd we have f ulfilled our other ethica I responsibilities in accordance with these req uirements. We believe that the audit evidence we have obtained 15 sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Council Members, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least 12 months from when the fi nancial statements are authorised for issue. Our responsibilities and the responsibilities of the Council Members with respect to going concern are described in the relevant sections of this report. Other information The other information comprises the information included in the annual report, including the Council Members, report, other than the financial statements and our auditor'5 report thereon. The Council Members are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not expre55 any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such materia 28 Independent auditor's report to the members of Intercontinental Church Society (continued) inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the fi'nancial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit.. the information given in the Trustees, Report, which includes the Directors, Report prepared for the purposes of company law, for the financial year for which the financial statements a re prepared is consistent with the financial statements; a nd the directors, report included within the Trustees, Report has been prepared in accordance with applicable legal req uirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Report included with the Council Members, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or the financial statements are not in agreement with the accounting records and returns,. or certain disc105ures of Council members, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit; or the Council Members were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemptions in preparing the Council Members, report and from the requirement to prepare a strategic report. Responsibilities of Council Members As explained more fully in the Council Members, responsibilities statement, the Council Members {who are also the directors of the charitable company for the purposes of company law} are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Council Members are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matter5 related to going concern and using the going concern basis of accounting unless the Council Members either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's 29 Independent auditor's report to the members of Intercontinental Church Society (continued) 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 detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is deta iled below: Based on our understanding of the charitable company, we identified that the principal risks of non- compliance with laws and regulations related to employment and financial reporting legislation and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011. We assessed the susceptibility of the charitable company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management, consideringthe internal controls in place and discussion amongstthe engagement team. We determined that the principal risks were related to the recognition of properknes, management bias in accounting estimates, presentation of separately disclosed items and management override of controls. In response to the risks identified we designed procedures which included, but were not limited to reviewing the existence and ownership of all properties held by the charitable company, identifying and testing journal entries, challenging significant accounting estimates, reviewing Council meeting minutes and evaluating the charitable company's internal controls. There are inherent limitations in the audit procedures described above. The more removed that laws and regulations are from financial transactions, the less like5y it IS that we would become aware of non-compliance. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and regulations made underthat Act. Ouraudit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members as a body, for our audit work, for this report, or for the opinions we have formed. Miriam Hickson FCA {Senior Statutory Auditor) for and on behalf of Xeinadin Audit Limited Statutory Auditor Chartered Accountants 5 Robin Hood Lane Sutton, Surrey SMI 2SW 30 Statement of Financial Activities Statement of Financial Activities (including income and expenditure account) for the year ended 31 December 2024 Unrestricted Restricted Endowment 2024 Total 2023 Total Funds Funds Funds Funds Funds Note Income from: Donations and legacies Charitable activities 21al 2 Icl 2(bl 21dl 21e} 177,492 17,957 257,478 434,970 1,503,401 17,957 16,337 Investments 100,284 1,146 3,612 103,896 1,146 72,475 Other trading activities Other 1, 705 3,536 3,325 3,325 Total 300,204 261,090 561,294 1,597,454 Expenditure on: Cha ritable Activities 3 (al 3{b) 554,103 253,210 807,313 1,982 681,257 Raising Funds 1,982 1,099 Total 556,085 253,210 809,295 682,356 Net (losses) / gains on investments 123,9851 27,900 3,915 61,106 Net (expenditure) / Income {279,8661 7,880 27,900 {244,086) 976,204 Transfers between funds 11 {9,8091 9,809 Net Movement in Funds {289,675) 17,689 27,900 {244,086) 976,204 Balances brought forward l January 2024 2,817,683 311,733 882,969 4,012,385 3,036,181 Balances carried forward 31 December 2024 2,528,008 329,422 910,869 3,768,299 4,012,385 31 Balance Sheet Balance Sheet at 31 December 2024 2024 2023 Note Fixed assets Tangible fixed assets Investments 364,329 2,677,580 135,825 2,673,664 3,041,909 2,809,489 Current assets Debtors Cash held with Investment Managers Cash at bank and in hand 152,627 484,133 125,665 762,425 778,843 42,883 430,911 1,252,637 Creditors: falling due within one year 36,035 49,741 Net current assets 726,390 1,202,896 Net assets io 3,768,299 4.012,385 Income funds Unrestricted funds Genera I free reserves (including revaluation reserve £403,690 12023.. 427,67411 Designated li 1,411,047 1,874,389 1,116,961 943,294 2,528,008 2,817,683 Restricted funds li 329,422 311,733 Capital funds Endowments lincluding revaluation reserve £392,19812023.' £364,297)} li 910,869 882,969 Total Charity funds 3,768,299 4,012,385 The accounts were approved by the Council on l May 2025 The Rt Revd Dr R C Thorpe Chair Company Number 3630342 MrGJSopp Treasurer 32 Statement of cash flows Statement of Cash Flows For the year ended 31 December 2024 2024 2023 Cash flows from operating activities: Net cash provided by lused in) operating activities Note (a) 268,551 213,592 Returns on investments and servicing of finance Investment income 103,896 72,475 103,896 72,475 Capitsl expenditure and income Payments to acquire fixed assets Payments to acquire investments Receipts from sale of investments (236,443) 50,000 {236,443) 50,000 Increase / (Decrease) in cash Note (b) 136,004 336,067 (a) Reconciliation of (expenditure) / income to net cash flow from operating activities Net lexpenditurel / income for the period las per the (244,086) statement of financial activities) Adjustments for: Depreciation charges Investment income LossesllGainsl on investments Ilncreasel/Decrea5e in debtors Increase in cred itors Net cash provided by / lused in) operating activities 976,204 7,940 1103,896 (3,915) 626,216 (13,708) 268,551 4,491 (72,475} (61,106) 1646,130) 12,608 213,592 (b) Analysis of changes in cash balances Atl. January 2024 430,911 42,883 At 31° December 2024 125,665 484,133 Cash flows Cash at bank and in hand Cash held with Investment Managers {305,246} 441,250 Total 473,794 136,004 609,798 33 Notes to the accounts Notes to the financial statements for the year ended 31 December 2024 l Accounting policies The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follow5.. (a) Accounting convention The financial statements have been prepared under the Companies Act 2006 and in accordance with the Charities Statement of Recommended Practice Icharities SORP 2019 FRS 102}, Financial Reporting Standard 102 {FRS1021 and the Charities Act 2011. The financial statements are drawn up on the historical cost basis of accounting, as modified by the revaluation of investment5. These financial statements are prepared in Sterling, which is the funttional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The charity meets the definition of a public benefit entity under FRS 102, is a company registered in England and Wales (No. 36303421 and a registered charity INO. 10725841. The registered office is at Unit 11, Ensign Business Centre, Westwood Way, Westwood Business Park, Coventry, CV4 8JA. The financial statements contain information about Intercontinental Church Society as an individual charity and do not contain consolidated financial information as the parent of a group on the grounds of immateriality. (b) Tangible Fixed assets Tangible fixed assets are stated at cost less depreciation. For two freehold properties owned by the charity no reliable information on the historic cost or value when donated is available for these properties. The Trustees believe that such information cannot be obtained at a cost commensurate with the benefit to the users of these accounts and to the charity due to the fact that it is impractical to obtain these values as the Society's records are incomplete and as such reliable cost information 15 not to hand, therefore the trustees believe the costs involved in cla rifying these values will be prohibitive. The Trustees have also considered obtaining a current valuation for these properknes and have concluded that this cost is not justified by the usefulness of the information to the users of the accounts and to the charity for its own stewardship purposes. For these reasons these freehold properties are shown at nil value in the financial statements. Where cost information is available for two other overseas freehold properties the Trustees have estimated that the acquisition costs is split equally between land and buildings. The land element is not depreciated, with buildings being depreciated over 50 years, as are the two Swiss apartments owned by the Society. The recent purchase of the lease for Unit 11 is being depreciated over the remaining 91 years. Equipment costing under £1,000 is now written off in the year of acquisition. Depreciation is provided on tangible fixed assets at rates calculated to write off the cost orvaluation of each asset over its expected useful life as follows: Freehold Buildings: over 50 years Leasehold Buildings: over remainder of lease Leasehold Improvements: over 25 years Furnishings: over 15 years Heating / Lighting / Electrical Improvements: over 10 years Equipment: over 5 years 34 Notes to the financial statements for the year ended 31 December 2024 (continued) l Accounting policies (continued) (c) Heritage assets Heritage assets comprise cathedrals, historic churches and other integral buildings where the contribution to knowledge and culture is ancillary to faith and other purposes. No reliable information on the historic cost or value when donated is available for these properties. The Trustees believe that such information cannot be obtained at a cost commensurate with the benefit to the users of the accounts and to the charity due to the fact that it is impractical to obtain these values as in some instances the Society's records were destroyed in the Blitz in 1941. 1 n other cases properties were acquired in the 1800's with the Society's records being incomplete and in other instances reliable cost information is not to hand, therefore the costs involved in clarifying these costs are prohibitive. The Trustees have also considered obtaining a current valuation for these properties and have concluded that this cost is not justified by the usefulness of the inft)rmation to the users of the accounts and to the charity for its own stewardship purposes. For these reasons heritage assets are shown at a nil value in the financial statements. (d) Fixed Asset Investments Assets held for investment purposes are carried at fair value, which is bid price for quoted investments. Movements in fair value are shown as unrealised gains or losses in the Statement of Financial Activities. (e) Income A15 income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be reliably measured. {1} Annual Subscriptions are accounted for as income in the year receiva ble. 12} Donations, including contributions through parishes, are accounted for strictly on a receivable basis. Income tax recoverable in respect of Gift-Aided donations is accounted for on an accruals basis. Gifts in kind are valued at estimated open market value at the date of the gift in the case of assets for retention or consumption, or at the value to the charity in the case of donated services or facilities. The time donated by general volunteers is not recognised in the financial statements but their significant contribution is discussed in the annual report. 131 Income from investments is accounted for on the basis of the due and payable dates. 141 Contributions, including donations in respect of permanent and resort chaplaincies, are accounted for on a receivable basis. (51 The net proceeds of sales of church properties are credited to the General Fund on cash received basis. {61 Legacies are accounted for on a receivable basis, which is when the charity becomes entitled to receipt and the amount can be reliably quantified. (f) Expenditure Expenditure is recognised as soon as an outflow of economic benefit is probable and that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. 35 Notes to the financial statements for the year ended 31 December 2024 (continued) l Accounting policies (continued) Grants are recognized as commitments when awarded; specific funds are then allocated to a 'new work, designated fund. Grants and donations are accounted for as expenditure when paid over, or when the charity has a binding obligation to pay. Functional classification 'Charitable activities, comprises all expenditure directly related to furthering the object of the charity. 'Raising funds, comprises the costs actually incurred in inducing others to make voluntary gifts to the Society, the costs of trading, associated costs, and cost of goods sold. Investment management fees are no longer incurred. Natural classification 'New mission work, comprises grants and direct expenses related to new mission opportunities. 'Ongoing mission work, covers direct expenditure incurred in relation to resort and permanent chaplaincies and the payment over of donations received for work in those chaplaincies. Staff and support costs have not been apportioned between new and continuing mission work nor between unrestricted and restricted funds. The Trustees consider that such apportionment is an unnecessary exercise which adds no value to the understanding of the financial statements. Where identifiable and applicable, direct expenses are charged to restricted funds. Irrecoverable VAT is charged against the category of expenditure from which it was incurred. (g) Debtors Income tax recoverable and other debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid. (h) Cash at bank and in hand and cash held with Investment Managers This includes cash and short term highly liquid investments with a short maturity of three months or less from the date of opening the deposit. {1) Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation arising from a past event that will proba bly result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount. (j) Financial instruments The charity only has financial assets and liabilities of a kind that qualify a5 basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 36 Notes to the financial statements for the year ended 31 December 2024 (continued) l Accounting policles (continued) (k) Pensions The charity contributes to defined contribution pension schemes, the assets of which are held separately from those of the charity. Contributions are charged to expenditure on an accruals basis. {11 Rates of exchange Foreign currency balances are translated into sterling at the rates of exchange prevailing at the year end. Exchange differences on conversion arising from day-to-day transactions are dealt with in the Statement of Financial Affairs. Im) Operating leases Rentals payable under operating leases are charged to the Statement of Financial Activities in the period to which they relate. (n) Going concern The Trustees believe that there are no material uncertainties about the charity's ability to continue. (o) Critical accounting estimates and judgements In the application of the charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assLJmptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 37 Notes to the financial statements for the year ended 31 December 2024 (continued) 2 Incorne 2024 Unrestricted Restricted Endowment Total lal Donations and legacies Subscriptions and donations Donations from churches Donations from chaplaincies Resort mission collections Legacies receivable 110,221 3,594 28,795 17,104 17,778 177,492 180,398 3,271 290,619 6,865 28,795 17,104 91,587 434,970 73,809 257,478 Ib) Investment5 UK sourced Overseas sourced 75,116 25,168 100,284 3,612 78,728 25.168 103,896 3,612 {cl Charita ble activities Chaplains, conference {d} Other trading activities Greeting card/booklet sales {el Other income Receipts from stamp donations Sundry income 17,957 17,957 1,146 1,146 585 2,740 3,325 300,204 585 2,740 3,325 561,294 TOTAL INCOME 261,090 2023 Unrestricted Restricted Endowment Total lal Donations and legacies Subscriptions and donations Donations from churches Donations from chaplaincies Resort mission collections Legacies receivable 180, 785 4,118 22,826 10,048 1,030,196 1,247,973 177,238 3,190 358,023 7,308 22.826 10,048 1,105,196 1,503,401 75,000 255,428 Ibl Investment income UK sourced Overseas sourced 68,612 3,863 72,475 68,612 3,863 72,475 Icl Charitable activities Chaplains, conference Idl Other trading activities Greeting card sales le) Other income Receipt5 from stamp donations Sundry income 16,337 16,337 1, 705 1, 705 745 2, 791 745 2, 791 3,536 1,597,454 TOTAL INCOME 1,338,163 259,291 38 Notes to the financial statements for the year ended 31 December 2024 (continued) 3 Expenditure 2024 Restricted 2023 Unrestricted Restricted {a) Charitable activities Unrestricted Total Total New Mission work Izmir Kortrijk Corfu Grenoble Kyiv Liege 10,445 10,445 io,ooi 10,001 2,053 6,673 10,422 1,750 2,053 6,673 10,422 1, 750 10,000 10,000 12,402 22,402 12,402 32,847 10,445 20,898 io,ooi 30,899 Ongoing Mission work Permanent chaplaincies Chaplains Conference Resort missions 8,856 30,890 2,644 42.390 139,080 147,936 30,890 103,685 106,329 242,765 285,155 12,611 22,967 26,203 61, 781 137,014 149,625 22,967 25,580 51,783 162,594 224,375 Staff & support costs Staff Sa laries National insurance Pension contributions Other staff costs 240,485 17,089 31,714 9,926 299,214 240,485 17,089 31,714 9,926 299.214 224,095 16,960 30,339 8,114 279,508 224,095 16,960 30,339 8,114 279,508 Support costs Premises Travel Communications Governance Other support cost5 79.255 19,622 35,241 13,423 42,556 190,097 79,255 19,622 35,241 13,423 42.556 190,097 23,295 20,676 45,952 24,212 32,340 146,475 23,295 20,676 45,952 24,213 32,339 146,475 Total charitable activities 554,103 253,210 807,313 508,662 172,595 681,257 (b) Raising funds Fund raising costs 1,982 1,982 1,982 1,099 1,099 1,099 1,099 1,982 TOTAL EXPENDITURE 556,085 253,210 809,295 509, 761 172,595 682,356 39 Notes to the financial statements for the year ended 31 December 2024 (continued) 4 Net Income (Expenditure) 2024 2023 Thi5 IS stated after charging: Auditors, remLJneration for audit services Auditors, remuneration for other services Depreciation Operating lease rentals- land and buildings Operating lease rentals-other equipment Exchange Igainsl/losses 8,400 2,070 7,940 2,307 1,964 281 8,160 2,002 4,491 10,000 3,025 671 S Staff Costs and Council Members, expenses 2024- No. 2023 - No. The average number of employees during the year was: Total staff emoluments for the year were as set out in Note 3. One employee received remuneration of £60,000 to £70,000 in the year 202412023.. none). The total employee benefits of the key management personnel of the charity as listed on page 27 were £83,75012023.' £78,742). No honorarium were paid to any Council Members12023.' none). Travel expenses of £4,99812023.' £2,465> were reimbursed to 912023.'91 Council Members in the year. 6 Fixed Assets Heritage assets Swiss copropriété. apartments Freehold property Leasehold property & Improvements Fixtures Total Fittings Cost At l January 2024 Additions 31 December 2024 Depreciation At l January 2024 Charge for the year At 31 December 2024 Net book value At 31 December 2023 At 31 December 2024 192,475 85,084 277,559 236,443 514,002 215,885 215,885 20,558 20,558 192,475 85,084 112,659 3,849 116,508 29,075 642 29,717 141,734 7,940 149,674 2,828 2,828 621 621 79,816 75,967 56,009 55,367 135,825 364,329 213,057 19,937 In 2024 the charity purchased the lease of the office and refurbished the space to provide a warm, modern, efficient working environment for the charity's UK based activities. The charity beneficially owns a freehold property used as Chaplain's accommodation in Floriac (France} which is 80Yo owned by the Society. The charity also beneficially owns a freehold property used as Chaplain's accommodation in Blonay {Switzerlandl. The charity also owns two copropriete apartments in Wengen and Zermatt {Switzerlandl. These four properties are valued in the above table. The charity also owns the following freehold properties which are shown at nil value: France: Chaplaincy House, Holy Trinity, Maisons-Laffitte Chapla incy House, St, Mark's, Versailles 40 Notes to the financial statements for the year ended 31 December 2024 (continued) 6 Fixed Assets {continued) The charity beneficially owns the following heritage assets which are shown at nil value: Belgium: Holy Trinity, Brussels France: Holy Trinity, Cannes St. Peter's, Chantilly Holy Trinity, Maisons-Laffitte St. Michael's, Paris St. Mark's, Versailles Netherlands: St. Mary's, Rotterdam Holy Trinity, Utrecht St. George's, Barcelona St. Peter's, Chate3u-d'Oex All Saints,, Vevey St. Bernard's, Wengen St. Peter's, Zermatt Spain: Switzerland: 7 Investments 2024 2024 2024 2023 Unrestrirted Endowment Total Total Quoted investments Brought forward Additions Disposals Net realised gains 1,791,476 882,189 2,673,665 2,662,558 (50,OOOJ 18,031 1,791,476 123,985) 882,189 2,673,665 2,630,589 43,075 Net unrealised (lossesl/gains Quoted investments at fair value carried forward Quoted investments at cost carried forward 27,900 3,915 1,767,491 910,089 2,677,580 2,673,664 1,363,801 517,891 1,881,692 1,881,692 8 Debtors 2024 2023 Income tax recoverable Debtors and accrued income Prepayments 15,059 117,213 20,355 2, 754 755,628 20,461 152,627 778,843 9 Creditors 2024 2023 Other taxation and social security Accruals and deferred income 5,361 30,674 5,559 44,182 36,035 49, 741 41 Notes to the financial statements for the year ended 31 December 2024 (continued) 10 Net Assets The balances carried forward on the various funds held are as follows.. Tangible fixed assets Current assets less liabilities Investments Totsl 2024 Unrestricted General free funds Designated funds Restricted funds Endowments 1.014.859 752,632 396,188 1,411,047 1,116,961 329,422 910,869 3,768,299 364,329 329,422 780 910,089 2,677,580 364,329 726,390 Tongible fi'xed assets Current Clssets less liabilitie5 Investments Total 2023 Unrestricted Generalfreefunds Designatedfunds Restrictedfunds Endowments 984,007 807,469 890,382 1,874,389 943,294 311,733 882,969 4,012,385 135,825 311, 733 781 882,188 2,673,664 135,825 1,202,896 42 Notes to the financial statements for the year ended 31 December 2024 (continued) 11 Funds 2024 Balance brought forward Invest- ment gains Balance carried forward Income (Expenses} Tra nsfers Unrestricted funds General free fund 1,874,389 300,203 (533,6831 (205,877) 123.985) 1,411,047 Designated funds Fixed asset reserve Chapla incies reserve Funds set aside for new work 200-Year Anniversary Reserve Investment diminution reserve Property reserve 135,826 150,000 27,429 200,000 130,040 300,000 943,294 219,791 355,617 150,000 17,691 187,598 106,055 300,000 1,116,961 (10,000) (12,402) 262 (23,985) (22,402) 196,068 Total Unrestrirted funds 2,817,683 300,203 (556,085) (9,809) (23,985) 2,528,008 Restricted funds Legacy- France Mission partnerships- Europe M ission partnerships- N Africa Wengen- St Bernards & Flat Zermatt- St Peter's & Flat Chaplaincy work 15,983 3,271 16,112 6,822 65,771 153,131 261,090 15,983 178 49,642 6,924 45,066 2,674 115,222 141,847 311,733 {10,445) {11,536} (18,877) (78,453) {133,899) {253,210) 428 9,381 102,540 161,079 329,422 9,809 Endowment funds 882,969 27,900 910,869 2023 Unrestrictedfunds Generolfree fund Designatedfunds Fixed a55et reserve Operational reserve Chaplaincies reserve Funds set aside for new work Loan5 reserve 200-Year Anniversary Reserve Investment diminution reserve Property reserve 1,027,270 1,338,163 (495,535) 27,439 (22,948) 1,874,389 140,316 (4,491) 135,825 150,000 41,655 200,000 152,988 300,000 150,000 27,429 200,000 130,040 300,000 (14,226) (22,948) 984,959 (14,226) (27,439) (509, 761) 943,294 Total Unrestrictedfunds Restrictedfunds Mission partnerships- Europe Mission partnerships- N Africa St Bernords, Wengen St Peter's, Zermatt Chaplaincy work 2,012,229 1,338,163 (22,948) 2,817,683 13,553 44,480 11,201 44,781 111,022 225,037 3,372 11,167 6,200 81,094 157,458 259,291 (io,ooi) (10,581) (14,727) (10,653) (126,633) 1172,595) 6,924 45,066 2,674 115,222 141,847 311, 733 Endowmentfunds 798,915 84,054 882,969 43 Notes to the financial statements for the year ended 31 December 2024 (continued) 11 Funds (continued) In line with its reserves policy the Society has decided to designate funds for the following specific purposes: Fixed asset reseNe.' to cover the investment in fixed assets as valued in the annual financial statements. Operational reserve.. to provide for expected commitments and planned events over the ensuing years where specific funding is expected but not guaranteed. Chaplaincies reserve: to ensure the continuing function of existing work for 12 months. Funds set aside for new work.. to ensure that, once a new work has been approved, appropriate funding is set aside. 200-Year Anniversary Reserve: to ensure funds are available to support and extend existing work. Investment diminution reserve: to set aside funds to prevent free reserves being severely diminished by any slump in the market value of the investment portfolio. Property reserve: to ensure that ICS has reserves available to meet any unforeseen, or emergency work, which needs to be undertaken on one of the properties that it owns. The General fund includes a revaluation reserve of £403,690 (2023.. £427,674) representing unrealised increases in the value of investments. Restricted funds Legacy: A legacy given with expression of wishes to be allocated to France. Mission partnerships.. these are funds received towards the costs of new mission work and the expenditure of these funds on these initiatives. The transfer during the year was made to meet expenditure not covered by restricted income. St. Bernard's Wengen: this fund is for the maintenance/upkeep of the church building, apartment and ministry in Wengen. The transfer during the year was made to meet expenditure not covered by restricted income. St. Peterfs Zermatt.. this fund is for the maintenance/upkeep of the church building, apartment and ministry in Zermatt. Chaplaincy work: these are funds received expressly in support of specified chaplaincies, work and equivalent sums are passed on to them. No fundraising and staff support costs have been apporhoned to Restricted funds. All income received for restricted funds is allocated to specific mission and chaplaincy work. Endowment funds represent capital gifts to the Society and include5 a revaluation reserve of £392,198 (2023.. £364,297). Income arising from these investments is used for general purposes. 44 Notes to the financial statements for the year ended 31 December 2024 (continued) 12 Commitments The Society has financial commitments in respect of non-cancellable operating leases of land and buildings and of equipment. The total future minimum payments under non-cancellable operation leases are payable: 2024 2023 Within one year Between l and 5 years 1,780 2,606 3, 635 4,410 8,045 4,386 The operating lease charges for the year were: Hire of equipment Rental 1,964 2,307 3,025 10,000 4,271 13,025 13 Registered holder Two properties are registered in the Society's name. Two church properknes are registered in the name of Intercontinental Church Society INominees} Ltd. la wholly owned subsidiary). The remainder are registered in the name of The Colonial and Continental Church Society {a subsidiary charity). 14 Funds held as custodian trustee Funds are held in the CBF Church of England Deposit funds, and COIF investment funds, in accounts separate from those of the Society on behalf of two chaplaincies totalling £255,09112023.' £248,192). The balances at 31 December are set out below.. 2024 COIF funds 2023 COIFfunds Totalfunds CBF Funds Total funds CBF Funds Holy Trinity, Cannes St. M ichael's, Paris 7,704 7,704 7,413 7,413 247,387 247.387 240,779 240, 779 7,704 247,387 255,091 7,413 240, 779 248,192 15 Tax status The Society is registered with the Charity Commissioners INo.10725841 as a charity and is exempt from taxation on its charitable activities. 16 Legal status of the Society The Society is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £10. 17 Related party transactions There were no related party transactions except as disclosed in Note 5. 45