2025 ANNUAL REPORT Intercontinental Church Society Intercontinental 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 Words from the Co-chalrs of ICS Council.............................................................................................. Mission Director'5 introducilon....... Directors and Trustee5' Report.............................................................................................................. Executive Report...........................................-........................................................................................ Permanent Chaplains.................................-....................................................................................... ICS recruitment...................... Province of Alexandria......................................................... New Work.......................................................................................................................................... Church planting....-............................................................................................................................. ICS Conference........................... .................................................... .................................................. Zoom Prayer Meetings....................................................................................................................... Lite Members...................................................................................................................... Short-term Mi55ion........................................................................................................ ... .........-....... io Volunteers................................ .. .................................................................................... .... .......... io EXIs￿nE work......................................................................................-............................................. io Building Maintenance.....................................................................-................................................ io Preparation for change....................................................... io Partnerships....-......................... Communlcations........................................................................................................................ ......... li ICS publication5................... Websiie............................................................................................................................. li -11 li Good New5 Travels.......................................................................................................................... li Christmas Cards and ecards Overview . 12 Social Media Overview... ............................................................-................................................... 13 Property owned by ICS.......................................... ............................................................................. 14 St Michael's ParSs... 14 St Peter's Chateau d'oex....................... . ....................................................................................... 14 Environmental Response.............................................................................................................. Future Plans...... 14 15 Partnership5......................................................................................................................................... 17 Voluntrets............................................................................................................................................ 17 Overview of financlal plan and strategy In 2025.... Treasurer's Report...................-........................... .... ...................................... 18 18 Income.............................................................................................................................................. 18 Expenditure... .......................................... ....................................................................................... 18 IC5. nAlssJon rt4iny¥ty',n ppnol Intercontlnental Church Society Trustees Annual Report 2025 Inf',15 Net gain on investments.......................................................................... ... .. ....... ........................ 18 Financial result for the year.................................................................... Fixed Assets...................................................................................... 18 19 Investments.............. .................................................................................................. 19 Current Assets........................................................................................ 19 Reserves.................................................................................................. 19 2026 Financial plan and prosperts..................................................... Council and Governance..........................................................................................-........................... 20 .20 Council.............. . ............................................................................................. ... ........................-.. 20 Council Members, Responsibilities.............................................................-.............-......-........-..... 21 Funds held a5 Custodian Trustee on behalf of others .......... .22 Governance and Management....................... Public Benefit......-...-...................................................... .22 .23 Risk Review.......................................................................................................................................... 23 Safeguarding............................................................................. .23 Statement of Fundraising Pracilce......................................... ............. ..................-....-...................... 23 Fundraising Artivities.................................. Spring and Autumn Appeal................................................ .24 24 Legacy Fundraising...................................................... Used 5tamp5............................................................... Thanks, and In Memory................................................................ How we are structured....................................... .24 .24 25 .26 Independent auditorfs report to the members of Intercontinental Church Society........................ 27 Statement of Financial Activitles......................................................................................................... 30 Balance 5heet.......................................................... ......................................-..................................... 31 Statement of cash flows.......................... ..................-..........-............................................................. 32 Notes tothe accounts............... .. ....................................................................................................... 33 Intercontinentsl Church Society Trustees Annual Report 2025 Words from the Co-chairs of ICS Council Dear sisters and brothers in Christ, Grace, mercy, and peace from God our Father and the Lord Jesus Christ be with you all. It is with profound joy and deep humility that we write to you as Co-chairs of the ICS Council. Though our time in this role ha5 been brief, our journey with ICS stretches across years of shared ministry, as chaplaincy members, as trustee5, and a5 fellow servants of Christ. Through these experiences, we have witnessed the quiet courage, steadfast devotion. and missionary zeal that define our mission partners around the world. Your prayers. your generosity, and your unwavering faithfulness have shaped ICS. For this. we offer our heartfelt thanks. The past year has been marked by transition, not as disruption, but as evidence that God continues to guide us from strength to strength. We rejoiced with Bishop Ric Thorpe on his appointment as Archbishop of Melbourne and while we feel his absence keenly, we give thanks for the vision and momentum he has imparted to ICS. His passion for church planting has invigorated our mission, and we trust that the seeds planted during his tenure will continue to flourish. Looking toward our 10-year vision, the planting and nurturing of English-5peaking Anglican churches throughout Europe, collaboration with ecumenical partners, and the emergence of fresh expressions of worship. We pray that the Holy Spirit will continue to breathe life Into these aspirations, transforming them into realities for the sake of Christ's kingdom. As Saint Paul wrote.. '1 planted, Apollos Wate￿ d. but God gave the growth, I Corinthians 3..6. Without God's Spirit, nothing can be achieved. Please keep Canon Ben Harding in VOL¢r prayers and all who collaborate with him in this vital work. We cannot overlook the remarkable ministry of our staff team. Their loyalty, resilience, prayerfulness, and tireless labour form the quiet backbone of ICS'S mission. Leading thi5 extraordinary team is our Mission Director, Richard, whose wisdom, compassion, and steady leadership have shaped the present and future of our work. As Richard appmaches retirement in 2026, we are filled with both grdtitude and anticipation. Gratitude for all he has accomplished through God'5 grace,. anticipation for the ways God will continue to use him beyond this sea50n. The coming year will bring significant transition5: A new Mission Director New Trustees A new Chair of Council Change can unsettle us, yet Scripture reminds us.. 'Je5us Christ 15 the sume yesterday and todoy ond forever, (Hebrews 13.'81. This season is not a threat but an invitation, an opportunity for renewal, for deeper trust, and for fresh obedience to God's call. As we journey onward together, we ask you. our cherished sUPPOrters, friends, and co-workers in the gospel to join us in prayer.. For ICS chaplaincies across the world. For emerging ministries and those discerning God's call. For f31thful leadership and Spirit-filled vision. • Pray with thanksgiving ft)r the committed staff team at ICS We celebrate with gratitude and anticipation, all that has been, all that is, and all that is yet to come. With our love, prayers, and blessings in Christ, The evd Canon Folli Olokose The Revd Liz Dumain Co-chalrs, ICS Councll Intercontinental Church SocietyTru5tees Annual Report 2025 Mission Directorfs introduction I was brought up in a town not far from Stafford, and just recently the hymn, Focing o tosk nfi'nished, has been running through my mind. When l investigated the author, Frank Houghton, I discovered that not only did he come from Stafford but also that he had served on the mission field with OMF in China. He has a fascinating story, but perhaps his best legacy is this hymn of which the first verse reads.. Fucing o task unfinished that drives us to our knees, o need that, undimini5hed, rebukes our slothful eose, we who rejoice to know you renew before your throne the solemn pledge we owe you to go ond make you known. l introduce this annual report to you while a lot has changed at ICS. Bishop Ric Thorpe who has been a most inspirational Chair of Council, has now left and has taken up the role of Archbishop of Melbourne. Tim Wright left the Council as his nine years came to an end, but we are excited that he has joined ICS on the staff team as the Recruitment and Short-term Mission Manager, more of that later. Tim replaces lim Perryman who retired in November 2025 after twelve years of Service with ICS as well as many years previously as a Council member and before that 3s Chaplain in Lyon. The rest of the team have settled well into the refurbished office and while we all have ups and downs, are generally well and working hard to deliver the mission of ICS. l am grateful to them for their energy, commitment and support over 2025, with all the challenges that brought. This report will be the last one I contribute to and the thought that is running through my head is that l am 'facing a task unfinished, As I reflect on all that need5 to be done, the opportunities that need to be picked up, and the tasks that would really benefit the development of ICS, I just see so much to be donel But at this point I must trust thi5 into God's hands, the Council's wisdom as they recruit my Successor, and the energy that this person will ljring to the ongoing life of ICS. So, it is with a thankful heart that I commend this report to you, btjt also with a longing that the ministry of ICS continues to pioneer, to develop frontiers, and to be an effective tool in the hands of the living God. Yours in Christ The Revd Canon Richard W Bromley MA ICS Mlsslon Dlrector Intercontinental Church Society Trustees Annual Report 2025 Directors and Trustees, Report ObJectives and activities The Council have pleasure in submithng their Annual Report and the Financial Statements for the year ended 31 December 2025, which have been prepared in accordance with the Statement of Recommended Practice 2019 'Accounting + Reporting by Charities, IFRS 1021, the Companies Act 2006, and Financial Reporting Standard 102. The Annual Report serves the purposes of both a Trustees, Report and a Directors. Report under Company Law. ICS Mi55ion Ststement: o advance the Christian Gospel by EvanBelical Mission and Ministry to English-speaking people throughout the world., This happens in three main areas= The Mission Partners, both Patronage and A550ciate, serving in churches and chaplaincies around the world, provide beacon5 of outreach, worship and care. Our support of the mission partners who serve in these locations enhances their ability to Se￿e, minister and operate effectivelv. 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 us to fulfil our object in several locatiot)s around Europe. New Work is driven by a passion to renew, support and plant churche5 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 a5 an evangelical mission agency. ICS values: The Bible as our guide and final authoritv. 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 Ilke-minded groups and individual5. 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. ICS VTI: Intercontinental Church SocietyTrustees Annual Reporr 2025 Executive Report Permanent Chaplains We recruited foLsr new chaplains.. Holy Trinity Brussels.. Revd Canon Arani Sen with Alison St Mards Grenoble: Revd john Gay with Lucy Aquitaine.. Revd Canon John Bavington with Jeanle I st Mark'5 Versallles wlth St Paul's Chevry: Revd Stephen March with Sharon We also warmly welcomed the followlng new mission partners: HolyTrlnlty Algiers.. Revd Crai8 Watson with Elaine Anglican Church Poland and Christ Church Kyiv.. Revd Kasta Dip with Sangita Rani, Anubhav Emerald and Anu5hka Angelina 41 114 We look forward to working alongside them I St Margaret's Budapest- Revd John Wi150n with Z50fi, Eszter, Elizabeth, Jonatan and AEQSton i,'Je.)i L,, Intercontinental Church SocietyTrustees Annual Report 2025 We are sad to note the departure of The Revd Caroline Throup from the Anglican Church Basel and The Revd Kerry Buttram from Christ Church Amsterdam,. both go with our prayers and thanks for their ministry. A new Chaplain has been nominated for the vacancy in Basel, and we look forward to their licensing in May 2026. The recruitment process is ongoing at Christ Church Lille as we consider what the post should look like. Coaching continues to be a major fotus for the Mission Director, supporting chaplains through transitions and challenges. ICS recruitment Knowing that the Short-term Mission Manager, Jim Perryman, was going to retire in November, we undertook an open recruitment process to find the next person to oversee Short-term Mission. However, it became clear that this was an opportunity to merge Short-term Mission and Permanent Chaplain5' Recruitment not only to make it a full-time p05t, but also to capitalise on the obvious synergy in the roles. After interviews, Tim Wright was selected and started in October as the Recruitment and Short-term Mission Manager. He has settled in extremely quickly, his previous knowledge of the Society a5 well as his experience in the RAF have been invaluable and a real blessing. Retiring Short-term Mlssion Mana¥¢r'. JSM Perryman Re¢ruitment and Short-term Mission Manager: rim Wright Province of Alexandria In the autumn, the Mission Director visited Cairo and was able to speak at All Saints Cathedral, meet with Archbishop Samy, and attend a clergy retreat alongside the other Canons and Clergy of the Diocese. We met at St Luke's Retreat Centre at Saint Bishoy Monastery. Wadi al-Natrun, in the desert north of Cairo. This was a remarkable time and a joy to be with friends and colleagues in this part of the world. The m05t memorable part was the installation of a new Dean at All Saints Cathedral, Cairo, Revd Hany Shenouda, the first time an Egyptian Priest has held this role. New Work ICS supports the ministry in Liège where chaplain Guy Diakiese continues to impress us with the energy he puts into leading the church. There is increasing interest in planting a new worshipping congregation, the existing church has also grown significantly- this is a joy to obseNe. In Izmir, ICS continues to support the work of Canon James Buxton, and we are always keen to hear the stories that come out of thi5 dynamic chaplaincy. In Grenoble, ICS ha5 committed to funding the ministry of the chaplain for a two-year period. Without our intervention this chaplaincy would have been unable to employ a chaplain and due to the unique Challenges and opportunities there, it was felt thi5 was a worthwhile investment. InterCOnt￿￿ental Church SocletyTrustees Annual Report 2025 Church planting The Revd Canon Ben Harding (also Chaplain of Trinity Church Lyon) was recruited as the Church Planting Eriabler for ICS after an open process and robust interviews. Just after he started the role, 8en embarked on his sabbatical and used this as an opportunity to study church planting and gain insights from CCX and the team in London. We look forward to Ben's ministry alongside ICS. He will be working one day a week, which he might find frustrating, but we wanted to Start somewhere and see how the opportunities develop. A number of place5 are already talking aljout planting in some shape or form. and we want to be able to support and encourage this move toward5 mission. ICS Conference The ICS conference took place in Beatenberg, Switzerland and was attended by around Sixty people. The theme wa5 'Holding together and reaching out,. The bible readings were led by Deborah Chapman and Jenny Hebson, both from the Barcelona chaplaincy. Jenny and Deborah were amazing, bringing swathes of scripture to life. Jenny was inspirational and Deborah brought artistic reflection to what Jenny had said. We were also delighted to have James Lawrence from CPAS lead the morning Seminar on 'How to nurture a faith-sharing culture, This w35 extremely well received and practically engaging for the chaplain5. The theme of the social evening was 'The 805, which brought out some truly shocking clothing and hairdos. 1.1111 Zoom Prayer Meetlngs One of the good things that came out of the COVID pandemic was the formation of an online prayer meeting. The numbers ebb and flow over time but we have a strong core of SL¢PPOrtive members who gather bi-monthly to be introdtjced to a new or existing chaplain. In 2025 we heard from ICS Mission Partners.. Kasta Dip, Matt Thijs, John Bavington, Craig Watson, Arani Sen, and Ben Harding. Using Zoom we can connert people, hear about their ministry and challenges and then pray together. l am encouraged by the support and energy there is for this meeting and it's a valuable part of the life of the Society. Intercontinental Church SocleryTrustees Annual Report 2025 Life Members At the AGM, it was a delight to announce Hilary Baldwin and Alan and Valerie Golton a5 Life Members of the Society. Their years of commitment, support and prayer is immensely appreciated and we are privileged to have them in the family of ICS. Revd Alan and Mrs Valerie Golton Revd Hilary Baldwin Intercontinentsl Church Society Trustees Annual Report 2025 Short-term Mission 'One plant5 the seed, another waters it. but God mokes it grow.'11 Corinthian5 3.'6-71 Volunteers Through 2025, thirty-five different chaplain5, together with family and team members, served as volunteers in our chaplaincies in Switzerland and Greece, with six of them serving both winter and summer, one serving two different re50rt5 during the summer and one seNing the same resort twice during the summer. Four of these We￿ serving for the first time. In total, they served for ninety- eight weeks between them. The number of applicants for new chaplains to join the team ha5 continued at the record 2024 levels throughout 2025. Existing work All resort5 are seeing growing numbers of tourists and greater contact with local residents- both ex- pats and nationals. These growing local contacts allow successive chaplains the opportunity to build on the ministry of earlier chaplains- sometime5 month5 or years later. There have been at least two reports of people coming to a first-time faith in Christ through the ministry- both pastoral and evangelistic- of our chaplains, and countless others being attracted to discover more about jesus or strengthened and better established in the faith. Many other5 have been shown care, and received prayer ministry, even though no immediate fruit is evident. The key message of our work in 2025 is summed up as. manygood seeds sown into seemingly fertile ground - but now left for God to make them grow and be fruitful,. 5horii79 Ill coffep ond chut ofter church In Wenge Building Maintenance AII Ics-owned properties in Wengen and Zermatt are in good order, and no new significant work has been identified. Preparation for change With the appointment of Tim Wright lan experienced Short-term Mission Chaplainl as the new Ilecruitment and Short-term Mission Manager from l October 2025, the handover period from lim Perryman, who officially retired on 30 November 2025, to rim has permitted a smooth transition with the preparation of the team for the Winter 2025-26 season, and the recruitment of the team for the Summer 2026 season, being able to be a dual venture. There was also an opportunity in mid-october for a number of the Short-term Mission Chaplains to gather in person in Coventry for an opportunity to mark Jim's retirement and to meet Tim. Intercontinental Church Soclety Trustee5 Annual Report 2025 io Partnershlps We are extremely grateful for the strong partnerships we have with a variety of organisations, which both asslsts us in our work, but also reflects the value placed upon it by these or8anisations. The Ski Club of Great Britain The Down Hill Only Club in Wengen The Zermatt Bergbahnen compony The Wengen Tourist Office The Interlaken Tourist Office The Zermatt Tourist Office The Grindelwald Tourist Office The Chaplain and Chaplaincy of Holy Trinity Corfu The Swiss Reformed Church in Lauterbrunnen The Swiss Reformed Churth in Interlaken The Roman Catholic Church in Grindelwald The Gemeinde in Zermatt The Canton of Wallis/Valai5 Communications ICS publications ICS News and Prayer Diary is produced three times a year and is our main communication tool for supporters. It features chaplaincy stories, news and a devotional, with the prayer diary giving points for prayer. In addition, the ICS News and Proyer Updt7te is a monthly communication that15 produced in-house. Both ICS News and Prayer Diary and the monthly update are posted out by mail and sent out digitally to subscribers. IEWStsICSNEWS Ews&IcsNEWS 4EwsÉ)ICSNEWS .%"I'IUN(;I,:11 Website The ICS website is both an important communications tool and fundraising platform. It features stories, resources like the magazine and prayer diary, location and service times of ICS churches and Short-term Mission and advertises job vacancies. In addition, people can make donations, sign-up for event5, be added to our mailing list, become a member or renew memberships. It also allows chaplaincies to raise funds for their ministry. Good News Travels We further developed the Good News Travels initiative, sharing positive stories from the ICS network through written posts, photographs and videos. The aim is to present a good story in an engaging way encouraging those who see it to share it with friends, family or in church, to make the news travel and for those hearinglreading the story to sign up to our mailing list. Presenting content in multiple formats broadens reach and makes it easier for storie5 to be Shared. Good News Travel ,; Intercontinental Church SocietyTrustees Annual Report 2025 Ll Christm25 Cards and ecard5 Alongside the sale of our physical cards, we recently launched custom-designed e-cards through a platform called dont5endmeacard.com. We made this decision as we were increasingly linding that there was not the same demand for physical cards as we had seen in other years. Therefore, no new cards were printed, and old stock was depleted and people were encouraged to send e-cards instead. We swapped platforms to a new provider to take ownership of the e-cards process allowing us better customisation and promotion. We utilised this in two ways during the Christmas period.. supporters were able to send e-cards to their friends and family with their own message but also received information about ICS to support, not only financially but also to share more about the Society and increase awareness. In-house, we sent out Christmas messages to our supporter5 using the same custom designed e-cards. We hope to continue this initiative into next year by offering general greetings cards as well as using the software in Zermatt and Wengen a5 a promotional tool. EMMANUEL GOD WITH US UNTO L*, A CHILD IS BORN 15AI 111 Intercontinental Church Society Trustees Annual Re￿rt 2025 12 Soclal Media Overvlew We use social media to keep supporter5 informed about the life of ICS and to help new audiences engage with our work through clear and compelling content. Facebook remains our primary platform, where we share news, photos, and videos from our chaplaincie5 and ministries. Short-form videos, photos, and graphics are also published on Instagram. This year, we continued our initiative of sharing prayer points directly on our main Facebook page rather than in a separate group. This approach centralises engagement and supports consistent branding through dedicated prayer graphics which are also designed to be eye catching. The design has been altered throughout the year while still maintaining the same feel. JAN We run Facebook ad5 to promote Short-term Mission opportunities in Zermatt and Wengen during winter, and in Zermatt, Wengen, and Corfu during summer. These ads target visitors to each region who may be seeking a church community and direct them to the relevant pages on our website- we saw good interaction from this, specifically from Zermatt during the summer sea50n. Chaplain5 serving in these locations are also encouraged to share updates within the relevant groups, both our own and local community groups, to help them connect with loca15 and visitors, and to keep fellow chaplains informed. During Advent, four Council members shared short reflertions on the theme of 'Waiting', both biblically and in a modern context. These were a Series of 24-minute videos which were published each week of Advent and gained good trattion specifically being viewed by those who don't already follow the page. Intercontinental Church SocietyTrustees Annual Report 2025 13 Property owned by ICS In 2025 the notable property highlights were as follows- St Michael's Paris A new co-owner has been identified to take over from SAS Aguesseau in the Copropriété. Work has taken place to agree a protocol relating to the shared areas of the building. The interior of the building has been upgraded with new lightin8 and decoration. Further work5 will be completed when the agreement with the new co-owner5 has been finali5ed. The team at St Michael's continue to do an excellent job, keeping the building operational in the meantime. St Peterfs Chateau d'oex Following the renovations at St Peter's, a Service of Thanksgiving and Rededication was held in January to mark the completion of the church restoration project and to celebrate the 125, anniversary of the dedication of St Peter's. St Mark's Versailles The chaplain's house had some refurbishment In preparation for the new Chaplain. Environmental Response As we progress on the journey 'Towards Net Zero,, ICS is continuing to monitor the impact of our activities in the Carbon Footprint that we Eenerate. Since refurbishing the office in 2024, ICS has seen great improvement5 in energy efficiency with the installation of environmentally friendly heating, lighting and better insulation. The electricity is also from a fully renewable source, supporting our journey toward5 net zero. Travel continues to be the most signilicant contributor to the carbon footprint, and we are conscious of the impact this has. We always look for the optimum solution when booking trdvel. We continue to work with the Diocese in Europe to monitor ICS chaplaincies. We aspire to be good stewards, 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. Intercontinental Church SocietyTru5tees Annual Report 2025 14 Future Plans It is hard to talk about future plans Wlthokjt seeing the challenge of recruiting and orientating a new Mission Director. Richard will have been with us for thirteen years and made the role his own in so many ways. The recruitment company Macaulay Search were engaged, and the candidates will go through a rigorous recruitment process Wlth the hope of having a person in place for the AGM in July 2026, but also before Richard leaves to allow a short period of handover. The Council have been working hard in the ongoing work of developing the strategy for ICS. It is clear and progressive, at the same time leaving room for the next Mission Director to shape it. Our rollover priorities fall into four areas- Ethical leadership: Safeguarding, Governance and team flourishing Environmental Stewardship: ICS properties, office and travel Partners places and people: ICS mission partners, the places where we hold patronage, our associates, the recruitment and the property that we are custodians of,. that we manage this well to the glory of God. Supporter engagement: prayer, fundraising, communications and database. These areas are roll over items from the previous strategy. • Safeguarding Governance Team Flourishing ICS Properties Travel Ethical Leadership Environrnental Stewardship Partners. Places & People Supporter Engagement Mission Partners Patronage • Recruitment Property Prayer Fundraising Communications • Database Intercontinental Church Society Trustees Annual Report 2025 15 Future objectives again fall into four areas: Church planting, as mentioned before. Short-terrn Mission, moving into new areas and approaches. Fundraising, the Society need5 to engage for more effectively here in light of the challenge5 we fa￿. Team and member Care. We are a Christian organisation that wants to see the people who we have contact with flourish. We are sure that the next Mission Director will have their own opinion5 and thought5 that will develop and colour this strategy in. Church Planting Short Term Mission Team and Member Care Fundraising Intercontinental Church Society Tru5tee5 Annual Report 2025 16 Partnerships ICS conbnues 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 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 15 excellent. We continue to support in the recruitment of English-speaking chaplains when called upon. We continue our lir>k 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 IPWMI where the Anglican mission ! agencies gather. We also work in close collaboration with Lambeth Palace in relation to areas of shared interest, this mainly involve5 Christ Church Cathedral in the Falkland Islands. Volunteers ICS started as a volunteer Society* as Bishop Robert pointed out during his talk at the 200, celebration. Our 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 I 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 vs: Short-term Mission Chaplains People who distribute ICS News and proyer diaries. People who organise ICS prayer meetings. David White who supports us with property issues and acts as a Secretariat to the Council. Denise Bromley who provides general 5UPPOrt. lan Ward who supports on database development. Council members, Folli Olokose and Tim Wright, who served and travelled supporting the recruitment of chaplains where we have patronage. It is our privilege to thank them for their time, energy, enthusiasm, and commitment. Intercontinental Church SocietyTru5tees Annual Report 2025 17 Overview of financial plan and strategy in 2025 Treasurerfs Report Both 200th Anniversary projects, Liège and Church Planting, have made good progres5. The Council agreed to continue the focu5 on church planting and church development in 2026. Plans are being established to organise and to implement this work. The funding for Liège will also continue. Income General unrestricted income at £368,358 was £68,154 higher than in 2024. Unrestricted subscription arbd donation income from individuals at £110,457 was comparable with the previous year 1£110,2211. Legacies at £95,975 were also comparable with 2024.1£91,5871 Donation5 and legacies of £133,494 were received for specific chaplaincies and projects which was £127.596 lower than 2024. Dividends and interest on the investment portfolio amounted to £98,029 whith was £5,867 lower than the previous year. Total income came to £501,852 compared to £561,294 in 2024. 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. Ongoing Mission work- covering direct expenditure on recruitment, placement and the continuing support of chaplains in their permanent and seasonal ministries. staff and support costs - all costs related to administering the charitable activities of the Society. Costs of raising fvnds- 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 £28,794 in 2025 which included £12,517 from the 200th Anniversary Reserve for new work in Liège, and £5,433 for the Church Planting initiative which is now underway. Expenditure for Ongoing Mission work with permanent chaplaincies is lower than 2024 at £125,101. Resort Mission5 expenditure reduced to £35,141 as there was no extraordinary expenditure in either thurch or apartments in 2025. Staff and support costs at £444,111 were lower than last year due to the cost of refurbishment of the office in 2024. The cost of the Chap12ins' Conference was comparable to 2024 at £29,028. Total expenditure amounted to £702,178 compared to £809,295 in 2024. Net gain on investments The general funds, investments returned a gain of £50,107 in 2025 but a loss of £47,081 on the endowments resulted in an overall net gain on the investment portfolio of £3,026, comparable to the gain in the previous year. Financial result for the year The result was an overall deficit for the year of E197,300 compared to the deficit of £244,086 in 2024. Total funds carried forward at the end of the year totalled £3,570,999 against £3,768,299 the previous year. Intercontlnental Church &)ciety Trustees Annual Report 2025 18 Fixed Assets There was no change to the Fixed Asset portfolio in 2025 following the addition of the office lease in 2024. Investments The portFolio of investments is professionally managed by CCLA Investment Management Ltd and Ruffer LLP. It is invested to provide regular income whilst maintaining capital value. Their policy is to invest in quality companies whose activities do not conflict with the ethos and basis of belief of the Society but give the leve15 of yield necessary to enable it to continue supporting both new and ongoing mission work. The Society ha5 made no social investments. CCL4 have recently formed a new partnership with Jupiter Asset Management. This collaboration brings together two organisations committed to active investing and delivering long-term value. By combining their expertise, they aim to enhance their investment capabilities and continue providing high-quality Service. Our budget for 2026 does not assume ony capital gains from the portfolio. Current Assets The Society has short-term deposits with CCLA Investment Management Ltd totalling £355,289 and bank balances of £85,021. Council believes that the Society has sufficient working capital for the next year. The abnormally high level of accounts receivable1£137,5981 is lower than 2024 but still includes several leg3cie5 which remain unpaid at the end of the year. Reserves The Council has continued with its policy of setling aside designated reseTve5 for speciftc 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 5UStain the cost of maintaining operations for a reasonable period of time. While expenditure 15 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 Sotiety is able to meet the cost of maintaining essential operation5 either until predicted income 15 received or, when necessary, a reduction is made in expenditure. Council is aware of the high level of free reserves at the end of 2025. However, taking account of the anticipated deficit for 2026, the continued uncertain economic and ftnancial environment, Council decided that the reserves should remain at the current level. 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 thi5. Total designated reserves at year end stood at £1,049,15812024.' £1,116,9611. General fund free reserves amounted to £1,342,82712024.' £1,411,047) while restricted funds held for Chaplaincy work totalled £317,61912024= £329,422) and Endowment funds E863,78812024'. E910,8691. The general fund free reserve at year end was the equivalent of 29 months, unrestricted normal outgoing charitable expenditure12024'. 30 months). Intercontinental Church Society Trustees Annual Report 2025 19 2026 Financial plan and prospects The Church Planting initiative will reach fijll strength in 2026. In addition, the appointment of the new Mission Director will focus the Society on priority plans to return the Society to breakeven, or better, in the next 3 years. Graham Sopp ICS Treasurer Council and Governance Council The Council of ICS are both the Directors and Trustees. They manage and govern the overslght of the charity. In 2025 Folli Olok05e, Mimy Gardner, Graham Sopp and Susie Wilkinson were re-elected or elected as Council Members. We are delighted to have them with us and look forward to working together over the year to come and manage all the change that is before Us. As mentioned, Tim Wright Stood down by nature of completing three terms, as per ICS standing orders. The post of Chair became vacant in October, and the Council agreed that the Mission Director meet with likely candidates who share ICS'S values and enthusiasm, who could represent ICS at episcopal level, and serve a5 an effective Chair of Council. Especially in what is likely to be a challenging transitional year. 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 praciice. 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 Charity Commission. We feel thi5 15 the best way to share the learning as well as keep current with the Charity Commission's best practice. ICS Council ha5 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 the 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 Short-term Misslon Group no longer meets 3S Its work has been completed but could be called in to action as and when necessary. The New Work Group continues 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 Groupj chaired by Graham Sopp. This group has become far more active of late as we continue to make sure that the Council and the Society as 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 professiona15 and our auditors. Our employment solicitors, Keeley's, advise5 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 ￿port back to the main Council. This flexible, agile structure allows u5 to dig into the detail at an appropriate level. Finally, former Council member David White, acts as the Secretariat to the Council, sethng 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 wa5 decided and why. Something that is important for a Society that has such a diverse portfolio of ministry and properhes. Intercontinentsl Church SocietyTrustees Annual Report 2025 20 Councll 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 Members to prepare financial statements for each year. Under that law, Council Member5 have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable lawl. Under Company Law, Council Members must not approve the financial statements unle55 they are satislied 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 accountin8 policies and apply them tonsistentlv. 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 explained in the Financial Statements. prepare the financial statements on a going concern basis unless it is inappropriate to assume that the activities of the Company will continue. Council Members are responsible for keeping adequate accounting records that are stjfficient to show and explain the Company'5 transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statement5 comply with the Companies Act 2CM)6. 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 office at the date of approval of this annual report, as set out on page 26 each conlirm that: as far as they were aware, there is no relevant audit information (information required by the Company's Auditors in connection with preparing their report) of which the Companvs 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. Small Company This report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime within Part 15 of the Companies Act 2006. Intercontlnental Church Society Trustees Annual Report 2025 21 Funds held as Custodian Trustee on behalf of others Funds are held in the C8F Church of England Deposit Funds, and COIF Charities Investment Funds, in accourits separate from those of the Society's on behalf of two chaplaincies totalling £242,78512024'. £255,091). Governance and Management Intercontinental Church Society (commonly 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 15 Its Memorandum and Article5 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 wirkding 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 IThe 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 INomineesl 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 Companie5, LeEislation and Trustees under Charity Law. The Council Members and the Honorary Treasijrer are elected by the members,. the Council can additionally include.. 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. As per Standing Orders of the Council, members of Council shall not normally serve for more than three 3-year terms of office. The Treasurer shall not normally serve for more than two 3-year periods of office. The key management personnel of the charity as listed on page 26 direct, control, run and operate the charity on a day-to-day basis. All Trustee Directors give of their time freely and no Trustee Dirertor 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 stsff 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's 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 sethng 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 execLstive and two advisory) on strategy and policy and regularly consult sub- committee5 for advice. The Council in 2025 had no observers to its meetings. The Society receives no funding from the central resources of the Church of England, save for the valuable assistance provided by the Church of England in meeting CEFPS pension payments for priests in missionary Service under the Vote 4 arrangements. Intercontinental Church Society Trustees Annual Report 2025 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 below, have benefitted the public iri numerou5 way5. In the European locations where our short-term mission took place, through the provision of resort chaplains and teams to pastorally care for, counsel and explain the Christian Gospel to holidaymaker5. Through the distribution of Christian literature, the conducting of public worship and other open Christian meetings, the vi51tation of those unwell or bereaved, the conducting of memorial service5 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 rlumerous 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 reli8lOU5 backgrounds and lay people to aSS15t in and expand English-language ministry. Through the provision of finance, prayer support and expertlse we enable the pastoral and outreach ministries of the chaplaincies, a5 detailed above. In our role a5 an 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, ensLsring it remains a central focus of organisational oversight. Additionallyi the Governance Group is kept informed of key risks and developments. The Risk Register is reviewed in detail by the Council at the November residential meeting. In 2025, a comprehensive review of the Risk Register was conducted durinE 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 o dynamic and actively managed tool, regularly reviewed and updated to address evolving challenEes. Using the standard recommended formula, we calculate risk using likelihood and impact. Items are then marked in three categories, blue, amber or red. There are now no red risks as steps have been taken to mitigate these. All risks are currently rated as blue. The ICS Risk Management document continues to be a working document that is important to the good management of the Society- Safeguarding Revd Canon Folli Olokose is the safeguarding lead. Work ha5 been undertaken to ensure robust safeguarding practices, including a review of the ICS Safeguarding Policy. Additionally, further discussions have been held to reflect on the finding5 of the Makin Report and to identify valuable lessons that can enhance our safegL¢arding framework. The safeguarding panel is convened when necessary. Statement of Fundraising Practice In accordance with the Charities (Protethon and social Investment) Act 2016, the following outlines our fundraising practice. ICS'S fundraising is built on values of honesty and transparency. 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 linancial support on our website and in ICS publications. We recognise that some supporters may be in vulnerable circum5tsnces, and we take care to serve them appropriately. We will never put anyone Intercontinental Church Society TrusteesAnnual Report 2025 23 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 fundrdising activities. ICS is registered with the Fundraising Regulator, the independent regulator of charitable fundraising in England, Wales, and Northern Ireland. During 2025 we did not employ professlonal fundraisers. Fundraising Activities Spring and Autumn Appeal We conduct a dirert mail appeal every Autumn to raise money for ICS General Funds. In Spring, we ask people to donate to a specific project, this year it was for Youth Ministry at St Marc's Grenoble. Reglstered wlth FR FUNDRAISING REGULATOR Legacy FLJndraising At the start of each year, we highlight the importance of leaving a legacy to ICS by dedicating a page in the March issue of ICS News, featuring the campaign prominently on our website, and sharing it regularly across social media. Used Stamps Used Stamps and coin collections help to raise important funds for ICS. In 2025, this amounted to £224. We give grateful thanks to Mrs Sylvia Leyton who looked after the ICS Stamp Bureau for many years and who retired from this role in September. She tirelessly collected, sorted and sold stamps land occasionally old coins) on behalf of Ics, raising important fund5 in the process. 24 Thanks, and In Memory As we reflect on the past year, we pause to remember and honour the lives of our members who have gone to be with the Lord. We give thanks for their witness, their fellowship, and the many ways they supported the work of ICS. May they rest in peace and rise in glory. '8lessed ure those who die in the Lord... they will restfrom their lobour for their deedsfollow them., IRevelation 14=131 Mrs Dorothy Margaret Barton Mrs Mary Boak Mr Jones Boateng Mr Patrick Denis Brennan The Revd Patrick John Brooks Mr Ronnie Burton Mr John Edmondson Farr The Revd Angela Gosden Mrs Agne5 T Maxwell The Revd Canon Alistair McHaffie The Revd Alan Mathers Mrs Hazel E M Meredith Mr Brian Mitchell The Revd Dr David Eric Harton Mole Miss Rowan Dunbar Nunnerley Mrjoe Stewart EF Mrjohn Desmond Green The Revd Dr John Bruce Hall MrB Roy Harris Mrs Jennifer A Hill Mrs Joan Ann Howard Mr David Iliff Mr Peter Mortimer Jackson Mr Robert Valentine Antony Knight Miss ma￿aret Nellie Tate Mrs Dorothy Elizabeth Watts Mrjames C Woods Mrs Caroline Haviland Mrs Maureen Knight Mrs Diana L Walker Mrs Ann M Watson Intercontinental Church So¢ietyTrustees Annual Report 2025 25 How we are structured Patron5: 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 Councll Members: The Revd Canon R Crew The Revd E Dumain The Revd Dr S Hance Mrs A Hopkin5 The Revd K D Mentzel The Revd Canon F O Olokose The Revd P Parker Mrs J 5avill Mrs E D Skudder Mr G J Sopp ITrea5urerl The Rt Revd Dr R C Thorpe IResigned October 20251 Mrs Susan Wilkinson IAppointed June 20251 The Very Revd T Wright (Resigned June 20251 Key Management Personnel: ICS Council Members and the Mission Director (The Revd Canon R W Bromleyl Company Secretary: The Revd Canon R W Bromley Sollcltors Moore Barlow LLP Concord House 165 Church Street East WOKING GU216HJ Registered Auditor5 Xeinadin Audit Limited 5 Robin Hood Lane SUThON SMI 25W Prlncipal Bankers Barclays Bank plc 100 Fenchurch Street LONDON EC3M 5JD Investment Advisers: CCLA Investment Management Ltd One Angel Lane LONDON EC4R 3AB Ruffer LLP 80 Victoria Street LONDON SWIE 5JL For and on behalf of the Council Unit 11 Ensign Business Centre Westwood Way Westwood Business Park COVENTRY CV4 8JA The Revd Canon Folorunso Olok05e Co-chair of ICS Council 11 May 2026 The Revd Elizabeth Dumain Co-chair of ICS Council IC5. Mi¥¥ion A4ipisfrTr/ in Jllsh tp help penplpfind ies111 Intercontinental Church Soclety Trustees Annual Report 2025 26 Independent auditorfs report to the members of Intercontinental Church Society Opinion We have audited the financial statements of Intercontinental Chtjrch Society (the 'charitable ompany'l for the year ended 31 December 2025 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 reporknng framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Iunited Kingdom Generally Accepted Accounting Practicel. 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 2025 and of its incoming resources and application of resources for the year then ended; have been properly prepared in accordance with United Xingdom 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 IUKI 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 UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the 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 event5 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 tinancial statements are authori5ed ft)r 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 informatlon The other information tomprises the information included in the annual report, inclLtding the Council Members, report, other than the financial statements and our auditor'5 report thereon. The Council Members are re5pon5ible 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 express 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 mi5Stated. If we identify such material 27 Independent auditorfs report to the members of Intercontinental Church Society (continued) inconslstencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial 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 include5 the Directors, Report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is conslstent with the financial statements; and the directors, report included within the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the IiEht 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 matter5 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 return5 adequate for our audit have not been received from branches not V151ted by us- or the financial Statements are not in agreement with the accounting record5 and return5,' or certain disclosures of Council member5, 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 exemption5 in preparing the Council Members, report and from the requirement to prepare a strategic report. Responsibllltles of Council Members As explained more fully in the Council Members, responsiljilities statement, the Council Members Iwho are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satistied that they give 3 trije and fair view, and for such internal control as the trustees determine 15 nece553ry 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 Member5 are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unle55 the Council Members either intend to liquidate the charitable compariy or to cease operation5, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material mi55tatement, whether due to fraud or error, and to issue an auditor's 28 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 alwoys 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 statement5. The extent to which our procedures are capable of deteciing irregularities, including fraud is detailed 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 regulation5 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 mi5Statement, including obtaining an understanding of how fraud might occur, by making enquiries of management, consideringthe internal controls in place and discussion amongst the engagement team. We determined that the principal risks were related to the recognition of properhes, management bia5 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 journ31 entrie5, 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 likely 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.'/lwww.frc.org.uklouditorsresporssibilities. This description forms part of our auditor's report. Use of our report Thi5 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 under that Act. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an 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 CTA (Senior Statutory Auditor) 5 Robin Hood Lane for and on behalf of Xeinadin Audit Limited Sutton Statutory Auditor Surrev Chartered Accountants SMI 25W Dated: g? to2£ 29 Statement of Financial Activities (including income and expenditure account) for the year ended 31 December 2025 Unrestricted Restrirted Endowment 2025 Total 2024 Totol Funds Funds Funds Funds Funds Note Income from: Donations and legacies Charitable activities 21al 2 Icl 21bl 2 Idl 21el 251,228 19,053 94,846 366 130,103 381,331 19,053 434,970 17,957 Investments 3,391 98,237 366 103,896 1,146 Other trading activities Other 2,865 2,865 3,325 Total 368,358 133,494 501,852 561,294 Expenditure on: Charitable Activities 3 lal 31bl 540,413 1,003 160,762 701,175 807,313 1,982 Raising Funds 1,003 Total 541A16 160,762 702,178 809.295 Net Ilossesl / gains on investments Net lexpenditurel I Income Transfers between funds 50,107 147,0811 3,026 3,915 1122,9511 127,2681 147,8011 1197,3001 1244,086) li 115,4651 15,465 Net Movement In Funds 1138,416) 111,8031 147,081) (197,3001 (244,086) Balance5 brought forward l January 2025 2,528,008 329,422 910.869 3, 768,299 4,012,385 Ba13nce5 carried forward 31 December 2025 2,389,592 317,619 863,788 3,570,999 3, 768,299 30 Balance Sheet Balance Sheet at 31 December 2025 2025 2024 Alote Fixed assets Tangible lixed assets Investments 353,476 2,680,606 364.329 2,677,580 3,034,082 3.041,909 Current a55ets Debtors Cash held with Investment Managers Cash at bank and in hand 137,598 355,289 85,021 577.908 152,627 484,133 125,665 762,425 Creditors: falling due within one year 40,991 36,035 Net current assets 536,917 726,390 Net assets io 3,570.999 3, 768,299 Income funds Unrestricted funds General free reserves (including revaluation reserve £453,797 12024.. £403,69011 Designated li 1,340,434 1,411,047 I,(￿9,158 1,116,961 2,389,592 2,528,008 Restricted funds li 317,619 329,422 Capitsl lunds Endowments (including revaluation reserve £343.18212024: £392.19811 li 863,788 910.869 Total Charity fund5 3,570,999 3,768,299 The accounts were approved by the Council on 11 May 2026 These financial statements have been prepared in accordance with the provisions applicable to small companies subject o the small companie5, regime within Part 15 of the Companies Act 2CNJ6. The Rev Canon Folorunso Olokose Co-chair of IC5 Council Graham Sopp Treasurer The Revd Elizabeth Dumain Co-chair of ICS Council Company Number 3630342 31 Statement of cash flows Statement of Cash Flows For the year onded 31 December 2025 2025 2024 Cash flows Irom operating artivities: Net cash provided by (used in) operatlng artivities Note la) {267,7251 268,551 Return5 on investments and servicing of finance Investment income 98,237 103,896 98,237 103,896 Capital expendlture and income Payments to acquire fixed a55ets Payments to acquire investments Receipts from sale of investments (236,443) (236,443J Increase / {Decrease) in cash Note Ibl (169,488) 136,004 (al Reconciliation of lexpenditurel / Income to net cash flow from oPerd￿ng activities Net lexpenditurel / income for the period las per the statement of financial activitiesl Adjustments for.. Depreciation charge5 Investment income Losses/lGainsl on investments Ilncreasel/Decrease in debtors Increase in creditors Net cash provided by / (used in) operatlng activities 1197,3001 (244,086) 10,853 198,2371 {3,0261 15,029 4,956 1267,725) 7,940 1103,896J (3,915) 626,216 113,708J 268,551 Ibl Anaty5is of changes In cash balances Atl" January 2025 125,665 484,133 At 31" December 2025 85,021 355,289 Cash flows Cash at bank and in hand Cash held with Investment Managers 140,6441 1128,8441 Total 609,798 1169,4881 440,310 32 Notes to the accounts Notes to the financial statements for the year ended 31 December 2025 l A¢¢ountinE policie5 The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows.. (a) Accounting convention The financial Statements have been prepared under the Companies Act 2006 and in accordance with the Charities Statement of Recommended Practice (Charitie5 SORP 2019 FRS 1021, Financial Reporting Standard 102 IFRS1021 and the Charities Act 2011. The financial statements are drawn up on the historical c05t basis of accounting, as modified by the revaluation of investments. These financial Statements are prepared in sterling, which is the functional Cur￿ncY of the charity. Monetary amounts in these financial statement5 are rounded to the nearest £. The charity meets the detinition of a public benefit entity under FRS 102, 15 a company registered in England and Wales (No. 36303421 and a registered charity (No. 10725841. The registered office is at Unit 11, Ensign Business Centre, Westwood Way, Westwood Business Park, Coventry, CV4 8JA. The linancial 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. Ibl 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 properhes. The Trustees believe that such information cannot be obtained at a cost commensurate with the benefit to the users of these account5 and to the charity due to the fact that it is impractical to obtain these valtJe5 as the Society's records are incomplete and as such reliable cost information Is not to hand, therefore the trustees believe the c05t5 involved in clarifying these values will be prohibitive. The Trustees have also considered obtaining a current valuation for these propertbes and have concluded that thi5 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 properhes 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 acquisltion. Depreciation is provided on tangible fixed assets at rates calculated to write off the cost orvaluation of each asset over its expected useful life a5 follow5: Freehold Buildings.. over 50 year5 Leasehold Buildings: over remainder of lease Leasehold Improvements.- over 25 years Furnishings: over 15 years Heating l Lighting l Electrical Improvements: over 10 years Equlpment.. over 5 year5 33 Notes to the financial statements ftir the year ended 31 December 2025 (continued) l Accounting policie5 Icontinuedl {c} Heritage assets HeritsEe assets comprise Cathedrals, historic churches and other integral buildings where the contribution to knowledge and culture 15 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 15 impractical to obtain these values as in some instances the Society's records were destroyed in the Blitz in 1941. In other cases properties were acquired in the 1800,5 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 justilied by the useftjlness of the information to the users of the accounts and to the charity for its own stewardship purpose5. 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 investment5. Movements in fair value are shown as unrealised gains or105ses in the Statement of Financial Activities. {el Income All 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. 111 Annual subscriptions are accounted for as income in the year receivable. 121 Donations, including contributions through parishes, are accounted for Strictly on a receivable b35is. 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 asset5 for retention or consumption, or at the value to the charity in the case of donated seNices or facilities. The time donated by general volunteers is not recogni5ed in the financial statements but their significant contribution is disCU55ed in the annL¢al 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. 151 The net proceeds of sales of church properties are credited to the General Fund on cash received basis. 161 Legacies are accounted for on a receivable basi5, which is when the charity becomes entitled to receipt and the amount can be reliakily quantified. ICS acted as executor for a legacy on behalf of two additional beneficiarie5. If) Expenditure Expenditure is recognised as soon as an oufflow 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. Intercontinental Church society Trustees Annual Report 2025 34 Notes to the financial statemonts for the year ended 31 December 2025 (continued) l Accountlng pollcies (continued) Grdnt5 are recognized as commitments when awarded- specific funds are then allocated to a 'new work, designated fund. Grdnts and donations are accounted for as expenditure when paid over, or when the charity has a binding obligation to pav. Funttional classificotion '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 managernent fees are no longer incurred. Natural cla55ificJtion 'New mission work, comprises grants and direct expen5e5 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 apporlioned between new and continuing mission work nor between unrestricted and restricted funds. The Trustees consider that such apporhonment 15 on unnecessary exercise which adds no value to the understanding of the finantial statements. Where identifiable and applicable, direct expenses are charged to restricted funds. Irrecoverable VAT 15 charged ogain5t the category of expenditure from which it was incurred. (g) Debtors Income tax recoverable and other debtors are included at the settlement amount due. Prepayment5 are valued at the amount prepaid. {hl 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 month5 or less from the date of opening the deposit. lil Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation arising from a past event that will probably 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. Ul Financial instruments The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. 35 Notes to the financial statements for the year ended 31 December 2025 (continued) l Accountlng policies {continuedl (k) Penslons The charity contribute5 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 ba515. (l} 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 transathons are dealt with in the Statement of Financial Affairs. (ml 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. lol Crltical accountlng 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 source5. The estimates and associated assumption5 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 period5. 36 Notes to the financial statements for the year ended 31 December 2025 (continued) 2 Income 2025 Unrestricted Restricted Endowment Total lal Donation5 and leEacie5 Subscriptions and donations Donations from churches Donation5 from chaplaincies Resort mission collection5 Legacies receivable 110,457 3,368 26,743 15,060 95,600 251,228 125,967 3,761 236,632 7,129 26,743 15,060 95,975 381.539 375 130.103 Ibl Investments UK sourced Overseas sourced 69,189 25.657 94,846 3,391 72,372 25,657 98,029 3,391 Icl Charitable activities Chaplains, conference Idl Other trading activities Greeting card/booklet sales lel Other income Receipts from stamp donations Sltndry Income 19,053 19,053 366 366 224 2,641 2,865 368.358 224 2,641 2,865 501.852 TOTALINCOME 133.494 2024 Unre5tritted 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 Ibl Investment income UK sourced Overseas sourced 75,116 25,168 100,284 3,612 78,728 25,168 103,896 3,612 Icl Charitable activities Chaplains, conference Idl Other trading activities Greeting card sales lel 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 TOTAL INCOME 261,090 561,294 37 Notes to the financial statements ft)r the year ended 31 December 2025 (continued) 3 Expenditure 2025 Restricted 2024 Unrestrirted Restricted {al Charitsble acttvities Unrestricted Total Total New Mission work Izmir Grenoble Algiers 10,000 iO,(M)O 10,445 10,445 10,000 10,000 844 10,844 10,844 10,000 10,445 20,445 Chaplaincy Reserve Grenoble 39,000 39,000 39,000 39,000 21)0 Anniversary Fund Liege Church Planting 12,517 5,433 17.950 12.517 5,433 17,950 12,402 12,402 12,402 12,402 Ongoing Mlssion work Permanent chaplaincies Chaplains Conference Resort missions 10,324 29,028 114,777 125,101 29,028 35,141 35,141 149,918 189,270 8.856 30,890 2,644 42,390 139,080 147,936 30,890 103,685 106,329 242, 765 285,155 39,352 Staff & support costs Staff Salaries National insurance Pension contributions Other staff c05tS 255.138 21,056 32,493 14,943 323,630 255,138 21,056 32,493 14.943 323,630 240,485 17,089 31,714 9,926 299,214 240,485 17,089 31,714 9,926 299,214 Support costs Premises Travel Communlcations Governance Other support cost5 19,827 16,870 28,026 14,248 41,510 120,481 19,827 16,870 28.026 14,248 41.510 120,481 79.255 19,622 35,241 13,423 42,556 190,097 79,255 19,622 35,241 13,423 42,556 190,097 Total charitable actlvitles 543,413 160.762 701,175 554,103 253,210 807,313 Ibl Raising fund5 Fund raising costs I,IK13 1,003 1,003 1,003 1,982 1,982 1,982 1,982 TOTAL EXPENDITURE 541,416 160.762 702,178 556,085 253,210 809,295 38 Notes to the financial statements for the year ended 31 December 2025 (continued) 4 Net Income (Expenditure) 2025 2024 This is stated after charging.. Auditors, remuneration for aLtdit services Auditors, remuneration for other services Depreciation Operating lease rentals- land and buildings Operating lease rentals- other equipment Exchange Igainsl1105ses 9,000 2,610 10,853 8,400 2,070 7,940 2,307 1,964 281 1,797 1,471 5 Staff Costs and Council Members, expenses 2025 - No. 2024- No. The average number of employees during the year was.. Total stsff emoluments for the year were as set out in Note 3. One employee received remuneration of £70,000 to £80,CKJO in the year 202512024.. one employee received £60,000 to E70,(1001. The total employee benefits of the key management personnel of the charity as listed on page 26 were £88,46312024.' £83,750). No honoraria were paid to any Council Members12024.' none). Travel expenses of £4,88512024.' £4,998) were reimbursed to 912024.'91 Council Member5 in the year. 6 Flxed Assets Heritage assets Swiss coproprlété apartments Leasehold property& Improvements Fithng5 Fixtures Freehold property Totsl Cost At lJanuary2025 Additions 31 December 2025 Depreciation At l January 2025 Charge for the year At 31 December 2025 Net bookvalue At 31 December 2024 At 31 De￿mber 2025 192,475 85,084 215,885 20,558 SI4.￿2 192,475 85,084 215,885 20,558 514,(X)2 116,508 3,849 120,357 29,717 642 30,359 2,828 4,872 7,700 621 1,490 2,111 149,674 10,853 160,527 75,967 72,118 55,367 54,725 213,057 208,185 19,937 18,447 364,329 353,475 The charity owns the lease for the oflice in Coventry for the charity's UK based activities. The charity beneficially owns a freehold property used as Chaplain's accommodation in Floriac (Ffancel which is 80Yo owned by the Society. The charity also beneficially owns a freehold property Used as Chaplain's accommodation in Blonay ISwitzerlandl- 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 propertie5 which are shown at nil value: France: Chaplaincy House, Holy Trinity, Maisons-Laffitte Chaplaincy House, St, Mark's, Versailles 39 Notes to the financial statoments for the year ended 31 December 2025 (continued) 6 Flxed Assets (continued) The charity beneficially owns the following churches and integral buildings 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 5t. George's, Barcelona St. Peter's, Chateau-d'oex All Saints,, Vevev St. Bernard's, Wengen St. Peter's, Zermatt Spain.. Switzerland: 7 Investments 2025 2025 2025 2024 Unrestrlcted Endowment Total Total Quoted investments Brought forward Additions Disposals Net realised gains 1,767,491 910,089 2,677,580 2,673,665 1,767,491 50,107 910.089 147,081) 2,677,580 3,026 2,673,665 3,915 Net unreali5ed Ilossesl/gains Quoted investments at fair value tarried forward Quoted investments at cost carried forward 1,817,598 863,008 2,680,606 2,677.580 1,363,801 517,891 1,881,692 1,881.692 8 Debtors 2025 2024 Income tax recoverable Debtors and accrued income Prepayments 2,904 116,410 18,284 15,059 117,213 20,355 137,598 152,627 9 Credltors 2025 2024 Other taxation and social security Accruals and deferred income 7,128 33,863 40,991 5,361 30,674 36,035 40 Notes to the flnancial statements for the year ended 31 December 2025 (continued) 10 Net Assets The balances carried forward on the various funds held are as follows= Tangible fixed assets Current assets less liablllttes Investments Total 2025 Unrestrirted General free funds Designated funds Restricted funds Endowments 1,121,916 695,682 218,518 1.340,434 1,049,158 317,619 863,788 3.570,999 353.476 317,619 780 863,008 2.680,606 353,476 536,917 Tongible fixed ossets Current assets less liabilitie5 Investments rotal 2024 Unrestricted Generalfreefunds Designotedfund5 Restrictedfunds 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 41 Notes to the financlal statements for the year ended 31 December 2025 (continued) 11 Fund5 2025 Balance brought forward Invest- ment gain5 Balance carried forward Income (Expense51 Transfers Unrestrlcted funds General free fund Designated funds Fixed asset reserve Chaplaincies reserve Funds set aside for new work 200-Year Anniversary Reserve Investment diminution reserve Property reserve 1,411.047 368,358 {484,4661 14,6121 50,107 1.340.434 355.617 150,000 17.691 187,598 106.055 300,000 1,116 961 2,528,008 (10,8531 344.764 lii,O(K> 17.691 169,648 106.055 300,000 1,049,158 50,107 2,389,592 139.000) 117.950) {56.950) 110,853) {541,416} {15,4651 Totsl Unrestrlcted funds Re5trirted funds Legacy- France Mission partnerships- Europe Mission partnerships- N Africa Wen8en- St Bernards & Flat Zermatt- St Peter's & Flat Chaplaincy work 368,358 15.983 178 49,642 15.983 178 48,073 3,761 15,624 6,303 8,997 98,809 133,494 (lo,(￿0) 117.1931 115,5291 113,321) 1104,719) 1160,762) 6,239 9,226 102,540 161,079 329,422 98,216 155.169 317.619 15,465 Endowment funds 910,869 147,0811 863,788 2024 Unrestrictedfunds Generalfreefund Designatedfunds Fixed osset reserve Ch(Jplaincies reserve Funds set rjsidefor new work 200-YeurAnniversary Reserve Investment diminution reserve Property reserve 1,874,389 300,203 (533,683) (205,877) (23,985) 1.411,047 135,826 150,000 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 (io,oooJ 112,402) 262 (23,985) (22,402) (556,085) 196,068 Total Unrestrictedfunds Restrictedfunds Mission portnerships- Europe Mission portner5hips- N Africo St Bernord s, Wengen St Peter s, Zermatt Chaplaincy work 2,817,683 300,203 {9,809J (23,985) 2,528,008 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) 111,536) (18,877) (78,453) f133,899) [253,210) 428 9,381 102,540 161,079 329,422 9,809 Endowmentfunds 882,969 27,900 910,869 42 Notes to the financial statements for the year ended 31 December 2025 (contlnued) 11 Funds {continuedl In line with its reserves policy the Society has decided to designate funds for the following specific purposes.. Flxed asset reserve.. to cover the investment in fixed assets as valued in the annual financial statements. Chaplaincies reserve: to ensure the continuing function of existing work for 12 months. Fund5 set aside for new work.. to ensure that, once a new work has been approved, appropriate funding is set aside. 2fiO-Year Annlversary Reserve: to ensure funds are available to support and extend existing work. Investrnent diminution reserve: to set aside funds to prevent free reseNes being severelv 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 £453,79712024.. £403,69011 representing unrealised increases the value of investments. Restrlcted funds Le8acy'. A legacy given with expression of wishes to be allocated to France. Mission partner5hips'. these are funds received toward5 the costs of new mission work and the expenditure of these funds on these initiative5. The transfer during the year and last year was made to meet expenditure not covered by restricted income. St. Bernard'5 Wengen- this fund is for the maintenancelupkeep of the church building, apartment and ministry in Wengen. The transfer during the year and last year wa5 made to meet expenditure not covered by restricted income. St. Peterf5 Zermatt.. this fund is for the maintenancelupkeep of the church building, apartment and ministry in Zermatt. Chaplaincy work.. these are funds received expressly in support of Specified chaplaincie5' work and equivalent sums are passed on to them. No fundrdi5ing and staff support costs have been apporhoned to Restricted funds. All income received for restrirted funds 15 allocated to specific mission and chaplaincy work. Endowment funds represent capital gifts to the Society and includes a revaluation reserve of £348,182 (2024.. £392,198). Incorne arising from these investments is used for general purposes. 43 Notes to the financial statements for the year ended 31 December 2025 (continued) 12 Commitments The Society has financial commitments in respect of non-cancellable operating equipment leases. The total future minimum payments under non-cancellable operation leases are payable.. 2025 2024 Within one year Between l and S year5 1,798 1,371 3,169 1. 780 2,606 4,386 The operating lease charges for the year we￿. Hire of equipment Rental 1,798 1.964 2.307 1,798 4.271 13 Registered holder Two properties are registered in the Society's name. Two church properknes are registered in the name of Intercontinental Church Society (Nominees) Ltd. la wholly owned 5ubsidiaryl. The remainder are registered in the name of The Colonial and Continental Church Society la subsidiary charity). 14 Funds held as Custodlan trustee Funds are held in the CBF Church of England Deposit funds, and COIF investment funds, in account5 separate from those of the Society on behalf of two chaplaincies totalling £242,78512024.- £255,091). The balance5 at 31 December are set out below: Z025 COIF funds 2024 COIFfunds fott71funds CBF Funds Total fund5 CBF Funds Holy Trinity, Cannes St. Michael's, Paris 8,053 8,053 7,704 7,704 234,732 234,732 247,387 247,387 8,053 234.732 242,785 7,704 247,387 255,091 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 transartlons There were no related party transactions except as disclosed in Note 5. 44