Church Extension Association (Incorporated) Limited by Guarantee Report and Financial Statements Year Ended 31 October 2024 Registered Company Number 00032430 Registered Charity Number 00200240
Church Extension Association (Incorporated) Report ofthe Trts Page Reference and administrative details Report of director5 and tru5tee5 Independent auditor's report Statement of financial activitie5 li Balance sheet 12 statement of cash flows 13 Notes forming part of the financial statements 14to26
Church Extension Association (Incorporated) Report of the Trustees for the year ended 31 October 2024
Reference and administrative details
Trustees
F H M Baumberg E C Brogden C M Heybourn S J Hird A Taylor T D Wright J I Timms Appointed 15 November 2024
Secretary and registered office
C M Heybourn
St Michael's Convent, Vicarage Way, Gerrards Cross, Buckinghamshire, SL9 8AT
| Company number | 00032430 |
|---|---|
| Charity registration number | 200240 |
Auditors
Moore Kingston Smith LLP 9 Appold Street, London, EC2A 2AP
Investment managers
RBC Brewin Dolphin Securities Limited,
12 Smithfield Street, London, EC1A 9BD, London, EC1A 9BD
Solicitors
Stone King LLP
13 Queen Square, Bath, BA1 2HJ
1
Church Extension Association Ilncorporatedl Report of the Trustees for the year ended 31 October 2024 Icontlnuedl The dirertors and trLJStees present their report together with the audited financial statements for the year ended 315t October 2024. Legal and administration details Legal and administrative information set out on the previous page forms part of this report. The financial Statements comply with the current statutory requirement5, the Memorandum and Articles of A550ciation and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland. The Trustee5 confirm that they have complied with the duty iri section 17 of the Charitie5 Act 2011 to have regard to the Charity Commission's general guidance on public benefit, including the guidance on 'Public Benefit.. running a charity ' IPB21. Strutture* govemancè and managèment The principal activity of the Association is that of a charitable organisation engaged in religious education and general pastoral work. The Association was founded in 1864 and in 1890 was incorporated a5 a company limited by guarantee and 15 governed by it5 M8morandum and Articles of Association. In the event of the Association being wound up each Member has guaranteed to contribute a maximum of £1. The registered tharity number 15 200240, the company number 15 IX)032430. Trustees The tru5tee5 are the Sister Provincial, the Assistant Provincial and other elected Members. The Appointment is for a period of three years after which they may be re-elected. The tru5tee5 of the Association during the year and up to the date of approval of the financial statement5 were= F H M Baumberg E C Brogden C M Heybourn (Secretary) SJ Hird A Taylor Ichairl Jill Timms Appointed 15 November 2024 T D Wright The directors meet a minimum of three time5 a year, the Secretary draw5 UP the agenda, and item5 are included in response to established practices and as a way of monitoring the administration of the charity. Stapley Bequest 200240-1 and Mrs Mary Gutch Charity 200240-2 are both administered by the Trustees. These are linked charities as defined by the Charities Act 2011.
Church Extension A550ciation Ilncorporatedl Report of the Trustees for the year ended 31 October 2024 (continued) Trustees are elected by the Members or co-opted by the Trustees under the Memorandum and Articles of Association of Church Extension Association Ilncl. Ongoing support and training is made available as necessary, as is advice from legal and financial professional advisors. Risk management The directors and trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the Association, and are satisfied that procedures are in place to mitigate the exposure to the major risks. The Trustees identified six areas of risk= Disaster: From fire- mitigated by regular fire alarm and smoke detector checks; fire safety training,. regular boiler checks,. Insurance in place. Following a lightning strike a conductor will likely be added. From flood - mitigated by regular boiler and plumbing checks- Insurance in place. Building: Maintenance contracts- emergency numbers visible- fault reporting procedures,. regular insurance surveys; allowing adequate budget provision: insurance in place. Computers: Virus check in-built; back-ups in place,. passwords used. People: Ageing members- funerals budgeted for; health and safety procedures are a priority. Employee loss- Contracts of employment,. use of 'Peninsula'. Financial: Fraud, Investments- Annual audit,. Sister Bursar in place,. cash is kept secure,. regular check on investments and ratings: annual meeting with business advisors. Having sufficient income to meet expenditure. Reputation: Wrong counselling advice - professional insurance and supervision in place: on- going professional training. Safeguarding policies in place,. training made available for spiritual direction/retreat work.
Churth Extensitsn Association Ilncorporatedl Rèport of thè Trustees for the year ended 31 Ortober 2024 Icontinuedl Objectives and activities The Association is established for the furtherance of religion, education and the relief of poverty. These objectives are met through the outreach and ministry of the Sisters, who live at the properties that the Association owns and those locations where it operates, and the trustees ensure that they benefit the public. The trustees have had regard to the Charity Commission's guidance on public benefit, including'public benefit- running a charity IP821'. A full description of these activitie5 can be found on the Community's website- www.slStersofthechurch.org. Achlevements and performance The Community at St. Michael's Convent, Vicarage Way, Gerrards Cr055, Buckinghamshire SL9 8AT have continued with their daily worship and intercession. Mernbers of the public were welcomed for Retreats and Quiet Days. The garden wa5 shared with others through an Operi Garden Day with the National Open Garden Scheme. Sisters have continued with the ministries of Quiet Days, Counselling and Spiritual Direttion. The eldest members of the Community live and are cared for at st Michael's Convent Gerrards Cross. Farnilie5 and women are supported, 50rne have yet to gain indefinite leave to remain leave in the UK. They receive both financial and pastoral help. At our Bristol house the work h3s continued to be that of pa5toial care outreach in the local community, mainly centred on the house but also working with other agencies and food-banks. At the house, this care has taken the form of both practical assistance, such as giving food parcels at the door. and befriending and listeninÈ and giving prayer support to callers and volunteers. Some individuals receive extensive and long-term support from the Sisters. Sr Teresa Mary was recently ordained Priest. There are a team of volunteers who assist the Sisters with their Ministry. The volunteers contributed approximatelv 6,000 hours in the year. Outside the house, Sisters provide religious education through such means as talks. preaching and spiritual accompaniment. Sisters make pastoral visits at home. in hospital, and prison when permitted. Sisters Anita who lived at Clevedon for many years and ministered in the East Clevedon Benefice ha5 moved to Gerrard5 Cr05s. Sist8r Annaliese continue5 to live at Clevedon and ha5 been involved with rninistries with the Quakers. Sister Rosina has now moved to the bungalow at Clevedon. Sisters who live beyond community houses to care for family members and relatives remain committed to a life of prayer and Service and attend communitv gatherings.
Church Extenslon Assoclatktn Ilncorporatedl Report of the Trustees for theyear ended 31 October 2024 Icontinuedl Financial Review Thi5 year's activitie5 resulted in 3 surplus of £738,28312023- £539,803), which ha5 been transferred to accumulated reserves. Of the total surplu5, £11,511 rel8te5 to re4li5ed gain on investments, £1,007,322 relates to unreali5ed gains on investments 3nd there wa5 an operating 1055 of £280.550. ReseNe5 Pollcv The ye?r'5 5urplu5 ha5 increased the 8ccumulated re5erve5 10 £15,462,67612023- £14.724,3931.TheTrusrees consider thatthi5 level of reserves is necessary for the future financial stability of the charitable company for two reasons:_ 11 £6,462,111 of the reserves is represented by St Michael's Convent at Gerrard'5 Cr055 and the other properties held by the charity. 21 £8,961,734 of rhe reserves are represented by investments, the income from which 15 the company's principal Source of Income. Of the unrestitted reserves £4,313 a designated funds and by £6,519,840 invested in fixed assets. The linked charitySt3pley Bequest unrestricted fund w35 ts3,65212023 £47,967) The linked charity mrs.mary Gurch's unrestricted fund was £144,29412023 £131.1271 This leèvÈs £8,938,523 as freÈ resetvÈs of the charity. The ch3rity seeks to maintain free reserves in orderto continue to deliver its charitsble objective5 to the charities beneficiaries in the short term. The charity has c8lculated that rhe working capit?1 required for the continuity and operatyon of rhe ch?ritie5 activitie5 for ? period of 12 monihs is £564,0 At the year end, free reserves were above this level. Investments Pollcv Invesrments are stated at the market value prevailing at rhe balance sheetdate. The marketvalue of quored securities is based on the bid prlce. Any g3ln or loss on revaluation is taken to the SOFA. The invesrment policy Is ro maximise total return through ? diversified porrfolio whilst providing a level of income advised by rhe tru5tee5 from lime to time. There is also an Ethic31 Policy precluding Investment In any company which, after reasonable enquiry, clearly has significant profits from an activity which is contrary to the objettives of the Churth Emtension Association. Plans for the future They continue to seek ways ro make a smaller Impacr on the environment. They pl?n to continue seeking financial supporrfor the ministry with women and children who came to this country a5 asylum seekers. and displatrd persons. In the shortto medium term, the charity has the significant reserves it holds in IioLJid investments, which can be adIlY tonverted into cash if required. It has enou8h unrestricted fund5 to continue its charitable activitie5 and fund future
Church Extenslon Assoclatlon Iln¢orporated) Report of the TNstees for the year ended 31 Ortober 2024 Icontlnuedl Ststement of Trustee< responsiblllties The trustees (who are also the directors of the Church Extension Association Ilncorporatedl for the purpose of company lawl are responsible for preparing the report of the directors and trustees report and the financial statements in accordance with appllcable law and re8ulation5. Company law requires the trustees to preparè financial statements for each financial year. Under that18w the trustees have elected to prepare the financial statements in accordancÈ with United Klngdom Generally Accepted Accountlng Practlce (United KlnBdom Accountin8 Standards and applicable lawl. Under company law the trustees must not approve the financial statements unless they are satisfled that they give a true and fair vlew of the state of affalts of the charltable company nd of the profit or loss of the charltable company for thai period. In preparin8 thèse financlal statements. the trustees are requlred to: select suitable accountin8 pollcles and then apply them consistentlv: make lud8ements and accounllnB estimates that are reasonable and prudent,. State whether applicable accountln8 Standards and statements of retommended practlce have been followed. subled to any materlal departures disclosed and explain In the financlal statements; prepare the financial slatements on the going concern basis unless It Is inappropriate to presume that the compony wlll conlinLte in business. observe the methods and princlples in the charltits SORP. The trustees are re5ponslble for keepln8 adequate accounting records that are suflicient to show and explain the companvs transactlons, dlsclose with reasonable accurècy at any time the financl•l position of the company and enable them to ensure that the flnancial statements comply with the Companles Act 2006. They are also responslble for safe8uardln8 the assets of the company and hence for takln8 reasonable steps for the prevention and detettlon ot fraud and other Irre8ularilles. Audlt Inform•tlon All of the current trustees havè taken all the steps that they ou8ht to have tak•n to rnake themselves aware of any information needed by the company's auditors for the purposes of their audit and to establish that the auditors are aware of that information. The trustees are not aware of any relevant audlt information of which the auditors are unaware. Thls report has been prepared in accordance with the speclal provlslons of Part IS of the Companle5 Act 2006 relatlng to small companles. Approved by the board of trustees and signed oft their behalf by: C M Heyboum Trust•* & S•£r•¢ary Date.. 10 2025-
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF CHURCH EXTENSION ASSOCATION (INCORPORATED) Oplnlon We have audited the financial statements of Church Extension Association {Incorporaledl I'the charitable company'l for the year ènded 31 October 2024 which comprise the Statement of Financial Aclivilies, the Balance Sheet, the Slalemenl of Cash Flows and notes lo the financial slalements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Stsndard Applicable In the UK and Ireland, Iunited Kingdom Generally Accepted Accounting Practi1. In our opinion the financial statements.. give a true and fair view of the slate of the charitable company's affairs as at 31 October 2024 and of ils incoming reSoUrS and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally ACpIed Accounting Practice", and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISASIUKII and applicable law. Our responsibilities under those sl8nd8rds are further described in the Auditor's Responsibilities for the audit of financial slalements section of our report. We are Independent of the Corporation in accordance with the ethical requirements that are relevant lo 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 lo provide a basis for our opinion. Conclusion$ relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of al least Ie1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors wlh respect to going concern are described in the relevant sections of this report. Other infomiation The other information comprises the information included in the annual report, other than the financial statements and our auditor's reF)Ort thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except lo the exlenl otherwise explicitly staled in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial stalemenls, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial ststements or our knowledge obtained in the audit or otherwise appears to be materially misststed. If we identify such material inconsistencies or apparent material misstalemenls, we are required to determine whether there is a material misststemenl in the financial statements or a material misstatement of the other information. If. based on the work we have performed, we conclude that there is a material misstalemenl of this other information, we are required lo report that fact. We have nothing to report In this regard.
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF CHURCH EXTENSION ASSOCATION (INCORPORATED) Oplnlons on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit." the information given in the trustees, annual report for the financial year for which the financial slalemenls are prepared is consistent with the financial ststements", and the trustees, annual report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material Misstatements in the trustees, annual report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report lo you if, in our opinion". adequate accounting records have not been kept, or returns adequate for our audit have not been reiVed from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of trustees, remuneration specified by law are not made", or we have not received all the information and explanations we require for our audit", or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies exemption in preparing the Trustees, Annual Report and from preparing a Strategic Report. Responslbllltles of trustees As explained more fully in the trustees, responsibilities statement sel out on page 8, the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstalemenl, whether due lo fraud or error. In preparing the financial slatemenls, the trustees are responsible for assessing the charitsble company's ability to continue as a going concern, disclosing, as applicable, mallers related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or lo cease operations, or have no realistic alternative bul to do so. Auditor's responsibilities for the audit of the financial $tatement$ Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assuran is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misslalement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements.
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF CHURCH EXTENSION ASSOCATION (INCORPORATED) As part of an audit in accordance with ISAS IUKI we exercise professional judgement and maintain professional scepticism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial slalements, whether due lo fraud or error, design and perform audit procedures responsive lo those risks, and obtain audit evidence that is sufficient and appropriate lo provide 8 basis for our opinion. The risk of not deleeting a materi81 misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal eontrol relevant lo the audit in order to design audit procedures that are appropriate in the circumstsnces, bul not for the purposes of expressing an opinion on the effectiveness of the charitable company's internal control. Evaluate the appropriateness of accounting policies Ljsed and the reasonableness of accounting eslimales and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, Ljse of the going concern basis of accounting and, based on the audit evidence obtsined, whether a material uncertainly exists related to events or conditions that may cast significant doubt on the charitable company s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required lo draw attention in our auditorfs report lo the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charitable company lo cease to continue as a going concern. Evaluate the ovemll presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Explanation as to what Oxtont the audit was considgrod capable of detOCting irregularitlOS, Including fraud Irregularities, including fraud, are instan$ of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo detect material misslalements in respect of irrularl11eS, including fraud. The extent lo which our procedures are capable of detecting irregularities, including fraud is detailed below. The objectives of our audit in respect of fraud, are., to identify and assess the risks of material misstatement of the financial statements due to fraud", to obtain suffi'cient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks," and lo respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company. Our approach was as follows". We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, the Charities Act 2011, UK financial reporting standards as issued by the Financial Reporting Council and UK laxalion legislation. We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance.
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF CHURCH EXTENSION ASSOCATION (INCORPORATED) We assessed the risk of material misstatement of the financial statements, including the risk of material misstalemenl due to fraud and how it might occur, by holding discussions with management and those charged with governance. We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations. Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining addition81 corroborative evidence as required. There are inherent limitations in the audit procedures described above. We are less likely lo become aware of instances of non-compliance with laws and regulations that are not closely related lo events and transactions reflected in the financial stalemenls. Also, the risk of not detecting a material misslatemenl due to fraud is higher than the risk of not delecling one resulting from error, as fraud may involve deliberate COnalment by, for example, forgery or intentional misrepresenlalions, or through collusion. Use of our report This report is made solely lo the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state lo them in an auditor's report and for no other purpose. To the fullest exlenl permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Andrew Stickland (Senior Slalutory Audilorl for and on behalf of Moore Kingston Smith LLP, Statutory Auditor 9 Appold Street London EC2A 2AP Date. 14 July 2025 10
Church Extension Assoclatlon Ilncorporatedl StatemeM of Flnanclal Actlvltfjes for the year et)ded 31 October 2024 Ncfe Relkf stspy0e5t Gutth Tot Fund Fund F fund5 IreStrtÈdl IdÈsMtodl {dalÈdl IknmestrtÉdl lunYÈstrlcted 201 ¢tsmmodatlo .370 6Q,370 42.1 34639 54413 24.427 DowlofT{¥n Leg115 242,512 IDI.3&5 121,212 799 ILO.404 i.•)1 106.714 Inve5tmEllt5 L414 2.875 357,619 345,7 Prtsflton saoftaEI 664845 34422 547,620 lQlJ65 24,427 3,975 686,1 1,56S,9fr4 Expendlturon.' 680.520 2Q8,904 64.112 8.ND 856,513 TotslwEnd5tyiE fj.520 208.9fy1 64.112 4931 856.533 9*.555 8,2&3 539.803 Tr3n5ferktYJpEnthJnts a9.685 77P,97U 5,6B5 11,167 74IB3 S39,3 611?nce brQwhtfor ?t i 14.482,447 62052 14.7tI393 .164.$90 BatsntoCxrtedfthardét3l 0[tbrIfj24 I5,2f,417 53,651 144,194 15,461,676 14,7Z4,393
Churth Extenslon A5$0datlon IincoTrDratedl B•l¥nte sheet as •t 31 Octobef 20Z4 sta+V B•qu¢st FuThd 2DZ4 Mary Gvith'5 Fuhd 1014 1024 2021 7&8 6.519 6.S94.W 7.848,OFJ 14.44?,657 51.B59 5J.$59 1&2. 142.ty) 15.181.525 Curinta%sÈts Oe¥ttsrs Cashat birthind innd 248.8Y2 4120 64.)68 1,793 1,793 2.1 35l16tr rJ¢dftorkaRhiuThtsl4Mlryduwlthlrt¢rt 17L4241 121M9SI J.793 Toi•I4s•tsi¢YtI•fil IkWlhs 15.264.730 144.294 1S264,730 $3,651 144.D4 14,?14.393 Funds unrp5lrkivdtTth Gerteialknnd Dè5a8n4Ted luTh&s 15.260.417 53.652 144.ly 14.661.542 62.85 J5.264.730 53.652 144.294 143.724.393 T&tsl lundl 15264.730 53,65? 14.7Z4J93 Approyo&lr1U1h¢f4ldl0ls*u0o bEIl01thEIetUIiBQtyl Io 2L)2S ed4Trbeh•Mof theEitcutive 8odyolthvChwch EAtowonAssoEi&lyDfi (InrpDfaIed>. CM MembErOttheExeculw kntty Chiefollicor Re8is'.Èie6C4rn¥hUrnb•r.' 3410 7h•not•sonpi8ts 14to26 formwrrolihÈ5efin?ncwl 5falernents. 12
Churth Extension Association Ilncorporatedl Statement o Cash Flows for the year ended 31 October 2024 2024 2023 Cash generatedlrom operatlnE attivities Net cash provided by operating ècrivities 1253.8021 1388,8281 Cash flow5from Investingactivltie5 Investment income Proceeds from the sale of property, plant and equipment Purchase of fixed assets Proceeds from the Sale of investments Purchase of investments Movement on cash held in investment portfolio Net cash prOded byllused Inl Investingartlt[es 337,619 340A82 825,129 148.2611 251,869 1494,2421 147,547 194,532 1,158,555 11,845,124> 194,8981 384,144 ash flow5from flnancln8 aCtItIeS ftepayments of borrowing Net cash proded byllused inl fimanting attlties Chunge Inrosh cosh e4ulvolenrs In the reportlng perlod 159.2701 14,6841 Cash 3nd cash equwalents at the beginning of the reporting period IiM,288 108,972 Cash and cash equlyalerfs atihe end of the rewrtlthÈ perlod 45,018 104,288 Reconciliation of net incomellexpendilurel to net tash flowfrom operatin8activities 2024 2023 Net incomellexpenditurelfor the reporting pericd la5 perthe statement of financlal actlYltle51 738,283 539,803 Adluamenisfor.. Depreciation charge5 IGainsl/los5es on investments Investment income (Profitllloss on sale of flxed assets 122,499 11,018,833) 1337,6191 506 225,724 15,638 1253,8021 111,847 166,158 1340,4821 1661,3951 1224,4121 19,653 1388,8281 Increaselldecreasel in creditors Net cash prowded byllused inl operatingactivitie5 13
Church Extension Association (Incorporated) Notes forming part of the financial statements (continued) forthe year ended 31 Ortober 2024 A¢¢ountlng pollfles 5tutus of compuny The Church Extension Association Ilncorporatedl was incorpor3ted under the Companies Act 1862 to 1890 and is 3 tomp3nv limited by guarantee, not having a share capital. The liability of its members is limited to £1 per member. Its registered address is St Michael's Convent, Vicarage Way, Gerrards Cross, Buckinghamshire, SL9 8AT. The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The charitable cornpany is a public benefit entity for the purposes of FRS 102 and a registered charity established a5 a company lirnited by 8U3rantee therefore has a150 prepared tt5 financial staterDent5 in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ire13nd (The FRS 102 Charities 50RPI rhe Companies Act 2006 and Charities Act 2011. The financial statements are prepared in sterling, which is the funttional currency of the charity. Monetary amounts in these financi81 st8tements are rounded to the ne3rest pound. The principal accounting policies adopted in the preparation of the financial statements are set out below. Going Concern Basis The trustees have assessed whetherthe use of the going concern basis is appropriate and have considered possible events or condition5 that rnight cast significant doubt on the ability of the charity to continue as 3 going concern. The trustee5 have made this a55e55tnent for a period of at least one year from the date of approval of the financial staternent5 and in particular have considered the charit¢s forecasts and projections and have taken account of pressures on donation and investment income and expenditure from the current economic challenge. The trustees have concluded that there is 3 reasonable expectation th8t the charitable entity has adequate resources to continue in operational existence for the foreseeable future. The charit8ble companv therefore continues to adopt the going concern basis in preparing its financial statements. Income The charity, in common with many others. derives a proportion of its incorne from voluntary donations which can only be recorded on receipt. Donations are therefore included in the accounts on the basis of cash received. except a5 follows.. when donor5 specify that donation5, and grant5 given to the charity must be used in future accounting periods. the income is deferred until those periods,. and when donors impose Conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred and not included in incoming resources until the pre-conditions for use have been met. All other incoming resources, including legacies, are recognised in the financial year in which the charity becomes entitled to the income, the amount can be measured reliably and receipt is probable. 14
Church Extenslon Assoclatlon Ilncorporatedl Notes formlng part of the flnanclal statements Icontlnuedl for the year ended 31 October 2024 Accounting policies Icontinuedl £xpEnditure andirrecoveroble VA T Expenditure is recognised oncetherÉ is a lÈgal or constructive obligation to transfer Étonomic benefit to a third pèrty, it is probable that a transfer of econornic benefits will be required in settlement and the amount of the obligation can be measured reliably. Irreco¥erableVAT is charged a5 a cost against the 3Ctivity for which the expense was incurred. Charitable ?ctivities comprises the direct costs, 5tsff costs and overhe?d5, includinggovemance costs of carrying out the Governancè costs includes the costs of compliance with constitLJtional and statutory reouirements. Expenditure on raising fund5 comprise the direct cost5 re13ting to rai5ingfund5. Depreciotion Depreciatlon 15 provided to write off the c05t, le55 estimated residual value5, of all fixed assets, except freehold land, overtheir expected useful live5. It is lCulated ?t the following rate5'. Furniture and equipment Computers Hardwarelsoftware Motor vehicles Freehold land IO% reducing balance 33% straight line 25% reducing balance 2% stralght line Freehold buildings- Refurbishment Freehold building5- ImproveTnent5 2% straight line InvEstrnents Investments are stated at the market value prevaSllng atthe balance sheet date. The marketvalue of Quoted securlties is based on the bid price quotation. Any reali5ed and unrealised gain5 and1055e5 on revaluation are taken tothe Statement of Financial Activities. Cash Gndcush equivLJlfnt5 Cash and cash equiv3lents include cash at banks and in hand and short term deposits with a matur¥ date of three month5 or le55. Finonciol Instruments Debtors and creditors re1¥able or payable within one year of the reporting date are carried at their at transaction Employee benefits Thè cost of shortterm employee nefItS ère reColSed as a liability and as an Èxpense. The cost of any unused holid3y entitlement 15 recognised in the period in which the employee's Services are received. Pensions Contributionsto the company's defined contribution scheme are charged to the SOFA in the year which they become payable. 15
Church Extension A550ciation Ilncorporatedl Notes forming part of the financial statements {continued) for the year ended 31 October 2024 Accounting policies (continued) Fund uccounting Funds held by the charity are either.. unrestricted general funds- these are fund5 which can be used in accordance with the charitable objects at the discretion of the trustees- designated funds- these are funds set aside by the trustees out of unrestricted general funds for specific future purposes or projects., or restricted funds- these are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when Specified by the donor or when funds are raised for particular restricted purposes. Each year a transfer of funds 15 recogni5ed to move a designated amount for the branche5 and the Solomon Islands from unrestricted funds to designated funds. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Criticuloccounting estimates t7nd area5 ofiudgement In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the arnount5 recogni5ed in the financial Statements. The following judgements and estimates are considered by the Trustees to have the most significant effect on amounts recognised in the financial statements.. The annual depreciation charge for property, plant and equipment is sensitive to change in useful economic life and residual value5 of asset5. These are reassessed annually. 16
Church Extension Association Ilncorporatedl es forming part of the financial statements {contlni for the year ended 31 October 2024 Charltable actlvitles General Clevedon Fund IGenerall Bristol Relief Fund Relief Fund IRe51rictedl Total ZOZ4 Total Z023 B8nk charges & interest 84 95 476 rds & Books Chapel & Chaplaincv Council tax, water charges & Insurance 3,212 164 759 4.135 1.175 29,281 122,400 7,878 1,906 31,935 122.499 9,529 34,492 111.847 5,568 Depreciation Donations & Gifts 96 623 1,028 Donations-solomon Islands Education & Training Funeral related expense Renewals General 9,974 12,127 9,974 13,821 36,086 8,848 3,626 7,553 iio 705 989 4,869 2,333 48,428 485 353 2,790 204 8,012 2,537 73,315 Housekeeping & Household Library Minlstry 13,602 11,285 60,457 302 268 340 166,750 64,112 8,000 239,470 196,375 National Insurance Sisters Newsletter Postage. Stationery, Computing Premises- Repair & Mèintenance Professional fees 1,815 1,161 1,815 1,161 1,732 3,311 10,593 920 1,647 13,160 9,458 97,554 49,168 506 83,856 47,072 24,112 2,431 29,737 3,012 130,303 49,168 505 84,914 47,072 44,044 4,259 41,619 66,145 451 92,169 54,578 39,685 3,989 Sale ol assets/lProfitl Salarie5 & Wages Sisters Care costs 1,058 Si5ter5 personal Telephone Travel & Motor Exps. Including InsurantÈ 13,837 650 6,095 1,178 19,947 20,692 18,967 1,940 2,400 1,847 9,373 36 23,734 32,465 19,003 23,658 32,395 20,190 130 Governance 619,213 67,182 208,904 64,112 967,411 856.533 17
Church Extension Association Ilncorporatedl Notes forming part of the financial statements {continuedl for the yearended 31 October 2024 Governance costs General Fund Branch Total 2024 Total 2023 Houses Audit and accountancy charge5 General expenses 18,967 36 19,003 20,190 iio 18,967 36 19,003 20,300 Deficlt of Income over expendlture for the year 2024 2023 This is stated after charginB the following.. Depreciation Auditors. remuneration audit services 122,499 18,967 111,751 20,154 141,466 131,905 Staff costs and trustees, remuneration 2024 2023 Wages Social security costs Pension contributions 130,839 6,359 1,788 115,602 5,381 1.583 138,986 122,566 No employee received rernuneration arnounting to more than £60,000 in either year. The direttors and trustees were not paid or reimbursed for expenses during either year. Key Monogement Personnel Key management personnel include the Trustees and the Bursar. The total employee benefits of the charity's kev management personnel were £nil12023.. £nill. 18
Church Extension Association Ilncorporatedl Notes forming part of the financial statements (continued) forthe year ended 31 October 2024 Employees 2024 2023 Number Number The average number of employees during the year was as follows.. Domestic a5SlStants Adrnini5trètion Tangible fixed assets Freehold land and building5 (see note 81 Furnlture And Motor vehicle5 Equipment Total Cost At l November 2023 39,869 48,261 12,7951 7.217.702 144,814 7,402,385 48,261 12,7951 Additions Disposals Transfers At 31 October 2024 85,335 7,217,702 144.814 7,447,851 Depreciation At l November 2023 Charge for the year Disposals 35,626 13,065 12,2891 648,505 107,086 123,670 2,348 807,801 122,499 12,2891 At 31 October 2023 46,402 755,591 126,018 928,011 Net book vulue At 31 October 2024 38,933 6,462,111 18,796 6.519,840 At 31 October 2023 4,243 6,569,197 21.144 6.594,584 19
Church Extension Association Ilncorporated) Notes forming part of the financial statements (continued) for the year ended 31 October 2024 Freehold land and buildings Accumulated depreciation Net book value Cost St Gabriel's, Clevedon St Gabriel's, Clevedon Garden House, Gerrards Cross Main House, Gerrards Cross Main House, Gerrards Cross Land BuildiN85 Buildings Land 6,265 6,265 180,397 2.175,0 2,175.000 6,265 6,265 28,864 151,533 2,175,000 1,870.500 Buildings 304.500 Building refurbishment Main House, Gerrard5 Cross 2,458,800 340,752 2,118,048 Building improvements Main House, Gerrards Cross 215,975 75,210 140,765 7,217,702 755,591 6,462,111 20
Church Extension Association Ilncorporatedl Notes forming part of the financial statements Icontinuedl for the year ended 31 October 2024 Investments Stapley Mrs Mary Bequest Gutch's Fund Fund 2024 2024 Total 2024 2024 2023 Quoted securitie5 Ot valuation At l November 7.451,415 46,705 127,966 7,626,086 7,110,086 Additions Disposals Realised gainll105s1 Unrealised11055l/gain 494,244 1251,8691 11,511 988,044 494,244 1,845,124 1251,8691 11,158,555) 11,511 159,319 1,007,322 1329,8881 5,155 14,123 At 31 October 8.693,345 51,8S9 142,090 8,887.294 7,626.086 Capital on deposit 74,440 74,440 221.987 8,767,785 51,859 142,090 8,961,734 7,848,073 Historicul c05t 1nvestments 7,682,907 74,440 46,705 127,966 7,857,578 74,440 7,691,461 221,987 Capital on deposit 7,757,347 46,705 127,966 7,932,018 7,913,448 All investment5 are listed on the UK Stock Exchange. There are no inve5tment5 held by the Church Extension A55OC13tion Ilncorporatedl with a market value in excess of 5% of the total 21
Church Extension Association {Incorporated) Notes forming part of the financial statements Icontinuedl for the year ended 31 October 2024 io Debtors 2024 2023 Other debtors Prepayment5 Accrued income 145 2,069 8,817 237,986 248,872 11,488 11,515 23,148 All amounts shown under debtors fall due for payment within one year. li Creditors: amounts falling due within one year 2024 2023 Other creditors 39,167 47,896 87,063 44,368 27,056 71,424 Accruals and deferred income 22
Church Extension Association Ilncorporatedl Notes forming part of the financial statements lcontinuedl for the year ended 311)ctober 2024 12 Fund5 For the yeor ended31 October2024 Novernber2023 In¢ome Expendituie GèinilL4ssesl Transfe 2024 14.482.447 547,620 1.474 3,975 999,555 5,155 14,123 188,6851 15,260,417 53,652 144,294 47.967 131.127 Mrs Mary Gutch'&Charity ignatd Fun¢5'. 62.852 1208,9041 49, 39.685 4,313 Relief Fund 24,427 s,0 Totsi 14.724.393 686,861 1.018.833 15,462,676 For the yeor ended31 October2023 October2022 In¢ome Expend GainllLosse51 Transle 2023 1.402.e54 1.453 4,485 14.482.447 47,967 48.3S5 134.682 Mrs MaryGutch'5Chaiity ignated Funds.. 88.684 24.( 37.392 62,852 24,0 Relief Fund lo,0 Iio,oDoI Totsl 14.184.590 1,566, 14,724,393 5topley8equest On 1210711961 the charitable COTDparyreceiYedthe beTrefitof the Set5. liabilitie5 uDdertakiTr8of theStapleyBeque5t an n1CorpO?ted tharltv gf thesame name On the same¢atethe tharltabletwpanybetamethesoletrusteeolthe unincorporaie¢ Charity which 15 nowa linked charityunder Ch3ritycDrnrniSSI regulat10Tr5. The unincorpDf3ted charitycoTrtinue5 hold bank accaunts adIntrentI55etS, fvIOryGrlh's Chttrity On 1210711961the charltable companyr2celvedthe bénefltolthe SetS. 1Sabilltiesand undértakingof the Mrs. Mary Gutth'5 tharity. BeqU£tOf Eu8eDie Holtand Beque5tof Alicevidet H3llam 3Tr unincorporated charityofthe5amenarne. Onthe 5arnedatethe charitableccwnpany 23
Church Exlen5ion Association Ilncorporatedl Noteslormlng part of the flnan£lal ateMentS l£ontlnuedl for the year ended 31 Odober 2024 Iz Funds Icontinuedl De5wnatedfvnL15 The de51gnated funds rElatE to the activitiesof the Bristol btsnth houSE. Relffnd Restiittedfund Tronsftrs belweenfynd5 Trinsfer5 between fund5 repre5en15 fund5tran5ferred from unresirKted fvndsto covera deficit on re5tritted orde5ignited fund5. 13 Analysls of netassets between funds For the yeor ended51 Ortober2024 DeSi¢nated Funds ReStli¢ted Funds Balan(eatS1 October2024 Gqrbw41 Funds Tafig1 FixÈdAssÈts 6,519.g40 8,961.734 6,51>.gqO 8,961.734 4,313 15.458.363 4,313 15.462.676 For rhe yeor ended31 ottober2023 De5i8nated Funds He5trirted Funds Balan(eat31 OLtober2023 Gorborll Funds 6.594.5 7,848.073 6,594.5$4 7,84S.073 62,852 .661.541 62,852 14.724.393 14 Contlry8ent Ilabllltles 4ttheyearend, Church Etten51Dn 455oriatlDn IlncorpDlatedl arted15 a 8uarantorofthe renton two pertleS.0n propertv l. rfthetenamwere Thi5efititlementdoe5 not extendtoanyincomeoi movementinlUe èr15inBfromthe5emoThie5whi15ta ster15 amemberolthe c0munit¥.0Iv 24
Church Extension Association Ilncorporatedl Notes forming part of the financial statements Icontinuedl for the year ended 31 October 2024 Is Taxation As a charity, Church Extension A550Clation Ilncorporatedl 15 exernpt on income gains falling within Section 466493 of the Corporation Tax act 2010 to the extent that they are derived from charitable 3Ctivities. 16 Related partytransactions There were no related party transactions in the period under review that require disclosure in the financial statements. 12023.. None) 25
Chur¢h Exttnyon Associ*ion Iln¢orporatedl Notes formln8 part of the financlal statements Icontlnuedl forthEyear ended al OrtoFJer 2024 ststemnt of FlnanClalActftlesIQrrereoeO3l October202J R4iel MrsM•Y tth'5 Total lund5 2022 Fund Fund lyestrktédl Be4ue5t (desadI IdéslgnatÈdl 31,6)9 18.843 24,900 10.0 54,433 242.532 Roy&hies & Ener¥v 799 340,482 661.845 1.402.854 3.845 345.730 SEI.B45 L566.904 ioooD IA53 4.485 ExpendlturEQn'. 603,793 173.D44 6.2D3 6,791 171,D44 622 ij 6,2D3 85É,513 Net%ain&KIknsse51 on Investmefits 117Q.5681 NptSDiVellt1pdrtVreI 631.LV) I4952) 137J921 539.803 Tran5ferbetweEnfund5 24.1 37,392 Net nLOV2mEllt In fund 569.60g E313nEEbiuu8htfoiward atlNovembEr2022 88.SE4 48.3E5 14.IE4.59D BalancecorW9rdal3IO(tobr2o3 14,482A47 61852 47.967 131.117 14.724393 26