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 Practi￿1.
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 reSoUr￿S and application of resources, including its income and
expenditure, for the year then ended.,
have been properly prepared in accordance with United Kingdom Generally AC￿pIed
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 I￿e1ve 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 re￿iVed 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 irr￿ularl11eS, 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 COn￿alment 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
stsp*y0e￿5t
Gutth
Tot
Fund
Fund
F￿￿
fund5
I￿reStr￿tÈdl
IdÈs*Mtodl {d￿*￿alÈdl
Iknmestr￿tÉdl lunYÈstrlcted
201
¢tsmmodatlo
.370
6Q,370
42.1
34639
54413
24.427
Dowlo￿fT{¥n
Leg11￿5
242,512
IDI.3&5
121,212
799
ILO.404
i￿.•)1
106.714
Inve5tmEllt5
L414
2.875
357,619
345,7
Prtsflton sa￿ofta￿EI￿￿
664845
34422
547,620
lQlJ65
24,427
3,975
686,￿1
1,56S,9fr4
Expendltur*on.'
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 brQwhtfo￿￿r￿ ?t i
14.482,447
62052
14.7tI393
.164.$90
BatsntoCxrtedfth￿ardét3l
0[t￿b￿rIfj24
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
Curi*nta%sÈts
Oe¥ttsrs
Cashat birthind in￿nd
248.8Y2
41￿20
64.)68
1,793
1,793
2.1
35l16tr
rJ¢dftorkaRhiuThtsl4Mlrydu*wlthlrt¢rt
17L4241
121M9SI
J.793
Toi•I4*s•tsi￿¢YtI•fil Ik*Wlh￿s
15.264.730
144.294
1S264,730
$3,651
144.D4
14,?14.393
Funds
unrp5lrkivdt￿Tth
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&lr￿1U1h¢f4l￿dl0￿ls*u0o￿ bE￿Il01thE￿IetUIi￿BQty￿l
Io 2L)2S
ed4Trbeh•Mof theEitcutive 8odyolthvChwch EAtowonAssoEi&lyDfi (In￿rpDfaIed>.
CM
MembErOttheExeculw kntty
Chiefollicor
Re8is'.Èie6C4rn￿￿¥hUrnb•r.' ￿￿3￿410
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 prO￿ded byllused Inl Investingartl￿t[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 aCtI￿tIeS
ftepayments of borrowing
Net cash pro￿ded byllused inl fimanting attl￿ties
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 peric*d 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 re￿1¥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 reCo￿lSed 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 ￿n1￿CorpO￿?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 a￿dIn￿tr￿entI55etS,
fvIOryGrl￿h'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.
Rel￿ff￿nd
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 movementin￿lUe èr15inBfromthe5emoThie5whi15ta ￿ster15 amemberolthe c0￿munit¥.0￿Iv
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 FlnanClalAct￿ftlesIQrr￿e￿re￿oeO3l October202J
R4iel
MrsM•Y
tth'5
Total
lund5
2022
Fund
Fund
lyestrktédl
Be4ue5t
(des￿a￿dI 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
62￿2
ij
6,2D3
85É,513
Net%ain&KIknsse51 on Investmefits
117Q.5681
NptSDiV￿ellt1p￿drtVreI
631.LV)
I49￿52)
137J921
539.803
Tran5ferbetweEnfund5
24.1
37,392
Net nLOV2mEllt In fund
569.60g
E313nEEbiuu8htfoiward atlNovembEr2022
88.SE4
48.3E5
14.IE4.59D
Balancec￿￿￿orW9rdal3IO(tob￿r2o￿3
14,482A47
61852
47.967
131.117
14.724393
26