Regi￿ered charity number.. 213252 THE CORPORATION OF THE CHURCH HOUSE AND ITS SUBSIDIARY One hundred and thirty sixth annual report and financial statements Year ended 31 December 2023 THE CORPORATION OF THE CHURCH HOUSE AND ITS SUBSIDIARY Contents Pages Reference and admiRislrAtive inforniatioa Chalr's rtport Report of the Council 5- 10 Independenl auditor's report Consolidated $talement or rinan¢ial *¢tivitie5 15 Balance sheels 16 Consolid4ied statement of cash flows 17 Notes to the financlal s¢*temeDts THE CORPORATION OF THE CHURCH HOUSE AND ITS SUBSIDIARY 27 Greal Smith Street. London. SWIP 3AZ The Couneil (Trustees). Officers. Senior Staff and Advisors Reference and administrative information The Couneil (Trustees) Eleeted members Nominaied members Stephen Barney. Chair olihe Courtcil Keith Cawdron Hywel Rees-Jones, Treasurer and Dep* Chair Dr Justin¢ Allain Chapman ofihe Council David Kemp {Resign¢d July 2023) Helen Ainsworth Cowopted member Jame5 Bryer Andrew Penny Josile Munm Offieers and senior staff Committees Treasurer Hywel R¢¢s-Jones Audi¢ Committee Siephen East, Ch￿r Andrew Penny Kevin Rodrigues Dilukshan Manoharnn Seeret2rylCbief Executive Offiter Stephanie Maurel Head of Finance Phoebe Akushie (from 4th September 2023) Tony Silcock (Interim, lill I S, Seplember 2023) Investment Commi¢tee Hywel Rees-Jones. Chair T Clark David Kemp Andrew Penny Head of Farilities Hugh Allcock-Green THE CORPORATION OF THE CHURCH HOUSE AND ITS SUBSIDIARY 27 Greal Smith Street, London, Sll'IP 3AZ The Council {Trustees), Officers, Senior Staff and Advisors Professional advisors Independent auditor Bitzza¢oit LLP 130 Wood Sireei, London. EC?V 6DL Church House Conference Centre Limited Non-Executive Directors Peter Thackwray ()BF.. Clillir Mar) Biirlcy Dr Micliaela Jordan H%Mel Rees-jones Principal bankers Couits & Company. 440 Strand. London. WC2R (K)S EAe¢u¢iTr'e Directo Siephanie Maurel Adrian Smith lio I l April •023) Nationwide Building Society Kings Park Road. Nonhampion. NN3 6NW Solicitors BDB Pitinan LLP One Bartholomew Close. Londoi). EC I A 7BL Investment Managers Cazeiiove Capital Management Liinited l London Wall Place. London. EC2Y SAU THE CORPORATION OF THE CHURCH HOUSE AND ITS SUBSIDIARY Chair's report to the members of the eorporation of Church House. Overview 2023 has been a remarkable year in the history of Church House. Much of our office space has been ¢ransfonned by the refurbishment projecl. It has been challenging to carry out these major works whilst continuing to run a successful conference centre business as well as to continue lo provide office accommodation for our existing tenants. particularly the National Insiitutions of the Church of England. Whilst th¢ project will not be completed until the Aulumn of 2024. the end is now in sight with th¢ final stages of work which started in May. The project ha5 Cost more ihan originally forecast primarily due to the process of discovery and the building material Cost escalation that followed the Russian invasion of Ukrdine. The current expecied total cost is £25 million. We expe¢t that the whole project can be funded without any IKyrrowing ihough contingency funding is being put in place. It is encour3ging that over 9￿/0 of available space has been pre-let, this helps validate the decision lo refurbish the building. Although the trustees could noi recommend any supwyrt for national projects towards th¢ ¢ommon goimj for 2024. we made a grant for work 5UPFKlrting rncial jusiice of £600K in 2023. We expecl io resume grant making to support the mission of the Church of England as soon as we build up distributsble reserves. We aniicipate ihat these grants will be at a higher level than had been possible previously. Financially the outturn for 2023 was remarkably strong, although Ixlow budget. The Conference Centre busines5 continued lo perfomi very well. indeed, il had its second-b¢sl year financially since lockdown despite being closed for extended ￿riods. li was probably inevitable that rental iiicome would be adversely impacied ly)Ih by the pmvtsion of market standard rent free perii)ds for new t¢[￿lIs, and the lack of income in the spa¢¢s that ￿ere va¢anl whilst being r¢lurbished. We are of course incredibly grateful for the forb¢aran¢e of ¢v¢rybody who has been involved in, and impacted by. this project which proved to be significantly more Clmnplex than exFttted. both causing rescheduling of conferences and the need io make closures when extremely noisy slructural work was required. Th¢ nature of lh¢ building resulted in num¢rous surprises which needed to be tackled as the space was strip￿1 oul and ¢xposed' some were marvellous. such as an unexpected hidden original ¢eiling, and others were less so. Carbon Deutrnlity As I mentioned in last y¢ar's repxL w¢ hav¢ wntinu¢d to pursue the goal of carFM)n neutrdlity and expect to achieve this in (kiob¢r 2024. which is an exceptional outcome fora grade 2 listed building. To a¢hieve this 8oal. we are very grat¢ful for the guidance that we have received from our professional advisors and for the innovaiiv¢ solutions which our a￿h1t￿ts have found and delivered. In particular, w¢ have used special paint which is cariK>n absorbing as well as being gentler for the environment. The flooring walls and ¢¢iling are all cork lined. This is made from recycled bottle tops, not virgin cork. The use of cork on the walls acls as an Insulator 8ivin8 a temperature saving of 3° in ¢omparison to non-insulated walls. W¢ also us¢ lim¢-based plaster on the walls. which reduce5 damage to the environmeni and gives acoustic improvements. The r¢¢eption desk at the north door is made of recycled wo(Kl pulp. The ba¢klil walls in the north door entrance are made from recycled white g[￿$, notsbly, washing machines. THE CORPORATION OF THE CHURCH HOUSE AND ITS SUBSIDIARY Conference Centre The Conference C".entre is Seeing an increase in bookings. The first quarter of th¢ Current year sa a i)umber of 5igiiificant conferences booked bj. existing teiiaiits. both large and ￿nall. The booking ends for ?024 are posilive ￿￿th confirmed busiiiess beiiig sigiiificantl) higlier tliaii for the previous year. The company s investment in leading edge technologj. coiitinues to ensure tlie veiiue s siiiiability for major conf¢reiice5. There is a gro￿1n¥ trend for c￿e1]ing dinner events. It was a particular privilege for ihe Church House team to host a reception evait as part of tlie Coroiiation of Kinbtr Charle$111. Mhi¢h lias atteiided b). over 550 VIPS froin all over the ￿orld. This involved breakfasi before ihe service ai Wesimiwbsler Abbe). and canapés and English wines after the coronation. Our catering partners Sta￿1 s PrO￿ld¢d oulslandiag service. Staff We have a prograin lo einbed orgaiiisatioiial N'alues working wilh an ind¢pendeiii organisatioii lo support lis with s'ear {2022'. grant of £750.￿0 for safeguordingl. After iaking into account the nel income for 2023 logeth¢r witli recognised iiivestment gAins. the group's iothl funds de¢￿ased by £405.598 10 £24,30?.449 {202?: ji)creased b). £248,314 10 £14.708,047). Church House Conference Centre Limited The Confereiice Centre is the ￿h0]I} 01￿￿ed subsidiar). of The Corporation and carri¢s out trading activities for the benefit of The Corw)rdtion. paj'ing rent aiid service charge i%hi¢h in 20?3 oinounled to £865,010 (7022.. £842.808). The trading activity of the Conference Centre has been impacted by the ongoiiig refurbishineiit project. Over the course of ?023. the Coiifereiice Centre ￿'aS closed for 5 Inonths because of noisy works. Tiirnover for ihe year of £4.099.613 {ti027: £4.6)1.59?) represeiited a I IO/r* decrease on tlie level generated in 2022. The Conference Centre has not needed anj. financial sllPtK)rt from Tlie Corporation as the covid loan has been paid otr in full at ihe time of this retK)ri. For 2023. tlie profil oli ordiiiary acliviiies for ihe year ￿&5 £172.36? (20??: £851.5()01 before taxation of £Nil {10?2.. £llil) aiid transfers und¢r dced of coN'enaiii for the current Jear of £Nil (?0?2: £Nil). Altliougli (he Coinpan) reported a profil for the year ended 31 Decemikr ?023, no amount is payable lo The Corporation under the tenns of (he Deed of Covenani as the￿ were broiighi fort&ard lax losses io off5¢t against thc profil. A summary of ihe trading resulis of the Conference Centre is shoiwii in noie 18 10 ilie fiiiaiicial stateinents. Investment policy The CoLiiiciI has adopted a long-terni and medium-risk w>licJ" io achieve a balance of income and capital growth from its investments. As perniitted b). The Corwraiion's Roj'al Cliarter. Ihe C ouncil lias given its iiivestment managers discretion to manage tlie ￿rtfolIO wiihin an agreed risk proftle. THE CORPORATION OF THE CHURCH HOUSE AND ITS SUBSIDIARY Report of the Council of The Corporntion of the Church House (continued) Investment poliey (continued) The purpose of The Corporation's investments is to provide the necessary 5tsbility and financial backing lo enable ￿r1￿M11C improvement and refurbishment of Church House. To achieve this, it is the intention to manage the FK)rtfolio in such a way that the value of the investments MO￿ than mal¢h¢s inflation over th¢ longer t¢rni. Given the investment horizon, it has been decided in nsultation wilh the investment managers that the portfolio should consisi subsianiially of equities both in th¢ UK and ov¢rs¢as. In 2021 The Council, in conjunction with the Investment Committee. agreed that the investment portfolio should b¢ used to provide the funds required for the refurbishment project at Church House planned for 2022-2023. Consequently, during 2023. the investment managers were inslrucled to divest the remaining portfolio to provide cash to contribute towards the total anti¢ipated £24.6m ¢ashflow requirement for the project. It is the Council's ￿lIcY to take nole of the guidance of the Church of England's Ethical Inv¢slm¢nl Advisory Group. Inveslment perfornianee All listed investment5 were sold during 2023 to supwrt the ￿fUrbishM¢nI proj¢ct. Reserves The reserves of The Ci)rporation. predominantly represented by its cash holding, are held to meet the primary charitable objective of The Corporation whi¢h is lo own and rnaintain the building called Church House for the use of the National Church Institutions of the Church of England. Of the group'5 total funds at 31 tkcember 2023 amounting to £24,302.449 (2022.. £24.708,047), the free reserves amounted to £2.186.210 (2022- £2,467.170). Fre¢ ￿SerVeS consisl of tli¢ general reserve and ihe non-charitable trading fund. When undertaking the annual review of frtt resetves, the Council deterniined ihat the present level is Sufficient to Tneet operational ne¢d5 and to provide ¢onting¢n¢y funds. Expenditure charged to the refurbTshment reserve reduced the balance to £2,340.890 (2022.. £6.701.439). The fund will Continue lo be used io med the anticipated costs of the two-phase project to ￿furbISh Church House with works which began in June 2022 and due to be completed in late 2024. No grant was awarded in 2023 (2022: £750,000) to the A￿hbish0Ps. Council. We have transferred £8,240,OIN) from the Grant making reserves to fund the r¢furbishm¢nt project (2022: £0). The balance of the grdnt-making fund at 31 D¢¢ember 2023 was £1.135.617 (2022.. £9.375,617). Future plans The Corporalion's primary objective remains to plan to run an efficient office building for the National Church Institutions of the Church of England and ¢xomine its running costs with a view to saving expenditure wherever possible. THE CORPORATION OF THE CHURCH HOUSE AND ITS SUBSIDIARY Report of the Council of The Corporation of the Church House (continued) Future plan5 (conlinued) Following ihe National Cliurch Institutions decision to reduce their footpriiit at Churcli House. the Council commissioned an independent external reviem of tlie building. This idei)tified the optioiis aiailable to iiiiprove office accomm￿atIon for the continued use of the Ncls aiid for the rcfurbish¥nenl of space ihal will be vacated willi a Vie￿ to generating increased revenue froin futiire cownmercial lelling. The Council gave careful coiisideration to the optioiis preseilted aiid are coilfideni thai the refurbislimeiit ￿111 secure the lon¥-term viability. of Church HoLise and will. ultlimaiely. provide additional fiinds that can be used to SUPfM)rt the missi011 of the Church of Eiigland througli inrr¢as¢d grant-making. The Coiincil had approbed tlie iiiitial £16m estiinated costs for Ilie project to reflirbish Church House bul this has subsequentl) escalated to £24.6m as a result of maierial cosi inflaiion and exira ¢OSis associaicd ilith discov¢rics. Th¢ prospecti￿e rent achieN'able for the refurbished building has also in¢reased. The process of identif)'ing ihe Changes Iliai will have io be implcm¢nt¢d at Church Hous¢ to achi¢vc Ilie aim of operaiing a carbon 7.ero biiilding by no laier ilian 2030 iKgaii iii 2020. Thi5 i¥ork lias contiiiiied and. where practicable. ifvill ￿ incorpotaied inio the refLirbishmenr ll'o￿$. For Chaiiges iieeded that ill not be included as parl of tlie project. Ilie iinpa¢t of ihe i*orks w ill be assessed before costed plan and limeline is pr(Kluced. The Coijiicil expects to receive further applications for grants from the National Church Instiiuiioi)s after the refurbishment project has concluded. The siiitabililj. of all graiit applications for fuiiding ill be coiisidered on the basis oltlie beiiefits the) i¥ill deliver across the C hurcli and for the wider public. Once suitabilit) has been established. ilie appropriate le￿e1 of an). funding will be delerniined 'ith reference to The Corporatioii s financial wsition and geiieral ecoiioinic coiiditioiis. Strueture• governance, management and external professional advisors Tlie Corporation of ihe Church Ilouse ("The C"orporation -) i%as eslablislied iii 1888 by Royal Chat1er (cliaril) registration iiumber ti13757l and its principal office is 27 Great Smith Street. London, SW I P 3A7..Diiring Ilie ycar Thc Corporatioll iva5 govenied b) a Roval Charter dated ?? NO￿e[￿ber 200? whicl) INas las( amended on 8 February ?018. The mosi receiii aiiiendmeiil pennils grants lo b¢ awarded for ihe benefii of ihe National Church Inslitution5 of the Church of Eiigland. It has a wholly owned. commercial irading Subsidiary. Church House Conference Centre Limiied (company registration number 02869??O {England and IA'ales)). The ¢ompaiiy 5 Iradiiig naille is Chur¢li House Westminsler and lis principal aciib'ity is thai of running a coiifereiice cenire. Tlie Council of Tlie Corporation comprises of up to nine members. Each meinlxr is appointed for ali initial terni of five )'ears. renewable for a further iemi of the same leiigih. Follo￿ ing resolLIti0l)5 carried at the 2008 Annual Geiierdl Meeting and the appro¥al of ihe Privy Couiicil and the Q harity Cominission. two meinbers are elecied froin ainongst ille in¢inbers of Tli¢ Corporaiioii. who are Inembers of the General S)'nod and other Indi￿ldlIaIs. bj. the members of The Corporalioii. Iliree Inembers are nominated b}. the AptK)intments Committee of tlie Church of Ei)glaiid and four Inembers are co-opted b). the Council. E%er) member of the Council musi be aiid continue to be a ii)ember of the Church of England. There is ciirrenily one vacanc￿. for a co-opted member. The iiames of tlie Inembers of the Council at 31 DeCeM￿r 2023 (and up to tlie date of this report) are giien on page . New Coui)cil meinkrs are inducted into the ￿orki11￿5 of The CortK)ralion aiid ils siibsidiary. including Council polic) and procedures. ai an inilial meeling ii.ith tlie Secretary ai)d also recei%e a Copy of th¢ Charity Comfftis5ion giiidaiice on the roles and responsibilities of trustees. THE CORPORATION OF THE CHURCH HOUSE AND ITS SUBSIDIARY Structure, governanc4 management and external professional advisors (continued) Members of the Council. as The CorFM)ration's trustees. are legally responsible for the overall managemeni and control of The Corporation and its subsidiary and the Council meets at least four limes a year. The Council &ppoints lh¢ senior staff of The Corporation who, in turn, are responsible for its day lo day running. Th¢ Council is responsible for the approval of the annual budget ond cash flow forecasis and is resw)nsibl¢ for the preparation of the financial statements of The Corporation and its subsidiary. It also monitors the financial and operdtional activities of The Corporalion. The Council has an Audit Committee with an inde￿ndent Chair. at least one independent member and one member ¢(Fopted from th¢ Coun¢il. The Committee meets at least twice a year and, inler alia, monitors The Corporation's external audtt arrdngements and risk management syst¢ms. The spring me￿ing is principally ¢on¢erned with the annual audit including a confidential meeting with the auditor, while th¢ aulumn meeting Concentrates on governance, Frrsonnel matters and the scrutiny of risk manag¢menl. The Committee held ￿0 meetings during th¢ year under review. Details of The Corporation's professional advisors are given on page J. The Coryw)ration maintains a relalionship and regular dialogue with its advI￿)rS in addition to obtaining ¢xp¢rt advice and assuran¢¢ when required. Risk maDagement Th¢ Council has id¢ntified and reviewed the major risks to which The Corporation and its subsidiary are exposed, in particular those related to their operntions and finance with parti¢ular reference io the refurbishment of the building and is satisfied that SySteTns are in place to mitigale The Corporalion's ¢XPOSUTe to those major risks. The primary risks faced by The CoTpofdtion and ChuT¢h House Conference Centre Limited are those Ihat would significantly disrupt the availability and operation of the building. The Corporation and Conference Centre have comprehensive wylicies of insurance, reviewed annually, that provide financial compensation for many such occurrences. Above all. Th¢ Corpordtion has a business continuity plan that did. and will. enable it to maintain and re￿Ver its 0￿rationS in the event of significant disruption. The CortKyfdtion'5 ability to ￿nd improvements io Church House has been tested by the increasing costs of the refvrbi5hment project. WhilM il is eX￿ted ihal the refurbishment can be comple*d without borrowing it has been Considered prudent to pul in plx¢ an overdrdft facility in order lo be able to manage any unex￿Cted cash flow challenges. The Board of Director5 of Church House Conference cent￿ Limited continue to monitor the current financial position. trdding conditions and fulure prosp¢¢ts monthly. The Board meet5 quarterly. or more frequently if require& and a summary of the Company's tradin8 and financial rM)5ition is provided for consideration at each Council meeting (see note 18). Key mgnggement personllel In addition to The Corporation's unremunerated Council Membe￿ the Senior Management Team are defined as key personnel. The Council has delegated responsibility and authority for managing the day-to-day activities of The Corporation and, through the Board of directors of Church Ilouse Conference Centre Limited, lo the Senior Management Team which consists of the Secretary. Head of Finance and Head of Facilities. In 2023 the Council agreed a unifomi percentsge cost-of-living pay award for all staff. No additional iK)nus or other incentive schemes apply to the Senior Management Team. No member of the Council received any remuneration from either The Corwjration or chU￿h House Conference Centre Limited. THE CORPORATION OF THE CHURCH HOUSE AND ITS SUBSIDIARY Strueture, governance. management and external professional advisors (continued) Fwndraising The Corporaiion does not aclivel). engage in fuiidrnising activiiies and does not einploy h professional fundraiseT or commercial participator. No complaiiits in respect to fundraisi118 activity w¢re received b) The CorFK>ration during tlie ￿'ear. Statement of the Council's responsibilities The Coiin¢il is respoiisibl¢ foi prcparing ihe Report of the Coiincil and tlie fiiiancial statements in accordance M'iih applicable la* and Uniied Kingdom Accounting Standards (Llnited Kiiigdoni Generall). Accepied A¢couniing Praciice). Tlie laiv applicable to charilies in England and Wales Teqiiire5 the Council io prepare fiiiaiicial stateinenis for each financial year iihi¢h gi￿¢ a irLie and fair vie1* of ihe slate of ihe affairs of the group and tlie charity aiid of tl)e income and expendiiure of the ¢harii> and the group for that year. In preparing these finaiicial statements. the Council is required 10: seleci suiiable accouniing FKblicies and then appl). Ihem consi5teiitly: observe the Inetliods aiid principles of Accolllltiiig aiid Re￿rtI1)g by Charilies: Stateineiit of Re¢ominended Practice applicable to charities preparing their fiiiancial stateinents in accordaiice willi the Financial Reportiiig Staiidard applicable in the United Kingdoiii and Republic of Irelai)d (FRS 1021: Inake jiidgiiieiits aiid estiiiiates that are reasoiiable ai)d prudent: state whether applicable Ui)iied Kiiigdom Accouniing Siandards hawe bccn folloived. subject lo any material departures disclosed and eiplain¢d iii Ihe fiiianrial 51aleinen15- and prepare the financial 5tateinents on the going concern basis unless it is inappropriate to presui?ie thai ihe group and ihe charil). ￿111 continue in busines5. The Council is reswnsible for keeping accounting records that are sufficieiit to show aiid explain the group aiid cliarit). s iransaciions aiid di￿10$¢ li itll reasoi)able accurac). ai time the fiiiancial position of tlie charity. and the group and enable them io ensure ihai ihe financial siatements comply with tlie C hariiies A¢1 201 l. the applicable Charil)" IAccouiit5 and Reports) Regulatioiis aiid ilie provision of ihe Royal Charter. It is also responsible for safeguarding ihe asseis of the group and ihe charity. and heiice for takin8 reasonable steps for the preveniion and dclcctiOFb of fraud aiKI otlier irregularities. The Coiiiicil is Tesponsible for the maintenance and integrits. of the group and the Charit) fiiiancial inforniatioii included oli the groLlP aiid ihe charity s ivebsites. Legislation in ihe Uiiiied Kingd(Nn governing the preparation and dissemination of finaiicial stateinenis Inay differ from legislation in otlier juri5dictioiis. Approved and sigiied on behalf of the Council on 25 July 2024 /4•tg_ Stephen Barne Chair Hywtl Rees-Jones Treasurer and Deputy Chair 10 THE CORPORATION OF THE CHURCH HOUSE AND ITS SUBSIDIARY Independent auditor's report to the Council of The Corporation of the Church House Opinion We have audited the accounts of Th¢ Corpordlion of the Church House and its subsidiary for the year ended 31 Decetnber 2023 which compris¢ the group and parent charity Statement of financial activitie5. the group and charity balan¢e sheets. the consolidaied statement of cash now& th¢ principal accounting policies and the notes to the accounts. The financial rewjrting framework that has been applied in their preparation is applicable law and United Kingdorn Ac¢ounting Standards. including Financial Reporting Standard 102 'The Financial Re￿rtIng Stsndard appli¢able in the UK and Republic of Ireland. (Uniled Kingdom Generally Accepted Accounting Practice). In our opinion. the ￿cOUnt5. 8iv¢ a tru¢ and fair view of the state of the group's and of the parent charity's affairs as at 31 December 2023 and of their income and expenditu￿ for the year then ended: have been properly prepared in accordance with United Kingdom Generalty Accepted Accounting Pra¢li¢e- and have been prepared in accordance with the requir¢m¢nts of the Charities Act 2011. Basis for opinion We conducted our audit in accordan¢¢ with International Stsndards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under Ihose slandards are further described in ihe audilor's responsibilities for the audit of th¢ a¢￿￿ntS section of our report. We are independent of lh¢ group in accordance with the ethical requirements ihat are relevant to our audit of the accounts in the UK, including the FRC'S Ethical Sthndard. and we have fulfilled our other ethical responsibilities in accordance wilh these requirements. W¢ kli¢ve that the 3udit evidence we have obiained is suificient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing ihe accounts, we have concluded that the Council members. use of the going ¢onc¢rn basis of accounting in Ih¢ weparation of the accounts is appropriate. Based on the work we have ￿rf0m7¢d. w¢ have not identified any maierial unc¢rtainti¢s relatin8 to events or ¢onditions thal. individually or collectively, may cast signifi¢anl doubt on the group and parent charity's ability to Continue as a going concern for a ￿rIOd of at least twelve months from when the a¢counls or¢ authorised for issue. Our responsibilities and the r¢sp)nsibilities of the Council members with tEspect to going concern are des¢rikd in the rel¢vant sections of this report. Other inforniation The Council tnembers aye responsible for the other infonnation. The other infom)ation comprises the inforniation included in the annual report and financial statements. other than ihe accounts and our auditor's report thereon. Our opinion on the account5 d(Ks not cover ihe other infom)ation and we do not express any fomi of assurnnce conclusion ihereon. In connection with our audit of ihe accounts. our responsibility is to read ilie other inforniation and, in doing so, consider whether ihe other infornialion is materially inconsistent with the accounts or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencie5 or appareni material misstatements, we are required io detemiine whether there is a material misstatement in the accounts or a material misstatement of the other inforniation. If, based on the work we have perfornied. we conclude thai there is a material misstatement of this other infomiation. we are required to Tep)rt that fact. THE CORPORATION OF THE CHURCH HOUSE AND ITS SUBSIDIARY Independent auditor's report to the Couneil of The Corporation of the Church House (continued) Other informalion (ci)ntinued) We have nothing to report in iliis regard. Matters on which we are required to report by exception We have nothing to report in respect of th¢ following matieTS relalioii lo ivhich the Charilies Acl 2011 reqiiires us io rewtrrt to )'ou if. in our opinion.. the infomiaiion ¥iN'th in the Chair s rerM)rt and Rep)rt of the Council is inconsi5teni in any material respect with the accoiints- or su￿1Clent accoiinting records have noi been kepi- or the accouiils are not in agreeinent with the accounting rccords and returns: or we have not received all the infomiaiion and cxplanations iTre require for our audit. Responsibilities of the Council As explained more fiills in ihe Loun¢il s resp)nsibililies stateinenl. the members of the Couiicil are responsible for the preparalioii of ihe accounts and for being satisfied that they give a trlie and fair view. aiid for sucli iiiternal control as the Council mciiikrs deleniiiiie is iiecessar) to enable ihe preparation of accollllts that are free from material misslalement. whetlier due to fralid or error. In prepariiig the accouiits. the Council members are responsible for a55¢55iiig ilie group s and the parent charity s ability. to continue as a going concern. disclosing, a5 applicable. matters related to going concern and 11sing the going concern basis of accouniing ui)less the Council either intend io liquidate tlie group (K the parent charity or io c¢as¢ operaiion& or have iio realistic alternative but lo do 50. Auditor's responsibililies for the audit of the aeeounts Our obj¢ctives are lo obtain reasonable assurance about wh¢ili¢r th¢ accounts a5 a wliole are free from material fflisslatejnent. w'hether due to fraud or error, and io issue an auditor s report that includes our opinion. Reasonable assurdnce is a liigh leN'el of assurance. bul is iioi M guaraiitee that an audit ¢ondu¢t¢d in accordaiice witli ISAS (UK) will al￿a￿S detecl a material niissialeinei)t ￿hen it exisis. Misstat¢ffleiils can arise from frnud or error and are consideffd materi81 if. individiiall), or in the aggregate. tho. could r¢asonably be expected to influence the economi¢ decisions of users laken oil ihe basis of ihese accoun15. IrregLilarities. including fraud. inslances of noii-compliance Viith laws and regulalioiis. We design prrting Stsndard applicable to the United Kingdom and Republic of Ireland (FRS 102) (eff¢ctiv¢ l January 2019) and ihose relating to health and safety legislaiion. and • We assessed the extent of compliance with the laws and regulations identified above through making enquiries of key management and review of minutes of Council members, meetings. We assessed the susceptibility of the charity's flnancial stat¢m¢nts to material misstatemen( including obtaining an understanding of how fraud might occur, by: • Making enquiries of key management as to wher¢ they considered there was sus¢¢plibility to fraud, their knowled8¢ of ￿tual. suspected and alleged fraud: and • Considering the inl¢mal controls in place to mitigate risks of fraud and non-compliance wilh laws and regulations. To address the risk of fraud through management bias and override of ￿ntrOl$, w¢: Perfornied an&lytiC81 [￿l￿edureS to identify any unusual or unexpected relationships" • Tested and revi¢wed journal entries to identify unusual transactions" • Tested the authoris8tion of expenditure- Assessed whether judgements and assumptions made in deternlining the accounting estimates were indicative of potenlial bias- and Investigaled ihe rdtionale behind significant or unusual transactions. In resix)nse to the risk of irregularities and non4ompliance with law5 and regulations, we designed pro¢edure5 which included, but were not limited to-. • Agreeing financial slatemeni disclosures to underlying supporting documentation. Reading the minutes of meetings of Council ￿em￿rs. and Enquiring of a5 to actual and ￿tential litigation and claim5. 13 THE CORPORATION OF THE CHURCH HOUSE AND ITS SUBSIDIARY Independent auditor's report to the Council of The Corporation of the Church House (continued) Auditor's responsibilities for the audit of the a¢¢ounts (continued) How ihe niidil was cnnsidereilcuprtble ofdrteclinK irregularilies incliidinglriyiid Icoiiliniic.d} Tliere are iiihereiit liinitations iii our audii procedures described abole. The Inore removed Tliat laws aiid re¥ulations are from financial transactions. Ihe less likelj. il is that we would becoine a￿are of noii-coinpliaiice. Aiiditiiig standards also liinii lh¢ audil procedures required to ideiilifj iioii- ¢oii)pliance ￿ ith la￿S and regiilatioiis to enquir) of ke). maiiag¢menl and the inspection of regiilatory. and legal cO￿es[￿>￿denCe. if any. Material migStaiemen15 that arise diie to fraud can be harder lo deieci ihan ihose that arise from error as ihej" may involve deliberate concealmeiit or collusion. A furtlier description of our resw)nsibilities for the audit of the ac¢ount5 is located on the Financial Reporting) Coiin¢il s wcbsite at w￿l¥.frc.0r￿.ULlaUd1tOrsres￿l1S¢bl1j1l¢s. This des¢ripti0ii foniis part of our audiior s repon. Use of our report This report is Inade solel) to the C-ouiicil. as a trK)d￿.. in accordance with section 144 of the Charities Act ?01 l and ￿1th rebpulati011s made under seclion 154 of thai Aci. Our audit ￿Ork has beeli uiidertakeii so ihat we Inighi 51ate to ihe members of the Council those matters i*e are rcquircd to state to them in an audil0rf5 report and for no ￿her purpose. To tli¢ full¢si ¢xlent perniitted by. law. e do not acLepi or assiime respoi)sibilil)' lo an)one other ihan the charii)" aiid ihe Council members as a body. for oiir aiidii ivork.. for this r¢port. or for the opiiiions we hai'e fonned. Buzza¢ott l.LP Siaiiiiory AiKlitor 130 Wood Street L(Midon EC2V 6DL Dat¢.. 2 August 2024 Buzzacott LLP is eligible to act as an auditor in lemis of s¢dion l?12 of the COM￿lieS Act 2(KK) 14 THE CORPORATION OF THE CHURCH HOUSE AND ITS SUBSIDIARY Consolidated statement of financial activities for the year ended 31 December 2023 Gmup 202J 2022 Intomt froth: N•t* Inv¢slm¢nt5 and bank dcrrf)5its Oiher trading aciivilies- Confcrcnce Centre ChariiaNe activities 387J6Z 311855 4.620.357 18 4.1199.613 . Rental income and servti charBe Oih¢r 2,142J3Q 2,415,925 . Managem¢ni few r¢ttivabl¢ .Oiher income rec¢ivthle 6.687 loo.t 6.735.992 8,000 Totsl iDc•me 7.357.137 tnditure on" Rai4iAg funds . Inv¢51ment rnanagemeni fees . Conference Ccntre costs 32811 3W961 61,222 1889.221 18 Charitable Activities Granis awarded to the N￿lo￿al Chwch Instiiution5 of the Church ofEnglat . Corporation op¢rnting coAs Other 750.￿0 2.450.696 3,6SSJ64 . Interest rAyable 6.093 . L055 on di5P)5al of langiblc a55¢t Tot%1 expendi¢ure 58&417 7J44 6.153.139 Nel (cXpL￿dItur¢V1Trc(￿n¢ before gaIn￿lI055¢S)￿ inv¢51me1115 1.203.998 N¢1 gain￿{lo$SeSI on invesiments 203,1156 1,048.671 Net lexpendrfyreWtDcom Other recogiised g•in5 Actuarial Gains on defined benefil trtnsion s¢h¢m¢ r4t¢ Movement ID fuuls 4055981 155,327 92,987 1405,5981 248.314 Reroneiliats)• of fmids: Fut￿ halance4 brought forwttrd 21 l Jatluary Fyhd balanttt t*rried forw*rd #t Jl Dtte*ber 24.708,047 24,459.733 24J02,449 24.708.047 All of the groups activities derived from Continuing operations during the above two financial periods. The stslement of financial a¢tivili¢s in¢lu(ks all 8ains and losses recognised in the year. All income and expenditure of the Group was unTestri¢ted during the alM)ve two financial periods with the exception of income of £l¥J,000 for th¢ year ended 31 tkcember 2023 (see note 14). The notes on pages 18 to 34 foTrn part of the financial statements. 15 THE CORPORATION OF THE CHURCH HOUSE AND ITS SUBSIDIARY Balance sheets as at 31 December 2023 Gro 202J oriiion 20?2 2023 N•tt Fixed A$￿ts 10 18.SJl.478 6.154.657 18.1 IlJ19 5.gj8.1)43 7.Oi9.? jl -qOl.S24 7.ii9.2il Total fixed a55ets 18 4JJ.Ik)2 13.213.IMI8 18h17J43 13.i18.194 Cwrren¢ a$5ets D¢biois. Due dller more Ihan iL-ar 1.012_485 DL'￿ots.. DUL iiithiii i*dr 1.4yJg.217 2234.4YJ 5.762291 1.708.n81 Cd5h al bdnk ￿ld in hand 12.754.36J 10.837.878 Toial t•rreni *sw% 8.988J16 14.753.580 7.996.741 13.558.444 Liabilitie5 Crediii>rs'. l.JlliThg due iiithin i)rK i& Ntl turrtnl assets 13 JJ19J69 13.7 j9.4411 11.494.139 2,OJJ,49J 11.980.86111 11.577.584 769,447 Total net Assets 24J02.449 74.708.(H7 24 J80.S91 ?5.095.778 The funds of the thiritv RL%lriLli￿ inLomL lund 9.254 9.254 Ilnr¢striri¢d illLMiC lund l)jsignaiid lunJ% l angiblL tixed &%SLX% tund Relurbishmilil reserne 18.431.478 6.li4.i67 18,11$019 2J40J90 .135h17 i.422.749 2J40J90 6.71)1.4311 6.924.39i Grani-niak"In8 fL'SL'r%e lIT￿L,￿lendI￿￿l lu[￿ (l¢￿rI1 r¥vr%¢ l.J3&617 9.37i.617 9.375.617 ZA64J52 2.917.674 2J80.011 3.363.764 Non ihariiabl¢ irdding lund Tot*1 ¢harit fund5 278.142 450.i041 24J112.449 24.708.(H7 I45￿.v)1 14 2i.095.771) The financial statements ¥wliich comprise ihe consolidaied siaieineni of financial aciivilies, thc balance sheets. the coi?solidated siaiement of cash flows and ihe relaied noies on pages 18 10 34 werc approved by the Council on 25 July 2024 and sign¢d on lis kl)alf by STEPFIEN BARNEY Member of Couiicil and Chair of the Council HYWEL REES-JONES ember of Couiicil. Treasurer aiid tkpuly Clwir STEPHANIE MAIIREL Secretary. 16 THE CORPORATION OF THE CHURCH HOUSE AND ITS SUBSIDIARY Consolidated statement of eash flows for the year ended 31 December 2023 2023 2022 Note Cash flows from operathng #etivities Net cash (used inl provided by oper*ing activilies Cash flows frorn inv¢stlDg activitiE5 Income from listed inv¢slments Interesr received Purchase of tangible fixed assets Purchase of fixed asset investmen Proce￿$ from the disposal of r￿ed asset invesiments Nei cash provided by inv¢sting a(tiviti¢s 76.105 192.817 311,258 120.038 (13,$37,494> (3,566.123) (1.195,277) {1,870J72) 8.296.478 14,963,147 9.839,507 Ch4rtg¢ in ¢4th and cgsh equivalents (S825,984Tr 9,720,552 Cash and cash equivalents ai l January 12 913.934 3 193 382 Cash and cash equivalents at 31 December 7.087,9XI 12 913 934 Notes to the eonsolidgted ststement of cash flows for the year to 31 December Re¢on¢ili4tititt of Thet movement In lunds to let cash (used in) provid¢d by operati￿8 aetlvltles 2023 2022 Nel movement in fwids 1405.5981 248.314 Adjustments for: tkprcciaiiorb ofian8ible flxed a￿t5 IGain5VLD55es on invesimenis Lossl disposal of tangible fixcd ￿5¢ Fixed a￿1 IVTit¢thO 573.458 (203.056) 587325 458.317 1,048,671 2,052 13 12,8551 11,193,1681 (137.2861 233.( Invesimerbi income (387J621 98J51 (40071JI Decre&%¢ lincre￿I in (kbtor5 ID¢¢reas¢l in t￿ditorS I[kL'T¢￿j in provisKms Net cash {used IA) operiting *divitie5 222.946 118,955 B Analysls ofeash *nd cash equiv•leDts 2OZ3 2022 C8sh 21 bar￿ and ith haThJ 1.924.943 12.754,363 159571 Cash held by inwe5tttL¢TrI managetS Total t•sh #nd c15h eqwiv•knts 5,163m7 7,087.99) 12.913,934 17 THE CORPORATION OF THE CHURCH HOUSE AND ITS SUBSIDIARY Notes to the financial statements for the year ended 31 Deeember 2023 I Principal accounting policies The principal accoiii)tiiig p)licies adoiA¢d. judgements atKI key sources of e￿imal10n uiicertaii)ty in the preparalion of the financial stalemenis are laid out below. a) Basis of atcounting These finaiicial statements have been prepared for tlie Jear lo 31 tkcember 20?3 wilh comparative inforination given for the ￿'ear ended 31 tkcember 20?2. The fiiiancial stateineiits ha￿e been prepared under the historical Cosi conwaiiion ￿lIh iieins recognised ai cost or trdnsaction N"aliic uiiless other%￿lse stated in ihe relevani accounting policies belo￿ or the iiotes lo tliese financial statemeiits. The fiiian¢ial statcnicnts haN'c bccn prcpared in accordaiice i%itli Accouiitiiig aiid Reportiiig by Charilies.. Staietneiit of Recomiiiended Prdctice applicable to charities preparing their financial sialemenis in accordailce ￿1th ihe Financial Rew)rting Standard applicable in tlie Uiiited Kiiigdom aiid Republic of Irclaiid (Charities SORP FRS 102). the Fiiiaiicial Reporting Standard applicable in the LIK ai)d Republic of Irelaild (FRS I O -) and the Charities Act 70 I i. The chariiy ¢on51iluies a public benefit eiiiiiy as defined by FRS 102. The financial stalemenis a￿ presei)ied in Stcrling (£) and are rounded io tlie iiearest rM)und. b) Critical accounting estimates and areas of judgement Preparalion of ihe fiiiancial statements requires ihe Coiin¢il Men)be￿ and managemeni io Inake significant judgemeiits and estimates. The items in the financial statements where thes¢ jLidgemenis and estimaies have been made inclLide-. estimating ihe useful economi¢ lif¢ of tangible fi.xed asseis for the purposes of deterniining the aiiiiual depreciation charge. determining the reco*erdbility of outstanding debtors. estimatiiig accriied expeiiditure. assessing th¢ appropriateness of th¢ und¢rl>'ing055umplions made by the actuary. in the valualion of the defined benefit pension schem¢- and estimating future inroffle and expenditure flows for the purEK)se of assessiiig goingcoiicem (see below). cl Assessment of going concern The Couiicil members hai'¢ assessed M lieiher the use of ihc going concern a55iiiiipLioii is appropriate iii prepariiig tliese finaiicial staiements. The Council Inembers have made ihis assessmenl in respect of a periimt of oiie year from the dale of approval of ihese financial siaiemeiits. The Corporation commenced a major refurbishment project in June ?022 10 secure the long-lemi viability of chu￿[7 Ilouse. This project is expected to be completed in th¢ Autumi) of 2024 and will see a shift in ilie tenant wrtfolio awa￿. from National Cliurch Insti(ulions towards cominercial tenants. This is expected to increase future rental income. The Board of Directors of Church HIKise Coiiference CentTe (CHCCI are cautiously optiinislic thai the Coinpany will mect its rei'enue target for 2074. Duriiig 1013 Cflcc built on ille stroi)g re¢overy it saw iii its bty)kings in the pre*ioL15 >'ear. The oiigoing refurbishment project necessilated closur¢s of ihe conference centre for a total of 5 month5 during 20?3. Tliis had a notable impact oil its results, ho￿¢ver. il is ￿¢T> Clear that there is a lively demand for face-Io•face events aiid CHCC is well placed io benefit from il. THE CORPORATION OF THE CHURCH HOUSE AND ITS SUBSIDIARY Notes to the financial statements for the year ended 31 December 2023 I Principal a¢eouDting polieies (continued) e) A&sessment of going concern (continued) The Council is of the opinion that the overall finances of The Corpordtion and its subsidiary are a going concern and ihat the group and the charity will have sufficient resources to meet their liabiliti¢s as they fall due. The most signifi¢ant areas ofjudgement that affect items in the financial statements are detailed above. d) Consolidated financial Statements The consolidated financial statemenls in¢lu(k Th¢ Corporation and its wholly owned subsidiary undertaking, Church Hous¢ Conf¢r¢n¢e Centre Limited (company registration number 02869220)- Inira-group transactions and balances are eliminated fully on con501idation. No separale statem¢nt of financial activities has Ixen presented for Tr Corw)rdtion within these financial sthiements. The net expenditure for the Y￿ to 31 tkcemEtr 2023 for The CorrK)ratioll only, including the £0 (2021: £750.000) provision for grants payabk. £nil of actuarial gains {2022.. £0 of acluarial g&ins) in r¢lation to the provision mad¢ for future funding payments in respect of the deficit on the Defined Benefits pension ￿herne (s¢e note 9). but ¢xcluding investment gain& was £840.245 (2022: net ¢xpendilure of £201,507). e) Income recognition Income is recognised in the period in which the group is legally entitled io ihe income. where the amount m¢asur¢d reliably and it is tffobable that the income will b¢ y￿e1ved. Income comprises rental income. investtnent income. income generated by the Conferenee Centre a¢tivilies and oiher income including dilapidation receipts and managem¢nt fee5. Rental income is recognised when it becomes contractually due under the tElevant lease or tenancy agreement. Dividends are recognised once the dividend ha5 been declared and notification has been received of the dividend due. Interest on cash balances held with banks and inveslment mana8¢rs are included when receivable and the amount can be measured reliably by the group; this is nornially upon notification of the int¢r¢st paid or payabk by the bank or the inve5tm¢nt manager. Income generdted by the Conference Centre activities compris¢s income from room hire, equipment hire and commission on catering provision. It is Measur￿ 8t the fair value of the consideration received or receivable, excluding discounts, rebate5 and value added tsx. Oiher income including management fees and dilapidation re¢¢ipts is measured at fair value and a¢¢ount¢d for on an accruals basis. fj Expenditure recognition Liabilities ar¢ recognised as expenditure as soon as there is a legal or Constructive obligation commitling the group to make a payment to a third party. il is probable that a trdnsfer of economic benefits will be requiTed in settlement and ihe amount of the obligation be measured reliably. All ¢xp¢nditure is accounted for on an accrua15 basis and inclusive of irrecoverable VAT. Expenditure comprises direct cost5 and support costs. All expenses, including support Costs. are alloc8t¢d or app)rtioned to the applicable expenditure headings. The Classifi￿110n between activities is as follows= 19 THE CORPORATION OF THE CHURCH HOUSE AND ITS SUBSIDIARY Notes to the finaneial ststements for the year ended 31 December 2023 I Prineipal accounling policies (continued) D Expenditure recognition (continued) Cost of raising funds includes investment maiiagemeiii fees and ihe oFraiing cO￿S of Church House C.onfereiice Centre Liinited. Cliaritable expeiidilure represents all Costs associaied thiih furthering ihe charitable piirposes of The Corporatioii. Tliis iiicliides the direci and ii)dir¢ci Cosis of runiiing Church House and graiit- makiiig actifviiies. The allocation of cosis io chariiable aciivilies. including supwTrrl cost5. is based Lipon ihe calculation of the seTh'ice cl)arges recoverable froin The CorpoTation s tenants. Other expeiidilure includes10$5¢5 on the disposal of tangible fixed assets. Grants payable are included ii) the Siai¢m¢ni of financial aciiTrgilie5 iN.hen approved aiid wheii the iiitended recipient has either receiied ihe funds or b¢en infomied of ihe decision to make tlie grant ai?d has satisfied all related conditions. Gran(s approN'cd bul nol paid at the end of tlie finaiicial year are treated as liabilities. No grants were approved during ihe year. g) Tangible fixed assets The cost of taiigible fixed assets is their purchase cosl. iog¢ther ￿lIh anJ in¢ideiital expeiises of acquisitioii. Tangible fixed assets costing more ihan £l.000 and wilh ai) e￿￿ted useful life eiceeding one )'ear are capitalised. Deprecialion is calculated so as to write off tlie cost of tangible fixed assets less their Csiimaied residiial ￿allIes. on a straight-line basi5 over the expected Liseful economic life of the assets concerned. The anniial rdtes Lised for this purpose are= Freehold bliildiiigs Furniture and fittings Telephone and office egLiipmeiit Plaiit and equipment 3.00 10.IM 6.SO- 15.1 10.00 i3.3i 5.00 20.fy) Freehold land is not depreciated. Asseis under Conslru¢tion are not depreciated until they are broiight ii?to use. at wliich poii)I they are transferred io ihe apwq)riate asset category.. An impaimient revie￿ is carried out in respecl to a particular class of asset if ¢vaits, or chaiige5 in circumstances. indicate that the canying amouni of ai))" iangible fixed assei may not be recoverable. hl Heritage assets Heritage assets have historic. artistic. scientific. technological. geophysical or ¢iiviroiimeiital qualilies and are held and tnaintained principally for their contribution to knoivledge aiid culiure. The Corpordlion holds a collection of lieritage assets which consist niainly of paii)tings. These painiiiigs, ¥ifted (o Thc Corporation over manj. ￿'ears. all represent various asp¢¢ls of Church heritage and. Ihcrcfor¢. ￿late to the Objects of t1￿ charity. The Corporaiion coinwnissioned a professional valuation of these paiiitiiigs for iiisuraiice purposes. The ivide range of poleniial values Suggested bj the N'aliiatioii. highlighted the di￿lculty. of attacliii?g an accurate financial value to such asseis. For ihis rea50n. Ihe5e assets liave iiot beeii incllided in the rinancial siaiemenis. Ai the end of ihe year. two paintings were sold. rdising a total of £100,O(KJ which will be put towards modeni artthork insthllaiion. 20 THE CORPORATION OF THE CHURCH HOUSE AND ITS SUBSIDIARY Notes to the financial statements for the year ended 31 December 2023 I Principal accounting policies (continued) i) Investmenls All listed investments were 501d by the end of 2023 Realised gains (or losses) on listed investment assets are calculated as ihe diff¢r¢n¢e between disposal proceeds and their opening carrying ialue or their purchase walue if acquired subsequent to the first day of the financial year. Unrealised gain5 and 105ses are calculated as ihe differenc¢ between the fair value at the year end and their carrying value ai that dale. Realised and unrealised investment gains (or losses) are combined in the statement of financial activities and are ctrdited (or debited) in the year in which they arise. The inveslment in the subsidiary undertaking 15 Stated at cost less any provision for permanent diminution in value. j) Debtors Debtors are recogni5ed at their settlement amount, less any provision for non-recoverability. Prepayments are valued ai the amount pr¢paid. They have been discounted to the present value of the future cash receipt where such discounting is malerial. k) C*$h at bank and in hAnd Cash ai bank and in hand represents such accounts and instrnments that ar¢ available on demand or have a maturity of less than three months from the date of acquisition. Cash placed on derrt)sit for more than one y¢ar is dI￿10$¢d as a fixed ass¢t investment. l) Creditors and provisions Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probobl¢ Ihat a transf¢r of ¢conom&c benefit will be requiTed in settlement, and the amount of the s¢ttlem¢nt is known or can be estimated reliably. Creditors and provisions are re¢ognis¢d al the amount the group or charity anticipates it will pay to settle the debt. m) Fund structure The tangible fixed assets funds represent the nei b(M)k value of ihe charity's tangible fixed assets. Free reserves reP￿sent those monies which are freely available for application towards achieving any charitable purpose that falls within th¢ group and charity's charitable objects. The refurbishment reserve was estsblished in 2018 to ensure that the ¢harity holds a level of nel assets that would enable it to undertake fu￿re refurbishment and improv¢m¢nt works to support its primary charilable objective of maintaining Church House for th¢ use of the National Church Institutions of the Church of England (Ncls). The Council agrttd to incr¢ase the balance of this fund to £ l Otn a5 ai 31 December 2021 to provide the necessary funds to meet the anticipated project cost5 for the major refurbishment works at Church Ilous¢ that Commenced in June 2022. During 2023. the refurbishment fund was ulilised and al the close of the Y￿r, the balance stood at £2.340.890. A5 we come to the end of the projecl, any cost in excess of this will be met initially from the general reserve and then by a colnbination of trnnsf¢r from other res¢rve4 future income and, if necessary, borrowing. The grant-making reserve ￿preSentS the value of net assets designated and available for distribution to the Ncls in the forni of grants to support the charitable objectives of the Church of England. The Council ¢xp¢cls to receive further grdnt applications from the Ncls in the short-lern). anticipated that the level of funds to be transferred to the fund will grow as future commercial letting activity increases and g¢nerntes additional Tental income following completion of the refurbishment project in 2024. 21 THE CORPORATION OF THE CHURCH HOUSE AND ITS SUBSIDIARY Notes to the finaneial statements for the year ended 31 December 2023 (continued) I Prin¢ip#l a¢¢ounling policies (continued) ml Fund structure (conlinued) Non-¢hariiable irading funds comwis¢ of the ￿a1￿C of ciimulaiiwe ac¢umulaled losses or retained earnings b) Church House Conferei)ce Centre Limited. Restricted funds are funds ￿1th their use restricted to a Specific purpose as described iii note 14. m} L¢4sed 4ssets Reiiials applicable to operating leases ￿here ihe beiiefils ai)d risks of oiviiersliip remaii) sub5tai)tially M iih ihe lessor are charged io ihe ￿alement of financial aciiviiies on a Siraigh(-line basis over ihe tenn of tlie lease. The group had no finallce leases diiring the >'ear ended 31 December 2023 or 31 Deceinber 2022. n) Pension scheme arrangemenls The Corporatioii participated in tlie Chiirch of Eng?land Defined Benefii Sclieme IDBS) and the Church of England Pensioii Buildcr Schcmc (PBS). both part of ilic Cliurch W,0￿er5 Pension Fund. Both schemes are administered by thc Church of England Pensions Board and are defined benefit peiisioii scliemes. Employees appointed prior to l April 1￿9 INere eligible for meinbership of tlie DBS. Froin iliis date oiiwards. tlie DBS was closed to iiem membersliip applications aiid all iieis eiiip1o￿eeS have beeii offered Inembership of the PBS. On l January 2020. folloi*ing consultation with employees throughout 2019. The Corporation traiisferred peiisioii Inembership for all emplo) ees apwiiited prior 10 l April ?009 from ihe DBS Io the PBS. Froin this date all active niembers liawe accrned fuiiire peiisioi) bei)efiiS uiider ihe PBS. The traiisfer ofpension membership does not impact the ￿alue of pensioi? benefits accrued by employees witliin the DBS prior to 31 December 2019. Pa￿'ment of nomial ¢onlribiiiions in r¢sp¢¢t of ihe DBS ¢e8s¢d ￿1[h th¢ irai)sf¢r of all a¢tiN'e i)ieinbers to th¢ PBS on l January 20?0. The Corporaiion is no long¢r pa)'ing deficit reco￿ery ¢oniributions in ￿SpeCt of the DBS as. folloi%ing ihe receni reTr'aluation. the fund was foiiDd io be in siirplus. o) Pension scheme arrangements The Corporaiion is unable io ideniif) its share of the underl)"ing asseis aild liabilities of tl)e schemes on a reasonable and ¢onsi51ent ba515. Therefore. in accordance ￿"1(h FRS I O it has accoiiiiEed for ils nomal Coiitributions as if ihe schemes were d¢fiii¢d coniribulion s¢h¢mes. Nomial contributions are cl)arged io ilie staiemeni of finai)cial a¢iik iiies when pa)able. The presei)I value of an), eX￿cled deficil recovery coniribuiions is recognised as a liabili15 ai ihe balance sheet dale. The amoiLn( is r¢vie¥*ed aliiiuall￿ taking into account an￿. clianges to th¢ defi¢iL conlribulion rate or Il)e iinpli¢il r8Te of inreresi used in discounting ihe liabilily. Further details of pen5i0n arrangcmcnls ar¢ givcn in nolc 9. 2 Taxation The Corporaiioii is regisiered as a charli> wilh the C.liaril>' Commission for England and Wales (charity registralion number 213252) and. therefore. is not liable to income ta¥ or corporalioii tax on income or gains derived from lis Chariiable a¢tii itte4 as thej fall within ihe various exeinpiioiis available io ￿giStered charities. Retaiiied profits of Church IIou5e Confereiice Ceiitre Limiied. if any. are subject lo corw>rdlioii tax calculafed on ihe basis of raies and laws ihat have been enacted or subsranlially enacied by the balance sheet date. 22 THE CORPORATION OF THE CHURCH HOUSE AND ITS SUBSIDIARY Notes to the financial statements for the year ended 31 December 2023 {continued) 3 Investment income 2023 2022 Income from listed invesimenis Bank itjterest receivable 76,105 311.257 387J62 192,817 120,038 312.855 4 Grants payable 2023 2022 Grants awarded in ihe Arch Bisho ' Council 750.000 As a result of the refurbishment project. it was agreed that no grant will be awarded during 2023. 5 Corporation operating costs 2023 2022 Siaff costs (N(Ae 7) House expenses and cleaning Rates, insurdnce and heating Office and administrative expenses Repairs and maintenance Marketing Professional fees 964011 488J85 649.971 2￿,985 462,439 948.504 395.550 294.543 68,152 272,328 (150) 89.623 370,799 11,322 25 312,841 488.249 31,658 25 Depreciation Auditorfs remuneration Don￿lon5 and preseniations 64 2 450 696 No support costs have been allo¢ated to The Corporalion's s¢¢ondary ¢harilable objective of grant-making. The additional lime resources and costs associated with this ￿tIvIty were minimal. 6 Nel movement in funds The nel movement in funds is stated after including the following charge5- 2023 2022 Audilorfs remuneration Audil -Non-audit servi¢es tkpreciation Loss on disposal of fixed assets Hire of ui meni 31.658 780 25,143 573,457 585,417 125 458.317 9,990 23 THE CORPORATION OF THE CHURCH HOUSE AND ITS SUBSIDIARY Notes to the financial statements for the year ended 31 December 2023 (continued) 7 Slaff ¢0st$ xnd remuneration of key m2n2%emeDt personnel The average number ol persons employed by The cOr￿ratIOn and iis subsidiary during ihe year is analy5d ￿10￿. Gro Cor ratio 2023 ?0?? 2023 20?? Number Number Number Number Maintenance and securi1>" Adminisiration 10 10 27 JJ 14 16 Staff costs during the ycar WCTe a5 follows= Gro Cor r8tion 2023 2023 Wage5 and salaries Social Security eosts Other pension cosls 1.475.520 160.037 163,241 782J47 87,449 95,015 l j? 591 86.656 154.36i 50,734 948.-504 1.798.798 1.490.618 4,811 Iiicluded iii I￿ageS aiid salaries above is £nil relaling to reduiidanc). a￿allgementS. {20?2.. £17.0701. Einployee infonllation for the group includes employees Ivho are (Mi fiill tiinc secoiidineni io ille Confereiice Centre. The c05t of these emplo)"ees is included I￿"1th11) thc cost of raisiiig funds. Tlie nLimber ofeinplo)'ees earning £60.000 pa or more {excluding employer 5 pension and naiional insurance contributions bul including taxable IKnefi15) ￿a5= Grou Cor r8lio 2023 2022 2023 202? Number Number Number Number £60,000 io £69.999 £70.OIX) io £79.999 £80,000 10 £89.999 £90,000 10 £99.999 £100.O(K) lo £109,999 £ I10.IXKJ io £119.999 Retirement benefiis under a defined benefit pension scheme are accruing to 4 (2022.- 4) employees arning tnorc than £60.000 per annum. Emplojer pension ¢oniribulions lolallii)g £40.656 12022: £45.723) were paid ill respecl to ihe5e employee5. The ke). iiianageinent persoiinel of the gTOilP in charge of directing and controlling. running and operating the group on a da)'.tO-da) basis coiiiprise the Council aiid the Senior Maiiagemeni Team of the charity.. The total remiineraiion (including einplo)'er s national insurniice contribii¢ions. taxable benefits and emplo)'er s pcnsion contribulion5) of th¢ kcy mamgcmcni persoiiii¢l for thc year was £290.926 (2022= £349.698). 24 THE CORPORATION OF THE CHURCH HOUSE AND ITS SUBSIDIARY Notes to the financial statements for the year ended 31 December 2023 (continued) 8 Staff costs and remuner•lion of key management personnel (continued) During the year ended 31 [kceml￿r 2023. ¢xpens¢s of £4.03012022: £5.140) were reimbursed to 7 (2021.. 5) mevnber5 of ihe Council. The expenses ￿lated to the costs of travelling to Council meetings. No member of the Council ￿¢¢IV¢d any ￿mUneration in respect of their services as membeTS of the Council (2022= £Nil). 9 Pensiong COr￿ratIon of Church House (DBS) participates in the Defined Benefits Scheme section of CWPF for lay stsff. The Scherne is administered by the Church of England Pensions Board, which holds ihe assets of th¢ s¢h¢m¢ s¢paralely from those of the Employer and the other p&rticipaling employers. CWPF has two sections: the Defined Benefiis Scheme the Pension Builder Scheme, which has two SUb￿tiOns. a deferred annuity section known as Pension Builder Classic. aml. a ¢ash balance section known as Pension Builder 2014. Defined Benefits Scheme The Defined Benefits Scheme (-DBSI seciion of the Church Workers Pension Fund provides benefits for lay staff based on final pen5i0nable salaries. For funding purtrf)ses. DBS is divided into subpoN)1s in respect of each parti¢ipaling employer as well as a further subp(KJl. known as the Life Risk Pool. The Life Risk Pool exists to share certain risks between employers. including those relating to mortality and postretirement investment returns. The division of the DBS into subwM)Is is nolional and is for the pU￿se of c&l¢ulating ongoing contributions. This does not alter the facl that the assets of the DBS a￿ held as 8 single trust fund out of which all the benefits are ￿ be provided. From tim¢ to tim¢. a nolional premium is transfetTed from employers. suEqKM)Is to the Life Risk Pool and all pensions and death benefits are paid from the Life Risk P(x)l. The scheme is a multiemployer scheme as d￿rIbed in Section 28 of FRS 102. It is not W)ssible to attribute DBS assets and liabilities to specific employers. since each employer. through the Life Risk Section, is exposed to actuarial risks ass(￿lated with the current and fornier employees of other entities participating in DBS. This means that contribulions are accounted for as if DBS were a defined contribution scheme. The pensions costs charged lo the SOFA during the year are contributions payable towaTds benefrts and expenses accrued in that year 2023: £164.241, (2022: £154.363) If. following an actuarial valuation of the Life Risk Pool, ther¢ is a surplus or deficit in the pool, further transfer5 tnay be made from the Life Risk Pool io the employers, subpoo15. or vice ver5a. The amount5 to be transferred (and their allocation bdw¢¢n the subpools) will be settled by the Church of England Pensions Board having taken advice from the Actuary. 25 THE CORPORATION OF THE CHURCH HOUSE AND ITS SUBSIDIARY Notes to the financial statements for the year ended 31 December 2023 (continued) 9 Pensions (continued) A valiiation of DBS is Ca￿led oul once every ihree ￿ea￿. The most recentl) finalised valuation vas carried oiit as at 31 December 2019. In this traluaiioi). Ihe Lif¢ Risk Section Sho￿1) to be iii deficit b). £7.7m and £7.7m was notionall). trdnsferred from the employers 5ubpools io ilie Life Risk Sectioll. This increased the emplo)'er contril)uiions ihai would oiherwise have ken payable. The overall deficit in DBS was £11.3m. The nexi aciuarial valuation was due ai 31 December 2022. At the date of this re￿rt, we were a￿all11)g publi¢aiion of the result. Due io the impio*emen15 ii) the projected funding FK)Sitioii of the Fuiid. tlie Church of Ei)8laiid Pensions Board agreed thai defi¢ii conlribiitions shoiild cease with effeci from 31 Deceinber ?0?? for employers whos¢ pools were e5tiwnated to be Materiall￿ in surplus. As a result. there is iio obligaiion recogi)ised as a liabilil). ￿lthill th¢ Emplo)'er's financial slatements as at 31 December 2023. A liabilit) has been recoyiis¢d ai earlier dates. The movement in the provision is sei out belo￿. 2D2J Balance sheet liabilit> at l Jarhuary Deficii conlribuii￿ kN8id 2i3.(M)O {14?.00 I i Inieres¢ cosi {recognised in SOFA) Remaining change to ihe balance sheei liability {rwognised in SOFA) Balance sheei liabiliij. ai i I tkcember 2,WO 9i.9871 * Cotnprisc5 £hangL in aEr¢L'd deliLiI plan 4*ang¢ in diKvuni rail lear￿d& whe￿ relevant il)is liability represenls ihe presenl valiie of the deficit conlributions agreed as al the accoiinting dale and has be¢n ￿￿lu¢d using thc following assumptions. set by reference to tlie dliration of the deficit recover). paJm¢nts'. De¢cmber 2023 NIA Decemlrr 2022 0.0￿7 December 2021 I.3￿10 Discoilnl rate The legal structiire of the sclieme is such thai if anoiher einplo>"er fails, the cmploycr could becomc resw)iisible for pa)'iiig a share of that emplo)¢r s p¢iisioD liabilities. 26 THE CORPORATION OF THE CHURCH HOUSE AND ITS SUBSIDIARY Notes to the financial st¥dtements for the year ended 31 December 2023 (continued) 10 Tangible fixed assets Frtthold land and Fixtures and buildings rittings Telephone and office equipment Plani and Assets under equipmeni Conslruction Total Gro Cost At l January Additions Transfers Disp)sal% at 31 December Deprecialion At l January 4,416.548 Disposals (548.904) Charge for year 354.622 28.670 22 #t 31 Detember 7 19Q805 6.030.0 262.571 12.687.572 21 7203.992 149.163 1.238.018 7.980,895 3,359,539 25,812,536 82.014 13.043.747 13,537,495 4.732 {12.692.304) 1.8 .136.121 $3.155 ￿￿764 7.980.895 3.709.182 38.213.910 17.845.914 7.162,135 1.087.1(6 6.992.orAI 19.657,879 (548,904) 573.457 19.682.432 66247 123.918 Net book amount5 Al 31 December 2023 At 31 December 2022 162J50 41.857 3.709.182 18.$31.478 3.359.539 6.154.757 1.613.544 150.912 988.805 Freehold land and Fixwres and buildings rfftin8S Telephone and o￿l¢e equipmeni Plant and Assets under equipmet)i Consirnciion Total Tre Cor ratlon Cost At l January Additions Transfers Dispogls •t 31 Dettmber 6,030,089 6.739,337 262.571 12.687.572 1.134.321 17 443,318 7,980,895 3.330229 24.523,868 12,967,972 13,230,543 {12.687.5721 1.134.321 3 610.629 36 620 090 739 18 Depreciation Ai l January Disposals Charge f¢x year *t 31 D¢eembeT 4.416.551 (548.903) 354 622 6.727.726 428.558 6.992.0 18,564.925 (548,903) 488249 4.535 222370 &73 61 5.174 433.732 123.918 7.1 IfiIK18 18 Net bcK)k amounis At 31 Detembtr 21123 13 13,641 1.613.538 9386 864W 3.610.629 18.115,819 14.760 988.805 3.330.229 5 958.943 At 31 December 2022 The Corporalion holds a ¢oll¢¢tion of herilage awts which Consist mainly of paintings. These paintings, gift¢d io The Corp)ralion over many years. all represent various as[￿c1S of Church heritag¢ and, therefore, relate to lh¢ Obj¢¢ls of ih¢ ¢harity. The COT￿ratIOn commissioned professional valuation of these paintings for insurance. 27 THE CORPORATION OF THE CHURCH HOUSE AND ITS SUBSIDIARY Notes to the financial statements for the year ended 31 December 2023 (continued) 10 Tangible fixed 45sets (conlinued) In the opinion of ihe C Olincil. Church House is worth substantially more thai) tlie Ix)ok value reiK)rted iii these financial statements. Tlie i¥ide raiige of poieniial valiies suggested bj ihe Tr¥aluation. highlighted the dI￿lCUlt￿. of attacliiiig an accural¢ financial value lo siich asse15. kor this reason. these assets have iiot been ii?cluded in the rinancial siaieineiiis. I I Investments Group -isted investment Total Cosr or valuarion At l JanvaTr ?O?- Additions Disposals Realised gain&llos5 At 31 Detember 2023 6.899.680 6.899,680 1.195,266 1,19S,266 (8.?96.478) 18,296,478) ?Oi,056 203,056 1.524 The Corporgtion Listed Subsidiary investment Tol#l Cost or valuation Ai l January ?023 Addiiions 500.(KNJ 6.899.680 7J99.680 1.195.266 1,195,206 {8.296.478) 18,296,478 703.056 203,050 1,5?4 SOl,S24 Disposals Realised (Tains Al 31 December 2023 500.(MJO The interest iii the subsidiary undertaking represenis tlie Cost 10 The Co￿￿ra1101) of wholl>' owiiiiig the share capilal of Chiirch Flouse Confereiice Centr¢ Liiniied. The principal aciivil>' of thai ompany is the operation ora conference centre at Church Hoiise and it ¢ov¢nants its ¢aKable profit5 io Tlie CorTK>ration. summary. of the tradiiig results ￿ld balaiice sheet of Church Hoiise Confereiice Centre Liinited is shown in nore 18. 2023 2022 Llsted Investments held ai 31s1 December UK Bond5 Internarional Bonds UK Equities Iniernaiional Equiiies Private equiiy and aliernaiives Total Listed Investment5 261.838 617.08? 1,852.574 2.657.809 1,510.377 6,899.680 1.524 1.524 All lisied investments ivere deali in on 8 recognised siotk exchange. 28 THE CORPORATION OF THE CHURCH HOUSE AND ITS SUBSIDIARY Notes to the financial statements for the year ended 31 December 2023 (continued) 12 Debtors Amounts receivable *fter one y￿r Gro Cor ratio 2023 2022 2023 2022 Owed b subsidia undertakin 1.012.486 b. Amounts receivable within one year Gro Cor ration 2023 2022 2023 2022 Trade debtors 484,142 769.490 11,942 912J89 746211 8J87 224.1110 331,421 80.487 426,140 651,250 8,112 221.478 320.014 1708,081 Owed by subsidiary undertaking Renthl debtors 746.211 8J87 224.IIMI 438.026 651.250 8.022 221.478 her debiors R¢coYerdble VAT PrepayTnents and a(cru¢d inc(Kn¢ 348,887 I,W,866 1,999.127 2334.450 13 Creditors: amounts falling due within one year Gro oration 2023 2022 21ll3 2022 TTade and expu￿ crcdilo Tualion and so¢io15e¢urily ¢osts Other crediloTS 911651 567.2 53U92 118,284 39.580 39.580 6313 81252 142.781 81352 72.427 Deposits held Cjrants payablc to the NCI's AceTuals 271,242 750.(KKI 750.( 1313W2 95SJ47 629,138 VAT payable Deferred irtcome Iscc below) 41KI.472 371.431 4ffl1A72 371.431 3319J69 3.259.441 2.033,493 1,980,860 Grou Co ratio 2023 2022 2023 2022 D¢(¢rr¢d iBcom¢-. Ai l January Released in the year DcfeNed in the yt8r 371.431 13,2(KJ 113.2¢M)I 371.431 371.431 11,200 (371.4311 {J71.431) 41x1.472 113.2001 371.431 400,4n Ai 31 December I￿1.￿72 371.431 4(Ml.472 371.431 Deferred income represents rental income and servtce charge r¢¢¢iv¢d fn)m tenants in advance of the financial year end but relating to the following financial year commencing l January 2024. 29 THE CORPORATION OF THE CHURCH HOUSE AND ITS SUBSIDIARY Notes to the financial statements for the year ended 31 December 2023 (continued) 14 Net funds Ciains11Th Ai l Jiinuan (li￿ndItUT¢1 riialvaiiffl ot 20?3 ror lh¥ %¢7r Ai31 Decembtr Aauarial liains 2023 Grou 9.254 Uure51ri¢t¢d Fwnd5 Desi ngttd fwnds TI￿gible FINL￿ Asxl Fund R¢l'urbiihmeni 6.154.657 1573.4581 12.95U.279 18.431.478 6.7111.439 I4.3￿.)49) 18.?40.(KM)I Grani Mdking Ri5erne Undésl rt*ied Futhd5 .375.1>17 .IJS,617 GenLYJI RL%ene N￿￿-ch￿ri￿b1e Tr￿1￿¥ l.-und • 917.5x4 13(KTr.5581 ?U3.056 1.149.730) 14iO.iU41 17!362 278.142 TotAI 203.0>6 24.302.449 JnLomi Gains o Ai l Januar% (rnp¢t￿IlUrtI r¢ialuaii()n ol 21123 lnie￿n￿nIS At31 Dettmbtr ALluaiidl Gains Trdkslers 2023 Tht Cor oration Re511iil¥d fr"uNIs 9.254 L1nresiri¢ted FMWd5 Dtsi lJ*ltd fmthds TangihlL tr"iN¢d l.und RLlurbi%hnienl rLsLfiL 5.95R.943 {4118.•491 12.645.125 18.114.819 6.7111.439 14..36().54YI 1.340.8 (irii ni Making 9.375.617 18.240.LWI .135th17 Llndesi na*td Funds GLmLYdl RL'ser%e 3.UiU.i26 {3?8.Wi ?03.Ui6 144.5761 2180,011 Total 2U3.U56 24.480.591 A prO￿rtIOn of the general reserve is ryesented bj endowment fuiids which arose from the origii)al aP￿al5 lor die construction of Church House in 1885. These funds cali no longer be separdtely identified but the Colincil is of the opiiiion that the￿ are iminaierial. Restricted fviids totalliiig £108.254 (202?= £9.2)41 are retained for the S￿LfiC PLI￿Ose of maintainiiig the portrait of Archbisliop Dawidson iiiclLHliiig periodic restordtion and repair works as required (£9,254) aiid for the iiislallation of nei¥ art i¥orks {£99.0￿). 30 THE CORPORATION OF THE CHURCH HOUSE AND ITS SUBSIDIARY Notes to the financial statements for the year ended 31 December 2023 (continued) 15 Anatysis of net assets between funds Fund Balance at 3 1st December 2023 are represented by: tksignated funds and restricted funds Tangible Fixed Asset fund General Reserve Total Funds Grou Tangible Fixed A5SCt5 Inve5tment5 Net Current Assets 18,531,478 18.531.478 1.525 5 769 446 1.525 3 J06,619 2 462.827 18.531.478 3,306.619 2,186,209 24JOI,449 Total Net Assets Designated funds and Testricted fund5 Tangible Fixed Asset fund General Re$￿ve Tot*1 Fvthds Thecor r*tion Tangible Fixed Asseis Investments Nei Current Assets 18.115.819 18,115019 501.524 501,524 2.378.487 5.963.248 2.880 011 24 580 591 3.584.761 18,115.819 3.584761 Total Net A55ets The total realised gains as at 31 tkcember constit￿e5 movements ￿ revaluation and are as follows.. 2023 2022 Refoncilialion of Movements in wnr¢4li$ed Unr¢alised gains at l January less: diswls in the year 1.293,400 1.496.456 (203,050) 203.056 5.216.879 3 241,973 1,974,906 Realised gains on disp05al Net gainglosses arising on revaluation Total Unrtslised ains at 31 Deeember 681506 1,29J.400 16 Financial commitments The CorFK)ration and its subsidiary have financial commitments in reS￿ct of non-cancellable operating leases. The minimum rentals payable under these leases aTe as follows.. 21123 2022 ment Within one year Between one and two year5 Between Ihree and five years Total 7,641 13,015 9,8411 30.497 5,594 5,594 Hire of m¢n¢ 8.142 31 THE CORPORATION OF THE CHURCH HOUSE AND ITS SUBSIDIARY Notes to the financial statements for the year ended 31 December 2023 (continued) 16 Financial commitments (conlinued) Otber financial commitments The Group aiid The Corporation had the following fiiiancial commitinents at 31 December.. Grou QTStion 2023 202? 2023 2072 Authorised and contTatted for. Capital expeJidiiure.' Buildin&Trs Capiial expendiiure.. Plani and equipmeni Revenue expenditure.. Cyclical maintenance 61MI.IJOD Grou ration 2023 2022 2023 ?022 Authori5¢d but Tro¢ CODtrncied for- Capiial expendiiure.. Buildings Capiial expendirure-. Plani and equipmeni Capiial expendiiure.. oifice equipment Capital expclldilure- Fixtures and filling5 Revenue expendiiure.. Cyclical maintenance J.107.%89 16.669.771 4055(K) 184.51K) 3,107.989 16,669,771 217.iXIO I10.o(M) 3.629.489 17.014.271 160.(MM) 116,IKIO 160,000 3,440,989 16,8?9.771 InclLided in ?023 auihorised bui not contrncied for finaiicial coininitmeiiis aiK)ve is the balance of the estiinaied project ¢osl for the planned t￿￿PhaSe major refurbishment of C hurch Hoiise. 17 Related party transactions All related party transactions bet￿een The Corwyrdtion and its trading siib5idiary. ChLirch House Conference Centre Liinited, are d1￿105Cd in note 18. Lortnfacilityprovidedio Chureh House Conference Cenire Limiied The Council agr¢cd io make a £500.IX)O loan facilit)" available to thecofflpaiiy whicli Ettaine available upon cxpiry of ihe f(Kmei loan facility. on 31 tkcemiKr ?021. This will provide ihe Company wilh fiirth¢r financial supwrt. should it be needed. during the peri(xl to 31 December 2031. The Company had not draI￿n down any fui)ds from ihis fa¢ilitJ al the dai¢ diese fiiiaii¢ial staleinet)ts were approved b) Ihe Cotincil. The Companj forecasis th81 ihere will Ix no requireineni for ihe facility to be iised in th¢ for¢s¢eabl¢ future. Tlie £ l.(M)O.000 drawn agaiiist the fornier facility in ?O?O and ?021 was paid bj. tl)e year end, lea￿ing a balance OLltstanding of £?50.IKM). This final ainount i¥as repaid in Marcli 20?4. 32 THE CORPORATION OF THE CHURCH HOUSE AND ITS SUBSIDIARY Notes to the financial statements for the year ended 31 December 2023 (continued) 17 Related party tran5*ction5 (continued) Loftnfacility providedio Church House Conferenee Cenlre Limiled (conlinued) Any amounts advanced to (he Company from the facililies a¢¢rue inter¢st at 0.50/0 aEx)ve the bank base rate until repaid. The total amount advanced. tog￿her with any inierest a￿ru¢d, is repayable no later than 31 DecemtKr 2031. or the Comwy giving notic¢ of its intention to exthrise the break clause contained wiihin its lease agreem¢nL The Board of Directors of Church House confer￿¢¢ Centre Limited. continue to monitor the current financial rK)sition, trnding condition5 and prospects monthly. The Board meets quat1erly, or moTe frequently if requiTed, and a summary of the Company's trading and financial position is provided for consideralion ai each Council meeting. Other related party tr*nsa¢tions There were no other related party trnnsactions during the year that require disclosure (2022- none). 18 Trading subsidiary- Church House Conference Centre Limited A. Summary of results ofthe trading subsidiary 2023 2022 Turnover Operating Costs Operating profit 4.099.613 4.621.592 3.941.085 3.767.914 158528 853,678 Bank Interest Receivable Interest Payable Profit on ordinary adivitie5 b¢for¢ toxaii( xaiion 19,927 6,093 17U62 3,971 851.594 Profit for the financial year 172 2 851.594 P4yw¢nts under deed of CovettaAt Provision for p¥4yments und¢r deed of covenant 172J62 851594 B. In¢er group ¢ransa¢tioDs 2023 2022 Tumover less: sales io The Corwjration Net Tumover 4.4￿,613 4.621.592 1.235 4.620.357 Owating Costs Less: Purchase5 from th¢ Corwralion Less: reni & service charge paid to The Corw)ration Neto ralin Costs 3.941.085 {11.114) 865.010 3.064.961 3.767,914 (35.885) 842.808 2,889.221 33 THE CORPORATION OF THE CHURCH HOUSE AND ITS SUBSIDIARY C. Net a53ets oftrading subsidiary 2023 2022 Toial Asseis Total Lthilities Nef Liabilities 2J20,124 2.1198366 221.858 2.829.485 2.779.989 49.496 34