**REGISTERED COMPANY NUMBER: 00155840 (England and Wales) REGISTERED CHARITY NUMBER: 220966** **REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025** **FOR LEEDS CHURCH INSTITUTE (INCORPORATED)** Thomas Coombs Limited Chartered Accountants 3365 The Pentagon Century Way Thorpe Park Leeds West Yorkshire LS15 8ZB **LEEDS CHURCH INSTITUTE (INCORPORATED)** ## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025** **----- Start of picture text -----**
Page
Reference and Administrative Details 1
Report of the Trustees 2 to 9
Independent Examiner's Report 10
Statement of Financial Activities 11
Balance Sheet 12 to 13
Notes to the Financial Statements 14 to 22
Detailed Statement of Financial Activities 23
**----- End of picture text -----**
**LEEDS CHURCH INSTITUTE (INCORPORATED)** ## **REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31ST DECEMBER 2025** **TRUSTEES** Revd Canon P D Maybury (Chair of the Board) J M Chesterman Revd J D Cortis L Groenewald (resigned 17/7/25) Canon A D Nicholl J Sadgrove Revd K W Tankard Revd Canon A S Kasibante Director (appointed 28/10/25) **REGISTERED OFFICE** 43 The Calls Leeds West Yorkshire LS2 7EY **REGISTERED COMPANY NUMBER** 00155840 (England and Wales) **REGISTERED CHARITY NUMBER** 220966 **INDEPENDENT EXAMINER** Thomas Coombs Limited Chartered Accountants 3365 The Pentagon Century Way Thorpe Park Leeds West Yorkshire LS15 8ZB **SOLICITORS** Wrigleys Solicitors LLP 19 Cookridge Street, Leeds, LS2 3AG **ADVISERS** Bankers: Virgin Money 94-96 Briggate, Leeds, LS1 6NP Investment Managers: CCLA Investment Management Limited Church of England Funds 80 Cheapside, London, EC2V 8DZ Page 1 **LEEDS CHURCH INSTITUTE (INCORPORATED)** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2025** ## **Introduction** Welcome to the Leeds Church Institute Annual Report for 2025 This has been a significant year for LCI, not least because of the intensive work to ensure that the charity has the right vision, mission and values for its future development. At the same time, LCI’s policies have been refreshed and improvements made to its operational processes. All this activity will ensure that the charity has the firm foundations needed to pursue its prioritie s for the second half of the decade. On behalf of the Trustees, I commend this report for its clarity and renewed sense of purpose for all that LCI can achieve in supporting the churches of Leeds. This is no small commitment given the ever-increasing pressures on Christian communities and their mission to both serve those in need and witness to the good news of Jesus Christ. We are so very grateful for such a dedicated and creative staff team who have all had to work through a period of change. I'm grateful too to my fellow Trustees for their work during the year, especially Lydia Groenwald who stood down as our Treasurer. The Trustees are confident that LCI has the vision, leadership and resources to further its work in supporting a thinking faith that is committed to the pursuit of social justice. The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2025 The Trustees have adopted the provisions of Accounting and Reporting by Charities: 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 (FRS 102) (effective 1 January 2019). ## **OBJECTIVES AND ACTIVITIES Objectives and aims** The Charity's formal objects continue to be to promote, advance and maintain religion and education (both religious and secular) consistent with the Christian faith as expressed by Churches Together in England. The region in which the charity operates is within the part of the City of Leeds which is within the Anglican Diocese of Leeds. The objects are pursued in a variety of ways including organising formal talks, seminars, training and other educational activities; resourcing the churches in their mission and ministry through consultancy, research, and the development of specific projects; and supporting the representation of churches and other faith communities in a number of different bodies. ## **Significant activities** Leeds Church Institute continued its work in the city, with the churches and people of different faiths through educational initiatives. Page 2 **LEEDS CHURCH INSTITUTE (INCORPORATED)** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2025** ## **OBJECTIVES AND ACTIVITIES** ## **Public benefit** In accordance with their duties pursuant to section 4 of the Charities Act 2011, the Trustees have considered Leeds Church Institute's objects and activities in light of the Charity Commission's general guidance on public benefit, "Charities and Public Benefit." In relation to the first limb of the public benefit test set out in the guidance, the Trustees are satisfied that these objectives are of benefit to the public through the Leeds Church Institute educational and city engagement programme, working with all Christian denominations and other faiths and secular perspectives. In relation to the second limb of the test, the Trustees ensure that the public at large benefits from the activities of Leeds Church Institute and that there is no private benefit, incidental or otherwise. The trustees regularly keep the activities under rev iew, to ensure that they are of sufficient benefit to the public and at present consider the following educational and related activities ensure the benefits of Leeds Church Institute are widely available to the public. - Events, media, arts and research that generates theological conversations and actions - City engagement initiatives that support the contribution of diverse Christians in city life and nurture innovative ideas that bring about greater justice for all in Leeds - -The provision of a public lecture and accompanying resources/activities - An ethically run charity in accordance with the Memorandum and Arts, and Charity Commission Rules - The regular publication of LCI's flagship magazine CITYtheology Leeds Church Institute works closely with other charities which share its vision to explore issues of faith and social justice relevant to all the people of Leeds. ## **Trustees** Membership of the Board of Trustees (Council) saw one departure in 2025 (Lydia Groenewald as Treasurer) and one arrival (the Rev’d Amos Kasibante). Active steps are being taken to find a new Treasurer and increase the number of Trustees while widening the diversity of the Council’s skills and social representation. Trustees met regularly throughout 2025 and held the AGM in July. Revd Canon Paul Maybury, as Rector of the City of Leeds, and in line with LCI's Memoranda & Articles, holds the position of LCI's Chair & President. LCI's Vice Chairs, Canon Ann Nicholl and Rev Joseph Cortis remained, and when appropriate functioned as, co-Chairs. Both Canon Nicholl and Rev’d Cortis had their terms extended by one year while the organisation refreshed its vision, mission and values. ## **Staff** At the start of 2025, the staff team included Chris Swift (CEO), Alistair Cheetham, Paul Coleman, Bronagh Daly, Dwayne Hutchinson and Emma Temple. In October Dwayne Hutchinson left the organisation to pursue new opportunities. Following the resignation of Alistair Cheetham in November, Grace Zhou joined LCI as Acting Finance Manager. Page 3 **LEEDS CHURCH INSTITUTE (INCORPORATED)** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2025** ## **ACHIEVEMENTS AND PERFORMANCE** ## **Charitable activities** In 2025, Leeds Church Institute continued to provide a varied and inclusive calendar of events, including publications, research and media programmes. Through the course of the year, people across Leeds of many denominations - and no religious affiliation - attended events, and LCI posted and shared a wide variety of newsletters, blogs, and YouTube videos for online engagement. During the year, LCI staff led different workstreams and projects connected with different areas of strategic focus. ## **Theological Capacity Building** Leeds Church Institute continued and extended its programme of scholarship grants to support masters’ level study in local universities. Two Masters in Research (MRes) students were selected and sponsored for studies at Leeds Trinity University and one MA student was sponsored at the University of Leeds. LCI also received an undergraduate placement student from the University of Leeds and provided learning opportunities relating to religion and public life. A Journal Group was initiated, and four academic papers were presented and discussed by members of staff, Trustees, and sponsored students. Papers ranged from the theology of new church building construction/alteration to urban liberation theology in South Africa. ## **Faith and Creativity** During 2025 the ‘Chair of Sanctuary’ went on tour and featured at Chapel FM’s ‘Writing on Air’festival. The chair was in residence at St James, Seacroft, the Trinity Shopping Centre and other venues. The second Art Theology Festival was delivered across a range of secular and religious venues, featuring nine events attended by 130 people. The festival showcased local artists, explored the links between faith, a sense of place, and the wisdom of minoritised identities, and gave participants an opportunity to explore themes of social injustice through the arts, including poetry, dance, film, and fine art. Through the festival, partnerships were developed with Leeds Art Gallery, Leeds Trinity University, Northern School of Contemporary Dance, PRHS at the University of Leeds, and Chapel FM. There were overwhelmingly positive reactions, and some in-depth learning case studies recorded. LCI once again provided support for the Leeds Literature Festival, with four theological events in the programme and a strong social justice theme. In total LCI offered strategic infrastructure support to deliver thirty-nine events in the most successful Leeds Literature Festival. Literature Festival partnerships developed with Leeds Minster, Leeds International African Arts Festival, Lagos Fringe Festival, Leeds African Diaspora, Compton Rd Library and Trinity Shopping Centre. ## **Faith and Racial Justice** This year saw a packed calendar of events highlighting the important work of combating the sin of racism. The Churches Against Racism group developed, drawing in a diverse range of Christian leaders within the city of Leeds. Towards the end of 2025 the group began to explore an effective and inclusive ‘terms of reference’ document to define its scope, membership and purpose. The number of members of the group has increased to 18, with representatives from Anglican, Pentecostal, Baptist, Evangelical, Catholic and Methodist denominations, alongside representatives from British, African-Caribbean, African, Indian and dual heritage ethnicities. Conversations with further ministers, about joining the group, continue to take place. Support was also built fo r the group through engagement with senior church leaders from across the city. Meetings took place across Leeds to find out more about the past and present work pertaining to faith and racial justice, to help inform the current work and identify resources needed across the city relevant to faith and racial justice. For example, links were established with the Roma community leading to a meeting between Churches Against Racism members and Roma churches in Leeds, to enhance mutual understanding and strengthen support. The key learning points included the Roma Community’s culture, history, slavery and Christianity. In September an ecumenical learning evening took place in partnership with Churches Together in Britain and Ireland, and enabled attendees to hear the Churches Against Racism group members respond to the questions raised at the Churches Against Racism event 2024. This vibrant and well-attended event included contributions from Abbey Grange School and two performances by Testament. A further event, held in October, demonstrated how interculturalism, faith and racial justice can work together to challenge racism and racial discrimination in our churches, local communities and city. This event was in partnership with Leeds Trinity Unive rsity and co-facilitated by Paul Lancaster with contributions from Transformations Leeds. ## **Faith at the Margins** Page 4 **LEEDS CHURCH INSTITUTE (INCORPORATED)** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2025** The main focus of the Faith at the Margins work has been the preparation for ‘Prophet or Provider’ and the 2025 Hook Lecture. This has involved placing the themes for the workstream into the missions priorities of different denominations and church organisations, particularly within the context of the Year of Jubilee, the Methodist Way of Life and the Five Marks of Mission of the Anglican Church. Pride Church has also been supported by LCI during the year. Linked to the ‘Prophet or Provider’ theme, two social justice lunches were held, one in collaboration with Leeds Sanctuary. LCI staff and associates and associates published an article focused on disability and political moves to legalise assisted dying in England. A Bible study resource to accompany the ‘Prophet or Provider’ work was developed, which is designed to help people perceive and understand the Bible in a more inclusive way. An online disability retreat was held in late November and a blog post on disability theology was published on the Theology Everywhere blog. Work continues on the Prophet or Provider project with the 2025 Hook Lecture given by Jon Kuhrt. An event entitled ‘United Against Poverty’ was also delivered in Leeds, uniting local groups like Leeds North and East Food Bank, Hamara, and Think for Wellbeing, inspired by Bible’s call to "work for the good of the city." ## **Communications** During the year four issues of CITYtheology were published. The content has been wide ranging, including reflections by our M A student, and articles from philosopher Simon Kittle, and student Meg Thomas wrote about her learnings from Christian Aid's Prophetic Activist scheme, and Linda Baines made a contribution about her work using art to explore mental ill-health and racism. The Revd Nicola Robinson wrote about Pride Church and the significance of an open table communion for LGBTQ+ Christians. An article on Christian Action for Palestine was published, along with an eclectic range of book reviews relevant to LCI’s priorities. Communications supported the Art Theology Festival, creating a sub-brand to visually link these learning events as a series. A highly creative journal was also developed to span the activities and provide space for each participant to record thoughts and reflections about their experiences during and beyond the festival. Work also took place in promoting an urban pilgrimage ‘Gospel Streets’. Thought-provoking images were produced to promote the Hook Lecture, and new website content was created to make clear our workstreams for this year. Further Communications support was given to the Prophet or Provider conversation event, along with work developing and promoting the Roma Community Learning Event. Communication planning has developed clarity about aligning messages for key events, especially the Hook Lecture, with several related blogs and social media posts. Finally, work has begun on potential LCI brand changes to reflect the new vision, mission and values of the Trustees and the accompanying strategy. ## **Core services** With a new CEO arriving work was undertaken to support the integration of senior management with LCI’s systems and processes. It was agreed that a review of all LCI policies and procedures would be completed during the year and this work was completed by the autumn. The 2024 accounts were completed, independently inspected and submitted to Companies House by Thomas Coombs, then the accounts were registered on the LCI accounts with the Charity Commission. A new mandatory training framework was created and implemented for the LCI Team. This is monitored for compliance on a regular basis. The 2025 budget was created and approved. The wish of Trustees to increase their number led to the preparation and dissemination of wide -reaching advertisement aiming to add to the Board, especially considering the vacancy for Treasurer. ## **Governance** During 2025 the Trustees met on six occasions to conduct the Council’s business. The AGM was held in July and was quorate. In addition to the usual reports and actions of the meeting, time was spent with attendees in discussing the future direction an d strategy for LCI. An impact report from the AGM was shared with LCI supporters and interested individuals. During the year the charity identified a number of instances when charitable funds had been misappropriated by a member of staff who then left the organisation. Following investigation, Trustees quantified the loss during 2025 at approximately £2,500. Th e matter was reported to the Charity Commission as a Serious Incident and to the Police via Action Fraud (now Report Fraud). Trustees have since strengthened financial controls, approval processes and commissioned external professional advice to support improved governance. ## **Property and Premises** Page 5 **LEEDS CHURCH INSTITUTE (INCORPORATED)** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2025** Throughout 2025 LCI continued its lease of 43 The Calls. This enabled the charity's work to be resourced and developed, as we ll as providing a base for staff to meet and Trustee meetings to be held. There were no significant changes made to the premises and the lease continues until August 2026. LCI supported another charity, Leeds Sanctuary, to use the office and its resources during the year, for which Leeds Sanctuary made a donation to LCI. West Yorkshire Citizens, part of Citizens UK, also continues to use 43 The Calls to support their work across the city and re gion. Trustees and the CEO have kept the use of 43 The Calls under review and are exploring options to reduce costs for LCI while maintaining use of the premises for the charity's work. During the year a new First Aid bag was added in a prominent position and additional signage was provided to describe the location of the Automated External Defibrillator. ## **FINANCIAL REVIEW** ## **Financial position** The financial position for 2025 is as follows: - Income Income for 2025 increased by £659 to £151,105 (2024: £150,446). - Expenditure Total resources expended increased during 2025 by £55,288 to £438,606 (2024: £383,318). The net level of expenditure over income (before gains and losses) has created a deficit of £287,501 (2024: deficit of £232,8 72). This was a planned deficit, as LCI continues to discharge its commitments and work towards the launch of a new strategy. Income from investments continued at broadly the expected level. Other income comes from donations from those organisations who share LCI's office space (particularly Leeds Sanctuary), and donations from members. Expenditure has mainly been on the continuation of LCI's original 5 year development plan commitments. In 2023 there were costs relating to maintaining the New Market Street building prior to sale, and ensuring that LCI's new office at 43 The Calls is a comfortable and welcoming environment for both staff and visitors. These costs have now ceased as the New Market Street building was sold in 2023, and LCI has settled into its new office. Page 6 **LEEDS CHURCH INSTITUTE (INCORPORATED)** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2025** ## **FINANCIAL REVIEW** ## **Investment policy and objectives** In order to guide the Investment Policy, LCI's Council has adopted the following objectives: - To protect a steady annual real income which will allow the support of at least an equivalent level of activity of LCI year on year over the longer term; - To follow an investment policy designed to provide for a level of income that matches inflation and protects the real value of capital over the long term; - To follow a policy which provides high security, with the highest achievable total return commensurate with the ethical guide lines of the Church of England. The strategy adopted is to invest the assets in a mix of direct property and marketable investments. The investments are held and managed by investment managers who have full discretion over the day-to-day management of the assets. LCI has adopted the same ethical guidelines as the Church of England. Like individuals considering which bank to deposit their money into or which pension fund to invest their savings in, the Cou ncil wants to ensure that LCI's funds are serving LCI's charitable objectives even while they are not being spent by LCI. The Council have chosen CCLA to manage LCI's investments because it aligns with LCI's values. Until LCI needs to use its cash reserves directly, it is important that they are being made to work for good. ## CCLA's work has four strands: 1. Engagement focused on social and environmental issues in the context of Christian mission and witness. 2. Setting appropriate constraints on investment and exposure to activities considered unacceptable by the Church of England's Ethical Investment Advisory Group (EIAG) and the CBF Funds Trustee. 3. Proxy voting on corporate governance issues to protect shareholder value and address excessive remuneration. 4. Responsibilities under the UK Stewardship Code and the UN Principles for Responsible Investment (PRI). For example, in 2024 they have focused on corporate air pollution. Inspired by ShareAction's air quality work, and with clear evidence of the human and environmental damage caused by poor air quality, CCLA joined forces with Guys & St Thomas' Foundation and set out to create a mechanism for examining company preparedness and resilience to the impacts of urban air pollution. Their aim is to mobilise the investment industry into action on this underserved topic and to accelerate corporate efforts to measure, disclose and reduce emissions of toxic pollutants into the air. Successful implementation will bring about positive outcomes for people and for the planet and help to improve the long-term resilience of the companies in which CCLA invests. Money and its use are a recurrent theme in the Gospels. At the same time, the socio-economic circumstances of the community in which Jesus ministered are significantly different from the global economy of today. It follows that considerable care is nee ded in translating Christian commitments into financial decisions. "investments are always value-driven and never ethically neutral" Bøsterud, M. (2021). A Treatise on Christian Banking (p. 318). AOSIS. LCI's investments are held in funds operated according to ethical standards. However, we remain committed to maintain contact with our investors to ensure that ongoing efforts are made to maximise the human and ecological benefits or our investments. "human costs always include economic costs, and economic dysfunctions always involve human costs" Pope Francis. (2015). Laudato Si' [On Care for Our Common Home] Encyclical letter. ## **Investment performance** 2025 was a turbulent year in the investment markets and, like for so many, the value of LCI's investments decreased. Realised and unrealised net losses of £102,360 were recorded for the year (2024: £167,669 gain). As a result, LCI's investments had a market value of £5,652,704 as at 31 December 2025 (2024: £6,055,067). After the sale of the New Market Street building the proceeds generated, £1,525,000, were moved to a Designated fund, as these funds will be used to invest in the ongoing 5 year developme nt plan. At the end of 2025 this fund stood at £779,669. Given the importance of the market value of investments to the reserves of LCI the Council continues to closely monitor the performance of the portfolio. The investment policy is to hold a balance of direct property and marketable investments with a medium risk profile. The investments are held mainly in The CBF Church of England Investment Fund. **Benchmark Fund performance performance** Page 7 **LEEDS CHURCH INSTITUTE (INCORPORATED)** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2025** ## **FINANCIAL REVIEW** |**FINANCIAL REVIEW**||| |---|---|---| |The CBF Church of England Investment Fund|-1.17%|11.00%| |The CBF Church of England Property Fund|7.70%|4.73%| |The CBF Church of England Global Equity Income Fund|-3.12%|12.75%| |The CBF Church of England Deposit Fund|4.21%|4.31%| ## **Reserves policy** At the end of 2025 LCI holds substantial assets in investments which provide income. It is the aim that the income generated is fully spent each year on the work of LCI. There is no intention to accumulate any of this income to create further reserves, and value accruing to investments above maintenance level can be assigned to expenditure on charitable activities. Recognising the financial implications of the current 5 year plan the funds of the charity within the balance sheet are now categorised between a Designated fund - "5 year development plan" and a General fund. Both funds make up the Unrestricted Funds of the LCI meaning they can be used as Council deems appropriate. The Designated fund - "5 year development plan" was established using the funds arising from the sale of the New Market Street building (£1,525,000). The current five-year plan is being resourced from this fund. As at 31 December 2025, after year 3 of the five-year plan, the Designated fund balance is £749,669.These funds have been invested mainly in the CBF Church of England Deposit Fund in recognition that they will be used in the medium-term. In 2025 the Five Year Plan was paused, pending a strategic review. To cover short term needs a minimum balance of £40,000 is held in cash. This is replenished as necessary by the CBF assets which are readily marketable and which essentially represent the general fund. ## **Going concern and future plans** Despite a turbulent year and a significant operating deficit, LCI is considered a going concern due to its high level of rese rves. During 2026 LCI intends to continue its important work by: - Continuing aspects of work associated with the 5 year development plan while undertaking activities to develop a new 3 year strategic plan based on a renewed expression of LCI's vision, mission and values; - To work to fulfil the LCI Theory of Change; - Running a varied and inclusive events, publications, research and media programme; - Sustaining effective relationships with churches and denominations, and being actively engaged in wider city life; - Maintaining 43 The Calls as a place of work, meeting and partnership; - Running the organisation ethically and in accordance with its Memorandum and Articles, and Charity Commission rules. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee , as defined by the Companies Act 2006. ## **Charity constitution** The charity aims to promote education in order to interpret contemporary aspects of the gospel for the City, and is committed to partnership working with other organisations. The Institute was founded by the then Vicar of Leeds in 1857 to advance education - both religious and secular. It became a charitable company, limited by guarantee, in 1919. Its work is governed by a memorandum and articles of association which were substantially altered in 1984 with various minor subsequent amendments. Leeds Church Institute Council met regularly in 2025, received reports from the staff team, and approved the 2024 Annual Report. The AGM was held in July. In person and hybrid meetings continued throughout 2025, with an emphasis on in person meetings, but with the support of those unable to attend a particular meeting for personal reasons. ## **Recruitment and appointment of new trustees** Details of the Trustees who have served during the year are listed on page 1. None of the Trustees had any personal beneficial interests requiring disclosure. New trustees are appointed by the members and given an induction by the CEO on the background of the Leeds Church Institute and their responsibilities. Page 8 **LEEDS CHURCH INSTITUTE (INCORPORATED)** ## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2025** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Organisational structure and Decision making** The Council of Leeds Church Institute meets at least five times a year as a full Council. Leeds Church Institute staff have delegated authority to carry out the day-to-day work within policies agreed by Council. The Council approves all organisational policies in accordance with an agreed schedule. In 2025 all LCI's policies were reviewed and new policies were drafted to comply with bes t practice as recommended by the Charity Commission. Historically, Leeds Church Institute has been closely associated with the Anglican Diocese of Leeds. It is now connected with all the major Christian denominations and ecumenical bodies regionally and locally. It also has connections with local and regional interfaith networks and relevant statutory and voluntary bodies. ## **Risk management** The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The Trustees examine the major risks that the charity faces each financial year when preparing and updating the strategic plan, in particular those related to the operations and finances of the charity. The charity is satisfied that the systems are in place to mitigate its exposure to the major risks, with significant strengthening of financial controls and enhanced independent oversight. The assets of the Institute will be exposed to various financial and other risks. Council has considered the following risks when agreeing their strategy which is monitored annually: - The risk that investments will not deliver the increases in real capital or income values expected. - The risk that properties or investment managers will not achieve the returns projected. - The risk that key management personnel may leave and not easily be replaced. Other areas of risk reviewed and addressed on a regular basis include those related to the occupation of the property. These risks are now effectively and formally managed on a day-to-day basis by the building agents and include health and safety risk management. Risks arising under Employment Law, Food Regulations and other regulatory requirements have been identified, monitored and controlled. Approved by order of the board of trustees on 15 July 2026 and signed on its behalf by: .............................................................................. Revd Canon P D Maybury - Trustee Page 9 **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF LEEDS CHURCH INSTITUTE (INCORPORATED)** ## **Independent examiner's report to the trustees of Leeds Church Institute (Incorporated) ('the Company')** I report to the charity trustees on my examination of the accounts of the Company for the year ended 31st December 2025. ## **Responsibilities and basis of report** As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Christopher Darwin FCA Thomas Coombs Limited Chartered Accountants 3365 The Pentagon Century Way Thorpe Park Leeds West Yorkshire LS15 8ZB Date: 15th July 2026 Page 10 ## **LEEDS CHURCH INSTITUTE (INCORPORATED)** ## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31ST DECEMBER 2025** |Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Investment income
2
**Total**
**EXPENDITURE ON**
**Charitable activities**
3
Core Services
Communications
Art Theology
Churches Against Racism
City Theology
Faith at the Margins
Disability Theology
God, Church & Citizens
Hook Lecture
Leeds Literature Festival
Propher or Provider
Queer Theology
Triennium Fund
Academic Partnerships
Chair of Sanctuary
**Total**
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
funds
£
**8,530**
**142,575**
**151,105**
**166,632**
**17,894**
**36,338**
**39,662**
**15,173**
**-**
**17,006**
**15,842**
**11,464**
**21,908**
**20,630**
**15,794**
**9,679**
**30,952**
**19,225**
**438,199**
**(102,360)**
**(389,454)**
**6,175,264**
**5,785,810**|Restricted
fund
£
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**2025**
**Total**
**funds**
**£**
**8,530**
**142,575**
**151,105**
**166,632**
**17,894**
**36,338**
**39,662**
**15,173**
**-**
**17,006**
**15,842**
**11,464**
**21,908**
**20,630**
**15,794**
**9,679**
**30,952**
**19,225**
**438,199**
**(102,360)**
**(389,454)**
**6,175,264**
**5,785,810**|2024
Total
funds
£
10,619
139,827
150,446
158,542
27,137
40,626
58,536
32,595
65,882
-
-
-
-
-
-
-
-
-
383,318
167,669
(65,203)
6,240,467
6,175,264| |---|---|---|---|---| The notes form part of these financial statements Page 11 ## **LEEDS CHURCH INSTITUTE (INCORPORATED)** ## **BALANCE SHEET** ## **31ST DECEMBER 2025** |Notes
**FIXED ASSETS**
Tangible assets
9
Investments
10
**CURRENT ASSETS**
Debtors
11
Cash at bank
**CREDITORS**
Amounts falling due within one year
12
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**NET ASSETS**
**FUNDS**
13
Unrestricted funds:
General fund
Designated- 5 year development plan
**TOTAL FUNDS**|Unrestricted
funds
£
**42,297**
**5,652,704**
**5,695,001**
**54,963**
**47,021**
**101,984**
**(11,175)**
**90,809**
**5,785,810**
**5,785,810**|
Restricted
fund
£
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**|**2025**

**Total**
**funds**
**£**
**42,297**
**5,652,704**
**5,695,001**
**54,963**
**47,021**
**101,984**
**(11,175)**
**90,809**
**5,785,810**
**5,785,810**
**5,036,141**
**749,669**
**5,785,810**
**5,785,810**|2024
Total
funds
£
48,429
6,055,065
6,103,494
56,983
19,550
76,533
(4,763)
71,770
6,175,264
6,175,264
5,138,250
1,037,014
6,175,264
6,175,264| |---|---|---|---|---| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2025. The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2025 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for - (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and - (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. The notes form part of these financial statements continued... Page 12 ## **LEEDS CHURCH INSTITUTE (INCORPORATED)** ## **BALANCE SHEET - continued** ## **31ST DECEMBER 2025** These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 15 July 2026 and were signed on its behalf by: ............................................. P D Maybury - Trustee The notes form part of these financial statements Page 13 **LEEDS CHURCH INSTITUTE (INCORPORATED)** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2025** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: 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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £. The significant accounting policies applied in the preparation of these financial statements are set out below. These polices have been consistently applied to all years presented unless otherwise stated. At the time of signing these accounts, having considered the economic climate, the directors expectations and intentions for the next 12 months, and the availability of working capital, the directors are of the opinion that the company will remain viable for the foreseeable future and accordingly these financial statements have been prepared on the going concern basis. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Rental income and interest/investment income are recorded on a receivable basis. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to th at expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **Tangible fixed assets** Tangible fixed assets are stated at cost or valuation less depreciation. Assets costing over £1,000 are capitalised as acquired. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of the assets over their expected useful lives, as follows:- Plant & Equipment 10% - 25% reducing balance basis A regular annual review of the likelihood of asset impairment is undertaken. The basis of this review is to examine the assets in their current use and ensure that the current value is not materially different from the value reported in the annual financial statements. ## **Taxation** The charity is exempt from corporation tax on its charitable activities. ## **Fund accounting** Monies earmarked by donors or by the terms of an appeal for particular projects are accounted for separately, in Restricted Funds. The notes to the accounts show the movements and balances on any such restricted funds. Unrestricted funds may be spent on any legitimate charitable aim as laid down in the Charity's memorandum of association. Unrestricted funds are held in the general reserve except to the extent that the trustees consider it appropriate to make transfers to designated funds. The charity's accounting systems allocate all income, expenditure, assets, liabilities and reserves between these funds. The statement of financial activities shows separately the income, expenditure and any transfers relating to restricted funds, designated funds and general reserves. Assets and liabilities attributed to each fund are disclosed in the notes to the continued... Page 14 financial statements PagÈ 14 continuÈd... **LEEDS CHURCH INSTITUTE (INCORPORATED)** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2025** ## **1. ACCOUNTING POLICIES - continued** ## **Financial instruments** The company only enters into transactions in ‘basic’ financial instruments which result in the recognition of assets and liabilities; these include trade and other debtors and creditors, bank balances, loans from banks and other third parties, and loans to related parties. These are recognised in the company’s balance sheet when it becomes party to the contractual provisions of the instrument. Basic financial assets (other than those classified as payable within one year) are initially measured at cost and are subsequently carried at cost or amortised cost using the effective interest method, less any impairment losses. Basic financial assets classed as receivable within one year are not amortised. Basic financial liabilities (other than those classified as payable within one year) are initially measured at present value of future cash flows and subsequently at amortised cost using the effective interest method. Basic financial liabilities classed as payable within one year are not amortised. Financial assets and liabilities are offset, with the net amount reported in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asse t and settle the liability simultaneously. ## **Investments** Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in 'net gains / (losses) on investments' in the SoFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment. Investments in subsidiaries are measured at cost less impairment. ## **2. INVESTMENT INCOME** |**INVESTMENT INCOME**||||| |---|---|---|---|---| ||||**2025**|2024| ||Unrestricted|Restricted|**Total**|Total| ||funds|funds|**funds**|funds| ||£|£|**£**|£| |Unlisted investments|**142,575**|**-**|**142,575**|139,827| The unlisted investments are received net of an implicit investment management fee of approximately £24,872 (2024: £26,777). continued... Page 15 **LEEDS CHURCH INSTITUTE (INCORPORATED)** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2025** ## **3. CHARITABLE ACTIVITIES COSTS** |**CHARITABLE ACTIVITIES COSTS**|| |---|---| ||Direct| ||Costs (see| ||note 4)| ||£| |Core Services|**166,632**| |Communications|**17,894**| |Art Theology|**36,338**| |Churches Against Racism|**39,662**| |City Theology|**15,173**| |Disability Theology|**17,006**| |God, Church & Citizens|**15,842**| |Hook Lecture|**11,464**| |Leeds Literature Festival|**21,908**| |Propher or Provider|**20,630**| |Queer Theology|**15,794**| |Triennium Fund|**9,679**| |Academic Partnerships|**30,952**| |Chair of Sanctuary|**19,225**| ||**438,199**| ## **4. DIRECT COSTS OF CHARITABLE ACTIVITIES** |Insurance
Light and heat
Telephone
Sundries
Independent examination
Postage and stationary
Equipment expenses
Accountancy
Depreciation
Repairs
Rates
Rent
Cleaning and Refuse
Legal and professional
Staff salaries
Employers NI
Pensions for charitable staff
Training and welfare
Charity insurance and governance costs
Events and seminars
Resource costs
Marketing services|**2025**
**£**
**9,509**
**8,901**
**2,036**
**900**
**3,000**
**2,668**
**11,458**
**2,027**
**6,132**
**2,958**
**1,774**
**23,760**
**7,867**
**12,504**
**206,131**
**14,775**
**25,350**
**25,838**
**2,293**
**53,542**
**12,312**
**2,464**
**438,199**|2024
£
8,713
7,974
2,527
1,050
2,468
3,207
15,427
2,365
7,588
1,893
1,976
21,269
7,094
16,361
179,532
12,871
22,899
11,415
4,836
7,638
42,300
1,915
383,318| |---|---|---| continued... Page 16 **LEEDS CHURCH INSTITUTE (INCORPORATED)** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2025** ## **5. NET INCOME/(EXPENDITURE)** Net income/(expenditure) is stated after charging/(crediting): Depreciation - owned assets |**2025**|2024| |---|---| |**£**|£| |**6,132**|7,588| ## **6. TRUSTEES' REMUNERATION AND BENEFITS** ## **Trustees' expenses** The Trustees received no remuneration. Trustees' meeting expenses were £254 (2024: £946). Trustee travel expenses of £nil (2024: £177) and training costs of £nil (2024: £376) were reimbursed during the year. Reimbursed expenses, which are all subject to the charity's processes of internal controls, do not form part of remuneration. ## **7. STAFF COSTS** |Wages and salaries
Social security
Other pension costs|**2025**
**£**
**206,131**
**14,775**
**25,350**
**246,256**|2024
£
179,532
12,871
22,899| |---|---|---| |||215,302| The remuneration (including pension contributions) of the key management personnel during the year was £45,177 (2024: £26,921). Reimbursed expenses, which are all subject to the charity's processes of internal controls, do not form part of remuneration and are not included above. ## **8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** |**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Investment income
**Total**
**EXPENDITURE ON**
**Charitable activities**
Core Services
Communications
Art Theology
Churches Against Racism
City Theology
Faith at the Margins
**Total**|Unrestricted
funds
£
10,619
139,827
150,446
158,542
27,137
40,626
58,536
32,595
65,882
383,318|Restricted
fund
£
-
-
-
-
-
-
-
-
-
-|Total
funds
£
10,619
139,827
150,446
158,542
27,137
40,626
58,536
32,595
65,882
383,318| |---|---|---|---| continued... Page 17 PagÈ 17 continuÈd... **LEEDS CHURCH INSTITUTE (INCORPORATED)** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2025** |**8.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**
Unrestricted
funds
£
Net gains on investments
167,669
**NET INCOME/(EXPENDITURE)**
(65,203)
**RECONCILIATION OF FUNDS**
Total funds brought forward
6,240,467
**TOTAL FUNDS CARRIED FORWARD**
6,175,264
**9.**
**TANGIBLE FIXED ASSETS**
**COST**
At 1st January 2025 and 31st December 2025
**DEPRECIATION**
At 1st January 2025
Charge for year
At 31st December 2025
**NET BOOK VALUE**
At 31st December 2025
At 31st December 2024
**10.**
**FIXED ASSET INVESTMENTS**
Shares in
group
undertakings
£
**MARKET VALUE**
At 1st January 2025
**1**
Disposals
**-**
Revaluations
**-**
At 31st December 2025
**1**
**NET BOOK VALUE**
At 31st December 2025
**1**
At 31st December 2024
1|Restricted
fund
£
-
-
-
-
Unlisted
investments
£
**6,055,064**
**(300,001)**
**(102,360)**
**5,652,703**
**5,652,703**
6,055,064||| |---|---|---|---| ||||| ||||| ||||| ||||| ||||| There were no investment assets outside the UK. **Unlisted Investments** continued... Page 18 The unlisted investments comprise: continued... Page 18 **LEEDS CHURCH INSTITUTE (INCORPORATED)** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2025** ## **10. FIXED ASSET INVESTMENTS - continued** CCLA Investment Management Limited **2025** 2024 **£** £ The CBF Church of England Investment Fund 168,613.37 (2024: 168,613.37) Income Shares 3,742,930 3,898,796 The CBF Church of England Global Equity Income Fund 85,025.56 (2024: 85,025.56) Income Shares 258,129 273,391 The CBF Church of England Property Fund 505,053 The CBF Church of England Deposit Fund 1,377,824 The above common investment funds were established under the Church Funds Investment Measure 1958 (as amended from time to time). The funds hold a wide spread of individual equities and investments. Further details of the CBF Church of England Funds can be obtained from www.ccla.co.uk Cost or valuation at 31st December 2025 is represented by: **----- Start of picture text -----**
||||| |---|---|---|---| |Shares in| |group|Unlisted| |undertakings|investments|Totals| |£|£|£| |Valuation in 2025|1|5,652,703|5,652,704| **----- End of picture text -----**
The company's investments at the balance sheet date in the share capital of companies include the following: ## **LCI Trading Limited** Registered office: 43 The Calls, Leeds, England, LS2 7EY Nature of business: Conference provision **----- Start of picture text -----**
||| |---|---| |%| |Class of share:|holding| |Ordinary|100| |2025|2024| |£|£| |1|1| **----- End of picture text -----**
## Aggregate capital and reserves The articles of association of LCI Trading Limited require the profits of the company to be paid to the parent charity. Accordingly, £nil (2024 : £nil) is recorded as a gift aid contribution to the Leeds Church Institute (Incorporated). Gross income of the group does not exceed the threshold set for the requirement of group accounts. As a result the Charity has taken advantage of exemptions from preparing group accounts. continued... Page 19 **LEEDS CHURCH INSTITUTE (INCORPORATED)** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2025** ## **11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**||||| |---|---|---|---|---| |Prepayments and accrued income
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Creditors in the ordinary course of charitable activity
Amounts owed to group undertakings
Other creditors
Accruals and deferred income
**MOVEMENT IN FUNDS**
At 1/1/25
£
**Unrestricted funds**
General fund
**5,138,250**
Designated- 5 year development plan
**1,037,014**
**6,175,264**
**TOTAL FUNDS**
**6,175,264**
Net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
**151,105**
**TOTAL FUNDS**
**151,105**|Net
movement
in funds
£
**(389,454)**
**-**
**(389,454)**
**(389,454)**
Resources
expended
£
**(438,199)**
**(438,199)**||**2025**
**£**
**54,963**
**2025**
**£**
**6,413**
**491**
**1,770**
**2,501**
**11,175**
Transfers
between
funds
£
**287,345**
**(287,345)**
**-**
**-**
Gains and
losses
£
**(102,360)**
**(102,360)**|2024
£
56,983
2024
£
-
491
1,770
2,502
4,763
At
31/12/25
£
**5,036,141**
**749,669**
**5,785,810**
**5,785,810**
Movement
in funds
£
**(389,454)**
**(389,454)**| |||||| |||||| |||||| ## **12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** ## **13. MOVEMENT IN FUNDS** ## **Comparatives for movement in funds** |**Unrestricted funds**
General fund
Designated- 5 year development plan
**TOTAL FUNDS**|At 1/1/24
£
4,970,581
1,269,886
6,240,467
6,240,467|Net
movement
in funds
£
167,669
(232,872)
(65,203)
(65,203)|At
31/12/24
£
5,138,250
1,037,014
6,175,264
6,175,264| |---|---|---|---| continued... Page 20 **LEEDS CHURCH INSTITUTE (INCORPORATED)** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2025** ## **13. MOVEMENT IN FUNDS - continued** Comparative net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
Designated- 5 year development plan
**TOTAL FUNDS**|Incoming
resources
£
150,446
-
150,446
150,446|Resources
expended
£
(150,446)
(232,872)
(383,318)
(383,318)|Gains and
Movement
losses
in funds
£
£
167,669
167,669
-
(232,872)
167,669
(65,203)
167,669
(65,203)| |---|---|---|---| ## **14. EMPLOYEE BENEFIT OBLIGATIONS** Leeds Church Institute (Incorporated) participates in the Pension Builder Scheme section of CWPF for lay staff. CWPF is administered by the Church of England Pensions Board, which holds the CWPF assets separately from those of the Employer and other participating employers. CWPF has two sections: 1. the Defined Benefits Scheme 2. the Pension Builder Scheme, which has two subsections; - a. a deferred annuity section known as Pension Builder Classic, and, - b. a cash balance section known as Pension Builder 2014. ## **Pension Builder Scheme** Both sections of the Pension Builder Scheme are classed as defined benefit schemes. **Pension Builder Classic** provides a pension, accumulated from contributions paid and converted into a deferred annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Discretionary increases may also be added, depending on investment returns and other factors. **Pension Builder 2014** is a cash balance scheme that provides a lump sum which members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. Discretionary bonuses may be added before retirement, depending on investment returns and other factors. The account, plus any bonuses declared is payable, unreduced, from age 65. There is no sub-division of assets between employers in each section of the Pension Builder Scheme. The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Pension Builder Scheme's assets and liabilities to specific employers and means that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are the contributions payable (2025: £25,330, 2024: £22,899). A valuation of the Pension Builder Scheme is carried out once every three years. The most recent valuation was carried out as at 31 December 2022. For the Pension Builder Classic section, the 2022 valuation revealed a surplus of £34.8m on the ongoing assumptions used. At the most recent annual review effective 1 January 2024, the Board chose to grant a discretionary bonus of 6.7% to both pensions not yet in payment and pensions in payment in respect of service prior to April 1997; and a bonus on pensions in payment in respect of post April 2006 service so that the pension increase was 5% (where usually it would be calculated based on inflation up to 2.5%). This followed improvements in the funding position over 2023. There is no requirement for deficit payments at the current time. For the Pension Builder 2014 section, the 2022 valuation revealed a surplus of £8.5m on the ongoing assumptions used. There is no requirement for deficit payments at the current time. continued... Page 21 PagÈ 21 continuÈd... **LEEDS CHURCH INSTITUTE (INCORPORATED)** ## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31ST DECEMBER 2025** ## **14. EMPLOYEE BENEFIT OBLIGATIONS - continued** The next valuation is due as at 31 December 2025. The legal structure of the scheme is such that if another employer fails, Leeds Church Institute (Incorporated) could become responsible for paying a share of the failed employer's pension liabilities. ## **15. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 31st December 2025. ## **16. CAPITAL** Leeds Church Institute (Incorporated) is a charitable company, limited by guarantee and has no share capital. The members have agreed to contribute £1 each to the Charity's assets in the event of it winding up, if its assets should prove insufficient to cover its liabilities. Page 22 **LEEDS CHURCH INSTITUTE (INCORPORATED)** ## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2025** |**INCOME AND ENDOWMENTS**
**Donations and legacies**
Subscriptions
**Investment income**
Unlisted investments
**Total incoming resources**
**EXPENDITURE**
**Charitable activities**
Insurance
Light and heat
Telephone
Sundries
Independent examination
Postage and stationary
Equipment expenses
Accountancy
Depreciation
Repairs
Rates
Rent
Cleaning and Refuse
Legal and professional
Staff salaries
Employers NI
Pensions for charitable staff
Training and welfare
Charity insurance and governance costs
Events and seminars
Resource costs
Marketing services
Total resources expended
**Net expenditure before gains and losses**
**Realised recognised gains and losses**
Unrealised gains/losses inv
**Net expenditure**|2025
£
**8,530**
**142,575**
**151,105**
**9,509**
**8,901**
**2,036**
**900**
**3,000**
**2,668**
**11,458**
**2,027**
**6,132**
**2,958**
**1,774**
**23,760**
**7,867**
**12,504**
**206,131**
**14,775**
**25,350**
**25,838**
**2,293**
**53,542**
**12,312**
**2,464**
**438,199**
**438,199**
**(287,094)**
**(102,360)**
**(389,454)**|2024
£
10,619
139,827
150,446
8,713
7,974
2,527
1,050
2,468
3,207
15,427
2,365
7,588
1,893
1,976
21,269
7,094
16,361
179,532
12,871
22,899
11,415
4,836
7,638
42,300
1,915
383,318
383,318
(232,872)
167,669
(65,203)| |---|---|---| This page does not form part of the statutory financial statements Page 23