Report and Financial Statements For the year ended 31 December 2023 Church Society {A company limited by guarantee) Comp•ny No 213142 Ch*rlty R•glstratlon No 249574 Church Society Financial statements for the year ended 31 December 2023 Contents Tru$tees' and directors. report Independent audltor's report Statement of linanclal aGtivili88 Income and expendlture account 10 Balanco shegt Notgs to thg financlal stat•m•nts 12-24 Church Society Financial statements for the year ended 31 December 2023 Council members The Revd N T Atkinson {unlil 30 August 2023} The Revd C J Brixlon Ifrom 30 August 20231 The Revd Dr M E 8urkill lunlil 30 August 20231 The Revd P T Darfingl¢ The Revd M E Davy The Revd M Hayden The Revd Dr J Hughes Mrs R C Hunt The Revd E J G Keene {Irom 30 August 20231 The Revd C R H Kilgour The Revd Dr R S Munro Mrs A Robbie The Revd A P J Towner (Chaimanl The Revd Dr J D Ward Director The Revd Dr Lee Galiss Charily nurnber 249574 Company number 213142 Registered office Hille Busine55 E5tale 132 Sl ￿ts0￿$ Road Watford W024 4AE Auditors Jacob Cavenagh & Skeel 5 Robin Hood Lane Sullon Surrey SM12SW Principal address Hille Business Eslale 132 Sl Albans Road Warford WD24 4AE Bankers The Royal Bank of Scotland ple London Fleet st￿et Branch 1 Fleet Street London EC4Y 1 BD Barclays Bank pl 62164 High Street Watlord W017 2BT Solicitors Edward Conor Solicitors 10 The Point Market Harborough LE16 7QU Church Society Trustees, and directors, report For the year ended 31 December 2023 The directors presonl their and the finanoal staten￿nts lor thè year ended 31 Decemb8r 2023 btrhich are also prepare¢J lo meet the requirements Irx a directors. reFth and accounts lor Cornpanits Act puooses. Charity'5 objectives Church Society 15 8 reg15tered d)anty. lis objectNes a￿ set ¢wl in thè Company's governing thjcurnenl, the Memoran(Jum ol Association. The charity constitut9$ 0 limiied company. limite(I by 9uarantgè, as dèfined ty Ihe Companies Act 2006. The overall purpose of the Society ss lo maintain the charader of the Church of England a5 a refomed and national Church witnessing to and seeking to $8fW8 the entire nation for the benef1t of all. In particular by". upholdin9 the Supremacy, sufficiency ancl avthority of Scripture", equipping and encouraging parochial dergy and lay people in their ministrios." supporting local churches.. adminisiering and ttolding funds and propgrties wth local and national benefits., contending for the reforrned w0￿h1p and doctrine ol the 39 Artides and Book ol Comrnon Prayer," uniting all who Sha￿ these principl￿.. promoting friendship wittt all churches whith 4tt¢pt tho supreme aulhority of Gc#J'$ word written., opposing all pra¢lice5 whith arè contrary to reformed dodrine., taking all manner of action. includin9 legal and poliUtal. to pursue Ihese Object￿$. Church Society 15 working towards these objectives Ihrough publishing. parish support, cpmpaignlng and 8dmini51ering Irusls. Vvherever possiblo this 1$ don+ In consuiialion and C￿￿ratIon *ith other groups and org8ni5ètions. In carying out aclivilies the directors confirm that they havo had due ward lo the guidanc8 issuèd by the Charity Commission relating lo public benefil and believe that Church S￿iety providtss benefit lo the public in a variety ol ways. These ar¢ described in Iho stctons under actmlies and ochievements and under managed fun¢Js. Through ils allied company, Church Sw"ety Trusl. the Soo"¢ty is invofved In the patronage work ol th• Church ol England. The Tru$t is rtsponsib1e for 127 Livings. many of which ar• on a shared b8SIS Church Society manages o numbtr ol finan&al trusts wth various objèctivès induding.. upporting the training and educalKJn ol ordinond$ and dergy. Christian work In various panshes or lo￿li0n5 subiocl io certain C¢NKlition¥ Through other trusts thtr Society owns ¥arHyJs properl￿$ on behalf ol others. in particular 2 Propriatary Chapels lone in Gerrnanyl and an Independent Evan9elical Church. 11 acts as holdin9 trusle8s and #p￿int9 sorne of ¢h? Irusto&s for one Church, one Hall and a school A fvrther Irusi supports accomm¢)Jatson for 5tsff. Structurn. govornan¢•. and m•nagem•nl The key rnanagemenl personnel of the Society are the Council Ilhe Trusleesl. The Dire¢lor Ravd Dr Lee Gatis3 and the Associate Director Dr Ros Clarke. They are in charge of dir¢¢iing and operating the charity on 8 day to day basis. Th* Counol consists of up lo 15 people elecied annually by the members ol the Society. Up to S addition81 Council members n be co-opieé as required. New trustees arè provided ￿￿th guidan￿ on their responsibilities. The trustees give of their lime freely and di¢J not receNe any remuneration in the year. Details of related party transactions are disclosed In Note 7 to the financial stalements. The pay ol stsff is Tewewed annually and normally Increased In accordance with average eamings. though the Dir8Ctorfs stipend Is pegge(I to that of an incumbent in Ihe Diocese ol Sl Albans The Church Socièty wll continue to benchmark staff benefits againsl stsff p8rfom)ing slmilar rolès in similar charities. The Glot)al Anglican Editorial Board and Church Swely Tryst Dir¢cttsrs operate largely as Committees ol the Council. In addition, there 15 8 finance committee. The Council must approve appointments of Church Society Trust Mernbers and the membgrship of certain other chanlable trusts. Two full-time and three part-lime rnernbers ol siaff weTe ernployed throughout the year and their work was greatly asslsted by three part-lime regional di￿10r5. each enabled lo do Ihis work ihrou9h the support of their church¢$. Oiher voluTrleers also 8551st in many areas and their efforts are much appreualed. The Society is an 85%)oation of member5 who share a common vision and Members do much of the work of the Sooèty. Aetivities and achlevement5 During the course of the year, Church Society conlinued to be aclively Involved in fulfilling it5 primary objectives of promoting what the King's Coronation Oath referred 10 as Ihe true profession of the gospel . the Protestant Reformed religion which is the foundation of the Church of England. as the established ¢hur¢h. This Induded supporting Individuals. Church Society Trustees, and directors, report For the year ended 31 December 2023 parishes. and Other organisalions wort(ing ally￿ these lines. and In challengir#J and opposing teaching and actions which run counter lo this faith. tolh bwlhin the national church and society mre wdely. Lee Gatiss began the yearwilh a Stirring chargeon videoto us to pe￿iSt! Through a (Jrfficult year for the Church of England ané many ol us personally, it was an Important charge to remember. Kee￿n9 going, despite discouragemenis, opposition. hardships and uncertainty. is what we are tslled lo. Laief In January. the Hous8 of Bishops publishe(J th8 fir51 draft of the Prayers of Love and Faith. lo whth Lee initially responded wth seven clear points outlining the problems. and18ter with a more detailed look al the hypocn5y of the bishops. The annual residential meebng of the CEEC also took place in January. artended by Lee Gatiss, Ros Clarke. GeoryJ8 Crowdèr ènd various members of Ihe Churth SorJely Council. 11 wa5 a crucia meeting setting the ton¢ lor much of the Mgryng ￿￿)rk of CEEC its member oryJanis3tion$ in response to the Prayers ol Love an(J Faith over the course of the year Our pgdca5t 5erios ol He￿sY HaW-Hours ¢onlinu•d 8quipping listeners to rercpJnis8 som8 of the most eammon kinds of false leaching in the church, boih In history and in their contemporary lom)s. We also welcomed Church Society members lo a series ol informal Z¢xJm coffee hours lo talk abovl Iheir concems and help people ijnder51and what was happening. Our faithful pray-ers joined us on thg Tirsl Thursday of each month to pray lor the church. the wodd. Church Society. and each other. February saw ltte first of threo mèetings of General Synod. and th¢ first debate about the Pr8yer5 of Love and Faith. M8ny Chureh Socièty members m8de slrgry Wltribulions lo the group discussions as well as speeches in Ihè chamber There was a tangible Sensè of unity amongst all the evangelicals on Synod. and attempts were made through legal challenges, petitions and other technical matters 10 prevenl the Prayer5 Of Love and Faith being 8dopt8d without a full d¢b¥l8 under the appropriate canon 18w5 The votes ihroughout were Glw. and thè final vole was lost by a small margin of 11 in the House of Laily. One ol our podcasl episodes covers the events of this w¢ek.."Whal happened al Genoral Synod?, During Synod. the Fellowship of Wor¢ and Spiril COnfe￿nce look plBeÈ. ironically on the th8rn9 01 Leadership Reset. Th$ir pr8yers. 8long with those of other Church Sociely members and beyond were 3 huge support and encouragement lo those contending in Church House Ihat week Lent b¢gan in February and with il. our $8ries ol reflections on some ofthe Anglican collecls. conlribu110ns from an iniernalional group of aulhor5 Inlomed Ouf prayers lor the church lor sixly day5, gnding with the GAFCON meelin9 In Apnl. The ￿ntnb￿llons were latercdloci8d logether Into a new bogk. Galhering Our Praygrs Togeihèr. Kirslen Birko11 wrolt on Insighfful and challerKJirt9 ￿rIeS ol blog posls in March On th$ issue of class in the •vangellcal church Amongst a Tallge ol podcasts. the episod? intr￿)Ur1￿*j Rob Munro as Ihe nts￿y installad Bishop of Ebbsfla$t glood out. We continued lo speak out against the Prayers of Love and Faith %wth blogposts such as.. Paying attention to the power ol Iho bishops., When is a ￿ddIng not a wedding?; Mamage and Hoty Mairimony., Hold onl The fourth GAFCON conference look plx? in Kig81i. Rwanda during April. Lee Galiss attended. representing Church Society. and was able lo make many useknl contacts. The issue of The Global Anglicèn which had been ¢ommissioned with the conference in mind was particularfy Well-￿ceIved We wère de11ghled to expand Kirsten Birkelt's work with Church Society to become our Publications M8nager. Kirsly edils Thg Global Anglican, as wdl as Cr05SWoy, and Is involved in our book publicaligns as well. We began the 5umrner sta￿n ol the p)dcasl wlh an introdueiion to the Anglican Cornmunion and an episode from GAFCON. Lee Galiss introduced and commented on the Kig8li C¢mmitmenl. In May and Jun¢, the Bishop of Ebbsfleet held a seriès of Regional Conferences which all had Church Society inVo￿èMenI an(J input. The Church Society Staff V81ued Ihese opportunities lo meet Many of our mambers In person around the coun￿. It was good tg hear the questions and concerns peopl¢ had about Ihe situation in the Chvr¢h ol England and be involved In those di5CU5si0n$ about appropriate actions lo lake. The series on Class and thè Evangelical Church c￿cluded. and we also published re50ur¢as lo help understand what was happening at the King's COTonalion, as well as a colle¢1 for the king. Numbers of Church Society Partner Churehes continued lo grow throughoLJI th8 year and we were glad lo launch a new Partner Church resource5 section of the web51te. The audio archive from Refofrn Is Ioc8led here. along with all sorts of useful downloatys for parish life, and the digital back catalogue of Crossway In May. we also made a substantial submission to Ihe various WOTking groups tasked wilh Implernenting the Prayers ol Love and Failh. General Syno¢J mel again In July. Allhough no fomial lime wa5 given to the Prayers of Love and Faith. many quèstions were asked and there was an informal session lor 1nformalion on the progress made. such as il was. The whole meeting wa5 fraught. not onlyarovniy the Prayer5 of Love and Faith. but alsodue tothe disbanding of the Independent Safeguarding Board. questions about tranSpa￿￿¢Y and honesty, an¢J lack of trust. Our podcasi reviewed these d8velopments. As a￿ayS in August. we hosted the JuniorAn91icAn Evangelical Conference. Weweredelighted to have ourlargesl number of delegates for Some time at thi5 yearfs conferen¢e, represenliThJ a v•de range of training inslitutions and dioce5e5. It was Church Society Trustees, and directors, report For the year ended 31 December 2023 a sobering time as we considered Ihe reality of ministry in the Church of England today but an exciting one as we met so rnany Men and wornen delemiined to serve God In hard times and hard pl8¢e5. T*e talks from this yearfs confe￿rn￿ were made available online. At our AGM we heard encouraging ￿pOrtS from our Finance Committee and our Dirertor, and welcorDed new members of the Church Soci81y coun￿1. Connne 8nK￿n and Edward Keen8. September saw the beginning ol a new aca(Jemic year and the hwhe5t numbèr of students on the PrisGilla Prograrnme for some time. A new podcast miniseries on the Chufch of England proved extremely useful to many listener5.' What IS Ihe Church of England? The cri515 in the Church ol England How lo change the Church of Englan The Doctrine of the Churth of En9land Whai is happening now In the Church of England? In eady Oclober, Lee Galiss and Chris MO0￿ (whose Churth So(iety job is now Director of Wider Church Engagemenll attended a meeting of 'LLF Slakeholders,, io explain wttat would be needed by way ol pastoral guidance and provision. The House of Bishops published thetr plan for the proces5 by which Ih¢y wtyld commend the pr8yors. 12 of the bishops who had been present al the House of 81shops publicly staled their disagreement wth the majority document. Church Society published a number of responses cntiqving thè ￿an and giwThJ direction to our rgsponso. Lee Galiss and Ros Clarke allènded a meeting wlh Ihe Arthbishop ol Canterbury and repr8$enlatives of the Alliance organisalions Once again we had the opportunity lo expre55 some of our very 5erityJs eoncerns 8tKJuI the Prayers of Love and Faith. and the bishops, prop05815 to irnplemeni them. Lee's sw81 media commtrtls on the meeting stirrad up rnedia inleresl. because the Archbishop had asked attendees il he should ￿sIgn and and Ros had both indicoied that he should. By Ihe lime Ih81 General Synod mel irt November. Il was clear Ihal some of th• bi$hops wanted lo push furihor ahead than the plans outlined In October. apparenlly against tho legal advice which had been received by the House of Bi$hops. Once again Ih? debate was long 3n¢J complex. wilh everyvole finely balancod. The final. amented rnolion committed the bishop5 to continuing progres5 in Impl¢mèntsng Ihe Prayers of Love and Failh, bolh os prayers to be used within a normal service and as slandalone seNices of blessing. This was carried by a majority of just IOUT voles In the House ol Loity. All three houses were much c105er than th?y had b¢•n in February. Throughout the year, the Network ol Rewtslisation Ministries INORMI has grown. wlh bimonthly wabinars and olher networking. The meeting in November was opened to those in non-wlalisalign work, lo heaf a report from Synod and 18CUSS the implicat￿)n5 On the blog, we published a counler lo the daim that evangelicals a￿ espousirvJ a doctrine olwoths with respect lo s3me- 58x r81alionship5 an¢J an encouragemenl lo keep cont8ndirwJ. The Sl Ant￿lIn Lecture on samè-sex love in the Puritan world (published on our YouTube channel and website) was a fascinating demonstration Ihal Ih15 15 not 3 new Issue. Our lalesl Church Society book ¢8mo oul In November. Under Chnsl's Ordèrs. In which the distinrl roltrs of bishops, presbyler5, deacon5 and lay people a￿ set out In Decernber, we launched the 8¢)oks For Christmas partnership with Equipping Pastors Wod¢*4ide, to send Church So(aety resources to pa$tors afid others in the majority worfd. To continue encouraging solid schdarship in all thèse areas. Church Society also finano311y supported tho$E studwng and writin9 Thg Dean Wace Scholarship is de519ned lo be awarded to evangelicals within the Church of England who ara seekiry funding for m8sl8rs and doclcKal level courses IMPhil. Thm. MTh. Dmin. PhD etcl in theology and re1ate¢ disciplines Ichur¢h h15tory. bibliG81 ctsunselling. elcl. The Bishop R￿e Bursary is for ministers seeking funding for specifi writing projects. sabbaliGql training pw5als. and such like. a$ well as ordinands seeking an addilional year ol study below rnast8rs level. Church Society also makes 8nnu81 Mary Vere Grants towards Ihe cost of wornen training for non-ordained ministry in the Church of England. People can partner in gur work by praying wlh us. donabng fInan￿allY. and by becoming a member. A church can join us by becoming a Partner Church. Ir) such uncertain and difficult ts'mes. it 15 more irnportanl than ever to express our gospel partnership with those who a￿ near u5 and those who a￿ far away We h)pe that the fèllowship that is Church Society will continue lo equip people to be part of this. Finan¢Sal Revlew The assets un(Jer the cc*¢trol of th¢ Sooety fall into two broad calegores.. those used directly in facilitating the woth of the Society ilsell. ar￿ those trat a￿ administered by the Sooety for the benefit of others (managed fundsl- There are th￿e funds which relate directly lo th8 Society's own work. The General fund. Ythich is unrestricted and the General Endowfflent Fund and Dean Wace Memorial Endowment Fund. Church Society Trustees, and directors, report For the year ended 31 December 2023 Within unrestriGlgd Income, donations increased 17% to £126.822 during 2023 and Jegacies by £34.140. ExpenLliture also incfeaseé. bul by 13% compared to 2022. Thrs was mainly due io strong levels of inflation impacting costs and an expansion of Church Society s activities. Overall, the result was a net income of £5.102. In addition, there was a £32.700 gain on investrnent5 an¢J after taking account of gross transfers and a small loss on revaluabon ol fixed assets for own use, this resulted In a nel positive movement of lunds of £50.663. The year 2023 has been a mor¢ posib.ve market lor inv&slmen¢s than Ihal noted in 2022, although there Vfds a mix ol gains and losses within the portfolio. As a result, the rnajtsnly olthe listed investsnenls have increased in value over thè year, but a decrease was noted In thè fixed ass6ts lor charity's own use. Restnct¢d funds had a nel loss 01 £5,132 on investments and the endowment lunds noted a net gain of £49.672. Orn 12 December 2023. Church Sociely became the Trusiée of the S¢r Edgai Stroud Plurnmar Charitable Trust (charity number 12033651 Th¥ Twst's purpose Is lo provide incorne to ￿nefit lh• Daily Prayer Union Trust Limited. On 13 December ils funds of E1,619.959 wtre trar151erred to the Church Society and held wlhin its bank account al year end, waitsng on Investment, which occurTe(I the n8W y8af. Therelore. al y6arend. a Signifi￿nI C￿￿1￿r was notgd of £1,619,959, Al 31 December 2023 the total re$grves undèr Ihe conlrcl of the charity were £3,385.982. or these r¢seNes. £1,826,113 are held as endowment funds and £1,099,339 as reslncted funds and are therefore not available for the genèral purposes of the chanly. £3,239.877 of the lotsl reserves arè held in tangible fixed assets or fixed 8ssel Investments. The remaining genaral reserves of E460.530 are wlhin the 51algd F4Jli¢y of suffiaent reserves lo cover operaiions lor th￿ years ahead. Managed Fundi Most ofthe managed funds am subsidrdry chanties forwhich the Coun¢il o¢1s as fnJstees lor somelime$ asioint Trustees). In each case a trust deed or schem? sets thè parameters ￿thIn ￿sch the fund is lo b¢ u$ed. A brief d¢s¢ription ol each can be fovnd on page 20 01 Ihe aecounls. Several fund5 consist solely ol freèhold properties including churches. houses or halls. Because many of these arts l¢n9-Standing funds. Issues have Irom tsmts 10 limè ansen in relation Iherelo as to Iheif prO￿r applicatson and the Sociely has teen undart8king a gradual programme of clan￿.ng the precise natura ol each The Council has no aulhorilylo expand pern￿nen1 end0￿￿ent1unds but is under an obllgalion to make 8ttempts to expend the incorne from those Iru51s. Ther¢lorè, the endowment ￿SerVeS a￿ invested, where appropriale, in order lo provicle incopre lo fullil Ihe relevant lunds, pu￿$$5. Tht investment portlolio 15 regularty reviewed by Ihe Finance Committee. Other fun¢J3 contain ¢apilal Ihat the Council c8Th spenLI should they $0 chooso. In most case5 the dteision h85 been rnade not lo spend ca￿181 unless there 1$ a pr8ssIFYJ reason to do so. Wherever ¢apilal is speni Council musl act within Ihe terms ol the Trust. In many inslan¢e5 the Iru51S were established wth very clear lemis as to how Ihoy should be used. The CDuncil Is very aware of the need to honour thi5 in making grants or paymenls loday. The same principa15 are used for lh8 Incomt Irom tho lunds. Where the Restricted Fund5 ha¥• a signrficant level of assets thèse may be I￿￿51&d to provide Income to be applied In Increasing cash ￿Se￿e5 for futurè use and cash reserves that are actively used each ye8r in line with the ￿levant fund5. purpjses. Where the assets of a ￿51Th¢ted fund are lass significant these are monilorecj unless and until Ihe cash reserves art suffiuènt to make the application thereof f985iblè. The adminislralion ofthese funds can bt a significant burden. in p8rticu1arwhere the twst deed has theological reslriclions, which have lo be assessed, and where properties a￿ in¥olve(J A list of the 9rant5 made from lunds can be found on page 14. In line with common practice the Society charges an adminisiralion fee again51 rn3naged funds which Is thè lesser ol 1.5% gn the balance ol Invested funijs al the ¥lart of thè Ye￿ or 50% 01 Ihe income ol Ihe lund. Thg Financè Committee continued lo monitor the Inveslmènt siluation during Ihe course of the yèar. with funds invested rnainly with Ruffer LLP and CCLA Investment Man8gemgnt Limiied. The Finance Committee keeps under review the balance be￿een such investments and Investmen¢ in property, seeking al all time to maintain 8 proper balance. Financial deasions a￿ the responsibility of the Counril bulthe Finance Committee. which indudes expenence in a range oifinancial areas, advises Ihèm In this. Statement on risks The Iruslees confim that they have givèn eonsTderat￿ to Ihe major risk$ to which the charity is exposed and that System$ ave been designed and established to rnibgaie those nsks The trv5*5 consider thèt the pnnupal Thsk farin9 thg Swety is a reduction in the income of the Society in the form of membership subscriptions. and donats.ons and other giwThJ. This is soughl lo be a¢Ydressed by a regular review of thè number ol members and subscription leve15 and the level of donalions, and by various Initiatives designeé lo attract new members and to ercourage 9iwng to Ihg Soclely. and the holdin9 01 si9nificant re5eNes to cover deficiencies In any year. Another significant risk 15 thai of the loss of key personnel and staff. This is sought to be add￿ssed by seeking to ensu that suitably comrnitted and rnolivated personnel and staff are ernployed. Ihat they are sufficiently supported in their roles. and that we have systems in place to ￿¢￿il new slaff in Ihe evenl of departu￿$ or resignatlOll5. Church Society Trustees, and directors, report For the year ended 31 December 2023 Statement of trustees'lflirectors. respon8ibilitiè$ The Iruslees (who are also the directors of Church Souety lor the purposes of company lawl ar¢ responsible for preparing the Trustees, Report (incorporating Ihe directors. reportl and the financial statements in accordanc8 Wlth applicable law and Unilee Kingdom Accounting Slandar(Js. induding Financsal Reporting stsndard 102.. The Financial Reporting Standard appli¢ablè In Ihe UK and Rèpublic ol Ireland (United lthng¢J(yn Generally A￿epted A¢¢ounting Practice). Company law requires the trustee5 to prepare finan￿al 5taternents lor each finanoal year. which giv8 a true and fair view of the stale of affairs of the Ghantable ¢ompany and ol the incoming ￿$oUr￿$ and application of ￿sourCes, including the income and expenditure, ol the Charitat￿¢ ￿rnPany lor that penod. In preparing those financial statements. the twstee8 arè requi￿￿ lo select 5Uitable aeeounling and then appty thern consistenuy., observe the rnèlhe*Ys and pnnciples in Ihe Chanties SORP.. make judgements and estlrnalgs that are r¢asonable and prudent: stale whether applicable UK Accounting Standard5 have bo•n Wlowed. subject to any rnatèrfal departu￿8 disGlo¥e4 and èxplainod in the finanaal statements.. and prepare the financi31 Statements on the going ￿Cern basis unless il is inappropriatè lo presume that Ihg charitable company will conlinue in busines$. The trustees are responsible for keeping adequate accounts.ng records that are suffiwnt to show and explain the charilabl company's transactions and disclose wth rea50n8ble a¢wracy al any lime the financial position of the charitable company antj enable them lo ensure that Ihe financial slalemenls comply with the Companies Act 2006 They ats also responsible lor $8foguarding Itt¢ assets of the chantsb4e company and hence for tsking rg850nat%¢ steps lor the prevenlign and detection of fraytJ and other Irregulantits. S¢at•m•nt as to dlsclo•ure ol Informotlon to •uditorn So lar as the Irusl•es are aware, there is no relevanl Inlormation las defined by SgGlion 418 01 the Compani95 Act 20061 of which the ¢haritBb4e cornp8ny'5 auditors arè unaware. and each Irustee has tsken all the sleps thal they ought to have taken as a Iruslee in order lo makè th*m #war• ol any oudrt inf0miat1￿ and to estab14$h th81 th• chantable company'$ auditors are aware of that inforrnalion. Auditors Jacob, Cav¥n89h and Skeel hav& expressed their wllingness to continue a¥ audityrs •nd a rnsolLrtion proposing their w. appointment will bè wl lo the forthcoming annual general rn¢¢￿￿9. These financial 51atgments am wepaffjd in occoNlance the spec¥al provision$ Of Part IS of the Cornp8ni¢s A¢t 2006, relating lo small entilies. Approved by the Trustees 141051101 and signed on Iheir behalf by Andre￿ TfJJll6r Rev¢ A P J Towner Trustee Church Society Independent auditor's report to the members on the audited financial statements of Church Society Oplnlon We have audited the financial Statements ol Church Sooety (the 'charity'l for the year ended 31 Oecember 2023 which ¢ompris6 the Statement ol Financial Activitie5. th& Balance Sheet and the notes to the financial 51alements, Including a summary ol significant accounting poliaès. The financial reporting framework that has been applied in their preparab.on is applicable law and United Ktngdom Accounting Standards, Including Finan¢ial Reporting Standard 102 The Finan￿￿1 Roportiry Slandaftl applicabl8 in th& UK and Republic of Ireland (United TrQ'ngdom Genefally Accepted Accounting Practs"cel- In o¢Jr opinion the financial statements.. give a true and fair view of Ihe st8te of Ihe ¢haritable company's affairs as at 31 December 2023 and ol its incoming resour¢es and application of resources lor the year then ended., have been property prepared In a¢cor(lance wth Uniled Kingdorn Generally Accepted A¢￿UntIng Practice., and have been prepared in ac￿rdanCe wilh the requirements of the Compani8s Act 2006. 8?•1# lor opinlon We conducted our auairman ryany No 213142 li Church Society Notes to the financial statements For the year ended 31 December 2023 Accountlng poli¢l•• The following accounting pdicies arg con5iderert material in relatK)n to the charitsble company'5 financial statements. 1.1 kcounllng convention The financial st8ternenl$ have been prep8re(l under Iht Companies Act 2006 and in accordance with Aecouniing and Reporting by Charities. Stalemenl of Recommended Prauice applicable to charities preparing their accounts in accordance wilh Ihe Financial Reporting Standard applicable In ltte UK and Republic of Ireland IFRS 1021- (Charitiès SORP IFRS10211 and Finanaal Repo￿ng Standard 102 IFRS 1021. The financial slaiements are drawn up on Iho historical cost basis of acGwnting. as modified by tha revaluation of inv951rnènl properties and other inveslrnents. acc￿￿1$ a￿ all prepar8d in slef1ing. rounded to the naaresl pound. SORP Updatè Bulletin I has been applied in regards lo the exemption of A cash fiow s¢3lern¢nt. Church Sooety meels Ihe definition of a public benefil entity undèr FRS 102. It is a company limited by guaranteè, incorporated in England with registered orricx at Hilltr Business E51al8, 132 Sl Albans Road. Watford, WD24 4AE. The trustees consider Ihat Ih8re are no material uncertainbas atthit the Sory¢ly $ ability to conts'nue a¥ a goin9 ¢oneam. 1.2 Clas•lllcallon of fund$ Perrn8nènl endowments represenl those funds there Ihe cspital is required lo be retain8d but the incorng from those fund5 can be spent lor the b8nefii ol Church Society or olhèrs subject in certain cases to spgcifi restrictions wnlaintd In the orwJin81 endwmèni. Reslricled fun(Js repr85ent the accumulated ineomè ol managed funds whosts use is restricled to speclfic purpo$¢s 8tcording to the lerrns on which the funds We￿ receiv¢d. The unreslri¢¢ed fund represent6 Incon￿ whieh may be spent gen¢rally for furthering th8 religtous and ¢haritable work of Church S¢¢ièty. 1.3 Depre¢lJ¢l•n of tsnglbl• a••et• Freehold properties 8ro reC￿ded al valL¢e and all otr*r tangible assets arg rocorded a¢ cost lass tyaprecialion and any Impairment. Dep￿cIall0n is prgWEted on all langible assèts. except f￿hold property, 81 annual rale5 caleulated to write off the cost. less e$ts'm3led resi¢Jual value. ol each ass81 ov•r lis expecled us¢ful Iilè. as follows.. Fixtures. fittings anrj equiprngnl.. 33% on a slraighl ling basis No deprerialion 1$ prowded on frethold properties. It is ihe policy ol the Sooely to maintain these al least to their current standard aThl to charge Ihe Slaternent of Financial Activslie5 the cost ol mainlenance as incurred. The useful economic lives and residual values a￿ ￿VIewed at Ihe end of each year. 1.4 Investm•nts Inveslrnents are included at lair value 8t th8 balanca sheet date. Rea1ised gains and losse5 on investments are calcvlated as the d￿erence bet*een sal8s proceeds and market value al the slart of the year. or subsequent rnsl. and are charged or creéiled to the Statement ol financial activities In Iha year ol (Jisposal. Unrealised gains and losses represenl the rYY)vemenl in market valve durin9 the year and a￿ char9ed or credited to the statement ol financial actiwtres based on the market value at the year end. 12 Church Society Notes to the financial statements For the year ended 31 December 2023 1.5 Investm•nt Proportles Investrnent properties aro induded at the tnJstees estimale of fair value at the balance sheet date. R¢alised gains and losses on inveslmenl pTr￿rties are calculated as the difference be￿een sales proceed and m8rk81 value at the start ol the year. or subsequent cost, and a￿ charged or credited lo the slalemenl of financial activities in the year ol éisposal. Unrealis¢d gains and losses repfe5enl ts movwnant in marke¢ value during tha year and are charged or credited to thg statement of finanoal adivil*¥ based on th& mathet value at the year end. 1.8 Stock• Stocks are valued al the I0￿r ol ￿st and nel realisabl8 value. Provi*on is made for obsolete. slow-rnoving or effective stock Whe￿ appropriate. 1.7 D?btors Prepayment5 are in¢luded at the amounl prepatd and dobttys afe induded al lh8 8elUemènt amount due. 1.8 Ca$h ai bank and In hand Cash al bank and In hand Indudes cash and short lern hvjhly liquid investments ¥wth 8 short rnalurfty of three monihs or less Irom the date of opènin9 of the deposit. 1.9 Creditors and provi$lon• Creditors and provis10ns are recognised %there Ihe ¢h8nty h89 a present obligation rèsullSng from a past event that will probably result in Iht transfer ol funds to a Ihird p8rty 8rnd Ihe amount due to settle Ihè ob11galion can tse measured or eslimaieé reliably. C￿dItOrS and PTow$ion$ are norn￿1]Y recognised at Iheir selllemenl arnounl aller allowing lor any Iradt discounts due. 1.10 Fln8nelal In8trument• The charity only ha5 financial assets and lia￿.1111es ol a kind Ihai qualfy os basic fin8n¢181 Instruments. B8SiC financiol inslnJmenl8 are initially r•cLwJnised 81 transaction valu¢ and subsequenvy mea$ur¢d at their selllernenl ¥8luè. 1.11 In¢gme Donations and legacies ar& accounted for once the ¢harily has Ontiiiement to the Incomg. this Is when Il Is probable the Income wll te T￿*1¥*d and the 8irKJiJnl of irKom* T￿1vabl6 e8n be ￿liablY m?a5urgd. Inveslmenl Incorne Dividends. interesl and ￿nI&l Inco￿ a￿ rec4J9nised gross whfrn the chanty has glltitlement to the inconw. Chorltoble actfvlties 4ndother tr•dlng •ctivities Income from these sourre$ is ￿COgnised when Ihe charity has entitlement lo the income. 11 subscriptions 8 received in advance of Ihe period to which they relate they are deferre8nt Gloucester Mariners Church In•lMnable- pOfmanent•nd￿mni Penrhyn Hall Wallhamstow d Hill Hall 16 Church Soclety Notes to the finaneial statements For the year ended 31 Dèeèmbèr 2023 9 F&xe¥ asset investments Inv•stm•nl Proporths Llsled Invesfmpnts Tolal Cost or valuati¢)n Valu8lion 811 January 2023 Addiknons Di5posal$ Rovalu8bon Market valuab'on al 31 De¢*mb 1.381.147 1.250.511 2.631,658 13,200 13.200 1201,4431 1201.4431 48,252 70.483 1,108,520 2,513.898 24,231 1,405,378 Hhtwlc cost 1,007.868 900,059 1.907.927 Cornrnerty•l Road, Paddock Wood h8¢J a fornal *olu8tion by Ibb&tt Mosoly Cb8rtered SU￿*yo￿ on 31 December 2018 for £25,000. Thè remaining Investynenl properbes all have a value based on a pro165510nal v¥lu•tion obiain8d through lettsng 8genls 4$ y131 Dècèmbèr 2023. Listed Investments ai8 inveslmfrnts pl•¢¢d with Ruff8r LLP and CCLA kn¥e¥trneDIM•no98mentLimited. 10 Stocki 2023 2022 Putylicalion¥ Ivr r0681• 6,725 9.098 11 D•blor* 2023 2022 Piepayrnents Oih6f deblers 7,444 66,984 14 428 6.870 17.941 24,811 12 Ci•dllor•.' •rnount% lllllng du• wllhln y••r 2023 2022 Tradè ¢tydI￿rs Oeferred Income Accruals 0tr81 Cre¢Jitoii Mortgag• Ilabllity 691 2.332 28.345 1,e19.959 3,580 1,928 32,867 3,997 42,372 1,651.327 13 cr•I￿Or¥. amount• lolllno du• •ft•r mor• than Orn y••r MDrtgage 1iabil.ty Dué wilhin 1 2 years Du* within 2- S year5 Due In More Ihan 5 y•or¥ 2L723 2022 4.203 13.954 181.433 199.590 The mortgage liabilitywa$ pai¢ off in Instsllmenls dL¢ring Iht year Church Society Notes to the f inancial statements For the year ended 31 Decgrnber 2023 14 AlyMrn•rt w Ethrn•rt •l•rrA Y l•rK• 31 *lrtrty•lU•d￿ L*wTrbeY 2023 Tr•n5ffeffi P•rrn•r•rt •nthywm•rt Irchingiw Cony*es¢¢ni B¢n¢lit Fthj Bnohlon EfftT•nuoI Do8Th Wace 72.013 293.049 940.$81 362.11• 5.4)8 12.M2 77,451 309,811 937,767 372,2$0 1.000 Fun 9,842 aloucg¥tpr L•orrdnwon Sp*. c*riSie￿j￿h 6& 5,6S2 1,000 1,000 W4*hHtt4t(rt¥, Penthyn Trys1 1,740,637 )I,oeo Lwdhlbowè Evlfft9eiiC* ¢)wch, GI¢￿?11•r WArin•l* trWI Sl kndr￿. Wntierr•i 2.J67 24.959 204 12.1YI 2.571 22.825 25.0 P•d¢wk Wgo¢ p￿￿￿￿•1 CbJr¢h ￿1 Trwl .398 1.7%.963 28,150 1.821.113 B•l•n¢• JI r•v•lwii•n 2012 E A gèyncn FunQ Ir¢hiryl4n ConvAths¢•ni 8•r•ftt Fur Bnghton Ertm•nuOI 171. 00.241 3l•.Q82 1.1)27.J70 1165,LWI 112.9061 18.2341 72.olj 298.849 940.501 362.41 1.000 85.771 186.7891 Generni Fund 0￿￿¢￿¥t¢r MBnnèT• L•anngt¢n Spv. Il*tcrfbo. Sl Fwib Pwiih ¢J¢ WvtthWY*tow. P•nthyn Tlusl 2.418 19.7071 212.211 {197.4181 I,WQ 1.740,6J7 1.194.)78 Exp*rthtl• L(qfvltsLMffe Ev•ry*ii¢•i thufEh. Pknchesler Gl4ucesièi ￿lin￿rI Sl An¢ryYn. fvknnts•Nat s191ttorf thapi*incy 2.750 23.$66 2.367 24.959 25.000 I,wo 50,328 PèdQCCk Wood QwTcn Tntsi ReciE•lion Grywr 55.324 1.002 1152.7391 1,798,953 Church Society Notes lo the finaneial statements For the year ¢nd•d 31 December 2023 Athi* 1>0. Fu 8Kchwffjion Con¥*5CWt Fu 51.9T8 2.070 117.J81 134 7091 7.4 3.001 4.¢62 15.f*J3 (6.5601 GIDurHlw FL 213 (9491 S.929 ry Vqty Fu P•#dock Vlood Twt F￿r 147W ftY￿ E¢cw￿llcal Ch4rfy 29.622 8.150 12.wl 27.fy)7 9,D35 1.205 240 I•Kh•Y•twt. Sl Jcth FL 5.597 1.101.12S 1791 116,7TQI 5Z2 79.411 1>7.OJO) ZQZI rIv•J￿￿￿ I1•¢￿•￿ 2022 C*d Iré Fw 49. 117.8031 14Q,951! 076.4 761 10.5211 T￿1 IF 1 14.404 87 2D,020 c•it•r Gkw¢vil*r PAxid•ru Fur4 5gD. tr*i*¢¢w¢h Fund 7.4 17.4W ry V•T• 12 $6J 10) F¥nd 166.8JO 27.gti 2.1 341 127.IWI 11.2511 o.o)J 2R.8?2 h￿ThI&￿1. Tr￿1 rw Si Jth F￿d 1901 6.19) 1 101 959 149.7101 IY 1741 Jl L*•mOV 2•13 724.128 I,W.)g7 725.979 2.513.490 116.105 JS2.49• IC4.114 1.06).1)y JO.JJT NTrt CUTr•DI Lwg 7•rnLKifAhlh•i 4e•.s 1.•20.113 J.MS.•J2 225.231 SY 225 i.X9.W 149.163 2.631.65B 134.124 15Y.5WI 3.315.655 l.W4.931 .891 cutront T7.3k• 1199.5 409.067 1.108.125 Church Society Notes to the financial statements For the year ended 31 December 2023 17. Purpose of lunds Amalgamated Orclination 8nd Trainin9 Fund To Bssist with and pr01T￿le the e(Jucalional and training needs of those persons who are, or a￿ training to become. ministers In the estsblished Church of England w￿) sUbS￿b9 to the cOnSe￿alIve, evangeliral traditsCrtI. E A Beynon Fund FL¥ th& general wwses of Ihe N8tK)nal Church L88gu& which in 1950 merged with Church Association to become Church Society. On 31sI December 2022 U)e balance of the fund h8$ bèen tr8n$ferred lo General Funds in line with the purpose of the fund. Birchinglon Btnèfil Fund Convalescent To make gr8nis lo enable poor children and in cjefaull ol po¢r Child￿n other pox lo obloin conva1escenl tr8alnwnt after illness. 8righlon, Emmanuel Church To maintsin ChriS￿.an 8nd missionary work on Scriptural Protestsnl and Evangeli￿1 5inès so far as praciicable in th¢ Brighlon and HO￿ ore3 and subject therato elsewhere. To provide 18n¢J and buihlings for Churth SocS6ty and incomo for Ihg Sooely's general pyrp056S. Dean Wacg Mamorial Fund Dus581dort Chaplaincy To pay for the ex￿￿$eS ol Christ Church, Duss81dort In relation lo btsth the upkeep of buildings and ¢he employrnenl of stall. For the purposes of Church Soryety General Fund Glou¢¢ster Mariners Re$hl•nce To provide a resid•nce for Ihe chaplain of the Mariner's Chapel or lo provK1e for the 9¢neral work of th¢ Manners Chap¢l. For the ovgmènlalion of Ihe $tspand of the In¢umbenl ol St Mark's. Leamington Spa. so long as th¥ doclnne and worship In the pari$ of St Mark's are ¢¥angelical in character. Ltramington Spa. Christ Church Maidstone. St Farth Parish Roorn Subjed 10 the app)intmeni ol a vicar wlhin 10 ye8rs ol thè sale of Ile Parish Room ané lo such vicar maintaining and carying on a prolestanl reformed Ira¢Jilion. lo provide funds for the Church and 01he￿iSe for the gener81 purposes of Church Society On 31•1 December 2022 Ihe ba1an¢e of the fund has beèn transferred 1¢ General Funds inlinè wlh the purpose of the fund. Mary Vere Fund Its aim Is to assist and promote tho education818n*J tr8Sning needs of women who are In, or a￿ Ir8iniry for. nOn￿rda1ned ministry In Ihe estsblished Church of England who subscribt to the ¢onservAts"v&. evangelical traditi.on. Padd¢xk Wood Church Hall Tw51 Parocthial To provide fun¢Ys for evangelical purposes in or in connection with the parish ol Sl. AndreWs Padd¢xk Wrmjd. Ryde Ecelesiastical Charity To lurthef the religiws and other charitable work of the Church of England in Ihe Eedesiasbcal Parish ol Ryde. Walthamstow. Penrhyn Hall Trust To pennit the Penfhyn Hall to be used under the direction and control of the vicar of Sl. Jghn's Walthamstryw so long as it is use sistenuy wth evangelical principles. 20 Church Society Notes to the financial statements For the year ended 31 December 2023 Wallhamslow. St John To supwrt any work wthin the parish of St. John's Wallham5tow, either being part of church activilies or in support of chantie5 operating wlhin the parish. Freehol¢Js held on behalf of Churth¢$ or other charitie5. Lightbowne Evangelical Church. Manchester. Gloucester M8riners Hall. Hollabury Mission Hall Poughill. Comwall, Sl Andrews, ontseFTat, Old Hill Hall. St Calharine's Recreatian Ground. Wigan. 18. Pgnslon Sch•mes Church Society partithpates in h¥0 pension schemes adminislored by the Churth ol Englan¢J Pen3i9rn5 8oar(J, which holds the a$￿t$ ol the schern& s•paralely frorn Ihos¢ ol Church s￿l￿ty artd other participating ernployer8. lal Thg Church Work•rs P•nslon Fund ICWPFI Chureh Society partiCi￿leS in the Pension Buihjer Schen* s¢ctson of CWPF lor lay staff. CWPF is a¢mini51ered by the Church of Englan(J Pensions Board. ￿lch hold$ th¢ CWPF assets 8OP8rately Ircffi tho¥¢ of Ihg Employer and the Other pa￿Cipating employèrg. CWPF ha$ two sections. The Defin¢d Benefits Schemtr 2. The Penjign 8uilder Scheme. which has ￿ subsections". A delefred annuity section krtown as Pension Buildèr Classic, and. b. A cash balanu secknon kno*n a¥ PenSK￿ 8uikler 2014. Penslon 8ulld8r Sehem• Both sections of the Pènsior 8uil¢Jer S¢htme are dassed ￿ dafined benefit $¢hemos. Penslon Build•r Cl•ssic prov￿8$ a pension. accumulated from Contributi￿3 p8id and converted into deferred annuity during ernpioymeni based on tèrns sel and wièw*d by the Church ol England Pensions Board Irorn tsmg 10 lime. Discrebonary Inueases may also be added, dèpending on invèstment returns and ¢lher factors. Penslon Bulld•r 2014 is a cash balance scherne that prow¢Jes 8 5ump sum which members use to prOv￿de benefits at retirement. Pension wntributions are rècorded in an a¢eount lor each m?mbèr. Discrelionary bonusès may be added before reliremenl, depending on inveslrnent ￿lUMS and other factors. The account. plys any bonuses de¢lar•d. Is payabl?. unreduced. from 65. There i¥ no sub4iw5ion of assets behveen empwrs in eac* section of the Pensioft 8uild8r Scheme. Tha scheme 1$ ¢¢nsidere¢ lo be a mulli-employer stheme as dexribed in Section 28 of FRS 102. This is be￿use it is I￿¢ possible lo attribule th¢ Pension Build$r Scheme's assels an¢J liabililie5 to specific employer$ And means Ihal coninbutions are accounted for a5 rf the Scheme were a defined contribution schgrne. The pen510ns costs charged to the SOFA in Ihè year are conlnbutions payable12023." £2,265. 2022.. £2,086>. A valuation ol tbe Pension Builder Schemg 15 carried out once every three years. The mosl recent valuation was carried out as at 31 Decernber 2019. For the Pension 8uilder Classi¢ s¢ction. Ibe valuation revealed a defKIt of £4.8m on the ongoing assumptions Used. Al the m05t re￿￿t annual review effective 1 January 2024. the Board ch058 lo grant a discretionary bonus of 6.7% to both pensions not yet In paywenl and pensions In payment in ￿SpeCt of service prior lo April 1997.. and a bonus on pensions In payment in respect of post Apnl 2006 seNi¢e so that Ihe pension increase was 5 /0 (where usually it would be calculated based on inflatson up to 2.5Yol This followed improvem8nts in the funding posilion over 2023. There is no requirement lor defiot payrnenls at the currenl tirne. For the Pension Builder 2014 sectiori. the 2019 valuation revealed 8 surplus of £5.Sm on the ongoing assumptions used. There is no reouirernenl for defiol payment5 at the curr8nt tiwe. The next valwtion dalè Is due 31 Decembef 2022_ Calculat￿n$ a￿ under way. 21 Church Society Notes to the financial statements For the year ended 31 December 2023 The legal Structu￿ of scheme is that il another ernpltsyer fails. Church Sw"ety could become responsiblè lor paying a share of the faile(l employerfs liabilits'es. Ibl Th• Church of England Funded Pension Scheme ICEFPSI Church S¢xiely part&rypal85 in the Church of England F¢Jnded Pgn5ions Scheme for stipèndiary clergy, defined benefit pension schem8. This scheme is administered by the Churth ol England Pen510ns Board, which holds the assets ol the schemes separatèly from those ol the Responsible Bodie5. Each participating Responsib18 8¢4Jy In the Church ol England Funded Pensions Scheme pays conlnbutions at comrnon contribution rale applied 10 pen￿na￿e stipgnd$. The sctterne is considered lo be a multi-8mployer scheme as described in Section 28 of FRS 102. 1t 15 flot P0551ble lo attribute Ihe Scheme's asset5 and Iiabililies to speryfi¢ Responsible Body, and this mean conlributsons are ac¢ounled for 35 if the Scheme were a define¢J conlribulion scheme. The pensions costs harged 10 the SOFA in the year are contributions payable lowards benefits and exp8nso5 a¢erued in that year which were £7.051 in 2023 12022. £8.2661. plus any figures arising from conlnbulion5 in res￿¢1 of Ihe Scherne's deficit (see below) The 2021 ¥alualion showed Ihe scherne lo bg fully funded and as su¢h In 2023. following the yaluaiion results being agr88t1. the tjefiry'l conlnbutions paid We￿ £012022". £1.0001. A valuation of th¢ Sehame is canied ¢)nc• •very three year5. Th• rfKtsI recenl S¢homè valuation compl?led was carried out at 83 31 December 2021. The 2021 valuation Tevealèd a surplus of £560m, based on assets ¢f £2,720m and a funding tar9el of £2.160m. a55es$ed using the lollo￿n9 8ssumpb'ons'. An average ¢Jiscounl r81e 012.7% p. RPI inflation of 3.6% p.a. land pen5i0n in¢rn8ses conwstenl with this),. CPIH inflation In line wlh RPI 18$9 0.8% p￿ 2030 movin9 to RPI with no •djustrnent from 2030 onwards", Increase in pernsion8ble slipend$ in linè with CPIH.. Mortalily in accordance Ydlh 90% of th¢ S3NA lables, with alhywance for imprmments In mortality rates from 2013 inline wilh the CM12020 extended moLlel wth a long-term annual r81è 01 improvement 011.5%. a smwlhing pafamèier 017. an initsal addilion lo mortality improvements of 0.5019 pa and an 811cwrfanc6 lor 2020 d818 of 0% li.e. w2020- 0%) Following finalisalion of 31 Oecember 2021 Valuat￿n, deficil wi¢ributions cknased wth gffetl from 1 January 2023, $in¢è the Scheme was lully lun¢Jed. The deficit recovgry eontnbut￿S under Ihe recovery pfan in ft>ro al each 31 Decem￿r were as lollow¥.' % of pensionable sti￿ndS 7.1% pay.able from January 202110 Decembor 2022 31 De¢emb8r 2021 31 December 2022 310ecember 2023 An interirn rodu￿10n to ¢JefiTrt conlributions to 3.2% of Wnsiona￿e stipends was made with effgct from April 2022, and ￿Mained in place untsl Decern￿r 2022. For senior office holders. pensionaNe sb"pends ¥djusted in the calvJlations by a mults'plt. as sel out in the Scheme's rules. Section 28.11A of FRS 102 wu1￿$ agreed defiol recovery paymvnts lo be recognised as 8 li8bility. However, as there are no agreed deficit recovery paymenis from l January 2023 onwards. the balance sheet liability as 8t 31 Decernber 2022 is nil. The movement In the b8b8nce Sheet 5iability over 2022 and over 2023 Is sel out in the table be1DW Church Society Notes to the financial statements For the year ended 31 December 2023 2023 2022 Balance sheet lia￿'l1ty at 1 January 2.000 Deficit contributs.on paid Inte￿st c05t Irecognised in SOFA) Remaining change lo the balance sheet liability. {rewnised in SOFA) 11,0001 11,0001 Balance sheet liability at 31 De￿rnber Comprises change in agr99<1 dèfiut recovery plan. and chan98 in discount rate and assumptions belween yearonijs. This liabilily represenls the prè5enl value of the defiol conlribulions agreed as al the accounting date and has been valued using the followng assumpiions. No assumpt￿n$ are needeLI for D￿ernber 2022 as lttere are no agreed deficit recovery payment5 goin9 forward. No pnce Inftalion assumption was needed lor De¢ern￿r 2021 Sincè pensionable stipends for the remainder of the recov¢ry plan wère already known. r)•¢•mb•r 2023 D•¢•mbgr 2022 0¥¢ember 2021 Discount rate Price inflation Increase lo tolal ￿n3￿￿blO ￿yr￿1 nla nJ¥ oJ• nl# O.OYo Pa nl8 -1.5% pa The I￿al structure ol ltte scheme is such that if anolher R¢$ptsnsiblè Body fails, Church Sociely could becorne re5ponsib1e lor paying a shao of Ihal Responsible Body s pension liabilities. Icl NEST P•nslon S¢h•rn• Church Society participates in a defrned conlribulw $¢41omè run by NEST. The pensions cosls charged to the SOFA in th• yèar arn £2.64112022." £1.4911. 19. Capltal commltmonts and eontlng•nt Il•bllltle• The charitable company had no mateiial capital Commitn￿nts or continggnt liabilititis at 31 Oecember 2023, 12022.. £nill. 20. Luekl•y4J•kfièld School Trust The CounTrl of Church Soei6ty apwnts the Truslees of the LucAl￿-oakfiè1d Sd)ool Trust. which owns a school near Wokingham In the event ol th• Tfust being *rJund up Ihe assets wvèrt to Church Society for educational purposes. 21. Ryle, St James The Counal of Church Sociely apwnt5 Ihree of the five trustee5 of the Ryde. Sl Jam8s Trust. The Trust owns the Church and a house in Ryde. Isle of Wighl whid) are held tty Church Society on th8ir beh81f. 22. Hollabury Mission Hall Trust The Council of Church Soaety appoints three of the fve INstees of the Hollabury Mission Hall Trust. The Trust owns the Hdlabury Mi5sw Hall, Poughill, Bude. which is held by Chyrth Society on their behalf. 23 Church Society Notes to the financial statements For the year ended 31 December 2023 23. Black Chapel Chureh Society is the sde Injstee of Black Chapel Ichanty nurnter 2626671. Consolidated accounts have not been prepared as the cgmbined Income ol all the chanlies under the control of Churth Society Is below the threshold at which group accounls are required. At the end ol the finanoal year Black Ctt8pel had reserves ol £743.089 Ils income was £19.400 and expendrture É9.746 results.ng in a surtyus of £9.654. 24. Sir Ed9or Stroud Plummer Charitabl• Trnst Church Society became the sol? Int51e8 of tht Sir E*Jgar SlrcKJd Plummer Charitsble Trusl (charity number 12033651 on 12 Decemter 2023 Its purpose is lo pmvide income to benefit the Daily Pr8yer Union Tru$l Limited (charity number." 2848571. Consolidated ar￿untS have not been prepared as the combined income of 11 the chanties undèr tha control of Church Society is below the threshold al which group accounts are quired. At the end of the finanoal ￿al. Sir Ed9ar Slroud Plvrnmer Ch8ritablg Trusl had reserves ol £1,619,959. which a￿ noied In Church Sw'ely's ¢￿ditorS a5 the cash was hel¢J in Church Society's bank account al year end INgte 121. Its income and expendilure frorn the 12 Oecember to 31 December 2023 was 24