REGISTERED COMPANY NUMBER: 00083122 (England and Wale51 REGISTERED CHARITY NUMBEA: 504682 REPORT OF THE TRusfEES AND FINANCIAL STATEMENTS REVIEWED by INDEPENDEPU EXAMINATION FOR THE YEAR ENDED 31ST DECEMBER 2020 FOR THE INCORPORATED LEEDS CHURCH ExfENSION SOCIETY ¥AACRSE49" 1010912Q1 COMPANIES HOUSE A16
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Thomas Coombs Limited Chartered Accountants 3365 The Pentagon Century Way Thorpe Park Leeds West yorkshire LSIS 8ZB
THE INCORPORATED LEEDS CHURCH EXTENSION SOCIETY CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDE031ST DECEMBER 2020 Page Reference and Administrative Dètails Ito2 Report of the TrustÈes 3to6 Independeni Examiner's Report Statement of Financial Aciivitie5 Balance Sheet 9tolO Notes to the Financial Statement5 iito20 Oetailed Statement of Financial ActNities 21
THE INCORPORATED LEEOS CHURCH EXTENSION SOCIETY REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31ST DECEM8ER 2020 TRUSTEES The Rerfd Canon S. J. C Corley The Rerfd Canon R. E. Hayes The Re¢d P. Arnold Theven P. N. Ayers Mr R. J. Bulterfield Mrs 8. Pearson Mrs J. Read Ms C. M. Smith Mrs A. Smith Mr F. N. Willetts Mr B. Kinsey Mr O. Y. Dredge Retired 7, July 2020 Retired 10 March 2020 Retired IO, March 2020 CHAIR The Re¢d Canon S. J. C Corley PRESIDENT The Rector of Leeds IRerfd Canon S. J. C. Corley) TREASURER Mr D. Y. Dredge COMPANY SECRETARY Mr R. J. Butterfield ELEE0 MEMBERS The Ven P. N. Ayers Mrs J. Read Mrs A Smith The Rerfd Canon R E Hayes Mr B Kinsev Mr F N Willetts Due to retire 2022 Due tts retire 2022 Due io retire 2022 Due to fetire 2023 Oue to retire 2023 Due to retire 2021 PATRON The Bishop of Leeds (The Rt Rev'd Nick Bainesl Page I
THE INCORPORATED LEEDS CHURCH EKfENSION SOCIETY REFERENCE AND ADMINISTRATIVE DETAILS FOR THEYEAR ENDED 31ST DECEMBER 2020 REGISTERED OFFICE Leeds Min51Èr. KifkBate, Leed5, LS2 7DJ REGISTERED COMPANY NUMBER CfQ83122 IEngLHnd and Wale51 REGISTERED CHARtTY NUMBER 504682 INDEPENDENT EXAMINER Christopher Dan¥in FCA Thomas Coombs ts'mited Chartered Accountants 3365 The Pènta8on Centtsry Wav Thorpe Park Lee(Is West Yorkshire LSIS 8ZB 50LICITORS wriglS Solicitors LLP 19 Cookrdige Street Leeds LS12 3AG PRINCIPAL 8ANKERS CAF Bank Ltd 25 Kings Hill Avenue King5 Hill West Malling Kent ME19 4QJ INVESTMENT MANAGERS CCLA Senator House. 85 Queen Wi¢toria St, London, EC4V 4Er Page 2
THE INCORPORATED LEEDS CHURCH EXTENSION SOCIErY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2020 The Trvstees. who are also directors of the tharity for the purposes of the Companies Act 2006, present their report with the f5nancial statements of the charity for the year ended 315t December 2019. The trustees have adoptÈd the provisions of Accounting and Reporting by Charities.. Statement of Recommended Prauice applicable to charities preparing their a¢¢ounts in accordance with the Financial Reportin8 Standard applitable in ihe UK and Republic of Ireland IFRS 1021 leffertive l January 20151. OBJECTIVES AND ACTIVITIES Objectlves and aims The main objects of the Society are to aid further and extend the work of the Church of England in the Archdeaconry of Leeds, namely to help provide or obtain rhe finance for mission halls and new parish thurche5 and vicarages. assist with the stipend5 of both cler8y and layworkers. and help maintain and re-order churches and church halls- in addition grants are made to chvrch community and similar outreach activities within the Archdeaconry of Leeds. Slgnlflcant activltle5 All applications are carefully examined to ensure they fall withsn the objects of the Society. In considering applications for grant aid from parishes and oiher Anglican bodies, the Committee seeks to achieve a balance between the need5 of each applicant. the resources and expected fund raising of each applicant. and thelunds cvrrentlyavailable within the Society. Applicants ore requsred to Bive full information to enable the Society to allocate the income available for grant aid in as fatr and helpful a way as possible. The capital of the trust peftainin8 to The Leed5 UnNer5ities Anglican Chaplaincy Fund Iformerly the Leeds Emmanuel Institute Fund) arises from the sale of Emmanuel Institute and is held primarilyto complete the re-or¢Jering of Emmanuel Church and any further work of a capiial nature needed to assist the work of Anglican chaplains within the two universities. The incorne from the remainin8 capital is applred in accordance wilh the terms of the tTUSt, namely the support of Anglican Ministry based on Emmanud Chaplaincy nIfe. Public benefit In accordance with their duties pursuant to Section 4 Charities Att 26. Ihe Tfusiees have considered the Chariiws objects and attivities in the light of the Chartty Commission's general guidance on publ benefit -Charrties and Public Benefit". In relation to the first limb of the public benefit test set out in the guidance. the objects are defined in the Mernorandum of Assouation and the Trustees are Satisfied that each of these is of benefit to the public. In latiOn to thè second lirnb of the test, the Trustees efisure thal the public at large benefjt frorn the activities of the Charity and that there 15 no private benefit, incidental or olherwise. The Trustees regularly keep the activities of the Charity under review. to ensure that they are of 5uffioent benefit to the public. ANNUAL REVIEW Tru5tees' Report The past year will be remembered as one to forget. a5 churches have grappled with rhe multiple challenges presented by the Covd-19 epidemic_ Cycles of lockdown and reopenin& only to lockdown again have made plannin8 all but irnpossible. Nevertheless. church life has continued. with adaptations to enable more limited acts of worship to continue onsitè, community service and support activity for thosè in need and new manifèstations ol chur¢h by virtual mean5. Given all these challenges. it is perhaps surprising that so much building work and so many new sthemès have been taken forward. Redyced church vse has clearly provided opportunities. with time to plan capital investments and to carry out intrusive building work withoui interfering with the normal pattem5 of worship and community activily. Page 3
THE INCORPORATED LEEDS CHURCH EXTENSION SOCIErY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2020 TT115tees' Report Icont'dl Two lar8escale pro1t$ that were supported by LCES and are of Breat stfaie8ic importance for the church, were completed over this period. St Pauls Ireland Wood has a lon8 associaiion with LCES. havin8 been built with our support. Now home to a church planting project io grow the church in this part of Leeds. Ihe comprehensive refuibishment pro8ramme has rnade this buildin8 fit for the purposes of today and will help lo ènable the church to fulfil its mission and ietonnect with the local community. Holy Trinity Boar Lanè 3150 received LCES fundin& and like St Pauls, this complementèd 518nificant investment frorn the Church of England's Strategic Development Fund. Work on thts Grade l Listed Building in the tentre of Leeds began in May 2020, with the closure of adjacent Shops and bar5 enablin8 scaffoldinB works and stone repairs to be carried out without any disruption to busine55. The building ha5 been tFan5formed inside and out, and we look forward to the launch of a new weekday ministry to young professional people working in the city centre in 2021. A furrher five 8rants were awarded durin8 the year. Aside from the work of distributing grants, the Leeds Church Extension Society has continued to make progress in rationalising our arian8ements fof banking and investment management. thanks io the focused work of our Treasurer. The Society is now equipped to run its affarfs by iniernet banking which will help to sireamline making grant awards in future. More significantly. was the consolidation of our investments with the CCLA Investment Group, Ltsin@ the CBF Church of England Invesiment Fund. This is the culmination of several yearfs work to understand our holdings and ihe associaied covenants. and to manage the transfer despite rhe disruption io financial markets this year. The new investment funds are also ethically mana8ed, in line the Church of England's Ethical Investment Advisory Group's policies. There have been changes to the 8oard of Trustees durin8 the year and we thank oul-going truslees the Reverend Phil Arnold, Mrs Beity Pearson and Ms Carol Srnith for their 5ervice_ After a year of challenge and change for churthes as they have responded to Covid-19. we can expect some long- term adjustments in the ways that they operate and seek to fulfil their mission. The Leèds Church Extènsion Sotiety can certainly expect future bids to be informed by Ihis experience of churches and we will be ready to support therri. Richard J. 8utterfield Icompany Secretary) FINANCIAL REVIEW Frnancial position The society reports a deficit of income over expenditure for the year ended 31° December 2020 in the sum of £16,391. 12019.. £212.489 deficit). Grants totalling £62,400 were awarded during the year. A £40.0 grant Itechnically a release of fund51 made io All Souls 81ackman Lane was drawn down from accumulated restricted income 8enerated by investments of the C & R. E. March bequest. Investment income fell against the previous year. and the vaSve of investments held was reduced by £151.797. reflectine the impact of the Covid 19 pandemic on stock mafkets across the world. When Ihis is taken into account, the net iedu¢tion in funds over rhe year amounied to £168.188. Investment policy and objectlves The InvestrnÈnt Strategy of the Society was feviewed during the year in the light of concerns about.. The ethical credentials of the existing portfolio. Deficiencies in its management and the arrangements in place with external financial advisors. Page 3
THE INCORPOAATED LEEDS CHURCH EENSIoN SOCIETY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2020 FINANCIAL REVIEW Iconl'dl Less than helpful relatiorb5hip5 With investment institutio, The potential liability and lack of indernnily of Trustees in the making of ifivestment decisions, A desire to increase the efficiency and effectiveness of the Society in the light of its developing ministry and rnission. The emerging needs ol the church in Leeds resultinB from of Diocesan initiatives and re-organisation. This review fesulted in a decision to move the So¢ieVs portfolio to an ethical irtvestment vehicle under the 0i5crelionary Management of CCLA. Accordin8ly, the institutions were asked to redeem the Society's holdings in September 2020. For the m05t parL this wa5 achieved with only rninor problems, but the holding in the Charities Property Fund wa5 not finally redeemed until after the ye3r-end. In fairness. the impact of the pandemic can be cited s reasons for this delay. Redemption of the 31 group 5hare5 15 ongoing because the list of authorised signatories is out of date and the re8lStrar (Equinitil requires additional documentatron to accept the update. The opportunity to consolidate the investments separately as Endowment Funds and Disbursable Funds was taken wilh income being collected into a third income generating deposit account. 8ank account ratlonaNsatlon This was held up because of the late redemption of the CPF investments. CPF income was paid into fund-specific bank account5 and these were held open until such time a5 ihi5 was no lon8er the case. A5 a consequence of the delay. the cash at bank figure shows a deficit on ihe General Funds account because monies held in investments were in the wrong pla¢e. Bank accoLFnts ale no longer spe¢ific io individual funds because Fund accounting is carried out within the ccounling software Once Ihe CPF monies have been rinvested and CAF bank accounts reduced to one. this discrepancy will self-correct. Income will be drawn down from thè CCLA distribution account following each meeting of the comrnittee in order to fund grants made at that rneetin8. A balance to cover day-to-day expenses will be held with CAF Bank. Reseryes policy The capital tunds of the Society are the result of the giving and endowment of parishes and individuals since the formation of ihe Society in 1864. especially by those whose names are associated with Specific trusts. The Society relies on the incomefrom the investment Of these endowmentsas the majorsource of fvnds with which to assistcurrent and future applications for grant aid. The in¢orne of the March and Pitts trusts are restricte(J to rt81Th parishes. Most of the a¢¢umulated March Trust incorne has been disbursed in thÈ lorm of grants to three of the benÈficiary churches over the last couple of years. Only a Small amount of income Ès therefore available from the investment of the capital. The current policy conmIng legaoes is that ihose under £IO.O(J are. unless thÈ terms are to the contrary, regarded as available for the general purposes of the Society in the year of receipi. Le8a¢ie5 Of £lO.OC(i and over are, unless the terrns are to the contrary. iegarded as capital, and invested as sud). Land and Buildings During the year. Ihe process of transferring the land and buildings owned or held by the Souety as Custodlan Trustee to the Oiocesan Board of Finance was beEun. These wefe not valued in the accounts but the committee believe that thè market value wa5 $18nificanlly in excess of the carrying Value bul in the absence of a current value, this could not be quantified. srRUCTURE, GOVERNANCE AND MANAGEMENT Governlftg document The Incorporated Leeds Church Extension Society (The Societyl is a company. lirniled by guarantee. being incorporated on 41h January 1905 and a5 such, its governing docvment is the Mernorandurn and Articles ofAssociation. Page 5
THE INCORPORATED LEEDS CHURCH EXTENSION SOCIETY REPORTOFTHE TRUSTEES FOR THE YEAR ENDED31ST O£CEMBER 2020 STRucfuRE, GOVERNANCE AND MANAGEMENT {conVdl Charity constitution The Society was intorporated interolio to take over the assets and liabilities of thè former vnincorporated societies of the same namè. originally formed in 1864. Subjert to the Memorandum and Articles of Association. the Societys affairs are conducted in accordance wilh the guidèlines and Standing Orders adopted on 27th March 2012. amended 4th November 2014. As the Company is a tompany limiied by guarantee no shares are in issue and accordingly. there are no share interests to be disclosed. Appointment and Re¢rultment of New frullees New Cornmittee members are recruited on ihe personal recomfflendal40n of existing mernber5 and who have agreed to serve, are appointed or elected to the Committee. OT8anisational Struciurt The Committeè convenes three times each year in older to consider applications for granis, to consider other matters of trusteeship and io receive reports. including those concernin8 the investments of the Society. The Committee consists ol.. The Officers of the Soriety, namety the PresidÈntlChair. Secretary. Treasurer and any other offices the Committee thinks fit. The officeof Prident/chaIr 15 held exofficio by the Rector of Leeds lassumin8willingness to $0 act). The other officers are appointed by the Committee as needs arise. Not le55 than 9 or mole than 12 elected persons. of whom no more than one third shall be clergv. Persons are normally elected at Annual General Meetings when one third of elected members reiire from office but re eligible for re-election. Casual vacantye5 May be filled by the Committee. The management of the Society's investments is Carried out by the So¢ietV5 officers in accordance with the agreed Investment Strategy. Members of the Management Committee The Members of the rnanagement committee who held office during the year 2020 are listed within the a(Jministrative information pages. The Members of the management committee are also ihe Trustees and Directors of the Society. Key management remuneration There are no additional pefsonnel employed by the Chafitywho act in key managemeni roles other than the Committee of Trustees. The attivities of ihe Charity are overseen by the Committee and managed by the Chair, Secretary and Treasurer. Related parties No person related to any of the trustees supplies. or is paid to suppty. any goods or seThi to the ctr>arity. Approved by order gf the board of trustees on IS Juty 2021 and sned on its behalf by: Richard J. 8uiierfield Isecretaryl Page 6
INDEPENDENT EXAMINER'S REPORTTO THETRUSfEESOF THE IhlCORPOAATED LEEDS CHURCH EXFENSION SOCIETY Independent eMaminer'5 report to the trustees of The Incorporated Leeds Churth Extenslon Soclety I'the CompanVI I report lo the charity trustees on my examination of the accounis of the Company for the year ended 31" December 2020. Responslbllltles and basis of rewt As the charity's trustees of the Company land also its directors for the purposes of company lawl you are responsible for the preparation of the a¢¢ounts in a¢¢ordante with the requirements of the Companies Act 21XJ61'the 2006 Act'l. Having satisfied myself that the accounts of the Company ale not required to be aydited under Part 16 of the 2006 Act and are eligible for incsependent examtnation. I report in respect of my examination of your charity's accounts as cafried out under section 145 of the Charities Act 20111.ihe 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under sertion 14515) Ibl of the 2011 Act. Independent examlner's statemeni I have completed my examination. I tonfirm that no matter5 have come to my attention in connection with the examination giving rne cause to believe that 111 any material respect.. a¢¢ouniing records were not kept Fn respect of the Company as required by section 386 of the 2006 Att.. or the account5 do not accord wilh those records.. or the accounts do not cornply with the accounting requirements of section 396 of the 2(X16 Act other than any requirement that the accounts give a true and fair view which ts not a matter considered as part of an independent examination.. or 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 Reportin8 Standard applb¢able in the UK and Republic of Ireland IFRS 1021 I have no concerns and have come across no other matters in ctsnnection with the examination to which attention should be drawn In this report in order to enable a proper understanding of the accounts to be reathed. Christopher Darwin FCA Thomas Co¢)mbs Lirnited Chartered Accountants 3365 The Pentagon Century Way Thorpe Park Leeds West Yorkshire LS15 8ZB Oaie.. 15, July 2021 Page 7
THE INCORPORATED LEEDS CHURCH EXTENSION SOCIETY STATEMENT OF FINANCIAL ACTivmES FOR THE YEAR ENDED 31 DECEMBER 2020 2020 2019 Endowment Toial funds Total fund5 funds Unrestrirted fund5 Restrirted funds Note5 INCOME ANO ENDOWMENTS FROM Charitable activities Incoming resources from chariiable activities 810 810 400 Investment income 35339 13.441 48,780 63.884 Totsl 36.149 .441 49.590 64.284 EXPENDITURE ON Charitable artivities Support costs Costs incurred on chaiitfs objects 3.266 315 3.581 2.950 21.400 41.IXIO 62,400 273.823 Total 24.666 41.315 65.981 276.773 Net gains/l105sesl on investments 198.932} 114.6941 138.1711 1151.7971 136.846 NET INCOME (87M91 {42.%81 138.1711 1168.188} 175.6431 Transfers beiween fvnds 13 216 12161 Net movement In funds 187,2331 142.7841 138.1711 1168,1881 175.6431 RECONCILIATION OF FUNDS Total funds brought forward 827.926 124.871 659.522 1,612.319 1,687,962 TOTAL FUNDS CARRIED FORWARD 740.693 82.087 621,351 1.444.131 1.612,319 CONTINUING OPERATIONS All income and expenditure has arisen from continuin8 activitie5. The notes form part of these finanoal statements Page 8
THE INCORPORATED LEEDS CHURCH EXTENSION SOCIErY BALANCE SHEET AT 31ST DECEMBER 2020 2020 Endowment Total funds furhd5 2019 Total funds Unrestricted funds Restricted funds Notes FIXED ASSETS Investments li 793.035 592.315 1.385.350 1.633.670 CURRENT ASSETS Oeposits- Board of finanee Cash ai bank 1,730 81.358 9,038 62,693 147.7011 29.036 149,211 1403931 83.088 29,036 71.731 149.211 CREDITORS Amounts fallin8 due within one year Acuuals 12 110.7501 11.2001 11.0001 111.750) 11.20LI) 1169.0481 11.5241 111.9501 11,0001 112.9501 1170,5721 NETCURRENT ASSETSIILIABILITIESI IS2.3431 82.088 29.036 58.781 121.351 TOTAL ASSETS LESS CURRENT LIABILITIES 740.692 82m8 621351 1.444.131 1.612.319 NET ASSETS 740.692 82.088 621.351 1.444.131 1,612,319 FUNDS Unrestricted funds Designated Funds Restricted funds Endowment funds 13 733.814 6A78 82.088 621.351 816.560 11.366 124,871 659,522 TOTAL FUNDS 1.444.131 1.612,319 The note5 form part of these financial slaternents Page 9
THE INCORPORATED LEEDS CHURCH EXTENSION SOCIErY 8AL4NCE SHEET- CONTINUED AT315T DECEMBER 2020 The charirable company is entitled to exemption frlyn audit under Section 477 of the Companies Act 2006 for the year ended 31st Oecember 2020. The members have not required the charitable company to obtain an auditof its financial statements for the yearènded 31st December 2020 in accordan with Section 476 of the Compan5 Aci 2LX)6. The trustee5 acknowledge their responsibilities for lal ensuring that the charitable company keeps accouniing iecor(ts ihat comply with Section5 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the state of affairs of the charitable company as ai the end of each financial year and of it$ surplus or defhcit for each finanual year in èccordance with the lequirements of Sections 394 and 395 and which otherwise complywith the requirernents of the Companies Act 2CK)6 relating to financial statements. 50 far a5 applicable to the charitsble company. Ibl These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relatin8 to small tharitable tompanies. The financial statements were approved by the Board of Trustees on 15 July 2021 and were signed on its behalf bv.. S. J. C. Corley- Chair R. J..8utterfield - Secretary D. Y. Dredge- Treasurer The notes form part of these finanoal statements Page 10
THE INCORPORATED LEEDS CHURCH EENSIoN SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER2020 ACCOUNTSNG POLICIES Basis of preparing the financial statèmènts The financial 51atements of the charitable company, which 15 a public benefit entity under FRS 102. have been prepared in accordance with the Charities SORP IFRS 1021'Accountin8 and Reporting by Charities: Statement of Recornmended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20151.. Financial Reporting Standard 102 The Financial Reportin8 Standard applicable in the UK and Republic of Ire13nd' and the Companies Act 2006. The financial statements have been prepared under the historical cost conventson with the exception of investmenis which are induded at market value. as modified by the revaluation of certain assets. The financial siatements are prepared on a going toncern b8Sis under the historical tost convention, modified to include certain item5 at fair value. The ffinanoal Statements are presented in sterling which is the functional currency of thÈ charity and rounded to thÈ nÈarest £. The si8nificant accounting polioes applied in the preparation of these financial statements are set out below. These policies have been consistentty applied to all years presented unless otherwise stated. Flnanclal reporting standard 102- reduced dlsdosure ememptions The charity has taken advantage of the followin8 disclosure exemption in preparing these financial statements. as permitted by FRS 102 'The Financial Reporiing Standard applicable in the UK and Republic of 5reland': the requirements of Section 7 Statement of Cash Flows. Income Voluntary income Voluntary income is received by way of subscriptions, donations and gifts. legaoes, and ¢ontributions and is uedited 10 the accounts on a receipts basis. All income is indvded gross in the financial statements. Investment Income Bank interest is inclvded in ihe SOFA on receipt_ DNidends and other interest are included in the SOFA account on receipt including any appropriate tax credit. Expenditure Liabilitie5 are Te¢ognised as expenditure as soon as there i% a legal or constructive obligation committing the charity to that expenditure. it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligaiion can be measured reliably. Expenditure is accounted for on an accruals basis and ha5 been classifted under headings that aggregate all cost related to the category. Where costs cannot bedirectty ttributed to partitL¢lar headings they h3vÈ been allocated to 3Ctivities tsn a basis con515tent with the usè of resources. Grants payable ale attounted for when they are awarded. Any grants remaining unclaimed at the year-end are accounted for as creditors. The Chariws grant policy is as disc105ed in the Cornrnittee of Managernerbt Report. All grants are payable tn furtherance of the Chariws objective5. Support Costs Support Costs are those that assist ihe Work of the charity but do not directly represent charitable activitie5 and include office costs and govemance costs. They are incurred directly in support of expenditure on the objects of the charity. The notes form part of these financial statements Page 11
THE INCORPORATEO LEEDS CHURCH EXTENSION SOCIETY NOTES TO THE FINANCIAL STATEMEPtrs- CONTINUED FOR THE YEAR ENDED 315T DECEMBER 2020 ACCOUNTING POUCIES- c¢•fttinued Herltage assets The Society has, in its owneiship, land and buildings. These assets have not been included on the balance sheet since reflecting their nature. le8al and historical past it Is consKlered not pra¢tical or possible to obtain valuations of these a$5ets_ The Sooety holds the following propertie5 that are not valued in the accounts.. General purposes= Parish of Halton. St. Wilfrid: land aéjoining the Chufch Parish of Ireland Wood. St Paul.. land adjoining the Church Parish of Epiphany. Gipton.. land adjoining the Church Custodian trustee.. Parish of Pottemewton. St. Martin= St. Martin's Institute Parish of Roundhay. Sl. Edmund." land adjoining the Church Taxation The chanty is exernpt from corporation tax on its charitable activities. Fund accountinK Unrestricted funds can be used in accordance with the charitable objectNes at the discretion of the tIU5tees. Re5trirted funds are ihose which can only be used for particular resrricted purposes within the object5 of the Charity. These are either those ihai are donaied for Specific purposes or are income generated by endowment funds bound by a restriction to given purposes. Restrictions arise when Specified by the donor or when funds are raised for particular restricte(I purposes. Permanent endowment funds are transactions and other evènts, except investment revaluations. which increase or decrease the amount of permanently endowed fvnds are dealt with in Ihe statement of financial adivities. Further explanation of the nature and purpose of eath fund is induded in ihe notes to the financial statements. Investments Long term investments are classified as fixed assets. Fixed asset inve5tment5 which are listed on a recognised stock exchange are valued at their market value at the year end. Difference5 between market value and original cost are di5dosed in the statement of investment gains and transferred to the balance sheet. Profit and10s5es arising on the disposal of investments are disclosed In the statement of investment gains and transferred to the balance sheet. Any gifted investments are recognised at their rna*t value at the lime of the gift. Credltors payable within one year Creditors with no stated interest rate and payable within one year are recorded at transaction Pfice. Any losses rising from impairment are recogni5ed in expenditure. Status The Society is a company limited by guarantee. formed in 1905 otherwise than for p¥ofit, exempt from the requirement io use the word 'limited' and iegistered as a tharTrty- rhe liability of each mernber is restricted to EOS0 The notes form part of these finanoal starements Page 12
ThE INCORPORATED LEEDS CHURCH EENSIoN SOCIETY NOTES TO THE FINANCIAL STATEMEKfs- C014TINUED FOR THE YEAR ENDED 31ST DECEMBER 2020 INVESfMENT INCOME 2020 2019 Dividends Deposit actount interest 48.774 63,788 106 48.780 63.884 CHARITABLE AcfiviTIES 2020 2019 Parochial contributions 810 400 The toial parochial contributions during the year were as follows: 2020 2019 Barwick, All Saints Bramley. St Peter ènd St Margaret Garforth. St Mary Harehills. St Cyprian Meanwood. Holy Trinity Potternewton. St Martin 50 260 200 200 loo 200 SQ 810 CHARITA8IE ACTIVITIES COSTS Grants awarded Support tosts (See nole 51 Isee note 61 Totals Costs inturred on tharity's objeets Support costs 62,400 62.400 3.581 3,581 6200 3.581 65,981 The note5 form part of these financial statements Page 13
THE INCORPORATED LEEDS CHURCH EXTENSION SOCIETY NOTES TO THE FINANCIAL STATEMENTS- CONfiNUEO FOR THE YEAR ENDED315T DECEM8ER 2020 GRANTS AWARDED The toial grants awarded during the year was as follows= 2020 2019 UnrestrirtÈd Restrirted Funds Funds Total Funds 16,0001 5,650 alton St Wilfrid IGr3nt withdrawn) Swillington sr Mary Leeds Holy Trinitv Leeds Minsier Calverley, St Wilfrid Clergy Slipends Gipton. Epiphany oss Green St Hilda Holbeck St Luke Manston St James the Grèat Ireland Wood St Paul Moortown St Stephen Allerton Bywater All Souls Blackman Lane Roundhay. St Edmund University of Leeds An81ican Chaplaincy upper Armley Christ Churth Woodside St James Wrangthorn, St Augustine 16.0001 5.650 6,0(M) 33.228 s,000 6,000 4.000 6,280 4,750 5.750 75,000 6,000 75.000 5.000 6.000 6.0(Xl 6.000 40.000 46,01)0 6.000 295 3.200 5.000 42.820 21AOO 41.000 62.400 273,823 SUPPORT COST5 Other Support costs 3,581 Support costs. included in the above, are as follows= 2020 Support costs 2019 Support ¢ost5 Honoraria Travel Legal and professional Independent examinerfs fee Independent Èxaminer's fee- prior year over provision Bank charges Portfolio management Other expeftditure 500 1.573 1,200 13181 465 1.200 420 17S 341 3.581 2.950 The note5 forrn part of these financial statements Page 14
TH£ INCORPORATED LEEDS CHURCH EXTENSION SOCIErY NOTES TO THE FINANCIAL STATEMENTS- CONnNUEO FOR THE YEAR ENDED 31ST DECEM8ER2020 INDEPENDENT EXIMINER'S REMUNERATrON The independeni examinpff s remuneration amounts to an independent examination fee of £1.20012019.' £1,200). TRUSTEES, REMUNERATIOhl AND BENEFIT5 The key fflanagement personnel of the tharity comprise the committee (including the chair. the treasurer and the secretary) of The Incorporated Leeds Chu¥¢h Extension Society. The total employee benefit5 of the key management personnel of the Charity were £nil12019.' £5001 Trustees, expenses Committee expenses reimbursed for the year ended 31st December 2020 amounted to £2012019: £1591 were reimbursed to two trustèes12019". two trustees). STAFF COSTS The staff costs for the yeaf ended 31" Dernber 2020 amounted to Enil12019." £nill. The average monthly number of employees during the year was as follows.. 2020 io 2019 12 Trustees No employees received emmentS in excess of £60.0[. The notes form part of these financial staternents Page IS
THE INCORPORATED LEEDS CHURCH EXTENSION SOCIETY NOTES TO THE FINANCIAL S7ATEMENTS- CONTINUED FOR THE YEAR ENDED 31ST DECEMBER 2020 io. PRIOR YEAR COMPARABLE STATEMENTOF FINANCIAL ACTIVmES- 2019 Unre5trided funds Restricted funds Endowment Total fund5 funds INCOME AND ENDOWMENTS FROM Donations and legacies Charitable artivities Incoming resources from charItae activities 400 Investment income Other income 45.019 18.86S 63.884 Total 45.419 18.865 64,284 EXPENDITURE ON Charitable activitie5 Support C05t5 Costs incurred on charity's objects 2.650 154.468 3(h) 119355 2.950 273.823 Total 157.118 119,655 276.773 Net gainslllossesl on investments 73,136 lQ.243 53.467 136.846 NET INCOME 138.5631 190.547) 53.467 175,6431 Transfers between lund5 133,537 1133,5371 Net movement in funds 138.563) 42.990 180,0701 175.6431 RECONCILIATION OF FUNDS Total funds brou8ht forward 866.489 81.881 739.592 1.687,962 TOTAL FUNOS CARRIED FOAWARD 827,926 124,871 659.522 1.612.319 The note5 form part of these financial statement5 Pa8e 16
THE INCORPORATED LEEDS CHURCH EXTENSION SOCIETY NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED315T DECEMBER 2020 ii. FIXEO ASSET INVEsfMENTS Llsted Cash and investments settlements pendin8 Totals MARKET VALUE At 1st January 2020 Additions Disposa15 Revaluations 1.633.670 1.075.144 11.171,6671 1151,7971 1,633,670 1,075.144 11,171,6671 1151,7971 At 31st December 2020 1.385.350 1,385.350 NET BOOK VALVE At 31st December 2020 1385.350 1..385,350 Al 31st Oecernber 2019 1.633.670 1,633.670 At 315t December 2020 one indTvTdual investment fund represented more than 5% Df thè total investment portfolio valuation. This tnvestment totalled 18.73%. Of the rem3inirbB investments. 80.56% is held in a CCLA diversified fund which satisfies the 5% rule. The historical cost at 31st December 2020 is £1,343.73812019: £1,125.2541. 12. CREDITORS.. AMOUNTS FAWNG DUE WITHIN ONE YEAR 2020 2019 Grants awarded bvt not yet claimed Accruals and deferred income 11.750 1,200 169.048 1,524 12,950 170,572 . The note5 form part of these financial statements Page 17
ThE INCORPORATED LEEDS CHURCH EXTENSION SOCIETY NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 315T DECfMBER2020 13. MOVEMENT IN FUNOS Net movèment in funds Transfers between funds At iIV20 At 31112120 Unfestrirted funds General fund Desi8nated fund5- Philip &rnpson Iln¢omÈl 816.$60 11.366 182.9611 14.4881 216 733.815 6,878 827.926 187,4491 216 740.693 Restrirted funds University ol Leeds An8lic3n Chapl3irbCy Mis5 E G Hudson William Hammond Bartholomew Willièrn Pitts Misses C & R E March ITransferl Misses C & R E March IHolbeck Misses C & R E March IAII Souls) Misses C & R E March IWoodhouse} Mi55e5 C & R E March Iwortleyl 42.729 775 15.313 977 5.181 1,222 47.910 1,997 17,917 1,227 250 1.0 {1,0131 160 319 ios 213 6,912 49.7Jl 4,141 4.313 39 148,7541 14,1731 7,111 1,276 73 4,576 124J71 1415681 12161 82.087 Ettdowment funds Univer51ty of Leeds Angl¢¢an Chaplaincy Miss E G Hudson William Hammond 8artholomew William Pitts Philip Simpson Misses C & R E March (Capital) 195.301 41.282 121,374 12,654 249.428 39.483 110,5361 11.1)031 19,214J 62Z {11.8261 16,214) 184,765 40,279 112.160 13,276 237,6OZ 33.269 659.522 {38.171) 621,351 TOTAL FUNOS 1.612.319 1168.1881 1.444,131 Net movement in funds. included in the above are as follows: The notes form part of these finanoal statements Page 19
THE INCORPORATEO LEEOS CHURCH EXTEN510N SOCIETY NOTES TO THE FINANCIAL STATEMENT5- CONTINUED FOR THE YEAR ENDED 31ST DECEM8ER 2020 13. MOVEMENT IN FUNDS Incoming rÈsources Resources expended Gains and Movement in 1055es funds Unrestrirted funds General fund Designated funds - Philip Simpson lincomel 2927 6J22 113.8561 110.8101 198.9321 182,9611 14.4881 36.149 124,666) 198,9321 187.4991 Restrided lunds University of Leeds Anglican Chaplaincy Mi55 E G Hudson William Hammond Bartholomew William Pitts Misse5 C & R E March (Transfer) Misses C & R E March (Holbeckl Misses C & R E March IAII Souls) Misses C & R E March IWoodhou5el Misses C & R E March Iwortleyl 5.241 1,282 5.181 1,222 2,604 250 1.013 39 148.7541 14,1731 50 {1,0601 310 1.073 39 974 140.000} 115) 19,7281 14,9661 50 13.441 141.315} {14,6941 142,5681 Endowment funds University of Leeds Anglican Chaplaincy Miss E G Hudson William Hammond Bartholomew William Pitis Philip Simpson Misses C & R E March Icapitall 110.5361 11.0031 19,2141 622 111.8261 16,2141 110.5361 11,0031 19.2141 622 111,8261 16,2141 138.171) 138.1711 TOTAL FUNDS 49.590 165,9811 1151,7971 1168.1881 The noies form pari of these financial statements Page 19
4¥ THE INCORPORATEO LEEDS CHURCH EXTENSION SOCIETY NOTES TO THE FINANCIAL STATEMENTS- CONTINUEO FOR THÉ YEAR ENDED 31ST DECEM8ER 2020 13. MOVEMENT IN FUNDS- contlnued Endowrnent funds are.. Uni¥ersityof Leeds Angliun Chaplaincy: this 15 a permanent endowment fund to be adrninistered by the Society. Income from capital is to be used for the sllPPOrt of Anglican Ministry based on Emrnanuel Chaplaincy Centre. Miss E G Hudson: this is a permanent endowment fvnd to be used to aU8rnent the stipends of Assistant Clergv Iu5ually through the Diocesan Stipends Fund). William Hammond Bartholomew: this is a permanent endowment fund. income from which may only be disbursèd to p3ri5hes in the old Rural Deanery of Leeds. with a limit of £l.000 foi any scheme. William Pitts- this is a permanent endowment funtl. Ihe income from which is restrKted to thè parishes of Hunslet and Middleion Si. &oss. Phi1Sp Simpson: this is a permanent endowment fund to be used for the 8eneral purposes of the Society. Misses C & R E Marth: this is a permanent endowment fund originally for the 5UPPOrt of Assistant Curates in the parishes ol Camp Road. Holbeck. Woodhouse. and Wortley. The Church Comrnissioners have agreed that funds may be used for wider purposes in the parishes of Leeds. All Souls.. Holbeck. St. Luke.. Woodhouse and Wrangthorn. St. Augustine.. and Wortley41e-Leeds. St. John the Evan8elist. Committee approval is needed to draw on rhe ae¢umulated income allocated to each paiish. 14. ULTIMATE CONTAOLUNG PARTY The Charity is controlled by the Management 8oard with no one individual having vltimate control of the entity. The noies form part of ihese financial statements Page 20