REGlStERED COMPPJ4Y NUMBER: IJOQ83122 IEngEand and Wales} REGISTERED CHARITY NUMBER: 504682 REPORT OF THE TRUSTEES AND FINANCIAL ¥fATEMENTS REVIEWED BY INDEPENDENT EXAMINATION FOR TrIE YEAR ENDED 31sr DECEMBER 2024 FOR THE INCORPORATED LEEDS CHURCH EXIEN510N 50UEIY Thomas Coombs Limited Chartered Atcountants 3365 The Pentago Century Way Thorpe Park Leeds West Yorkshire L515 8ZB
THE INCORPORATED LEEDS CHURCH EENSIoN SOCIErY CONTENTS OF TrIE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 20Z4 Page Reference and AdministTattve DetaiLs Ito2 Report of the Trustee5 3to7 Independent Examiner's Report Statement of Financial Attivrties Balance Sheet Iotoll Noie5 to the Financial Statements 12to21 Detailed Ststement of Financial Activities
THE INCORPORATED LEEDS CHURCH ExfENSION SOCIEr REFERENCE AND ADMINISThATIVE DETAILS FOR THE YEAR ENDED 31ST DECEMBER 2024 TrUSTEES The Ven P. N. Ayer5 Mr R. J. Butterfield Mrsj. Read MrsA. M. Smith Mr F. N. Willetts MrB. Kinsey Mr D. Y. DredRe Mrs S Firth CHAIR Rewd Canon Paul Maybury PRESIDENT The Rertor of Leeds {Rerfd Canon Paul Mayburyl TREASURER Mr D. Y. Dredge CQMPANY SECRrrARY Mr R. J. Butterfield ELECTED MEMBERS The Ven P. N. Ayers Mrs J. Read Mrs A. M. Sfflith Mi B. Kinsey Mr F. N. Willett5 Mrs S Firth Due to retire 2025 Due to retire 2025 Due to retire 2025 Due to retire 2026 Due to retire 2024 Due to retite 2027 PATRON The Bishop of Leeds (The Rt Rerfd Nick Bainesl Page I
THE INCORPORATED LEEDS CHURCH EKfENSION SOCIETY REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31ST DECEMBER 2024 REGISTERED OFHCE Leeds Minster Kifkgate Leeds LS2 7DJ REGISTERED COMPANY NUMBER 00083122 {England and Wales) REGISTERED CIIARifi NUMBER 504682 INDEPENDENT EXAMINER Christopher Datwin FCA Thoma5 Coombs Limited Chartered Accountants 3365 The Pentagon Century Way Thorpe Park Leeds West Yorkshire LS15 8ZB SOLICITORS WTÉ8leys Solicitors LLP 19 Cookridge Street Leeds LS2 3AG PRINapAL BANKERS C4F Bank Ltd 25 Kings Hill Avenue Ings Hill West Malling Kent ME19 4( INVESTME MANAGERS CCLA une Angel Lane London EC4R 3AB Page 2
THE INCORPORATED LEEDS CHURCH EXTENSION SOaErY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024 The Trustees, who are also direttors of the charity for the purpjses of the Companies Art 2006, present their report with the financial statements of the charty for the year ended 31st December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities= Statement of Recommenrjed pfattice applicable to charities preparing their accounts in accordance with the Financial Reporting Strndard applicable ITr the UK and Republic of Ireland {FRS 1021 leffective l January 20151. 08JEcllvES AND ACTIVITIES Objectives ar*d aims The main objects of the Society are to aid further and extend the work of the Church of England in ihc Archdcaconry of Leeds. namely to help provide or obtsin the finance for mission halls and new parish churches and vicarages. assist with the stipends of both clergy aTrd lay workers, and help maintain and rerder churche5 and church halls- in addrtion grants are made to church community and similar outreach activitie5 Within the Archdeaconry of Leeds. Significant attivitie5 All applicatior15 are carefully examined to ensure they fall within the object5 of the &)ciety- In considering application5 for grant aid from parishes and other 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 the funds currentty available wf(hin the Society. Applicants are required to give full information to enable the Society to allocate the income available for grant aicl in as fair and helpful a way as possible. The capiial of the zrusi perteining io The Leeds unlversffies- Anglican Chaplalnry Fund lft)rmerly the Leeds Emrnanuel Institute Fund} arisesfrom the sale of Emmanuel Institute and is held primarily to complete the re-ordering of Emmanuel Church and any frjrther work of a capital nature needed to a55i5t the work of Anglican chaplaÈns within the two universities. The income from the remaining capital is applied in accordance wtth the terms of the trust. namety the 5UPPOrt of Anglican Ministry based on the Emmanuel Chaplaincy Trtre. Public benefrt In accordance with their duties pursuant to Settion 4 Ch3rrties Art 2006. the Trnstees have considered the Charity5 objects and activities in the light of the Charity Commission's general guidance on public benefit °Ch3rities and Public Benefiv. In relation to the first limb of the public beneffttest set out in the guidance. the objects are defined in the Memorandum of Association and the Trustees are satisfied that each of these 15 of benefft to the public. In relation to the second limb of the test, the Trustees ensure that the public at large benefit from the activities of the Charity and that there is no prsvate beneflt. incldental or othervrise. The Tru5tee5 regukrly k¢ep Ihe ac(ivilies of the Charity under review. to ensure that they a of sufficient benefft to the public. ANNUAL REVIEW Trustees, Report Following a qLEiet period with few applications comingforward rn the afterm3th of the Covid pandgmic. the Leeds Church Extension Society has worked to raise tts profile among churche5 in the Leeds Episcopal Area. Thrs work has been led by our Chair Canon Paul Maybury and Archdeacon Paul Ayers. The result has been an InC3$e in approaches for grant support, with a total of 12 grants bein8 awarded during the yeor. These have been varied in character. including tower works. roofing and masonry repairs, stained glass WlndowconseatI0n. the re5urfacingof a drivewayto improve church access and repair5 to a prominent church clocL Page 3
THE INCORPORATED LEEDS CHURCH ENSION soaETY REPORT OF THE TRU5tEES FOR ThE YEAR INDED 31ST DECEMBER 2024 TRUSTEES. REPORT {conVdl We have aEso provided financial sUPPOrt towards the costs of a professional fundraiser at Chri5tthurch Armley. This appointment arose from circumstance5 at the church where the needs were great but the capacity and expertise in the church could not give fundiaising the attentKJn it needed. Having been awarded £6.OOOtowards roofin2 repairs in 2021, but with no further funding having been secured after two years. the church asked if the grant could be repurposed toward3 the costs of appointin8 a fundraiser. This was agreed and the appointment of FCS AsJociatcs to this rolc has dirertly or indirectly led to £129.865 ot external grants being allocated to the church during 2024. The assessment of the vicar of Christchurch sums up the impart that this has made: .1 om very grotefulfor the support of Leeds Church Extension society ond the flexlbiltty ro roke GT risk on afund ra15errorher thunfvr actual WO o chuwch building. It'5 been (J gome chongerfor us., The Reverend Phil Arnold. Thls positlve experien illustrates the flexibilty of LCES'S funds and the willingness of trustee5 to support church sustainability in new and innovative ways. Another positive experience for the trust has been the appointment ol a Church Bukldings Officer in the Leods Diocese in March 2024. Alena-Rose Oouglas is the postholder and has helped to 5UPPOrt the work of thc trLtst by attending Tnjstee meeting5, adding insiEht to our assessment of grant applications and helping to inform our wider discussions. This has helped to give further coherence to our grant giving as we complement many of the funds for churches which are administered bythe dI0se. After biddingfarewell to Frankwillets aftera 30 year-long associated with LCE5, we were pleased to welcome Salty Firth as a new trustee. sally has a wealth of experience. a5 3 qu31thed accountant and trustee of Pusey House. Her recent work as a churchwarden to ftjndraise and manage refurbishment works at Holy Trinity Cookridge. ve her insight into the challenges artd opporttJniti@s for chuTch ronewal and investment in Leeds_ Considerin8 the management of LLÈS resources, progress continues EO be made 10 rationalise and slnwly Dur flnances as we.11 as to dispose of property and funds where LCES ownership add5 little value. We are indebted to David Dredge for his continued work and for the support he has received from Sally Firth and the Diocesan team. Thi5 yeaes budget highlights the high level of support we have made to churches over the past year, but also the pressure5 on our funds that this has created. With high demand for grants. we will work on a clearer sense ot the prioritie5 for our funds in the year ahead. Thi5 will enable us to give further claiTtyto applicants a5 well a5 informin% our own decision-making processes and ftrture direction of travel. Finally, I WOLEld like to thank you to all of our tnjstees. advisors and supporters who enablE this valuable work to take place. Richard J. Butterfield Icompafty Secretary} Page 4
THE INCORPORATED LEEDS CHURCH EKfENSION SOCIErY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024 TRUSTEES. REPORT Iwnyd) FINANCIAL REVIEW Financial poytiort The society reports a deficit of income over expenditure for the year ended 31" December 2024 in the 5urn of [53.262 12023: £23,760 Surplu51. Grants totslling £98,725 were awarded during the year. Investment income was marginally higher than in the previous year and the value of the Charities investments increased by £36.478 .While this recovery in value is to be welcomed. it still leaves the value of investments £17.454 below the 2024 level. At the end of 2024. the Societrfs assets were £16.784 lovler than the previous year due to the granting of additional awards in excess of annual income Investment po14cy and objectives The rnanagement of investments by CCLA corrtinue5 to workwell forthe Society with the assurance of compliance with Anglican ethical investment policy. Fund rationalisation With bankin8 and investment procedure5 simplifted and regulart5ed. the Society 15 now in a position to determine how the multitlsde of Funds were Set up and whether restrictions placed upon them by the Society are still appropriate to its current aims and objectives. Restricted Funds that do not support those aims and objectives will be examined to see whether they might be more efFectively administered by other charities better able to fulfil the rostrictions imposed by their orTrginating instruments. Grant making policy This continues to be evaluated as larger grants are allocated to fewer projects. A further experimental grant to cover the cost to a church of employin8 3 Fundraiser Is being c105ely watched In order to determine whether this may be an effectNe future means of fvjnding larger scale development work otherwise outside the scope of LCES funding capacity- It is clear that continuing to retum a deficit of income over expendsture year on year will result in the Society being unable to function through exhaustion of worthwhile aFnounts of income. Given that tt is able to disburse Erants as it deems appropriate, it remain5 able tQ set Tts own liabilities and therefore remains a going concern. Discussions around this subject will form an agenda item for the TrLAStee5 during 2025. Reserves policy The capital funds of the Society are the result of the gNing and endowment of parishes and individuals since the tormation of the Sociery in 1864. especially by those whose names are associated with spectfic trusts. The society relie5 on the income from the investment of these endowments as the major source of fund5 With which to assist current and future épplications for grant aid. The income of the March and Pitts trusts a restrictedto rtain parishes. Most of the accumulated March Trust income ha5 been disbLtrsed in the lorm of grants to three of the beneticÉary churches over the last couple of years. Only a small amount of income is therefore available from the investment of the capital. The current poltcy concerning legacies is that those under £IO.CXXI are. unless the terms arp to the contrary. regarded a5 available for the general purposes of the Society in the year of receipt. Legacie5 of £10.0 and over are. unless the terrn5 are to the contrary. are currently regarded as capital. and invested as such. Page 5
THE INCORPORATED LEEDS CHURCH ExfENSION SOCIErY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEM6ER 2024 FINANCSAL REVIEW {conYdl Land and Building5 This drawn out process continues to feature as a standing aeenda item but is still on the cusp of resolution at the close of 2024. It is currently awaiting Diocesan 5igft-off which should be achieved early in 2025. The holdtngs were not valued in the accounts but the committee believe that the market value wa5 significantly in excess of the carrying value but in the absence of a current value, this could not be quantified. STRucfuRE. GOVERNANCE AND MANAGEMENT Governing document The Incorporated Leeds Church Extension Society (The Society) is a company, limited by guarantee. being incorporated on 4th January 1905 and as such. its goveming document is the Memorandum and Articles of Association. Charity constitution The Society was incorporated inter oliu to take over the assets and liabKlities of the fonrer unincorporated Societies of tlie sanie name, originally formed in 1864. Subjert to the Memorandurn and Articles of Association, the Sociews affairs are condutted in accordan wtth the guidelines and Standing Orders adopted on 27th March 2012. amended 4th November 2014. A5 the Company 15 a company limited by guarnntee no shares are in issue and accordingly there are no share interests to be disclosed. Appointmcnt and Recruitment ol New Trustees New Committee members are truited on the personal recommendation of existing memtsers and who have agreed to serve, are appointed or eletted to the Committee. Organisational Structure The Committee convenes three times each year in order to consider applications for grants. to consider other matters of trusteeship and to receive report5. Including thosp concerning the investments of the Society. The Committee consists of: The OFficers of the Sooety, namely the Presidentlchair, Secretsry. Treasurer and any other offices the Commtttee thinks frt. Theoffice of Presidenvchair is held exofficio bythe Rettorof Leeds lassuming willingness to so attl. The other afFicers are appointed by the Committee as nds arise. Not le55 than 9 or more than 12 elected persons. of whom no more than one third shall be clergy. Person5 are normally elected at Annual General Meetin£s when one third of elected members retire from office but are eligible for re-election. Casual vacancie5 may be filled by the CommTttee. The management of the Societys investments is carried out by the Society5 officers in accordance with the agreed Investmerit Strategy. Members of the Management Committee The Members of the management commwttee Y4ho held office during the year 2024 are listed within the administrative information pages. The Members of the management committee are also the Trustees and Directors of the Society. Page 6
THE INCORPORATED (EEDS CHURCH EKfENSION soaETY RFPORT OF THE TRusfEES FOR THE YEAR ENDED 31sr DECEMBER 2024 sTrucruRE, GOVERHANCE AND MA14AGEMENYlwnVdl Key manasemenr remuncrution There are no addttitsnal personnel employed b'ithe Charirywho act in key management role5 OLert3ft the Commf(tee of Trustees. The artivitKes of the Charity are overseen ov the CommTitse and managed by the Chatr, Secretary and Treasurer. Related part5 No person related to any of the Ttee$ supolieg. or is paid to supply. an¥ Eoods orservice5 to the charity. Approved by order of the board of trustees on iothjuty 2025 and si8ned on behalf by. Richard J. Butterfteld (Secretary) Page 7
INDEPENDENT EXAMINER'S REPORTTOTHE TRVSfEESOF THE INCORPORATED LEEDS CHURCH EXTENSION SOOErY Independent examinerf5 report to the trustees of The Incorporated Leeds Church Extension SDciety [*he Company'l report to the chaiFty trustees on my examination of the accounts of the Company for the year ended 31" December 2024. Responsibilities and basis of report 8 the charity'5 trustees of the Company (and also its dirertor5 for the purposes of company lawl you are responsible for the preparation of the accounts in accordan wth rhe requirements of the Companies Art 20061'the 2006 Act'l- HavinE Satisfied myself that the atcounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I repon in respea of my exarninarion of youi charity's accounts a5 carried out undor section 145 of the Charities Act 2011 {'thp 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under settion 145151 Ibl of the 2011 Act. Independent examiner's 5totement I have completed my examination. I confirm that no matters have come to my attention in connection wtth the examination giving me cause to believe that in any material respert.. accounting record5 were not kept in respect of the Company as reqLllfed by Section 386 of the 2006 Act,. or the accounts do not accord with those records- or the accounts do not comply with the accounting requirements of sertion 396 of the 2006 Act other than any requirement th3t the accounts gtve a true and fairvi@w which is not a matter considered as part of an independent exatnination- or the accounts have not been prepared in accordance wÈth the methods and principles of the 5tstement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their actount5 in J¢cord3nce with th@ Financial Roporting Standard applicable in the UK and Republic of Ireland IFRS 102}. I have no concerns and have come acros5 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 65 1.he ventagon Century Way Thorpe Park Leeds West Yorkshire LS15 8Z8 Date- IO" July 202i Page 8
THE INCORPORATED LEEDS CHURCH EKtENSION SOCIETY STATEME1 OF FINANCIAL AcnvmES FOR THE YEAR EfiDED 31 DECEM8ER 2024 2024 Total funds 2023 Totsl bJnds Unre5trirted funds Restricted End0ent funds funds Notes INCOME AND ENDOWMENTS FROM Charitable activities Incoming resources from charitable acrivrcie5 400 Investment income 31068 15395 47263 45,282 Total 31918 15395 47313 45,682 EXPENDITURE ON Charitable artivities Support costs Costs incurred on charitys objects IA50 L850 1,922 98,725 20,000 Total loo75 100,575 21,922 Net gains/llossesl on ifivestments 2.062 15.758 36.478 137.050 INCOME](EXPENDITUREI {49,999) 17,457 15.758 116,7841 160,810 TransFer5 between fund5 13 Net movement in funds 149.9991 17N57 15.758 {16.784) 160,810 RECONCIUATIOTrI OF FUND5 Totsl fund5 brought forward 830236 133.101 1,651.781 1.490,971 TOTAI FUNDS CARRIED FORWARD 780,237 150,$58 704202 1.634997 1.651,781 CONTINUING OPERATIONS All income and expenditure ha5 arisen from continuing artivities. The notes fomi part of these financial ststements Page 9
THE INCORPORATED LEEDS CHURCH EKfENSION SQCIEr( BALANCE SHE AT 31ST DECEMBER 2024 2024 Totsl fund5 2023 Total tund5 Unrestritted fund5 Restrirted Endowment fvnds funds Notes FIXED ASSETS Investments li 83351 92,163 704202 1,630216 1,593.737 CURRENT ASSErs Deposf(s- Board of finance Cash at bank (291 57A199 56,791 27291 58.703 56.137 16,409 27599 58395 85?94 72,546 DEBTORS Prepayrnents 27.611 58395 86.006 72.546 CREDrroRS Amounts falling due within one year Accnjals 12 {79.725J 115001 179.n51 (100} 113,0141 11,4881 181225} 1812251 114.5021 (8¥2Z51 (81225) 114.5021 NET CURRENT ASSETS/ILIABILmESI {53.614} 58395 4.781 TOTAL $S[s LESS CURRENT UABIUnES 780.237 150,558 704,Z02 IW.997 1,651,781 NET ASSErs 780237 704202 1,634,997 1,651,781 FUNDS Unrestricted fund5 Restricted fund5 Endowment funds 13 780237 150.558 704.202 830,236 133,101 688,444 TOTAL FUNDS 1.634.997 1,651,781 The note5 form pan of these financial ststements Page 10
The INCQRPQK4TED LEEDS CHUR(H EXTENSION soaErY 8AL4NCE SHEEf- CONTINUED AT 315r DEMSER 2024 The Charitable comp3ny isentktledto exemption from aLrfrt UTxler Secti0Tr477 of the Companie5Act2006 fortheyear ended 31st December 2024. "I he membershavpnDt r?gu%r*d IhecharrtaolptomnyttsOIjtsl an audiioTEtsanatKISknleMentStsrteyEaEetted 315t December 2024in accordan with SectN)n476 of tkECoTnparsiesAtrL 2C#J& Thetsu51eesacknoYiledge theif responsibilities for {al eDSUi inEthat the charitar)le rnpanY keeps acnI[rO recordsthat comptywth Seciions 386 and 387 of the Companies Act 2006 and Ibl Preparing h"napcial siatements which give a true and frdir ¥Of the state of aff2irs of the Charble company 3S at tho ond of oach nnarkttJl yoar and of its gurplug ordofictrfor each financial yoar in >ccord3t)ee wirh thè requirements of Settions 394 afid 395 and whichothe¥vii5e CoMY iYTth the requirements of the CompaniesAci 2W6 relating to financial statements so far#5 applioble to the tharitie cofflpan). These financial 5kteMents have tren prepared in atr(jan uith the 5FW31 probiwn50f Part 15 of the Companies Art 2006 rejztingto 5rnall charÉt3blecompanies. 7hefinancial statement$ve approved the Board of Trustees on iothjuly 202S and i¥ere stgned on its behalf . d Canon Paul Maybury- Chair Richard J. 8utterfield_ Secretsry D3vid Y. Dredge- Treasurer The notss forTn Part of these Financial statements Page 11
THE INCORPORATED LEEDS CHURCH ExfENSION soaEtY NOTES TO THE FINANaAL STATEMENTS FOR THE YEAR ENDED 3r DECEMBER 2024 ACCOUNTING POUCIES Basis of preparing the financial statements The financial statements of the charitable company. which is a publÈc benefit entity under FRS 102, have beeft prepared in accordance with the Charities 50RP (FR5 IOZ)'Accounts"nE and Reporting by Charitie5: 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 IFRS 1021 (eflective l January 20151., Financial Reporting Standard 102 The Financial Reporting standard applicable in the UK and RppublÉc of IfP.land' and thè Companies Act 2006. The financial statements have been prepared underthe historical cost convention with the excepzion of investments which are included at market value. as modttied by the revalu6tion of certain a55ets. The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain ttem5 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 policies have been consistent applied to all years presented unless otherwise stated. Financial reportin8 stsndard 102- reduced disdosure exemptions The charity ha5 taken advantage of the following disclosure exemption in preparing these financial statements. as permtted by FRS 102 Yhe Financial Reporting Standard applicable in the UK and Republic of Ireland,: the requirements of Settion 7 Statement of Cash Flows. Income Voluntary income Voluntsry income is received by way of subscriptions. donations and gfft5, legacies. and contribution5 and is cred¥ted to the accounts on a reipts baSLS. All Income Is Included gross in the financial staiemenrs. Inve#ment intome Bank interest is induded in the SOFA on reipt- DNidend5 and other iTrterest are included in the SOFA account on receipt including any appropriate tax credrL Expenditure Liabiltties are recognised as expenditure as soon as there is a leg31 or constructive obligation committing the harity to that expenditure. it is probable that a transfer of economic benefits will be quIred in settlement and the amount of the obligation can be measured reliably. Expendtture is accounted for on an accruals basis and has been classified under headings thataggregate all c05t related to the category. Where c05t5 cannot be dirertly attributed to particular headings they have been allocated to activitbes OTb a basts consistent with the use of resources. Grants payable are accounted for when they are awarded. Any grants remaining unclaimed at the year-end are accounted for a5 creditors. The Charl5 grant policy is a5 disclosed in the Committee of Management Report. All grants are payable in furtherance ol the Charirfs objertives. Support costs support Costs are those that assist the work of the charity but do not dirertly represent charitable activitie5 and include office costs and governance costs. They are incurred directly In support of expendrture on the objects of the chaflty. The notes for art of these financial statements Pag¢ 12
THE INCORPORATED iEEDS CHURCH EXTENSION SOCIErY NOTES TO THE FINANCIAL 5TATEMENT5- CONTINUED FOR THE YEAR EPIDED 31ST DECEMBER 2024 ACCOUNTING POLICIE5- cvntinued Ileritage a$ts The Society has, ift its ownership. land and buildings. These assets have not been included on the balance sheet Since fIett[ng their nature, legal and hi3tori¢al past tt 13 considered not practical or possible to obtsin valuation) of these assets. Steps have been taken to transferthese assets to the respective parishes butthe legal processes involved have become somewhat protracted. The Society holds the following properties that are notvalued in the acti)unts: General purposes= Parish of Halton. St. Wilfrid= Parish of Ireland Wood, St Paul: Parish of Epiphany. Gipton: land adjoining the Church land adjoining the Church land adjoining the Church Custodian tnJstee= Parish of Potternewton. St. Martin. St. Martin'5 Institute Parish of Roundhay. St. Edrnund= land adjoining the Church Taxation The charity is exempt from corporatÈon tax on its charitsble actNities. Fund accounting Unrestricted funds can be used in accordance with the charitsble objectives at the discretion of the tru5tee5. Re5tritted funds are those which can only be used for particular restricted purposes Wlthin the objects of the charity- These are either those that are donated for specrfic purposes or are income generated by endowment funds bound by a restfirtion to given purposes. Restrtctions arise when Specified by the donor or when funds are raised for particular restrirted purposes. Pemianent endowment funds are transattions and other events, except investment revaluations. which increase or decrease the amount of permanently endowed funds are dealt Wtth in the statement of financial attivities. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Investments Long term investments are classtfied as fixed assets. Fixed asset investments which are listed on a recognised stock exchange are valued at their market value at the year end. DtFferences between market value and original cost are disclosed in the ststement of investment gains and transferred to the balance sheet. Profit and1055es arising on the di5POs81 OF investffEnts a disclosed in the Statement of illvestment gains and transferred to the balance sheet. Any gffted investments are recognised at their market value atthe lime of the gift. Creditor5 payable within one year Creditors with no stated iniere5E raie and payable wirhin one year ale recordeo at trall58CTlon price. Any105se5 rising from impairment are recognised in expenditure. Status The Society is a company limtted by 8uarantee, formed in 1905 otherwise than for profit, exempt from the requirement to Use the word 'lrrnited' and registered as a charty. The liabiltty of each member is restrirted to £0.50. The notes form port of these financial statements Page 13
THE INCORPORATED LEEDS CHURCH EKfEN510N SOCIETY NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED DECEMBER 2024 INVEStMENT INCOME 2024 2023 Dividends Deposit aCCQLFnt interest 44.241 3,022 43,564 1,718 47263 45,282 CHARITABLE AcnvmES 2024 2023 Parochial contributions 400 The totsl parochial contributions duringthe year We as follows: 2024 2023 Barwicl All Saints Swlllington St Mary 200 200 400 CHARITABLE AcrivlEs COSTS Grants award¢d Support Costs Isee note 5} (See note 61 Totals Costs incurred on charty's objects Support cost5 98,725 98,72S IA50 98.725 L850 I.575 The notes form part of these financtal statements Page 14
THE INCORPORATED LEEDS CHURCH EKfENSION SOCIErY NOTE5 To THE FINANCIAL STATEMENTS- COPfflNUED FOR THE YEAR ENDED 31ST DECEMBER 2024 GRANT5 PAID OVER The totsl grants paid over during the year was as follows- 2024 2023 Urirestricted Restricted Funds Funds Total Funds Cookfidge. Hoty Trinity Barwick All Saint5 G3rforth St Mary Cross Green St Hilda Swillington St Mary Woodside 5t James Alwoodley St Barnaba5 Morley St Peter Seacroft St Richard Leeds Minster All Souls Blackman Lane Calverley St Wilfrid io,or ioM)o io.i#Jo io,r io,cKJo 10,000 ioM)o 10,000 20.0(10 ID.OOIJ 20,000 15,1 9.725 9,725 10.000 iO,tJ)O 98.725 20.00(XJ SUPPORT cosrs Other Support cost5 Support costs. included in the above. are as ft)IIov- 2024 Support costs 2023 Support cost5 Web h05ting 2nd Domain Independent examinerfs fÈe Independent examinerfs fee- prior year under provision Bank charges 218 236 1.350 276 60 72 IA50 1,922 The notes fomi part of these financial statements Page 15
THE INCORPORATED LEEDS CHURCH EKfENSION SOCIETY NOTES TO THE FINANaAL STATEMENTS- coffflNUED FOR THE YEAR ENDED 315[ DECEMBER ZOZ4 INDEPENDENT EXAMINER'5 REMUNERATION Tho indopondent È.xaminè.rfg rpmiJnpratinn xmt)iJnts to an independènt examination fee of £1.572 {2023= £1.6261. TRUSTEES. REMUNERATION AND BENEFITS The key management personnel of the charity comprise the committee (including the Chair. the Treasurer and the secretary) of I he Incorporated Leeds Church Extension S(xiety- The total employee benettts ot the key management personnel of the Charity were £nil12023= £nill TrusteÈs' expenses Committee expenses reimbursed for the year ended 31st December 2024 amounted to Enil12023: £231 were reimbursed to no trustees12023= one tru5tee)- srAFF COSTS The staff costs fi)r the year ended 31 December 2024 amounted to £nil12023: £nill. The average monthly number of employees during the year wa5 as follows: 2024 2023 Trustees No employee5 received ernoluments in excess of £60.IJ)O. The notes form part of these financial statements Page 16
THE INCORPORATED LEEDS CHURCH ExfENSION soaETY NOTES TO THE FINANCIAL STATEMEfiTS- coffflNUED FOR THE YEAR ENDED 31ST DECEMBER 2024 io. PRIOR YEAR COMPARABLE STATEMENT OF HNANCIAL AcfMTIES- 2023 Restritted funds Endowment funds Total funds fi>nds INCOME AND ENDOWMEKrs FROM Donations ar¢d legacies Charitsble attivtties Incoming resources from chafitable activities Investment income Other income 30,525 14.757 45.282 Total 30,925 14.757 45,682 EXPENDITURE ON Charitable actFvities Support costs Costs incurred on chartty's objects 22 20,IXM) 1,922 20JKHJ Total 21922 21,922 Net gainslllossesl on investments 70.IIX) 7,748 59202 137,050 NET INCOME 79,102 22.505 59.202 1603 Transfers between fund5 1161 16 Net movement in funds 79.087 2Z521 59202 I6010 RECONCILIATION OF FUNDS Total funds brought forward 7SI,149 110580 629242 IN90.971 TOTAL FUNDS CARRIED FORWARD 830.236 3.101 L651.781 The notes fomi part of these financial 5tsternents Page 17
THE INCORPORATED LEEDS CHURCH ExfENSION SOCIErY NOTES TO THE FINANaAL STATEMENTS- CONTINUED FOR Th£ YEAR ENDED 31sr DECEMBER 2024 ii. FIXED ASSET INVESTMENT5 Listed inve5t¥tnts MAR VALUE At Istjanuary 2024 Additions Disposals Revaluations 1593.737 36A79 At 315t December 2024 1.630216 NET BOOK VALUE At 31st December 2024 1.630,216 At 31st December 2023 1,593.737 At 31st December 2024 no individual investment fund represented more thèn 5% 0 the totsl investment portfolio valuation. The historical cost at 315t December 2024 is £1,343,73812023= £1,343,738). CREDITORS: AMouNfs FAWNG DUE wrrHIN ONE YEAR 2024 2023 Grants awarded but notyet cL4imed Other creditors Accruals and deferred income 79.725 13.000 14 1,488 81225 14.502 The notes form part of these financial statements Page 18
THE INCORPORATED LEEDS CHURCH ExfENSION 50cirrY NOTES TO THE FINANCIAL STATEmENT5-cONuED FOR THE YtAR tNDeD 315Y DECEMBtR 2024 13. MOVEMENT IN FUNDS Net movement sn funds Transfer5 between nds At yI/z4 At 31112124 Unrestricted funds General fund Designated funds- Philip Simpson Ilncomel 830.236 149.999) 780,?.a7 149.999) 780.237 Re5tritted funds University of leeds Anglican Chaplaincy Mi55 E G Hud50n William I lammond Oartholomew William Pitts Misse5 C & R E March IHolbeckl Misses C & R E March IAII Souls) Misses C & R E March Iwoodhouse) Misses C & R E March Iwortleyl 74.089 624Z 31,620 227 9257 9.152 83.241 7.725 36.529 3,149 9,963 522 183 6.116 6.579 3,100 17A58 150,558 Endowment funds University of Leeds Anglican Chaplaincy Miss E G Hudso William Hammnd B3rtholomew William Pitt5 Philip Simpson Misses C & R E March (Capital) 4,681 209.181 44.970 126,816 15,050 270.471 37.714 123.978 14,713 264.419 36Tr0 337 6x152 15.758 704202 TOTAL FUNDS 1.651.780 {16.783) L634.997 Net movernent in funds, included in the at)ove are 35 follow5= The notes form part of these financial statements Page 19
THE INCORPORATED LEEDS CHURCH EXTENSION soaEr NOTES TO THE FINANCIALSTATEMENTS- CONTINUED FOR THE YEAR ENDED 31ST DECEMBER 20Z4 MOVEMENT IN FUNDS lftcorning resouros Re50urce5 Èxpended Gains and Movement in losses funds Unrestricted lunds General fund Designated funds- Philip Simp50n {inComl 31,918 IIIXlS75) 18,658 {49,9991 31.918 (1110.575) 18,658 (49,9991 Re5trirted fund5 University af Leeds Anglican Chaplaincy Miss E G Hudson William Hammond Bartholomew William Pitts Mi55es C & R E March IHolbeckl Misses i & K March IAII soulsl Misses C & R E March IWoodhouse} Mi55e5 C & R E March Iwortleyl 1,192 9,152 IA35 4.443 496 4,909 522 706 183 26 179 527 145 a50 15.396 262 17.458 Endowment funds University of Leeds Ang]Ècan Chaplaincy Miss E G Hudson Wtlliam Hammond Barthotomew William Pitts Philip Simpson Misgp.% C % R F Marth (Capital) 4.681 17.586 3.781 10.661 1.265 22,738 3.171 337 6,052 15.758 59.202 TOTAL FUNDS 47,314 11(Xl,575} 36N78 {16,783} The notes form part of these firtancial statements Page 20
THE INCORPORATED LEED5 CHURCH ExfENSION soarTY NOTE5 TO THE FINANCIAL 5TATEMENT5- COTr¥llNUED FOR THE YEAR ENDÉD 31ST DECEMBER 2024 13. MOVEMENT IN FUNDS- continued Endowment funds are= University of Leeds Angllcan Chaplaincy: this is a permanent endoivmentfund to be adminisrered bythe Society. Income from capFtal is to be used for the support of Anglican Ministry based on Emmanuel Chaplaincy Centre. Miss E G Hudson: this is a permanent end1ment fijnd to be used to augrnent the stipends of Assistant Clergy (usually through the Diocesan Stipends Fundl- William Hammond Bartholomew: this is a pernianent endowment fund, income from which may only be disbursed to parishes in the old Rur41 Deanery of Leeds, wtth a limit of £1.{ for any scheme. William Pitts: this 15 a pefmartent endowment hjnd. the income from which is restricted to the parishes of Hunslet and Middletoft St_ Cross_ Philip Simpwn: this is a pemanent Endowffnt fund to be used for the general purposes of the 5(Kiety. Misses C & R E Marth: this is a pem)anent endowmentfund originallyfof the support o Assistant Curates In the parishes of Camp Road. Holbeck. Woodhouse, and Wortley. The Church Commissioners have agreed that funds may be used for wider purposes in the parishe5 of Leeds. All Sou15- Holbecl St. LtJke- Woodhouse 3nd Wrangthom. 5t. Augu5tine-, and Wortley4e-Leeds. St. John the Evangelist. Committee approwal is needed to draw on the accumulated income allocated to each parish. 14. ULTIMATE coi¥llioLUNG PARTY The Charity is controlled bythe Management Board with no one individual havlng ultimate control of the entty. The notes form part of these financial ststements Page21
THE INCORPORATED LEEDS CHURCH EXTENSION soaEIY DETAILED STATEMENT OF FINANCIAL AcnvmES FOR THE YEAR ENDED 31ST DECEMBER 2024 Z024 2023 Investment income Oividgnds Depostl account interest 44,240 3.023 43.564 1.718 47.26¥ 45.282 tharitable artivities Parochial contributions Total incoming resources 47,313 45.682 EXPENDrruRE Charitsble activities Grants awarded 98.n5 20,000 98.725 20,000 Support costs Web hostingand Domain Independent examinerfs fee Independent examinerfs fee: prior year under provision Bank charges 2L8 236 1,350 276 60 IA50 1.922 Total resources expended l(Xl,575 21.922 Net incomellexpenditurel b@foro investment gains 153,262) 23,760 This page does not form part of these h"nancial ststements Page 22