Company reglstratton number.. 02844870 Charity registratlon number. 1026229 Exeter Community Initiatives (A company Ilmlted by guarantee) Annual Report and Flnancial Statements for the Year Ended 31 March 2025 WESTCOTTS eHARfkNED ACCOUNTANTS & JUIIIIEJ> ADVIAEIIS
Exeter Communlty Inltiatives Contents Reference and Administrative Detsils 1to2 Trustees. Report 3to8 Independent Examinerfs Report ststemenl of Finandal Actlvltlas 10 Balance Sheet 11to12 statement of Cash Flov 13 Notes to the Financial Statements 14to28
Exeter Community Initiatives Reference and Admlnistrative Details Chalr Sheila Swarbrlck TNslees Alan Broughton (resigned 16 April 20241 Mark Gcmxlwn Tim Goodwln (resigned 30 April 20241 Charlotte Hanson (resigned 29 August 20241 Diane Hayman (resigned 18 July 2Q24) John Barrett Mark Hodgson (appointed l April 2024) Caroline Lake Natalie Vizard (appointed l August 2024) Robert Scott (appointed 10 October 2024 and resigned 5 February 2025) Emerald Hughes (appolnted 10 October 20241 Stephanie Monks (appointed 21 November 2024) Mla Roblllard-Day (appointed 26 September 2024} Corinne Whileley (appointed 21 November 2024) Secretary Ellen Taylor Charity Registration Number 1026229 Company Registratlon Numbar 02844870 Reglstered Offlce 148-149 Fore Street Exéter Devon EX4 3AN Independent Examlner Westcotts (SW) LLP Timberly South Street Axminsler Devon EX13 SAD Accountants Westcotts Timberly South Street Axminster Devon EX13 SAD Page 1
Exeter Communlty Inltlatives Reference and Admlnlstrative Detalls Bankers CAF Bank 25 Kings Hlll Av8nu8 Kings Hlll Kent ME19 4JQ Royal Bank of Scotland Exeter Broadwalk House Southernhay West Exeter EX11TZ GOIF Chaiity Funds Senator House 85 Queen Victoria Street London EC4V 4 Page 2
Exeter Community Initiatives Trustees, Report The trustees, who are dlrectors for the purposes of company law, present the annual report together th the financial statements of the charitable company for the year ended 31 March 2025. which comply with the current statutory requirements, the charitls governlng documents and prepared in accordance wlth the Accounting and Reporting by Charities, Statement of Recommended Praclice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {effective 1 January 20191-ICharities SORP FRS02), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006. Objectives and activities Objects and aims Exeter Community Iniliatlve's (ECI) charltable objects as defined by the Memorandum and Artides of Association are as follows.. To promote social Inclusion for the public benefil by working with people in Exeter, the administrative County of Devon and local authority areas (at both unitary, county and district level and adj2nt thereto), to prevent people from becoming socially excluded, relieving the needs of those who are sclaIlY excluded and assisting them to integrate into soclety. To develop the capaclty and skills of Ihe members of the socially and economically disadvantaged communi118s in Exeter, In such a way that they are better able to identify, and help meet, Ih8ir needs and to participate more fully In soclèly: and To promote, for th8 benefit of Exeter. the provlsion of facilities for the recreatlon or other lalsure tlme occupation of Indlvlduals who have need of such facilities by reason of thelr youth, 8ge, Infimilty or disablement. financial hardship or social and economlc clrcumstsnces or for the public at large in th8 Inlerests of social welfare and with the object of iTnprovlng the condition of life of the said inhabilanls. As a mUltiurp0S8 organisation we have encapsulated these objects Into the following concise aim based on the work that we have been delivering: Our aim is to help people to improve wellbeing and bulld skllls,. support families facing challenges and hardships and help commLJnllies to thrive. Public beneflt The Board of Trustees have complied wlth their duty under sectlon 17(5) of the Charrties Act 2011 to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties. The trustees are satisfied that the aims, objectives and activilies of the charity meet with the terrns of thls guidan. Page 3
Exeter Community Initiatlves Trustees. Report Achlevements and performance This year has been a powerful reminder of what's possible when people are supported to connect, grow, and thriv8. At ECI, our team of 34 paid staff, 23 volunteers and 11 Trustees has work8d with dedicatlon and creallvlty to sland alongside indlvlduals and famllie8. hélping build stronger, more resillent communltles. Highllghts Include welcoming Magic Carpel and its tslented team into ECI, securing three years of Nalional Lottery funding to relaunch the Transitions programme, and renewing Wellbeing Exeter for Bnother three years- enabling nearly 11,000 neighbourhood connections. Our Chlldren's charity shop. Jelly, was recognised with The Ex9ter Impact Place Award 2024, and Family Resourc8 continued to exp8nd Ihrough inlllativés such as the Domestic Abuse pilot and the new Family Minds partnership. Even wlth the closure of Exeter Connect, we've sustained its legacy by hostlng Devon Connect and by running anolher succ8ssful Volunteer Fair at Exeter Cathedral wlth 800 visitors and 60 organisations. None of thls would have been possible wllhout the generosity of our community. We are especlally grateful to Exetar Muslcal Theatre Choir, Carollne Lake, Exeter Bach Chair and Finhoe Pantomime Society for their fundralslng efforts. We extend our sincere thanks lo our partners and grantfunders including The Nallonal Lottery, Exeter City CouncAI. Sport England, East Devon Distrtct Coundl, Devon County Council. Thé Qfflce of Police & Crim& Commissioner, Foyle Foundation, Pears Foundation, Rlx Rothenburn Foundation, Norman Famlly Trust, David Gibbons Trust and Claire Milne Trust, amongst others. A special thanks also to Exeter City Football Club and the Exeter City Supporters. Trust for their C4)ntinued support, including their Exeter Community Fund iniliatlv8, whlch supported ECI as one of six charity beneficiaries. This has been a year of resilience, kindness. and hope. Together, we look fomard to achieving even more in the year ahead. Please visit our webslte www,eci.org.uk to read more about our Impact In 2024125, and the work of our 5 core Iniliatives. Page 4
Exeter Community Initiatives Trustees. Report Flnancial review ReseNes policy The reseNes policy specifies that in the event of ECI havlng to eease its activities, sufficient funds should be available to pay for the cost of six months of charitable operation lo cover the wind-down period and the redundancy cosls of any remaining stsff. The flnancial position against the policy is reeWed every quarter. The charitS free resees, excluding fixed assets. permanent endowment fund and designated funds, were £221,023 al 31 March 2025. The trustees. free reserves target is £104,160, representing approximately six months, core costs, and we are taking sleps to ensure that a healthy balance is maintained in excess of this target to ensure we can continue to underpin ECI'S charitable aclNilies. A lurther £35,958 is held as investmenls for an endowment fund. The capital of this fund can only be used in an unexpected emergency. The charivs Memorandum and Articles of Association authorises the holding of such investments as may be thought fit. The actual investments hèld are units in the COIF Charities Investment Fund. Investment pollcy and obJ8Ctlves Surplus funds are held Sn a COIF Chariiy deposlt account specifically designed to maximise retums. Risk management Throughout 2024125 and conllnulng Inlo the new financial year the Trustees have regularly monitored the financial positlon against budgets and forecasts whlch have been reported to Councll meetings. They have also continued to monitor the major rlsks lo whlch the charity Is exposed, and have reviewed Internal systems to mlnimise these risks. The financial procedures and risk management policies were reviewed in May 2024 and are reviewed annually to ensure that they still meet the current requirements of the charity. Plans for futur8 periods We are entering the new financial year in a healthy position- we have ongoing funding in place for all of our current work, and we continue to build partnehips across the charity and private sectors to create new opportunities for collaborative work and support. We have drafted a new strategy which will guide our work in 2026, with 5 key priorltles: 1. Strengthen Visibility and Clarify Communications Develop and implement a communicalions strategy lo share success slories and impact. Build stronger online presence, showcasing staff. lived experience. and community oulcom8S. Develop concise messaging to communicate ECI'S unique role to stakeholders. funders, and the public. 2. Enhance Staff Gapaclly and W8llbeing Formalize internal wellbeing and peer-support mechanisms, align staff appralsal with annual operational plans. Page 5
Exeter Communlty Initiatlves Trustees. Report Create more structured opportunities for cross-project conn8Ction and learning {e.g. internal mini-conferencas, regular team chéck-ins). Continue to reshape our staff slructure and roles lo ensure ECI is delivering at maxlmum efficiency and capacity for its ben8ficiaries. 3. Diversify and Secure Sustalnable Funding Streams Develop additional earned-lncome opportunities. Engage potential funders with lived 8xperience narratives and community-driven oulcomes to align with their goals, Build long-term fundlng relationships that und8rstand the valu8 of contlnulty and trust. 4. Influence and Lead WSthln the Broader Exet8rl Devon Ecosystem Posltion the organizatlon as a thought18ader on community needs and holi8tlc support. Collaborate with allgned charities, churches, and social enterprises to flll service gaps wilhout overstretching. Build relationships wlth new partners outslde the charity Sector, such as corporates and educational organlsations. 5. Embrace Innovation and Prepare for the Future Explore ethlcal and effective uses of digital tools and Al. Stay ag118 and plan for changes in political cllmate, funding trends, and demographlc shlfts. Remain proactive by pllotlng small-scale Innovations that can scale If successful. structure, governance and managemènt Nature of governlng document The charlly Is a company limlted by guarantee (numb8r 02844870) and was Incorporated on 16 August 1993. It was r8glstered with the Charity Commission (reglslration number 1026229) on 30 September 1993. The company was estsblished under a Memorandum of Associatlon which descrlbes the objects and powers of the charitable company, and il is governed under its Artides of Association amended in 2012. Recrultment and appolntment of trustees Individuals, who must be members of the company, are usually el8Ct8d to the board of trustees (the Council) by the company sitting In general meeting. Altarnatively, they may be appointed by members of the Council provided third5 of the members of the Council support their appointment. One third of their number retires by rotation each year and are eligible for re-election. We have a clear view on the skllls we need for the ECI Council identified through a regular skills audit carried out by trust8es. Vac8ncles ar8 advertised through the website and where specific skills are required through wider advert. Onca identified prospÉctive trustees meet wlth the Chief Executlve, thén are interviewed by 2 or 3 members of th8 board of trustees, one of which must b8 Ihe Chair. This meeting is the point at whlch a decision is made to Invite the individual to b8come a trustee. Once appolnted, the trustee then goe8 through a planned induction which introduc8s Ihem fully to ECI. Page 6
Exeter Community Initiatives Trustees. Report Organisatlonal structure All trustees are members of ECI'S goveming Councll. In furtherance of our charitable objects, It Is the CoMpanS policy that the Council is responsible for setting the overall slrat8gy and policies of the organisation, and all matters pertaining to general administration. The Council has dèlegated certain powers and decision making capabilities to a Finance and Funding sub-committee, which provides oversight and guidance on all financial and fundraising matters. Th8 organisation's Chief Executive altends both Committees. Paid staff Our workforce has been exlremely strong this year.. highly lalented and committed individuals who have made this year a success. In 2024125 we had an average he2dcount of 34 staff across the year, wlth an average of 15.75 Full Time Employees. 23 volunteers and 11 Trustees have worked with dedication and creativity to stand alongside individuals and fsmilies. helping build stronger, more resilient communities. We maintained high staff retention with an average of 93.4%. peaking at over 970A in two quarters. The Board has continued to be supported throughout th8 year by Geoff Poad, Clerk to the Trustees. ststernent of trustees, responslbllltles The trustees (who are also the directors of Exeter Communlty Inltlatlves for Ihe purposes of company law) are responsible for preparing th8 trustees, report and Ihe financial statements in accordance with applicable law and United Kingdom Accountlng Standards {United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicabl8 In tha UK and Republic of Ireland" Company law requir8S the trust88S to prepare financlal ststemenls for each flnanclal y8ar. Und8r company law the trustees must not approve the financial ststemenls unless th6y are satlsfied that they give a true and falr vlew of the state of affairs of the charitable company and of the Incoming resources and appllcatlon of resources. Including ils income and expendlture. of the charitable company for that period. In preparing these financial ststements, the trust8es are required to: select suilable accounting policies and apply them consistently; observe the methods and princlples In the Charities SORP. make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards. comprising FRS 102 have been followed, subject to any materlal d8partur8s disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless It is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records that can disclose wilh reasonable accuracy at any lime the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for saf8guarding the assels of the charrtable company and hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for Ihe Maintenan and intsgrity of the corporate and financial information included on th8 charitablè companls website. Legislation governing the preparatlon and dissemlnation of financial statements may differ from legislallon in olher lurlsdictSons. Page 7
Exeter Communlty Initiatives Trustses. Report The annual report was epprovad by the trustees of the charfty on behalf bsr. and slgned on Its Mark Goodwin Chalr '[_ . i. Sheila Swarbdck Chalr Page 8
Exeter Community Initlatives Independent Examinerfs Report to the trustees of Exeter Community Inltlatives ('the Company.) I report to the charity trustees on my examlnatlon of the accounts of the Company for the year ended 31 March 2025. Responsibilities and basis of report As the charity's tTUStees of the Company (and also its dlrectors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companles Act 2006 ('the 2006 Acl,). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examinatlon, I réport in respect of my examination of your charity's accounts as carrled out under section 145 of th8 Charities Act 2011 ('the 2011 Ac¥). In carrying out my examination I have followed the Directions glven by the Charily Commission under section 145(5)(b) of the 2011 Acl. Independent examiner's statement Since the Companls gross income exceeded £250,000 your examiner must be a member of a body lisled in seclion 145 of the 2011 Acl. I confirm that l am qualified lo undertake the examination because l am a member of ICAEW which is one of the Ilsted bodies. S have completed my examination. I confirm that no matters have come to my attention in connection with th6 examination giving me cause to believe: accounting records were not kept in respect of Exeter Community Initiatives as required by section 386 of the 2006 Act. or 2. the accounts do nol accord wlth Ihos8 records., or 3. the accounts do not comply with the accounting requirements of sect5on 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination: or 4. the accounts have not been prepared in accordance wlth the m8thods and prlncip18s of the Statement of Recommended Practice for accounting and reporting by charlties lapplicab to ¢harliles preparlng their accounts in accordance with the Financial Reportlng Stsndard appllcable In Ihe UK and Republlc of Ireland (FRS 102)]. I have no COnmS and have come across no other matters in connection with the examination lo which attention should be drawn in this report In order to enable a proper understanding of the accounts to be reached. Gifford-England ACA Westcotts (SW) LLP Timberly South Slreet Axmlnsler Devon EX13 SAD Date.. Page 9
Exeter Community Initiatlves Statement of Financial Actlvities for the Year Ended 31 March 2025 (Including Income and Expenditure Account and Statement of Total Recognised Galns and Losses) Unrestricted Restrlcted Endowment funds funds funds Total 2025 Total 2024 Note Income and Endowments from: Donations and legacies Charitable activlties Inv8Stment income 67,587 114,983 g,462 41,340 514,000 108,927 628,983 9.462 52.272 907,765 12,853 Tolal income 192,032 555,340 747.372 972.890 Expenditure on: Charitable activities 1175,057 {536,977 712,034 (1.097.887) Total expenditure Gainsl(lossesl on investment assets (175,057) 1536,977) (712,034) (1.097,887) 1.757 1,757 3,131 Net incomel{expendlture) Net movemant In funds 16,975 18,363 (1,757 33,581 (121,866 16,975 18,363 (1,757) 33,581 (121,866) Reconclllation of funds Total funds brought forward 204,048 6,761 37,716 248,525 370,391 Total funds carrlad fOard 18 221,023 25.124 35,959 282,106 248,525 All of the charity's acllvltles deriv8 from contlnulng operations durlng the above two pérlods. The funds breakdown for 2024 is shown in note 18. The notos on pages 14 to 28 form an integr81 part ofthese flnanci81 statements. Page 10
Exeter Community Initlatives (Registration number: 02844870) Balance Sheet as at 31 March 2025 2025 2024 Note Fixed assets Tangible assets Investments 12 13 7,307 35,959 43,266 5,312 37,716 43.028 Current assets Deblors Cash al bank and in hand 14 15 51,187 227,906 279,093 40,253 25,521 202.286 227.807 Credltors: Amounts falling due wlthln one year 16 22.310 Net current assets 238,840 282,106 205,497 248,525 Nel assets Funds of the charlty: Endowment funds 35,959 37,716 Restrlcted income funds Restrlcled funds 25,124 6,761 Unrestricted income funds Unrestricted funds 221,023 204,048 Total funds 18 282,106 248,525 The not8s on pages 14 to 28 form an Integral part of these financlal statements. Page 11
Exeter Community Initiatlves (Registratlon number: 02844870) Balance Sheet as at 31 March 2025 For the flnanclal year ending 31 March 2025 the charlty was entitled to exemption from audit under sectlon 477 of the Companies Act 2CQ6 relatlng to small companies, Dlrectors. respon81bllltl8s: The members have not required the charity to obtain an audit of Its accounts for the year in quesllon In accordance with section 476. and The dlrectors acknowledge thalr r8sponsibllitles for complylng wlth the roqulr8ments of the Act wlth respeGt to accounllng records and th& preparation of accounts. Thefi anclal statements on pages 10 to 28 were approved by th8 truslees, 8nd 8Uthorised for issue on 2,1.l.IiJ.zs... and signed on their b8half by. Mark Goodwln Chair Shell8 Swarbrick Chair The notes on pages 14 to 28 fomi an integral part of th8S8 financial ststements. Page 12
Exeter Community Initiatives ststement of Cash Flows for the Year Ended 31 March 2025 2025 2024 Note Cash flows from operatlng actlvltl88 Net cash Incomel(expendlture) Adjustments to cash flows from nOnCaSh ltsms Depreciation Investment income Lossesl(gains) on investments 33,581 (121,866) 5,531 (9,462) 1,757 31,407 4,542 <12.853) (3,131) (133,308) Working capital adjustments (Increase)Idecrease in debtors Increasel(decrease) in creditors Net cash flows from operallng aollvities 14 16 (25,666) 17,943 17,097 (29.769) 23,684 {145,980) Cash flows from investing actlvllies Interest receivable and similar income Purchas8 of tangible fixed assets Net cash flows from invesling activltles Nel increasel(decrease> in cash and cash equivalents Cash and cash equlvalents at 1 Aprll Cash and cash 8qulvalents at 31 March 9,462 7,526 12,853 12 1,936 12,853 25,620 (133,127) 335,413 202,286 227,906 202.286 All of the cash flows are deilved from contlnulng operatlons during the above perlods. The notes on pages 14 lo 28 form an integral part of these financlal statements. Page 13
Exeter Community Initlatlves Notes to the Financial Statements for the Year Ended 31 March 2025 Charity status The charity is limited by guarantee. incorporated in . and consequently doés not have share capital. Each of Ihe trustees is liable lo contribute an amounl not exceeding £Nil towards the assets of the charity in the event of Ilquidatlon. The address of its registered office is: 148-149 Fore Streel Exeter Devon EX4 3AN 2 Accounting pollcles Summary of significant accountlng policies and key accounting estlmales The principal accounting policies applled in the preparation of these financial slalem8nts are set out below. These policles hav8 been consistently applled to all the years presented, unless Othe[s@ Staled. Statement of compllance The financial statements have been prepared in accordance with Accounting and Reporting by Charlties.. Slatement of Recommended Pradice (applicable lo charities preparlng their accounts in accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland (FRS 102)) (issued In October 2019) - {Chariti8s SORP (FRS 102)), the Financial Reporting Standard applicable In th8 UK and Republic of Ireland (FRS 102) and the Companles Act 2006. Basls of preparation Exeter Community Initiallv8s meets the definition of a public benefrt entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unle&8 otheISe stated in the relevant accounting policy notes. Going concern The trustees consider that there are no material unrtaIne8 about the charIlS ability to continue as a going concem nor any significant areas of uncertainty that affect the carrying value of assets held by the charity. Page 14
Exeter Community Inltiatives Notes to the Flnanclal Statements for the Year Ended 31 March 2025 Judgements and key sources of estlmatlon uncertalnty In the application of the charitvs accounting policies, Ihe trustees are required to rnake judgements, estimates and assumptions about the carrying values of assets and liabilities thal are not readily apparent from other sources. The estimales and underlying assumpllons ara based on hislorical experience and other factors that are considered lo b8 relevant. Actual rasults may dlffar from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting eslirnates are recognised in the period in which the estimate is revised if the revision affects onty that period, or in the period of the revision and future periods if the revision affects both current and future periods. The key SoUrS of estimation uncertainty Ihat have a significant effect on the amounts recognised in the financial statements are depreciation, accrued expenses and valuation of investments. Income and endowments All income is recognlsed once the charity has entitlement to the income, il is probable that the Income will be received and the amount of the income receivable can be measured reliably. Donations and legacies Donations are recognised when the charity has been notlfiad In wrltlng of both the amount and settlement date. In the event that a donation Is subject lo conditions that require a level of performance by the charity before the charty Is entltled to the funds, the Income is deferred and not reGogn15ed unlll either those conditions are fvlly mel, or the fulfllment of those conditions is wholly within the wntrol of the charily and it is probable that these conditions will be fulfllled In thé reporting period. Glft aid Incoming resources from tax r8clalms are included in the Statement of Flnanclal Ac15vlties at the same time as the gift to which they relate. Expendilure All expenditure is recognised once there is a legal or constwctive obligation to that expenditure. it is probable setllemenl is required and the amount can be measured reliably. All costs are allocated to the applicable expenditLJre heading that aggregate similar costs to that category. Where costs cannot be directly attrlbuted to particular headings they have been allocated on a basis consistent with the US8 of resources, with central slaff costs allocated on the basis of time spent, and depreciation charges allocated on the portlon of the assel's use. Other sUPPOrt costs are allocated based on the spread of staff costs. Charitable activitias Gharitable expenditur8 comprises those costs incurred by the charity in the delivery of its 8Ctiviiies and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an Indirect nature n8CeSS8ry to support them. Page 15
Exeter Community Inltlatlves Notes to the Financlal Statements for the Year Ended 31 March 2025 Support costs Support costs are thos8 functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the govemaneA arrangemenls of the charity, including the costs of complng with constltutlonal and statutory r8quiremenls and any costs associated with th8 Strategic managem8nt of the charity's actlvities. These costs have bean allocated been cost of ralslng funds and expendlture on charltsble activities based on th& proportlon of staff time as follows: 2025 2024 Raising funds Charitsble activities O.OO/o 100.0% 100.op Govemance costs These include the costs attrlbutable to the charity's compliance with constitutional and statLrtory requlrements, including 8udit, slrat8gic management and Irustees me8tlngs and reimbursed expenses. Taxatlon The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Financ8 Act 2010 and therefore it meets th6 d8finition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from laxation in respect of incom8 or capital gains received within c8tagorlas covered by Chapter 3 Part 11 of the Corporatlon Tax Act 2010 or Seclion 256 of the Taxation of Chargeab18 Gains Act 1992. to the extent that such incom8 or galns are applled exclusively to charltable purpos8S. Tangible fixed assets Individual fixed assets costing £250.00 or more are initially recorded al c05t. Depreclalion and amortlsatlon Depreciation is provlded on tangible fixed assets so as lo write off the cost or valuation, less any estimated residual value, over their 8xpected useful economic life as follow8.' Asset class Leasehold Improvements Fixtures, fittings and equipment Depreclatlon method and ratè 4 years 4 years Flxed asset Investments Fixed asset investments, other Ihan programme related investments, are included at market value al the balance sheat date. Realised galns and losses on investments are calculated as the difference between sales proc88ds and thelr mark8t value at Ihe start of the year, or thelr subsequent cost, and are charged or cAedited to the Statément of Financial Actlvltles in the period of dlsposal. Unrealised galns and losses represent the movement in mathet valu8s during Ihe year and are credited or charged to th8 Statement of Financial Activities based on the market value at the year end. Pag8 16
Exeter Communlty Inltlatives Notes to the Financial Statements for the Year Ended 31 March 2025 Cash and cash equlvalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that ar8 readily convertible to a known amount of cash and are subject to an insignificant risk of change In valué. Borrowings Inlerest-bearing borrowings are initially recorded at falr value, net of transaclion costs. Interesl-bearing borrowings are subsequenlly carried at amortised cost, with the difference bebNeen the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Aclivities over the period of Ihe relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified as cuent liabilities unless the charity has an unconditlonal right to defer settlement of the liability for At least twelve months after the reporting date. Fund structure Unrestricted income funds are gen8ral funds that are available for use at the trustees discretion in furtherance of the objectives of the charily. Designated funds are unrestrlcted funds set aside for specific purposes at Ihe discretion of Ihe trustees. Restricted Income funds ara those donatsd for use In a parUcul8r 8rea or for speclflc purposes, the use of which is restricted to that ar8a or purpose. Penslons and other post retirement obligatlons The charrty operates a deflned contribution pension scheme which is a penslon plan under which fixed contributions are paid into 8 penslon fund and the charity has no legal or conslruclive obligation to pay fiJrther contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to Èmploy88 S8rvic8 in Ihe current and prior periods. Contributions lo defined contrlbution plans are recognised In the Slalemant of Financial Aclivilies when they are due. If contribution payments 8xce8d the contribution due for service, the excess is recognlsed as a prepayment. Financial Instruments Classification and recognition The charitable company only has financial assets and financial liabililies of a kind that qualify as basic financial instruments. Basic flnancial Instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently recognised at amortised Gost using the effective interest method. Page 17
Exeter Community Inltlatlves Notes to the Financial Statements for the Year Ended 31 March 2025 3 Income from donatlons and legacles Unrestrlcted funds General Restricted funds Total 2025 Donations and legacies,. Donations from individuals Gift aid reclaimed other income from donations and legacies 22,640 3,990 40.957 12,000 34,640 3,990 70,297 29.340 41.340 67.587 108,927 Unrestricted funds General Restrlcted funds Total 2024 Donations and legacies. Donations from individuals Gift ald reclaimed 40,045 2,749 42,794 5,345 4.133 45,390 6,882 9,478 52.272 4 Income from charltable activities Unrestrlcted funds Ganeral Restricted funds Total 2025 Community, projects and soc181 enterprise Children and famllles 114,983 445,584 68.416 514.000 560.567 68,416 628,983 114,983 Unrestricted funds Genernl Restricted funds Totsl 2024 Community. projects and s(Kial enterprise Vulnerable adults Chlldren and families 127.842 472.830 39.655 267,438 779.923 600,672 39.655 267.438 127.842 907.765 Page 18
Exeter Communlty Initiatives Notes to the Financial Statements for the Year Ended 31 March 2025 5 Investment income Unreslrlcted funds General Unrestrlcted funds General Total 2025 Total 2024 Other Investment Income 9.462 9,462 12,853 12.853 6 Analysis of charltable activitles includlng governance and support costs Total Charitable activities Govemance costs 2025 staff costs ReGruilment costs Tr8velllng and other costs Us8r activities and training courses Telephone and internet Computer sothvare and malntenance costs Printing, postage and stationery Rent, rates and room hlre Light, heat and pow8r Insurance Subscriptions Publicity and marketlng Repairs and maintenance Depreciation Equipment Freelance therapists Professional fees Sundries and consumables Bank charges Audit and accountancy fees 582,913 3,091 8,921 14,827 7,328 11,733 1,317 31,960 3.142 4,092 5,930 815 3,268 5.531 5,025 2.374 1,112 2,981 582.913 3.091 8.921 14,827 7,328 11,733 1.317 31,960 3,142 4,092 5,930 815 3,268 5,531 5,025 2,374 12.228 2,981 1,006 3,552 11,116 1,006 3,552 696,360 15.674 712,034 Page 19
Exeter Community Initiatives Notes to the Financial Statements for the Year Ended 31 March 2025 Total Charitable actlvlties Governance costs 2024 Siaff costs Recruitment costs Travelling and other costs User aclivities and training courses Telephone and internet Computer software and rnaintenance costs Printing, postage and stationery Rent, rates and room hire Light, heat and power Insurance Subscriptions Publicity and marketing Repairs and maintenance Depreciation Equlpment Freelance theraplsts Professional fees Sundries and consumables Bank charges Audit and accountancy fees 927,483 1,442 11,166 9,243 10,025 19,919 4,126 31,324 2,877 4.03g 3,021 4,643 2,062 4,542 1,734 30,257 15,984 1,566 9,165 936,648 1,442 11,166 9,243 10.025 19.919 4,126 31.324 2,877 4,039 3.021 4,643 2,062 4,542 1.734 30.257 16.032 1.566 821 2,400 1,097.887 48 821 2,400 1,085.453 12,434 7 Net incomlngloutgoing resources Net incomingl{outgoing) r8sources for the year include: 2025 2024 Depreciation of fixed assBts 5,531 4,542 8 Trustees remuneration and expenses No trustees. nor any persons connected with them. have received any remuneration from the charity during the year (2024= nil). No trustees have received any reimbursed expenses or any other benefits from the charity during the year (2024: nill. Page 20
Exeter Community Initiatlves Notes to the Financial Statements for the Year Ended 31 March 2025 9 Staff costs Th8 aggregate payroll costs werè as follows: 2025 2024 Staff costs durlng the year ware: Wages and salaries Social security cosls Pension costs 533,209 28.038 21,666 839,010 58,144 39,494 936,648 582.913 The monthly average number of persons (including senior management I leadership team) employed by the charity during the year was as follows: 2025 2024 No 48 Average head count 36 No 8mploye8 received emoluments of more than £60,000 during the year (2024: NII). The key management personnel of the charltable company comprise the Trustees, Chlef Executive Officer, and Senior Leadership Team. The tDI81 employee benefits of the key management personnel were £173,860 (2024: £229,354). 10 Independent examlnerfs remuneratlon 2025 2024 Examlnatlon of thé financlal statements 3.240 2,400 11 Taxatlon The charity is exempt from cA)rporation tax as all of its income is charitable and is applied for charitable purposes. Page 21
Exeter Community Inltlatives Notes to the Financlal Statements for the Year Ended 31 March 2025 12 Tanglble flxed assets Furnlture and equipment Leasehold Improvements Total Cost At 1 April 2024 Additions 39.886 5.658 21.214 1,868 61,100 7.526 At 31 March 2025 45.544 23,082 68,626 Depreciation At 1 April 2024 Charge for the year At 31 March 2025 35,990 3.836 19,798 1,695 55,788 5.531 39,826 21,493 61.319 Net book value At 31 March 2025 5,718 1,589 7,307 At 31 March 2024 3,896 1,416 5,312 13 Flxed asset investments Listed Investments Totsl Cost or Valuatlon At 1 April 2024 Revaluation 37,716 1,757 37,716 1,757) At 31 March 2025 35.959 35.959 Net book valu8 At 31 March 2025 35,959 35,959 At 31 March 2024 37.716 37.716 Investments held are COIF Charilies Funds managed by CCLA. Page 22
Exeter Community Initiatives Notes to the Flnanclal Statements for the Year Ended 31 March 2025 14 Debtors 2025 2024 Trade deblors Prepanents Other debtors 38,351 9,161 3,675 51,187 5,700 5,888 13,933 25,521 15 Cash and cash equlvalents 2025 2024 Cash at bank 227.906 202,286 16 Credltors: amounts falllng due within one year 2025 2024 Trade creditors Other tsxatlon and soclal security Olher credllors Accruals 8,236 6.858 12.928 12,231 40.253 7.609 12,001 2,700 22,310 17 Commltments Other flnanclal commitments The charity had operating leases at the year end with total future mlnlmum lease payments as follows: Land and bulldlngs 2025 Other 2025 2024 2024 Amount falllng dua: Within 1 year withln 1- 5 years 16,854 75,521 92,375 15,250 7,625 22,875 204 298 204 298 Page 23
Exeter Communlty Initiatives Notes to the Financlal Statements for the Year Ended 31 March 2025 18 Funds other gains 31 March Illossos) 2025 April Incoming Resources 2024 resources expended Transfars Unrestrlcted funds General General Funds 189,048 192,032 (175,057) 206,023 Designatsd New development fLFnd Total unrestricted funds 15,000 15,000 204,048 175,057 192.032 L 221,023 Restrlcted funds Devon Growing Communitles Pears Fund st Olavs. Trust Tran Community Lottery Fund Small Grants Wellbelng Exeter Exeter Connect Clalre Mllne Fund Devon Family Resource Davld Glbbons Trust Exeter City Council Norman Family Trust Rix Thompson St Davids Ward TNL Community Fund 3,000 12,000 250 (3,000) {11,307) (250) 693 56,451 2,000 279,761 (39,774) (2.000) <284,024) (479) (4,000) 16.677 1,101 2,019 4,263 479 <918) 4,000 168,038 1,500 2.000 1,000 5,000 350 19,990 (163,970) (1,500) (3331 <1,000) {5.000) (350) 19,990) 555,340 (536,977 918 4,986 1,667 6,761 25.124 Endowment funds Expendable Expendable Funds 37,716 {1.757 1,757 1,757 35.959 37,716 35,959 Total funds 248,525 747,372 12,034 282.106 Page 24
Exeter Community Inltiatives Notes to the Financlal Statements for the Year Ended 31 March 2025 Other galns 31 March l{losses) 2024 l April Incomlng Resources 2023 resources expended Transfers Unrestricted funds General General Funds 252,g80 183,489 (240.970) (6,451) 189,048 Designated Transitions New development fund 16,382 15,000 (16,382) 15,000 31,382 16.382 15,000 Total unrestricted funds 284,362 183,489 240,970 22,833 204 048 Restrlcted funds Devon Growing Communities Pears Fund st Olavs, Trust Tran Community Loltery Fund Small Grants Homeless Collaboration Wellbeing Exeter Exeter Connect Claire Milne Fund Devon Family Resour David Gibbons Trust 1,902 15,868 3,536 64,465 35,050 (58.349) (63,229) (8,0181 12,311 (3,536) 15,877) 2,019 2.700 <6,450) 9,627 2,019 1,735 19,158 (1,735) 348.568 {363.463) 62,680 (62,201) 4,263 479 2,500 (2,500) 11,556 953 274,033 1296,120) 7,105 1D,531 6.153 51,444 789,401 (856,917 22,833 6.761 Endowment funds Expendable Expendable Funds 34,585 3,131 37,716 34,585 3,131 37,716 Total funds 370,391 972,890 (1,097,887 3,131 248.525 Page 25
Exeter Community Inltiatives Notes to the Financlal Statements for the Year Ended 31 March 2025 The speclfic purposes for which Ihe funds are to be applied are as follows.. Endowment fund.. The endowment fund vtss donated to be retained and only expended in an unexpected emergency or upon dissolution of the company. Income arising from the fund is available for any purpose deemed appropriate by the council of management. Gains or losses on the investments in which the fund is held are added to or deducted from the tund each year. Restricted funds: Small Grants.. A restricted fund for any miscellaneous small grants received for spectfic purposes during the y8ar. Homeless Collaboration.. Funds to be used to support soup kitchens in Exeter. Wellbeing Exeter.. Funds to be used to ernploy Community Builders on the Wellbelng Exeter project. Exeter Connect: Funds to be used lo deliver the voluntary and community sedor support service for Exeter City Council. Colab.. Funds to be used to support community response to mental health projects in Colab. Devon Family Resource.. Projecl supporting children and families to thrive and have a positive start to their life Ihrough enabling the provision of support services. Devon Growlng Communities.. To support Ihe delivery of Magic Carpet arts & drama sessions. Pears Fund: To supply families in need with f¢)od, glfts and other items. St Olavs Trust.. To purchase a household item for 8 family in need. Tran Community Lottery Fund.. To deliver the Transttlons project (workshops and coaching for adults wth mental health challenges). Claire Miln8'. To support the dellvèry of Magic Carpet arts & drama sesslons. David Glbbons Trust: To support th8 d81ivery of Magic Carpet arts & drama 5esslons, Exeter city Council: To support the dellvery of Magic Carpet arts & drama sesslons. Norman Famlly Trust., To support Ihe delivery of Family Support WO as part of our Famlly Resource Project. Rlx Thompson.. To support the delivery of Magic Carpet arts & drama sesslons. St Davids Ward: To go towards card making In Tuesday Club and Snapdragon. TNL Community Fund: To support the delivery of Magic Carpet arts & drama sessions. Designated fLtnds'. Trdnsitions.. This funding has been designated for use with the Transitions project in honour of the indivldual who left the charily a legacy and was strongly (x)nnected to this area of our work. New development fund.. Thls fund contaSns income from Garfield Weston and The Communiiy Fund which were given towards core costs and have been designated as funds to be utillsed for particular development projects as they arise. Page 26
Exeter Community Initiatives Notes to the Financlal Statements for the Year Ended 31 March 2025 9 Analysls of net assets between funds Total fLtnds at 31 March 2025 Endowment Restrlcted funds funds Expendable Unrestrlcted funds General Deslgnated Tanglble fixed assets Fixed asset Investments Current assets Current liabilities 7,307 7,307 35.959 279,093 (40,253) 35,959 238.969 (40,253 15,000 25,124 Total net assets 206.023 15,000 25.124 35,959 282.106 Total funds at 31 March 2024 Endowment Restricted funds funds Expendable Unrestricted funds General Designated Tangible flxed assets Fixed asset investments Current assets Current liabilities 5.312 5,312 37,716 227,807 <22,310) 248,525 37,716 206,046 (22,310} 15.000 6,761 Total nel assets 189,048 15,000 6,761 37,716 20 Flnanclal Instruments Categorisation of financial instruments 2025 2024 Flnancial assets measured al falr value through profit or loss 35,959 37,716 Financial assats maasured at fair value comprise lisled investm8nts. Page 27
Exeter Communlty Initiatives Notes to thè Flnanclal Statements for the Year Ended 31 March 2025 21 Related party transactlons During the year the charity mad8 the followlng related party transactlons: Alan Broughton In 2024. made donations of £6.250 to the charity. At the balance sheet date the amount du8 iollrom Alan Broughton was £Nil (2024 - £Nil). Shella Swaybrlck Made donations of £930 (2024: £800) to the charty. At the balance sheet date the amount due tolfrom Sheila Swarbrick was £NII (2024 - £Nil). TIM Goodwln Made donations of £240 to the charity. At the b818nc£ sheet date the amount due iolfrom TIM GocKlwin £Nil (2024 - £Nil). Natalie Vizard Made donations of £103.50 to th8 charity. At the balance sheet date the amount due tolfrom Natalle Vizard w88 £Nil (2024 - £NII). Page 28