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← Inet Trust Limited

2024-09-30-accounts

INET TRUST LIMITED

A company limited by guarantee, not having share capital

DIRECTORS REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 SEPTEMBER 2024

UK Registered Company no. 5188360 UK Registered Charity no. 1105670

1

INET TRUST LIMITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 30 SEPTEMBER 2024

Contents Page
Company Information 3
Report of the Directors 4
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Financial Statements 10
Independent Examiner’s report 16

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INET TRUST LIMITED

COMPANY INFORMATION

Status INET TRUST LIMITED is a company limited by guarantee Directors Alison Allen Verena Forster Nicola Harris Stephen Francis Nash Paul James Piper Secretary Paul James Piper Key Staff Suzanne Le Bas Registered office 17 Sydenham Road Sydenham LONDON SE26 5EX Principal office 17 Sydenham Road Sydenham LONDON SE26 5EX Registered Company No. 5188360 Registered Charity No. 1105670 Bankers HSBC 141 High Street Beckenham, KENT BR3 1BX

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INET TRUST LIMITED

REPORT OF THE DIRECTORS

The directors present their report and the financial statements for the period ended 30 September 2024.

PRINCIPAL ACTIVITY

iNet Trust Limited (“iNet”) supports local churches in global mission. Its mission is to work with churches and their cross-cultural workers (CCWs) to ensure that churches ‘do mission well’ and that workers feel secure in the care and expertise of their sending organisation, which is the local church. iNet uses its expertise and resources to ensure that:

ADMINISTRATIVE INFORMATION

Charitable objectives

iNet is governed by its Memorandum and Articles of Association. The charity’s objects are:

  1. To promote and advance the Christian Faith throughout the world generally including by the worship of God, the instruction and edification of Christians, the care and Christian instruction of young people and children and the evangelisation of non-Christians.

  2. To relieve poverty, hardship, sickness and distress among all peoples of the world.

  3. To promote education and training.

  4. To support such other charities and charitable purposes as the trustees shall decide.

Structure, governance and management

The ‘owners’ or ‘members’ of iNet, are churches who have subscribed to the iNet Guarantee, agree with the Statement of Faith, and regularly participate in consultations, both formal and informal, regarding the broader aims and objectives of the charity. They also receive the Directors Report annually at the AGM.

The Board of Directors who act as trustees of the charity are appointed by the members. They are responsible for the overall strategy and management of the charity, and they delegate certain responsibilities to an operating team. The major risks to which the charity is exposed, as identified by the trustees, are reviewed from

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time to time and, if considered appropriate, systems or procedures are established to manage those risks

The operating team who are responsible for the day-to-day operations of the charity consist of a small group of part time paid staff and volunteers. Paid staff consist of two Member Care Officers (one of whom left during the year), an internship and Summer24 co-ordinator and an Office Administrator. A number of volunteers (some of whom are Directors), support the team, including former CCWs.

REVIEW OF THE YEAR

iNet provided support and assistance for the benefit of our member and other churches and their CCWs who have opted to receive that support, direction and assistance from the charity. The charity’s activities for the past year have included the following:

Regarding churches’ cross-cultural workers

During the year iNet and its member churches supported 46 CCWs and their children in 18 countries outside the UK. One new person was prepared through the launch pad process and is now serving overseas with a second preparing to go overseas. iNet also supported the children of CCWs studying in the UK. Two new CCWs joined iNet through their church New Community Church in Southampton.

Regarding churches

iNet organised two short term trips for young people to experience overseas mission in August. Twenty young people and their leaders travelled to Hong Kong and Zimbabwe engaging in a variety of activities. In addition, iNet in partnership with Reach London arranged a weeklong youth mission events in Forest Hill and Woolwich in partnership with two member churches.

.

Other activities include:

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The trustees have complied with the duty imposed by Section 4 of the Charities Act 2006 to have due regard to the public benefit guidance published by the Charity Commission in December 2008.

FUTURE PLANS

The charity plans to continue its activities in the forthcoming years providing its support and services to CCWs and churches. It will continue to seek new member churches and church networks.

Specific plans for the forthcoming year include:

FINANCIAL REVIEW

The Directors are grateful to member churches, other churches, and individuals for their continued financial support throughout the period and for their willingness to participate in this tangible way in the extension of God’s kingdom around the world.

During the year under review to 30[th] September 2024 total income increased by £21,377 to £128,360. This was due to higher donations from individuals and fees for Summer24 partially offset by lower Summer Conference fees. Total expenditure increased by £30,015 to £128,262 due to the costs of Summer24 and higher payments to CCWs.

Overall, there was a surplus of £98 for the year. Prior to transfers between funds this is attributable to a surplus of £8,192 on the general fund offset by deficits on designated funds of £4,000 and restricted funds of £4,094. A transfer of £4,000 to designated funds was made during the year resulting in a net increase of the general fund of £4,192.

RESERVES POLICY

The trustees have reviewed the reserves policy and concluded that it is appropriate to maintain cash reserves equal to three months budgeted general expenses,

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approximately £14,250 if the costs of the summer conference are included. At the end of the financial year the general fund stood at £57,017. It is planned to utilise the surplus above the cash reserves to fund the existing operations of iNet.

GRANT MAKING POLICY

iNet operates a small Youth Bursary Fund from which grants may be made from time to time to young people from member churches to assist them to explore overseas mission work opportunities.

RISK MANAGEMENT

The Trustees have conducted their own review of the major risks to which the charity is exposed and systems designed to mitigate those risks. All major insurable risks are subject to commercially available charities and employers insurance. The most significant risk is considered to be a significant shortfall in donations from member churches which is mitigated by the reserving policy. Internal risks are minimised by the implementation of procedures for authorisation of all transactions and projects. These procedures are reviewed periodically to ensure that they still meet the needs of the charity.

STATEMENT OF DIRECTORS’ RESPONSIBILITIES

The law applicable to charities in England and Wales requires the directors to prepare accounts for each financial year which give a true and fair view of the company’s financial activities during the year and of the income and expenditure and financial position of the company as at the end of that period. In preparing these accounts, the directors are required to:

The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the accounts comply with the Companies Act 2006 and the Charities Act 1993. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The directors confirm that the accounts comply with current statutory requirements and those of the company’s governing documents.

Approved by the directors on 12[th] June 2025 and signed on its behalf by

PJ Piper

Paul Piper Director

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INET TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30[TH] SEPTEMBER 2024

Note General
Designated
Restricted		 2024
Total
2023
Total
Incoming Resources
Donations and Legacies
Income from Charitable Activities
Investments
Total Incoming Resources
Resources Expended
Charitable Activities
Net Incoming (Outgoing) Resources for
the Year Prior to Transfers
Gross transfers between funds - in
Gross transfers between funds - out
Net Movement in Funds
Total funds brought forward
Total funds carried forward		 3
4
5		 43,949
-
44,781
14,507
-
24,403
720
-
-		 88,730
81,678
38,910
24,966
720
339
59,176
-
69,184		 128,360
106,983
50,984
4,000
73,278		 128,262
98,247
8,192
(4,000)
(4,094)		 98
8,736
-
4,000
-
(4,000)
-
-		 4,000
3,000
(4,000)
(3,000)
4,192
-
(4,094)		 98
8,736
52,825
518
20,180
57,017
518
16,086		 73,523
64,787
73,621
73,523

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INET TRUST LIMITED

BALANCE SHEET AS AT 30[th] SEPTEMBER 2024

£
 2024 2023
Notes
Fixed Assets
Cash at bank and in hand
Debtors
7
Total Current assets
Creditors
8
Total Liabilities
Net Asset
Represented by funds
General
Designated
Restricted
Total		 -
-
93,269
64,087
12,053
11,167
105,322
75,254
31,701
1,731
31,701
1,731
73,621
73,523
57,017
52,825
518
518
16,086
20,180
73,621
73,523

For the year ended 30[th] September 2024, the company was entitled to the exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.

Responsibilities of trustees:

These accounts are prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the board of Trustees on the 12[th] June 20225 and signed on its behalf by:

PJ Piper

PJ Piper Trustee

Company number: 5188360 Charity number: 1105670

The notes on pages 10 to 15 form part of these accounts.

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INET TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2024

1. STATUTORY INFORMATION

The charity is a charitable company limited by guarantee and is incorporated in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

These financial statements are prepared on a going concern basis, under the historical cost convention.

These financial statements have been prepared in accordance with the "Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) ("the Charities SORP"), with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland ("FRS 102"), with the Companies Act 2006 and with the Charities Act 2011. The charity meets the definition of a public benefit entity as set out in FRS 102.

The principles adopted in the preparation of the financial statements are set out below.

a. Going Concern

The trustees (who are the charitable company's directors for the purposes of company law) have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the charity's forecasts and projections and the possible implications should projected income and/or expenditure vary unexpectedly. The trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue to operate for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements. In making this assessment, the trustees have considered how Covid-19 might affect projections.

b. Income

Income including investment income is recognised in the period in which the charity becomes entitled to receipt, the amount receivable can be measured with reasonable certainty, and receipt is probable. For the most part, income is generally recognised when it is received. Income is only deferred when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended in a future period.

Income from donations and legacies includes:

Income from charitable activities represents income receivable from goods, services and facilities supplied in furtherance of the charity's charitable objects. It includes income from the summer conference and other events and courses.

c. Expenditure

Expenditure, including irrecoverable VAT, is recognised when it is incurred or, if earlier, when a legal or constructive obligation for a payment arises provided that it is probable that settlement will be required and the amount of the obligation can be measured reliably

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The charity makes grants to other institutions and individuals to further its charitable objectives. Grants payable are recognised as constructive obligations arise, which is generally when the charity expresses a commitment to the recipient that can be measured reliably and then only to the extent that any conditions associated with the grant are outside of the control of the charity.

The cost of raising funds is not significant and has not been separately disclosed.

Governance costs, which are included in expenditure on charitable activities but are identified separately in the notes to the accounts, includes costs associated with the independent examination of the financial statements, compliance with constitutional and statutory requirements and any other expenditure incurred on the strategic management of the charity.

d. Fund Accounting

General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. Restricted funds are donations which are to be used in accordance with specific restrictions imposed by donors; they include donations received from appeals for specific activities or projects.

e. Tangible Fixed Assets

Items purchased or donated for the charity's own use are capitalised when the cost of purchased items, or the fair value of donated items, is more than £1,000 and the item is expected to benefit the charity over more than one accounting period. Depreciation is charged on a straight line basis so as to write down the value of each asset to its estimated residual value (if any) over its expected useful economic life. To achieve this objective the following rates of depreciation are charged:

The carrying values of tangible fixed assets are reviewed for impairment in periods when events or changes in circumstances indicate that the carrying value may not be recoverable.

f. Pension Scheme Arrangements

The charity operates defined contribution pension schemes for its employees. Obligations for contributions to these schemes are recognised as an expense when the liability arises. The assets of these schemes are held separately from those of the charity in independently administered funds. For CCWs, payments are received from churches and CCWs and paid into an International Retirement Benefit Plan. Expenditure is accounted in the Statement of Financial Activities in the period to which it relates.

g. Taxation

The company is a registered charity; it has taken advantage of the various reliefs from taxation available to charities and no tax is payable on the charity's income.

h. Financial Instruments

The charity's financial assets and financial liabilities all qualify as basic financial instruments, as defined by FRS102. Creditors and debtors are measured at their expected settlement value (normally the amount of cash that the charity expects to pay or receive).

i. Exemption from Preparing a Cashflow Statement

The charity has taken advantage of an exemption conferred by the Charities SORP and has not prepared a cash flow statement.

j. Critical Accounting Estimates and Areas of Judgement

The trustees do not consider that there any material sources of estimation or uncertainty at the balance sheet date that could result in a material adjustment to the carrying values of assets and liabilities in the next reporting period.

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3. DONATIONS AND LEGACIES

Donations and legacies comprise donations from member churches, individuals and from other charities. These are shown below:

£ 2024
Total
2023
Total
Individuals
Member Churches
Non-Member Churches
Charities
Other Organisations
Total		 20,848
8,295
29,064
36,070
30,309
28,042
7,909
8,671
600
600
88,730
81,678

4. INCOME FROM CHARITABLE ACTIVITIES

£ 2024
Total
2023
Total
Received from CCWs
Conference Fees
Events and Trips
Sales
Total		 6,548
4,598
14,054
19,300
18,138
1,043
170
25
38,910
24,966

Received from CCWs represents payments from CCWs to the Global Connections International Retirement Annuity Plan and the Banner Insurance Life Insurance scheme. Conference fees comprise the payment for attendance at the CCWs’ summer conference. Events and trips comprise the payments for Summer24 (£17,855) and Going Global (£265).

5. CHARITABLE ACTIVITIES

£ 2024
Total
2023
Total
CCWs
Church & Networks
Conference and Seminars
Office
Independent Examination Costs
Total		 49,847
42,474
42,104
9,122
16,064
21,042
20,097
24,859
150
150
128,262
98,247

CCWs represents the costs associated with the care of CCWs, payments to the CCW Retirement Plan and payments of gifts received.

Church and Networks comprise the costs of supporting churches in the sending, caring and reentry of their CCWs together with advising churches in the sending of short-term teams as well as the costs of trips and events arranged by the charity.

Conference and seminar costs comprise the direct costs of the annual CCW summer conference and other seminars held by the charity.

Office includes the costs associated with the administration of the charity including insurance and safeguarding.

There were no other fees payable to the independent examiner Mr Gordon Cowie other than for the independent examination of the accounts.

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6. ANALYSIS OF STAFF COSTS, THE COST OF KEY MANAGEMENT AND TRUSTEE REMUNERATION AND EXPENSES

The number of employees at the end of the year was four (all part time). One member of staff is seconded from a member church one day per week.

£ 2024
2023
Gross Pay
Pension costs (employer’s contribution)
Statutory Maternity Pay Refund
Total		 33,025
32,675
1,191
1,122
-
-
34,215
33,797

No staff received salaries at a rate of more than £60,000 per annum.

One member of staff was seconded from a member church up until May 2025.

The company operates a defined contribution scheme for certain of its employees. Pension premiums are charged as they are paid.

The average monthly number of employees during the year was 4 (2023:4). Approximately, half of the charity’s activities are carried out by volunteers.

No director received remuneration or reimbursed personal expenses during the year.

7. DEBTORS

£ 2024
2023
HMRC - Recovery of Statutory Maternity Pay
HMRC – Gift Aid
Summer 24 Fees
CCW Conference Fees
Insurance Prepayments
Other
Total		 9,091
9,766
1.367
492
918
-
320
430
357
319
-
160
12,053
11,167

8. CREDITORS

£ 2024
2023
Trade Creditors
Accruals
Total		 31,551
1,581
150
150
31,701
1,731

9. PENSION COMMITMENTS

During the year employer’s pension contributions totalling £1,191 (2023: £1,122) were payable to defined contribution personal pension schemes. No pension contributions were owing at the balance sheet date (2023: £nil).

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10. FUNDS

2024

Fund
£		 Balance
at
1/10/23
Incoming
Resources
Outgoing
Resources
Transfers		 Balance at
30/9/24
CCW Conference
CCW Donations
CCW Pension & Insurance
Internship
Youth Bursary
Short Term Trips
Total Restricted Funds
General
MD - Designated
Short Term Trips - Designated
Total Unrestricted Funds
Total Funds		 2,935
1,000
1.910
-
1,001
33,615
33,191
-
-
6,573
6,573
-
5,390
-
2,910
-
10,854
-
698
-
-
27,996
27,996
-
20,180
69,184
73,278
-
52,825
59,176
50,984
(4,000)
518
-
-
-
-
-
4,000
4,000
53,343
59,176
54,984
-		 2,025
1,425
-
2,480
10,156
-
16,086
57,017
518
-
57,535
73,523
128,360
128,262
-		 73,621

Analysis of net assets between funds.

General Designated Restricted Total
Funds Funds Funds Funds
Debtors 10,063 - 1,990 12,053
Cash at Bank 58,862 4,434 29,973 93,269
Creditors (11,908) (3,916) (15,877) (31,701)
Total 57,017 518 16,086 73,621

2023

2023
Fund
£		 Balance at
1/10/22
Incoming
Resources
Outgoing
Resources		 Transfers
Balance at
30/9/23
CCW Conference
CCW Donations
CCW Pension & Insurance
Internship
Youth Bursary
Total Restricted Funds
General
MD - Designated
Total Unrestricted Funds
Total Funds		 640
4,270
1,975
-
29,911
28,910
-
4,973
4,973
4,701
3,000
5,311
5,555
5,299
-
10,896
47,453
41,169
53,373
59,530
57,078
518
-
-
53,891
59,530
57,078		 -
2,935
-
1,001
-
-
3,000
5,390
-
10,854
3,000
20,180
(3,000)
52,825
-
518
(3,000)
53,343
64,787
106,983
98,247		 -
73,523

Analysis of net assets between funds

General Designated Restricted Total
Funds Funds Funds Funds
Debtors 10,935 - 232 11,167
Cash at Bank 43,115 518 20,454 64,087
Creditors (1,225) - (506) (1,731)
Total 52,825 518 20,180 73,523

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CCW Conference

This fund was set up to receive gifts to contribute to the costs of CCWs attending the conference, and to receive donations for the running of the conference.

CCWs Donations

These are gifts given for individual CCWs or their work; either for general or specific needs, and are paid on to the CCW concerned.

CCW Pension & Insurance

This fund was set up to receive payments from individual churches and CCWs to pay into a retirement plan administered by Global Connections with funds placed with Zurich International and the Banner Insurance life insurance scheme .

Internship

A fund set up to help fund the costs of the internship programme.

Youth Bursary

These are gifts received from churches and individuals to be used to help fund young people to participate in cross cultural mission.

Short Term Trips & Events

The receipt and payment of funds for the arrangement of trips overseas and events in the UK for members of iNet churches to experience cross cultural mission.

MD

A designated fund from donations received to be used towards summer conference costs.

11. TRANSACTIONS WITH RELATED PARTIES

During the year the charity received donations totalling £1,390 (2023: £1,480) from related parties (which includes trustees, any other members of key management and anyone closely connected to them).

One of the trustees, Paul Piper is also a trustee of Avery Hill Charitable Trust a member church of iNet. During the year the charity received donations totalling £2,500 (2023: £2,400).

12. MEMBERS

Each member of the company commits to contribute if the charity is wound up an amount of £1.

DETAILED STATEMENT OF FINANCIAL ACTIVITIES WITH COMPARATIVES

General General Designated Designated Restricted Restricted Total Total
Note 2024 2023 2024 2023 2024 2023 2024 2023
Incoming resources from
generated funds
Donations and Legacies 3 43,949 38,823 - - 44,781 42,856 88,730 81,679
Charitable Activities 4 14,507 20,368 - - 24,403 4,598 38,910 24,966
Investment Income 720 339 - - - - 720 339
Total Income 59,176 59,530 - - 69,184 47,453 128,360 106,983
Resources Expended
Charitable Activities 5 50,984 57,078 (4,000) - 73,278 41,169 128,262 98,247
Net Incoming Resources for
the Year		 8,192 2,452 - - (4,094) 6,284 98 8,736
Transfers (4,000) (3,000) 4,000 - - - -
Reconciliation of Funds
Total Funds Brought Forward 52,825 53,373 518 518 20,180 10,896 73,523 64,787
Total Funds Carried Forward 57,017 52,825 518 518 16,086 20,180 73,621 73,523

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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF INET TRUST LIMITED

I have examined the accounts for the year ended 30th September 2024 on pages 8 to 15 following which have been prepared on the basis of the accounting policies set out on page 10.

Respective responsibilities of the Directors/Trustees and Examiner

The directors/trustees of the company are responsible for the preparation of accounts; they consider that the audit requirements under Section 144 of the Charities Act 2011 do not apply but that an independent examination is needed. I have been appointed to conduct an Independent Examination required by Section 145 of the Charities Act, 2011 and to report in accordance with the regulations made under Section 145 of that Act. It is my responsibility to examine the accounts, without performing an audit, and to report to the trustees.

Having satisfied myself that the company is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

(1) examine the accounts under Section 145 of the Charities Act 2011;

(2) follow the procedures laid down in the general Directions given by the Charity Commission under Section 145(5)(b) of the Charities Act 2011;

(3) state whether particular matters have come to my attention.

Basis of Examiner’s Statement

This report is in respect of an examination carried out under Section 145 of the Charities Act 2011, and in accordance with the general directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity, and a comparison of the accounts presented with those records. It also includes a review of the accounts and making such enquiries as are necessary for the purpose of this report. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.

Examiner’s Statement

In my opinion:-

Based on my examination, no matter has come to my attention which gives me reasonable cause to believe that in any material respect, accounting records have not been kept in accordance with section 386 of the Companies Act 2006, or that the accounts presented do not accord with those records, or comply with the accounting requirements of section 396 of the Companies Act 2006. No matter has come to my notice in connection with my examination to which, in my opinion, attention should be drawn to enable a proper understanding of the accounts.

GS Cowie

G S Cowie

Address: 134 Foxberry Road, London SE4 2SH

Date: 12[th] June 2025

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