OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← Exeter Network Church

2024-12-31-accounts

Registered number: 05278022 Charity number: 1109486

EXETER NETWORK CHURCH

(A company limited by guarantee)

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

EXETER NETWORK CHURCH (A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Charitable Company, its Trustees and 1
advisers
Trustees' report 2 - 7
Independent examiner's report 8 - 9
Statement of financial activities 10
Balance sheet 11 - 12
Notes to the financial statements 13 - 30

EXETER NETWORK CHURCH (A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees T Hunt, Chair
J Curtis (resigned 8 July 2024)
A Hingston
J Jolley (appointed 11 January 2024)
P Morrish
J Tutchings (resigned 30 June 2024)
L Lamb (resigned 3 January 2024)
Company registered
number
05278022
Charity registered
number
1109486
Registered office
22 Southernhay West
Exeter
Devon
EX1 1PR
Key Management
Personnel
Rev Jon Soper (Church Leader - resigned April 2025)
Joanne Soper (Church Co-Leader - resigned April 2025)
Rev Bob Wallington (Curage - appointed Church Leader April 2025)
Tabi Wallington (Senior Leader)
Jonny Wakely (Ops Director)
Accountants
Griffin
Chartered Accountants
Courtenay House
Pynes Hill
Exeter
EX2 5AZ

Page 1

EXETER NETWORK CHURCH (A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees present their annual report together with the financial statements of the Charitable Company for the 1 January 2024 to 31 December 2024. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the Charitable Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

a. Objectives and Activities

Exeter Network Church (ENC) is a company and a charity which exists to promote the Christian faith and to alleviate suffering.

Since our public launch in 2005, and the commissioning of Rev Jon and Jo Soper in 2009 as leaders of the first Bishop’s Mission Order in the UK, our commitment has been to communicate the gospel of Jesus Christ, by proclamation and demonstration, through which lives and communities are transformed.

In 2024, ENC was home to an intergenerational community of around 250 adults (including approximately 75 students) and more than 40 children and young people. We remain committed to proclaiming and demonstrating the gospel of Jesus Christ in ways that bring real transformation to lives and communities.

When planning our activities, we take account of the Charity Commission’s guidance on public benefit and its specific guidance for charities for the advancement of religion. Our activities are publicised on our website www.enc.uk.net and outlined below.

b. Vision and Values

Our vision continues to flow from the words of the Lord’s Prayer—“On Earth as in Heaven.” We work alongside Jesus to see His kingdom come in every sphere of life, for transformation of all things.

As a church, we remain:

We continue to value:

Page 2

EXETER NETWORK CHURCH

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

(continued)

c. Structure, Management and Governance

The trustees are responsible for the governance of the church regarding finance, employment, regulatory compliance and policies. The trustees delegate responsibility for leadership of the church's activities, development of its spiritual life and its daily management to the church leaders. Trustees give their time voluntarily and receive no financial benefit from the charity.

The church leaders are supported in their role by a senior staff of three others.

Members of the charitable company guarantee to contribute an amount not exceeding £1 to the assets of the charitable company in the event of winding up. The total number of such guarantees at 31 December 2024 was 24. Company members are responsible for appointing trustees normally around the annual general meeting.

Whilst retaining its legal autonomy as a registered charity and a Company limited by guarantee employing the Church Leaders, on 2nd November 2009 the Company resolved to adopt the terms of a Bishop's Mission Order (BMO) lasting for the duration of five years and to change the Objects of the Company to bring them into line with those of an Anglican Church. At the same time, the opportunity was taken to approve the replacement of the Company's Articles of Association with the more modern form of Articles in terms set out in the new Companies Act 2006 with appropriate adaption.

The BMO makes the Church Leaders accountable to the Bishop of Exeter and provides for a Bishop's 'Visitor' (in 2019 the Bishop of Crediton was appointed as Visitor) to provide a communication 'bridge 'between the Bishop of Exeter and Exeter Network Church.

In 2014 the BMO was renewed for a further five years, and then in 2019 the BMO status was made permanent after an extensive review by the Bishop of Crediton and her team.

Page 3

EXETER NETWORK CHURCH (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

(continued)

d. Achievement and performance

Networks

2024 was a year of increased engagement in our Networks—small, mission-focused communities living out our vision in practical ways.

These networks engaged in:

Public worship

Our worship gatherings in 2024 continued to welcome people of all ages and spiritual backgrounds. They remain characterised by high participation, dynamic worship, and the intentional development of new leaders.

The average Sunday attendance was 173, with peak gatherings of over 290. Services were held weekly at 4:00pm and 6:30pm at Providence Chapel, Northernhay Street—our home since late 2023, providing a more comfortable and accessible worship environment.

Special highlights in 2024 included:

Pastoral work

Pastoral care remained central in 2024. Our pastoral team provided spiritual counsel, prayer ministry, and practical help to individuals and families.

Financial and practical support was distributed to those experiencing hardship. We also celebrated baptisms, blessed marriages, and walked with families through funerals, offering comfort and hope in Christ.

Page 4

EXETER NETWORK CHURCH

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

(continued)

Looking Ahead to 2025

2024 was a year of growth, joy, and deepening faith. We saw God’s hand at work in countless lives and communities. As we step into 2025, we do so with renewed vision:

The Trustees give thanks to God for His faithfulness in 2024 and look forward with expectation for what He will do in the coming year.

e. Reserves Policy

The trustees have accepted a reserves policy whereby the unrestricted funds not committed or invested in tangible fixed assets ('the free reserves') held by the charity should equate to the amount of certain contractual obligations (including staff redundancy) should the charity cease to operate.

At this level, the day to day financial obligations of the church are met through faith and the legal requirements should the charity cease will be met. This amount comes to £60,000. At the year-end unrestricted reserves totalled £107,108.

The trustees feel the charity can continue to meet its ongoing financial requirements.

f. Investment Policy

The trustees have considered the most appropriate policy for investing funds and decided that short term deposit accounts meet its requirements to both generate income and have available funds at short notice.

g. Giving Policy

The church's policy is to give away 10% of undesignated income in furtherance of the Christian faith and the relief of poverty and hardship. This year ENC was able to give a total £48,120 (2023: £44,723) which were gifts to external individuals and institutions.

In 2024, ENC gave monthly donations to organisations such as TeaFund, Climate Stewards, Christians Against Poverty, Exeter Foodbank, CAP, Every Nation Ministries, Exeter Diocese, ICE Trust, IJM, St. Boniface Whipton, Sat-7 Trust limited, Tutela Africa, Carrie, Open Doors, New Wine and YWAM Sandels. ENC supports partners who promote the Christian faith and alleviate suffering which are local (Exeter), UK-wide and international.

Page 5

EXETER NETWORK CHURCH

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

(continued)

h. Risk Review

The trustees have conducted their own review of the major risks to which the charity is exposed and systems have been established to mitigate those risks. Internal financial risks are managed by the implementation of financial procedures for the collection, banking and recording of all donations and the authorisation and recording of all expenditure.

In 2024 the church had a Safeguarding policy and Safeguarding officer - Jonny Wakely alongside a designated safeguarding Trustee - Andrew Hingston. The church also has formal policies for Health and Safety, and Data Protection.

i. Financial Review

The deficit for the year was £5,237 (2023: surplus £74,477). Transfers from unrestricted funds to restricted funds totalled £Nil (2023: £Nil). Reserves at the end of the year amounted to £158,754 (2023: £163,991) of which £107,108 (2023: £111,963) were unrestricted. The unrestricted funds include a designated fund of £19,809 (2023: £19,809) towards future church plants.

Page 6

EXETER NETWORK CHURCH

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Statement of Trustees' responsibilities

Company law requires the trustees to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial period reported. In preparing those financial statements, the trustees should follow best practice and:

The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charitable company and for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Trustee Members

The trustees, who are directors for the purpose of company law and trustees for the purpose of charity law, who served during the year and up to the date of this report are set out on page 2. The trustees have been recruited from amongst members of the church by a process of nomination and election.

This report has been prepared in accordance with the Statement of Recommended Practice - Accounting and Reporting by Charities and in accordance with the requirements of the Companies Act 2006.

Approved by order of the members of the board of Trustees on _______ 26/09/2025 and signed on their behalf by:

T Hunt Chair of Trustees

Page 7

(A company limited by guarantee)

EXETER NETWORK CHURCH

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

Independent examiner's report to the Trustees of Exeter Network Church ('the Charitable Company')

I report to the charity Trustees on my examination of the accounts of the Charitable Company for the year ended 31 December 2024.

Responsibilities and basis of report

As the Trustees of the Charitable Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Charitable Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charitable Company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Page 8

EXETER NETWORK CHURCH

(A company limited by guarantee)

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Independent examiner's statement

Since the Charitable Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Charitable Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 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 with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

I have no concerns and have come across 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.

This report is made solely to the Charitable Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charitable Company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charitable Company and the Charitable Company's Trustees as a body, for my work or for this report.

Signed: Dated: 29/9/25

Laura Waycott FCA

Griffin Chartered Accountants Courtenay House Pynes Hill Exeter EX2 5AZ

Page 9

(A company limited by guarantee)

EXETER NETWORK CHURCH

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024

Note
Income from:
Donations and legacies
4
Charitable activities
5
Investments
6
Total income
Expenditure on:
Charitable activities
8
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2024
£
339,262
57,502
845
397,609
402,464
402,464
(4,855)
111,963
(4,855)
107,108		 Restricted
funds
2024
£
-
9,762
-
9,762
10,144
10,144
(382)
52,028
(382)
51,646		 Total
funds
2024
£
339,262
67,264
845
407,371
412,608
412,608
(5,237)
163,991
(5,237)
158,754		 Total
funds
2023
£
388,817
78,944
578
468,339
393,862
393,862
74,477
89,514
74,477
163,991

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 13 to 30 form part of these financial statements.

Page 10

EXETER NETWORK CHURCH

(A company limited by guarantee) REGISTERED NUMBER: 05278022

BALANCE SHEET AS AT 31 DECEMBER 2024

Note
Fixed assets
Tangible assets
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one
year
15
Net current assets
Total assets less current liabilities
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
16
Unrestricted funds
16
Total funds		 10,792
165,848
176,640
(21,675)		 2024
£
3,789
3,789
154,965
158,754
158,754
158,754
51,646
107,108
158,754		 69,473
121,676
191,149
(28,257)		 2023
£
1,099
1,099
162,892
163,991
163,991
163,991
52,028
111,963
163,991

Page 11

(A company limited by guarantee)

EXETER NETWORK CHURCH

BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024

The Charitable Company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees on 26/09/2025 _______ and signed on their behalf by:

T Hunt Chair of Trustees

The notes on pages 13 to 30 form part of these financial statements.

Page 12

EXETER NETWORK CHURCH (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. General information

Exeter Network Church is a registered charity domiciled in England and Wales. Its registered office address is 22 Southernhay West, Exeter, EX1 1PR.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: 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 (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Exeter Network Church meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

The Trustees assess whether the use of going concern is appropriate i.e. whether any material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least 12 months from the date of authorisation for issue of the financial statements. They have concluded that the charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the charity's ability to continue as a going concern, thus they will continue to adopt the going concern basis of accounting in preparing the financial statements.

2.3 Income

All income is recognised once the Charitable Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Page 13

EXETER NETWORK CHURCH (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charitable Company's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charitable Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Tangible fixed assets and depreciation

Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Office equipment - 4 year straight-line method
Computer equipment - 4 year straight-line method

2.7 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Page 14

EXETER NETWORK CHURCH (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

2.8 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.9 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charitable Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

2.10 Financial instruments

The Charitable Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.11 Pensions

The Charitable Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charitable Company to the fund in respect of the year.

2.12 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 Charitable Company and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charitable Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 15

(A company limited by guarantee)

EXETER NETWORK CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

3. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

There are no critical accounting estimates or assumptions.

4. Income from donations and legacies

Unrestricted
funds
2024
£
Donations
339,262
Unrestricted
funds
2023
£
Donations
388,817		 Total
funds
2024
£
339,262
Total
funds
2023
£
388,817

5. Income from charitable activities

Unrestricted
funds
2024
£
Charitable Activities
57,502
Unrestricted
funds
2023
£
Charitable Activities
36,344		 Restricted
funds
2024
£
9,762
Restricted
funds
2023
£
42,600		 Total
funds
2024
£
67,264
Total
funds
2023
£
78,944

Page 16

(A company limited by guarantee)

EXETER NETWORK CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

6. Investment income

Unrestricted
funds
2024
£
Investment income
845
Unrestricted
funds
2023
£
Investment income
578		 Total
funds
2024
£
845
Total
funds
2023
£
578

7. Analysis of grants

Grants made
Grants made		 Grants to
Institutions
2024
£
31,372
Grants to
Institutions
2023
£
29,153		 Grants to
Individuals
2024
£
16,748
Grants to
Individuals
2023
£
15,570		 Total
funds
2024
£
48,120
Total
funds
2023
£
44,723

Page 17

EXETER NETWORK CHURCH

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

7. Analysis of grants (continued)

The Charitable Company has made the following material grants to institutions during the year:

Name of institution
Climate Stewards
CAP
Every Nation Ministries
Exeter Diocese
Exeter Foodbank
ICE Trust
IJM
New Wine
Open Doors
St. Boniface Whipton
Sat-7 Trust Limited
Teafund
Tutela Africa
YMCA Exeter
YWAM Sandels
CARRIE
Christians Against Poverty
Other grants to institutions		 2024
£
1,100
2,220
1,200
1,200
1,100
1,700
1,340
1,288
1,700
1,000
1,400
1,340
1,400
1,414
2,000
1,500
5,400
28,302
3,070
31,372		 2023
£
-
8,465
1,700
1,200
1,600
1,700
1,340
1,743
1,700
-
1,112
-
1,900
1,013
2,800
-
-
26,273
2,880
29,153

Any grants made to institutions below £1,000 have been inlcuded as total of "other grants to institutions" and consist of the following institutions: Friends International, Fusion, GoFundMe, Just Love, Linking Lives, St Michael's, and Stewardship.

Page 18

EXETER NETWORK CHURCH

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

8. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2024
£
Charitable Activities
402,464
Unrestricted
funds
2023
£
Charitable Activities
385,046		 Restricted
funds
2024
£
10,144
Restricted
funds
2023
£
8,816		 Total
2024
£
412,608
Total
2023
£
393,862

9. Analysis of expenditure by activities

Charitable Activities
Charitable Activities		 Activities
undertaken
directly
2024
£
253,131
Activities
undertaken
directly
2023
£
245,667		 Grant
funding of
activities
2024
£
48,120
Grant
funding of
activities
2023
£
44,723		 Support
costs
2024
£
111,357
Support
costs
2023
£
103,472		 Total
funds
2024
£
412,608
Total
funds
2023
£
393,862

Page 19

EXETER NETWORK CHURCH

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

9. Analysis of expenditure by activities (continued)

Analysis of direct costs

Staff costs
ENCside fees
Staff costs
ENCside fees		 Activities
2024
£
223,872
29,259
253,131
Activities
2023
£
218,154
27,513
245,667		 Total
funds
2024
£
223,872
29,259
253,131
Total
funds
2023
£
218,154
27,513
245,667

Page 20

EXETER NETWORK CHURCH

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

9. Analysis of expenditure by activities (continued)

Analysis of support costs

Depreciation
Administration
Buildings
IT and communication
Events
Legal & professional
Staff costs
Stripe fees
Rent
Worship
Governance
Depreciation
Administration
Buildings
IT and communication
Events
Legal & professional
Staff costs
Stripe fees
Worship
Governance		 Activities
2024
£
1,629
20,527
27,197
11,954
32,370
1,798
9,047
164
989
787
4,895
111,357
Activities
2023
£
549
17,801
22,540
11,714
22,846
6,924
3,992
992
10,218
5,896
103,472		 Total
funds
2024
£
1,629
20,527
27,197
11,954
32,370
1,798
9,047
164
989
787
4,895
111,357
Total
funds
2023
£
549
17,801
22,540
11,714
22,846
6,924
3,992
992
10,218
5,896
103,472

Page 21

EXETER NETWORK CHURCH

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

10. Independent examiner's remuneration

The independent examiner's remuneration amounts to an independent examiner fee of £2,250 ( 2023 - £2,160 ).

11. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2024
£
197,107
10,506
16,259
223,872		 2023
£
191,760
9,888
16,506
218,154

The average number of persons employed by the Charitable Company during the year was as follows:

Church Leader
Other Leaders and administrators		 2024
No.
2
8
10		 2023
No.
2
8
10

No employee received remuneration amounting to more than £60,000 in either year.

The key management personnel of the charity consists of the Church Leaders and Operations manager. The total amount of employee benefits received by the key management personnel of the charity was £106,385 (2023 - £96,487).

12. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .

During the year ended 31 December 2024, expenses totalling £ 32 were reimbursed or paid directly to 3 Trustees (2023 - £145 to 3 Trustees) .

Page 22

EXETER NETWORK CHURCH

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

13. Tangible fixed assets

Cost or valuation
At 1 January 2024
Additions
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023
Debtors
Due within one year
Trade debtors
Prepayments and accrued income		 Office
equipment
£
-
262
262
-
65
65
197
-		 Computer
equipment
£
1,648
4,057
5,705
549
1,564
2,113
3,592
1,099
2024
£
4,498
6,294
10,792		 Total
£
1,648
4,319
5,967
549
1,629
2,178
3,789
1,099
2023
£
4,935
64,538
69,473

14. Debtors

Page 23

EXETER NETWORK CHURCH

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

15. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
16.
Statement of funds
Statement of funds - current year
Unrestricted funds
Designated funds
Designated Funds - Church Plant
General funds
General Funds
Total Unrestricted funds
Restricted funds
Hardship
CAP
CAP Hardship
Weekend Away
Acts 435
Total of funds		 Balance at 1
January
2024
£
19,809
92,154
111,963
3,273
35,334
9,011
3,765
645
52,028
163,991		 Income
£
-
397,609
397,609
3,684
2,908
3,170
-
-
9,762
407,371		 2024
£
4,112
-
1,585
15,978
21,675
Expenditure
£
-
(402,464)
(402,464)
(5,234)
(2,035)
(2,875)
-
-
(10,144)
(412,608)		 2023
£
1,777
7,000
1,965
17,515
28,257
Balance at
31
December
2024
£
19,809
87,299
107,108
1,723
36,207
9,306
3,765
645
51,646
158,754

Page 24

EXETER NETWORK CHURCH

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

16. Statement of funds (continued)

Hardship

This is a ring-fenced fund which is established to enable ENC to donate financially to people who can’t afford to go to events. For example, if a low income family or person can’t afford the full ticket price, ENC will discount it and cover the cost from this Hardship fund.

CAP

Christians Against Poverty (CAP) helps people consolidate debt by helping with paperwork and organising payment plans etc. This budget covers our CAP Manager’s salary and expenses for helping clients with organisational costs.

CAP Hardship

This is for clients from the above groups that need extra financial help in forms of a one-off gift, or help with covering payments for ENC events, such as the church weekend away.

Weekend Away

This fund relates to the Church Weekend Away. This is a whole church gathering held by ENC for its members to come together at the start of the year.

Acts 435

This is a grants based fund that gives emergency financial support to people in need.

Church Planting

From time to time, ENC takes an active role in planting new church congregations in the surrounding areas of Exeter. The funding for these church plants comes from gifts from individuals and other church organisations in the UK. During 2024, ENC did not participate in any new church planting endeavours.

Page 25

EXETER NETWORK CHURCH

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

16. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
Designated funds
Designated Funds - Church Plant
General funds
General Funds
Total Unrestricted funds
Restricted funds
Hardship
CAP
CAP Hardship
Weekend Away
Acts 435
Total of funds		 Balance at
1 January
2023
£
19,809
51,461
71,270
2,883
-
10,951
3,765
645
18,244
89,514		 Income
£
-
425,739
425,739
1,720
37,113
3,767
-
-
42,600
468,339		 Expenditure
£
-
(385,046)
(385,046)
(1,330)
(1,779)
(5,707)
-
-
(8,816)
(393,862)		 Balance at
31
December
2023
£
19,809
92,154
111,963
3,273
35,334
9,011
3,765
645
52,028
163,991

Page 26

EXETER NETWORK CHURCH

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

17. Summary of funds

Summary of funds - current year

Designated funds
General funds
Restricted funds
Summary of funds - prior year
Designated funds
General funds
Restricted funds		 Balance at 1
January
2024
£
19,809
92,154
52,028
163,991
Balance at
1 January
2023
£
19,809
51,461
18,244
89,514		 Income
£
-
397,609
9,762
407,371
Income
£
-
425,739
42,600
468,339		 Expenditure
£
-
(402,464)
(10,144)
(412,608)
Expenditure
£
-
(385,046)
(8,816)
(393,862)		 Balance at
31
December
2024
£
19,809
87,299
51,646
158,754
Balance at
31
December
2023
£
19,809
92,154
52,028
163,991

Page 27

EXETER NETWORK CHURCH

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

18. Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted
funds
2024
£
Tangible fixed assets
3,789
Current assets
124,994
Creditors due within one year
(21,675)
Total
107,108
Analysis of net assets between funds - prior period
Unrestricted
funds
2023
£
Tangible fixed assets
1,099
Current assets
139,121
Creditors due within one year
(28,257)
Total
111,963		 Restricted
funds
2024
£
-
51,646
-
51,646
Restricted
funds
2023
£
-
52,028
-
52,028		 Total
funds
2024
£
3,789
176,640
(21,675)
158,754
Total
funds
2023
£
1,099
191,149
(28,257)
163,991

Page 28

EXETER NETWORK CHURCH

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

19. Pension commitments

Exeter Network Church participates in the Pension Builder Scheme section of CWPF for lay staff. The Scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of the Employer and the other participating employers.

The Church Workers Pension Fund has a section known as the Defined Benefits Scheme, a deferred annuity section known as Pension Builder Classic and a cash balance section known as Pension Builder 2014.

Pension Builder Scheme

The Pension Builder Scheme of the Church Workers Pension Fund is made up of two sections, Pension Builder Classic and Pension Builder 2014, both of which are classed as defined benefit schemes.

Pension Builder Classic provides a pension for members for payment from retirement, accumulated from contributions paid and converted into a deferred annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Bonuses may also be declared, depending upon the investment returns and other factors.

Pension Builder 2014 is a cash balance scheme that provides a lump sum that members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. This account may have bonuses added by the Board before retirement. The bonuses depend on investment experience and other factors. There is no requirement for the Board to grant any bonuses. The account, plus any bonuses declared, is payable from members’ Normal Pension Age.

There is no sub-division of assets between employers in each section of the Pension Builder Scheme.

The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Pension Builder Scheme’s assets and liabilities to specific employers and that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SoFA in the year are contributions paid £16,259 (2023: £16,506).

A valuation of the Pension Builder Scheme is carried out once every five years. The most recent was carried out as at 31 December 2019.

For the Pension Builder Classic section, the valuation revealed a deficit of £4.8m on the ongoing assumptions used. At the most recent annual review, the Board chose not to grant a discretionary bonus, which will have acted to improve the funding position. There is no requirement for deficit payments at the current time.

For the Pension Builder 2014 section, the valuation revealed a surplus of £5.5m on the ongoing assumptions used. There is no requirement for deficit payments at the current time.

The legal structure of the scheme is such that if another employer fails, Exeter Network Church could become responsible for paying a share of that employer’s pension liabilities.

Page 29

EXETER NETWORK CHURCH (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

20. Related party transactions

Griffin Chartered Accountants is a company in which the son-in-law of a Trustee (resigned on 30 June 2024) was an employee during the year. Griffin Chartered Accountants have undertaken Independent Examination and preparation of the accounts for the year ended 31 December 2024 for a total of £2,250 (2023 - £2,160). The total amount was accrued as at 31 December 2024 and is included within creditors.

Page 30

Prog ress’Righ SIGNATURE CERTIFICATE

REFERENCE NUMBER 6AE0A1EF-5161-40EC-97AE-763FBCD44456

TRANSACTION DETAILS

DOCUMENT DETAILS Document Name

Reference Number Document Name 6AE0A1EF-5161-40EC-97AE-763FBCD44456 Exeter Network Church 2024 - Full Accounts Transaction Type Filename Signature Request Exeter_Network_Church_2024_-Full_Accounts.pdf Sent At Pages 23/09/2025 12:05:34 PM EDT 32 pages Executed At Content Type 26/09/2025 07:44:43 AM EDT application/pdf Identity Method File Size email 228 KB Distribution Method Original Checksum email Signed Checksum

8b855d36352a70b0c3c4fc9577ef409b597fe2a0bf1185fecb31a83db8260d4f

304af08d289417f6bc722fc6489dd4d3e8302451799807666958bbb4d8e896cb

Signer Sequencing Disabled Document Passcode Disabled

SIGNERS

SIGNER E-SIGNATURE EVENTS Name Status Viewed At Tom Hunt signed 26/09/2025 07:43:28 AM EDT Email Multi-factor Digital Fingerprint Checksum Identity Authenticated At trustees.chair@enc.uk.net 4f53cda18c2baa0c0354bb5f9a3ecbe5ed12ab4d8e11ba873c2f11161202b945 26/09/2025 07:44:43 AM EDT Components IP Address Signed At 4 26/09/2025 07:44:43 AM EDT 86.134.135.133 Device Chrome via Mac Drawn Signature

Signature Reference ID 881E15C3 Signature Biometric Count 2

Drawn Signature

Signature Reference ID EE736171 Signature Biometric Count 2

AUDITS

TIMESTAMP

23/09/2025 12:05:34 PM EDT

23/09/2025 12:05:35 PM EDT 26/09/2025 06:46:15 AM EDT 26/09/2025 07:43:28 AM EDT 26/09/2025 07:44:43 AM EDT 26/09/2025 07:44:43 AM EDT

AUDIT

Team Griffin (office@griffinaccountancy.co.uk) created document 'Exeter_Network_Church_2024__Full_Accounts_.pdf' on Chrome via Windows from 185.253.179.97. Tom Hunt (trustees.chair@enc.uk.net) was emailed a link to sign. Tom Hunt (trustees.chair@enc.uk.net) was emailed a reminder.

Tom Hunt (trustees.chair@enc.uk.net) viewed the document on Chrome via Mac from 86.134.135.133. Tom Hunt (trustees.chair@enc.uk.net) authenticated via email on Chrome via Mac from 86.134.135.133. Tom Hunt (trustees.chair@enc.uk.net) signed the document on Chrome via Mac from 86.134.135.133.