Registered ChaTity No. 1113177 SEA OF FAITH NEnAIoRK TRUSTEES REPORT AND FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
Sea of Faith Network Contents Page Reference and administrative detsils Trustees Report Independent Examiners Report Statement of Financial Activities Balance Sheet Notes to the Accounts
Sea of Faith Network. Reference and administrative detalls of the cha for the ear ended 31 December 2024 its trustees and advisers Trustees Clem Cook Oliver E55ame David Francis {until 10 September 2024} David Lambourn (until 10 September 2024} Dinah Livingstone (until 31 December 20241 Stephen Mitchell, Chair Edward Nickell, Secretary John Pearson luntil 10 September 20241 Janet Seargeant Stephen Williams, Treasurer Charity registered Number 1113177 Prlnclpal Office Flat 51 Park Central Bow Quarter E3 2US Examlner Peter Stribblehlll 9 Melbray Drive Melton Mowbray LE13 IJS Bankers Lloyds Bank Kings Heath PO Box 1000 BXI ILT Co-operative Bank PO Box 250 Skelmersdale WN86
Sea of Faith Network. Trustees, re ort torthe ear ended 31 December 2024 The Trustees present their annual report together with thefinancial statements of the Sea of Faith Network (the charity) for the year ended 31 December 2024. The Trustees confirm that the annual report and financial 5tatement5 of the charity comply with the current ststutory requirements, the requirements of the charity's governing document. Strurture, governance and management Constitution The Network was registered a5 an unincorporated charity on 6 March 2006, prior to which it operated as a non-charitable membership network. The charity number is 113177. The Network is governed by its constitution dated 27 July 2005 and amended on 20July 2006. 26 July 2CK)7. 23 July 2011 and 24 July 2023. b. Method of appointrnent or election of TStee5 The managementof the charity isthe responsibility oftheTrustees who areeletted bythe membership at each Annual General Meeting Risk management The Trustees have examined the major strateglc, buslness and operational risks which the charity may face and review these risks on a regular basi5. The Trustees confirm that systems have been established to enable regular report5 to be produced so that the necessary steps can be taken to mitigate these risks. Oblectlves and Actfvttles PolEcles and oblethes The objects of the charity are to advance the education of the public in religious studies With particular reference to religious faith seen as a human creation. b. Activltles for achieving objectlves The charity achieves its objectives through conferences. publications, local membership groups, and other membership activities. Achievements and performance Review of activities The network continued publication of its quarterly magazine "Sofia and the membership newsletter "Portholes . It held its annual day conference marking the fortieth anniversary of the original Sea of Faith television series. Members continued to meet in local groups across the country. The online "In Conversation" events provided further opportunities for exploration and discussion. The expansion of the 'Solarity/Big Ideas, resource into a progrdmme of study for 5-16 year olds, continued and has so far
Sea of Faith Network. produced 27 units of learning. This was originally funded by donations from members and supporters but the cost is now met by the charity. There have been the first independent evaluations of the materials. The network received a legacy of £27.547, induded in the donations shown on page 8 of these accounts. The trustees have resolved that this sum should be used to support developments. initially the expansion of the Big Idea5 project and the associated evaluation. Financial review Reserves Policy The Trustee5 aim to hold unrestrirted reserves at least equal to six month5 normal expenditure. The balance of unrestricted funds at 31 December 2024 was £40,933. b. Prlncipal fundlng The principal 50uro5 of funding for the charity are membershlp subscriptions and donations. statement of Trustees, responslbllltles The Trustees are responsible for preparing the Annual report and the financial statements in accordance with appllcable law and regulations. Charity Law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have eletted to prepare the financial statements in accordance with the United Kingdom Statement of Recommended Prartice 'Accounting and Reporting by Charities,. issued in 2008. The financial statements are required by law to give a true and fair view of the state of affairs of the charity and of the Surplus or deficit of the charity for that period. In preparing these financial statements. the Trustees are required to: Select suitable accounting policies and then apply them consistently; Make judgements and estimates that are reasonable and prudent; Prepare the financial statements on the going concern basis unless it Is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements Comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of froud and other irregularities. The report was approved by the Trustees on 17 September 2025 and signed on their behalf, by: stephen Mitchell, Chair Stephen Williams, Treasurer
Sea of Faith Network. Examinerfs re ort to the TTu5tee5 0* the Sea of Faith Network UK: Charity No. 1113177 I report on the accounts of the charity for the year ended 31 December 2024 which are set out on pages 5 to 10. Responslbllltles and basls of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charitie5 Art 2011 ('the Act'l. I report in respett of my examinatlon of theTrusf s accounts carrled out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions 8iven by the Charity Commission under sertion 14515)(bl of the Art. Examlnerfs statement I have completed my examination. I confirm that no material matters have come to my attention in connectlon with the examination giving me cause to believe that in any material respect: l. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not complywith the applicable requirements concerning the form and content of accounts set out in the Charitles (Accounts and Reports) Regulatlons 2008 other than any requirement that the accounts give a 'true and fair view which is not a matterconsidered as part ofan independent examination. I have no concerns and have come across no other matters in connection wlth the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Peter 5tribblehill 9 Melbray Drive Melton Mowbray LE13 IIS Dated:
Sea of Faith Network. ststement of financial activities for the ear ended 31 December 2024 Total Funds Total Funds 2024 2023 Note Incoming resources Incoming resources from generated funds: Voluntary income Investment income Incoming resources from charitable activities Other incomlng resources 29.002 802 3,934 764 8.575 8.603 Total incomlng resources 38.379 13,301 Resources expended Charitable attivities 14.637 4.000 13,984 4.750 Govemance costs Total resources expended 18,637 18,734 Net incoming resourcesl Iresources expended) before revaluations 19,742 15,433} Net gains on revaluation and disposal of investment assets 396 700 Net movement in funds for the year 20,138 {4,7731 Total funds at l January 20,795 25,528 Total funds at 31 December 40,933 20,795 Restrlcted Funds Solarity Appeal 1.698 Unrestrirted Funds 40.933 19,097 The notes on pages 7 to 10 form part of these fsnancial statements.
Sea of Faith Network. Balance Sheet as at 310ecember 2024 2024 2023 Note Fixed a55et5 Fixed asset investments 17.216 16,820 Current assets Debtors Cash at bank io 2257 21,615 1,000 4,200 23072 5,200 Creditors.. Amounts falling due within one year li 1155) 11.2251 Net current assets 23,717 3,975 Totsl assets less current liabilities 40,933 20,795 Charity Funds Unrestritted funds Restricted funds 12 40.933 J 19,097 1,698 Total funds 40,933 20,795 The financial statements were approved by the Trustees on 17 September 2025 and slgned on thelr behalf, by: vl-LJrf Thr[[ Stephen Mitchell, Chair Stephen Williams. Treasurer The notes on pages 7 to 10 form part of these financial ststements.
Sea of Faith Network. Notes to the financial statements for the ear ended 31 December 2024 l. Accounting Policies 1.1 Basts of preparatlon of financial statements The financial statements have been prepared underthe historical cost convention and comply with the charitys governing document and statutory requirements. 1.2 Fund Accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objertives of the charity and which have not been designated for other purposes. Investment income, gains and losses are allocated to the appropriate fund. 1.3 Incoming resources All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantffied with reasonable accuracy. Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold. Donated facilitie5 are included at the value to the charity where this can be quantified and a third party is bearing the cost. No amounts are included in the financial statements for services donated by volunteers. Income tax recoverable in relatlon to donations under Gift Aid or deeds of covenant Is re¢ognised-' at the time of the donation. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. 1.4 Resources expended All expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all cost5 for allocation to artivitie5. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources. 1.5 Investments Investments are stated at market value at the balance sheet date. The Statement of financial ortivities includes the net gains and losses arising on revaluations and disp05als throughout the year.
Sea of Faith Network. Notes to the financial statements for the ear ended 31 December 2024 continued Voluntary income 2024 2023 Donations GiftAid 27.746 1,256 2,934 1,000 29J)02 3.934 Investment income 2024 2023 Investment income Interest received 725 694 77 70 764 Incomlng resources frorn charftable acthiltles 2024 2023 Membershlp Income Conference income Sales 6.702 1.517 356 6,675 1,125 803 8.575 8,603 Sales income comprises the following: Books Magazine subscriptions Magazine advertising 12 173 630 356 803 Analysts of resources expended by artivitie5 Artlvltles dirertly undertaken Support Totsl Total 2024 2024 2023 Activitie5 (see notes 6 and 71
Sea of Faith Network. Notes to the finantial statements for the ar ended 31 December 2024 contlnued 6. Dirert costs 2024 2023 Conference costs 2.600 2.630 Other event costs Magazine expense5 Newsletter and other publications Cost of books sold 5,615 445 6,239 521 72 Web51te costs 553 320 9.213 9,782 7. Support costs 2024 2023 Trustee meeting expense5 Development expenses Sundry expenses Accountancy fees 1.412 3,714 298 892 3,306 5A24 4,202 8. Governance costs 2024 2023 Trustee remuneration 4,750 During the year, l Trustee recelved remuneration of £4,000 {2023- 2 Trustees- £4,750) During the year, no Trustees received any benefits in kind12023- Nil) 4 Trustee5 received reimbursement of expenses of £661,12023- £2831. Trustee remuneration above was paid to Dlnah Llvingstone, a Trustee of the charity, for editing and preparing the charivs quarterly magazine, Sofia.
Sea of Faith Network. Note5 to the financlal statements for the ear ended 31 December 2024 continued Fixed asset investments 2024 2023 Market Value At ljanuary Disposals Net revaluations and gains 16,820 16,120 396 700 At 31 December 17,216 16.820 Hlstorlcal cost 15.090 15,090 Investments at market value comprlse: 2024 2023 Listed investments 17.216 16.820 10. Debtors 2024 2023 Debtors I Prepayments 2,257 1,000 11. Creditors: 2024 2023 Amounts falllng due wlthln one year Creditors and accrued expenses Income in advance 1,070 155 155 155 1,225 12. Summary of funds Brought Forward Incoming Resources resources Expended Gainsl Losses Carrled forward General funds 19,097 38,379 (16,9391 396 40,933 Restricted funds 1,698 {1.6981 Total funds 20.795 38379 118.637) 396 40.933 io