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← Redeemer Trust Ltd

2024-12-31-accounts

REDEEMER TRUST LTD

Report and Accounts

Year Ended 31 December 2024

Registered Company No: 6390847 Registered Charity No: 1125216

REDEEMER TRUST LTD

Report & Accounts for year ending 31/12/2024

Contents
General Information
Trustees Annual Report
Independent Examiner’s Report
Statement of Financial Activities
Balance Sheet
Cash Flow Statement
Notes to the Accounts		 Page
2
3-10
11
12
13
14
15-18

REDEEMER TRUST LTD

Report & Accounts for year ending 31/12/2024

General Information

Incorporation Status Incorporated as a company limited by guarantee on 4 October 2007 Incorporated as a company limited by guarantee on 4 October 2007
under the name of Waterfront City Trust Ltd - Company registration
number: 6390847. Name changed to Redeemer Trust Ltd on
13/02/2015.
Charitable Status Registered with The Charity Commission on 28 July 2008 - charity
registration number: 1125216
Registered Address Redeemer Church
St Barnabas Terrace
Plymouth
Devon
PL1 5NN
Directors/Trustees Toby Friend (Chair)
Rachael Carey (Resigned 23.07.24)
Steven Norris
Matthew Page (Appointed 25.02.24)
Rebecca Reckless
Benji Rogers (Resigned 09.06.24)
Cynthia Stokes
Grant Van Schalkwyk
Nicola Willis
Andy Wooldridge
Mike Temple (Appointed 08.12.24)
Secretary Nicola Willis
Elders Grant Van Schalkwyk
Toby Friend
Andrew Larkin
Phil Lowman
Steve Norris
Simon Thomas
Jon White
Bankers CAF Bank Ltd The Co-operative Bank
25 Kings Hill Avenue 8 Old Town Street
Kings Hill Plymouth
West Malling PL1 1DE
Kent
ME19 4JQ
Independent Examiner Philip Soutter FCCA, ATT
Wills Accountants Ltd
Chartered Certified Accountants
2 Endeavour House
Parkway Court
Longbridge Road
Plymouth
PL6 8LR

Page 2

REDEEMER TRUST LTD

Report & Accounts for year ending 31/12/2024

Trustees Annual Report

Purpose and Aims

Purpose

The purpose of Redeemer Trust Ltd is set out in the Objects contained in the Company’s Memorandum of Association which are:

Redeemer Trust Ltd is a registered charity (formally Waterfront City Trust Ltd) which incorporates the activities of Redeemer Church (formally Waterfront City Church) and which is affiliated with the Advance sphere of the Newfrontiers family of churches. The Church is in agreement with, and committed to, the vision of Advance – to plant and strengthen churches. We do this by restoring New Testament principles to today’s church, making disciples, training leaders, planting churches and spreading the Gospel to the nations.

Our Aims

Redeemer Church has for many years carried in its heart a vision for being a significant church that would not only resource and serve a city, but it would serve much wider. God has underlined that for us in recent years as he has spoken to us about:

The question for us was, “Where do we begin? How are we going to reach almost 300,000 people in this city with the good news about Jesus? Our answer was, "You take it one community at a time."

This gave birth to our "vision for communities", a desire to see small groups (life groups) planted in every PL code across the city. Communities within communities throughout the city that are committed to serving those communities and sharing not only their lives but also the good news about Jesus with those around.

But this was only to be the thin end of the wedge in terms of what God has in mind for us over the coming years. He began to highlight other communities into which we would see churches planted, like Saltash, Callington, Tavistock and Ivybridge. God was encouraging us to not just think 2yrs, 5yrs but think 10, think 15yrs.

We feel it is right to do this together, as we plant churches into these communities we have a shared vision, a shared mission and we share our resources, which includes finance, administration and other gifts people have that would benefit all of us widely, to enable us all to go further and faster than if we were doing this on our own. Because of this, we feel it is right to have a single Trust that all these

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REDEEMER TRUST LTD

Report & Accounts for year ending 31/12/2024

churches are a part of. At the moment, this includes Redeemer Church Plymouth and Redeemer Church Tavistock and Redeemer Church Saltash. We are not interested in building an empire but in planting churches.

Our aims fully reflect the purposes that the charity was set up to achieve.

Ensuring what we do delivers our aims

The Trustees have referred to the guidance issued by the Charity Commission on Public Benefit and have used this when planning and reviewing the activities of the trust. Each year we review our activities, and make plans for the year ahead, to ensure that our aims are being met so that we continue to fulfil our charitable purpose for the public benefit.

How our activities deliver public benefit

Our main activities and the communities and people we have been able to help are summarised below. All our charitable activities in the UK focus on serving those within the communities in our area and as we identify the needs, we can respond meaningfully with practical, emotional and spiritual help and support. Our charitable activities abroad are focused on supporting Advance in their church planting and missionary work. These activities are undertaken to further our charitable purposes for the public benefit.

Review of Activities

This year we have seen a lot of growth in all aspects of the charity, we have more people attending on a Sunday morning than ever before, which means we have needed more volunteers, and we have more staff than ever before. The most exciting thing from this last year has been appointing Simon and Jon as Elders in Saltash. This is a big milestone for the church and is encouraging for the future.

We also ran our biennial Church Weekend Away where we had a record 276 attend from the three churches. We had Jonny Carson, Matt and Grace Hosier and Richard Coekin speak at it on being Jesus centred, Spirit Empowered and Mission Focused.

It was great to run our first Alpha course on an estate in Plymouth called Barne Barton, where we are hoping to be planting a church in the future. This led to baptising one lady from there and seeing more join us from the estate.

We ran our Theology conference again and had Patrick Schreiner over from the States to speak, we had around 50 people there from all over the country.

Sunday Mornings

We have three churches that would normally meet every Sunday, one in Plymouth, one in Tavistock and one in Saltash.

In Plymouth we continue to have visitors on most Sundays throughout the year and this had led to more people joining the church and becoming Christians. Our average attendance in Plymouth has grown to around 240 and we baptised 2 people during the year, and we are getting just under 100 people to our monthly prayer meeting.

In Tavistock we continue to meet at Whitchurch CP School. We run children’s and youth work during the service. Our average attendance in Tavistock has been around 65.

In Saltash we have continued to grow with more people joining us. We continue to meet at The Core. Our average attendance in Saltash is around 70 and we have baptised 2 people during the year.

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REDEEMER TRUST LTD

Report & Accounts for year ending 31/12/2024

Community

Church life is not just about an hour or two on Sunday. We also have 23 community groups (known as life groups) that meet during the week across the city and in Tavistock, Saltash and Ivybridge. This is where we share our lives together, encouraging each other in our faith, looking after each other and making a difference in our communities.

Some examples of where we have served Plymouth, Tavistock and Saltash this year:

In Plymouth we have continued to collect items for our Boxes of Hope, which provide food and basic toiletries in a box or rucksack for those who need it. We have teamed up with Plymouth Domestic Abuse Service to provide these boxes for them along with Christmas and Easter presents for the children. We have also been donating food to the local foodbanks and the Red Cross who are supporting asylum seekers and their families in the city.

We have also continued our partnership with Vineyard Church, providing a Uniform store which collects good quality old school uniforms and offers them for free, to anyone who needs uniform for their children. During 2024 we clothed over 3500 families with 5300 children, and had about 6.5 Tons of uniform or over 18.5k items donated.

In Plymouth and Tavistock we run Toddler groups, It is a great opportunity to mingle and make friends with other parents and carers whilst the children enjoy song/story time, free play, crafts, snack time and make some lasting friendships and support networks. Currently we are reaching around 40 families and about 70 children, including running a Dads and Toddlers once a month in Tavistock.

The Saltash Church organised the Cardboard Boat Race and the Paddle Board Race at the Saltash regatta again this year with many entries and over 500 people watching from the shore this was an excellent time serving the community.

Christmas is a key time for us to engage with the community. We ran 3 large carol services with around 700 people attending. As well as this the Saltash Christmas Festival Committee asked the Church to run an event that would explain the real meaning of Christmas, so they organised a Treasure Hunt along the main street with pictures in windows of shops that had to be found and recorded. Unfortunately, this event was cancelled due to the weather, however we were able to put on a carol service for the town with the schools joining in.

The three churches together have helped 17 people/couples/families out with payments from our social fund and 2 gifts to other institutions, with the same mission. This is a fund that alleviates poverty and helps people get out of debt.

Regions Beyond

Our connection with Advance Movement (part of the New Frontiers network of churches) is going well. We have made many new friends, and they continue to help us think about what we do, and how and why we do things. This had led us to questioning our strategies and changing them as we see fit in order to advance the Gospel.

We have continued to strengthen our links in India and the church in Thailand, being able to help with work in those countries bringing people out of poverty, giving them some training, and sharing the gospel with them.

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REDEEMER TRUST LTD

Report & Accounts for year ending 31/12/2024

Structure, Governance and Management

Organisational Structure

The day-to-day running of the charity is done under the operating names of Redeemer Church Plymouth, Redeemer Church Tavistock and Redeemer Church Saltash. The policy and operating decisions of the churches rest with the Elders who meet regularly to monitor and plan the activities. We currently have Seven Elders (three of which are also Trustees): There are four Elders in Plymouth - Grant Van Schalkwyk, Toby Friend, Andrew Larkin who are employed full time by the Church and Phil Lowman who is not employed by the church; one Elder in Tavistock – Steve Norris who is employed full time by the church; and two Elders in Saltash – Simon Thomas and Jon White who are both employed full time by the church. The power of appointment and removal of Trustees is vested in the church Elders.

Trustee Induction and Training

Any new Trustee appointed by the Elders will be provided with access to the following documents:

Grant-Making Policy

Grants and gifts to external organisations and individuals are considered on the basis of need and fulfilment of the charitable objectives. There are no upper or lower limits of support.

Risk Management

General Risk

All major insurable risks are subject to the normal churches’ and employers’ insurance. The Trustees undertake periodic reviews to identify, mitigate and manage all significant risks arising in the normal course of the trust’s activities.

The Trustees have reviewed the risks to which a small charity operating with few employees is exposed. Appropriate procedures are in place to identify, monitor and review these risks on a regular basis.

Going Concern

Financially we have seen an upturn in our regular donations received. This due to people joining us and starting to give regularly. In addition to the regular giving, we have seen an increase in people’s giving

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REDEEMER TRUST LTD

Report & Accounts for year ending 31/12/2024

into our Social Funds, these are funds we use to help support people through hard times.

In order for the Trustees to monitor the financial health of the charity, they are issued with monthly management reports. These comprise a) Income and Expense to date against Budget, b) Income graphs showing breakdown and trend over the last 24 months, and c) Cash Flow forecast for the next 6 months.

The Trustees are therefore confident of the immediate future of the charity given its strong financial position and the financial information they are regularly updated with.

Financial Review

General Fund

Total unrestricted voluntary income during the year was £470,140 (2023: £361,231). The income is generated predominantly from Church membership (excluding the income from conferences, events and other sources).

The total value of unrestricted resources expended was £422,709 (2023: £362,527), as detailed in Notes 1-7 to the Accounts. Within this total, Activity costs represent the greatest element (£277,907), as it includes employment costs for our pastoral staff of £241,236, an increase on 2023 due to increase in staff (2023: £199,667).

The second largest element is Administration which saw an increase to £52,790 (2023: £45,440), the administration wages bill was £36,086 (2023: £31,713). The third largest element is Accommodation costs which increased slightly to £43,675 (2023: £42,544), this comprised £14,594 on hiring venues for our Sunday morning meetings; £18,868 on running costs for St. Barnabas and the Tavistock office; £9,335 on mortgage interest payments and £878 on hiring venues for other meeting. The fourth largest element is the cost of conferences and training which has increased to £20,392 (2023: £15,324). Mission and Grants was next, which increased to £18,078 (2023: £12,490).

We continue to save regularly into the designated Church Plant Fund to support and develop our church planting activities, especially as we are looking to plant more churches in the next year or two. At the end of year, the balance was £15,646 (2023: £12,034).

The net movement in total Unrestricted Funds for the year was a surplus of £38,184 (2023: surplus of £11,819), increasing the balance of Unrestricted Funds at 31 December 2024 to £158,421 (2023: £120,237). Of these, Designated Funds comprise £87,015 (2023: £49,174) leaving a balance of £71,406 which is allocated to Redeemer Plymouth’s operational reserves as per our Reserves Policy (Target £56,000). Redeemer Tavistock also has their own Reserves Fund (designated) and have currently got £28,734 (target £23,000). Redeemer Saltash are just starting to have their own Reserves Fund (designated) and currently have £3,589 (target £22,500). Details of the Designated funds and their purposes are listed below:

Designated Funds

Page 7

REDEEMER TRUST LTD

Report & Accounts for year ending 31/12/2024

Restricted Funds

Total Restricted Fund income during the year was £58,517 (2023: £120,596), with expenses of £41,245 (2023: £59,844), leaving a year-end balance of £127,157 (2023: £100,638) as detailed in Note 14 to the Accounts. Details of the Restricted funds and their purposes are listed below:

Page 8

REDEEMER TRUST LTD

Report & Accounts for year ending 31/12/2024

Mission and Grants

A total of £18,428 was given away (2023: £12,635), £0 for overseas mission work (2023: £0) and £18,428 to Individuals and Institutions (2023: £12,635), See note 4.

Reserves Policy and Future Commitments

The Trustees have examined the financial risks and have established a Reserves Policy to maintain in principle a level of free reserves equivalent to three months’ average expenditure, currently £102,000, subject to such reserves not being required to sustain activities of a higher priority. As the trust grows with new churches started this cost is shared between the different churches proportionately. To this end Tavistock has their own Reserves fund which currently has £28,734 (Target £23,000) and Plymouth has an operational reserve of £71,406 (Target £56,000), Saltash also have £3,589 (Target £22,500) in a Reserves fund. They also acknowledge that should anything catastrophic happen to the charity that forced it to close, the Intrinsic value of the building is such that there would be sufficient collateral raised from the sale of the building to repay the mortgage and cover other costs.

At present, the Church has the following commitments:

Commitments to be met out of current income:

The total value of all reserves at the year-end were £285,578 (2023: £220,875) of which £127,157 is restricted (2023: £100,638). All liquid funds are held in cash at bank, these balances at 31 December 2024 amounted to £200,084 (2023: £153,536).

Therefore, these funds, plus anticipated future income, are considered to be sufficient to meet the foreseeable needs of the Church.

Page 9

REDEEMER TRUST LTD

Report & Accounts for year ending 31/12/2024

Responsibilities of Directors/Trustees

The Trustees (who are also Directors of Redeemer Trust Ltd for the purpose of company law) are responsible for preparing the Trustees’ Annual Report and the Financial Statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

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

Small company provision

This report has been prepared in accordance with the special provisions for small companies under Part 15 of the Companies Act 2006.

Approval

This report was approved by the Directors/Trustees on 11/09/2024 and signed on their behalf by:

11/09/2025 _________ ___ Charles W T Friend - Director/Chair of Trustees Date

Page 10

REDEEMER TRUST LTD

Report & Accounts for year ending 31/12/2024

Independent Examiner’s Report to the Trustees of REDEEMER TRUST LTD

I report to the charity trustees on my examination of the accounts of Redeemer Trust Ltd for the year ended 31 December 2024 which are set out on pages 1 to 16.

Responsibilities and basis of report

As the charity trustees of the company (and also its Trustees 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 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 your company’s accounts as 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.

Independent examiner's statement

Since the company’s gross income exceeded £250,000 I confirm that I am qualified to undertake the examination because I am a member of Association of Chartered Certified Accountants, which is one of the listed bodies in section 145 of the Charities Act 2011.

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 that in any material respect:

  1. accounting records were not kept in respect of the 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.

Signed:

Date:

Philip W Soutter FCCA ATT

For and on behalf of: Wills Accountants Limited Chartered Certified Accountants 2 Endeavour House Parkway Court Longbridge Road Plymouth PL6 8LR

Page 11

REDEEMER TRUST LTD

Statement of Financial Activities

Year ended 31 December 2024

INCOMING RESOURCES
Voluntary Income - Gift aid
Voluntary Income - Non gift-aid
Tax Reclaimed
Income from Charitable Activity
Grants Received
Other Incoming Resources
TOTAL INCOMING RESOURCES
RESOURCES EXPENDED
Charitable Activities
Activity costs
Conferences & Training
Mission & Grants
Accommodation Costs
Total Charitable Activities
Administration Costs
Other resources expended
TOTAL RESOURCES EXPENDED
NET INCOMING (OUTGOING) RESOURCES
BEFORE TRANSFERS
Transfers between funds
NET MOVEMENT IN FUNDS
FUND BALANCES:
At 31 December 2023
Net movement in funds
At 31 December 2024		 Notes Unrestricted
Restricted
Total Funds
Total Funds
Funds
Funds
2024
2023
2
3
4
5
6
7		 £
£
£
£
261,902
300
262,202
254,218
102,942
10,000
112,942
126,374
84,223
84,223
63,078
1,134
27,867
29,001
15,310
250
20,350
20,600
10,545
19,689
19,689
12,302
470,140
58,517
528,657
481,827
277,907
5,073
282,980
248,846
20,392
35,400
55,792
26,117
18,078
350
18,428
12,635
43,675
285
43,960
68,375
360,052
41,108
401,160
355,973
52,790
137
52,927
45,620
9,867
-
9,867
7,663
422,709
41,245
463,954
409,256
47,431
17,272
64,703
72,571
(9,247)
9,247
0
0
38,184
26,519
64,703
72,571
120,237
100,638
220,875
148,304
38,184
26,519
64,703
72,571
158,421
127,157
285,578
220,875

All amounts relate to continuing activities.

There have been no recognised gains or losses, other than those included in the results for the period, and all income and expenditure has been accounted for on a historical basis.

The movement of funds from Resticted to Unrestricted is due to salaries being part paid from General and Lopwell Barn Staff Fund and a one off payment to cover a historic bill for Building work.

The Notes on pages 15 to 18 form part of these Accounts

Page 12

REDEEMER TRUST LTD

Balance Sheet

At 31 December 2024

Balance Sheet
At 31 December 2024
Unrestricted Restricted Total Funds Total Funds
Notes Funds Funds 2024 2023
£ £ £ £
FIXED ASSETS
Property - St Barnabas Church 8 125,000 30,534 155,534 155,534
Equipment, Fixtures & Fittings 9 20,745 20,745 24,094
145,745 30,534 176,279 179,628
CURRENT ASSETS
Debtors 10 23,713 23,713 3,685
Cash at Bank and in Hand 103,461 96,623 200,084 153,536
127,174 96,623 223,797 157,221
CREDITORS
Liabilities falling due within one year 11 16,732 16,732 14,185
NET CURRENT ASSETS 110,442 96,623 207,065 143,036
NET ASSETS 256,187 127,157 383,344 322,664
LONG TERM LIABILITIES
Creditors: Long Term 12 97,766 0 97,766 101,789
TOTAL ASSETS LESS TOTAL LIABILITIES 158,421 127,157 285,578 220,875
Unrestricted Restricted Total Funds Total Funds
Funds Funds 2024 2023
FUNDS £ £ £ £
Unrestricted Funds 13
General Fund (Plymouth Reserves) 71,406 71,406 71,063
Plymouth Social Fund 714 714 1,069
Church Plant Fund 15,646 15,646 12,034
Counselling Course 2,492 2,492 5,110
Lopwell Barn 5,111 5,111 6,061
Staff Savings 22,357 22,357 0
Sabbatical Savings - Plymouth 3,200 3,200 2,000
Tavistock Reserves 28,734 28,734 10,429
Tavistock Social Fund 0 0 2,203
Tavistock Advance Global 520 520 1,016
Sabbatical Savings - Tavistock 1,200 1,200 600
Saltash Reserves 3,589 3,589 6,689
Saltash Social Fund 1,052 1,052 803
Sabbatical Savings - Saltash 2,400 2,400 600
Warm Winter Café 0 0 378
Hope Initiative 0 0 182
158,421 0 158,421 120,237
Restricted Funds 14
Plymouth Building Fund 30,534 30,534 30,534
Conferences 850 850 1,421
Building Fund 77,525 77,525 67,510
Community Engagement Fund 18,248 18,248 1,160
Lopwell Barn Staff 0 0 13
0 127,157 127,157 100,638
TOTAL FUNDS 158,421 127,157 285,578 220,875

Trustees statements required by the Companies Act 2006 for the year ended 31 December 2024

In approving these financial statements as trustees of the company we hereby confirm:

a) that for the year stated above the company was entitled to the exemption conferred by section 477 of the Companies Act 2006 ;

b) that no notice has been deposited at the registered office of the company pursuant to section 476 of the Companies Act 2006 requesting that an audit be conducted for the year ended 31 December 2024.

c) that we acknowledge our responsibilities for:

(1) ensuring that the company keeps proper accounting records which comply with section 386 of the Companies Act 2006, and

(2) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit or loss for the year then ended in accordance with the requirements of sections 394 and 395, and which otherwise comply with the provisions of the Companies Act relating to financial statements, so far as applicable to the company.

These financial statements are prepared in accordance with the provisions applicable to small companies subject to the small companies regime and in accordance with FRS 102 SORP.

The financial statements were approved by the board on 11/09/2025 and signed on its behalf by:

________ Be Charles W T Friend - Director/Chair of Trustees

Company number: 6390847 Charity number: 1125216

The notes on pages 15-18 form part of these accounts.

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REDEEMER TRUST LTD

Cash Flow Statement

At 31 December 2024

Cash flow from operating activities
Interest paid
Net cash flow from operating activities
Cash flow from investing activities
Payments to acquire intangible fixed assets
Receipts from sales of intangible fixed assets
Payments to acquire tangible fixed assets
Receipts from sales of tangible fixed assets
Payments to acquire investments
Receipts from sales of investments
Interest received
Dividends received
Rents received from investment properties
Net cash flow from investing activities
Cash flow from financing activities
Receipts from issue of new long term loans
Repayment of long term loans
Repayment of finance lease liabilities
Interest paid
Net cash flow from financing activities
Net increase / (decrease) in cash and cash equivalents
Cash and cash equivalents at 1 January
Cash and cash equivalents at 31 December
Cash and cash equivalents consists of:
Cash at bank and in hand
Overdrafts
Cash and cash equivalents at 31 December		 Note 2024
£		 2023
£
15 62,047
62,047
-
-
- 5,414
-
-
-
2,946
-
-
- 2,468
-
- 3,696
-
- 9,335
- 13,031
46,548
153,536
200,084
200,084
-
200,084
-		 89,675
89,675
-
-
- 14,564
-
-
-
709
-
-
- 13,855
-
- 3,475
-
- 9,196
- 12,671
63,149
90,387
153,536
153,536
-
153,536
-

Page 14

REDEEMER TRUST LTD Notes to the Accounts

Year ended 31 December 2024

1 Basis of preparation

The Charity is a private company limited by guarantee registered in England. The address of the registered office is Redeemer Church, St. Barnabas Terrace, Plymouth, Devon, PL1 5NN.

1.2 Basis of Accounting.

These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

1.3 Statement of Compliance

The accounts 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) issued on 16 July 2014 and with the Charities Act 2011.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. They are prepared in sterling which is the functional currency of the charity and rounded to the nearest £. The charity has applied Update Bulletin 1 as published on 2 February 2016 and does not include a cash flow statement on the grounds that it is applying FRS 102 Section 1A.

1.4 Accounting Policies

The Church maintains five distinct categories of funds:

• Unrestricted Designated Funds – reflecting unrestricted income which has been designated by the Trustees for a particular purpose and which may be re-designated at some point in the future, if not fully utilised. The current funds of this type are the Church Plant, Social Fund, Hope Initiative, Counselling Course, Lopwell Barn, Warm Winter Café, Tavistock Social Fund and Tavistock Savings Advance Global, Saltash Social Fund, Sabbatical Savings - Plymouth, Sabbatical Savings - Tavistock, Sabbatical Savings - Saltash;

2 Activity Costs
Employment & Worker's costs
Travel & subsistence & hospitality
Visiting ministry costs
Study materials
Church Meetings
Ministries for Children, Youth & Young People
Outreach & Evangelism
Other support costs
Employee Information
Employees at year end - full time
Employees at year end - part time
Leader's meetings costs		 Unrestricted
Restricted
Total Funds
Total Funds
Fund
Funds
2024
2023		 Unrestricted
Restricted
Total Funds
Total Funds
Fund
Funds
2024
2023
£
£
241,236
882
1,625
325
6,689
314
568
10,219
30
2,973
142
9,310
4,145
4,405
117
£
£
241,236
199,667
882
276

1,950
1,904

7,003
5,709
568
1,010

10,249
12,942

3,115
2,571

13,455
19,864

4,522
4,903
277,907
5,073		 282,980
248,846
Number
Number
7
4
7
6

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

Payments to Trustee and related parties

The Trustees received no remuneration or benefit for their services as Trustees, nor any person connected to them. The salary and pension payments made to Mr G Van Schalkwyk and Mr S Norris were made in their capacity as Elders and Directors overseeing the day to day activities of the Trust, not as Trustees. The salary and pension payments made to Mr A Wooldridge were made in his capacity as Finance Assistant, not as a Trustee. The salary and pension payments made to Mr T Friend were made in his capacity as an Elder and Operations Manager, not as a Trustee. The salary and pension payments made to Mrs S Van Schalkwyk were made in her capacity of Administrator.

During the year, the gross salary paid to full-time staff was £203,476, of which £44,316 was paid to Mr G Van Schalkwyk (2023: £42,372); £34,980 to Mr S Norris (2023: £33,444); £30,180 to Mr J White (2023: £28,848); £31,112 to Mr S Thomas (2023: £28,848); £28,072 to Mr T Friend (2023: £24,492); £24,144 to Mr A Larkin (2023: £19,240); £10,672 to Mr R Fowler (2023: £0)

Trustee Donations

The total aggregate donations made to the trust during the year by Trustees and related parties came to £50,510 (2023: £60,752)

Page 15

REDEEMER TRUST LTD

Notes to the Accounts (cont.)

o
ea
3		 tes to the Accounts (cont.)
r ended 31 December 2024
Conferences & Training
Conferences
Training
Mission & Grants
General Fund:
Grants to institutions:
Total grants
Support for overseas mission activity
Total - General Fund
Restricted Funds:
Total grants
Total - Restricted Funds
Total
Accommodation Costs
Sunday meetings
Office premises / Church Building
Mortgage Interest payments
Other venue & Room Hire
Administration Costs
Telephone
Printing, Postage, Stationery and other office costs
Copier lease and copies
Membership subscriptions
Insurance
Web domain & hosting
Computer lease & Software
Bank & Credit Card Charges
Wages
Other Resources Expended
Independent Examiner's fees
Legal & Professional fees
Health & Safety costs
Sundry Expenses
Depreciation
Advertising & design
Grants to institutions:
Social Fund: Grants to individuals
Social Fund: Grants to individuals
Support for overseas mission activity		 Unrestricted
Restricted
Fund
Funds		 Unrestricted
Restricted
Fund
Funds		 Total Funds
Total Funds
2024
2023		 Total Funds
Total Funds
2024
2023
£
£
14,572
35,185
5,820
215		 £
£
49,757
20,183
6,035
5,934
4
20,392
35,400		 55,792
26,117
2024 2023
5 Number
£
2
11,237
15
4,499		 Number
£
5
6,750
18
5,740
17
15,736
2,342		 23 12,490
2 1
18,078 12,490

350
145
2
350		 1
145
24
350 145
19
18,428
12,635
Unrestricted
Restricted
Funds
Funds		 Total Funds
Total Funds
2024
2023
£
£
14,594
18,868
285
9,335
878		 £
£
14,594
24,356
19,153
32,467
9,335
9,196
878
2,356
6
43,675
285		 43,960
68,375
2,586
1,539
1,647
3,007
3,489
0
1,211
3,012
213
137
36,086		 2,586
2,516
1,539
1,999
1,647
1,743
3,007
1,854
3,489
521
0
905
1,211
1,161
3,012
2,798
350
410
36,086
31,713
7
52,790
**137 **		 52,927
45,620
912
34
151
7
8,763		 912
786
34
13
151
631
7
10
8,763
6,223
9,867
0		 9,867
7,663

Year ended 31 December 2024

Page 16

REDEEMER TRUST LTD

Notes to the Accounts (cont.)

Year ended 31 December 2024

Year ended 31 December 2024
Fixed Assets
8
Property
St Barnabas Church (Purchased Oct 2018)
Legal Fees
9
Equipment, Fixtures & Fittings
Cost
As at 31 December 2023
Additions
Disposals
As at 31 December 2024
Depreciation
As at 31 December 2023
Charge for year
Disposals
As at 31 December 2024
Net book value as at 31 December 2024
Net book value as at 31 December 2023
10
Debtors
Customers
Prepayments
Accrued Income
Other Debtors
11
Creditors
Taxation & Social Security
Accruals
Trade Creditors
Other Creditors
Short Term Liability - 1yr Mortgage
12
Long Term Liabilities
Mortgage		 Unrestricted
Restricted
Total Funds
Total Funds
Funds
Funds
2024
2023
£
£
£
£
125,000
25,000
150,000
150,000
5,534
5,534
5,534
8
9
10
11
12
125,000
30,534
155,534
155,534
Unrestricted
Restricted
Total Funds
Total Funds
Funds
Funds
2024
2023
£
£
£
£
57,627
57,627
43,063
5,414
5,414
14,564
0
0
0
63,041
0
63,041
57,627
(33,533)
(33,533)
(27,309)
(8,763)
(8,763)
(6,224)
0
0
0
(42,296)
0
(42,296)
(33,533)
20,745
0
20,745
24,094
24,094
0
24,094
15,754
Unrestricted
Restricted
Total Funds
Total Funds
Funds
Funds
2024
2023
£
£
£
£
600
600
0
18,429
18,429
3,675
4,370
4,370
0
314
314
10
23,713
0
23,713
9,048
5,628
5,628
4,469
2,693
2,693
1,639
635
635
1,952
3,753
3,753
2,429
4,023
4,023
3,696
16,732
0
16,732
14,185
97,766
97,766
101,789
97,766
0
97,766
101,789

Page 17

REDEEMER TRUST LTD

Notes to the Accounts (cont.)

Year ended 31 December 2024

13 Unrestricted Funds
General Fund (Plymouth Reserves)
Designated Funds
Social Fund
Church Plant Fund
Hope Initiative Fund
Counselling Course Fund
Lopwell Barn Fund
Warm Winter Café
Staff Savings
Sabbatical Savings - Plymouth
Tavistock Reserves Fund
Tavistock Social Fund
Tavistock Advance Global Fund
Sabbatical Savings - Tavistock
Saltash Reserves Fund
Saltash Social Fund
Sabbatical Savings - Saltash
Restricted Funds
Plymouth Building Capital Fund
Conferences Fund
Building Fund
Community Engagement Fund
Lopwell Barn Staff Fund
Acts 435 Fund
TOTALS
TOTALS		 2023 Funds
C/Fwd Total
B/Fwd
Income
ExpenseTransfersIn(Out)
2024
14
£
£
£
£
£
71,063
453,780
(409,322)
(44,115)
71,406
1,069
500
(1,747)
892
714
12,034
1,200
(1,092)
3,504
15,646
182
0
0
(182)
0
5,110
0
(2,618)
0
2,492
6,061
14,450
(5,040)
(10,360)
5,111
378
0
0
(378)
0
0
0
0
22,357
22,357
2,000
0
0
1,200
3,200
10,429
0
0
18,305
28,734
2,203
50
(2,590)
337
0
1,016
0
0
(496)
520
600
0
0
600
1,200
6,689
0
0
(3,100)
3,589
803
160
(300)
389
1,052
600
0
0
1,800
2,400
120,237
470,140
(422,709)
(9,247)
158,421
2023 Funds
C/Fwd Total
B/Fwd
Income
ExpenseTransfersIn(Out)
2024
£
£
£
£
£
30,534
0
0
0
30,534
1,421
27,867
(36,535)
8,097
850
67,510
10,300
(285)
0
77,525
1,160
20,000
(4,075)
1,163
18,248
13
0
0
(13)
0
0
350
(350)
0
0
100,638
58,517
(41,245)
9,247
**127,157 **

The tax recoverable on the gift aid income in 2024 was applied to the General Fund for unrestricted giving, and to the relevant Restricted Fund for restricted giving in that year.

15
Reconciliation of net income / (expenditure) to net cash flow from operating activities
2024
£
Net income / (expenditure) for year / period
64,703
Dividends received
-
Interest receivable
- 2,946
Interest payable
9,335
Depreciation and impairment of tangible fixed assets
8,763
(Profit) / loss on disposal of tangible fixed assets
-
(Increase) / decrease in debtors
- 20,028
Increase / (decrease) in creditors
2,220
Net cash flow from operating activities
62,047		 2023
£
72,571
-
- 709
9,196
6,224
-
- 605
2,998
89,675

Page 18