Charlty reglstration number 1134973 Company r¢glstratlon number 06035697 {England and Wal8sl THE PHILADELPHIA NETWORK LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 THE PHILADELPHIA NETWORK LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trusteès Revd. Michael Rutter Revd. Giles Holloway DrAde Adebajo Neill Birchenall Brian Gooch J Maclnnes P Ibison IAprx)inled 15 June 20231 IApF)oinled 13 February 20241 Charfty number 1134973 Company number C6035697 Registgred office 6 Gilpin Street Sheffield S6 3BL Auditor Ils Richardson Cannon House Rulland Road Sheffield South Y¢)rkshire S3 8DP Bankèrs Virgin Money Fargate Sheffield S1 1LL THE PHILADELPHIA NETWORK LIMITED CONTENTS Page Trustees. report Statement of Trustees, responsibilrtres Independent auditors report Slaternenl of financial activities Balance sheet 10 Stslement of cash )lows 11 Notes lo the financial statements 12-35 THE PHILADELPHIA NETWORK LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees Pr￿n1 their annual report and finarKaal statements for Ihe year ended 31 Decembèr 2023. The financial statements havg been prepared in awrdance WEth the accounting policies set out in note 1 to the financial slalements and comply the ChariV5 Memorandum and Articles of Association. the Companles Act 2006 and 'Accounling and Rek)orb"ng by Charib"es' Statement of Recommended Practice applicable lo charities prepadng their accounts in accordan￿ with the Finanual Reporting Standard appliCa￿e in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191.. Obl&¢tlves and activities The Charity's objects are.. al To advance the Christian fatth for the bonefft of the public in the Diocese of Sheff eld and in such parts of the United Kingdom and the World as the Trustees think fil, through the establishment and operation of a church or churche5. bl The provision of pastoral care for tha congregation worshipping al the extra-parochial place known as Sl Thomas. Church al Philadelphia. cl To promote education and to prevent and relieve poverty in the Diocese i)f Sheffield and such of the United lQngdom andlor the Vvorfd as the Trustees may from lime to time think fft. Wlhin that framework: the primary object of the Charity is lo work towards the transformation of Sheffield, by rnoking life beller tts p&)ple and by invtttng and supwting peop￿ lo follow Jesus. Main objè¢tives for the year Key objectives were.. - lo continue and gr¢)w the e￿$ting Sunday services arKI communty groups., to plant new household and community groups., lo work towards ending food povety in Sheffield". - to continue and develop support for children and young people acro&8 Sheffield, parbcularly through schools work. The success of this was prinapalty measured by". - the attendance number5 al the Sunday services, tr4)th in person and online., - the stories ol people's changed Iwes., - the number of household and community groups runniffj-, - the number of beneficiaries supported by the Charity., - the number of people fed, and the total amount of foc%1 distributed. by S6 Foodbank. The Trustees have confimied that they have referr8d lo the guidance ¢onlained in the Charity Commission's genèral guidance on public benefit when reviewing the Church's aims and obje¢b"ves and in planning future a¢livities. The Trustees are also aw4re of the Charity Commission's guidan￿ on public benefrt in the Advan￿ment of Religion for the Public Benefit and have regard lo it in their administration of the Chanty. Th& Church provides the following activits'es for the benefrt of the general publio the celebration of public worship.. the leaching of the Christian faith; mission and evangelism., pastoral work, in¢luding visiting the sick and bereaved.. the provision of facilities with a Christian ethos for the local comrnunty (induding but ml reslrieted lol the elderty, the young and other groups with special needs." and the support of other eharit'es in the UK and overseas. The Charity aims lo give away a percentsge of its unrestricted income lo ¢)ther beneficiaries and charities In fiJrtherance of the Charity's objectives. The majority of grants are made lo regisl$red chartties although assistance may be given to other constituted groups and individuals. The Charity encourages a (yjlture of volunteertng in all areas of its work. During the year at leasl 325 volunteers provided their $8rvices to the Charity. No finanoal value of vdunteevs time has been included in the financial stslemenls. THE PHILADELPHIA NETWORK LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Achl8vgmgnts and perfonnance Some of the key achievements for 2023 We￿.. - Around 230 people engaged with Netsvork Church Sheffield services each week - Around 34 young people and 26 children engaged wlh the Youth & Children's work at the church every week. 15 Young People from the thurch went on a mission trip to work alongside our YWAM partners in Albania S6 Foodbank continued to grow and develop, by the end of the year rt had 10 sf£es across Sheffidd, feeding al peak over 1,700 people a wgek. - S6 Foodbank distributed 563 tonne8 of food. Forge Youth continued lo run one to one support to VUlnera￿e children across Sheffield throughout 2023, delivering over 1700 sessions during the year. Due lo the increased demand in the city for the services provided by S6 Foodbank, Forge Youth and the Debt Relief work, the charty was a￿e to establish the Food and Community Trust as a new charty to further develop this work. Funds are raised from the public by regular congregational appeals arKf occa&onal fundraising events. Flnanclal r9vIgw Church members make annual finanaal commrtments lo the Charity. The annual budget is based on the vision of rts leadership team, tempered by the income that is promised by church members, received as propety income and 8nb"cipaled from grant making bodies. The slalemenl of financial aclivilies on pages 8 and 9 shows lolal unrestricted income of £728,39412022.' £689,926) and total unrestricted expenditure of £851.95612022.' £611,079). After nel transfers of £5,161 12022.. £118,897) from restricted funds, this resulted in a deficit of £118.401 (2022." £40.5501. The Trustees have reviewed the reserves of the Charity. This review encompassed the naluie of the income and expenditure streams, the need lo match vanable income wth )Ixed o)mmrtments and the nature of the reserves. The rewew conduded that lo allow the Charity finances to be managed effectivety and lo provide a buffer for uninlerrupled services, unrestricted reserves {excluding propety and related loans) equivalent lo six weeks, expenditure should be maintsined. At 31 December 2023. the value of suth reserv8S Was £165,352 12022.. £283,753). The Trustees have assessod the major risks to whth thè Charrty is oxFosed, and are sattsfied th8t Systems are in place lo mitigate exposure to Ihe major rrsks. Structure. govemance and management The Charity is a registerèd charity and a company limited by guarantee. 11 was inco￿lIated on 21 December 20C16 as Network Church Limited. name of the compony was thanged to The Philadelphia Network LimY(ed on 29 March 2008. The Charity is a Chrisban Church wlh Anglican. Baptist and Free Church roots. 11 has two major ministries." Forge Youth (children and young people) and Restore (marginalised and vulnerable adijllsl, which indudes S6 Foodbank. The Trustees, who are also the directors lor the purpose of ccffipany law, and who served during the year and up lo the dale of signature of the financial ststements wore.. Revd. Michael Rutler Revd. Giles Holloway Samuel Evans DrAde Adebajo Timothy Armstrong Neill Birchenall Brian Gooch Rarthel Marshall J Maclnnes P Ibison (Resigned 8 February 2024} (R￿gned 1 February 2024) {Resigned 9 March 2023) (Appointed 15 June 20231 (Appointed 13 February 2024) THE PHILADELPHIA NETWORK LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Membership of the ccffipany 1$ al the discretion of the Trustees. The current members of the company are drawn from the COng￿gation of St Thomas Philadelphia and the lth"ng5 C8ntre and approved by the Trustees. None of the trustees has any beneficial interest in the company. Al of the Trustees are members of the Company The Board of Trustees is made up of two groups. al Three of the Trustees are employed by the Chanty. They are not remunerated for their duties as trustees. This group makes the day-t¢xlay deasions in the running of the Charity wrthin the guidelines and budgets agreed by the whole board. They are accountable lo the Board. bl The rernainder and majonty of the Tru51ees are not employees of the Charity. Each Trustee appointment Is recommended by the existing Trustees and approved by the Members. The pay and remuneration of the charity's key management pgrsonnel is detemined by the trustees based upon the employees. exper￿nCe and pay structures operating 9enerally in the chanty sector. Audltor In accordance with the companls articles, a resolution proposing that Wells Richardson be reappointed as auditor of the company will be put at a General Meeting. Dlsclosuro of Infommtlon to audltor Each of the T¥uslees has confirmed that there is no infomiation of ￿lch they are aware which is relevant to the audit, bul of which the auditor is unaware. They have fjjrther C£In￿mied that they have taken appropriate stèps to idenb'fy such relevant infomalion and lo eslawish th81 the auditor is aware of such informab"on. Small companles exernption This report has been prepaied in accordan￿ wrth the wovisions applicable to companie8 entitled to the small companies exemption. The TnJstee$' report was approved by the Board of Trustees. Revd. Trustpo ichael Rutter 10 SepteM￿r 2024 THE PHILADELPHIA NETWORK LIMITED STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees, who are also the directors of The Philadelphia Metr￿r￿ Limited for the purpose of ccffipany law, are responsible fof preparing the Trustees, Report and the financial statements in accordan￿ with applicable law and United Kingdom Accounting Standards (United Kingdom GenerallyAccepl¢dAccounting Practice). Company Law requires the Trustees lo prepare finanoal statements for each financial year which gThie a truè and fair view of the stale of affairs of the Charty and of the In￿Ming resour￿$ and application of resources, induding the income and expenditLtre, of the L*arrtable company for that year. In preparing these finan¢i& statements, the Trustees are reqUI￿d to.. select suitable accounting policies and then apply Ihgm consistenty.. - observe the mèthc)ds and principles in the Chartbes SORP- - make judgements and ests'males that are reasonaNe and wdenl; state whether applicable UK A￿Unting Standards have been followed, subje(* lo any material departuffts disclosed and explained in the finanual ststemenls., and piepare the ffnancial statements on the going concem basis Un￿$$ it is inappropriate to presunE that the Charity will ￿tinue in operati￿. The Trustees are ￿SponSibl& for keeping adequate accounting records that disdose with reasonable accuracy al any time the financial position of the Charity and enable them to ensure that the financial stalemerts Comply with the Companies Act 2006. They are also respon&ble for safeguarding the asset5 of the Charity and hence for taking reasonable steps for the prevenbon and deteciion of fraud and other irregularities. THE PHILADELPHIA NETWORK LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PHILADELPHIA NETWORK LIMITED Oplnlon We have audited the financial ststemenls of The Philadelphia Ne￿Ork Limited {the 'Charity'l for the year ended 31 December 2023 which comprise the ststement of financial activibes, the balancg sheet, thè slatement of cash flow3 ancl notes to the financial statements, including ￿gnificant accounting poliaes. Th8 finanual rewling framework that has been applied in their preparation is applicable law and United ￿ngdoM Accounting Standards. including Finanaal Reporting Standard 102 Th& Financial Reporting standa￿ applKablo in the UK 8nd Republic of I￿land (United Kingdom Generally A￿pIed Accounting Pracbce). In our opinion, the finanaal statements". give a true and fair view of the state of the charitable companys affairs as al 31 December 2023 and of ils incoming reSoUr￿S and applicati'on of resources. induding rts income aTrJ expendituro, for year then ended., have been properfy prepared in aco)rdanc£ with United lQngdom Generally Accepted Aco)unling Practi￿,. and have been prepared In accordance the requirements of the CompaniesAcl 20C6. Basis for oplnlon We conducted our audit in accordance ￿th 1ntemab.onal Standards on Auditing (UK) (ISAS {UKII a￿1 applicalle law. Our responsibilities under those standards are ftjrther described in the Audrforts responsibilit￿S for the audit of the financial statements section ol our report. We are independent.of the Charity in accordance wth the ethical requirements that are relevant to our audit of trTre finanaal stslemenls in the UK, including the FRG'S Ethical Standard, and we have fu￿111ed our other ethical responsibilits85 in a¢￿[dan￿ with Ihesè requirements. We believe that the audit evidence we have obtained is sufficient and appropri*e lo provide a basis for our opinion. Conclusions relatlng to going concern In auditing the linanryal slalefflents, we have condude(I that the Trustees, use of the going concem basis of a￿ountIng in the proparation of the financial stslements is appropriate. Based on the work we have performed, we have not identffied any material uncertainties ￿lating lo events or conditions that, individually or collectively. may cast signfficant doubt on the Charity's ability lo continue as a going concem for a period of at least twelve months from when the financial slalemenls are aulhorised for issue. Our respc*nsibililies and the reswnsibilities of the Trustees ￿SpeCt to going concern are described in the relevant sect'ons of this report. othor Informauon The other infomalion comprises the information included in the annual report other than the fina￿la1 slalement5 and our audiloff s report Ihereon. The Trustees are responsible for the other infomialion contsined wrthin the annual report. Our opinion on the financial statements does not cover the other Information and, except lo the extent olhemse explicitly slated in our report, we do not expres5 any forn) of assurance condusion thereon. Our responsibility is to read the other information and, in doing so. consider whether the other inform*"on is materially inconsistent with the financial statements or our knowledge obtained in the (￿urSe of the audit, or otherwise appears to be materialty misstated. If we identify such material inconsistencies or apparent material misslalemenls, we are required lo determine whether this gives rise to a material misslalement in the financial statements themselves. If, based on the work we have perfomied, we ¢x)ndude that thefe is a material misstatement of Ihis other Infomialion, we are required lo repc)rt that fact. We have nothing to ￿pOrt in this regard. Oplnlons on other matters prescrfbed by the Cornpanles Act 2006 In our opinion, based on the work undertaken in the course of our audit.. the information given in the Trustees, report foi the financial year for which the financial statements are prepared, which inclLxles the directors. report prepared for the purposes of wnpany law, is consislenl with the financial slalements., and the direciors. report inclLfded wthin the Trustees, ￿port has been prepared in accordance with applicable legal requiremonls. THE PHILADELPHIA NETWORK LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE PHILADELPHIA NETWORK LIMITED Matters on whlch we aro required to report by ex¢eptlon In the light of the kno￿edge and understanding of the Charity and rt$ enwronment obtained in the course of the audit, we have not identified material misstalements in the directors, ￿port Ind￿led within tho Trustees, report. We have nothing to rgport in respect of the following matters in relalion to Companies Act 2006 requires us lo report to you rf. in our opinion.. adequate accounting records have not been kept, or retum5 adequate for our audit have not been received from branehes not visited by us., or the financial slalements are not in agreement with the accounb.ng records and retums", or certain disclosures of trustees, remuneration specAfied by law a￿ not mad8,' or we have not received all the informab.on and explanations we require for our audit", or the Trustees were not enliued to prepare the finanaal slalements in accordance wtth the small companles regime and take advantage of the small companies. exemptions in preparing the Trustees. report and from the equiremenl lo prepère a strategic r8Wt. Responslbllltles of Trustees As explained MO￿ fully in the slalemenl of Trustees. responsibil￿es, the Trustees, who are also the directors of the Charity for the purpose of company law. are responsible for the preparation of the financial statements and for being Satisfied that they give a true and fair view, and for such intemal control as the Trustees determine is ￿e￿SSary to enable the preparation of financial slalements that are free from material misstatement, whether duè lo fraud or error. In preparing the financial slalements, the Trustees are responsible for assessing the Charity's abilty lo continue as a going concem, disclosing, as applicable. matters related lo going con￿rn and using the going eoncem basis of accounting unless the Trustees either intend lo liquidate the thaiTtable company gr to cease operats'ons. or have no realistic atternats've but to do so. Auditorfs responsibilitlgs for the audlt of the flnanclal statements Our objectives are to oblain reasonable assuiance abo￿ whether the financial slalements as a Who￿ are free frorn material misslatemenl, whether due lo fraud or error, and lo issue an audrf£orfs report that inclLJde5 our opinlon. Reasonable assurance is a high level of assurance but is not a guarantee that an audrt conducted in accordance with ISAS IUKI will always delect a material misstatement when it e￿Sts. Misstslernenls Can arise from fraud or error and are considered material rf, individually or in the aggregate. they could reasonably be expected lo influence Ihe economic decisions of users taken on the ba￿5 of these finan￿al statements. The extent lo which our procedures are capable of deteciing irrègulanties, including fraud. is detailed ￿lOw, - Considèring the nature of the sector and the charity'5 perfomance. - Enquiry of management, and those Charg￿ govemance. Reviewing minutes of meetings of those charged ￿￿th governan￿. Enquiry of entity staff in compliance functions lo identy any instances of non-wmpli8nce wth laws and regulations. Reviewing finaneial statement disdosures and testing to supporting d¢xyJmentsb'on to assess compliance with applicable laws and regulations. Auditing the risk of management override of controls. induding through testing joumal entries and other adjuslmenls for appropriateness, and evaluating the business rah"onale of significant transactions outside the nomial course of business. A fvrther description of our ￿sponSibl1111es is availab￿ on ￿ Financ4al Reporting Counul's websrte at.. h¢Ds.'Il www.frc.org.uklauditOfsresponsibilities. This descripti¢)n fomis part of our audrtorfs report. THE PHILADELPHIA NETWORK LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE PHILADELPHIA NETWORK LIMITED Use of our report This report is made solely to the charitable 0)mpan￿S members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has bgen undertaken so that we might slate to Ihg CTharfta￿e company's members those matters we are reqUI￿d to slate to them in an audrtorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibilty to anyone other than the charitable company and the chsritable company's members as a body. for our audit work. for this repc)rt. or forthe opinions w8 have formed. Grant Wadè (Senlor Ststutory Audttor) for and on behatf of Wells Rlchardson 10 September 2024 Chartered Accountants statutory Audltor Cannon House Rutland Road Sheffield South Yorkshire S3 8DP W ￿Or4 ryn( ¢o- o I w) oo ou>rtf4fD > uj ro N uj (Orthv rOt5 UjoL￿rnIV 111 THE PHILADELPHIA NETWORK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Grants payable Network Church Sheffleld Restrfcted 2023 2023 Netsvork Church Sheffield Restn"cted 2022 2022 Totsl 2023 Total 2022 A& M Burgess M & C Basile A Kennedy Kairos Connexion Baptist Union DI0￿Se of Sheffield Together for Sheffield Food a￿1 Communty Trust Mosa Prashna Kumar Thom8s family Albania Yorks Baptist Ukraine Jeremy Sorbie Sundry small donab'ons 9,117 5,099 8,197 1.800 3,086 5,500 1,500 11.185 8.299 8,197 1.800 3.086 5,500 1.500 5,338 6.019 5,889 3.600 434 5.850 1.000 33,120 38,458 6,019 7.089 3,600 434 5,850 1.000 1.2C 1.200 50,000 3,000 542.199 592.199 3.000 1,693 1,693 4,482 2,943 1,934 7.153 10.1)00 17,153 4,482 2,943 1.934 1,000 1,885 1,000 1,895 200 1.123 1,323 97,337 555,477 652,814 35,755 39.070 74,825 The grant to the Food and Communty Trust l¢hanty no. 12047381 represents monies transferred lo this charity which took over the S6 Foodbank, Forge Youth and Debt work aclivilie5 from the 1 NovernbeT 2023. THE PHILADELPHIA NETWORK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Support C08ts Support Govemance costs 2023 SLEPPOrt costs Governance Costs 2022 Administrth'on Costs Bank charges Hire of equipment Legal fees Bad deb15 IT Costs Insuranee Ulilib'es and tolephone Repairs, maintenance, property and equipmgnt Rent and rates 44,902 1,472 44,902 1.472 38.878 921 3.580 101,033 24,589 10,234 16.011 81,714 38,878 921 3.580 101,033 24,589 10,234 16,011 81,714 128.872 11.ODO 10,859 17,047 105,752 128,872 11,000 10,859 17.047 105.752 154,139 1,848 154.139 1.848 63,818 10,353 e3,818 10.353 Legal and profe55ional 22.150 22,150 11,913 11,913 475,891 22.150 498,041 351.131 11.913 363,044 Govemanee costs indudes payments to the auditors of £22,150 for al￿11 fees and accounts preparation 12022- £11.913> 10 Net movement In funds 2023 2022 The net movement in furKl$ is ststed after tharyingI(cred￿n9}'. Depreciation of owned tangible fixed assets 53,045 49.488 21 THE PHILADELPHIA NETWORK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 11 Trustses Travel and other expense5 amountirffJ to £10.915 12022.. £4.0231 were reimbursed lo 7 Trustees and their spouses {2022 - 61. During the year under review, three Tfuslees. a Trustee's partner and a Trustee's sibling were paid for their setvices as employees. These payments are in accordance the provtsions in the Church's Mernorandum of Association dated 21 December 2006. No tNslee received any ￿MuneratiOn for their setmces as tsustee$. Details are as follows." Salary Pension House costs Revd Giles Holloway Mrsknanda Gooch Ms Hannah Gooch Revd Mike Rutter Samuel Evans 40,784 5,642 1,037 45,801 45.017 4.078 395 4,335 4,261 Noill Birchenall was the Managin9 Director of a company which provmles IT soPwar8 SUPPOrt to the Charrty. The value of this sofNJare support until he resigned as d1￿ctOr on the 1 April 2023 amounted lo £3,08312022 £18,138). Neill Birchenall is also a Trustee and Director of the Sheffield Di¢)￿san Board of Fina￿ which received a support grant of £5.50012022 - £5,850) froJn the Charity during the year. Ade Abebajo's wfe is an employee of the Baptist AsS￿latiOn. Brian Gooch Is a trustee of Open Hands Project Isheffieldl which received a donation of £750 from the Chaiity during the year. The Rev'd Mike Rutter and Samuel Evans are Iruslees of the Food and Community Trust (charity no. 12047381 which ha5 lakon over the Restore and Forge Youth activities from this charty. Apart from these transactions and the amounts received under written agreements. no Trustee or olhgr person related to the TrLJStees had any personal interest in any contract or transaction entered into by the Chartty during the year {2022 - Nill. Aggregate donations lo the Church from members of the Board of Trustees during the year amounted to £36,01212022- £34,435). 12 Employees Th¢ average monthly number of employees during the year was". 2023 Number 2022 Number 24 25 Employment Costs 2023 2022 Wages and salaries Sooal security costs Olhei pension costs 468,248 33.583 42.051 437.101 31.753 17,3961 543,882 461,458 There were no employees whose annual remuneration was more than £60,000. THE PHILADELPHIA NETWORK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 13 Taxation The tharity is exempt from taxation on 11$ activtknes because all its income is apptied for charitable purposes. THE PHILADELPHIA NETWORK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 16 Tanglblo fixod assets Freetrh)Id FlxbJre8 and bulldlnoÈ Total Cost or valuatlon Al 1 January 2023 Additions Disposals 2.272,577 323,706 19.200 140,8541 2,596,283 19.200 140.8541 Al 31 December 2023 2.272,577 302.052 2,574,629 Deproclatlon and Impalmiont Al 1 January 2023 Depreeialion charged in the year Eliminated In respect of disposals 380.632 42,422 289,363 10,623 {12,0441 $89,995 53,045 112,0441 At 31 D¢￿rnber 2023 423,054 287,942 710,996 Canylng amount At 31 December 2023 1.849,523 14,110 1,863,633 At 31 December 2022 1.891,945 1,92S,289 Land and buildings with a carrying amount of £2.065,000 were revaIL￿d at July 2014 by Mark Jenkinson & Son, independent valuers not connected the Charity on the basis of m8rf(el value. The valuation conformed lo Intemalional Valuation Sta￿lards and was b8sed on r￿￿1 market transaclK)ns on arm's length terms for smilar properties. Al 31 December 2023. had the revalued assets been carried al historic eost less accumulated depreaation and accumulated impaiment losses. their carrying amount would have been approximately £1,598,19212022 £1,638,453). The freehold and leasehold properties 8t the Philadelphia Campus, Sheffield are included in the arxounls at a deemed cost of £1,972,577 and are being depreaated at 2% pa on a straight line basis. The 'deemed cosv under FRS 102 is allocated befv4een the various properies on the basis of the area that each property relates lo the totsl area. Accordingly. the allocated cost for each propety is an estimated figure and should not be tsken as representing each property's actual eost. The freehold land and buildings formerfy known as the King's Centre christs.an Church were legally transferred lo the Philadelphio Netsvork Limited on 9 January 2009 and are induded in the accounts at a deemed cost of £300,000. Depreciation is Charged on this prO￿ty al 2% pa on a straight line basis. THE PHILADELPHIA NETWORK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 16 Flxed asset investments Other Inve5tmenl$ Cost orvaluatlon At 1 January 2023 & 31 D￿ember 2023 Carrylng amount Al 31 December 2023 Al 31 December 2022 2023 2022 Other investments eomprise.. Note5 Investments in subsidiaries 17 Debtors 2023 2022 Amounts falllng due within on8 yoar: Trade debtors Aecrued incom@ Amounts owed by subsidiary undertakiNJs Gift aid and other debtors Prepaymfynts and accrued inGcYne 13,345 12,825 900 129.870 3,713 36,478 22,C67 600 76,872 5,028 160,653 141,045 18 Credltots.. amounts falllng due withln ono year 2023 2022 Other taxation and social security Deferred income Trade creditor$ Other credrtors Accruals 5,033 12,278 14,095 14,807 37,139 10,049 54,624 26,157 17,879 29,446 19 83,352 138.155 THE PHILADELPHIA NETWORK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 19 DefoThl Income 2023 2022 Other deferred income 12,278 54.624 Deferred incx)me is incfuded in the financral statemfrnls as follc)ws'. 2023 2022 Deferred income is induded ￿￿thin. Current liabilrti8S 12.278 54,624 Movernents in the year. Deferred income al 1 January 2023 Released from prewous periods Resource5 deferred in the year 54,624 154,6241 12,278 62,061 131,9151 24,478 Defe￿ed income al 31 December 2023 12,278 54,624 Re￿SentS rents receiv￿4 for the followng year. -27- THE PHILADELPHIA NETWORK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 20 R9tlroment behefft schemes Church of England Penslon Bullder Scheme The Philadelphia Netsvork Limited (PB 20141 part￿Ipate$ in the Pension Builder 2014 S¢hemè section of The Church Workers Pension Fund {C￿F} for lay staff. Pension Builder 2014 is a cash balance scheme th* provtdes a lump sum that members use lo provicle nehls at th.￿rment. The penS￿n costs charged lo the SOFA in the year are ￿nthbutions payablo. At 31 December 2023, the chU￿h had 11 12022.. 17) actNe mernbers aTrJ 133 (2022.. 125} deferred members in the Pension Builder 2014 scheme. The employer contributes 70A of basic salary and the employees contribute a minimum of 2%. The employerf5 conlribulions for the year lotalled £42,051 12022.. £29.661). Employers contributions outstanding at the year end amounlgd lo £2,53012022'. £4,458). ned Contri 5cheme-B -st Minislerf P un Benefits in respect of service prior lo 1 January 2012 are provided through the Defined Benefit IDBI Plan wrthin the Scheme. The main benefits for pre-2012 servicÈ were a defined benefit pension of one eighb'elh ol final minimum pensionable income for each year of pensionable service. The Scheme, previously known as the Baptist Ministers, Pension Fund was dosed to fvtU￿ accrual of defined beneffts al 310ecember 2011. Baptst MSnisterfs Penslon Fund Baptist Ministers were eligible up to Detsmber 2011 to be members of the 8apli8t Ministers, Pension Fund which is a final salary scheme. From January 2012 Baptist ministe[5 are eligible for membership ol the Baptist Pension Scheme r￿e Scheme") whith is a defined contn"bth"ons scheme. The Church has one current member of this stheme. Defined B schem The Baptist Minislerfs Pension Fund is an unfunded rnulti-employer scheme wth no underlying assets to assign between members. As such. the scheme is aceounted for as 8 Defi￿d Contribution scheme. The scheme is in the process of being wound up and no defityt is anticipaled. In CJ o*(y u)* Or o Ir* o ffi tc> r ¢x o (y (N o cr) eiry¢D (nro Éo p) ro ££c (vxj 0)LL￿ roa v P￿￿(0 OJ LO C THE PHILADELPHIA NETWORK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrfcted funds The unres#ricled ftjnds of trte charity comprise the unexpended balances of donations and grants which are not subject lo specific condib'ons by donors and grantors as to how they may be used. These include designated funds whiGI have been set asde out of unrestricted funds by the trustees for spgcific purposes. At 1 January 2023 Incomlng Resour resourcgs &xpended Transfers At31 Decemb8r 2023 General funds 283,753 728,394 {851,956) 5,1e1 165,352 Prevlous y8ar'. At 1 January Incomlng Re50urcgs 2022 resources expended Transf8J5 At31 December 2022 General funds 323.803 689,926 1611,079) 1118,8971 283,753 23 Unrestrlcted funds- Deslgnated Property & Capital Th9s8 are un￿striCted funds which are material to the Chatity's ￿ti¥￿"e$ and represent a combinatKsn of the nel book value of unrestricted tangible fixed assets less a propety insurance premium. This fund will be reduced over the usefijl economic life of the tangible fixed assets in line with depreciation. At 1 January 2023 Resour¢es expended Transfers At31 December 2023 1.911,553 147,9201 1,B63,633 Previous year: At l January 2022 Resources expended Transfers At31 December 2022 1.788.210 126.6821 150,025 1,S11,553 ij r )r c 40 J •) IA fo 7J ¢ T5 ¥J ¢4 7J (Y J ¢4 THE PHILADELPHIA NETWORK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 25 Contlngent Ilabilitlos The tnJslees are aware of a claim made by a former worshipper. The trustee5 believe legal costs and any damages awarded wll be paid by the charitys insurers. As such no provision has been made for payment. 26 Related party transactions Tran$actlon$ vAth related parties During the year the Charity entered into the followro transactions with rdated partie5: 11 Transactions ivs trustees disclosed in note 11. 21 The tharity's Restore S6 Foodbank and Forge Youth and Debt IAbrk operations were transferred to a new charity, Food and Community Trust 1(l)arity no. 12047381 on the l Novembei 2023 and many of the staff transferred as a ￿suV(. The two charitses continue to o)operate on various activities and use ol facilities. A lolal of £592,199 of Unrestricted and Restricted fijnds has been transferre(I lo the new charity in the year ended 31 De￿rnber 2Q23, together bmth a van and other assets at £NIl value. Included In Other debtors Is an amount of £87.709 owing by Food and Communrty Trust for an over transfer of funds whith has been d*fftd since the year $nd. 27 Subsldlarfes Details of the Charitys sUbsid￿ne5 al 31 December 2023 are as follows.. Name ofundertaking Register9d offlce Nature of busln Class of shargs held OA Held Dlrect Indirect Philadelphia Commeraal Limiled-company no. 5656300 United ￿ngdoM Propety development Orthnary 100.00 The aggregate capital and ieseNes and the resutt for the year of subsidiaries excluded from consolidation was as follows.. Namo of undertaklng ProfWIL0551 Capltal and Resgry9S Philadelphia Comm8rc181 Limiled-company no. 5656300 THE PHILADELPHIA NETWORK LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 28 Analysls of changes in net funds The Charity had no material debt during the year. 29 Cash generated from op8rntlons 2023 2022 IDefia't}Isurpus for the year 1656,7241 158,018 Adluslmenls for.. Investment income reeognised in statement of financial activities Depfeciation and impairment of tangible fixed assets Drfference between pension charge and cash contributions {224,1521 71,856 1145,3131 49,488 138,7001 Movements in working casytal: Ilncreasel in debtors (Decreaseyincrease in ￿edit￿S (Demase) in defefred income {19,6081 {12.4571 {42.3461 135,8401 23,594 (7,437) Cash (absorbed byVgen8rated from operatlons 1883,431} 3,810