Charlty rogistration numb•r 11349731England and Wales) Company roglstration number 06035697 THE PHILADELPHIA NETWORK LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 THE PHILADELPHIA NETWORK LIMITED LEGALAND ADMINISTRATIVE INFORMATION Trustees Revd. Michael Rutter DrAde Adebajo Brlan Gooch Joanna Maclnnes Peter Ibison Peter Clarf( (Appointed 13 February 2024} (Appointed 20 November 2024) (Appointsd 29 January 2025) Jessica Rees Charity number (England and Wale8) 1134973 Company number 06035697 Roglstsred office 120 Portland Street Sheffield S6 3DN Independent examlner Wells Richardson Cannon House Ruland Road Sheffield South Yorkshlre S3 8DP Bankers Virgin Money Fargate Sheffield S1 1LL THE PHILADELPHIA NETWORK LIMITED CONTENTS Pago Trustees, report Independent examinerfs report Statement of flnandal activities Balance sheet ststement of cash flows Notes to the finandal ststements THE PHILADELPHIA NETWORK LIMrrED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual report and finanaal statements for Ihe year ended 31 December 2024. The financial statements have bean prepared in ac(x)rdan¢e with the aizountlng pofioes set out in noto 1 to the financial statements and comply with the Chaiitys Memorandum and Artides of Association, the Cornpanies Act 21)36 and 'Accounting and RepThlng by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in a(xordance with th8 FinancÈal ReKK)rting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". ObJectlv8s and activltles The Charity's objects are: a) To advance the Christian faith for the benefft of the public in the DK)cese of Sheffiekl and in suth parts of the United Klngdom and the World as the Trustees Ihink fi( through the estsblishment aThJ operatlon of a church or thurthes. b) The provision of pastoral care for the congregation worshlpplThJ at thè extra-parochial piace known &8 St Thomas. Church at Philadelphia. c) To promote educatw)n army lo prnvent and relieve poverty in the Diocese of Sheffiekl and such of the United Kingdom andlor the World as the Trustees may fr￿￿ tim8 to time think fft. Wthin that frdmework. the primary objecl of the Charity is to work tNards the transfomiatlon of Sheffield, by making lif8 b8tter for its P8ople and by inviting and supwrting people to folknw Jesus. Main objectives for the year Key objectives were: - to rA)ntinue and grow the existing Sunday semces and cwnmunty groups: - to plant new household and commLmty groups: - to work towards ending food poverty in Sheffdd., - to cxlntinue arKI develop support for thildren and yourKJ people and famili8s across Sheffield. The success of this was principalty measured by. - Ihe attendance numb8rs at the Sunday servtces. iM)th in person arKI online: - Ihe storfes of people's charvJed lives: - Ihe number of household and Community groups runnlrKJ' - the number of beneficiaries supported by the Charity". - the number of peqS8 fed. and the total amount of fc#￿ distributed, by HillsbOr￿Jgh - S6 Foodbank. Public benefft The Trustees have ry)nfrnied thal have referred to the guldance contained in th8 Charlty Commission's general guidance on public benefft when revieY•ryng the Church's aims and obieclives and in planning future activilies. The Trustees are also aware of th8 Charity Commisskffi's guidan￿ on public ben8ftt In the Advancement of Religion for Ihe Public Benefft and have regard to it in their administration of the Charity. Tha Church provides the following activities for the benefft of the general public: - Ihe olebration of public worship: - the teaching of the Christian faith; mission and evangelism: - pasloral v40rk. Including visitrng the sick arKI bereaved: - th8 provision of facilities vAth a Christian ethos for the local ￿mmUnIty (induding but not restrlcted to) the elderty. the young and other groups with special needs: and - Ihe support of other charities in the UK and overseas. Grant making policy The Charity aims to give a percentage of ts UnreStr￿ted iTh>Nne to other beneficiaries and charities in furtheran¢e of the CharitV$ objectpies. The majority of grants are made to registered charities although assistance may be given to othw constituted groups and individuals. THE PHILADELPHIA NETWORK LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Volunteers The Charity encourages a culture of volunteering in all areas of its work. During the year at least 300 volunteerd provided their service$ to the Charity. No financial value of volunteerfs time has been included in the financial statements. Achlevements and parfomiance Significant activities and achiavements against objactives Some of the key achievements for 2024 were: - Around 160 adults 8ngag8d wlth N8￿rk Church Sh8ffield s8pAces each week. - Around 23 young people and 32 children engaged with thè Youth & Children's work at the church every week. - Across our various Parent and Toddler group5. 86 Adults and 104 Chlklren atterKI each week - With the successful launth of Food & Community Trust Charity in November 2023 the church has b8en able to focus on running individual foodbank sessions on Tuesday and Friday at the Hillsborough Foodbank and at the Nether Edge Foodbank. Between these three sltes: 6652 Vouchers were fulfilled, which provided food for 10,102 Adults and 5.229 Chlldren - 40 women went away on Women's Weekend - 39 Youth to DTI induding Forge Youth - 24 Children went on the Kids weekend away - Red Frogs ministry stsrted with weekly mission to Student accommodation in Sheffield - Partnerships with Open Doors arKI TearFund and 24-7 Prayer established FUndr￿sIng perfonnance Funds are ralsed from the publlc by regutar congregational appeals and occasional fundraising events. Flnanclal revlew Church members make annual financlal commltrnents io the Charity. The annual budget is based on the vision of ts leadership team, tempered by the income that is promtsed by church members. receSved as propety Ino)me and anticipated from granl making bodies. The statement of financial activities on pages 5 and 6 shows total unrestrtcted income of £737,7S3 {2023: £n8,394) and totsl Un￿StrICted expenditure of £644,615 {2023: £851.956). After net transfers of £139,949 <2023: £5.161) t from restricted funds, this resultad in 8 d8ficlt of £46,811 (2023: £118,401). ReseNes policy The Trustees have reviewed the reserves of the Charity. This revl8w 8ncompass8d the natura of the Income and exp8ndltur8 streams, Ihe need to match variable Income fixed commitrn8nts and the natur8 of the r8S8tves. The review conduded that to allow the Charity finances to be managed effectivety and to pro¥ide a buffer for uninterTUPted services. unrestricted reserves (excAuding propety and related loans) equivalent to six weeks, expenditure should be maintsined. At 31 December 2024. the value of such reserves was £118.541 (2023: £165,352). Major risks The Trustees have as88ssed the major risks lo whith th8 Charity 18 exposed, and ar8 satisfied that systems are in place to miti9ate exposure to Ihe major rtsks. Structure* governance and managamènt The Charity is a registered charity and a company limited by guarantee. It was incorporated on 21 Dec8mber 2006 as Nehvork Church Llmited. Thè name of the Company was changed to The Philadelphia Network Limited on 29 March 2008. The Charity is a Christlan Church with Anglican. Baptist and Free Church roots. THE PHILADELPHIA NETWORK LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees, who are also the directors for the purpose of company law. and who served during the year and up to the date of signature of Ihe financial statements were.. Revd. Michael Rutter Revd. Giles Holloway Samuel Evans DrAde Adebajo rmothy Amstrong Nelll Birchenall Brian Gooch Joanna Maclnnes Peter Ibison Peter Clark Jessica Ree8 (Resigned 22 Septembar 2024) (Resigned 8 F8bnJary 2024) (Resigned 1 February 2024) (Resigned 22 September 2024) (Appointsd 13 February 2024) {Appointed 20 November 2024) {AppointeiJ 29 January 2025) Recmitm&nt arnl appointment of truslees Membership of the company Is at th8 discretion of the Trustses. The current members of the ctxnpany are drawn from the congregation of St Thomas Philadelphia and the Kings Centre and approved by the Tntstees. None of the trustees has any beneficial interest in the cornpany. All of the Trustees are members of the company. Organisational structur8 The Board of Trustees is made up of tsvo groups: a} One of the current trustees is employed by the Charity. They are not r8munerated for their duties as trustee. This trustee along with a leadership team makes the day-to-day decisions in the running of the Charity within the guidellnes and budgets agreed by the whole l>oard. They are accountable to the 8oard. b) The remainder and majority of the Trust8es ara not employees of the Charity. Each Trustee appointment is recommended by the existlng Trustees and approved by the Members. Inducts'on and tsining of trustees New trustees are brlefed on thelr roles and responslbillties, th8ir legal obligations under charity law. content of the constttution, the decision making process and the recent financial Performan￿ of the charity. Rgmunerntlon policy The pay and remuneration of the ¢hariVs key management personnel Is determined by the trustees based upon Ihe employees. experience and pay structures operating generally in the charity sector. The Trustees, re rt was approved by the Board of Trustees. Revd. Trusteg ael Rutter 27 Augu* 2025 THE PHILADELPHIA NETWORK LIMITED INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PHILADELPHIA NETWORK LIMITED I report to the Trustees on my examination of the financial statements of The Phlladelphia Neiwork Limited (the Charity) for the year ended 31 December 2024. Responsibililies and basis of report As the TNstees of the Charfty (and a180 its directors ft>r the purposes of company law), you are responsible for the preparation ofthe finandal statements in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the financlal slatements of the Charity are not required to be audttos under Part 16 of Ihe Companies Act 2006 and are eligible for independent examination, I report in respect of my examinalion of the Charity's financial statements Carrled out under section 145 of the Charities Act 2011. In ca￿yIng out my examination I have followed the Direclions given by the Charfty Commission under sedion 145(5)(b) of the Chaiities Act2011. Independent examinees ststement &nce the Charity's gross income exceeded £250,000, the independent examiner must be a member of a body Isted in sedion 145 of the Charities Act 2011. 1 confim7 that l am qualified to undertake the examination because I am a member of ICAEW, whith is one of the listed bodies. I have completed my examlnation. I confirm that no matters have come to my attention In connection the examination giving me cause lo believe that in any matsrial respect. accounting records were not kept in respect of the Charity as required by seclion 386 of Ihe Companies Acl 2006. the financial statements do not accord with th09e records; or the financial ststements do not comply the accounlFng requirements of section 396 of the Companles Ad 2006 other than any requirement that the financial statements give a true and fair view, which is a matter considered as part of an independent examinalion; or the finanGyal statements have not been prepared In accordance with the methods and principles of 1he Statement of Recommended Pra¢tlce for accounlEng and reporting by charllies applicable to diaritles preparing thelr financial statements In accordance with the Financial Reportfng Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concems and have come across no other matters In connection with the examination to which attentlon should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Is Richardsc Grant Wade 8AACA Cannon House Rulland Road Sheffield South Yorkshlre S3 8DP 4 September 2025 THE PHILADELPHIA NETWORK LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unre8trl¢tsd Unre$lrl¢tsd RMtrfctsd funds funds fund$ general d081gnated 2024 2024 Tolal Unrostrlcted Unre8trlcted Rostrlctsd fund8 fund8 fund$ general de$lgnat8d 2023 2023 Total 2024 2024 2023 2023 Nol Income from: Donations and legacles Charftable actlvbtl85 Other tradlng actlvbtles Investments 443,055 28,688 12,363 135,634 2,750 591,052 31,438 427,219 89,363 $93,302 1,020,521 2.042 91,405 3,684 3,684 12.340 224,152 266,010 266.010 211.812 T¢)tal Income 737,753 12,363 138,384 888.500 728,394 611,368 1,339.762 Ex￿ndIture on: Charltable actSvllle8 644,615 139,339 201,468 985,422 851,956 47.920 1.096.610 1.996.486 Totsl expendltura 644,615 139,339 201,468 985,422 851,956 47.920 1.096.610 1,996,486 Not Incomel{exp•ndlture) 93,138 {126,976) {63,084) (96,922) (123,562) (47.920) (485.242) (656,7241 THE PHILADELPHIA NETWORK LIMITED STATEMENT OF FINANCIALACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestrlcted Unrestricted Restricted funds funds funds general deslgnated 2024 2024 Total Unrestricted Unrestrlcled Restricted funds fiAnds funds general daslgnated 2023 2023 Total 2024 2024 2023 2023 Notes Net Incomel(expendlture) 93.138 (126,9761 {63.084) (96,922) {123,562) (47.920) (485.242) {656,724) Transfers belween funds 14 (139.949) 140.210 (261) 5.161 (5.1611 Net movement In funds 10 (46,811) 13,234 (63.345) (96,922) (118.401) (47.920) <490.4031 {656.724) Reconciliatlon of funds: Fund balances at 1 January 2024 165,352 1,863,633 93.480 2.122.465 283,753 1,911,553 583,883 2.779.189 Fund balances at 310ecember 2024 118.541 1,876,867 30.135 2.025.543 165.352 1,863,633 93.480 2.122.465 The statement of financial activities includes all gains and losses recognised in th8 year. All income and experKliture derive from continulng actlvlues. THE PHILADELPHIA NETWORK LIMITED BALANCE SHEET AS AT31 DECEMBER 2024 2024 2023 Notas Flxed assets Tanglble assets Investments 15 1,815,713 1.863.633 1,815,715 1.863.835 Current assets Debtorn Cash at bank and In hand 17 89,682 222,506 160,653 181,529 312,188 342.182 Crndltorn: amounts falllng due wfthln one year 18 (102,360) (83,352) Not curront assets 209,828 258,830 Total a98at81088 current Ilabllltl•8 2,025,543 2,122,465 Tho funds of th• Charlty Restrfcted Incoma funds Unr88tdGted funds - general Unre8trlcted funds - de8lgnated 21 23 22 30,135 118,541 1,876,867 93,480 165,352 1,863.633 2,025,543 2.122.465 The company18 entitled to the oxempiion from the audlt requirament contalned In $gGtlon 477 of the Cornpanles kt 21x16. for the year ended 31 December 2024. The dlr8Ctors acknowledge thelr r88ponsibilltles for complylng wlth the requlrements of the Companles Act 2Crt)6 wlth respect to accountlng records and the prepardtlon of financlal stalements, The members have not requlred the company to obtain an audit of Its ftnanclal statements for Ihe year In questlon In accordance wlth 8ectlon 476. These tlnanclal statements have been prepared In accordance wlth the provlstons applicable to ¢¢)mpanles subjact to the small compani08 rogima. Tho ftnandal sta ents were approved by the Trustees on 27 August 2025 Revd. Mi Trusts• el Rutter Company registratlon number 06035697 {England and Wales) THE PHILADELPHIA NETWORK LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Noto• Cash flow8 from oparallng actlvlt108 Cash absort>ed by operatlons 27 (225,033) (883,431) Investlng actlvltl•$ Purchase of tangible fixed assets Proceeds from dlsposal of tangible fixed assets Inv8strnent Income recelved {19,200) 10,000 224,152 266.010 Not cash generated from Inv••tlng actlvltl•• 266.010 214.952 Net ca8h generatod from flnanclng actlvltles N•t Increa801{docrea80) In cash and cash equlvalonts 40,977 (668,479) Cash and cash equlvalents at beglnnlng of year 181,529 850,008 Cash and cash oqulvalents at ond ol year 222.508 181.529 THE PHILADELPHIA NETWORK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 A¢countlng pollcles Charfty Inforniatlon The Philad8lphia Nelwork Llmited Is a prlvate company 1Smited by guaranteo Incorporated In England and Wales. The registered office Is 120 Portland Street. Sheffleld. S6 3DN. 1.1 Accountlng conventlon The flnandal statements have been prepared In accordance wlth the Charltys Memorandum and Artldes of Assoclatlon. th8 Companies Act 2006 and 'Accounting and Reporting by Charitias: Statement of Recommended Practlce applicable to charilles preparing thelr accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2019). The Chadty Is a Publlc Bonefit Enuty as defined by FRS 102. The financl818tatements affj prepared In 8terllng, whlch 18 the functlonal currenGy of the Charlty. Monetary amounts In th8S8 financlal statements are rounded to th8 nearest £. The finandal statements have been prepared under the hlslorfcal cost conventlon. modlfled to Indude the revaluauon of freehold propertles. Tho prlndpal accountlng pollcles adopted are set out below. 1.2 Golng concern At the time of approving the financial statements. the Trustees have 8 reasonable expectation that the Charity has adequate resour¢e8 to cmtlnue In operational exlstence for the foreseeable fijture. Thu8 the Trustees contlnue to adopt the golng COn￿M ba818 of accountlng In preparfng lh8 financlal statements. 1.3 Charltabl• fund• Unrestrfcled fvnds are avallable for use at Ihe dl8Grellon of Ihe Trustees In furtherance of thelr chadtable objectlves. Designated funds comprfse fijnds whlch have been set asid6 at the dSscretlon of the Tnjstees for speclfic purposes. The purposes and uses of the deslgnated funds are set out In the notes to the financial ststements. Restrlcted funds are $ublKt lo specffic condltlons by donors or grantors as to h¢)w they may be used. The purposes and uses of the r8strlcted funds are set out In the notes to the fln8nd81 statements. Endowment funds are subject to Spedfic condltlons by donors that the capltal must be malntalned by the Ch8rlty, IA Income Income is recognlsed when the Charity 18 legally enbtled to it after any perfomance conditions IHve been met. the amounts can be measured rellably, and bt Is probable that Income wlll be recelved. The monetsry value of foodbank donations of goods Is not able to be measured wlth suffident rellablllty and is not included in the incoming reSoUr￿S of the Charity. Cash donations ara recognised on recelpt. Other donattons are recognlsed once the Charlty has been notified of the donation, unless performance conditlons requlre deferral of the amount. Incom8 tax recoverable In relation lo donations received under Glft Aid or deeds of covanant is recognised at the time of the donation. Legacies are recognised on receipt or othenwlse If the Charlty has been notffied of an Impendlng distrfbution. the amount Is known, and racaipt 1$ expected. If the amount Is not known, the legacy Is treated as a contlngent asset. THE PHILADELPHIA NETWORK LIMITED NOTES TO THE FINANCIAL STATEMEKfs (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollclos {Contlnuad Grants are recognlsed In the year when the enliuement to the grant Is confimied. Grants for the purchase of equipment and twards the initial $6tting up of projects are credited In fvll to Ihe relevant activities in furiherance of the Charltys objects. Grants that provld8 core fundlng. or are of a general nature provided by government and charltable foundations. are recorded as voluntary income. Grants spedfi¢alty for goods and serv1￿ to be provlded 88 part of charltsble actlvltles are recorded agafnst the adlvlty to whlch they relate. 1.5 Expendfturo Expenditure Is accounted ft>r on an accnjals basis. Llabillts'es aro recognised as soon as there is a legal or u)nstructive obligation to pay out resourc8S. Support costs are directy attributed to tharilablo activities on an actual basis and no further 8PPOrtionment18 necessary. Govamance Costs Include the costs of weparallon and audli of Ihe statutory accounts. tha cost of truslee m88tings and the co8t of any legal advice io trustees ry) govemance or Constitutional matters. Redundancy costs incufred In the perlod affj tharged directly to the SOFA alEooled as nece88ary beiwean th8 relovant funds. 1.6 Tanglblo fixed as$et• Tangible fixed asseis are inilialty measured at cost arKI 8ubsequenty me&8urnd at cost or valuatlon, net of depreclatlon and any Impalmient losses. Depreclatlon Is recognlsed so as to Ytht• off the or valuatlon of assats loss thelr re$klual valugs over th8Sr useful fves on the following bases: Freehokl bulldlngs Flxtures and fftllng3 2% Stralght11 25% Stralght Ilne The galn or loss arfslng on the dlsposal of an asset Is determined as the dlffer8nce between the sale proceeds and ￿ carryiTrJ value of the asseL arKI is recognised in the statement of financial activiiies. On flrst41m8 adopiion ol FRS 102 In 2018. the trustees opted to freeze the exlsllng ￿rryIng values of the freehold and leasehold premi88s as at the start of the Pr￿ financial year. The then existing Carrying values were respectlvely.. Freehold premlses £1,485,IXIO (Including King's Centre £300.000) and Leasehold pramlses £636,100. Thes8 carrylng valuatlons were based on professional valuations carried out and adopted In the accounts for the year ended 31 December 2015. Since 2016. the freehold and leasehold propertles (excludlng land) are belng depreclated at 2% pa on a slwht Ilne basls. 1.7 Flxod a886t Investments Fixed asset investments are hltially n￿aSured at transackn prke 8xdudlThJ transactlon costs, arHI are 8ubsequentiy measured at fair value at each reporting date. Changes in fair va￿0 are recognised in net incomel(expenditure) for the year. Transaction (xists are expwsed as Incurred. A subsldkry 1$ an enllty Controlled by the Chty. Control is the to govem the fA)an¢lal and operating policies of the entity so as to obtain b8neffts from its xtsvili8s. The Charity has taken advantsge under Paragraph 24.13A of the Charity SORP (FRS 102) and chosen (￿t to prepare Consolidated accounts Includlng the results of Ifs subsidiary. Philadelphia Commercial UmSted. as their inclusion Is not material for the purpose of gNing a true arKI fa￿ vlew. 1.8 Impalmi•nt of fixed assets At each reporting end date, the Charlty revlews Ihe carrylng amounts of its tangible assels to determin8 whether there Is any Indi￿tIon that Ihose assets have suffered an impairment loss. If any such widrAtion exists, the recoverable amount of the asset is estimated in order to determine the extent of Ihe impairment loss (rf any). 10- THE PHILADELPHIA NETWORK LIMrrED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 A¢¢ountlng pollcles {Contlnuad) 1.9 Cash and ¢a$h equfvalonts Cash and cash equivalents include cash in hand. de&￿￿ts hekl at call wlth banks. olher short-terni Ilquld Inv8Stments with ortginal maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in umnt liabilits'8S. 1.10 Flnan¢lal Instruments The Charity has elected to apply the provisions of Section 11 'Basic Financial Instrumenw and Soclion 12 'Other FinanGial Instrumentslssues. of FRS 10210 all of its financial instruments. Financlal instruments are recognls8d In Charitys balar•ce she8t vthen the Charity becomes party to the contradual provistons of the instrumant. Financial assets and liabilities are offsec with the net amounts presented in the finandal statements. when there is a legally enforoable rwJht to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and sett]e the liabilty simultaneously. Bask flnanclal assets Baslc ftnanaal assets, which include debtors and cash and bank balances. are Inltlally measured at transaciion price including transaction costs arKI are subsequently carried at amortised cost uslng the effectlve interest method unless the arrangement constitutes a financing transactK)n. where the transaction is measured at the present value of the future receipts discAyJntad at a market rdte of interosL Fviancial assets classified as receivable wilhin one year are not amortised. Basic flnanclal Ilablllrfes Basic financial liabilitles. Induding cred5tors and bank loans are initially recognised at tran5Ktion price unless the arrangement constitutes a financing transaction. where the debt instrument is measured at the present value of the future payThents discounted at a market rate of inter8sL Financial [￿bIlitIeS cl8ssifi8d as payable within one year are r￿t arnorti￿. Debt instruments are subsequenty carried at arnortised cos( usEng the effective interest rate method. Trade creditors are obfwiions to pay for goods or services Ihat have been acqurred in the ordinay course of operations from suppllers. Amounts payable are classified as current liabilities rf payment is du8 within one year or less. If not. they are presant8d as nOn-￿r￿t liabimies. Trada creditors are recognised initidly at transactlon price and subSeqU￿tty measured at affK)rtised cost usir¥J the effective interest method. Derecognition of finan￿al liabilitles Financial liabllities are dereownised when the Ch￿S contractual obligations expire or are dischar98d or cancelled. 1.11 Taxatlon The Charity is not ￿able to income or ￿pital gains lax on its tharttable activttias. Irracoverable VAT is Induded in ihe asset cost crf expense to *thich it relates. 1.12 Employoe beneffts The cost of any unused holiday enlillement ￿ recognised in the period in which the employee's seNlces are recelved. Temination benefits are recognised Trmmediately as an expense when th8 Charity is demonstrably committed to tsmlnat8 lh8 employment of an employee or to provid8 termination benefiis. 11 THE PHILADELPHIA NETWORK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles (Contlnued) 1.13 Retlrement beneffts Contributions in respect of ts defined b8nefts and definad ccmtributions schemes are calt%lated as a percentage of the pensionable salarles of ernployees. For s¢hemes suth a$ The Pension Buikler Scheme nthty to the inc¢xne and expendllure account. The Baptist Minist8rf8 Pension Fund (fBMPF} is an unfunded scf*m8 and contributions are calculated so as to spread the cost of pensions over emplo5ees' working frrfes with the charity in such a way that the penslon cost is a substantially level percentage of current and future pensionable payrotl. The contribut1￿S are detemined by the aduary on the basis of triennial valuations using a pn)spective unit credit methLKI. The TBMPF Is an unlunded mulli•mployer xheme with Th) undedyirwJ assets to assign be￿een employees. Consequenly. the T8MPF is treated as a defin8d contrElxJtion sch8m& for accA)uthing purposes and the contributions recognised in the period to which tsy felate. Critkal a¢￿￿ntIng estImat￿ and Judgoments In the application of the Charivs acc4)unting polioes. the Trustees are required to make 5udgements, estlmat8s and assumptions about the carrying amount of assets and liabilities that are not readlly appar8nt from other sources. The estimates and associated assumptK)ns are based on historical exp8rtence and 0th8r factors that are considered to be relevanL Actual results may differ from these estimates. The 8Stimat8s and undetyi'ng assumplMYts are r8viw••ed on an ongoirKJ basis. Revisions to accounlh)g estimates are recognised in the period in whith the estimate is revised ￿there the revision affects cmly that perlod. or in the P￿0d of the revision and fulure persods wtEre the revision affects both current and future peri(MJs. The key estimates included in the financial statements are in respect of impairment of fixed assets vla dep￿lati￿ and provisi¢Jns for bad debts. The key judgements induded in the financial statements relate to the detemination of any Defined Benefil PensEon sch8m8 defidt. However. in the opinion of the Irustees ttwe are M estimates or assumptions vthich have a *nificanl risk of causing a material adjustrnent to the cffjing amounl of assets and liabilities which are disckjsed In the financial statements. 12- THE PHILADELPHIA NETWORK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from donallons and lega¢l Total Unro8trlct•d Unre•trfct•d Re8trl¢tod fund8 funds funds g•norn1 d•slgnated 2023 2023 Total fund• fvnd• noral dmlgnatsd 2024 2024 lund• 2024 2024 2023 2023 t)onatEons and gfft8 Grants 443.055 12,363 135,634 591,052 427,219 336.270 257.032 763.489 257.032 443,055 12.363 135.634 591.052 427.219 593,302 1,020.521 Donallon• and glft• Commltted glvlng and donatlons Gfft ald recelpts 369,334 73,721 10.200 2.163 113.499 22,135 493,033 98,019 359.449 67.770 301,796 34,474 661,245 102,244 443.055 12,363 135.634 591,052 427.219 336.270 763,489 13- THE PHILADELPHIA NETWORK LIMrrED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from charftable actlvltles Unrestrkted Restrlcted fvnds fvnds 2024 2024 Total Unrnstrleted Restrlcted funds funds 2023 2023 Total 2024 2023 General a¢tlvltle$ Services provided under )ntract Ancillary trading incxxne Charitable rental tncome 3.428 5.570 14.773 4.917 3.428 5.570 14.773 7,667 3.815 3,815 4.964 66,183 16,443 66.183 14.401 2.750 2.042 28.688 2,750 31.438 89.363 2.042 91.405 Income from other trading a¢tiVblies Restrlcted R•strlctod funds funds 2024 2023 Fundraising events In¢omo from Investments Total Unrostri¢tad Restrl¢tsd funds funds 2023 2023 Total funds 2024 fvnds 2024 2024 2023 Rent and Conferen￿ fees Interest receivable 258.427 258.427 195.527 16.285 195,527 28,625 12.340 266.010 266.010 211.812 12.340 224,152 14- THE PHILADELPHIA NETWORK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expondltur• on charltabh a¢fjvlll•s Unrnstrlct•d Unr•strlct•d Regtrlctad qen¢ral de8lgnated 2024 Total Unrestrlctod Unr•strl¢t•d R•8trlcted genernl designated 2023 2023 Total 2024 2024 2023 2023 Dlra¢t ¢osts Staff costs Dep￿cIatIOn and Impalmwit Project costs Staff expenses Staff tralnlng Worshlp and audltrvbual Mlsslonal communltles Includlng f(xxl 278.278 2,330 47,920 280.608 47,920 9.823 19.725 4,253 346.921 198,488 23,936 7,275 34,449 242 545,409 71.856 25.192 54.987 3,477 2.797 141.913 47,920 9,823 19,525 4,253 1,772 5.006 17.917 20.538 3.235 2.797 4.795 241 5.247 137.118 318,657 50.250 369.348 396.203 47.920 401.508 845,631 Grant fundlng of actlvStles (see note 8> 111 88.590 197,352 286.053 97.337 555,477 652.814 Sharn of 8UPPOrt and governanc• costs {$•e nole 91 Support Govemance 316.677 9,170 3,675 320.851 9,170 336.286 22,150 139,625 475.891 22,150 644.615 139,339 201,468 985.422 851,956 47.920 1.096,610 1.996,486 Analy81s by fund Unrestricled funds- general Unreslrlcted fund$- deslgnated Restricted funds 644.615 644,615 139.339 201.468 851,956 851,956 47.920 1,096.610 1.096.610 139.339 47.920 201.468 644,615 139.339 201.468 985,422 851.956 47.920 1,096,610 1,996,486 15- THE PHILADELPHIA NETWORK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Grants payabl• Unrn6trlct•d Unrn•lrlcted Rostrfdod gonwal deslgnated 2024 2024 Total Unrestrlctod R•8trfcted genoral 2023 Total 2024 2024 2023 2023 Gfants to In81itulions: Kalros Connexlon 8apUsl Unlon Dlocese of Sheffield Together ft)r Sh8ffleld Food and Communlty Trust Ploneer UK Yorks Baptl8t Open Hands Youth 8 mi&8ion Sundry 8mall donatlons 1,800 3,086 5,500 1,500 50,000 1,800 3,086 5,500 1,500 592,199 5,500 1,500 244,1)00 50.000 194,000 542,199 S,500 300 2,000 1,307 70 1.126 1,785 1,790 66.570 1￿,428 262,107 63,671 542.204 605.875 Grants to IrKllvlduals 22.020 23,946 33,666 13.273 46.939 88,590 197.352 286.053 97,337 555,477 652,814 16- THE PHILADELPHIA NETWORK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Grnnts payabl• {Contlnuod) The grant to tho Food and Community Trust (charfty no. 1204738) represents a £50.000 (2023 - £50.000) donat5on from thls charlty together with monles recelved for that charlty's S6 Foodbank, Forge Youth and Debt work acllvltles from the 1 November 2023. Support costA allocal•d to actlvltl•s 2024 2023 Administrative cost8 Bank charges Legal arKI professlonal fees Bad debts IT costs Insurance uuiitles and telephone Repalrs, malntenance and equlpment Rent and rates Govemance ¢ost8 25,104 2,151 35,643 2,929 20,019 15,150 133,234 44,687 41.934 9,170 44.902 1,472 128,872 11,000 17,289 17,047 105,752 147.709 1.848 22,150 330,021 498,041 Analysod b•tw••n: Unrestrtcled general Unrestrtcled deslgnated Restricted 325.847 499 3,675 358,416 139,625 330,021 498,041 10 Net movement In fund• 2024 2023 The net rnovernent in funds is Stated after chargingl{creditlng): Fees payable for the Independent examlnatlon (2023 - audlt) of the charlvs financi81 statements DeprecSatlon ol owned tangSble flxed assets 9,170 47.920 22,150 53.045 17- THE PHILADELPHIA NETWORK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 11 Tru$to98 None of the trustees (or any persons connected wEth them) receNed any benefits from the charlty durfng the year. Durlng the year under revlew, three Trustees, a Trustee's partner and a Twstee's slblSng were pald for thelr 8ervi¢es as employee$. These payments are in a¢¢ordance with the provislons In the ChurGh's Memorandum of Assoclatlon dated 21 December 2006. No trustee recolved any remuneralbn for thelr services as truste¢¥. Details are as foltows: Salary Penslon House costs Revd Glles Holloway (trustee untll 22 September 2024) Mrs Amanda Gooch Revd Mlke Rutter Samuel Evans (trustee untll 8 February 2024) 31,51e 6,254 50,743 2.843 438 4,409 160 Nelll Blrchenall Is 8180 8 Trustee and Dlrector of the Sheffleld Dlocesan 8oard of Flnance whlch rec8lved 8UPPOrt grant of £5,500 (2023 - £5,500} from the Chartty during the year. The Revd Mike Rutt8r and Samuel Evans (untll the 8 February 2024) are trustees of the Food and Communlty Trust (FCT> (charlty no. 1204738) whlch has taken over the Restore and Forge Youth actlvllles from thls Charlty. Thls Charlfy made donatlon$ totallSng £50,000 12023 £50,000) to FCT and made nel payments totalllng £62.779 (2023 £627,332) relatlng to donallon8 81¢. fecelved on thelr account1888 varlous exp8n88s tharged for use of Charlty preml8e8 etc). Apart from these transacllons and the amounts recelved under wrftten agreements. no Trustee or other person ￿lated to the Trustees had any p8rson81 interast In any contract or transactlon enlered Into by tha Chadty durlng the y9ar {2023 . NIII. Aggregate donatlons to the Church from members of the Board of Trustses durlng tha year amounted to £31,504 (2023- £36,012>. 12 Employoe• The average monthly number of employees durlng the year wa8: 2024 Numbor 2023 Numbor 16 24 Employrnent costs 2024 2023 Wages and salaries Social security costs Other penslon costs 246.443 14.780 17.493 468,248 33,583 42.051 278.716 543,882 TPK8re w8r8 no employees wh08e annud remuneration was More than £60.000. 18- THE PHILADELPHIA NETWORK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 12 Employees (Contlnued) Remuneratlon of koy rnanagoment personnel The remuneration of key management personnel was as follows: 2024 2023 Aggregate compensatlon 117,906 171,098 13 Taxatlon The charlty Is exempt from taxallon on Its actlvltles because all its Income is applied for charitabl8 purposes. 19- THE PHILADELPHIA NETWORK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 14 Tran$forn Unrestrbcted Unre8trl¢tsd general de•lgnated Re8trlct•d TotalUnrestrlct•d Unrn•trlct•d Rè•trlct•d Total general d￿Ignated 2024 2024 2024 2024 2023 2023 2023 2023 R88tore funds Gffts to bo forwarded Phlladelphla 8tudont8 Caf¢ rithé fund 261 {2,492) {2,231) 7,567 (776) <1,630) (7,567) 776 1.630 (215) {215) 2,446 (140.210) 140,210 (139,949) 140.210 <261) 5,161 (5,161) The followlng transfers b6lwgen funds have be8n undertaken In the year: 1) From Restricted lo Unreslricted funds general for reallocation of unused Act 435 monles - £261 (2023- £Nil). 2) From Restricted Restore lo Restricted Cafes funds for reallocation of Renew monies- £2,44612023 - £Nil}. 3) From R•strfcted lo Unresldcted funds general for Restore finance departments recharges- £NII {2023 - £7,567). 4) From Unrestricted general to Restricted funds for re-allocatlon of gifts forwarded - £Nil (2023 - £776). 5) From Unrestricted general lo Restrlcted funds for deficil on Philadelphla Student fund - £21512023- 1,630). 8) From Unre8trlcted general to Unrestrfcted deslgnated funds lor tithe funds to be donated - £140,21012023- £NII). THE PHILADELPHIA NETWORK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 15 Tanglble fixed assets Freohold Flxtur•8 ond bulldlngs flttlng* Total Cost or valuatlon At 1 January 2024 Disposals 2.272.577 302,052 2.574.629 (58.551) (58.551) At 31 December 2024 2.272.577 243,501 2.516.078 Depreclallon and Impalmient At 1 January 2024 Depreciation charged in the year Elimlnated In respect of disposals 423.054 42,422 287.942 710.996 5.498 47.920 (58.551 } (58.551 > At 31 December 2024 465.476 234.889 700.365 Carrylng amount At 31 December 2024 1.807.101 8.612 1.815.713 At 31 December 2023 1,849.523 14,110 1.863.633 Land and buildings with a carying amount of £2,065.000 were revalued at July 2014 by Mark Jenklnson & Son, independent valuers not connected with the Charfty on the basis of market value. The valuation conforned to Intemational Valuation Stsndards and was based on recent market transactions on arni's length temis for slmllar propertles. At 31 December 2024. had the revalued assets been orried at historic cost less accumulated depreciation and accumulated Impainnent losses. their carying amount would have been approxlmately £1,553,931 (2023 - £1.596.192}. The freehold and leasehold propertles at the Philadelphia Campus, Sheffield are included in the a￿oUnts at a deemod cost of £1.972,577 and are being depreciated at 2Vo pa on a straight line basis. The 'deemed cost, under FRS 102 is allocated belween the varlous properties on the ba$is of the area that each property relates to Ihe total area. Accordingly, the allocated cost for each property Is an 8Stlmated figure and should not be taken as representlng each propety's actual cost. The freehold land and buildings formerty known as the King's Centre Christian Church were legally transferred to the Philadelphia Neiwork Limited on 9 January 2009 and a￿ included in tha accounts at a deemed cost of £300.000. Dep￿ciatiOn is Charged on this propety at 2% pa on a stralght line basls. 21 THE PHILADELPHIA NETWORK LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 Flxed assèt Inv•8tments Other Inve8lments Cost or valuation At 1 January 2024 & 31 December 2024 Carrying amount At 31 December 2024 At 31 December 2023 2024 2023 Other Investm8nts comprlse: Notes Investments in subsidiaries 26 17 Debtors 2024 2023 Amounts falllng due wlthln one yoar: Trade debtors Gross amounts owed by contract customers Amounts owed by substdlary undertaklngs Other debtors Prepaym8nts and accrued income 12.452 19.322 900 50,786 6,222 13.345 12.825 900 129.870 3,713 89,682 160,653 18 Crodltors: amounts falllng due wilhin one ￿ar 2024 2023 Notes Oiher taxation and social securty Deferred income Trade Credltors Other ¢redit<)rJ Acuuals 5,058 11.222 11,924 6,277 67.879 5,033 12,278 14,095 14,807 37.139 19 102.360 83.352 THE PHILADELPHIA NETWORK LIMrrED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 19 Deferr￿ Incomo 2024 2023 Other deferred incon 11.222 12.278 Defer￿d Income ts Enduded In the financial statements as follows: 2024 2023 Defeffed income is induded ￿1n. Current liabllitses 11.222 12.278 Movements In the year. Deferred income at 1 January 2024 Released from previ¢)us p￿$ Resourc8s d8f8rred in the year 12.278 (12.278) 11.222 54.624 (54.624) 12.278 Deferred income at 31 December 2024 11.222 12.278 Represents rents received for the for1(y*￿ng year. THE PHILADELPHIA NETWORK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 20 R•tlrnmant baneflt schamos 2024 2023 Defined contrlbutlon schem•8 Charge to profit or loss In respect of defined contrlbutlon schemes 17,493 42.051 The Phlladelphia Networf( LSmited partlclpates In th8 Penslon Builder Scheme 88Ctlon of the Church Workers Penslon Fund (CWPF) for lay staff. CWPF Is admlnlstered by the Church of England Pensions Board. whlch holds the CWPF assets separately from those ol the Employer and other partldpailng employers. CWPF has Iwo sections: 1. the Defined Benefits Scheme 2. the P8nslon Bullder Scheme. which has two subsectlons; a. a deferred annulty se¢llon known as Penslon Bullder Cla88ic, and, b. a cash balanc8 secilon known as Penslon Bullder 2014. Penslon Bullder Schem• Both secilons of the P8nslon Bullder Scheme are ¢la88ed as defined benefft scheme8. Penslon Bullder Classlc provides a penslon. accumulated from contrtbutlons pald and converted Into a deferred annuity durlng employment b888d on tems set and revlewed by the Church of England Penslon8 Board from tlme to ttme. Dlscretlonary Increases may al80 be added, dopendlnq on Inva8tment raturns and othar factors. Penslon Bullder 20141s a cash balance scheme that provldes a lump sum whlch members use to provlde benefits at rellrement. Penslon contrlbutlons are recorded In an account for each member. Dlscretlonary bonuses may be added before retlrem8nt. dependlng on Investment retums and other factor8. The aCco￿t. plus aty bonusas declared Is payable, unreduced. from ag9 65 There18 no 8uMlv18ion of a88et8 between employers In each Sectlon of Ihe Pen81on Bullder Schemè. The Scheme 18 considered to be a Multi￿eMplOyer scheme as descrlbed In Section 28 of FRS102. Thls Is because It Is not possible to attiibute the Pen$lon Bullder Scherne's assets and Ilabilltles to speclfic employers and means Ihat contdbuuons are accounted for as if the Scheme were a defined contribution scheme. The penslon ojsts charged to the SOFA In Ihe year are the contrlbutlons payable. A valuatlon of tho Pen8lon Bullder Scheme Is carTled out once every three years. The most recent Wdluauon was carrfed out as at 31 December 2022. For the Pension Builder Cla$sl¢ 3eGtlon, the valuatlon revealed a surplus of £34,8m on the ongolng assumptlons used. At the most recent annual revlew offectlve 1 January 2025, the board those to grant dIs￿etIonary bonus of 8.7%.to both pensions not yet In payment and pen81on$ In payment in respect of serrfic8 prlor to April 1997; and a bonus on pensions in payment In respect of post Aprll 2006 servlce so U)at the penslon Increase was 2.7% (where usually It would be calculated based on Inflatlon up lo 2.5%). Thts followed Improvements In the fundlng posltlon over 2024. Th8re18 no requlrement for daficit payments at the current time. The noxt valuailon Is due as at 31 December 2025. For the Pen4on Bullder 2014 sectlon, the valuation revealed a surplus of £8.Sm on the ongolng assumptions used. There is no raquirement for deficlt paym8nis 8t th8 current time. The legal structure of the scheme Is such that If another employer falls, The Phlladelphla Network Limited Could become responslble for pawng a share of tho falled employers pension liabilities. Bapllgt Mlnlstses Pan8lon Fund Baptist Ministers wore ellglble up to December 2011 to be members of the Baptlst Mlnlsters, Pen￿on Fund whlch Is a final salary scheme. From January 2012 Baptlst mlnlsters are ellglble for membership of the Bapust Penslon Scheme ('the Scheme.) which is a defined contributlons scheme. Th8 Churth ha8 one member of thls stheme. -24- THE PHILADELPHIA NETWORK LIMrrED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 21 Restrlcted funds The restrtrted lurKls of the Charity (xjmwlse the unexp8nded balances of donations and grants held on trust suble¢t to 8peiifi¢ conditions by donors as to how they may be used. At 1 January Incomlng Resources 2024 rosourcos exponded At31 December 2024 Basiles - Italy Gifts to be forwarded Kinds Centre - Generoslty pol Peru - A & M Burgess Phlladelphia - Students Restore Youth- othor Youth - Salartes Forge and R8Store Renew Cafe Ministries Streelwlse 1(M) 1.642 376 {1.400) {905) 150 1,096 376 543 359 573 423 128.538 23 4,243 1726) {208} (190,102) (183> (4,941) (10) (233) (2,760) (21 S) (2,492) 89.021 24.965 245 532 1230 10 2,213 15 2,775 93.480 138,384 (201,468) (261 } 30,135 Pr•vlou* y•ar: At 1 January Incomlng Rosourco• 2023 r••our¢M •xp•nd•d Tran•for• At31 December 2023 Basiles - Italy Gifts to be forwarded Klng's Centre - Genero81ty pot Peru - A & M Burgess Philadelphia - Students Childr8nlPlaydme Restore Youth- Other YoLrth - Salaries Philadelphia - Buildlng Prolect Forge and Restore Malntenance 100 3,727 376 269 1.200 20,620 (1,200) (23,481) 100 1.642 376 696 778 427 11,339 420 556,702 (12.969) {420) (1.010.774) (16.764) (10.140) (3.708) (16,004) (1,150) 1.630 {7.667) 89,021 405 1,230 9,079 11,370 3.708 15,964 10 583.883 611.368 (1.096.610} (5,161) 93.480 -25- THE PHILADELPHIA NETWORK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 21 Restrlcted funds (Contlnu•d} 1) This was funded by regular and one￿off gifts. The fund en(xMipass8d: a) The development and repair ol the Philadelphia arKI lfjnds Centre campus. b) The senlclng of the mortgage on the Philadelphla campus. Since the rapaymont of the mortgage and CA)mmunirAtion with Ihe donors, donations to the budding fund are now rocorded as general unrestrlctsd Incorne. Tr flnal balance of this fund TKas uillsed durirKJ 2023. Marco and Cinzia Basi18 are Italian nationals and are missionaries working in Sloty, The Charity supports them with regular gifts. This restricted fund Is saparats and is for re¢8ivlng gifts from church members which are then passed (￿. Fomi sought to traln and disciple yourvJ adults lo take up positions of leadership in mi$sional contexls. Mud) of the program fvrKled Ihrough the Charity and the final balance on thls was ullllsed durfng 2022. Donors 8ometirne$ send gifts through the Charfty to be forwarded anonymously to ben8ficlarles. The Charfty also rac•lvos glfts for dO￿nated mlsslons or tharftios. They are foThvardgd a¢cordrig to the donors, wishes. This 18 funded from individual gifts to be avauable when cases ol personal need arfse. 6) Donors sometimes send gifts through the iang's Centre to be forwarded anonyTh)usly to ben•fidarles. Klng's Centre a180 recelves gifts for deslgnated mlsslons or charlties. They are forwarded accordlng to the donors. vA¥he8. Anna and Mark Burgess are wothing wilh a thurch in Peru. Gifts are received hito thi8 fund for Iheir work and travel expenses and are If￿n forwarded onto the Burgesses. Thls Is a restrI¢￿ed fund for work wlth students by the Chwlty. Thls 1$ a fund set up after a substantlal dIN￿tIon was made for the purchase of Worshlp equlpment at St Th<>mas Philadelphla. THE PHILADELPHIA NETWORK LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 21 Restrlcted funds (Contlnued) This fvnd accounts for a grant and donalion received, together wilh the associated expenditure for a kid weekend. 11) Rosto Foodban This lund is for th8 S6 F 1,863.633 1,863,633 165.350 93.480 258,830 165,352 1,863,633 93.480 2,122,465 25 Related party transactions Transacllons wlth related partles During th8 y8ar the Charlty entered Into the following transactions with related parties: Transactions with it's trustees thsclosed in note 11. THE PHILADELPHIA NETWORK LIMrrED NOTES TO THE FINANCIAL STATEmE￿rs (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 26 Subsldlarfes Details of the Charitys subsidiaries at 31 tknber 2024 are as follows: Name of underlaklng Reglstered Nature of business Class of % Held shares held Dlrect Indlrect Philadelphia c￿nMercIal United lfjngdom Property development Limited£ompany no. 5656300 Orilinary 100.00 The aggregate ¢aphal and reserves and the resuft for the year of subsidiaries exduded from consofjdation was as follows: Name of undertaklng Profftl(Loss) Capltal and Philadelphia Commercial Limited-company no. 5656300 27 Cash absort)ed by oporatlons 2024 2023 DefKit for the year (96,922) (656.724) Adjustments for. Investment income recogntsed in ststement of financial activlties Depreciation and impawment of tangible fixed assets {266,010} 47.920 (224,152) 71.856 Movements In worklng capltal: Decreasel{increasel in debtors Increasel(decrease) in creditors (Oecrease) in deferred income 70,971 20,064 (1,056) (19,608) (12,457) {42,346) Cash absort)ed by operatlons (225,033) (883.431) 28 Analysh of Ghange¥ In ngt funds The Charity had material debl durir¥J the year.