**Charity registration number 1182435 (England and Wales)**
## **GRACE CHURCH EXETER**
**ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **GRACE CHURCH EXETER**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
**Trustees** C Annetts C Collison E Gingell D Roach D Rogers **Charity number (England and Wales)** 1182435 **Principal address** 140 Cowick Street Exeter Devon EX4 1HS **Independent examiner** Mr A Hemmings BA (Hons) FCA CTA Simpkins Edwards LLP The Summit Woodwater Park Pynes Hill Exeter EX2 5WS
## **GRACE CHURCH EXETER**
## **CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 4|
|Independent examiner's report|5|
|Statement of financial activities|6|
|Balance sheet|7|
|Notes to the financial statements|8 - 17|
## **GRACE CHURCH EXETER**
## **TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 31 AUGUST 2025**_
The trustees present their annual report and financial statements for the year ended 31 August 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the CIO's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)".
## **Objectives and activities**
The objects of the Charity are set out in its constitution as follows:
a) to advance the Christian faith in accordance with the Statement of Beliefs appearing in the Schedule annexed to our constitution, in Devon and such other parts of the United Kingdom or the world as the charity trustees may from time to time think fit, including (but without limitation) the promotion of Christian teaching and education, and to fulfil such other exclusively charitable purposes as the charity trustees in their discretion decide are consistent with the other purposes set out in this clause.
b) to relieve or assist in the relief of people who are in conditions of need, hardship or distress.
Our Objectives reflect the basis of our charity’s faith and beliefs. Each year our trustees review our objectives and activities to ensure that they continue to reflect our aims.
Our dual aims remain to advance the Christian faith by providing an active church in which people can worship and receive biblical teaching in an environment which is open to all and, in line with our Charity’s objects and the tenets of our Christian faith, to relieve those in conditions of need or hardship through financial or other support. We also aim to provide the opportunity for people to explore the claims of the Christian faith in an accessible way.
## _Public benefit_
In carrying out this review, the trustees have considered the Charity Commission’s general guidance on public benefit and in particular its supplementary public guidance on the Advancement of Religion for the Public Benefit and the Prevention of Relief of Poverty for the Public Benefit.
The Charity carries out a wide range of activities in accordance with its charitable aims. The trustees consider that these activities, summarised below, provide benefit to those who worship at our church, to the wider community in Exeter and indeed to the United Kingdom and the world.
- 1 -
## **GRACE CHURCH EXETER**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2025**_
## **Achievements and performance**
_Significant activities and achievements against objectives_
## **Year in Review**
2024/25 has been a really positive year for Grace Church Exeter. A summary of highlights from the year is set out below:
_Elders_ - the elders are Huw Hadden, Mick Taylor, Dan Roach and Dave Rogers.
We plan to expand the eldership team in the year ahead in order to ensure that the church continues to be effectively led and that people are well cared for.
_Trustees_ - the trustees are Claire Annetts (Chair), Chris Collison, Liz Gingell, Dan Roach (Treasurer) and Dave Rogers.
Jess Hadden stepped down as a trustee on 5 February 2025. We would like to thank Jess for all of her hard work for the charity, particularly for her role in the acquisition of our offices.
The trustees meet about six times a year with the elders of the church.
_Staff_ - the staff team comprises Dave Rogers (Pastor), Huw Hadden (Associate Pastor), Dan Roach (Associate Pastor), Susy Holding (Youth Ministry Leader), Julia Rice (Finance and Logistics Manager) and Kez Greenhalgh (Children’s Ministry Leader).
_Sunday Gathering -_ we meet weekly at St Peter’s School and gather about 220 adults and children each Sunday.
During the year we worked through preaching series on Romans, A Life of Faith, Letters to the Church and Conversations with Jesus.
_Children and Youth_ - Our children’s and youth work continues to flourish, with approximately 120 children in attendance each Sunday. We have age-specific groups on a Sunday as well as a weekly youth group on a Friday night.
_Community Groups_ - many of our members meet across the city in smaller mid-week groups to grow in faith together.
_Baptisms_ - it was brilliant to baptise a number of our youth during the year.
_Community Events_ - we organised a bonfire night event in November 2024 and a joint carol service with St Thomas Parish Church in December 2024, both of which were well attended.
## **2021 Gift Day Funds**
In 2021 Grace Church raised £92,903 from offerings and gifts, with additional gift aid on these offerings and donations totalling £17,356. These funds were placed into restricted funds to be split equally between the areas of recovery, family and our building fund, to acquire a building which would serve primarily as an office space for our staff team and also provide space for mid-week meetings and ministries. If for any reason these purposes cannot be achieved or surplus funds are raised, these offerings and gifts will be used to support the ongoing work of the church and will be transferred to the unrestricted funds.
Significant progress has been made in deploying these funds:
- The ‘Family’ part of the gift day funds is currently being used to pay the salary of our Children’s Ministry Leader.
- In July 2022, the Charity entered into an agreement to acquire 140 Cowick Street for £247,500 subject to contract. The acquisition of the property was completed in November 2022 and refurbishment work was undertaken in two phases in 2023 and 2024.
- 2 -
## **GRACE CHURCH EXETER**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2025**_
As a Church we give away 10% of our income to other worthy causes. During the period under review, we have given £9,600 to Commission Apostolic Trust Limited.
Charitable giving also included:
Exeter Foodbank - £3,050 CAP Debt Support at Exeter Network Church - £1,200 University of Exeter - Evangelical Christian Union - £1,300 UCCF - Jon Carlisle - £4,200 Friends International - Abbie Robinson - £1,000 BCUK - £1,000 Article 18 - £2,390 St Petrocks - £1,000 ICE - £1,000 MC Family, Dawlish - £5,348 Trinity Church Red Deer, Canada - £1,200 Bridge Books - £3,600 Redeemer Church Plymouth - £5,000 St Michaels Church of England Primary Academy Exeter - £500
Individuals - £6,087
## **Financial review**
The CIO made a deficit of £42,306 in the year to 31st August 2025 (surplus for the year to 31st August 2024 £19,399). Total income increased by £1,075 compared to the previous year, with offerings and gifts increasing by £2,416.
Total expenditure increased by £62,780 compared to the previous year with varying increases/decreases in the various expenditure categories.
At the year end, the CIO had total fund amounting to £537,727 (2024: £580,033). £NIL (2024: £19,381) is held in a restricted fund, and was previously used to support families and to pay the salary of the Children’s Ministry Leader.
A designated fund totalling £NIL (2024: £9,233) is held and was used to refurbish the new building.
## _Reserves policy_
It is the policy of the CIO that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to four month’s expenditure (approximately £105,000). The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the CIO’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
## _Major risks_
The trustees have ensured that insurance cover is in place to cover risks and that finances are kept under regular review. The Treasurer of the charity is also a trustee and reports regularly to the trustees as to the charity’s ongoing financial status. Appropriate Disclosure and Barring Service checks are made for all those who work with children, or other vulnerable groups, within the context of the Charity’s activities. A Safeguarding Policy is updated annually. Risk assessments are also carried out for all venues which are hired to conduct public meetings, as well as within our office and employment contexts.
## **Structure, governance and management**
Grace Church Exeter has a constitution dated 13th March 2019. It operates as a Charitable Incorporated Organisation (CIO) registered with the Charity Commission under charity number 1182435.
- 3 -
## **GRACE CHURCH EXETER**
## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2025**_
The trustees who served during the year and up to the date of signature of the financial statements were: C Annetts
C Collison E Gingell J Hadden (Resigned 5 February 2025) D Roach D Rogers
## _Recruitment and appointment of trustees_
Trustees are appointed by the existing Trustees team, in consultation with the Church Eldership team. The trustees and Elders meet together regularly to discuss the running and activities and resources of the charity. To assist in the smooth running of the charity, the trustees have delegated much of the day-to-day running of church activities and administration to employed staff.
The trustees are responsible for the general control and management of the Charity. The trustees give their time voluntarily and freely and receive no remuneration or other financial benefits for the work they undertake as charity trustees.
The trustees' report was approved by the Board of Trustees.
C Annetts
## **Trustee**
15 May 2026
- 4 -
## **GRACE CHURCH EXETER**
## **INDEPENDENT EXAMINER'S REPORT**
## **TO THE TRUSTEES OF GRACE CHURCH EXETER**
I report to the trustees on my examination of the financial statements of Grace Church Exeter (the CIO) for the year ended 31 August 2025.
## **Responsibilities and basis of report**
As the trustees of the CIO you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011.
I report in respect of my examination of the CIO’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.
## **Independent examiner's statement**
Since the CIO’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
Your attention is drawn to the fact that the charity has prepared the financial statements in accordance with the relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. I understand that this has been done in order for the financial statements to provide a true and fair view in accordance with UK Generally Accepted Accounting Practice.
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 CIO as required by section 130 of the Charities Act 2011.
- 2 the financial statements do not accord with those records; or
- 3 the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination.
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 financial statements to be reached.
## **Mr A Hemmings BA (Hons) FCA CTA for and on behalf of Simpkins Edwards LLP**
The Summit Woodwater Park Pynes Hill Exeter EX2 5WS 18 May 2026
- 5 -
## **GRACE CHURCH EXETER**
## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 AUGUST 2025**_
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2025**
**Notes**
**£**
**£**
**Income and endowments from:**
Donations and legacies
**2**
279,858
-
Investments
**3**
4,062
455
Other income
**4**
1,722
-
**Total income**
285,642
455
**Expenditure on:**
Charitable activities
**5**
308,567
19,836
**Total expenditure**
308,567
19,836
**Net income/(expenditure) and**
**movement in funds**
(22,925)
(19,381)
**Reconciliation of funds:**
Fund balances at 1 September
2024
560,652
19,381
**Fund balances at 31 August**
**2025**
537,727
-|**Total**
**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2024**
**2024**
**£**
**£**
**£**
279,858
276,624
-
4,517
4,907
759
1,722
2,732
-
286,097
284,263
759
328,403
249,913
15,710
328,403
249,913
15,710
(42,306)
34,350
(14,951)
580,033
526,302
34,332
537,727
560,652
19,381|**Total**
**2024**
**£**
276,624
5,666
2,732|
|---|---|---|
|||285,022
265,623|
|||265,623|
|||19,399
560,634|
|||580,033|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
- 6 -
## **GRACE CHURCH EXETER**
## **BALANCE SHEET**
## _**AS AT 31 AUGUST 2025**_
|**Notes**
**Fixed assets**
Tangible assets
**10**
**Current assets**
Debtors
**11**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**12**
**Net current assets**
**Total assets less current liabilities**
**The funds of the CIO**
Restricted income funds
**14**
Unrestricted funds
**15**|**2025**
**£**
20,740
263,009
283,749
(3,075)|**£**
257,053
280,674
537,727
-
537,727
537,727|**2024**
**£**
21,317
300,294
321,611
(7,461)|**£**
265,883
314,150|
|---|---|---|---|---|
|||||580,033|
|||||19,381
560,652|
|||||580,033|
The financial statements were approved by the trustees on 15 May 2026
C Annetts **Trustee**
- 7 -
## **GRACE CHURCH EXETER**
## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 AUGUST 2025**_
## **1 Accounting policies**
## **Charity information**
Grace Church Exeter is a public benefit entity and a registered Charitable Incorporated Organisation (CIO) in England and Wales. The address of the principal office is Lydia House, 140 Cowick Street, Exeter, EX4 1HS.
The liability of each member in the event of winding up is limited to £10.
## **1.1 Basis of preparation**
The financial statements have been prepared in accordance with the CIO's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The CIO is a Public Benefit Entity as defined by FRS 102.
The CIO has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.
The financial statements are prepared in sterling, which is the functional currency of the CIO. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the trustees have a reasonable expectation that the CIO has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
## **1.4 Income**
Income is recognised when the CIO is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the CIO has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Legacies are recognised on receipt or otherwise if the CIO has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
- 8 -
## **GRACE CHURCH EXETER**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2025**_
## **1 Accounting policies**
**(Continued)**
## **1.5 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
## **1.6 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings 2% straight line Fixtures and fittings 25% straight line Refurbishment of freehold buildings 25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
## **1.7 Impairment of fixed assets**
At each reporting end date, the CIO reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
## **1.8 Financial instruments**
The CIO has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the CIO's balance sheet when the CIO becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
- 9 -
## **GRACE CHURCH EXETER**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2025**_
## **1 Accounting policies**
**(Continued)**
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the CIO’s contractual obligations expire or are discharged or cancelled.
## **1.9 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the CIO is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## **1.10 Retirement benefits**
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
## **2 Income from donations and legacies**
||**Unrestricted**|**Unrestricted**|
|---|---|---|
||**funds**|**funds**|
||**2025**|**2024**|
||**£**|**£**|
|Donations and gifts|226,228|223,812|
|Gift aid|53,630|52,812|
||279,858|276,624|
## **3 Income from investments**
||**Unrestricted**|**Restricted**|**Total**|**Unrestricted**|**Restricted**|**Total**|
|---|---|---|---|---|---|---|
||**funds**|**funds**||**funds**|**funds**||
||**2025**|**2025**|**2025**|**2024**|**2024**|**2024**|
||**£**|**£**|**£**|**£**|**£**|**£**|
|Interest receivable|4,062|455|4,517|4,907|759|5,666|
- 10 -
## **GRACE CHURCH EXETER**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 AUGUST 2025**_
## **4 Other income**
|||**Unrestricted**|**Unrestricted**|
|---|---|---|---|
|||**funds**|**funds**|
|||**2025**|**2024**|
|||**£**|**£**|
||Other income|1,722|2,732|
|**5**|**Expenditure on charitable activities**|||
||**Charitable**|**Charitable**|
|---|---|---|
||**expenditure**|**expenditure**|
||**2025**|**2024**|
||**£**|**£**|
|**Direct costs**|||
|Staff costs|198,519|144,136|
|Depreciation and impairment|16,349|15,945|
|Events and training courses|4,696|6,127|
|Youth and children's work|2,806|6,710|
|Student and young adult work|552|117|
|Repairs and renewals|5,749|5,754|
|Staff and volunteer expenses|4,108|7,475|
|Professional fees|1,766|3,756|
|Gifts to speakers|450|428|
|Premises hire|21,151|13,669|
|Insurance|4,904|4,886|
|Office running costs|14,329|10,390|
|Subscriptions and licences|1,877|1,604|
|Website development|122|106|
|Sundry expenses|2,020|1,958|
|Accountancy fees|1,530|1,375|
||280,928|224,436|
|Grant funding of activities (see note 6)|47,475|41,187|
||328,403|265,623|
|**Analysis by fund**|||
|Unrestricted funds|308,567|249,913|
|Restricted funds|19,836|15,710|
||328,403|265,623|
- 11 -
## **GRACE CHURCH EXETER**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2025**_
## **6 Grants payable**
|**Grants payable**|||
|---|---|---|
||**Charitable**|**Charitable**|
||**expenditure**|**expenditure**|
||**2025**|**2024**|
||**£**|**£**|
|Grants to institutions (13 grants):|||
|Commission Apostolic Trust Limited|9,600|9,500|
|Tearfund - Middle East Fund|-|5,000|
|Co Create|-|10,000|
|Steps Global|-|2,000|
|Exeter Foodbank|3,050|2,050|
|CAP Debt Support at Exeter Network Church|1,200|1,200|
|Exeter University Evangelical Christian Union|1,300|1,200|
|Engineering Ministries International|-|700|
|Teen Challenge Exeter|-|200|
|St Michaels Church of England Primary Academy Exeter|500|700|
|South West Youth Ministries|-|1,500|
|Hope Church, Plymouth|-|250|
|Bridge Books|3,600|1,000|
|Exeter Community Transport Association|-|475|
|Saltmine Trust|-|117|
|Friends International Ministries|1,000|-|
|BCUK|1,000|-|
|The Noah Trust - Article 18|2,390|-|
|ICE|1,000|-|
|St Petrocks|1,000|-|
|Redeemer Church, Plymouth|5,000|-|
|Trinity Church Red Deer Canada|1,200|-|
|UCCF - Jon Carlisle|4,200|-|
|MC Family, Dawlish|5,348||
||41,388|35,892|
|Grants to individuals (10 grants)|6,087|5,295|
||47,475|41,187|
- 12 -
## **GRACE CHURCH EXETER**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2025**_
## **7 Trustees**
The two trustees were employed by the CIO as pastor and associate pastor for the year. Both were appointed as trustees of the CIO from 16th December 2023. The CIO’s constitution allows remunerated staff members to be trustees, provided that the majority of the trustees are not being remunerated. All trustee duties (whether carried out by remunerated or non-remunerated staff) are unpaid, as indicated in the Trustee Expenses policy _“Trusteeship is an act of voluntary service to the church – in addition to, rather than in lieu of, any paid staff activities”_ . The trustees exclude themselves from any trustee meetings where their remuneration is discussed and agreed.
Total remuneration is as follows:
|Name|Gross salary|ER Pension|Total 2025|Gross salary|ER Pension|Total 2024|
|---|---|---|---|---|---|---|
|||Contributions|||Contributions||
|D. Roach|41,581|1,944|43,525|29,168|1,347|30,515|
|D. Rogers|47,739|2,374|50,113|34,805|1,722|36,527|
D Roach's full time position commenced on 1 January 2024 having been in a part time role prior to this. Therefore, the 2024 figure is not comparable due to a change in his employment terms. No further remuneration directly or indirectly out of the funds of the CIO was paid or is payable for the year to any Trustee or to any other person or persons known to be connected to any of the Trustees.
The trustees’ insurance includes trustee indemnity insurance.
The only expenses reimbursed are for purchases made on behalf of the CIO totalling £445 for one trustee (2024: NIL).
## **8 Employees**
The average monthly number of employees during the year was:
|The average monthly number of employees during the year was:|||
|---|---|---|
|**Employment costs**
Wages and salaries
Social security costs
Other pension costs|**2025**
**Number**
6
**2025**
**£**
181,324
9,362
7,833
198,519|**2024**
**Number**
5|
|||**2024**
**£**
131,805
6,899
5,432|
|||144,136|
There were no employees whose annual remuneration was more than £60,000.
- 13 -
## **GRACE CHURCH EXETER**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2025**_
## **8 Employees (Continued)**
|**Remuneration of key management personnel**|||
|---|---|---|
|The remuneration of key management personnel was as follows:|||
||**2025**|**2024**|
||**£**|**£**|
|Aggregate compensation|120,312|112,064|
Key management personnel comprises of two pastors and the finance administrator.
## **9 Taxation**
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
## **10 Tangible fixed assets**
|**10**
**Tangible fixed assets**||
|---|---|
|**Freehold land**
**and buildings**
**Fixtures and**
**fittings**
**Refurbishment**
**of freehold**
**buildings**
**£**
**£**
**£**
**Cost**
At 1 September 2024
250,943
36,738
29,588
Additions
-
-
7,519
At 31 August 2025
250,943
36,738
37,107
**Depreciation and impairment**
At 1 September 2024
10,038
30,713
10,635
Depreciation charged in the year
5,007
2,913
8,429
At 31 August 2025
15,045
33,626
19,064
**Carrying amount**
At 31 August 2025
235,898
3,112
18,043
At 31 August 2024
240,905
6,024
18,954
**11**
**Debtors**
**2025**
**Amounts falling due within one year:**
**£**
Other debtors
20,740|**Total**
**£**
317,269
7,519|
||324,788|
||51,386
16,349|
||67,735|
||257,053|
||265,883|
||**2024**
**£**
21,317|
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## **GRACE CHURCH EXETER**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2025**_
|**12**
**Creditors: amounts falling due within one year**
Other creditors
Accruals and deferred income
**13**
**Retirement benefit schemes**
**Defined contribution schemes**
Charge to profit or loss in respect of defined contribution schemes|**2025**
**£**
1,425
1,650
3,075
**2025**
**£**
7,833|**2024**
**£**
6,086
1,375|
|---|---|---|
|||7,461|
|||**2024**
**£**
5,432|
The CIO operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the CIO in an independently administered fund.
## **14 Restricted funds**
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
||**At 1**|**Incoming**|**Resources**|**At 31 August**|
|---|---|---|---|---|
||**September**|**resources**|**expended**|**2025**|
||**2024**||||
||**£**|**£**|**£**|**£**|
|Supporting Families Fund|19,381|455|(19,836)|-|
|**Previous year:**|**At 1**|**Incoming**|**Resources**|**At 31 August**|
||**September**|**resources**|**expended**|**2024**|
||**2023**||||
||**£**|**£**|**£**|**£**|
|Covid Support Fund|475|-|(475)|-|
|Covid Recovery Fund|8,228|-|(8,228)|-|
|Supporting Families Fund|25,629|759|(7,007)|19,381|
||34,332|759|(15,710)|19,381|
The Covid Support Fund represents monies given for the support of individuals through the Covid 19 pandemic. The fund has now been spent.
The Covid Recovery Fund was set up in 2021 following generous gift day donations. The fund has now been spent with monies given to assist one organisation in their work post pandemic.
The Supporting Families Fund were set up in 2021 following generous gift day donations. Bank interest has accumulated in this fund and the monies are being used to pay the salary of the Children’s Ministry Leader, in their work with children and families. The fund has now been spent.
- 15 -
## **GRACE CHURCH EXETER**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2025**_
## **15 Unrestricted funds**
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
||**At 1**|**Incoming**|**Resources**|**At 31 August**|
|---|---|---|---|---|
||**September**|**resources**|**expended**|**2025**|
||**2024**||||
||**£**|**£**|**£**|**£**|
|Building Refurbishment|9,233|447|(9,680)|-|
|General funds|551,419|285,195|(298,887)|537,727|
||560,652|285,642|(308,567)|537,727|
|**Previous year:**|**At 1**|**Incoming**|**Resources**|**At 31 August**|
||**September**|**resources**|**expended**|**2024**|
||**2023**||||
||**£**|**£**|**£**|**£**|
|Building Refurbishment|20,686|-|(11,453)|9,233|
|General funds|505,616|284,263|(238,460)|551,419|
||526,302|284,263|(249,913)|560,652|
Designated funds related to money set aside to refurbish the CIO's new building, Lydia House. This fund has now been spent.
## **16 Analysis of net assets between funds**
|**Unrestricted**
**Restricted**
**funds**
**funds**
**2025**
**2025**
**£**
**£**
**At 31 August 2025:**
Tangible assets
257,053
-
Current assets/(liabilities)
280,674
-
537,727
-
**Unrestricted**
**Restricted**
**funds**
**funds**
**2024**
**2024**
**£**
**£**
**At 31 August 2024:**
Tangible assets
265,883
-
Current assets/(liabilities)
294,769
19,381
560,652
19,381|**Total**
**2025**
**£**
257,053
280,674|
|---|---|
||537,727|
||**Total**
**2024**
**£**
265,883
314,150|
||580,033|
- 16 -
## **GRACE CHURCH EXETER**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 AUGUST 2025**_
## **17 Operating lease commitments**
## **Lessee**
At the reporting end date the CIO had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
|Within one year
Between two and five years|**2025**
**£**
1,207
905
2,112|**2024**
**£**
1,207
2,111|
|---|---|---|
|||3,318|
## **18 Related party transactions**
Transactions with trustees are disclosed in Note 7 of these accounts.
The other related party transaction in the year related to the trustees continued offerings towards the mission at Grace Church Exeter. In the year-ended 31 August 2025, these totalled £19,700 (2024: £25,588).
- 17 -