Silver Cord Ministries Trustees’ Annual Report 1/4/24-31/3/25 ## 1. Brief History of Silver Cord Silver Cord began in 2017 as a befriending service and community outreach activity of Hope Community Church in Tameside and Glossop (Charity No. 1129418). In order to allow Silver Cord to grow beyond Tameside and Glossop, the charity was formally constituted as a CIO (Charity No. 1203795) on 29/06/2023. On 4/11/2023 a Silver Cord community hub called “The Living Room” was opened in the Clarendon Shopping Arcade in Hyde Town Centre to provide a space for those facing isolation and loneliness to meet and form friendships. ## 2. Trustee Information The following trustees served Silver Cord during the whole period from 1/4/2024 to 31/3/2025: a. Katherine Howsley - b. Janet Grandidge - c. Andrew Jenkinson - d. Martyn Cooling ## 3. Charity Objectives Silver Cord’s charitable objectives are: - a. to promote social inclusion for the public benefit by preventing people from becoming socially excluded, relieving the needs of those people who are socially excluded, and assisting them to integrate into society (for the purpose of this clause “socially excluded” means persons who are socially or economically disadvantaged, in particular, but not exclusively, those who are elderly or in poor health; and - b. to advance the Christian faith through missionary work, evangelism and educating people about the Christian religion. The specific activities that Silver Cord undertakes to achieve these objectives include the following: a. Providing a free befriending service, both by telephone and in-person. - b. Running a community hub in Hyde in Tameside called “The Living Room”. - c. Delivering free Christmas Day meals to those who will be alone on that day. - d. Arranging subsidised annual day trips to a place of interest or resort town. - e. Supporting partner churches to provide quality community activities. - f. Praying or reading the Bible with those who request it. - g. Encouraging interested clients to engage in a local church community. - h. Distributing Bibles and other Christian literature. - i. Raising awareness in local churches of the isolating effects of aging. ## 4. Review of Activities The main activities, achievements and impact during this period are summarised in the table below with a brief explanation as to how this furthered Silver Cord’s objectives. © Silver Cord Ministries | 2025 Trustees’ Annual Report Page 1 ## Silver Cord Ministries Trustees’ Annual Report 1/4/24-31/3/25 |Activities|Achievements|Impact|CharityObjectives| |---|---|---|---| |Silver Cord has established and run a free
befriending service in Tameside in
partnership with local churches.
Volunteers from these churches have
visited and/or telephone lonely and
isolated people in the community on a
weekly basis and supported them in other
ways where that is appropriate.|We have supported c. 49 isolated and lonely
people, mostly older people, with
weekly calls and/or visits through our team of
trained volunteers. Over the nine
months covered by this report, this
equates to approximately 2,000 hours of
personal befriending care, all free to the client.|*Janet*, 75, has no friends and her only daughter
lives in Ireland. Janet was introduced to her
befriender in 2020 and they are still in contact. Janet
also benefits from the weekly quiz, Christmas
deliveries and has recently
started attending The Living Room. She said of her
befriender:
It's so comfortable, she’s like family. We chat about
anything and everything. It truly is a lifeline. I can’t
thankyou enough.|Promotion of social
inclusion| |Weekly quizzes and other materials have
been posted to lonely, isolated people.|Weekly general knowledge quizzes are prepared
and circulated to our clients on a weekly basis.|A carer and their partner receive the weekly quiz.
Both suffer with poor health conditions. *Colin* said:
We do the quiz together and we really enjoy them. It
gives us time together working out
the answers. It breaks up the day and takes
our mind off what’s going on physically for a
bit|Promotion of social
inclusion| |The Living Room was established in
Hyde shopping arcade and opened on
4/11/2023. This is a 1970s-themed
community hub offering a warm, safe
space for people in the community to
gather for cheap food/drinks, games,
quizzes, jigsaw puzzles and to begin to
form friendships with others.|The Living Room has remained open to the
public throughout this period. We have seen a
steady growth in the number of
people we serve with around 90 regular
clients visiting the hub every week (many
daily) and a number of others who drop in less
frequently. We have witnessed a
caring community being established in
Hyde, despite the diversity of people who attend.
We have also seen around 10 of our regular
clients begin to engage with local church
activities during the course of the year.|*Alison* started volunteering at The Living
Room after visiting on a few occasions. Her husband
started to come along and has since
invited a struggling friend to join him for coffee each
week. All three have started to attend the local
church as a result of the connection. Alison said::
I have honestly never looked back. It’s definitely been
good for my mental health
because I really struggled last year. I’m ME
when I’m in [The Living Room]. I love coming to the
church. I’ve never been before in my
life! We both love coming and it makes it nice that a
lot of people are from the Living Room.
I love the community of it all.|Promotion of social
inclusion and
Advancing the Christian
Faith|| |---|---|---|---|---| ___________________________________________________________________________________________________________________________________________________ © Silver Cord Ministries | 2025 Page 2 Trustees’ Annual Report Silver Cord Ministries Trustees’ Annual Report 1/4/24-31/3/25 |Activities|Achievements|Impact|CharityObjectives| |---|---|---|---| |On Christmas Day in 2024, Silver
Cord’s volunteers distributed meals and
gift bags to the lonely and isolated people
in Tameside who would
otherwise have spent the day alone.
Where possible, they also spent time
chatting with those to whom they
delivered the meal.|On Christmas day, 140 meals were distributed to
those spending the day aloe
across Tameside and Glossop by a team of
volunteers connected with Silver Cord.
With the food came a small gift bag for each
person receiving a meal, and a
friendly smile from the person delivering it.
Many of those served (133) opted to receive
some Christian literature about the meaning of
Christmas.|I just wanted to say thank you so much - not just a
marvellous meal, the gifts were
beautiful! With family living abroad, it was the first
Christmas I was going to be
completely alone. I wasn’t looking forward to
it but you made my Christmas day! (Anne, 94)
Thank you so much for the Christmas dinner it was so
beautiful and so were the gifts - it cheers people up
when their on their own!
People likeyou are wonderful.(Roger, 81)|Promotion of social
inclusion and
Advancing the Christian
Faith| |Partnerships have been formed with
partner churches which provide a
source of befrienders and community
based activities and other services into
which our clients can be invited if
interested.|During this period, two individuals have been
signposted directly to church-based community
activities in which they
continue to receive friendship and support and
belong to a warm and welcoming community.|*Penny (54) was mostly housebound with no friends
or family on the scene. She was referred initially for
our befriending service but
recognising the care company had put weekly
friendship calls in place, we invited her to attend
The Living Room as she lives in the area and has an
electric wheelchair. Penny now visits twice weekly
and spends the afternoons chatting and laughing with
guests at the café.|Promotion of Social
Inclusion and
Advancing the Christian
Faith| |---|---|---|---| |Where this is welcomed by our clients, we
have prayed with people and talked
with them about our faith and beliefs.
Some have recognised a personal desire
to know God and become part f a church
family. Where possible, we
have matched them with a church in their
local community.|Countless prayers have been offered, and many
conversations have taken place to
explain the basics of the Christian faith with
those who have expressed an interest.
Approximately ten people have started attending
local church services in this
period, in addition to the ten reported in
the previous year, of whom at least three
described having an awakening of personal faith
in God.|*Peter* (64) has not professed faith but recognises a
shift in his understanding and
openness to Christianity since being connected to a
church through Silver Cord.
Since I’ve started going to [church], which I wouldn’t
have known about if it hadn’t been for The Living
Room, I’ve been looking at
certain parts of the Bible in a new way, and it’s
certainly given me food for thought.|Advancing the Christian
Faith| ___________________________________________________________________________________________________________________________________________________ Page 3 © Silver Cord Ministries | 2025 Trustees’ Annual Report Silver Cord Ministries Trustees’ Annual Report 1/4/24-31/3/25 ## 5. Financial Review In the twelve months from 1/4/2024 to 31/3/2025, Silver Cord reports the following financial results (extracted from the Income & Expenditure Statement): |a. Income|Unrestricted|Restricted|Total| |---|---|---|---| |Individual Donations|£ 10,930||£ 10,930| |Church Partner Donations|£ 3,832||£ 3,832| |Gift Aid Income|£ 1,881||£ 1,881| |Living Room Shop Sales|£ 15,999||£ 15,999| |Vinted & Online Sales|£ 242||£ 242| |Gifts & Grants (Unrestricted)|£ 500||£ 500| |Grant Funds (Restricted)||£ 24,530|£ 24,530| |Total Income|£ 33,384|£ 24,530|£ 57,914| |b. Expenditure|Unrestricted|Restricted|Total| |Employment Costs|£ 7,826|£ 19,183|£ 27,009| |Living Room Shop Cost of Sales|£ 5,165|£ 2,203|£ 7,368| |Christmas/Easter Projects|£ 836|£ 2,145|£ 2,981| |Day Trips||£ 795|£ 795| |Volunteer Support Costs|£ 530||£ 530| |Office Costs|£ 1,872||£ 1,872| |Training & Development|£ 330||£ 330| |Professional Fees|£ 396||£ 396| |IT & Comms Costs|£ 1,160||£ 1,160| |Safeguarding Fees|£ 392||£ 392| |Marketing & Publicity Costs|£ 16||£ 16| |Travel & Subsistence Costs|£ 529||£ 529| |Total Operating Expenditure|£ 19,052|£ 24,326|£ 43,378| |c. Surplus (Deficit)|£ 14,332|£ 204|£ 14,536| ## c. Surplus (Deficit) ## d. Reserves Position Silver Cord Trustees have agreed to hold a minimum unrestricted reserve level greater than the equivalent of 3 months of budgeted operating expenses which is estimated to be c. £12,000 in 2024/25. The unrestricted reserves at 31/3/25 were £18,238 which will provide approximately 6 months’ of operating costs moving forward. ## e. The Living Room Trading Surplus The Living Room contributed a trading surplus of £8,631 during the period, an excess over the £6,000 contribution to unrestricted funds forecast in last year’s Trustee Report. Looking ahead into the 2025/26 financial year, it is anticipated that the Living Room may contribute a c. £10k trading surplus to unrestricted income. ## f. Financial Risk Silver Cord’s highest single expenditure stream is the cost of employment (one employee equivalent to 0.8 FTE throughout 2024/25 and a second employee on a __________________________________________________________________________________________ Page 6 © Silver Cord Ministries | 2025 Trustees’ Annual Report Silver Cord Ministries Trustees’ Annual Report 1/4/24-31/3/25 fixed-term 0.6 FTE contract for the final quarter of the period). These two employees are expected to continue during 2024/25 and so the greatest financial risk to Silver Cord is not being able to pay the monthly salaries. During 2024/25, a significant proportion of the employment costs have been covered year by generous donations from the Jigsaw Foundation, The Lion’s Lair and the Tameside MBC Winter Pressures Fund. It is anticipated that a further grant to cover employment costs will be awarded during 2025/26, but after that year, it will be necessary to raise sufficient funds through a combination of the Living Room trading surplus, individual donations and church partner donations to cover the increasing employment costs. ## 6. Future Plans ## a. Expand the Befriending Service Geographically Silver Cord’s plans for the upcoming year 2025/26 are to continue expanding carefully beyond the geographical region of Tameside & Glossop which has been the primary focus of activity since the befriending service was originally established in 2017. During 20245/25, Silver Cord has developed a partnership with a church in Manchester Central and provided training, support and advice in establishing a safe and warm community hub in a well-established social housing complex in the Ancoats area. A local volunteer co-ordinator has been appointed to oversee the befriending work and a number of volunteers trained to do it. The expansion plan for 2025/26 is to consolidate this new partnership and look for opportunities to spread the work of Silver Cord into other areas of Greater Manchester. ## b. Consolidate What Exists In addition to geographical expansion into other areas of Greater Manchester, work continued during 2024/25 to consolidate Silver Cord across Tameside and Glossop. Although there has been some success in forming seven strong church partnerships across the region, there are still some areas of the borough which have inadequate support Silver Cord through local church partners. In recent years, the UK has witnessed a significant and concerning decline in the number of people volunteering to serve their local community. Silver Cord is no exception to this trend, meaning that we have struggled to replace volunteers, particularly local co-ordinators and befrienders, to match the growing demand for our services. As in the previous year, we are seeking to understand the causes of the volunteering crisis in order to retain our existing volunteer base, recruit more, and develop new church partnerships so that we can reduce the backlog of clients and maintain our existing activities. As part of this, we are considering the need to fill one or two key roles, previously filled by volunteers, with parttime paid staff. ## c. Develop a Sustainable Fundraising Strategy As reported last year, the Silver Cord trustees recognise that the charity is still overreliant on grant funding to cover running costs (especially employment costs). It remains necessary, and increasingly urgent, to add additional streams to our fundraising mix, and to grow the elements which already exist. __________________________________________________________________________________________ Page 7 © Silver Cord Ministries | 2025 Trustees’ Annual Report Silver Cord Ministries Trustees’ Annual Report 1/4/24-31/3/25 Our long-term strategy is to fund core operating costs through church partner donations, individual personal donations and the trading surplus from the Living Room (and other similar ventures in the future), and to use grants towards special projects and one-off events. However, over the next few years, we recognise that raising funds from grant awarding bodies will remain an important part of our funding mix. The Silver Cord fundraising mix currently comprises: - i. Grants towards operating costs (including employment costs) and projects (e.g. Christmas and Easter projects, day trips, community events and volunteer celebrations). We have been and are being wonderfully supported by a range of funding bodies including The Jigsaw Foundation, Action Together, Tameside MBC (winter pressures fund etc.), The Lions Lair and others. - ii. Church partnerships: we have seven partner churches, five of which contributed an average of c. £766 during the period (£3,832 in total). We aim to increase this to ten partner churches contributing c. £6,000 in total. - iii. Individual donors: we presently have 20 regular individual donors collectively contributing c. £550/month to general funds. We aim to double this amount during the course of the next three years. - iv. The Living Room trading surplus: the Living Room has contributed a trading surplus of c. £700/month to unrestricted funds. By continuing to grow the volunteer team as mentioned in 6b. above, it may be possible to increase our opening hours and serve more customers, and in this way, grow our trading surplus by a modest amount, perhaps to £10k during 2025/26. Despite all our efforts to grow our non-grant core funding from £15,600 during 2023/24 to an ambitious target of £26,400 in 2024/25 (+70%), we have only managed to grow it to c. £22,500 (+42%). Given that the quick-win income growth opportunities have been explored, it seems reasonable to target nongrant income growth of 15% for 2025/26 to achieve c. £25,875. ## d. Quality in Action Award (QiAA) As reported in the previous Trustees’ Report, Action Together in Tameside and Oldham provided Silver Cord a free audit of charitable organisations’ quality systems, policies and procedures during 2024/25 with the aim of successfully completing this audit during the 2024/25 financial year as an external validation of the existing policies, systems and approach to risk management. The Trustees are delighted to confirm that the Quality in Action Award was confirmed for Silver Cord in November 2024 indicating that compliance has been demonstrated in the areas of organisational governance, safeguarding, safe recruitment of staff & volunteers, health & safety, equal opportunities, promotion & partnerships and finance. ## e. Strengthening the Staff Team We aim at releasing our CEO to focus on organisational growth and strategic development activities rather than day-to-day administrative tasks and running the Living Room community café. This will require two additional part-time paid roles: a Café Manager and a Regional Co-ordinator/Administrator. Funding will be sought for these roles during 2025/26. __________________________________________________________________________________________ Page 8 © Silver Cord Ministries | 2025 Trustees’ Annual Report Silver Cord Ministries Trustees’ Annual Report 1/4/24-31/3/25 ## 7. Risks and Uncertainties Silver Cord trustees are in the process of developing a risk management register, having identified the following salient risks currently facing the charity. - a. Funding shortfall - b. Regulatory compliance failure - c. Safeguarding breach - d. Data protection breach - e. Turnover or extended absence of key personnel - f. Reputational damage - g. Inadequate governance - h. Project delays - i. Volunteer shortages - j. Fraud or financial mismanagement - k. Failure to meet community needs A review of the risk management register is a standard agenda item at all future trustees meetings. For each of the risks identified, an assessment of the likelihood of occurrence and the severity of impact has been made, and a risk mitigation action plan, supported by relevant policies and procedures, is being developed in light of this. furthermore, responsibility for overseeing each risk category is being assigned. ## 8. Fundraising Activities As previously described in section 6c. above, Silver Cord’s fundraising strategy currently comprises the following activities which made up the indicated proportion of total income during the 2024-25 financial year. |
during the 2024-25 financial year.||| |---|---|---| |a. Church Partner Donations|£ 3,832|7.7%| |b. Individual Donations|£ 10,930|21.8%| |c. Trading Surplus (Living Room/Vinted)|£ 8,873|17.7%| |d. Grants Awarded|£ 24,530|49.0%| |e. Gift Aid|£ 1,881|3.8%| From this simple analysis, it can be seen that Silver Cord is currently heavily, indeed over-reliant on grants awarded to cover basic operating costs. This is a matter requiring urgent attention during the forthcoming financial year with a view to seeing the operating costs funded by individual and church donations and the trading surplus. __________________________________________________________________________________________ Page 9 © Silver Cord Ministries | 2025 Trustees’ Annual Report Silver Cord Ministries Trustees’ Annual Report 1/4/24-31/3/25 The full-year net operating costs in 2025/26 are anticipated to be in the order of £52k. A further grant of £15k to part-cover employment costs is anticipated during the 2025/26 financial year. We anticipate a full-year funding target of c. £26K from church partner donations, individual donations and trading income from the Living Room which represents a standstill budget compared with 2024/2025. Accordingly, we must raise a further £12k from unrestricted grants sources to maintain a balanced budget for the year. ## 9. Statement on Governance The charity is governed by its Board of Trustees, who are responsible for ensuring that the charity is well-managed, complies with applicable laws and regulations, and achieves its charitable objectives. ## Structure and Governance The charity is a Charitable Incorporated Organisation (CIO) and operates in accordance with its Governing Document. The Board of Trustees, who have ultimate responsibility for the charity's governance, is comprised of individuals with a diverse range of skills and experience relevant to the charity’s work. Trustees are appointed through a formal recruitment process, ensuring alignment with the charity’s needs and a commitment to its values. New trustees will receive an induction that includes an overview of the charity’s mission, governance structure, and relevant legal responsibilities. Trustees also receive ongoing training and development as required. ## Trustees' Role The Board of Trustees meets regularly, at least four times per year, to review the charity’s strategic direction, monitor performance, and make key decisions. The Trustees delegate day-to-day operations to the Chief Executive, who reports to the Board on operational matters. Trustees receive detailed financial reports and updates on key projects to ensure that they maintain oversight of the charity’s work. ## Risk Management The charity maintains a risk register, which is reviewed regularly by both the senior management team and the Trustees. The charity operates a risk management review process to identify and mitigate risks to its operations, reputation, and financial stability. Major risks identified during the year included safeguarding, data protection and volunteer recruitment risks, and mitigating actions were put in place to reduce their potential impact. ## Internal Controls The Trustees are responsible for ensuring that the charity has adequate systems of internal control, designed to safeguard the charity’s assets and ensure the reliability of financial reporting. These controls include appropriate policies, processes, and oversight mechanisms. The charity also complies with data protection laws and undertakes regular reviews to ensure adherence to best practice in governance and compliance. __________________________________________________________________________________________ Page 10 © Silver Cord Ministries | 2025 Trustees’ Annual Report Silver Cord Ministries Trustees’ Annual Report 1/4/24-31/3/25 ## Compliance & Accountability The charity adheres to the regulatory requirements set out by the Charity Commission for England and Wales and ensures that all statutory filings are made in a timely and accurate manner. The Trustees confirm that they have referred to the Charity Commission’s guidance on public benefit when reviewing the charity’s activities and plans for the year ahead. ## Looking Ahead The Board will continue to focus on strengthening governance practices, fostering diversity, and ensuring that the charity remains sustainable and impactful in achieving its mission. In the coming year, we aim to secure external verification of the suitability of our policies and procedures (through Action Together’s Quality In Action Award (QiAA)) and work to improve our fundraising activities. The Trustees are confident that the governance framework in place is sufficiently robust and will continue to support the charity in delivering its objectives effectively. ## 10. Acknowledgments The Trustees wish to acknowledge the following individuals and other agencies who have supported Silver Cord’s work during the year. - a. Our Chief Executive, Mrs Debs Peyton, who has worked tirelessly and with considerable grace and expertise to ensure that Silver Cord (and the Living Room) continues to satisfy its charitable objectives in a way that exceeds the expectations of those who benefit from its services. - b. Our team of wonderful co-ordinators and befrienders who give their time freely, reliably and generously to show friendship to the lonely and isolated in the local community and serve them in practical ways where possible. - c. Our team of faithful volunteers who generously offer their time in the Living Room, serving our many customers with a smile and a listening ear, and make the place a safe and welcoming space to make new friends and build a community. - d. Our generous donors and funding providers from those individuals donating £5/month or more, and our partner churches each making an annual donation of £600, and our supportive partner agencies who have provided grants of thousands at a time (TMBC, Action Together, Jigsaw Foundation, The Lion’s Lair, Autotrader and others). __________________________________________________________________________________________ Page 11 © Silver Cord Ministries | 2025 Trustees’ Annual Report ## **Silver Cord Ministries (FINAL)** ## **Financial Report for the 12 months to 31st March 2025** with comparative figures for the much shorter preceding period of 5 months to 31 March 2024 Prepared by AS Jenkinson 14 May 2025 ## **Income & Expenditure** Silver Cord Ministries for the period to 31 March |**Income & Expenditure**
Silver Cord Ministries for the period to 31 March||| |---|---|---| ||**2025**|2024| |**Revenue**||| |200 - Donatons individual gifaid authorised
200.01 - Donatons atractng GASDS
200.1 - Donatons individual none gifaid
200.2 - Gifaid income received or receivable
200.3 - Donatons from church partners
200.4 - Donatons £5 per month initatve
200.5 - Gifs and grants received unrestricted funds
209 - Grant fundingActon Together restricted reserve
210 - Grant income accrued (Jigsaw) in support of local charitable work eg "Living Room"
211 - Grant income received from Acton Together (to support operatng costs inc payroll costs of Silver Cord)
212 - Grant income received TMBC Winter LR heatng support £1,000 over 3 winter months
212.1 - TMBC grant income to support Christmas project
212.2 - Grant funding TMBC vis administraton support
213 - Release if grant income vis Auto Trader to fund Living Room day trip|£5,740
£1,773
£1,487
£1,881
£3,832
£1,930
£500
£0
£11,394
£5,384
£2,203
£2,145
£2,405
£1,000|£2,226
£626
£615
£714
£2,235
£395
£7,955
£10,000
£0
£0
£0
£0
£0
£0| |215 - Living Room banked takings|£15,999|£4,903| |215.1 - Vinted sales|£197|£160| |215.2 - Internet sales net of 20% commission Paul Tonge|£45|£0| |Total Revenue|£57,914|£29,827| |Cost of Sales||| |310.0 - Living room stock clothes|£20|£78| |310.1 - Living room stock Bric a Brac
310.2 - Living Room food stufs
310.3 - Living room other consumables|£3
£3,923
£392|£195
£1,553
£619| |310.4 - Living room repairs and maintenance|£244|£1,047| |310.5 - Living room shop equipment|£242|£719| |310.6 - Living Room Licences
310.7 - Living Room: Christmas Decoratons
310.8 - Living Room: Electricity|£54
£5
£1,477|£155
£19
£1,371| |310.9 - Living Room: Water
311.0 - Living Room: WiFi Router/Broadband|£454
£268|£175
£107| |311.5 - Health & Safety Expenses including CCTV cameras|£179|£0| |Total Cost of Sales|£7,260|£6,038| |Gross surplus|£50,655|£23,789| |Administratve Costs
300.0 - Christmas Day project funded largely by TMBC grant
300.1 - Christmas Day Lunches: GifBags
300.2 - Recharge to specifc reserve Christmas lunch expenses
300.21 - Defcit (spend over funding) vis Christmas dinner
300.3 - Easter Gifbag charges (covered by a GifAid sponsor)
300.4 - Living Room trip ( funded partly via auto Trader grant)|£2,981
£0
£0
£0
£0
£795|£40
£512
-£552
£190
£131
£0| |312 - PPL & PRS Phonographic Performance Ltd & Performing Rights Society
320 - Stafsalary net CEO
320.1 - Net salary charged to restricted reserve
320.2 - Stafsalary net Administraton
320.4 - Stafpension 5% Employer's contributons (Aegon)
320.41 - Stafpension 5% Employees contributon (Aegon)
320.5 - Pension contributons (Aegon) recharged to restricted reserve
320.6 - Stafsalaries Paye and Ni charges arising
320.7 - Paye and Ni charges recharged to restricted reserve account|£108
£18,956
£0
£3,163
£1,121
£1,121
£0
£2,648
£0|£0
£12,275
£0
£0
£1,613
£0
£0
£829
£0| |325 - Training material
326 - Ofce costs postage and statonery
326.1 - Ofce Equipment
350.1 - Volunteer Support: Cards, Chocolate and Flowers etc|£0
£1,256
£368
£322|£9
£695
£0
£478| |350.2 - Volunteer Costs: Refreshments|£208|£32| |400 - Advertsing & Marketng
401 - Audit & Accountancy fees|£16
£0|£0
£10| |404 - Bank Fees|£0|£60| |420 - Entertainment-100% business|£110|£0| |425 - Postage & Statonery
433 - PL Insurance (Ansvar)|£147
£396|£9
£103| |441.1 - Safeguarding UCheck
461 - Printng & publishing News Leter
462 - Marketng & Publicity Website
463 - IT Sofware and Consumables
480 - StafTraining
485 - Subscriptons
489 - Telephone & Internet
493 - Travel - Natonal
495.0 - Sundry expenses
Total Administratve Costs|£282
£0
£0
£513
£330
£110
£647
£420
£101
£36,119|£71
£221
£528
£200
£480
£0
£631
£854
£0
£19,419| |Operatng Surplus|£14,536|£4,370| |**Commentary**||| |---|---|---| |**Analysis of income by source**|2025|2024| |Grant as % Revenue|43%|60%| |Living Room % Revenue|28%|17%| |Donations individuals inc Gift aid % Revenue|19%|14%| |Church partners % Revenue|7%|7%| |£5 per month gifts as % Revenue|3%|1%| ||100%|100%| |Living Room contribution ie Income relative to direct cost||| ||£8,981.53|-£975.71| |**Major Cost Analysis**||| |Staffing costs as % of Revenue|47%|49%| |Admin costs net of staffing as % of Revenue|16%|16%| |Living Room costs as a % Revenue|13%|20%| |Surplus as % of Revenue|25%|15%| ||100%|100%| ## **Balance Sheet** Silver Cord Ministries As at 31 March |As at 31 March|||| |---|---|---|---| |||**31 Mar 2025**|**31 Mar 2024**| |**Current Assets**|||| ||**Cash at bank and in hand**||| ||Silver Cord Ministries|29,399|12,236| ||**Total Cash at bank and in hand**|29,399|**12,236**| ||601 - Cheque or cash in transit|0|5,500| ||602 - Cash in safe|217|164| ||610.1 - Gift aid receivable|1,881|714| |**Total Current Assets**||31,497|**18,614**| |**Creditors: amounts**|**falling due within oneyear**||| ||805 - Accruals|1,049|1,172| ||810 - Grant income JigSawgrantgiven to support local charitable work egLivingRoom at £1,266per mth|3,796|0| ||810.1 - Deferred income Lion'sgrant to fund Operational staff|6,000|6,000| ||825 - PAYE Payable|0|326| ||850 - Suspense|0|0| |**Total Creditors: amounts falling due within one year**||10,846|**7,498**| ||**Net Current Assets(Liabilities)**|20,651|**11,116**| ||**Total Assets less Current Liabilities**|20,651|**11,116**| ||**Net Assets**|20,651|**11,116**| |**Capital and Reserves**|||| ||955 - Restricted reserve Action Together|0|5,000| ||960 - Retained Earnings arisingfromprioryear surplus of income over expenditure|4,370|0| ||970 - General Reserves arisingfrom transfer from Elim church|1,746|1,746| ||Current Year Earnings|14,536|4,370| |**Total Capital and Reserves**||20,651|**11,116**| ## **Commentary** **Total current assets** mainly cash or close to cash assets has risen to £31,497 from £18,614, or an increase of £12,883 in liquid assets **Creditors,** mainly the Lion’s fund and the Jig Saw grant yet to be applied, together with accruals mainly utilities and HMRC amounts outstanding were £10,846 relative to £7,498 at March 2024 **Net assets** show £20,651 at 31 March 2025, sufficient coverage to fund operations for about 5.7 months. In other words if all revenue ended, Silver Cord would have sufficient reserves in cash to continue for about five and one half months. **Caveat** if the cost base incorporates a full 12 month of additional staffing costs associated with the Admin support, this ratio would fall, ceteris paribus. God willing all other factors will not remain the same, and funding will continue to arrive to support Admin costs and growth so as to maintain this healthy financial position SILVER CORD MINISTRIES ACCOUNTS TO 315t MARCH 2025 Siver Cord Ministries Pagelofz Income and Ex enditure Account for the ear ended 315t March 2025 INCOME FOR THE YEAR General Revenue Silver cord irt¢ome Donations and related gift aid Donations fron church partners Donations fron £5 initiative General grants TMBC IWinter,Christmas & admin support) Grant from Jigsaw Grant from Action Together Living room banked takings Miscellaneous Income 10881 3832 1930 8252 11394 5384 15999 243 Total Income for the year 57915.00 EXPENDITURE FOR THE YEAR C05t of Sale Livin room Ex ense Living room food stuffs Electricity and Water Broadband,WiFi router, Health Safety inc CCTV Miscellaneous Living room expense Total Living room expenditure 3923 1910 447 7160.00 Gros5 Surplus 50655.00 Administrative costs: Ex enditure Christmas day funded by TMBC Living room trip funded by Autotrader Perforrning rights society SalaryCEO Salary Employers Pension Admin sUPPOrt staff Postage, Stationery and Office Equipment Volunteer support Entertaining Ibu5inessI Insurance and safe guarding Marketing and publicity website Staff training Telephone and Internet Travel I national I Sundry expenses 2981 795 108 22627 1121 3176 1771 530 iio 778 513 330 647 420 212 Total Administration costs 36119 Operating Surplus of income over expenditure 14536 SILVER CORD MINISTRIES ACCOUNTS TO alst MARCH 2025 Silver Cord Ministries Pa8e2of2 Balance Sheet as at 31st March 2025 Current Assets Cash at 6ank (Metro Bank) Cash in safe Gift aid receivable 29399 217 1881 31497 Total Current Assets 31497 Creditor5 amounts fallin due within one ear Accruals 1050 Grant income from jigsaw to support Living room Deferred income Lion's grant to tund Operational staff 3796 Total Credltors amounts fallin due within one ear 10846 Net Current Assets less Current Liabilities 20651 Ca Ital and Reserves Retained earning from prlor year General reserves arising from Elim Church Current years Retained Earnings 4170 1745 14536 Total capital and reserves 20651 I have examined the records, invoices and bank statements and find these accounts show a true and fair view of the income and expenditure and the reserves of the Silver Cord Ministries for the year ended 31st March 2025 Independent Examiner Stephen Roy Lucas Signed Date 15th july 2025