2025-12-31-accounts - The Netherexe Joint Council

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The Netherexe Parishes

Church Office: St Mary Magdalene Church, Stoke Canon, Exeter, EX5 4AS

Annual Report and Financial Statement

of the Netherexe Joint Council

For the year ended 31 December 2025

Rector: Revd Tim Collins

Bankers Lloyds High St Exeter

Independent Examiner Mr Neil Williams, 1 Honors Farm, Stoke Canon, Exeter EX5 4RN

Our website: www.netherexe.org

The Joint Council is a Registered Charity

Registered Number: 1211375

ANNUAL REPORT FOR 2025

THE NETHEREXE Joint Council

Aim and Purpose

Promoting in the ecclesiastical parishes the whole mission of the Church.

Objectives and Activities

The Joint Council commits itself to Growing the love of God in our community and we work within the Diocesan Vision of:

Growing in Prayer
Making New Disciples
Serving the People of Devon with Joy

The Diocesan Vision is focussed through five strategic priorities which are:

Missional Leadership: Equipping and resourcing ordained and lay leaders.
Missional DNA: Encouraging outward looking, invitational churches, welcoming to all and engaged with the wider community.
Vocational Culture: Asking the question what is God calling me/us to now.
Children and Young People: Being placed at the heart of our life mission and ministry.
Mixed Ecology: Understanding we need different ways of being and doing Church.

Please see the Diocese website for more information.

Public Benefit

When planning our activities, the Joint Council has considered the Charity Commission’s guidance on public benefit, and in particular the specific guidance on charities for the advancement of religion.

Achievements and Performance

During 2025 we have concentrated on:

Worship and Prayer

The pattern of services established across the Mission Community ensures a communion service at each parish every month, while other Sundays are filled with informal services which continue to be organised and led by a significant number of dedicated lay people.

The monthly midweek Communion service on the first Wednesday of the month at Thorverton Farm Shop led by Julia Dallen, which started towards the end of 2024, is now a regular fixture and those who attend enjoy coffee and/or breakfast in the café afterwards. Thank you to Helen May who continues to host us.

This last year some new services included a bonfire at Cadbury on Easter Saturday and a service at Stoke Canon to say thank you to all those who volunteer in service to the village followed by refreshments.

The numbers attending over the Christmas period were substantial with the village carol services proving very popular.

The Worship Group continues to meet 3-4 times a year with representatives from all the churches to consider the services offered across the Mission Community in their many forms and how we might make our services and other related events accessible to the many in our communities who do not normally attend church.

We thank all the laypeople, lay ministers and self-supporting and retired clergy who continue to help with services and events.

Deanery Synod

Deanery Synod provides an important channel of communication with the Church within the diocese and broader, enabling initiatives and consultations to be explained and understood within the local Church. It is also a gateway to support and resources to aid the development of our ministry. This year we have been addressed by both Bishop Mike and Bishop Moira, discussing the priorities for mission, useful both to us and to the bishops. It is unfortunate that not all the parishes in the Joint Council have elected representatives, but generally the Mission Community is well-represented. All the parishes contribute to the deanery finances.

Church Fabric

Brampford Speke

We have engaged the services of West Access to carry out an inspection every 6 months and report on the state of the building. In their first report they didn’t identify any major issues although there were some pointing deterioration on the top of the tower and a number of broken or missing slates. We have asked them for a quote to remedy these and will compare with a second quote before taking any action.

We have spent a considerable time researching options to restore the clock and have a major donation to contribute to the significant cost. We have progressed with a Faculty application and hope to complete the works in the first half of 2026.

There is serious concern about the church electrics as they appear outdated and on the edge of capacity. We are getting quotes to update the whole system and will be doing further fundraising to complete this work during 2026. We have completed a full change of all the main light fittings with new updated bulbs, which has made a significant difference.

Finally, the boiler pump has also been replaced in December 2025 after the Energy consultants confirmed it was beyond repair.

Newton St Cyres

2025 saw the complete remodelling of the north aisle, with the removal of the remaining northern pews and shortening of the pews that jutted into it from the nave, to create an exhibition space with removable panels. At the western end of the aisle, the vestment cupboard was brought forward, leaving space behind for an accessible lavatory. The cupboard doors were turned into folding doors to hide the servery created behind them. The font was re-sited from the north aisle to a position just inside the south door entrance, one choir pew being removed to accommodate it. The pews in front of the organ were removed to enable wheelchair access to the lavatory. The pew front was used to front the serving area, giving a harmonious finish to a servery that is in keeping with the style of the church and is cleverly concealed. The whole was funded by very generous donations from the Quicke family and the extraordinary generosity of an anonymous donor.

Rewe

There has been no major structural work carried out at Rewe, but we do have plans to address damp issues noted in the quinquennial report. The repair of the damage to the roof is completed. The work to

add a small gravel drain around the foundations is also complete and all older graves have been reviewed for safety. The work to improve the graveyard as a space for reflection, walking and encouraging nature has continued with the wildflower strip settling in. There is no new damage to report.

Netherexe

The churchyard continues to be well looked after with the grass is mown regularly throughout the summer and some smaller limbs have been trimmed back, the yew tree remains fenced off for safety reasons with uneven ground.

The Church remains in a reasonable good state of repair. There are still on-going issues with the west window now in its 9th year since the first repairs were made, hopefully we will soon be seeing an end to all of this dispute. Generally, all other fabrics of the church remain in a good condition. Services are well attended and there is always good support from the congregation. Thank you for continued support to all those that help keep our little church open.

Stoke Canon

Lych gate gutters cleared and moss removed in Jan and Dec 2025. Boiler serviced 12th March.

Lift serviced and Loler check carried out. West Access completed maintenance check in April. Quinquennial completed 16th Feb – no major issues.

The clock mechanism needs replacing. Fund raising campaign raised £4,200 to cover the cost of the repair. List B faculty for the work obtained. Cumbria Clocks and West Access will liaise in early 2026 to get the work done.

The interior of the porch wall is staying dry after work by West Access. The flaking paint has been removed and the plan is to replaster and decorate in Spring 2026.

Stones along the top of the churchyard wall are becoming loose. Contacted Andrew French and his son Aidan who spent time measuring the gaps and searching for suitable stones in the undergrowth. Also found stones in the school playground so contacted Louise Herbert, school head, and got permission to use them with replacements sourced by Andrew French. The cost of the repairs is around £3,635 so will need to apply for grants. Work to be done when funds allow, hopefully in 2026. New outside lights fitted outside the main door and NW door.

The churchyard and cemetery are being well maintained. Many thanks to all the volunteers that make this possible.

Huxham

2025 was another quiet year for the church fabric with no significant planned maintenance or repairs. The quinquennial building survey is due to take place on 3 February 2026, the recommendations from which can then form a program of work. I would anticipate that this will identify some loose pieces of glass in the leaded windows on the north elevation which will need attention soon and areas of nail & tile rot on the roofs, especially over the porch, as well as failed flashings at the junction of the roofs and the parapet walls. However, localised replacements of slipped slates keeping the weather out for now.

The 2 fire extinguishers were inspected and serviced in May. PAT testing of the electrical appliances (organ, kettle & hoover) was last carried out in October 2024 and is now overdue – this is being actioned. The fixed electrical system is next due for testing in March 2027.

The churchyard has continued to be maintained by a band of local volunteers, as has the interior with regular cleans. We were joined by an extra volunteer in the form of Dave Roberts for 2025 and wish to record our thanks to him and all the others who keep the church and churchyard looking cared for and cherished.

Thorverton

Following the quinquennial report West Access have cleared the parapet gutters and identified areas of leadwork and pointing that is of concern and needs attention. They will provide a quotation and hopefully if this is acceptable the work will be carried out in spring 2026. Another area that needs attention is the timber to the West doors and the external vestry door. We are investigating possible joinery firms that may be able to carry this out. There are also one or two other areas such as the roof to the toilet that will need work carried out to them.

Upton Pyne

2025 has been a busy year for our church building as we seek to fulfil the requirements of the quinquennial report. West Access continued making twice yearly maintenance visits. The glass in the tower vestry door was repaired and replaced. The statuary in the church tower was surveyed ahead of a report. A new sound system was installed in November. We are grateful for grants secured from Church Care and Devon Historic Churches. Also for the private donations towards the sound system. And last but by no means least, the tireless fundraising efforts of our 'Friends of Upton Pyne ' lead by Maggie Cormack. The churchyard is in good shape and has benefited from 2 tidy up days. The grass has been mowed by volunteers. Our most grateful thanks to them.

Pastoral

One of the real joys of the mission community is the realisation that each village and community clearly demonstrates a deep level of caring and support for all. Those who need that little extra care and attention receive it without fuss, without fanfare. Congregation and other community members have developed a good communication system that allows them to know when someone would welcome a phone call, a visit, some shopping. There are a significant number of people who daily live out the gospel calling to help and support others. And this is greatly appreciated by so many people. With the establishment of a weekly e-newsletter, we can be even more proactive in walking alongside others.

Administrative Support

The administration team, consisting of Juliette and Peter, continue to provide general admin support in the form of service sheets, service rotas, funerals, weddings, baptisms, processing DBS checks, dealing with correspondence, responding to queries and promoting events via posters and communications to the church community.

Finance is also a key role, paying for resources as cost effectively as possible and facilitating fees between receipts and Parishes in a timely manner, ensuring there are adequate funds. It involves producing year end accounts, budgeting, annual reports and other reports, liaising with the Rector, MC Treasurer and JC Treasurer.

In addition to the general duties, this year admin have supported the Church community with the Tractor Jamboree event, Church questionnaires and Stewardship letters as well as developing and promoting the MC website and events.

Other Activities

Please see the Rector’s Annual Report, below.

Rector’s Annual Report

Those of you with a keen eye, will already have spotted the subtle change to the title for my annual report. No longer ‘Priest-in-Charge’, but now ‘Rector’, as 2025 saw a shift in my legal status. This followed on from a decision by the archdeacon that our mission community would delay its entry into what will be ‘The Crediton Hub’ (mainly due to the fact that it has taken so long to get through the legal hurdles of setting the Hub up). And so, amidst so much else that was happening in and across the parishes, in May I was licensed as Rector for our seven parishes – and a hugely joyous occasion it was, too.

But, as I said, this came at a time when parishes were, as ever, busy planning and putting on a wonderful array of events, responding to particular occasions and new ideas, seeking to engage with their local communities, offering opportunities to ‘come and see’, to be a part of all that we are and do, to be intentionally missional. And all in addition to the regular and seasonal services. I offer just a few examples of these, as a snapshot of the breadth of just what has happened this year, in and across our wonderful mission community:

Summer and Winter fetes and festivals VE-Day Anniversary Service and Celebrations VJ Anniversary Service of Commemoration Stewardship campaigns undertaken The establishment of a couple of ‘Friends’ groups Visits and services involving Bishops Mike and Moira Village questionnaires delivered and collected A discussion evening focused on Gaza, Israel and the West Bank Prayer spaces in our churchyards for the schools Advent Window Trail A plethora of weddings and baptisms Oh, and the small matter of a Tractor Jamboree!

I know, too, that this year in particular has not been all fun and games. Too many of our parishes, villages and communities have experienced deep sadness, with the death of many significant and wellknown members of those communities. And I offer my continuing prayers for the difficult times all have had to face.

What all of these events, occasions, services and meetings lead to is our continuing development of relationships with individuals and whole communities. The things we do – whether frivolous or serious, whether small or large - all help, enable and encourage people to see the church as relevant and integral to their communities; to see that we are not just something on the periphery, an anachronism; so that we are not seen as people out of touch, but people who care, people who can have fun, and people who are there when needed – especially at times of significance and loss.

Now, of course, these events, occasions, celebrations, commemorations, don’t just happen. They all take careful planning and consideration; they all need people knowing what to do – and doing it! So, my very grateful thanks go to all of you who enable all that happens to happen, from the regular, straightforward coffee mornings to the grand bishop-led services. So, thank you: Joint Council and Joint Council members, deanery synod reps, churchwardens, volunteers, cleaners, refreshment providers, worship leaders and worship planners, priests and licensed lay ministers, vergers, organists and flower arrangers, bellringers, choir members and congregations, new Friends and minute takers, treasurers and secretaries, readers of lessons and prayers, all.

Very special thanks go to Juliette and Peter for their continued dedication in all things administratively – for responding to the unusual, for making sure that I keep to task, for enabling the breadth of worship to happen and for keeping us all regularly informed of what is happening, where and when!

Thank you all for your time, your commitment, your energy, your love. This Netherexe Mission Community is what it is because of the deep dedication of so many people; so many people who are living, loving examples of God’s Kingdom – here and now.

Financial Review

Each of the 8 churches for which the Joint Council is responsible have their own bank accounts and their own treasurers. They operate largely independently (though now under the governance of the Joint Council), raising their own funds and applying them locally to meet the needs and running costs of their own parishes and church buildings. This has the benefit of maintaining the link between local giving and local expenditure, which is important in retaining the trust of those who give so generously to fund the operation of our parish churches.

The 6 parishes are each responsible for paying their own Common Fund contribution to the Diocese, and each contributes to the cost of doing some things jointly as the Mission Community of the Netherexe Parishes. These joint costs are primarily those of employing administrators and running the Church Office at Stoke Canon which is so important in supporting the clergy and church officers in running such a large benefice. Clergy expenses are also funded jointly, as is the operation of Mission Community working groups. A major function of the Church Office is to collect the statutory fees for weddings, funerals and churchyard monuments and distribute these to the parishes, the Diocese, the organists and bellringers, as appropriate. The Netherexe Parishes Joint Council also has separate bank accounts to enable this centralised financial operation.

The total income for the Joint Council in 2025 was (in round figures) £267,000. The accounts are therefore presented this year on an Accruals basis, because, exceptionally, the income was above £250,000. In 2026 the threshold is raised to £500,000, so it is highly likely that we will revert to Receipts and Payments accounting next year. The exceptional income this year was money raised by Newton St Cyres church for a major project. Total expenditure for the Joint Council was £224,000, giving a surplus in-year before investment losses of £43,000. Investments with CCLA lost £3,000 over the year.

The Financial Statements and Notes below give a detailed breakdown of income and expenditure. This year, the main sources of income were: Other Voluntary Donations (£94,000), Income Tax Recovered (£45,000), Planned Giving (£40,000) and Fund Raising (£29,000). The largest Payments are for the Common Fund (£40,000), Major Works (£86,000), Salaries (£16,000), Church Running Expenses (£16,000), Church Building Insurance (£15,000) and Utility Bills (£11,000).

At the end of the year and allowing for liabilities, the total assets of the Joint Council amounted to £352,000 of which £141,000 is in restricted funds and £211,000 is unrestricted. The assets comprise £262,000 cash at the bank plus £82,000 held in investment accounts. Debtors are HMRC for Income Tax recoverable but not yet recovered (£11,000). Prepayments were for church building insurance (£1,000). Creditors are contractors for the major project at Newton St Cyres for which the retention is £4,000. Notes to the accounts show the distribution of assets between the different churches.

For most of the churches the year has been a reasonably healthy one. All the churches bar one met their Common Fund contributions in full. Brampford Speke paid 58% of what was requested, together with 27% of what was requested in 2024. This was possible because greater community involvement has improved Brampford Speke’s financial position.

Reserves Policy

The Joint Council has set a reserve target for each church to keep a reasonable balance in available reserves in order to meet unforeseen fluctuations in day-to-day income and expenditure, with a target range of 1 – 3 months of normal annual expenditure (10% to 25%). As you will see in the notes to the financial statements, the individual churches have very different levels of assets. Some have significant reserves, some have none. Some have significant investments, some have none. Any surplus in reserves is usually kept in a deposit account. Those churches with significant reserves usually keep some on deposit and some in longer term investments. This generates income which helps defray expenditure. As all the churches are historic buildings which require expensive repairs from time to time, most reserves are likely to be called upon to fund major works on the buildings.

Safeguarding

The JC has complied with the duty under section 5 of the Safeguarding and Clergy Discipline Measure 2016 (duty to comply with the House of Bishops’ guidance on safeguarding children and vulnerable adults).

One of the real challenges faced by the Joint Council is our inability, so far, to appoint a Safeguarding Officer. While it is hoped this can be rectified in 2026, the Rector is the first point of contact for Safeguarding concerns. However, it is acknowledged that the Rector isn’t necessarily the most appropriate person to contact, should there be concerns specifically related to him. Should such a situation arise, then the Archdeacon of Exeter should be contacted.

Volunteers

The Joint Council would like to give a huge ‘Thank you’ to all the volunteers throughout the Mission Community who work tirelessly to make our churches lively and vibrant communities. We know that without these volunteers the services and support we provide would not be possible. From comments in our visitor books, we know that people gratefully appreciate the time and effort in maintaining our buildings and ensuring they are welcoming for all.

A celebration for all the volunteers who support Stoke Canon was held recently. The ‘Thank you’ followed on from the Harvest Festival Service. Many of the volunteers, even though they don’t necessarily attend the church regularly, did on this occasion! The very joyous event, with plenty of sumptuous refreshments, really showed to all the sheer number of people who offer their time and commitment to ensuring the church and the churchyard are well cared for and ready for any service.

Structure, Governance and Management

The JC is a body corporate (PCC Powers Measure 1956 and the Church Representation Rules 2022). In exercise of the powers conferred by Section C of the Parish Governance Model Rules contained in the Church Representation Rules 2020, the parishes of Brampford Speke, Newton Saint Cyres, Rewe with Netherexe, Stoke Canon with Huxham, Thorverton and Upton Pyne being connected parishes in the Diocese of Exeter and belonging to the Mission Community known as “Netherexe” have established a Joint Council pursuant to Model Rule M37(1). The Joint Council is a charity registered with the Charity Commission. The members of the Council are the Trustees of the charity.

The Joint Council was formally established on 1 January 2024.

The Council meets 6 times a year initially and works closely with Cadbury parish to ensure the Mission Community operates effectively. This has only been achieved through the diligence and hard work of a significant number of people, particularly Juliette and Royston.

Admlnlstrdtl¥e Informatlon The lolnt Council is a body corporate and Section 3 of the Parochial Church Counclls Ipowersl Measure 1956 applies as rfthe lolnt Councll were a Paro¢hial Church Councll IPCCI. This has the legal effect of transferr¢ng from the PCC of each parish to which the Scheme appltes, to the joint Council, all propertv, rights, responslbilrties, liabilities and nCtionS of thatjoint Couftcil. Section A of the Model Rules ¢Ontsined in the Church Representation Rules 2020 (Rules Ml to M141 is amended for all participating parishe5 such that any refereno to the PCC shall become a referer to the Joint Council. lolnt Counc41 members who have served within the year *innirtg I"January 2025, un1 the date this report was approved are: ExOffKiO members.. Rector.. Associate Minlster.. Curate.. Ucensed Lay Mlnlsrer. Revd Tim Collins IChaSrl Revd Julia Dallen Revd Del)orah Leighton Plom Mr5 Laura Ford Elerted Members.. Mr5 Gabrielle Borradaille Mrs Janet 8oustred Mrs Susan Browne Ms Pita Burt Mrs tisa Clapp Mr Peter Colebrook Mr Edwin Greed Dr Simon Harrison Mr Roy5ton Kershaw Iloint Councll TaSUrer) Mr Richard May Mr Stephen Rendell Mrs Ruth Saltrnarsh Mr Stephen Toogood Mrs Llnda Smith Ele¢ted but non-voting Members Mrs Catriona Fursdon Icadburyl Mrs Gail what Icadburyl Approved bythe Jolntcoundl on_.------.-----..--..and slBned on behalf by. Revd TIM Colllns (Rector) Royston Kershaw (freasurer) Date: i O

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Financial Statements – Year ending 31[st] December 2025

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STATEMENT OF FINANCIAL ACTIVITIES (SOFA)
Unrestricted Restricted Total Funds Total Funds
Funds Funds 2025 2024
Note £ £ £ £
Income and endowments from
Donations and legacies
Regular giving 2 58,602 38,304 96,906 62,631
Other voluntary receipts 3 20,720 89,748 110,468 36,277
Church activities 4 42,091 5,576 47,667 35,287
Other trading activities 5 - - - -
Investments 6 5,155 3,557 8,712 8,551
Other receipts 7 3,242 60 3,302 13,968
Total income 129,810 137,245 267,055 156,714
Expenditure on
Raising funds 8 3,448 906 4,354 3,560
Church activities 9 123,361 91,724 215,085 144,987
Other costs 4,339 - 4,339 2,595
Total expenditure 131,148 92,630 223,778 151,142
Net income/(expenditure)
before investment gains/(losses) (1,338) 44,615 43,277 5,571
Net gains/(losses) on investments (3,036) (111) (3,147) 2,115
Net income/(expenditure) (4,374) 44,504 40,130 7,687
Transfers between funds 7,000 (7,000) - -
Other recognised gains/(losses)
Gains/(losses) on revaluation of fixed assets - - -
Net movement in funds 2,626 37,504 40,130 7,686.81
Total funds brought forward 208,299 103,557 311,856 304,169
Total funds carried forward 210,925 141,061 351,986 311,856
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BALANCE SHEET
2025 2024
Note £ £ £ £
FIXED ASSETS
Investments 12 81,972 85,119
81,972 85,119
CURRENT ASSETS
Debtors 10 12,346 12,346
Cash at bank and in hand 261,983 215,891
274,329 228,237
CREDITORS: amounts falling due
within one year 11 (4,315) (1,500)
NET CURRENT ASSETS 270,014 226,737
TOTAL ASSETS LESS CURRENT 351,986 311,856
LIABILITIES
CREDITORS: amounts falling due
after more than one year 0 0
NET ASSETS 351,986 311,856
FUNDS
Restricted funds 13, 14 141,061 103,557
Unrestricted funds 13, 14 210,925 208,299
TOTAL FUNDS 351,986 311,856
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NOTES TO THE ACCOUNTS

1. Accounting policies Basis of preparation

The financial statements have been prepared under the Charities Act 2011 and in accordance with Church Accounting Regulations 2006 together with the Charities Statement of Recommended Practice (Charities SORP (FRS 102)) and Financial Reporting Standard 102 (FRS 102).

The financial statements have been prepared under the historic cost convention except for the valuation of investment assets, which are shown at fair value.

The Joint Council meets the definition of a public benefit entity under FRS 102. The financial statements are prepared in sterling, which is the functional currency of the Joint Council.

Going concern

The financial statements have been prepared on the going concern basis. There are no material uncertainties related to events or conditions that may cast significant doubts upon the Joint Council's ability to continue as a going concern.

Funds

Unrestricted funds represent the funds of the Joint Council that are not subject to any restrictions regarding their use and are available for application on the general purposes of the Joint Council.

Restricted funds are income funds that must be spent on restricted purposes and details of the funds held and restrictions provided are shown in the notes to the accounts.

The financial statements include all transactions, assets and liabilities for which the Joint Council is responsible in law.

Income

Donations and legacies

Planned giving, collections and general donations are recognised only when received.

Gift aid recoverable on donations is recognised when the donation is received.

Grants and legacies to the Joint Council are recognised as soon as the Joint Council is notified of its legal entitlement, the amount due is quantifiable and its ultimate receipt by the Joint Council is probable.

Charitable activities

Income from church fee income is recognised when the fee is due. Income from activities is accounted for gross.

Other trading activities

Rental income is recognised when the rent is due. Where income is received in advance, it is recognised in the year in which the event takes place that it relates to.

Investments

Interest entitlements are accounted for as they accrue.

Dividends are accounted for when due and payable.

1. Accounting policies (continued)

Expenditure

Raising funds

Expenditure on raising funds is accounted for on the accruals basis.

Charitable activities

Expenditure on charitable activities is accounted for on the accruals basis. The diocesan common fund is accounted for when payable.

Tangible fixed assets

Consecrated land and buildings and moveable church furnishing

Consecrated and beneficed property is excluded from the accounts by s10(2)(a) of the Charities Act 2011.

No value is placed on moveable church furnishings held by the churchwardens on special trust for the Joint Council and which require a faculty for disposal since the Joint Council considers this to be inalienable property. All expenditure incurred during the year on consecrated or beneficed buildings and moveable church furnishings, whether maintenance or improvement, is written off as expenditure in the SOFA and separately disclosed.

Freehold property

The Joint Council has no freehold property.

Other fixed assets

Other fixed assets are recognised at cost. Individual assets with a purchase price less than £1,000 are written off when the asset is acquired. The Joint Council has no depreciating assets.

Investment properties

The Joint Council has no investment properties.

Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The SOFA includes net gains and losses arising on revaluations and disposals throughout the year.

Debtors

Amounts owing to the Joint Council at 31 December in respect of fees, rents or other income are shown as debtors less provision for any amounts that may prove uncollectable. These are recognised initially at the settlement amount. Prepayments are valued at the amount prepaid, net of any trade discounts due.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, and other shortterm liquid investments with original maturities of three months or less.

1. Accounting policies (continued)

Creditors

Creditors are recognised when the Joint Council has an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors are recognised at the amount that the Joint Council anticipates it will pay to settle the debt or the amount it has received as advanced payment for the goods or services it must provide.

Financial instruments

The church only has financial assets and liabilities of a kind that qualify as basic financial instruments. All (including debtors and creditors) are initially recognised at transaction value and subsequently measured at their settlement value.

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Unrestricted Restricted Total Funds Total Funds
Funds Funds 2025 2024
£ £ £ £
2. Regular giving
Planned giving 29,763 9,852 39,615 38,130
Collections at services 12,525 145 12,670 12,854
Income tax recovered 16,314 28,307 44,621 11,647
58,602 38,304 96,906 62,631
3. Other voluntary receipts
Grants 1,870 10,174 12,044 14,609
Legacies 512 4,000 4,512 1,000
Other voluntary donations 18,338 75,574 93,912 20,668
20,720 89,748 110,468 36,277
4. Income from church activities
Statutory fees - weddings, funerals, etc. 13,214 - 13,214 13,338
Income from fund raising 24,199 5,076 29,275 19,623
Income from trading 4,678 500 5,178 2,326
42,091 5,576 47,667 35,287
5. Other trading activities
- - -
- - - -
6. Income from investments
Interest received 5,155 3,557 8,712 8,551
5,155 3,557 8,712 8,551
7. Other receipts
Miscellaneous 3,242 60 3,302 13,968
3,242 60 3,302 13,968
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----- Start of picture text -----
Unrestricted Restricted Total Funds Total Funds
Funds Funds 2025 2024
£ £ £ £
8. Fund raising costs
Various 3,448 906 4,354 3,560
3,448 906 4,354 3,560
9. Charitable activities
Donations to charities 6,488 131 6,619 2,651
Diocesan Common Fund 39,814 - 39,814 38,398
Salary costs 16,333 - 16,333 19,049
Clergy and staff expenses 3,703 - 3,703 2,372
Mission and outreach 1,714 2,040 3,754 4,304
Church running expenses 9,793 6,033 15,826 18,740
Deanery contributions 324 - 324 243
Church utility costs 11,123 - 11,123 12,306
Provision of services 5,253 22 5,275 3,428
Major repairs to the church building 3,600 81,976 85,576 20,229
Church grounds and churchyard 9,807 1,522 11,329 9,176
Insurance 15,409 - 15,409 14,091
123,361 91,724 215,085 144,987
10 Debtors and Prepayments
2025 2024
£ £
Tax Recoverable/Gift Aid 11,017 11,017
Prepayments 1,329 1,329
Other debtors
12,346 12,346
11 Creditors and Accruals
2025 2024
£ £
Creditors 4,315 1,500
Accruals
Deferred Income
4,315 1,500
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12. Investments

12. Investments
					£
Market value brought forward					85,119
Disposalproceeds					0
Netgains on revaluation					-3,147
					*_ _ _ _ _ _ _ _ _ _ _ _* *_ _*
Market value carried forward					81,972
					~~______~~

Investment funds at 31-12-25 are distributed among the 8 churches as follows: Brampford Speke £0 (2024: £0) Newton St Cyres £0 (2024: £0) Rewe £34,560 (2024: £35,749) Netherexe £0 (2024: £0) Stoke Canon £40,459 (2024: £42,144) Huxham £0 (2024: £0) Thorverton £3,056 (2024: £3,167) Upton Pyne £3,898 (2024: £4,060)

13. Movement in Funds

----- Start of picture text -----
Brought Gains/ Carried
2025 Income Expenditure Transfers
forward (losses) forward
£ £ £ £ £ £
Unrestricted reserves
208,299 129,810 -131,148 -3,036 7,000 210,925
Restricted reserves
103,557 137,245 -92,630 -111 -7,000 141,061
Brought Gains/ Carried
2024 Income Expenditure Transfers
forward (losses) forward
£ £ £ £ £ £
Unrestricted reserves
197,651 127,295 -122,471 4,824 1,000 208,299
Restricted reserves
95,245 36,420 -27,169 61 -1,000 103,557
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Restricted cash funds at 31-12-25 are distributed as follows: Brampford Speke [Clock Repair Fund] Newton St Cyres [Organ, Project and Fabric Funds] Rewe [Roof Repair Fund] Netherexe [Building Fund] Stoke Canon [Bells, Clock, Youth and Mission Funds] Huxham [Organ Fund] Thorverton [Flower, Tower, Reserve, Fabric and Larder Funds] Upton Pyne [Friends, Churchyard and Fabric Funds] Mission Community (Capital Expenditure Fund)

£11,273 (2024: £1,273) £43,139 (2024: £21,994) £0 (2024: £257) £55,627 (2024: £60,064) £5,711 (2024: £1,252) £1,892 (2024: £1,892) £15,876 (2024: £8,683) £8,370 (2024: £4,543) £432 (2024: £432)

Unrestricted cash funds at 31-12-25 are distributed as follows: Brampford Speke £14,157 (2024: £16,242) Newton St Cyres £26,667 (2024: £21,495) Rewe £23,877 (2024: £21,557) Netherexe £5,697 (2024: £5,459) Stoke Canon £9,711 (2024: £10,891) Huxham £21,401 (2024: £19,881) Thorverton £1,159 (2024: £4,224) Upton Pyne £9,394 (2024: £8,628) Mission Community £7,599 (2024: £7,129)

14. Analysis of assets and liabilities between funds

----- Start of picture text -----
Unrestricted Restricted
2025 Total
funds funds
£ £ £
Tangible fixed assets 0 0 0
Investment property 0 0 0
Investments 78,916 3,056 81,972
Stock 0 0 0
Debtors and prepayments 12,346 0 12,346
Cash at bank and in hand 119,663 142,320 261,983
Current liabilities 0 -4,315 -4,315
_ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
Net assets 210,925 141,061 351,986
_ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
Unrestricted Restricted
2024 Total
funds funds
£ £ £
Tangible fixed assets 0 0 0
Investment property 0 0 0
Investments 81,953 3,166 85,119
Stock 0 0 0
Debtors and prepayments 12,346 0 12,346
Cash at bank and in hand 115,500 100,391 215,891
Current liabilities -1,500 0 -1,500
_ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
Net assets 208,299 103,557 311,856
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

----- End of picture text -----

15. Disclosures

Mrs Heather Kershaw, who is married to a Trustee (Mr R Kershaw), was paid £2563 for her services as Director of Music at Thorverton Parish Church.

The ministry team, who are all ex-officio Trustees, were paid a total of £3179 in travel expenses. There were no other payments to Trustees (or closely related parties), apart from reimbursements for receipted purchases made on behalf of the churches.

Trustees and persons closely connected to them made donations totalling £8,600. The gifts did not have any conditions which require the charity to significantly alter the nature of its existing activities.

The churches and Mission Community made donations to various charities during 2025.	The churches and Mission Community made donations to various charities during 2025.
Brampford Speke	£8
Newton St Cyres	£8
Rewe	£50
Netherexe	£0
Stoke Canon	£430
Huxham	£70
Thorverton	£1,938
Upton Pyne	£116
Mission Community £3,500