## **FUNDS HELD IN CONNECTION WITH CHRIST CHURCH IN BATH** ## **Charity No. 1055275** ## **Trustees' Report and Unaudited Accounts** **31 December 2024** **FUNDS HELD IN CONNECTION WITH CHRIST CHURCH IN BATH Contents** ||Pages| |---|---| |Trustees' Annual Report|2 to 8| |Independent Examiner's Report|9| |Statement of Financial Activities|10| |Balance Sheet|11| |Notes to the Accounts|12 to 20| |Statement of Cash flows|21| Page 1 **FUNDS HELD IN CONNECTION WITH CHRIST CHURCH IN BATH Trustees Annual Report** The trustees present their report with the unaudited financial statements of the charity for the year ended 31 December 2024. ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **Charity No. 1055275** ## **Principal Office** Christ Church Julian Road Bath Somerset BA1 2RH ## **Trustees** The trustees who served during the year and up the date of this report were as follows: |D. Bishop|| |---|---| |Z. Bushell|| |J. Cope|(Appointed 26 June 2025)| |T. Gleghorn|| |J. Hesketh|(Resigned 19 May 2025)| |C.S. Peer|(Appointed 1 September 2024)| |S. Sheppard|| |H. Speakman|(Appointed 25 July 2024, Resigned 9 May 2025)| |S. Tatton-Brown|(Resigned 26 June 2025)| |O. Tegally|| |N. Wells|| |H. Wild|(Resigned 7 March 2024)| |A. Youings (ex officio,
Archdeacon of Bath)|(Resigned 30 June 2024)| |**Priest-in-charge**|| |Revd Lore Chumbley|(until 18 February 2024)| |Revd Heather Smith|(from 4 February 2025)| ## **Accountants** The Waldron Partnership Ltd 30 Circus Mews Bath BA1 2PW Page 2 **FUNDS HELD IN CONNECTION WITH CHRIST CHURCH IN BATH Trustees Annual Report** ## **OBJECTIVES AND ACTIVITIES** Christ Church is an independent proprietary chapel. The church is administered by the charitable Trust, the objective of which is to provide a church or chapel in Bath to enable people to attend divine services in accordance with the rites of the Church of England. The Trust has worked to meet this objective by employing its own clergy, ensuring that holy worship is conducted regularly, and maintaining the building in good order. Today Christ Church is a liberal and inclusive church, seeking God through beauty in our worship; honesty in our faith and doubt; and service in our community. Despite our nominal independence, we are close to and very much part of the Diocese of Bath and Wells in the Church of England. To the congregation, Christ Church has the look and feel of any other Church of England church. Christ Church remains active in supporting both our Deanery and Diocese and considers it important to do so. A regular cycle of public worship is maintained with the Eucharist celebrated on Thursdays and Sundays (and occasionally on other Feast or Saints’ Days). There are Evensong services on the third Sundays and Contemplative Iona services on the fourth Sundays of each month. We strive to be an inclusive and welcoming community in word and deed to all of God’s people, irrespective of disability, age, social status, ethnicity, denominational background, mental or physical health, gender, identity, or sexuality. We especially seek to affirm and celebrate the gifts of those who have been marginalised and wounded by the church. Public Benefit: The Trustees exercise their duties as the owners and custodians of the buildings forming part of the Christ Church Bath estate. The day-to-day responsibility for ordering the worship of Christ Church is exercised by the Priest-in-Charge with the Church Council, a group established for this purpose. It is the view of the Trustees that the Charity complies with the guidance on public benefit as published by the Charity Commission, by providing buildings and open spaces for religious activities, facilities and services for the general public/mankind, with a particular focus on the needs of our local community. ## **ACHIEVEMENTS AND PERFORMANCE** A full report of the activities in the last year is usually published each year in readiness for the Annual Church Meeting, usually held in May. In addition, the www.christchurchbath.org website provides further information, and services and other activities are promoted on our social media sites including Facebook and YouTube. ## Junior Church With an ever-changing cohort of children in church, we continue to do our best to support them and provide fun and inspiring learning opportunities about the Christian faith. We hope that we give them a chance to explore their own faith, and doubt, in a way that is meaningful to them. Highlights for us from this year have been our Nativity play, which was well-received, as always; apple picking day; and a Christmas film evening. Page 3 ## **FUNDS HELD IN CONNECTION WITH CHRIST CHURCH IN BATH** ## **Trustees Annual Report** ## Music The choir has continued to gain new members, both adults and children, and the standard of music making is as high as ever. The major festival occasions were great events as usual, of course, but we also highlight the ongoing, week-by-week, work the choir does to enhance the worshipping life of the church. The Autumn concert series was a great success again this year and provided an opportunity to showcase our in-house talent. ## Bell Ringing We maintained our proud record of service ringing and our practices were mostly well attended. There were four quarter-peals, including one in February as a farewell to Lore. We welcomed visiting bands and enjoyed two half-day outings. The programme of teaching continues with multiple sessions per week. ## Pilgrim Group The Pilgrim Group continued to meet regularly in the Mews and early morning Zoom meetings were also held during Advent. It is an opportunity to develop our theological knowledge and to explore our faith, especially when living in such difficult times. During the year we read and explored a number of texts including The City is my Monastery by Richard Carter and Being Human by Rowan Williams. ## Cedar Tree Café We have continued welcome everyone to the Cedar Tree Café on Fridays. Our regular customers loved the chance to chat, share worries or celebrations and enjoy the relaxed atmosphere in the church. ## Pastoral Care We keep in touch with members of the church who no longer find it easy to attend in person or who worship online. During the year we hosted several special afternoon services followed by pastoral tea parties, giving people the chance to meet up with old friends and enjoy a chat over cream tea and homemade cakes. ## Events and Concerts We hosted a diverse range of events and concerts during 2024. These included performances by Cardiff Opera, Trowbridge Symphony Orchestra, and Bath Community Big Band with the South London Jazz Orchestra; book signings for Topping & Co Booksellers; and concerts as part of Bath Festival. We view the hire of the church and Mews for external events as an important part of our outreach in the local community. We estimate that we welcome somewhere in the region of a thousand people into our building in this way every year, many of whom do not ‘go to church’ and some of whom are entering the sacred space of a church for the first time. ## Property Maintenance The usual important work to maintain the fabric of the church and other buildings continued. Examples of the have included repair of the wooden ventilators on the church roof; fixing leadwork on the church roof; weed removal outside the church and in the car park, including clearing a very overgrown area outside the crypt; repainting the white lines and fixing potholes in the car park; as well as a complete overhaul and redecoration of the Priest’s office in the Lower Mews. Trustees prioritise works according to urgency, utilising guidance contained in the most recent Quinquennial inspection undertaken in 2023. Page 4 **FUNDS HELD IN CONNECTION WITH CHRIST CHURCH IN BATH Trustees Annual Report** ## **FINANCIAL REVIEW** ## Financial Position At 31 December 2024 the charity had net assets of £2,039,684 (2023: £2,109,228) and net current assets of £231,205 (2023: £174,808). The charity has sufficient funds to meet its liabilities as they fall due. During 2024, trustees choose to create designated funds for major cyclical maintenance (e.g. replacement of the church roof) and to represent the book value of fixed assets. Restricted donations were also received during the year, with the expenditure of those funds occurring in early 2025. At the reporting date, £157,809 was held in unrestricted general funds (2023: £2,109,228), £1,870,259 in unrestricted designated funds (2023: nil), and £11,616 in restricted funds (2023: nil). ## Review of Income and Expenditure Income for the year ended 31 December 2024 was £168,161 and expenditure was £118,554, resulting in a surplus of £49,607 before net gains / losses on investments. This compares to income of £238,450 and expenditure of £172,035 in 2023, with a resultant surplus of £66,415, again before net gains / losses on investments. Income from donations and legacies formed just over 40% of total income at £72,688 (2023: £144,734). Much of the decrease compared to 2023 is due to a significant legacy being received in the prior year. There was also a small decrease in planned giving to £52,309 (2023: £54,486). Events continued to generate a useful income stream as well as bring new people into the building. The income from events stood at £3,899 (2023: £14,416). While the decrease in income compared to 2023 appears substantial, there were significant event costs (£7,127) to deduct in 2023 which was not the case in 2024. Direct expenditure on charitable activities decreased by 27% to £49,624 (2023: £67,926). This was predominantly due to a decrease in salary costs while the Priest in Charge position was vacant from February onwards. Support and governance costs, which within the accounts are apportioned between charitable activities and raising funds, increased slightly to £46,735 (2023: £38,257). Within this, repairs and maintenance of the church building increased by 48% to £23,406 (2023: £14,426). Expenditure in this area is highly variable depending on if/when significant works are required. This was offset by decreases in other areas such as printing and equipment purchases. The investment properties generated rental income of £82,427, an increase of 20% on the previous year (2023: £68,566). This mostly relates to income generated from the Upper Mews, where the tenant moved into the property part way through 2023. It has also been possible to increase the rental charges for the Cottages in line with market rates. The associated cost of managing the investment properties was £15,405 (2023: £48,289), leading to a net income of £67,022 (2023: £20,277). The high expenditure in 2023 related to one-off legal and professional costs incurred on setting up the lease for the new Upper Mews tenant and substantial repairs being required to the roof and kitchen floor of Cottage 1, whereas expenditure in 2024 consisted only of normal letting agent commission and day-to-day maintenance. Page 5 **FUNDS HELD IN CONNECTION WITH CHRIST CHURCH IN BATH Trustees Annual Report** ## Reserves Policy A new reserves policy was created during 2024, separating this from the investment policy. The target level of general unrestricted reserves is 6 months of average operating costs. The operating costs are to exclude depreciation, expenditure from restricted or designated funds, and any other exceptional costs. At 31 December 2024 general unrestricted reserves were £157,809. This represents approximately 11 months of average expenditure. This is based on 2023 levels, since expenditure during 2024 was not representative of normal operating costs due to the absence of Priest in Charge salary costs from February onwards. Reserves held therefore exceed the target level. Trustees have discussed this and are satisfied that there is reasonable justification for temporarily exceeding the target. There has been a year of unusually low expenditure during 2024 due to the absence of a Priest in Charge salary for most of the year, which has allowed reserves to build up. Higher expenditure will follow in 2025 with the new Priest in post, with the salary offered benchmarked to market rates. The higher level of reserves will provide a cushion while we adjust to the new expenditure levels. The reserves levels and policy will be reviewed again at the end of 2025. ## Investment Review The charity holds investment property and listed investments. The investment property consists of the two Christ Church Cottages, the Upper Mews and the church car park. The investment properties are held to earn rental income and for capital growth. All investments should be guided by the principles of the Church of England Ethical Investment Advisory Group. At the reporting date the listed investments value was £38,220 (2023: £37,371). Listed investments are held in pooled funds offered by CCLA. During the year the investments increased in value by £849 (2023: £3,089). This all relates to unrealised gains / (losses) due to changes in the market value; there were no additions to or withdrawals from investments during the year. Income earned from dividends and interest was £6,718 (2023: £3,892). The investment properties have been revalued at 31 December 2024. The Upper Mews value has decreased by £125,000 due to a downturn in the commercial property market since the last valuation in 2021. This is offset by small gains in value on the Cottages and CCLA investments, giving a total unrealised loss of £119,151 (2023: £3,088 gain). ## **PLANS FOR FUTURE PERIODS** The position of Priest in Charge became vacant in February 2024 following the resignation of the Revd Lore Chumbley. A recruitment process took place during 2024, culminating in the appointment of Revd Heather Smith as the new Priest in Charge. Heather started in her new role after the end of the reporting period, in February 2025. We therefore expect 2025 to be a transitional period as Heather establishes herself in post, builds an understanding of the current activities of the church, and sets her own priorities for how she would like to develop these in future. We will also seek to complete planned works to the church building, such as installation of a safety rail on the roof and the next items in order of priority from the Quinquennial inspection, prior to the planned withdrawal of the Listed Places of Worship Grant Scheme (LPWGS) in March 2026 so that we can benefit from reclaiming the value of the VAT. Page 6 **FUNDS HELD IN CONNECTION WITH CHRIST CHURCH IN BATH** **Trustees Annual Report** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** Funds Held in Connection with Christ Church in Bath is a charitable Trust, governed by a Trust Deed dated 6 May 1801. The operation of the Deed is regulated by Standing Orders adopted by the trustees on 23 June 2020, drawn up in the light of Charity Commission guidelines. Appointment to the position of trustee at Christ Church is for a six-year term in accordance with the Policy for the Appointment of a New Trustee, with option to renew subject to the agreement of the other trustees. Trustees are responsible for appointing new trustees in event of vacancies. The Standing Orders also require that the trustees shall invite the Priest-in-Charge and churchwardens of Christ Church to attend meetings of the trustees. They may participate fully in the trustees’ meetings but without the power to vote. There are ten trustees including two ex officio members: the Rector of Walcot (in whose parish Christ Church sits geographically) and the Archdeacon of Bath. ## Policies The trustees have adopted the following policies: For the Appointment of New Trustees Conflict of Interest Processing Personal Data Safeguarding Policy Safeguarding Procedures Protection of Electronic and Written Data Risk Policy and Register Health & Safety Reserves Policy Investment Policy Standing Orders Trustees delegate responsibility for managing some aspects of the charity’s operations to other groups and staff. Christ Church Council is a group elected by and from the congregation. It meets around 8 times a year to manage the regular activities of the church community and to discuss wider topics about the future direction and vision for the church. It is normally chaired by the Priest-in-Charge, who together with two churchwardens, two Deanery Synod representatives and the curate (if one is in post) are ex officio members. Nine other members are elected by the Annual Church Meeting (ACM). As far as is compatible with Christ Church’s position as a proprietary chapel, the proceedings of Council and the ACM are guided by the Church Representation Rules. All those who attend church services and meet the qualifying criteria are encouraged to register on the Electoral Roll and thereby become eligible to attend and vote at the ACM and be eligible to be elected to Council. The Priest-in-Charge is employed by the trustees and holds a key management position, with responsibility for worship, the spiritual life of the church, and pastoral matters. They are supported by the Ministry Group, which consists of licenced clergy, clergy in the Christ Church congregation who have PTO, any licenced Readers, the churchwardens, and a representative of Junior Church. Page 7 **FUNDS HELD IN CONNECTION WITH CHRIST CHURCH IN BATH Trustees Annual Report** ## **Statement of trustees' responsibilities in relation to the financial statements** The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. Signed on behalf of the charity's trustees Z. Bushell Trustee 30 September 2025 Page 8 **FUNDS HELD IN CONNECTION WITH CHRIST CHURCH IN BATH Independent Examiners Report** ## **Independent Examiner's Report to the trustees of FUNDS HELD IN CONNECTION WITH CHRIST CHURCH IN BATH** I report to the trustees on my examination of the financial statements of FUNDS HELD IN CONNECTION WITH CHRIST CHURCH IN BATH for the year ended 31 December 2024. ## **Responsibilities and basis of report** As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 ('the Act'). I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent examiner's statement** I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: - the accounting records were not kept in respect of the charity as required by section 130 of the Act; or - the financial statements do not accord with those records; or - 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. Marco Andrew Martin FCCA The Waldron Partnership Ltd 30 Circus Mews Bath BA1 2PW 30 September 2025 Page 9 **FUNDS HELD IN CONNECTION WITH CHRIST CHURCH IN BATH Statement of Financial Activities** ## **for the year ended 31 December 2024** |**Notes**
**Income and endowments**
**from:**
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
**Total**
**Expenditure on:**
Raising funds
7
Charitable activities
8
Other
9
**Total**
Net (losses)/gains on
investments
**Net (expenditure)/income**
10
Transfers between funds
**Net (expenditure)/income**
**before other gains/(losses)**
**Other gains and losses**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**||**Unrestricted**
**funds**|**Restricted**
**funds**|**Total funds**|**Total funds**| |---|---|---|---|---|---| |||**2024**|**2024**|**2024**|**2023**| |||**£**|**£**|**£**|**£**| ||||||| |||61,071|11,617|72,688|144,734| |||2,429|-|2,429|6,822| |||3,899|-|3,899|14,416| |||89,145|-|89,145|72,478| |||156,544|11,617|168,161|238,450| ||||||| |||17,712|-|17,712|59,062| |||94,052|-|94,052|106,183| |||6,790|-|6,790|6,790| |||118,554|-|118,554|172,035| |||(119,151)|-|(119,151)|3,088| |||(81,161)|11,617|(69,544)|69,503| |||-|-|-|-| |||(81,161)|11,617|(69,544)|69,503| ||||||| |||(81,161)|11,617|(69,544)|69,503| ||||||| |||2,109,228|-|2,109,228|2,039,725| |||2,028,067|11,617|2,039,684|2,109,228| ||||||| ||||||| ||||||| Page 10 **FUNDS HELD IN CONNECTION WITH CHRIST CHURCH IN BATH Balance Sheet** ## **at 31 December 2024** |**at 31 December 2024**|||| |---|---|---|---| |**Charity No. 1055275**||**2024**|**2023**| |||**£**|**£**| |**Fixed assets**|||| |Tangible assets|13|90,259|97,049| |Investments|14|1,718,220|1,837,371| |||1,808,479|1,934,420| |**Current assets**|||| |Debtors|15|10,045|3,790| |Cash at bank and in hand||238,869|174,824| |||248,914|178,614| |**Creditors:**Amount falling due within one year|16|(17,709)|(3,806)| |**Net current assets**||231,205|174,808| |**Total assets less current liabilities**||2,039,684|2,109,228| |**Net assets excluding pension asset or liability**||2,039,684|2,109,228| |**Total net assets**||2,039,684|2,109,228| |**The funds of the charity**|||| |**Restricted funds**|17||| |Restricted income funds||11,617|-| |||11,617|-| |**Unrestricted funds**|17||| |General funds||157,808|2,109,228| |Designated funds||1,870,259|-| |||2,028,067|2,109,228| |**Reserves**|17||| |**Total funds**||2,039,684|2,109,228| |Approved by the trustees on 30 September 2025|||| And signed on their behalf by: ZIM. Z. Bushell Trustee 30 September 2025 Page 11 **FUNDS HELD IN CONNECTION WITH CHRIST CHURCH IN BATH Notes to the Accounts** **for the year ended 31 December 2024** ` - 1 **Accounting policies** ## **Basis of preparation** The financial statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. ## **Change in basis of accounting or to previous accounts** There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years. ## **Fund accounting** Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity. These are unrestricted funds earmarked by the trustees for particular Designated funds purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal. **Income** Recognition of income Income is included in the Statement of Financial Activities (SoFA) when the charity becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability. Income with related Where income has related expenditure the income and related expenditure expenditure is reported gross in the SoFA. Donations and legacies Voluntary income received by way of grants, donations and gifts is included in the the SoFA when receivable and only when the Charity has unconditional entitlement to the income. Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services and These are only included in income (with an equivalent amount in facilities expenditure) where the benefit to the Charity is reasonably quantifiable, measurable and material. Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market revaluation of fixed value at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets Page 12 **FUNDS HELD IN CONNECTION WITH CHRIST CHURCH IN BATH Notes to the Accounts** ## **Expenditure** Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT expenditure which cannot be fully recovered, and is reported as part of the expenditure to which it relates. Expenditure on raising These comprise the costs associated with attracting voluntary income, funds fundraising trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its charitable activities activities and services in the furtherance of its objects, including the making of grants and governance costs. Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid. Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs. Other expenditure These are support costs not allocated to a particular activity. ## **Taxation** The charity is exempt from tax on its charitable activities. ## **Tangible fixed assets and depreciation** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: Fixed assets 25% straight line Fixed assets - pipe organ 4% straight line ## **Freehold investment property** Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise. ## **Stocks** Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market. ## **Trade and other debtors** Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## **Cash and cash equivalents** Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. Page 13 **FUNDS HELD IN CONNECTION WITH CHRIST CHURCH IN BATH Notes to the Accounts** ## **Trade and other creditors** Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. ## **Research and development** Expenditure on research and development is written off in the year in which it is incurred. ## **Foreign currencies** Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred. All exchange differences are are taken into account in arriving at net income/expenditure. ## **Leased assets** Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases. Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs. Assets held under finance leases are depreciated in the same way as owned assets. Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis. ## **Pension costs** The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the charity pays fixed contributions into a separate entity. Once the contributions have been paid the charity has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the charity in independently administered funds. ## **Receipt of donated goods, facilities and services** All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity. Page 14 **FUNDS HELD IN CONNECTION WITH CHRIST CHURCH IN BATH** ## **Notes to the Accounts** ## 2 **Statement of Financial Activities - prior year** |**Income and endowments**
**from:**
Donations and legacies
Charitable activities
Other trading activities
Investments
**Total**
**Expenditure on:**
Raising funds
Charitable activities
Other
**Total**
Net gains on investments
**Net income**
**Net income before other**
**gains/(losses)**
**Other gains and losses:**
**Net movement in funds**
**Reconciliation of funds:**
**Total funds carried forward**
3
**Income from donations and legacies**
Legacies
Planned Giving
Donations
Grants|**Unrestricted**
**£**
-
52,309
4,286
4,476
61,071|**Restricted**
**£**
-
-
11,617
-
11,617|**Unrestricted**
**funds**
**2023**
**£**
144,735
6,822
14,416
72,478
238,451
59,062
106,183
6,790
172,035
3,088
69,504
69,504
69,504
69,504
**Total**
**2024**
**£**
-
52,309
15,903
4,476
72,688|**Total funds**
**2023**
**£**
144,735
6,822
14,416
72,478| |---|---|---|---|---| |||||238,451
59,062
106,183
6,790| |||||172,035
3,088| |||||69,504| |||||69,504| |||||69,504| |||||69,504| |||||**Total**
**2023**
**£**
76,217
54,486
14,031
-| |||||144,734| Page 15 ## **FUNDS HELD IN CONNECTION WITH CHRIST CHURCH IN BATH** ## **Notes to the Accounts** ## 4 **Income from charitable activities** |Sales
Service fees
Other
5
**Income from other trading activities**
Venue hire
Events
6
**Income from investments**
Rental
Dividends and interest
7
**Expenditure on raising funds**
_Fundraising trading costs_
Events
_Investment management_
_costs_
Rental properties
_Support and governance_
_costs_
Utilities
Repairs and maintenance
Administration
Professional fees|**Unrestricted**
**£**
1,239
1,100
90
2,429
**Unrestricted**
**£**
3,327
572
3,899
**Unrestricted**
**£**
82,427
6,718
89,145
**Unrestricted**
**£**
-
15,405
444
1,155
631
77
17,712|**Total**
**2024**
**£**
1,239
1,100
90
2,429
**Total**
**2024**
**£**
3,327
572
3,899
**Total**
**2024**
**£**
82,427
6,718
89,145
**Total**
**2024**
**£**
-
15,405
444
1,155
631
77
17,712|**Total**
**2023**
**£**
1,735
4,997
90| |---|---|---|---| ||||6,822| ||||**Total**
**2023**
**£**
4,689
9,727| ||||14,416| ||||**Total**
**2023**
**£**
68,586
3,892| ||||72,478| ||||**Total**
**2023**
**£**
7,127
48,289
703
1,375
1,450
118| ||||59,062| Page 16 **FUNDS HELD IN CONNECTION WITH CHRIST CHURCH IN BATH Notes to the Accounts** ## 8 **Expenditure on charitable activities** |**Unrestricted**
**Total**
**2024**
**£**
**£**
_Expenditure on charitable_
_activities_
Wages and staff costs
26,038
26,038
Church groups and
activities
7,071
7,071
Diocesan contribution
16,515
16,515
_Support and governance_
_costs_
Utilities
8,547
8,547
Repairs and maintenance
22,251
22,251
Administration
12,155
12,155
Professional fees
1,475
1,475
94,052
94,052
9
**Other expenditure**
**Unrestricted**
**Total**
**2024**
**£**
**£**
Amortisation, depreciation,
impairment, profit/loss on
disposal of fixed assets
6,790
6,790
6,790
6,790
10 **Net (expenditure)/income before**
**transfers**
**2024**
This is stated after charging:
**£**
Depreciation of owned fixed assets
6,790
Independent Examiner's fee
1,439
11 **Trustee remuneration and expenses**
One or more of the trustees has been paid expenses in the current or prior periods.
**2024**
**Number**
Number of trustees paid expenses
2
The nature of the reimbursed expenses
Stationery and consumables
**£**
Total expenses reimbursed to trustees
376|**Total**
**2023**
**£**
40,018
11,393
16,515
7,374
14,426
15,219
1,238| |---|---| ||106,183| ||**Total**
**2023**
**£**
6,790| ||6,790| ||**2023**
**£**
6,790
1,356
**2023**
**Number**
2
**£**
32| Page 17 **FUNDS HELD IN CONNECTION WITH CHRIST CHURCH IN BATH Notes to the Accounts** ## 12 **Staff costs** |**2024**
**2023**
Salaries and wages
18,081
34,826
18,081
34,826
No employee received emoluments in excess of £60,000.
The average monthly number of full time equivalent employees during the year was as follows:
**2024**
**2023**
**Number**
**Number**
3
4
3
4
13 **Tangible fixed assets**
**Fixed assets**
**Total**
**£**
**£**
**Cost or revaluation**
At 1 January 2024
199,004
199,004
At 31 December 2024
199,004
199,004
**Depreciation and**
**impairment**
At 1 January 2024
101,955
101,955
Depreciation charge for the
year
6,790
6,790
At 31 December 2024
108,745
108,745
**Net book values**
At 31 December 2024
90,259
90,259
At 31 December 2023
97,049
97,049
14 **Investments**
**Freehold**
**Investment**
**Property**
**Other**
**investments**
**- Listed**
**Total**
**£**
**£**
**£**
**Cost or revaluation**
At 1 January 2024
1,800,000
31,974
1,831,974
At 31 December 2024
1,800,000
31,974
1,831,974
**Provisions and impairment**
At 1 January 2024
-
(5,397)
(5,397)
Revaluation
120,000
(849)
119,151
At 31 December 2024
120,000
(6,246)
113,754
**Net book values**
At 31 December 2024
1,680,000
38,220
1,718,220
At 31 December 2023
1,800,000
37,371
1,837,371|**2024**
**2023**
Salaries and wages
18,081
34,826
18,081
34,826
No employee received emoluments in excess of £60,000.
The average monthly number of full time equivalent employees during the year was as follows:
**2024**
**2023**
**Number**
**Number**
3
4
3
4
13 **Tangible fixed assets**
**Fixed assets**
**Total**
**£**
**£**
**Cost or revaluation**
At 1 January 2024
199,004
199,004
At 31 December 2024
199,004
199,004
**Depreciation and**
**impairment**
At 1 January 2024
101,955
101,955
Depreciation charge for the
year
6,790
6,790
At 31 December 2024
108,745
108,745
**Net book values**
At 31 December 2024
90,259
90,259
At 31 December 2023
97,049
97,049
14 **Investments**
**Freehold**
**Investment**
**Property**
**Other**
**investments**
**- Listed**
**Total**
**£**
**£**
**£**
**Cost or revaluation**
At 1 January 2024
1,800,000
31,974
1,831,974
At 31 December 2024
1,800,000
31,974
1,831,974
**Provisions and impairment**
At 1 January 2024
-
(5,397)
(5,397)
Revaluation
120,000
(849)
119,151
At 31 December 2024
120,000
(6,246)
113,754
**Net book values**
At 31 December 2024
1,680,000
38,220
1,718,220
At 31 December 2023
1,800,000
37,371
1,837,371|**2024**
**2023**
Salaries and wages
18,081
34,826
18,081
34,826
No employee received emoluments in excess of £60,000.
The average monthly number of full time equivalent employees during the year was as follows:
**2024**
**2023**
**Number**
**Number**
3
4
3
4
13 **Tangible fixed assets**
**Fixed assets**
**Total**
**£**
**£**
**Cost or revaluation**
At 1 January 2024
199,004
199,004
At 31 December 2024
199,004
199,004
**Depreciation and**
**impairment**
At 1 January 2024
101,955
101,955
Depreciation charge for the
year
6,790
6,790
At 31 December 2024
108,745
108,745
**Net book values**
At 31 December 2024
90,259
90,259
At 31 December 2023
97,049
97,049
14 **Investments**
**Freehold**
**Investment**
**Property**
**Other**
**investments**
**- Listed**
**Total**
**£**
**£**
**£**
**Cost or revaluation**
At 1 January 2024
1,800,000
31,974
1,831,974
At 31 December 2024
1,800,000
31,974
1,831,974
**Provisions and impairment**
At 1 January 2024
-
(5,397)
(5,397)
Revaluation
120,000
(849)
119,151
At 31 December 2024
120,000
(6,246)
113,754
**Net book values**
At 31 December 2024
1,680,000
38,220
1,718,220
At 31 December 2023
1,800,000
37,371
1,837,371|**2023**
34,826| |---|---|---|---| ||||34,826| ||||4| ||||**Total**
**£**
199,004| ||||199,004| ||||101,955
6,790| ||||108,745| ||||90,259| ||||97,049| ||||**Total**
**£**
1,831,974| ||||1,831,974| ||||(5,397)
119,151| ||||113,754| ||||1,718,220| ||||1,837,371| ||||| ||||| |The freehold investment property consists of accommodation and a car park. The property was
revalued as at 31 December 2024 by the Trustees, at fair value. The Trustees are of the opinion that
the fair value has decreased by £120,000.|||| Page 18 **FUNDS HELD IN CONNECTION WITH CHRIST CHURCH IN BATH Notes to the Accounts** ## 15 **Debtors** |Prepayments and accrued income
16 **Creditors:**
amounts falling due within one year
Trade creditors
Other taxes and social security
Other creditors
Accruals
17 **Movement in funds**
**At 1**
**January**
**2024**
**Restricted funds:**
**Restricted income funds:**
Furniture
-
_Total_
-
**Unrestricted funds:**
**General funds**
2,109,228
**Designated funds:**
Cyclical maintenance
-
Fixed assets
-
_Total_
-
**Total funds**
2,109,228|Prepayments and accrued income
16 **Creditors:**
amounts falling due within one year
Trade creditors
Other taxes and social security
Other creditors
Accruals
17 **Movement in funds**
**At 1**
**January**
**2024**
**Restricted funds:**
**Restricted income funds:**
Furniture
-
_Total_
-
**Unrestricted funds:**
**General funds**
2,109,228
**Designated funds:**
Cyclical maintenance
-
Fixed assets
-
_Total_
-
**Total funds**
2,109,228||**2024**
**£**
10,045
10,045
**2024**
**£**
1,666
472
12,935||**2023**
**£**
3,790| |---|---|---|---|---|---| ||||||3,790| ||||||**2023**
**£**
(408)
1,441
-| ||||2,636||2,773| ||**At 1**
**January**
**2024**
-
-
2,109,228
-
-
-
2,109,228|**Incoming**
**resources**
**(including**
**other**
**gains/losses)**
**£**
11,617
11,617
157,393
-
(120,000)
(120,000)
49,010|17,709
**Resources**
**expended**
**£**|**Gross**
**transfers**
**£**
-
-
(1,990,259)
100,000
1,890,259
1,990,259
-|3,806| ||||||**At 31**
**December**
**2024**
**£**
11,617| ||||-||| ||||-
(118,554)
-
-
-
(118,554)||| ||||||11,617| ||||||157,808
100,000
1,770,259| ||||||1,870,259| ||||||| ||||||2,039,684| Purposes and restrictions in relation to the funds: Restricted funds: Furniture: Restricted donations received to fund the purchase of four additional choir chairs and music desks. Donations were received in 2024 and the order placed with the supplier, but delivery of the goods took place after the year end, hence expenditure will be recognised in 2025. Designated funds: Cyclical Maintenance: Trustees have created a designated fund for cyclical maintenance. This is to be used for major items of maintenance of the fabric of the buildings which cannot be funded out of regular income. Fixed Asset: Trustees have created a designated fund representing the book value of the tangible fixed assets and freehold investment property. Page 19 **FUNDS HELD IN CONNECTION WITH CHRIST CHURCH IN BATH Notes to the Accounts** ## 18 **Analysis of net assets between funds** |18 **Analysis of net assets between funds**|||| |---|---|---|---| |Fixed assets
Investments
Net current assets
19 **Reconciliation of net debt**
Cash and cash equivalents
Net debt|**Unrestricted**
**funds**
**£**
90,259|**Restricted**
**funds**
**£**
-|**Total**
**£**
90,259| ||1,718,220|-|1,718,220| ||219,588
2,028,067
**At 1 January**
**2024**
**£**|11,617
11,617
**Cash flows**
**£**|231,205| ||||2,039,684| ||||**At 31**
**December**
**2024**
**£**| ||174,824|64,045|238,869| ||174,824
174,824|64,045
64,045|238,869| ||||238,869| ||||| ## 20 **Related party disclosures** _Name of related party_ A Bishop _Description of relationship_ father /son _between the parties Description of transaction and general amounts_ repairs on church building and hall £430 _involved_ Page 20 **FUNDS HELD IN CONNECTION WITH CHRIST CHURCH IN BATH Statement of Cash flows** **for the year ended 31 December 2024** |**Cash flows from operating activities**
**Net (expenditure)/income per Statement of Financial Activities**
**Adjustments for:**
Depreciation of property, plant and equipment
Dividends, interest and rents from investments
(Increase)/Decrease in trade and other receivables
Increase/(Decrease) in trade and other payables
**Net cash (used in)/provided by operating activities**
**Cash flows from investing activities**
Dividends, interest and rents from investments
**Net cash from investing activities**
**Net cash from financing activities**
**Net (decrease)/increase in cash and cash equivalents**
**Cash and cash equivalents at the beginning of the year**
**Cash and cash equivalents at the end of the year**|**2024**
**£**
(69,544)
6,790
(89,145)
(6,255)
13,903
(144,251)
89,145
89,145
-
(55,106)
174,824
119,718|**2023**
**£**
69,504
6,790
(72,478)
1,247
(3,107)| |---|---|---| |||1,956
72,478| |||72,478| |||| |||-| |||| |||74,434| |||103,479| |||177,913| |||| |**Components of cash and cash equivalents**||| |Cash and bank balances|238,869|174,824| |||| ||238,869|174,824| Page 21