Registered number: 03694147 Charity number: 1075306
Psalm84 v 10 Trading as Threshold
UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023
Prepared By: Harrison Seymour LLP Cygnet House Exchange Road Lincoln LN6 3JZ
Psalm84 v 10 Trading as Threshold
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
TRUSTEES
Anne Jackson - resigned 7 May 2023 Simon Baker Adam Brown Alan Evans Mark Protheroe Adrian Toyne Claire Johnson
.
SECRETARY
Lara Reid - appointed 1 January 2024
REGISTERED OFFICE
Lindisfarne House Manor Farm Lane Bardney Lincoln LN3 5FB
COMPANY NUMBER
03694147
CHARITY NUMBER 1075306
ACCOUNTANTS
Harrison Seymour LLP Cygnet House Exchange Road Lincoln LN6 3JZ
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Psalm84 v 10 Trading as Threshold
ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023
CONTENTS
| Page | |
|---|---|
| Report of the Trustees | 3 |
| Independent Examiner's Statement | 6 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Notes to the Accounts | 10 to 14 |
| Detailed Statement of Financial Activities | 13 |
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Psalm84 v 10 Trading as Threshold
FOR THE YEAR ENDED 31 DECEMBER 2023
TRUSTEES' REPORT
The trustees present their report and accounts for the year ended 31 December 2023
STRUCTURE GOVERNANCE AND MANAGEMENT
Governing document
The organisation is a charitable company limited by guarantee governed by its Memorandum and Articles of Association.
Objectives and Activities
Charity's Vision Statement
The primary objective is to see the advancement of the Christian faith within the local communities of Lincolnshire. Threshold seeks to model Christian values and lifestyles within these communities and to be an accessible church in Lincolnshire's rural localities. It aims to be a worshipping, Holy Spirit led expression of Christianity, reaching out to the people within communities of Lincolnshire, and where appropriate, partnering with other UK churches and supporting overseas mission, with the reality of the love and power of Jesus Christ.
Achievement and Performance
The charity continued to be fully involved in the pursuit of its organisational and charitable objectives during the year ended 31 December 2023 as detailed below.
Threshold continued to place its emphasis on local community groups to enable pastoral care, discipleship, bible study, prayer and local mission all of which met the overall objectives of the charity during the reporting period.
We are blessed with a strong team of volunteers who continued to support children's activities throughout the year to provide spiritual and pastoral care for our younger children.
Threshold continue its Sunday schedule rhythm with people gathering on 2 Sundays per month with the freedom to explore other gatherings on the remaining weeks. E.g. a Community Cafe is run in Welton on one of the ‘free' Sundays.
Overseas Mission
Overseas mission trips were taken by individuals and couples in the fellowship, and strong links and personal relationships continued with Ghana, Kenya, Burundi, Thailand, Vietnam, Norway etc.
Organisation Structure
The leaders of the fellowship continue to provide spiritual direction and overall well-being of those who choose to belong to Threshold.
Threshold operate around two hubs (North & South) with both of these area's having a paid member of the leadership team embedded within them.
The organisation also employs a part time salaried Bookkeeper/Co-ordinator, and during 2023 a part time Communication/Coordinator was also employed.
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Psalm84 v 10 Trading as Threshold
FOR THE YEAR ENDED 31 DECEMBER 2023
TRUSTEES' REPORT
During 2023, ‘Threshold Network' was recognised as a term for our closest relationships with individuals and groups particularly in Dorset and Norway.
The trustees are also directors of the charity for the purposes of the Companies Act, and submit their annual report and financial statements for the year ended 31 December 2023. They continue to work with the elders and leaders of the charity to oversee the probity, management and corporate functioning of the charitable organisation.
Volunteers
The Charity has a large number of volunteers without whose commitment of time the charity could not operate. The value of services donated by volunteers is not included in the statement of financial activities.
Training
All the trustees are familiar with the work of Psalm 84 v 10 (subsequently referred to as “Threshold”) and are all active and involved members of the organisation. New trustees are offered induction and appropriate training sessions as they become available in order to familiarise themselves with the charity and the context in which it operates. All trustees and leaders are offered refresher training when such training is available, and are appraised of updates at the board's regular meetings.
Leadership training is available via a Leadership Training Engine course and the organisation has so far supported 3 people through this training.
Risk Management
Threshold continues to review the major risks to which is assesses the charity may be exposed. Internal control risks are minimised by the continued implementation of procedures for authorization of all new activities and events. Procedures are in place to ensure compliance with Safeguarding legislation, Health and Safety regulations and Charitable Trustees responsibilities. All procedures are reviewed annually and amended to ensure that the charity remains compliant with the relevant legislation.
Public Benefit
In planning our activities for the year, the charity took into consideration the Charity Commissions guidance on public benefit. All meetings and events are open to the public with the majority advertised on the charity's website. The charity openly encourages members of the public to attend as many of our activities as possible in order to achieve our objectives.
Financial Review
The Church's finances remained in good order throughout the period and appropriate levels of income covered all activities undertaken.
Principle Funding Sources
The source of income is from freewill offerings which are predominately received on a monthly basis. Gift aid contributions are collected through official channels. The Trustees closely monitor income and expenditure and endeavour to ensure wise stewardship of monies received.
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Psalm84 v 10 Trading as Threshold
FOR THE YEAR ENDED 31 DECEMBER 2023
TRUSTEES' REPORT
Reserves Policy
The Trustees review the charity's needs for reserves in line with the guidance issued by the Charity Commission.
General Fund
In considering the level of the General Fund, the Trustees take into account the anticipated levels of income for the following year, and the planned expenditure with a view to ensuring that there are sufficient reserves throughout the period to meet the charity's aims and commitments. At each Trustees meeting we review progress and take necessary steps on any occasions where fluctuations occur in both income and expenditure which cannot be fully anticipated in the planning process.
Designated Fund
The policy set by the Trustees is that at least 10% of the income into the General Fund, less tax expenditure due but not yet received, and interest is set aside as a tithe in a designated fund for donations to be given in support of other Christian work not governed by the charity. The Trustees and Leaders regularly review all income and expenditure, ensuring that financial policies are adhered to. Donations from the tithe fund to work outside of the charity are considered prayerfully and are Holy Spirit led.
Restricted Fund
Restricted funds are tied to a particular purpose which may arise on occasion. Income in the fund must only be used for its specific purpose, and this is monitored by the Trustees.
The report was prepared in accordance with the special provisions within Part 15 of the Companies Act 2006. This report was approved by the Board of Trustees on 17 September 2024 Adrian Toyne Trustee
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Psalm84 v 10 Trading as Threshold
INDEPENDENT EXAMINER'S STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PSALM84 V 10 TRADING AS THRESHOLD
I report on the accounts of the company for the year ended 31 December 2023 .
RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND EXAMINER
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
Having satisfied myself that the charity is not subject to an audit under company law and is eligible for independent examination, it is my responsibility to:
-
examine the accounts under section 145 of the 2011 Act;
-
follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
-
state whether particular matters have come to my attention.
BASIS OF INDEPENDENT EXAMINERS STATEMENT
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statement below.
INDEPENDENT EXAMINERS STATEMENT
In connection with my examination, no matter has come to my attention:
-
(1) which gives me reasonable cause to believe that in any material respect the requirements:
-
to keep accounting records in accordance with section 386 of the Companies Act 2006; and
-
to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities
have not been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached
...................................................
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Psalm84 v 10 Trading as Threshold
INDEPENDENT EXAMINER'S STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023
Date: 17 September 2024
Harrison Seymour LLP Cygnet House Exchange Road Lincoln LN6 3JZ
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Psalm84 v 10 Trading as Threshold
Statement of Financial Activities for the year ended 31 December 2023
| Income Income from generated funds Donations and legacies Total Income and endowments Expenses Costs of generating funds Expenditure on Charitable activities Total Expenses Net gains on investments Net Income Gains/(losses) on revaluation of fixed assests Net movement in funds: Net income for the year Total funds brought forward Net funds carried forward |
Unrestricted funds £ 110,702 110,702 69,015 69,015 41,687 41,687 121,460 163,147 |
Restricted funds £ - - - - - - - - |
2023 Total £ 110,702 110,702 69,015 69,015 41,687 41,687 121,460 163,147 |
2022 Total £ 99,952 |
|---|---|---|---|---|
| 99,952 | ||||
| 57,187 | ||||
| 57,187 | ||||
| 42,765 | ||||
| 42,765 78,695 |
||||
| 121,460 |
This statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities
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Psalm84 v 10 Trading as Threshold
| BALANCE SHEET AT 31 DECEMBER 2023 Notes FIXED ASSETS Tangible assets 2 CURRENT ASSETS Debtors (amounts falling due within one year) 3 13 Cash at bank and in hand 172,694 172,707 CREDITORS: Amounts falling due within one year 4 12,113 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES CAPITAL AND RESERVES Unrestricted funds 6 General fund |
2023 £ 2,553 160,594 163,147 163,147 163,147 |
11,596 120,669 132,265 11,939 |
2022 £ 1,133 120,326 |
|---|---|---|---|
| 121,459 | |||
| 121,459 | |||
| 121,459 |
For the year ending 31 December 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
Approved by the board of trustees on 17 September 2024 and signed on their behalf by
............................. Adrian Toyne Trustee
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Psalm84 v 10 Trading as Threshold
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023
1. ACCOUNTING POLICIES
1a. Basis Of Accounting
The accounts have been prepared under the historical cost convention.
The accounts have been prepared in accordance with FRS102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities.
1b. Cash Flow Statement
The Company is exempt from including a statement of cash flows in its accounts in accordance with Financial Reporting Standard for Smaller Entities (effective January 2015).
1c. Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Equipment
reducing balance 25%
2. TANGIBLE FIXED ASSETS
| Cost At 1 January 2023 Additions At 31 December 2023 Depreciation At 1 January 2023 For the year At 31 December 2023 Net Book Amounts At 31 December 2023 At 31 December 2022 |
Equipment £ 7,318 2,518 9,836 6,185 1,098 7,283 2,553 1,133 |
Total £ 7,318 2,518 |
|---|---|---|
| 9,836 | ||
| 6,185 1,098 |
||
| 7,283 | ||
| 2,553 | ||
| 1,133 |
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Psalm84 v 10 Trading as Threshold
| 3. DEBTORS Amounts falling due within one year: Other debtors |
2023 £ 13 13 |
2022 £ 11,596 |
|---|---|---|
| 11,596 |
4. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other creditors | 2023 £ 12,113 12,113 |
2022 £ 11,939 |
|---|---|---|
| 11,939 |
5. LIMITED BY GUARANTEE
The company is limited by guarantee and does not have a share capital. Each member gives a guarantee to contribute a sum not exceeding £, to the company should it be wound up. At 31 December 2023 there were 7 members.
6. UNRESTRICTED FUNDS
| General fund | Brought forward £ 121,460 121,460 |
Incoming resources £ 110,704 110,704 |
Outgoing resources £ (69,017) (69,017) |
Transfers £ - - |
Carried forward £ 163,147 |
|---|---|---|---|---|---|
| 163,147 |
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7. RESTRICTED FUNDS
| Brought forward |
Incoming resources |
Outgoing resources |
Transfers | Carried forward |
|---|---|---|---|---|
| £ | £ | £ | £ | £ |
Other small restricted resources
Other small restricted resources
8. CONTROLLING PARTY
The charity is controlled by the trustees.
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Psalm84 v 10 Trading as Threshold
| Incoming Resources for the year ended 31 December 2023 Incoming resources Incoming resources from generated funds Grants General giving incl tax |
110,702 | 2023 £ 110,702 110,702 110,702 |
99,952 | 2022 £ 99,952 99,952 99,952 |
|---|---|---|---|---|
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Psalm84 v 10 Trading as Threshold
Expenses for the year ended 31 December 2023
| Expenses Costs of generating funds Charitable Activities Grants payable Outreach and villiage events Premises hire Ministry gifts Course and conference costs Insurance Salaries Stationery and office supplies Office costs Subscriptions Depreciation of equipment Governance Costs Accountancy |
2023 £ 18,565 16,531 5,684 361 1,450 1,310 18,503 2,193 3,170 - 1,098 68,865 150 150 69,015 |
2022 £ 8,332 4,325 4,878 766 991 686 34,152 502 1,670 318 469 |
|---|---|---|
| 57,089 | ||
| 98 | ||
| 98 | ||
| 57,187 |
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