Registered number: 03694147 Charity number: 1075306 **Psalm84 v 10 Trading as Threshold** **UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024** **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 2024** ## **TRUSTEES** Simon Baker - resigned 14/10/2024 Adam Brown Alan Evans Mark Protheroe Adrian Toyne Claire Johnson Mary Maguire - appointed 17/09/2024 . ## **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 page 1 ## **Psalm84 v 10 Trading as Threshold** ## **ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **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| page 2 **Psalm84 v 10 Trading as Threshold** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **TRUSTEES' REPORT** The trustees present their report and accounts for the year ended 31 December 2024 ## **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 2024 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 3 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. page 3 **Psalm84 v 10 Trading as Threshold** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **TRUSTEES' REPORT** 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 Communication/Co-ordinator. During 2024, ‘Threshold Network' continued to strengthen our closes 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 2024. 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. ## 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. page 4 **Psalm84 v 10 Trading as Threshold** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **TRUSTEES' REPORT** ## 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. ## 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 4 May 2025 Adrian Toyne Trustee page 5 **Psalm84 v 10 Trading as Threshold** ## **INDEPENDENT EXAMINER'S STATEMENT** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **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 2024 . ## **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 ................................................... page 6 **Psalm84 v 10 Trading as Threshold** **INDEPENDENT EXAMINER'S STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024** Date: 4 May 2025 Harrison Seymour LLP Cygnet House Exchange Road Lincoln LN6 3JZ page 7 **Psalm84 v 10 Trading as Threshold** ## **Statement of Financial Activities for the year ended 31 December 2024** |**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**
**£**
105,512
**105,512**
84,215
**84,215**
**21,297**
**21,297**
163,147
**184,444**|**Restricted**
**funds**
**£**
-
**-**
-
**-**
**-**
**-**
-
**-**|**2024**
**Total**
**£**
105,512
**105,512**
84,215
**84,215**
**21,297**
**21,297**
163,147
**184,444**|_2023_
_Total_
_£_
_110,702_| |---|---|---|---|---| |||||_110,702_| |||||_69,015_| |||||_69,015_| |||||_41,687_| |||||_41,687_
_121,460_| |||||_163,147_| This statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities page 8 **Psalm84 v 10 Trading as Threshold** |**BALANCE SHEET AT 31 DECEMBER 2024**
**Notes**
**FIXED ASSETS**
Tangible assets
2
**CURRENT ASSETS**
Debtors (amounts falling due within one year)
3
13
Cash at bank and in hand
194,078
194,091
**CREDITORS: Amounts falling due within one year**
4
11,237
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**CAPITAL AND RESERVES**
**Unrestricted funds**
**6**
General fund|**2024**
**£**
1,591
182,854
184,445
184,445
184,445|_13_
_172,694_
_172,707_
_12,113_|_2023_
_£_
_2,553_
_160,594_| |---|---|---|---| ||||_163,147_| ||||_163,147_| ||||_163,147_| For the year ending 31 December 2024 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 4 May 2025 and signed on their behalf by** ............................. Adrian Toyne Trustee page 9 **Psalm84 v 10 Trading as Threshold** ## **NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **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 2024
At 31 December 2024
**Depreciation**
At 1 January 2024
For the year
At 31 December 2024
**Net Book Amounts**
At 31 December 2024
At 31 December 2023|**Equipment**
**£**
9,836
9,836
7,283
962
8,245
1,591
2,553|**Total**
**£**
9,836| |---|---|---| |||9,836| |||7,283
962| |||8,245| |||1,591| |||2,553| page 10 ## **Psalm84 v 10 Trading as Threshold** |**3. DEBTORS**
Amounts falling due within one year:
Other debtors|**2024**
**£**
13
13|_2023_
_£_
_13_| |---|---|---| |||_13_| ## **4. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |Other creditors|**2024**
**£**
11,237
11,237|_2023_
_£_
_12,113_| |---|---|---| |||_12,113_| ## **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 2024 there were 7 members. ## **6. UNRESTRICTED FUNDS** |General fund|**Brought**
**forward**
**£**
163,147
163,147|**Incoming**
**resources**
**£**
105,513
105,513|**Outgoing**
**resources**
**£**
(84,215)
(84,215)|**Transfers**
**£**
-
-|**Carried**
**forward**
**£**
184,445| |---|---|---|---|---|---| ||||||184,445| page 11 **Psalm84 v 10 Trading as Threshold** ## **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. page 12 **Psalm84 v 10 Trading as Threshold** |**Incoming Resources**
**for the year ended 31 December 2024**
**Incoming resources**
**Incoming resources from generated funds**
**Grants**
General giving incl tax|105,512|**2024**
**£**
105,512
105,512
105,512|_110,702_|_2023_
_£_
_110,702_
_110,702_
_110,702_| |---|---|---|---|---| page 13 ## **Psalm84 v 10 Trading as Threshold** ## **Expenses for the year ended 31 December 2024** |**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
Depreciation of equipment
**Governance Costs**
Accountancy|**2024**
**£**
11,140
16,582
6,112
1,030
1,257
692
32,558
553
12,945
962
83,831
384
384
84,215|_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_| page 14