ST MARY'S PCC BRIDGWATER ANNUAL ACCOUNTS 2024 CONTENTS Annual Report Pages I to 6 Statement of Financlal Activitie5 Page 7 Balance Sheet Page 8 Notes to the.Accounts Pages 9 to 15 Not forming part of the independently examined accounts James Cook Bequest- Charity No 240141. ladmini5tèred by the Vicar and Churchwardensl Page 16 The Podger'5 Trust Vicar and Churchwardens Managing Trustees Page 17 Emma Pearce Memorial Trust- Charity No 246223 (administered by the Vicar and Churchwarden51 Pagv18 Independent Examiner's Report Page 19
THE PARISH CHURCH OF SAINT MARY, BRIDGWATER BANK Natwest Bank plc 6 York Buildings Coinhill Bridgwaler TA6 38A INDEPENDENT EXAMINER Kelly Davies FCCA Weslcotts Chartered Accountants 7 Castle Street Bridgwaler Somerset TA6 3DD ANNUAL REPORT AND ACCOUNTS FOR THE PAROCHIAL CHURCH COUNCIL FOFI THE YEAR ST ENDED 31 DECEMBER 2024 Aim and Purposes St, Mary's Parochial Church Council IPCCI has the responsibility of co-operating with the incumbenl, Revd. Suse Osmond in promoling the ecclesiastical parish. the whole mission of the ChLJrch, pastoral, evangelistic, social and ecumenical. The PCC is also specifically responsible for the maintenance of the Church building. Objectives and Aclivities The PCC is committed to enabling as many people as possible lo worship at our church and to become part of our parish community at St Mary's. The PCC maintains an overview of worship ihroughoul the parish and makes suggestions on how our services can involve the many groups that live within our parish. Our services and worship put faith into practice through prayer and scripture. music and sacrament. When planning our activities tor the year. we have considered the Commission's guidance on public benefit and, in particular. the supplementary guidan on charilies for the advanGemenl of religion.
In particular, we try to enable ordinary people to live out their faith as part of our parish community Ihrough: Worship and prayer Provision of pastoral care for people living in the parish. Mission and outreach This is underpinned by our vision to 'love and seNe all, as a nourishing community, passionate and energised by our faith. Vicars Report As the Civic church in the heart of Bridgwater, our vision 'lo love seNe and welcome all as a nourishing community. passionate and energised by our faith, conlinued to embed and grow throughoul 2024. Each week we welcome, on average, around 500 people through the doors of Ihe church building. This is made up of our regular worshippers, volunteers, Ihe work of the café, drop- ins and community groups as well as through lettings. The church has continued to parlner with other local projecls and we were delighted that the town council invited us again to join in the town community picnic in Blake Gardens during the summer. Our Well-being sessions. to support positive mental health are led by Meg Boucher and Jasmine Fowler with a team ol volunteers and have been so successful that this has expanded lo a session on Monday, as well as Wednesday each week. The church is connecting and hosting communiiy groups such as Alcoholics Anonymous, Gamblers Anonymous, Bridgwater Community choir as well as our weekly Grubs Up drop in for families, Babycinos, Thursday calé, bellringers, Graft group and homegroup to name a few. At the heart of all this is our worship life logether as a community of faith. Our Thursday midweek communion service is ever growing and now fills the St George Side-chapel most weeks. In 2024 we also changed from this being a BCP service every week lo instead using Common Worship lor at least three services a month. Our Sunday gathered worship has continued with an 8am BCP and 10am Holy Communion service. During 2024 we held two Alpha courses which led to baptisms and confimalions in Wells Cathedral in November. We hostsd the diocesan chaplaincy gathering, as well as concerts, civic events and charity events partnering with other local community groups. Early on in 2024 we had the pleasure of Revd. Nick Jerett joining us on a monlh-long placement as part of his curacy. l also finished my year as Chaplain lo the High Sheriff of Somerset and was delighted to preach in Wells Calhedral al the new High Sheriffs Installation service. We were excited to welcome Revd. Julie Pelling and her family as she was ordained and licensed on 30th June 2024 and began her curacy wilh us.11 was also with joy that, I gave birth, in November. to Benjamin Rowan Osmond which led lo me taking full time maternity leave through November and December. A huge thank-you for all your wonderful support Ihroughout this time and especially io Julie and Revd. Dr. Jonathan Trigg. This year also saw our Quinquennial inspection take place on the church building. The report highlighled the urgency with which we now need to address replacing the church roof. l am already grateful for the team who have forned lo focus on this project as we seek lo be good slewards of a beauliful, and hisloric, place of worship that serves as a visible reminder of the presence of God. It is wonderful to hear the sound of the bells ringing out regularly lo
call people lo worship. Above all it continues lo be our desirg that more than just a building, we are known lirst and foremost by Ihe way in which we love one another and especially those who find Ihemselves on Ihe margins of our community. Our desire is that as we live out Ihe Gospel message we might grow as a community of faith. We continue to make safeguarding a priority in all we do so thal each and every person can flourish. As we look forward, we are going to prayertully locus on the shape of our gathered worship life together and begin to explore some new ways in which we can enable all people, especially children and families to grow in faith. Finally, I want to say Ihank you to each and every one of you who generously give of your time, your skills and financially - from church wattlens and PCC to all the various teams we have. I have witnessed how through your acts of kindness and dedication you have both changed lives and enabled us to really 'be church, in this community. One person I would especially like to thank is Lesley Griffin for all her incredible hard work as both Treasurer and café manager which is practically a full-time jobl l also want to say thank you lo those people who do the jobs that can feel they go unnOtid such as washing and ironing linen, setting up for communion, unblocking the toilets, organising flowers, stewarding, washing up, welcoming, putting out flags, setting up for various sessions, playing instruments lo lead worship, sending baptism cards and so on- you know who you are, and you are amazing. Flnanclal Revlew The unrestricted funds this year has a deficit of £49,023 which is an improvement on last year of £4,35912023 -£53,382). We are holding less reslricled reseNes, wilh a reduction of £9.004. The Bellringers are now finishing off the project with a balance of £5,779. See note 11 for a full breakdown. Our financial situation has improved slightly but we need to recognise that we have only paid 50Vo of our Parish Share again this year. £18,243 01 £36,486. With regards to maintaining the fabric of the church, we still do not have any available reserves. We have received £15,400 in grants this year which will Contribute £10,600 lowards our healing and central costs- Warm Space grant £10,000 Wellbeing grant17 month} £5,000 Festive Grant £400 Gas and electricity bills for 2024 amounted lo £16,869. With an unrestricted balance in the bank of £14,627 at the end 012024 having short paid our Parish Share by £18,243, you can see that without the Warm Space grant we would have had a very cold church and would not be able wort with our community in a wami and welcoming space. With the Festive Grant we were able to offer 70 Christmas meals to parishioners and people ol Bridgwater and surrounding areas. We had people who were lonely and who would only be having this one Chrislmas meal, some who suffered poor mental health and some people who were part of Ihe chLJrch o)mmunity via the calé, our Well-being Wednesdays and our
church servi¢es. We also provided Christmas meals for the Grub5 Up children and their families. The amazing food was paid for by Ihe Somersel Comrnunily Foundation and we spent all £400, with an overspend 01 £1 TI that reduced the Active Living Fund. Slewardship has dropped overall by £632 (£30.913-2024. £31 ,545'.2023) although gift aid within these figures has increased by £157. Collections at seNices has increased by £69B on 20231£4,175'.2024, £3,477-.20231. Sundry donations have decreased by £1.8801£7,098'.2024, £8,978.'20231. Lettings were down this year by £1,1851£1,186=2024, £2,371:2023}. This is disappointing and are finding thal most of our larger bookings are eligible for our charitable rates on the basis that they are sel up as a charity. The good news is that we are anticipaling an increase of lettings in 2025, and at the cornmercial rate, therefore we are confident this silualion will now improve going forward. £1,214 ttas been raised through Fundraising. A big thank you everyone who has contributed lo our fundraising- Candles and Tomalo Plants Tower Tours Bellringer Coffee Momings Bags to School Quiz Nigh15 x 2 Craft Fayre Cards £128 £187 £98 £96 £359 £342 Smarty Tube fundraising for Zambia Link raised £513. The Café income is £21,487 (£16,722:2023}. This is an increase of £4,765. We catered lor the Chaplaincy again this year which went really well and helped improve profil. Expenditure is £15,552 1£12.425:20221. Profil Iherefore is £5,935 1£4,297'.20231. Pay It Forward donations lotalling £616 within these figures has been given lo provide those in need with free food and drinks. The overspend of £612 from the Pay It Forward Fund came from the Café Profit. The café became really busy through 2024. so we increased our prices slightly. We still have a few very cheap items on our menu so that we don't exclude people who cannol pay the higher prices. The Open Mental Health Grant of £10,000 for our Wellbeing Wednesdays came to an end on 31 March 2024. This project was very SUC$$fUl, and we are looking lo increase Ihe provision to two days a week. Further funding has been sought lo continue the proje¢t from April 2025. We have applied for 3 year funding of £20,000 lorthe Wednesdays from Hinkley Point and 2 year funding from The National Lotteries Awards lor All of £13,125 for the Mondays. Overall, our income has decreased by £12,386 (£102,258:2024, £114,644'.2023) and our expenditure has decreased by £4,171 {£106,903:2024, £111,074:20231. Income for Fees has increased this year by £1,348 (£12,196=2024, £10,848-2023). Fees payable to the DBF has increased by £1691£7883:2024, £7,714=20231 but then Ihis is to be expected with an increase in income. The total General Maintenance expendilure was £4,000.
We received an unrestricted legacy of £2.150 Irom The Abercanaid and Pentrebach Estate for Edward Thomas. This will have contributed lo the £4,000 spenl on maintenance this year-, £1,554 of which was for our 5-year electrical inspection. Under Major Repairs, we spent £3,336 on window repairs but this was covered by an insurance claim. We also paid £588 for further window repairs. Office assistance increased by £2,023 on the previous ye.ar due to an increase in the minimum pay and an increase in hours on the previous year1£9,390-2024. £7,367:20231. We have saved £830 on our stationery costs, mainly due to printing everything in black and while. There is no interest payable on our loan now as it is all wrapped up in the capilal repayments. We have reiVed our Quinquennial report, and we now need to raise money for the urgenl rool repairs ol approximately £500,000. Reserve5 Pollcy To safeguard linancial risks and to ensure the financial viability ol the PCC, tt has been our policy lo maintain general fund reseNes at a figure of at least 6 months general expenditure. For 2024 we were still unable lo fulfil this. We had changed our policy in 2019 to reduce our general fund reserves lo £10,000. Our fabric fund now stands al £50 and we have no general fund resees. We continue as a PCC to monitor our cash flow carefully and frequently and we are constantly looking at ways in which we can inGrease income and reduce expendilure. The PCC takes very seriously the unusual siluation we are in financially. We are actively seeking new ways of bringing in funds lo be able to meet our commitments during the nexl 12 months and with the cash flow forecasts which we have prepared, we consider that this will be achieved. We paid 6 months Common Fund in 2024, this being treated as a donation in the accounts, and not a liability. We have had the continued support of the Diocese and they renegoliated the loan for 2024 and we will be paying £2,600 per year rather than £13.000. This means that our loan will be for another 19 years rather than 4 more years. The loan is also now interest-free and if we are able to pay the loan off sooner then we can do so without any penalty. Structure, Governance and Management The Parochial Church Council is a corporate body established by the Church of England. The PCC operates under the Parochial Church Council Powers Measure and is a Registered Charity. The method of appointment ol PCC members is gel out in the Church Representation Rules. At St Mary's the membership of the PCC consists ol the incumbent lour vicar), Churchwardens and members elected by those members of the congregation who are on the electoral roll of the Church. All those who attend our services/members ol the congregation are encouraged to register on the Electoral Roll and sland for election to the PCC.
The PCC members are responsible for rnaking decisions on all matters of general contsrn and importance lo the parish including deciding on how the funds of the PCC are to be spent. New members receive initial training into the workings of the PCC. The full PCC met 6 times between January 1 $1 2024 and December 31. 2024 with an average level of attendan of around 85¥.. Reference and Administrative Delails St Mary's Church is situated in St Mary Streel, Bridgwater, Somersel. It is part of the Sedgemoor Deanery in the Diocese of Bath and Wells within the Church of England. The coespOndence address is St Mary's Church Office, St Mary Street, Bridgwater, TA6 3EQ. The Parochial Church Council {PCC) is a charity registered wilh the Charity Commission as the Parochial Church Council of Ihe E¢¢lesiaslical Parish of Saint Mary, 8ridgwater, Registered No. 1128525. PCC members who have served during the calendar year 2024, and during 2025 until the approval of the linancial statements and reporl are.. Ex Officio members: Incumbent: Revd. Suse Osmond Assistant Treasurer .' Miss Juliet Sully & Deanery Synod Representative Church Wardens . Mr Graham Cooke & Mr Richard Smith Mr Julian Higgs, Verger & Deanery Synod Representative Assistanl Curate in Training.. Revd Julie Pelling Itrom July 2024) Elected members: Mrs Lesley Griffin. Treasurer. 2022- 2025 Mr Flichard Strange 2022-2025 Mr Steve Cross 2023 - 2026 Mr Graham Cook 2023- 2026 Miss Itziar Simo-Arroyo 2023 - 2026 Mrs Alison Green 2024-2027 Mr Jon Thurlow 2024-2027 Approved by the PCC on.. and signed on their behalf by Reverend Suse Osmond IPCC chairperson)
ST MARY'S PCC BRIDGWATER sfATEMENT OF FINANCIAL AcnviTIES for the yèar ended 31sr DECEMBER 2024 Total Funds 2024 Totsl Funds Unrestrlcted Restrlcted Fund5 Funds UTrrestrlcted Restrlcted Funds Funds 2023 Notes INCOME AND ENDOWMENTS Income from donations and legacies 2a 43,277 16,460 59,737 45,253 26.079 71.332 Income from charltable activities 2b 39,609 628 40,237 33,561 1,875 35,436 Income frorn investments 2c 1,062 1,062 857 857 Other income 2d 1.084 138 1,222 2,972 4,047 7,019 TOTAL INCOME 85,032 17,226 102,258 82.643 32,001 114.644 EXPENDITURE Expenditure on charitable actlvities 80,673 26,230 IQ6.903 78,740 32.334 111,074 TOTAL EXPENDITURE 80,673 26,230 106,903 78,740 32,334 111,074 NET INCOMVIEXPENDITUREI BEFORE GAINS AND L055ES ON INVESTMENTS 4,359 19.0041 14,6451 3,903 13331 3,570 GAINS AND LOSSE5 ON INVESTMENTS Realised MOVEMENT IN FUNDS for the year 4,359 19.0041 14.6451 3,903 13331 3,570 RECONCILIATION OF FUNDS: TOTAL FUNDS BROUGHT FORWARD 153,3821 30,170 123,2121 157,2241 30.442 126,7821 Transfer between funds 1611 61 TOTAI FUNDS CARRIED FORWARD 149,0231 21,166 127,8571 153,3821 30.170 123,2121 The notes on pages 9 to 15 form part of these actounts. Page 7
ST MARY'S PCC BRIDGWATER BALANCE SHEET as at 31ST DECEMBER 2024 2024 2023 Notes FIXED ASSETS Tangible flxed assets 4,238 6.842 CURRENT ASSETS 5tock5 Debtors Cash at bank and in hand 1,099 4,338 36,327 41,764 992 6,363 28,064 35,419 LIABILITIES- AMOUNTS FALLING DUE WITHIN ONE YEAR 8a 127,0591 116,0731 NET CURRENT ASSETS 14,705 19.346 TOTAL ASSEfs LESS CURRENT UABILlnES 18,943 26,188 UABILITIES- AMOUNTS FALLING DUE AFTER MORE THAN ONEYEAR 8b I46,8) 149,4001 NET ILIABILITIESI 127,8571 123,2121 FUNDS Unrestrlcted funds Restricted fund5 io li 149,0231 21,166 153,3821 30,170 127,8571 123,2121 Approved by the Parochial Church Council on and signed on Its behalf by.. Revd Suse Osmond ChaSrman ¢1 Mrs Lesley Griffin Treasurer Ig647*- The notes on pages 9 to 15 fomi part of these accounts. Page 8
ST MARY'5 PCC BRIDGWATER NOTES TO THE FINANCIAL STATEMENTS for the year ended 31ST DECEMBER 2024 I ACCOUNTING POLICIES Statement of tompllance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial R'eporting Standard applicable in the UK and Republic of Ireland IFRS 1021 ICharitie5 SORP IFRS 102lleffective I January 201911. Church Accounting Regulations 2006 and the Charities Art 2011. The chailty is a public benefit entity. 8asis of preparatlon The finaneial statements have been prepared under the historical cost convention except for the valuatlon of investment 355ets, which are shown at fair value. The financial Statements include all transactions. assets and liabilities for which the PCC is responsible in law. They do not include the accounts of church groups that owe their main affiliation to another body, nor those that arp inforrnal gatherings of church members. The financial statements are prepared in sterling, whlch is the functional currency of the PCC. The charity has taken advantage of the exemption available to small charitie5 in the Charitles SORP IFRS 1021 not to include a cash flow statement. Going concern The Diocesan Board of Finan ha5 indicated its contlnuing support to St Ma5 in allowing them to make a reduced Common Fund payment and also extending the loan term for the re-ordering of the Church. Cash flow projections have been prepared for the 12 month5 following the date of thi5 report which indicate that the PCC will continue to meet its day to da¥ working capital requirements. On the strength Df the forgoing, the trustees consider that thère are no material uncertainties about the PCC'S ability to CDntinue as a 8oing concern and that it 15 therefore appropriate to prepare the atcounis on a going concern basls. Judgement5 and key spur5 of estlmatlon uncertalnty The preparation of the financial Statements requires management to make judgements, estimate5 and 5sumptions that can affect the amounts reported. These estimates and judgements are continually revlewed and are based on experien and other factors, including expectations of future events that are believed to be reasonable under the ¢ircumstances. Fund accounting Restricted fund5 represent lal income from trusts or endowments which may be expended only on those restricted objects provided In the terms of the trust or bequest, and Ibl donations or grants received for specific object or invited by the pcc for a specific objett. The fund5 may only be expended on the specific object for which they were given. Any balance remalnlng unspent at the end of each year rnu5t be carried forward as a balance on that fund. General funds represent the funds of the PCC that are not subject to any restrictions regarding their use and are available for application on the Eeneral purposes of thè PCC. Funds designated for a particular purpose by the PCC are a150 unrestritted. Income recognition Voluntary income ond ¢h(Jritoble tyctivities Income is recognised when the PCC has entitlement to the funds. it is probablo thai the income will be recelved and the amount of income receivable can be measured reliably. Collections are recognised when received by or on behalf of the PCC. Planned giving is recognised only when received. Tax recoverable on gift. aid donations is recogni5ed when the donation 15 reco8nlsed. Grant5 and legacies to the PCC are accounted for a5 soon as the PCC is notified of its legal entitlement, the amount due is quantifiable and its ultimate receipt by the PCC is reasonably cèrtain. Fund-raising events organised by the PCC are accounted for gross. Sale5 of magazines and souvenirs are accounted for 8r05S. Other income Rental income from the letting of church premises 15 ¥ec¢Trgnised when the rental 15 due. Incomefrom investments Dividend5 and inleiest are accounted for when receivable- any associated tax recoverable being recognised in the same accounting year. Page 9
ST MARY'S PCC BRIDGWATER NOTES TO THE FINANCIAL STATEMENTS for the year ended 31ST DECEMBER 2024 Icontinuedl I ACCOUNTING POLICIES {contlnuedl Expendlture recognition Expenditure 15 recogni5ed on an accruals basis. Expenditure includes any VAT which cannot be fully recovered. Grants and donlltions Grants and donations are accounted for when paid over or when awarded if that award creates a binding obligation on the PCC. Expenditure on charitoble octivities Charitable activitie5 include all costs that directly relaie to the work of the church. including running cost5 and costs of maintenarbce and repair. Support cost5 3nd governance costs are deemed to relate dlrectly to the work of the church. The Dioeesan Parish Share is a¢cDunted for when paid and no accrual is made for any part not paid by the end of Ihe financial year as it doe5 not represent a legal debt. Fundroising costs Fundraising costs includes the costs Of all furydraising activitie5, events. non-charitable trading activitie5, and the sale of donated goods. Other expenditure Other expenditure includes all expenditure that Is neither related to raising funds for the charity nor part of Its expenditure on charitable activities. Tangible Fixed Assets Consecrotedproperty andmovtible churchfurnishings Consecrated and beneficed property is excluded from the accounts by 5.1012llaland Icl of the Charities Act 2011. Movable church furnishings held by the Vicar and Churchwardens on special trust for the PCC and whlch require a faculty for disposal are accounted for as inalienable property unless consecrated. They are listed in the Church's inventory, which can be inspected by arran8ement. For inalienable property acquired prior to 2000 there is insufficient C05t information available and therefore such assets are not valued in the financial Statements. Items acquired since 2000 have been capitalised and depreciated in the financial Statements over their currently anticipated useful economic life of four years on a siraight line basis. All eXpendtUrE incurred in the year on consecrated or beneficed buildings. individual items under E5CM) or on the repair of rnovable church furnishing5 acquired before 20W 15 written off. other Fixture5, Fittings ond Office Equipment Equipment Used wlthin the church premi5e5 is depreciated on a stral@ht line basi5 over four years. Individual items with a purchase price of £500 or less are written off when the asset 15 acquired. Investments Snvestments are a forth of basic financial instrument and are initially recognised at their transaction value nd subsequently measured at their fair value as at 31 December. The statement of financial activities includes the net gains and losses arisin8 on revalualion and disposa15 throughout the year. Current assets Amounts owing to the PCC are shown as debtors less provision for amounts that rnay prove uncollectable. Cash at bank and in hand includes Short term deposits with Banks and the CBF Church of En8land Funds. Stocks are rneasured at the lower of cost and estimated 5elline pri less costs to complete and sell. Liabilitle5: amounts falllng due within one year and after more than one year Liabilitie5 are recognised as expenditure as soon as there is legal or constructive obligation committlng the PCC to that expenditure. It is probable that the settlement will be required and the arnount of the obligation can be measured reliablv. Financlal Instruments The PCC ha5 financial assets and financial liabilitles of a kind that qualify as basic financial instrurnents. Basic financial instruments are initially recognlsed at transaction value and subsequently measured 8t thelr settlement value. Financial instrurnents that are concessionary loans Ibeing public benefit entity loans made at below the prevalling market rate of interest, not repayable on demand and for the purposes of furihering the oblectives of the PCCI are initially recognised at the 3mount received with the carrying amount adjusted in 5ub5equent yeais to reflect repayments and any accrued Interest and adjusted if necessary for impairment. Page 10
ST MARY'S PCC BRIDGWATER NOTES TO THE FINANCIAL STATEMENTS for the year ended 31sr DECEM8ER 2024 Icontinuedl Totsl Funds Total Funds INCOMEAND ENOOWMENTS Unrestrlcted Re5trlrted Funds Unrestrlcted Restricted Funrts Funds 2024 2023 23 Incomè from donatlons and legacies Planned Giving- Gift Aid Giving Income tax recoverable Non-tax recoverable Cc*llections at Services Donations Grants Legacies 18,518 6.797 5,599 4.175 6,038 18,518 6,797 5,599 4,175 7.098 15,400 2.150 19,745 6.634 5,160 3,477 6,737 3,500 19,745 6,640 S,160 3,477 8,978 27,332 1,'060 15.400 2,241 23.832 2.150 43,277 16,460 59,737 45,253 26.079 71,332 2b Income from charitable activities Lettings Fund-raising cafe income Craft and book sales Office external 200 Club gr055 Flowers Fees equipment Fees 1,186 1,21S 20,871 176 20 3,800 1,186 1.215 21,487 176 2,371 680 15,277 84 io 4,046 2,371 680 16,722 84 io 4,046 430 245 10,848 616 1,445 20 3,8CMI 12 145 12,196 12 430 145 245 10,848 12.196 39,609 628 40.237 33,561 1.875 35,436 2c IncomE from investments Bank and other interest 1,062 1,062 857 857 1.062 1,062 8S7 857 2d Other Income Mi5£ellaneous Income VAT reclaimed Bellringing service 2,986 781 280 2,986 3,753 280 1.084 138 1,222 2,972 1.084 138 1,222 2.972 4.047 7.019 TOTAL INCOME 85,032 17.226 102.258 82.643 32,001 114,644 Pa8e 11
STMARY'S PCCBRIDGWATER NOTES TO THE FINANCIAL STATEMENT5 for the yèar ènded 31 DECEMBER 2024 Irontlnuedl EXPENDITURE ON CHARITABLE ACTIVITIES Total Funds 2024 Total Funds Unrestrlrted Re5trlcted Fund5 Funds Unrestricted Restrlcted Funds Fund5 2023 3a Church actfvltles- general Ministry: Share of Dlocesan Common Fund DBF and other fee5 Clergy expenses Other clerEV Costs Light, heat, insurance and cleaning Church maintenance Organ maintenance Ve5trnents and sanctuary expense5 Church Servios Resources Flower5 Young Church Church developrnent Organist5' salaries Major repair5/replacement installations Donations Letting5 expense5 Café Expenditure Cost of fundraising Mlscellaneou5 Write off - organ blower dispute DeprÈciatlon 18.243 7,883 1.048 261 18,243 7,883 1,048 261 22,182 4.0 818 539 572 15,816 7,354 1,023 IS,816 7,714 1,023 360 13,904 4.000 818 539 572 8,278 13,938 2,460 873 377 614 13,938 2,460 873 377 614 485 125 13,709 2.280 12,262 1.858 14rJ 12,425 183 16 141 141 139 485 139 125 136 2.280 3,909 10,632 10.632 1,370 3.336 74 13.573 L370 3,336 74 8.353 1,858 312 14,758 312 15,552 140 10,958 183 16 794 1,467 141 1691 191 64,110 141 1691 3,074 90,248 2,883 26,138 6,238 32.334 6,238 92,536 60,202 3b Other costs 200 club Stewardship expense 2.020 34 2.020 34 2,020 31 2,020 31 2.054 2.054 2,051 2,051 3c Governance costs Accountancv 850 850 744 744 850 850 744 744 3d Support costs Office a551StHncÈ stationery less recharged to church funds Vestry telephone and internet Marketing Subscription5 Bank Charges Loan interest payable 9,390 1.731 1,029 109 1,059 341 9,390 1,731 1,029 201 1,059 341 7.367 2,561 1.154 7,367 2,561 1,154 92 1,308 339 3,014 1,308 339 3,014 13.6S9 92 13.751 15.743 15,743 TOTALEXPENDITURE 80.673 26,230 106.903 .78,740 32,334 111,074 Page 12
ST MARVS PCC BRIDGWATER NOTE5 TO THE FINANCIAL STATEMENTS for the year ended 315T DECEMBER 2024 l¢ontlnuedl 2024. 2023 4 al STAFF COSTS Wages and salaries 16,971 13,080 During the year the PCC employed an administrator, organi5t5 and funeral and wedding vergers and vicars but no payments were large enough to attlact tax or national insurance. The PCC also employed Project Worker5 where tax was involved but no national insurance. The PCC claimed small empoyers allowance, and a full employee SMP rebate. The average number of employees during the year was 312023..21 bl PAYMENTSTO PCC MEMBERS Payments of £1,014 were made to Kelvin Milli5 whilst a PCC member during the year. But he Is a longstanding self-employed supplier who helps keep our malntenance c05t5 down. No other payments or expenses were paid to any PCC member, related parties or persons connected to them. S ST MARY'S 200 CLUB Profit for the year. 1,780 2,026 6 TANGIBLE FIXEDASSETS Fixtures, fittings and equipment COST At l January 2024 Addition5 At 31 December 2024 64,615 470 65,085 DEPRECIATION At l January 2024 Charge for year At 310ecember 2024 57,773 3,074 60,847 CARRYING AMOUNT At 31 December 2024 At 310ecember 2023 4,238 6,842 2024 Z023 7 DEBTORS Income tax recoverable Other debtors VAT recoverable on development expendlture 3,085 588 665 4,338 3,030 2,355 978 6,363 8a LIABILITIE5-AMOUNTS FALLING DUEWITHIN ONEYEAR Concessionary loan Sundry creditors and accruals 2,600 24,459 27,059 2,600 13,473 16,073 (See note 8b for details of the concessionary loan). Page 13
ST MARY'S PCC BRIDGWATER NOTES TO THE FINANCIAL STATEMENTS for the year ended 31ST DECEMBER 2024 (continued) 20Z4 2023 8b LIABILITIES- AMOUNT5 FALLING DUE AFTER MORE THAN ONE YEAR Concesslonary loah 46,800 49,400 The loan is from The Bath and Wells Board of Finance. The totsl amount originally advanced was £130,000 and was repayable by ten annual instalments of £13,000. This is being reduced to annual Instalments of £2.600 from l January 2024 on an interest free ba51S. 9 ANALYSIS OF NET ASSETS BY FUND Unrestricted Restricted Total Fixed assets Current assets Current liabilities Long term liabilities 352 24,484 127,0591 146,8001 149,0231 3,886 17,280 4,238 41,764 127,0591 146,8001 127,8571 21,166 10 UNREsTRIEo FUNDS Transfers between funds Opening balance Closing balance Income Expenditure General Projerter Replacement Fund 153,3821 85,032 180,6731 11001 149,1231 IC4J loo 149,0231 153,3821 85,032 180,6731 11 RESTRICTED FUNDS Transfers between fund5 Opening balance C105in8 balance Income Expenditure Fabric Restoration Flower Guild Government COVID Grant Bellringers Womens Fellowship Refugee/Other Need donations Active Living Grant Computer donation Pay it forward Baby & toddler group Food Resilience Kitchen extension Warm Space Grant NotSceboard Open Mental Health Warm Space Grant 24/25 Wellbeing Project 24125 Festive Food Grant 2,986 35 805 215 6,662 329 1,273 316 118 400 13,3361 50 35 676 12 11411 12151 11,6811 798 5,779 329 1,199 138 1741 11781 11181 16161 7831 11981 11,0951 17,5321 14741 13.8991 13,8181 11,6721 14001 126.2301 616 1,565 396 2,933 7,532 1,106 3,899 782 198 1,838 632 10,000 5,000 400 17,226 6,182 3,328 30,170 21,166 Page 14
ST MARY'S PCC BRIDGWATER NOTES TO THE FINANCIAL STATEMENTS for the year ended 31ST DECEMBER 2024 Icontinuedl 11 RESTRICTED FUNDS IntInued) The Fabric fund is to be used on the upkeep of the building. During the year a number of grants were received for ur8ent roof repairs which have been carried out during the year. The bellringers fund orlginated in 2017 for the restoration of the Church bells. Recovery of VAT was received in the year and work on the bells was undertaken. The kitchen extension fund 15 made up of several grants which were received which has been used on an extension to the kitchen so that there is more room for food preparation. The warm space fund5 are made up of several grants received as a contribution to the overheads of the building to enable the church to stay open additional hours as a warm space for the community. The open mental health grants were received to fijnd a projert of well-being events. 12 CHARITIES AND TRUSTS The James Cook Bequest is a registered charity administered by the Vicar and Churchwardens. They are also Managing Trustee5 of the Podger Trust, the DBF being Custodian Trustee. The Emma Pearce Memorial fund is a registered charity administered by the Wicar and Churthwardens. None of the above Charities and Trusts are subject to Independent Examination. 2024 2023 13 EKfERNAL GIVING (excluded from SOFA under regulations) The Childrens Hospice Zambia Link Organist retirement collertion 40 513 63 558 605 1,226 553 14 LEGACIES The Abercanaid and Pentrebach Estste 2,150 2,150 15 RELATED PARTIES Durin8 the year, the trustee5 made unconditional donations amountlng to £6,77412023 £4,909) inclusive of gift aid. There were no materlal related party transactions during the year that requlre reporting. Page 15
JAMES COOK BEQUEST- CHARITY NUMBER 240141 Administered by the Vicar and Churchwardens of St Mary's Bridgwater RECEIPTS AND PAYMENT5 ACCOUNT for the year ended 31ST DECEMBER 2024 Com arative 2023 RECEIPTS Dividends 197 200 PAYMENTS Grants to Charitable Organisations 197 SURPLUS for the Year 200 STATEMENT OF ASSETS AND UABILITIES as at 31ST DECEMBER 2024 ASSETS 7.178 393 361.7 COIF Income Units at Market Value Cash held by St Mary's PCC Bridgwater 7.340 593 7,571 7,933 Page 16
THE PODfjER TRUST Vlcar and Churchwarden5 Mana8lngTru5tees RECEiYfs AND PAYMENTS ACCOUNT for theyear ended JIST DECEMBER 20Z4 Com arative 2 RECEIPT5 570 476 1,046 Rent of land Inve5trnent Income 570 815 1,385 PAYMENTS Legal Fees 1.046 SURPLU5 FOR THE YEAR 1.385 STATEMENTOF ASSEfs AND UABILITIES as at 31 DECEMBER 2024 Permanent EndowThent Note I Central Board of Flnance Designated Fund P4ote 2 Central Board of Flnance (Partl General Fund Debtors Central Board of Flnante (Partl onk deposit account Currentaccount 1,140 1,076 205 2,216 1,887 209 3.926 4,637 4,637 6.022 Note I Pemianent Endowmetbt now lodged with Custodian Trustees CDrnPriSes:. Previously.held by Man3gin8Trustees Wayleave granted ovEr part of land at Wembdon proceed5 4,2tJl io.wo 14.200 Perrnanent Endowment also Includes 8.087 acre5 land at Wembdon. Note 2 Deslgnated Fund represents the surplu5 on sale ol property. Pa8e 17
EMMA PEARCE MEMORIAL FUND- CHARITY NUMBER 246223 Administered by the Vicar and Churchwar¢Jen5 of St Mary's Brldgwater RECEIPTS AND PAYMENTS ACCOUNT forthe year ended 31ST DECEMBER 2024 Com aratlve 2023 RECEIPTS 533 Income from interest Final Trust Fund Transfer 778 4,749 PAYMENTS Grants to Individuals 70 200 463 (DEFICIT)ISURPLUS for the Year 5,327 STATEMENT OF ASSETS AND LIABILITIES as at 31ST DECEMBER 2024 ASSETS 13,928 409 Emma Pearce Memorial Fund Account Cash held by St Mary's PCC Bridgwater 18,677 987 14,337 19,664 Page 18
THE PARISH CHURCH OF ST. MAR Y BRIDGWA TER Inde ndent examlner s re ort to the trustees ol the PCC of St. Ma Brid water This report is on the accounts of the PCC for the year 31st December 2024 which arc set out on pages 7 to 13. This report is made solely lo the trusiees. as a bthly, in accordance with Section 145 of the Charities Act 201 l and regulations made under Section 154 of that Act. My work has becn undertaken so that I might stale to the PCC'S iwsT¢cs those mattcr5 l am required to state to th¢m in an Independent EXniner'S Report and for no other purwse. To thc full¢st extent pennittcd by law, I do noi accepi or assume resw)nsibility io anyone than the PCC and the PCC'S irnslees as a b(MJy, for my wotk or for ihis report. Res ctlve res nslbllitles of trustees and examiner The trustees of the PCC arc responsible for the preparktion of the accounts. The trustccs of ihe PCC consider that all audil is not required for this ye8s under Section 144 of the ChIlIeS Act 2011 ("Ihe Charities Act") and that an independeni examination is needed. It is my rcsp)n5ibilily 10- examine the accounts under Seciion 145 01 Ihe Charities Acl. follow the procedures laid down in the gcncra] Directions given by the chry Commission undcr Scclion 145(5)Ib) of the chille8 Act. and 5talc whcthcr patticular matters have come to my attcntion. Basls of Inde ndent examiner's statement My examinaiion was carried out in accordance with the Direciions given by the Charity Corntnis5ion. An examination include8 a VieW of the accounting records kepc by thc PCC and a comparison of the accounts ptesewbtrd wilh those records. It also includes consideration any unusual itcms or disclosures in the accounts, and sccking explanations from thc irustccs coneetning any such mall¢rs. Th¢ pro¢edures undertaken do not provide all the evidence that would be required in an audit. and consequently no opinion is given as to whcther thc accounis present a 'true ?d lair. view Jnd the reporl is limited to thosc mattcrs set out in the statement below. Inde ndent examiner's statement In connrxtion with my examinatiofy no matter has comc to my attention.. {1) which gives me reasonable cause to believe fhat in any material respect che requirements to kccp accounrinE records in accordanec with Section 130 of ihe Charities Act: ?d to prep¢ accounis which accord with thc accounting Tecords, Accounting and Reporting by ch]tieS PrepiDg their accounts in 2ccordance with the Financial Reporting Siandard applicable in thc UK and Republic of Ireland (FRS 102) and in othcr rcspccts comply with the accounting requircments of the Charities Act have not been met- or (2) to which, in my opinion, attention should bc drawn in order to enable a propcr understtnding of the accounls to be reached. K. Davies. FCCA Westcotts. Chartered Accountants. 7 Casde Street, Bridgwater. Sorne ct. TA6 3DD 12 May, 2025 Page 19