## **Holy Trinity Church, Frome**
## **End of Year Financial Statements**
## **31 December 2021**
Holy Trinity Financial Report 2021
## **FINANCIAL REVIEW**
This report covers the financial year and calendar year 2021. This year will again be remembered for the impact of the COVID-19 pandemic, as was 2020, which continued to affect every single aspect of Holy Trinity’s significant spectrum of activities from Praise and Worship, Toddlers and through to Finances. While the Government’s assistance schemes again helped our Staff costs, particularly the Children and Youth Fund, and the Bridge Fund with assistance to small businesses, the General Fund suffered even more significantly than in 2020 from reduced offerings.
Total receipts on the ordinary unrestricted fund, which represent the General Fund only, were £116,679 and are detailed in the Financial Statements. For direct comparison purpose with year (2019) the unrestricted General Fund income was £164,346. Hence a reduction on income, 2021 cf 2019 of £47,667. Total expenditure in the year from such income amounted to £137,182. The largest item was our Parish Share of £97,554 which was paid to the Diocese of Bath and Wells to enable it to provide the parish with clergy and support services. The net result for these funds was a deficit of £20,503 compared with a surfeit of £23,626 in 2019 and surfeit of £25,615 in 2018. Government assistance to these costs in 2021 was £1,778 from Staff Furlough schemes.
Designated Funds total receipts were £37,802 and expenditure was £53,163 resulting in a deficit of £15,361. These figures cover all designated Funds held by Holy Trinity. The funds mostly affected are the Hall; lack of rental income, the Nurse; little income just expenditure, the Bridge; ;income affected by Covid. However, it must be realised that when Andrew and Elizabeth Alden were appointed to be Young Adults Ministry representatives in Frome and surrounding villages then Holy Trinity was asked to hold a Fund for their work. This Fund, YAM can be seen as having a 2021 income of £8,338 and expenditure of £51. This Fund is in the process of being handed to the Deanery for management and accounting. These figures are not included in the Designated Funds amounts noted above, but are included in the detailed accounts.
Restricted Funds, which are; Children & Youth, Debt Centre, Fabric and the Redevelopment Funds had an income of £51,190 and an expenditure of £37,761 resulting in a surfeit of £13,428. This surfeit is substantially due to Government Staff Furlough schemes which amounted to £9,920 into the Children and Youth and Debt Centre Funds
The PCC has continued its long-standing policy of giving (tithes) 10% of general income to mission which for 2021 has included support for ministry in Bitola, North Macedonia and our association with the fledgling evangelical church there through TEN, however charitable giving in 2021 has not reached that %age being at £8,791 compared with giving at £100,466.
Following the PCC decision to support the C & Y Fund by an amount of £350 per month from the General Fund, which commenced in October 2019 this fund has enjoyed an excess of income over expenditure, even more so with the Governments Staff Furlough scheme. Accordingly, it was decided to temporarily cease this support. Toddlers of course ceased to operate through substantial periods of 2021 and has consequently not provided Toddler’s contribution of the usual £1,000 towards the C & Y fund.
The Fabric Fund has a negative balance of £6,432, this negative balance is slowly being reduced as income is realised from investment allocated only to Fabric, through 2021 this income amounted to £692
The Redevelopment (restricted) Fund was also resourced by a loan from The Diocese for £100,000 which is due for repayment over 10 years (2017-2027) repayments made to the end of this report period total £50,000. The redevelopment Fund stands at a negative £37,153 at the year-end which takes account of the outstanding £50,000 loan liability. Giving to the redevelopment fund has reduced as previously reported, however, following a lump sum given in 2021, we are now able to service the Diocesan Loan this year, 2022, but this will be a challenge to service from this fund, from 2023 onward.
The Bridge account had an income of £23,717 mostly due to a Government grant of £17,669. The Bridge expenditure was £27,633 almost entirely due to fixed costs, Rent and Maintenance, the PCC has decided to carry out significant maintenance at The Bridge through 2020 and into 2021, this maintenance cost was £19,064 during 2021. The Bridge management, led by John and Wendy Rootes have continued work when able to do so under the COVID-19 restrictions.
The Hall Fund income has significantly suffered due to COVID-19 restrictions resulting in a deficit of £5,393, while the Hall Hire Income runs the direct Hall expenses, as previously noted in my annual reports, the
Holy Trinity Frome, Financial Report 2021 Page 2 There may be minor discrepancies in totals due to pence not being included
General Church suffers cost for Administration and other aspects that are paid from our General Fund. The Hall is normally contra charged by the General Fund a sum to cover these appropriate costs.
## **Charitable Status**
Holy Trinity Church is registered with the Charity Commission as The Parochial Church Council of the Ecclesiastical Parish of Holy Trinity, Frome. Registered number 1129366.
## **Reserves Policy**
It is PCC policy to maintain a balance on unrestricted funds which covers three months of Parish Share payments to cover cash flow problems near the year end and to cope with unforeseen situations. Some funds are invested in CBF deposit funds. However, it can be realised from these accounts that the Church finances, having suffered due to COVID-19 comply with this policy, however, moving forward at the current level of Income and Expenditure this will be challenging within the next 15-18 months. The Diocese offered financial support to parishes suffering financially due to COVID-19 however Holy Trinity both decided not to apply for this support and indeed would almost certainly not have satisfied the qualifying criteria.
## **Outlook and Budget**
We will have to service the Diocesan Loan, for the TT-TL project, at a repayment rate of £10,000 per year for the next 5 years. We currently have no plan or pledges to cover this, however this fund is in credit and can currently service the next 1 + years.
The Children and Youth workers Fund is now significantly more secure following Government Staff Furlough schemes. The Toddler’s fund is recovering as Toddler’s activities have re-commenced.
Members should be aware that the Children and Youth and Debt Centre are separate funds, as is Redevelopment, and if not specifically noted and supported by your giving then they enjoy no other income, furthermore these are Restricted Funds and monies can only be spent on their defined purposes except in extreme circumstances.
The Church members’ giving has been significantly affected by COVID-19 restrictions. It may be realised from these accounts that offerings on the plate each week as cash, totaled £26.925 in 2019 but only £7,281 in 2021, a reduction of £19,644, in addition standing orders and other regular giving reduced by £10,722. This also reduced Gift Aid reclaims by an amount of £6,369. These reductions total £36,735 being a significant reduction which affects the overall church activities and the reserves held in savings. Our Parish Share for 2021 was based upon reporting to the diocese completed in April 2020 covering the church attendance for the previous year, 2019 (pre-Pandemic). The Diocese decided this year, 2022 our Parish Share should remain substantially the same as 2021; while the financial outlook for 2022 remains acceptable, due to our reserves in the General Fund being £46,051 we look forward to church returning to normal and regular worshipping members numbers returning to pre COVID-19 level but more importantly the associated income returning. Current habits of not carrying cash and use of Card Payments have persuaded the PCC to install a Card Donation system which hopefully will help in recovering the lost income “on the plate”
As an aside a Legacy to a Registered Charity, such as Holy Trinity, can be a very efficient way to reduce Inheritance Tax rates, and provide funding to the charity, the legacy is therefore significantly greater than the drawdown on inherited assets, due to the remaining taxable inheritance being taxed at a reduced rate. If anyone is interested in this matter please talk with me.
18 January 2022
Chris Round,
Treasurer, HTC On Behalf of the Parochial Church Council
Approved at PCC meeting held on 26 January 2022, conditional on Independent Examiner’s report being unqualified.
Holy Trinity Frome, Financial Report 2021 Page 3 There may be minor discrepancies in totals due to pence not being included
**Holy Trinity Church, Frome**
## **Statement of Financial Activities**
## **For the period from 01 January 2021 to 31 December 2021**
||**Unrestricted**|**Designated**|**Restricted**|**Endowment**|**Total**|**Prior year**|
|---|---|---|---|---|---|---|
||**funds**|**funds**|**funds**|**funds**|**funds**|**total funds**|
|**_Incoming resources_**|||||||
|Incoming resources from generated funds|||||||
|Voluntary income|111,964|15,998|40,578|—|168,540|180,232|
|Activities for generating funds|1,879|10,196|—|—|12,075|9,127|
|Investment income|167|—|692|—|859|1,057|
|Incoming resources from charitable activities|891|—|—|—|891|951|
|Other incoming resources|1,777|19,946|9,920|—|31,644|24,463|
|**Total income**|**116,679**|**46,140**|**51,190**|**—**|**214,010**|**215,831**|
|**_Resources used_**|||||||
|Costs of generating funds|||||||
|Costs of generating voluntary income|—|—|346|—|346|699|
|Fundraising trading: cost of goods sold and other costs|—|731|—|—|731|661|
|Charitable activities|136,882|52,483|37,714|—|227,080|213,994|
|Other resources used|—|—|—|—|—|—|
|**Total expenditure**|**136,882**|**53,214**|**38,061**|**—**|**228,158**|**215,354**|
|**Net income / (expenditure) resources before transfer**|**(20,203)**|**(7,073)**|**13,128**|**—**|**(14,147)**|**477**|
||||||||
|**_Transfers_**|||||||
|Gross transfers between funds - in|34|1,920|—|—|1,954|34,974|
|Gross transfers between funds - out|(300)|(1,654)|—|—|(1,954)|(34,974)|
|**_Other recognised gains / losses_**|||||||
|Gains / losses on investment assets|—|—|—|3,974|3,974|1,684|
|Gains on revaluation, fixed assets, charity's own use|—|—|—|—|—|—|
|**Net movement in funds**|**(20,469)**|**(6,807)**|**13,128**|**3,974**|**(10,172)**|**2,161**|
|**_Reconciliation of funds_**|||||||
|**Total funds brought forward**|**66,820**|**32,106**|**8,776**|**27,898**|**135,601**|**133,440**|
|**Total funds carried forward**|**46,351**|**25,298**|**21,905**|**31,873**|**125,428**|**135,601**|
||||||||
|**_Represented by_**|||||||
|Unrestricted|||||||
|General fund|46,351|—|—|—|46,351|66,820|
|Designated|||||||
|Church Hall Revenue Fund|—|(9,173)|—|—|(9,173)|(3,780)|
|Fin Assistance to self empl|—|788|—|—|788|2,813|
|Parish Nurse|—|10,730|—|—|10,730|15,742|
|Parish Weekend away|—|—|—|—|—|34|
|The Bridge|—|6,915|—|—|6,915|10,532|
|Toddlers Fund|—|1,700|—|—|1,700|763|
|Young Adult Ministry|—|14,337|—|—|14,337|6,000|
|Restricted|||||||
|Children & Youth Worker Fund|—|—|40,805|—|40,805|30,643|
|Debt Counselling|—|—|24,685|—|24,685|33,140|
|Fabric Fund|—|—|(6,432)|—|(6,432)|(7,124)|
|Redevelopment Fund|—|—|(37,153)|—|(37,153)|(47,883)|
|Endowment|||||||
|Investments|—|—|—|31,873|31,873|27,898|
Holy Trinity Frome, Financial Report 2021 Page 4 There may be minor discrepancies in totals due to pence not being included
**Holy Trinity Church, Frome**
## **Balance sheet (Summary) As at: 31 December 2021**
||**As at 31/12/2021**
**£**|**As at 31/12/2020**
**£**|
|---|---|---|
|**Fixed assets**
Tangible assets
Investments
**Current assets**
Debtors
Investments
Cash at bank and in hand
**Net current assets less current liabilities**
**Total assets less current liabilities**
**Liabilities**
Creditors: Amounts falling due after more than one year
**Total net assets less liabilities**
**Represented by**
**Unrestricted**
Unrestricted - General fund
**Designated**
Designated - Fin Assistance to self empl
Designated - Parish Nurse
Designated - Parish Weekend away
Designated - Young Adult Ministry
Designated - Church Hall Revenue Fund
Designated - The Bridge
Designated - Toddlers Fund
**Restricted**
Restricted - Debt Counselling
Restricted - Fabric Fund
Restricted - Redevelopment Fund
Restricted - Children & Youth Worker Fund
**Endowment**
Endowment - Investments
**Funds of the church**|1,302
31,873
33,175
7,295
13,817
121,138
142,252
**142,252**
**175,428**
50,000
**125,428**
46,351
788
10,730
—
14,337
(9,173)
6,915
1,700
24,685
(6,432)
(37,153)
40,805
31,873
**125,428**|1,532
27,898
29,430
6,464
13,810
145,895
166,170
**166,170**
**195,601**
60,000
**135,601**
66,820
2,813
15,742
34
6,000
(3,780)
10,532
763
33,140
(7,124)
(47,883)
30,643
27,898
**135,601**|
Holy Trinity Frome, Financial Report 2021 Page 5 There may be minor discrepancies in totals due to pence not being included
**Holy Trinity Church, Frome**
## **Statement of Assets and Liabilities (by code) As at: 31 December 2021**
|**Class and nominal code**|**General**|**Designated**|**Restricted**|**Endowment**|**Total**|**Last year**|
|---|---|---|---|---|---|---|
|**Fixed assets - Investments**|||||||
|A1005 : Investments|—|—|—|31,873.10|31,873.10|27,898.29|
|**Total**|—|—|—|31,873.10|31,873.10|27,898.29|
|**Fixed assets - Tangible assets**|||||||
|A1003 : Office|1,302.83|—|—|—|1,302.83|1,532.31|
|**Total**|1,302.83|—|—|—|1,302.83|1,532.31|
|**Current assets - Cash at bank and in hand**|||||||
|B3040 : The Bridge Current|579.61|5,492.61|—|—|6,072.22|9,902.08|
|Account|||||||
|B3041 : The Bridge Cash|—|186.70|—|—|186.70|317.49|
|C3011 : Children & Youth Worker|(136.06)|41.13|13,725.94|—|13,631.01|10,112.63|
|Fund|||||||
|D3050 : Redevelopment Fund|5,351.14|—|1,400.80|—|6,751.94|7,749.33|
|G3010 : General Current Account|13,995.84|(2,675.86)|54,336.67|—|65,656.65|91,527.60|
|G3014 : General Cash Imprest|—|—|—|—|—|81.50|
|G3016 : Parish Weekend|—|—|—|—|—|34.00|
|H3020 : Hall Current Account|8,307.72|20,532.59|—|—|28,840.31|26,170.73|
|**Total**|28,098.25|23,577.17|69,463.41|—|121,138.83|145,895.36|
|**Current assets - Debtors**|||||||
|Z05 : Accounts Receivable|4,114.47|1,721.25|1,460.00|—|7,295.72|6,464.67|
|**Total**|4,114.47|1,721.25|1,460.00|—|7,295.72|6,464.67|
|**Current assets - Investments**|||||||
|F3060 : Fabric CBF Deposit|—|—|929.75|—|929.75|929.27|
|G3011 : General CBF Deposit|12,836.03|—|51.98|—|12,888.01|12,881.31|
|**Total**|12,836.03|—|981.73|—|13,817.76|13,810.58|
|**Liabilities - Creditors: Amounts falling due**|**after more**|**than one year**|||||
|ZZZ11 : Loan|—|—|50,000.00|—|50,000.00|60,000.00|
|**Total**|—|—|50,000.00|—|50,000.00|60,000.00|
||||||||
|**Net total assets**|46,351.58|25,298.42|21,905.14|31,873.10|125,428.24|135,601.21|
## **Represented by**
Holy Trinity Frome, Financial Report 2021 Page 6 There may be minor discrepancies in totals due to pence not being included
## **Holy Trinity Church, Frome**
## **Fund movement by type Selected period: 01 January 2021 to 31 December 2021**
||**Fund and type**
**Fund balances**
**Incoming**
**Outgoing**
**Transfers**
**Gains and**
**Journal**
**Fund balances**
**brought forward**
**Resources**
**Resources**
**Losses**
**Entries**
**carried forward**|
|---|---|
||**Unrestricted**
General - General fund
66,820
116,679
136,882
(266)
—
—
46,351
**Sub-totals**
**66,820**
**116,679**
**136,882**
**(266)**
**—**
**—**
**46,351**
**Designated**
Covid - Fin Assistance
2,813
975
3,000
—
—
—
788
to self empl
DEBTCOUN - Debt
—
—
—
—
—
—
—
Counselling
Nurse - Parish Nurse
15,742
5,866
10,878
—
—
—
10,730
Weekend - Parish
34
34
34
(34)
—
—
—
Weekend away
YAM - Young Adult
6,000
8,388
51
—
—
—
14,337
Ministry
Hall - Church Hall
(3,780)
6,762
10,535
(1,620)
—
—
(9,173)
Revenue Fund
Bridge - The Bridge
10,532
23,717
27,633
300
—
—
6,915
Toddlers - Toddlers
763
396
1,080
1,620
—
—
1,700
Fund
**Sub-totals**
**32,106**
**46,140**
**53,214**
**266**
**—**
**—**
**25,298**
**Restricted**
DEBTCOUN - Debt
33,140
5,437
13,892
—
—
—
24,685
Counselling
Fabric - Fabric Fund
(7,124)
691
—
—
—
—
(6,432)
Redevelop -
(47,883)
11,081
351
—
—
—
(37,153)
Redevelopment Fund
C&youth - Children &
30,643
33,980
23,817
—
—
—
40,805
Youth Worker Fund
**Sub-totals**
**8,776**
**51,190**
**38,061**
**—**
**—**
**—**
**21,905**
**Endowment**
Coif - Investments
27,898
—
—
—
3,974
—
31,873
**Sub-totals**
**27,898**
**—**
**—**
**—**
**3,974**
**—**
**31,873**
**Totals**
**135,601**
**214,010**
**228,158**
**—**
**3,974**
**—**
**125,428**|
Holy Trinity Frome, Financial Report 2021 Page 7 There may be minor discrepancies in totals due to pence not being included
## **Holy Trinity Church, Frome**
## **Analysis of income and expenditure Selected period: 01 January 2021 to 31 December 2021**
|||||||**Total**||
|---|---|---|---|---|---|---|---|
||**Unrestricted**|**Designated**|**Restricted**|**Endowment**|**This year**||**Last year**|
|**Incoming resources**||||||||
|**_Incoming resources from generated_**|**_funds_**|||||||
|D0030 - Change|7,281|—|89|—|7,371||10,125|
|D0031 - Donations|18,241|12,225|10,777|—|41,244||41,766|
|D0032 - Grants & Legacies|—|—|—|—|—||—|
|D0040 - Sundry|227|34|—|—|261||518|
|D0041 - Events|294|—|—|—|294||—|
|D0042 - Fabric|—|—|—|—|—||—|
|D0043 - Books|531|—|—|—|531||89|
|D0044 - Toddlers|—|154|—|—|154||879|
|P0010 - Standing Orders|65,498|1,705|24,882|—|92,086||99,818|
|P0011 - Envelopes|5,317|—|—|—|5,317||5,403|
|P0020 - Inland Revenue Refund|14,571|1,878|4,828|—|21,279||21,630|
|P0021 - Vat: Listed places of Worship|—|—|—|—|—||—|
|Scheme||||||||
|B0060 - Photocopying|5|—|—|—|5||115|
|B0061 - Windows|—|—|—|—|—||—|
|B0062 - Catering|—|—|—|—|—||798|
|B0063 - Sales not used|—|—|—|—|—||—|
|B0064 - Sales not used 2|—|—|—|—|—||—|
|B0065 - Sales not used 3|—|—|—|—|—||—|
|B0066 - sales not used 4|—|—|—|—|—||—|
|B0067 - Rent|1,323|588|—|—|1,911||1,516|
|B0068 - Bridge Sales|—|2,845|—|—|2,845||2,490|
|H0070 - Hall Hire|551|6,762|—|—|7,313||4,206|
|C0050 - Current Interest|38|—|0|—|38||252|
|I0051 - 1/2T Int|129|—|—|—|129||126|
|I0052 - 3T Int|—|—|691|—|691||678|
|**_Incoming resources from_**|114,010|26,194|41,270|—|181,475||190,417|
|**_generated funds Totals_**||||||||
|**_Incoming resources from charitable_**|**_activities_**|||||||
|F0080 - Fees|891|—|—|—|891||951|
|**_Incoming resources from_**|891|—|—|—|891||951|
|**_charitable activities Totals_**||||||||
|**_Other incoming resources_**||||||||
|D0033 - Redev Fabric Congregational|—|—|—|—|—||—|
|Loan||||||||
|P0023 - HMRC Job Ret Sch Covid 19|1,777|19,946|9,920|—|31,644||24,463|
|**_Other incoming resources Totals_**|1,777|19,946|9,920|—|31,644||24,463|
|**Incoming resources Grand**|116,679|46,140|51,190|—|214,010||215,831|
|**totals**||||||||
Holy Trinity Frome, Financial Report 2021 Page 8 There may be minor discrepancies in totals due to pence not being included
|**Resources used**
**_Costs of generating funds_**
A1011 - Fund Raising Expenses
INT - Interest Paid
B1062 - Bridge Purchases
B1063 - Purchase not used
B1064 - Purchases not used 2
B1065 - Purchases not used 3
B1066 - Purchases not used 4
**_Costs of generating funds Totals_**
**_Charitable activities_**
A0010 - Preliminaries
B1067 - Rent
B1068 - Rates & water Rates
C1010 - Church Overseas
C1011 - Relief & Development
C1020 - Home Missions
C1021 - Seculiar Charities
D1050 - Parish Share
E1040 - Outreach
E1041 - Discipleship
F1030 - Depreciation 01
H1060 - Cleaner
R1090 - Insurance
R1091 - Cleaning
R1092 - Administrator
R1093 - Maintenance
R1094 - Stationery
R1095 - Telephone
R1096 - Equipment
R1097 - Sundries
R1098 - Petty Cash
R1099 - Catering
S1080 - Music
S1081 - Heat & Light
S1082 - Books
S1083 - Services
S1084 - Events
S1085 - Clergy
S1086 - Bank Charges
Y1001 - Fabric
Y1070 - Wages
Y1071 - Expenses
Z99999 - Depreciation
**_Charitable activities Totals_**
**_Other resources used_**
A1012 - Architects Fees
A1013 - Co-ordinator Fees
A1014 - Design costs
A1015 - Building and Construction
Costs
A1016 - Furnishings and equipment
**_Other resources used Totals_**
**Resources used Grand totals**||—
—
—
—
—
—
—
—
346
—
346
699
—
731
—
—
731
661
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
731
346
—
1,077
1,360
—
—
—
—
—
—
92
6,971
—
—
7,063
5,313
146
199
—
—
345
578
3,750
—
—
—
3,750
5,625
2,500
—
—
—
2,500
—
1,100
—
—
—
1,100
2,005
210
—
—
—
210
—
97,553
—
—
—
97,553
99,834
2,098
4,976
3,600
—
10,674
9,383
—
—
—
—
—
—
—
—
—
—
—
—
3,211
2,335
—
—
5,546
3,962
890
890
—
—
1,780
1,770
382
—
—
—
382
162
6,123
4,261
—
—
10,385
10,927
3,711
19,940
—
—
23,652
5,956
502
—
—
—
502
429
717
557
—
—
1,275
940
—
—
—
—
—
847
4,431
312
100
—
4,843
4,159
400
—
—
—
400
100
—
—
—
—
—
—
—
—
—
—
—
—
3,330
1,717
—
—
5,047
5,922
—
—
—
—
—
—
1,346
—
—
—
1,346
428
60
—
—
—
60
—
343
—
—
—
343
—
726
6
34
—
767
342
—
—
—
—
—
834
2,742
10,019
33,696
—
46,459
46,284
280
296
283
—
859
3,757
229
—
—
—
229
4,426
136,882
52,483
37,714
—
227,080
213,994
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
136,882
53,214
38,061
—
228,158
215,354
**Unrestricted**
**Designated**
**Restricted**
**Endowment**
**Thisyear**
**Lastyear**|
|---|---|---|
||||
Holy Trinity Frome, Financial Report 2021 Page 9 There may be minor discrepancies in totals due to pence not being included
## **Notes to the financial statements**
## **For the year ended 31 December 2021**
## **ACCOUNTING POLICIES**
The financial statements have been prepared in accordance with the Church Accounting Regulations 2006 together with applicable accounting standards and the SORP 2015 SOFA.
The financial statements have been prepared under the historical cost convention except for the valuation of investment assets, which are shown at market 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 are informal gatherings of church members.
## **Funds**
_Endowment funds_ are funds, the capital of which must be maintained; only income arising from investment of the endowment may be used either as restricted or unrestricted funds depending upon the purpose for which the endowment was established.
_Restricted funds_ represent (a) income from trusts or endowments which may be expended only on those restricted objects provided in the terms of the trust or bequest, and (b) donations or grants received for a specific object or invited by the PCC for a specific object. The funds may only be expended on the specific object for which they were given. Any balance remaining unspent at the end of each year must be carried forward as a balance on that fund. The PCC does not usually invest separately for each fund. Where there is no separate investment, interest is apportioned to individual funds on an average balance basis.
_Designated funds_ have been set up for the designated object as indicated by their title, these funds will be disbursed only for that object purpose.
_Unrestricted funds_ are general funds which can be used for PCC ordinary purposes.
## **Incoming resources**
Planned giving, collections and donations are recognized when received. Tax refunds are recognized when the incoming resource to which they relate is received. Grants and legacies are accounted for when the PCC is legally entitled to the amounts due. Dividends are accounted for when receivable, interest is accrued. All other income is recognised when it is receivable. All incoming resources are accounted for gross.
## **Resources expended**
Grants and donations are accounted for when paid over or when awarded, if that award creates a binding or constructive obligation on the PCC. The diocesan parish share is accounted for when due. Amounts received specifically for mission are dealt with as restricted funds. All other expenditure is generally recognized when it is incurred and is accounted for gross.
## **Fixed assets**
Consecrated and benefice property is not included in the accounts in accordance with s.96(2) (a) of the Charities Act 1993. Movable church furnishings held by the vicar and churchwardens on special trust for the PCC and which require a faculty for disposal are inalienable property, listed in the church’s inventory, (the Terrier) which can be inspected (at any reasonable time). For anything acquired prior to 2004 there is insufficient cost information available and therefore such assets are not valued in the financial statements. Furthermore all matters pertaining to the Redevelopment Works are not valued in the financial statements and are not considered as assets to be depreciated or replaced.
Equipment used within the church premises is depreciated on a reducing balance basis, at 15% for furniture and fixtures, and 25% for office equipment. Individual items of £500 or less are written off when the asset is acquired, and assets that are considered to have exceed a reasonable life expectancy are written off at that time.
Investments are valued at market value 31 December 2021
Holy Trinity Frome, Financial Report 2021 Page 10 There may be minor discrepancies in totals due to pence not being included
|**2**
**CHARITABLE DONATIONS**
FEBA – B&M Adams
C&N Moreton
Christian aid
REAP Africa
Bath One Good Friday Pageant
C & Y Fund
Wycliffe
FACT
Grant to support training in Pioneer Ministry
Others
Hardship Fund Church/Bridge
Neighbourhood Chaplains
Bitola, Macedonia, Church twinning
DEC Cyclone Idai appeal
Friends of Somerset Churches
Bridge Teas
A Rocha eco church
**3**
**FIXED ASSET**
**(a) Tangible**
Actual / deemed cost at 1st Jan
Disposal
Additions at cost
At 31st December
Depreciation at 1st Jan
Withdrawn on disposal
Charge for the year
Depreciation at 31st December
**(b) Investments**
Market value at 1st January
Purchases
Disposals
Revaluation
At 31st December|**2021**
_£_
2500
2000
300
---
--
--
1000
--
---
174
507
50
2000
---
50
210|**2020**
_£_
2500
2500
300
--
300
2800
1000
210
--
148
1033
300
2830
1000
50
--|
|---|---|---|
||8791
38407
---
---
38407
36874
230
37104
27898
3974
31873|12141
38407
--
---|
|||38407|
|||32448
4426|
|||36874|
|||26214
1684|
|||27898|
Holy Trinity Frome, Financial Report 2021 Page 11 There may be minor discrepancies in totals due to pence not being included
## **Holy Trinity Church, Frome**
## **End of Year Financial Statements**
## **31 December 2021**
Holy Trinity Financial Report 2021
## **FINANCIAL REVIEW**
This report covers the financial year and calendar year 2021. This year will again be remembered for the impact of the COVID-19 pandemic, as was 2020, which continued to affect every single aspect of Holy Trinity’s significant spectrum of activities from Praise and Worship, Toddlers and through to Finances. While the Government’s assistance schemes again helped our Staff costs, particularly the Children and Youth Fund, and the Bridge Fund with assistance to small businesses, the General Fund suffered even more significantly than in 2020 from reduced offerings.
Total receipts on the ordinary unrestricted fund, which represent the General Fund only, were £116,679 and are detailed in the Financial Statements. For direct comparison purpose with year (2019) the unrestricted General Fund income was £164,346. Hence a reduction on income, 2021 cf 2019 of £47,667. Total expenditure in the year from such income amounted to £137,182. The largest item was our Parish Share of £97,554 which was paid to the Diocese of Bath and Wells to enable it to provide the parish with clergy and support services. The net result for these funds was a deficit of £20,503 compared with a surfeit of £23,626 in 2019 and surfeit of £25,615 in 2018. Government assistance to these costs in 2021 was £1,778 from Staff Furlough schemes.
Designated Funds total receipts were £37,802 and expenditure was £53,163 resulting in a deficit of £15,361. These figures cover all designated Funds held by Holy Trinity. The funds mostly affected are the Hall; lack of rental income, the Nurse; little income just expenditure, the Bridge; ;income affected by Covid. However, it must be realised that when Andrew and Elizabeth Alden were appointed to be Young Adults Ministry representatives in Frome and surrounding villages then Holy Trinity was asked to hold a Fund for their work. This Fund, YAM can be seen as having a 2021 income of £8,338 and expenditure of £51. This Fund is in the process of being handed to the Deanery for management and accounting. These figures are not included in the Designated Funds amounts noted above, but are included in the detailed accounts.
Restricted Funds, which are; Children & Youth, Debt Centre, Fabric and the Redevelopment Funds had an income of £51,190 and an expenditure of £37,761 resulting in a surfeit of £13,428. This surfeit is substantially due to Government Staff Furlough schemes which amounted to £9,920 into the Children and Youth and Debt Centre Funds
The PCC has continued its long-standing policy of giving (tithes) 10% of general income to mission which for 2021 has included support for ministry in Bitola, North Macedonia and our association with the fledgling evangelical church there through TEN, however charitable giving in 2021 has not reached that %age being at £8,791 compared with giving at £100,466.
Following the PCC decision to support the C & Y Fund by an amount of £350 per month from the General Fund, which commenced in October 2019 this fund has enjoyed an excess of income over expenditure, even more so with the Governments Staff Furlough scheme. Accordingly, it was decided to temporarily cease this support. Toddlers of course ceased to operate through substantial periods of 2021 and has consequently not provided Toddler’s contribution of the usual £1,000 towards the C & Y fund.
The Fabric Fund has a negative balance of £6,432, this negative balance is slowly being reduced as income is realised from investment allocated only to Fabric, through 2021 this income amounted to £692
The Redevelopment (restricted) Fund was also resourced by a loan from The Diocese for £100,000 which is due for repayment over 10 years (2017-2027) repayments made to the end of this report period total £50,000. The redevelopment Fund stands at a negative £37,153 at the year-end which takes account of the outstanding £50,000 loan liability. Giving to the redevelopment fund has reduced as previously reported, however, following a lump sum given in 2021, we are now able to service the Diocesan Loan this year, 2022, but this will be a challenge to service from this fund, from 2023 onward.
The Bridge account had an income of £23,717 mostly due to a Government grant of £17,669. The Bridge expenditure was £27,633 almost entirely due to fixed costs, Rent and Maintenance, the PCC has decided to carry out significant maintenance at The Bridge through 2020 and into 2021, this maintenance cost was £19,064 during 2021. The Bridge management, led by John and Wendy Rootes have continued work when able to do so under the COVID-19 restrictions.
The Hall Fund income has significantly suffered due to COVID-19 restrictions resulting in a deficit of £5,393, while the Hall Hire Income runs the direct Hall expenses, as previously noted in my annual reports, the
Holy Trinity Frome, Financial Report 2021 Page 2 There may be minor discrepancies in totals due to pence not being included
General Church suffers cost for Administration and other aspects that are paid from our General Fund. The Hall is normally contra charged by the General Fund a sum to cover these appropriate costs.
## **Charitable Status**
Holy Trinity Church is registered with the Charity Commission as The Parochial Church Council of the Ecclesiastical Parish of Holy Trinity, Frome. Registered number 1129366.
## **Reserves Policy**
It is PCC policy to maintain a balance on unrestricted funds which covers three months of Parish Share payments to cover cash flow problems near the year end and to cope with unforeseen situations. Some funds are invested in CBF deposit funds. However, it can be realised from these accounts that the Church finances, having suffered due to COVID-19 comply with this policy, however, moving forward at the current level of Income and Expenditure this will be challenging within the next 15-18 months. The Diocese offered financial support to parishes suffering financially due to COVID-19 however Holy Trinity both decided not to apply for this support and indeed would almost certainly not have satisfied the qualifying criteria.
## **Outlook and Budget**
We will have to service the Diocesan Loan, for the TT-TL project, at a repayment rate of £10,000 per year for the next 5 years. We currently have no plan or pledges to cover this, however this fund is in credit and can currently service the next 1 + years.
The Children and Youth workers Fund is now significantly more secure following Government Staff Furlough schemes. The Toddler’s fund is recovering as Toddler’s activities have re-commenced.
Members should be aware that the Children and Youth and Debt Centre are separate funds, as is Redevelopment, and if not specifically noted and supported by your giving then they enjoy no other income, furthermore these are Restricted Funds and monies can only be spent on their defined purposes except in extreme circumstances.
The Church members’ giving has been significantly affected by COVID-19 restrictions. It may be realised from these accounts that offerings on the plate each week as cash, totaled £26.925 in 2019 but only £7,281 in 2021, a reduction of £19,644, in addition standing orders and other regular giving reduced by £10,722. This also reduced Gift Aid reclaims by an amount of £6,369. These reductions total £36,735 being a significant reduction which affects the overall church activities and the reserves held in savings. Our Parish Share for 2021 was based upon reporting to the diocese completed in April 2020 covering the church attendance for the previous year, 2019 (pre-Pandemic). The Diocese decided this year, 2022 our Parish Share should remain substantially the same as 2021; while the financial outlook for 2022 remains acceptable, due to our reserves in the General Fund being £46,051 we look forward to church returning to normal and regular worshipping members numbers returning to pre COVID-19 level but more importantly the associated income returning. Current habits of not carrying cash and use of Card Payments have persuaded the PCC to install a Card Donation system which hopefully will help in recovering the lost income “on the plate”
As an aside a Legacy to a Registered Charity, such as Holy Trinity, can be a very efficient way to reduce Inheritance Tax rates, and provide funding to the charity, the legacy is therefore significantly greater than the drawdown on inherited assets, due to the remaining taxable inheritance being taxed at a reduced rate. If anyone is interested in this matter please talk with me.
18 January 2022
Chris Round,
Treasurer, HTC On Behalf of the Parochial Church Council
Approved at PCC meeting held on 26 January 2022, conditional on Independent Examiner’s report being unqualified.
Holy Trinity Frome, Financial Report 2021 Page 3 There may be minor discrepancies in totals due to pence not being included
**Holy Trinity Church, Frome**
## **Statement of Financial Activities**
## **For the period from 01 January 2021 to 31 December 2021**
||**Unrestricted**|**Designated**|**Restricted**|**Endowment**|**Total**|**Prior year**|
|---|---|---|---|---|---|---|
||**funds**|**funds**|**funds**|**funds**|**funds**|**total funds**|
|**_Incoming resources_**|||||||
|Incoming resources from generated funds|||||||
|Voluntary income|111,964|15,998|40,578|—|168,540|180,232|
|Activities for generating funds|1,879|10,196|—|—|12,075|9,127|
|Investment income|167|—|692|—|859|1,057|
|Incoming resources from charitable activities|891|—|—|—|891|951|
|Other incoming resources|1,777|19,946|9,920|—|31,644|24,463|
|**Total income**|**116,679**|**46,140**|**51,190**|**—**|**214,010**|**215,831**|
|**_Resources used_**|||||||
|Costs of generating funds|||||||
|Costs of generating voluntary income|—|—|346|—|346|699|
|Fundraising trading: cost of goods sold and other costs|—|731|—|—|731|661|
|Charitable activities|136,882|52,483|37,714|—|227,080|213,994|
|Other resources used|—|—|—|—|—|—|
|**Total expenditure**|**136,882**|**53,214**|**38,061**|**—**|**228,158**|**215,354**|
|**Net income / (expenditure) resources before transfer**|**(20,203)**|**(7,073)**|**13,128**|**—**|**(14,147)**|**477**|
||||||||
|**_Transfers_**|||||||
|Gross transfers between funds - in|34|1,920|—|—|1,954|34,974|
|Gross transfers between funds - out|(300)|(1,654)|—|—|(1,954)|(34,974)|
|**_Other recognised gains / losses_**|||||||
|Gains / losses on investment assets|—|—|—|3,974|3,974|1,684|
|Gains on revaluation, fixed assets, charity's own use|—|—|—|—|—|—|
|**Net movement in funds**|**(20,469)**|**(6,807)**|**13,128**|**3,974**|**(10,172)**|**2,161**|
|**_Reconciliation of funds_**|||||||
|**Total funds brought forward**|**66,820**|**32,106**|**8,776**|**27,898**|**135,601**|**133,440**|
|**Total funds carried forward**|**46,351**|**25,298**|**21,905**|**31,873**|**125,428**|**135,601**|
||||||||
|**_Represented by_**|||||||
|Unrestricted|||||||
|General fund|46,351|—|—|—|46,351|66,820|
|Designated|||||||
|Church Hall Revenue Fund|—|(9,173)|—|—|(9,173)|(3,780)|
|Fin Assistance to self empl|—|788|—|—|788|2,813|
|Parish Nurse|—|10,730|—|—|10,730|15,742|
|Parish Weekend away|—|—|—|—|—|34|
|The Bridge|—|6,915|—|—|6,915|10,532|
|Toddlers Fund|—|1,700|—|—|1,700|763|
|Young Adult Ministry|—|14,337|—|—|14,337|6,000|
|Restricted|||||||
|Children & Youth Worker Fund|—|—|40,805|—|40,805|30,643|
|Debt Counselling|—|—|24,685|—|24,685|33,140|
|Fabric Fund|—|—|(6,432)|—|(6,432)|(7,124)|
|Redevelopment Fund|—|—|(37,153)|—|(37,153)|(47,883)|
|Endowment|||||||
|Investments|—|—|—|31,873|31,873|27,898|
Holy Trinity Frome, Financial Report 2021 Page 4 There may be minor discrepancies in totals due to pence not being included
**Holy Trinity Church, Frome**
## **Balance sheet (Summary) As at: 31 December 2021**
||**As at 31/12/2021**
**£**|**As at 31/12/2020**
**£**|
|---|---|---|
|**Fixed assets**
Tangible assets
Investments
**Current assets**
Debtors
Investments
Cash at bank and in hand
**Net current assets less current liabilities**
**Total assets less current liabilities**
**Liabilities**
Creditors: Amounts falling due after more than one year
**Total net assets less liabilities**
**Represented by**
**Unrestricted**
Unrestricted - General fund
**Designated**
Designated - Fin Assistance to self empl
Designated - Parish Nurse
Designated - Parish Weekend away
Designated - Young Adult Ministry
Designated - Church Hall Revenue Fund
Designated - The Bridge
Designated - Toddlers Fund
**Restricted**
Restricted - Debt Counselling
Restricted - Fabric Fund
Restricted - Redevelopment Fund
Restricted - Children & Youth Worker Fund
**Endowment**
Endowment - Investments
**Funds of the church**|1,302
31,873
33,175
7,295
13,817
121,138
142,252
**142,252**
**175,428**
50,000
**125,428**
46,351
788
10,730
—
14,337
(9,173)
6,915
1,700
24,685
(6,432)
(37,153)
40,805
31,873
**125,428**|1,532
27,898
29,430
6,464
13,810
145,895
166,170
**166,170**
**195,601**
60,000
**135,601**
66,820
2,813
15,742
34
6,000
(3,780)
10,532
763
33,140
(7,124)
(47,883)
30,643
27,898
**135,601**|
Holy Trinity Frome, Financial Report 2021 Page 5 There may be minor discrepancies in totals due to pence not being included
**Holy Trinity Church, Frome**
## **Statement of Assets and Liabilities (by code) As at: 31 December 2021**
|**Class and nominal code**|**General**|**Designated**|**Restricted**|**Endowment**|**Total**|**Last year**|
|---|---|---|---|---|---|---|
|**Fixed assets - Investments**|||||||
|A1005 : Investments|—|—|—|31,873.10|31,873.10|27,898.29|
|**Total**|—|—|—|31,873.10|31,873.10|27,898.29|
|**Fixed assets - Tangible assets**|||||||
|A1003 : Office|1,302.83|—|—|—|1,302.83|1,532.31|
|**Total**|1,302.83|—|—|—|1,302.83|1,532.31|
|**Current assets - Cash at bank and in hand**|||||||
|B3040 : The Bridge Current|579.61|5,492.61|—|—|6,072.22|9,902.08|
|Account|||||||
|B3041 : The Bridge Cash|—|186.70|—|—|186.70|317.49|
|C3011 : Children & Youth Worker|(136.06)|41.13|13,725.94|—|13,631.01|10,112.63|
|Fund|||||||
|D3050 : Redevelopment Fund|5,351.14|—|1,400.80|—|6,751.94|7,749.33|
|G3010 : General Current Account|13,995.84|(2,675.86)|54,336.67|—|65,656.65|91,527.60|
|G3014 : General Cash Imprest|—|—|—|—|—|81.50|
|G3016 : Parish Weekend|—|—|—|—|—|34.00|
|H3020 : Hall Current Account|8,307.72|20,532.59|—|—|28,840.31|26,170.73|
|**Total**|28,098.25|23,577.17|69,463.41|—|121,138.83|145,895.36|
|**Current assets - Debtors**|||||||
|Z05 : Accounts Receivable|4,114.47|1,721.25|1,460.00|—|7,295.72|6,464.67|
|**Total**|4,114.47|1,721.25|1,460.00|—|7,295.72|6,464.67|
|**Current assets - Investments**|||||||
|F3060 : Fabric CBF Deposit|—|—|929.75|—|929.75|929.27|
|G3011 : General CBF Deposit|12,836.03|—|51.98|—|12,888.01|12,881.31|
|**Total**|12,836.03|—|981.73|—|13,817.76|13,810.58|
|**Liabilities - Creditors: Amounts falling due**|**after more**|**than one year**|||||
|ZZZ11 : Loan|—|—|50,000.00|—|50,000.00|60,000.00|
|**Total**|—|—|50,000.00|—|50,000.00|60,000.00|
||||||||
|**Net total assets**|46,351.58|25,298.42|21,905.14|31,873.10|125,428.24|135,601.21|
## **Represented by**
Holy Trinity Frome, Financial Report 2021 Page 6 There may be minor discrepancies in totals due to pence not being included
## **Holy Trinity Church, Frome**
## **Fund movement by type Selected period: 01 January 2021 to 31 December 2021**
||**Fund and type**
**Fund balances**
**Incoming**
**Outgoing**
**Transfers**
**Gains and**
**Journal**
**Fund balances**
**brought forward**
**Resources**
**Resources**
**Losses**
**Entries**
**carried forward**|
|---|---|
||**Unrestricted**
General - General fund
66,820
116,679
136,882
(266)
—
—
46,351
**Sub-totals**
**66,820**
**116,679**
**136,882**
**(266)**
**—**
**—**
**46,351**
**Designated**
Covid - Fin Assistance
2,813
975
3,000
—
—
—
788
to self empl
DEBTCOUN - Debt
—
—
—
—
—
—
—
Counselling
Nurse - Parish Nurse
15,742
5,866
10,878
—
—
—
10,730
Weekend - Parish
34
34
34
(34)
—
—
—
Weekend away
YAM - Young Adult
6,000
8,388
51
—
—
—
14,337
Ministry
Hall - Church Hall
(3,780)
6,762
10,535
(1,620)
—
—
(9,173)
Revenue Fund
Bridge - The Bridge
10,532
23,717
27,633
300
—
—
6,915
Toddlers - Toddlers
763
396
1,080
1,620
—
—
1,700
Fund
**Sub-totals**
**32,106**
**46,140**
**53,214**
**266**
**—**
**—**
**25,298**
**Restricted**
DEBTCOUN - Debt
33,140
5,437
13,892
—
—
—
24,685
Counselling
Fabric - Fabric Fund
(7,124)
691
—
—
—
—
(6,432)
Redevelop -
(47,883)
11,081
351
—
—
—
(37,153)
Redevelopment Fund
C&youth - Children &
30,643
33,980
23,817
—
—
—
40,805
Youth Worker Fund
**Sub-totals**
**8,776**
**51,190**
**38,061**
**—**
**—**
**—**
**21,905**
**Endowment**
Coif - Investments
27,898
—
—
—
3,974
—
31,873
**Sub-totals**
**27,898**
**—**
**—**
**—**
**3,974**
**—**
**31,873**
**Totals**
**135,601**
**214,010**
**228,158**
**—**
**3,974**
**—**
**125,428**|
Holy Trinity Frome, Financial Report 2021 Page 7 There may be minor discrepancies in totals due to pence not being included
## **Holy Trinity Church, Frome**
## **Analysis of income and expenditure Selected period: 01 January 2021 to 31 December 2021**
|||||||**Total**||
|---|---|---|---|---|---|---|---|
||**Unrestricted**|**Designated**|**Restricted**|**Endowment**|**This year**||**Last year**|
|**Incoming resources**||||||||
|**_Incoming resources from generated_**|**_funds_**|||||||
|D0030 - Change|7,281|—|89|—|7,371||10,125|
|D0031 - Donations|18,241|12,225|10,777|—|41,244||41,766|
|D0032 - Grants & Legacies|—|—|—|—|—||—|
|D0040 - Sundry|227|34|—|—|261||518|
|D0041 - Events|294|—|—|—|294||—|
|D0042 - Fabric|—|—|—|—|—||—|
|D0043 - Books|531|—|—|—|531||89|
|D0044 - Toddlers|—|154|—|—|154||879|
|P0010 - Standing Orders|65,498|1,705|24,882|—|92,086||99,818|
|P0011 - Envelopes|5,317|—|—|—|5,317||5,403|
|P0020 - Inland Revenue Refund|14,571|1,878|4,828|—|21,279||21,630|
|P0021 - Vat: Listed places of Worship|—|—|—|—|—||—|
|Scheme||||||||
|B0060 - Photocopying|5|—|—|—|5||115|
|B0061 - Windows|—|—|—|—|—||—|
|B0062 - Catering|—|—|—|—|—||798|
|B0063 - Sales not used|—|—|—|—|—||—|
|B0064 - Sales not used 2|—|—|—|—|—||—|
|B0065 - Sales not used 3|—|—|—|—|—||—|
|B0066 - sales not used 4|—|—|—|—|—||—|
|B0067 - Rent|1,323|588|—|—|1,911||1,516|
|B0068 - Bridge Sales|—|2,845|—|—|2,845||2,490|
|H0070 - Hall Hire|551|6,762|—|—|7,313||4,206|
|C0050 - Current Interest|38|—|0|—|38||252|
|I0051 - 1/2T Int|129|—|—|—|129||126|
|I0052 - 3T Int|—|—|691|—|691||678|
|**_Incoming resources from_**|114,010|26,194|41,270|—|181,475||190,417|
|**_generated funds Totals_**||||||||
|**_Incoming resources from charitable_**|**_activities_**|||||||
|F0080 - Fees|891|—|—|—|891||951|
|**_Incoming resources from_**|891|—|—|—|891||951|
|**_charitable activities Totals_**||||||||
|**_Other incoming resources_**||||||||
|D0033 - Redev Fabric Congregational|—|—|—|—|—||—|
|Loan||||||||
|P0023 - HMRC Job Ret Sch Covid 19|1,777|19,946|9,920|—|31,644||24,463|
|**_Other incoming resources Totals_**|1,777|19,946|9,920|—|31,644||24,463|
|**Incoming resources Grand**|116,679|46,140|51,190|—|214,010||215,831|
|**totals**||||||||
Holy Trinity Frome, Financial Report 2021 Page 8 There may be minor discrepancies in totals due to pence not being included
|**Resources used**
**_Costs of generating funds_**
A1011 - Fund Raising Expenses
INT - Interest Paid
B1062 - Bridge Purchases
B1063 - Purchase not used
B1064 - Purchases not used 2
B1065 - Purchases not used 3
B1066 - Purchases not used 4
**_Costs of generating funds Totals_**
**_Charitable activities_**
A0010 - Preliminaries
B1067 - Rent
B1068 - Rates & water Rates
C1010 - Church Overseas
C1011 - Relief & Development
C1020 - Home Missions
C1021 - Seculiar Charities
D1050 - Parish Share
E1040 - Outreach
E1041 - Discipleship
F1030 - Depreciation 01
H1060 - Cleaner
R1090 - Insurance
R1091 - Cleaning
R1092 - Administrator
R1093 - Maintenance
R1094 - Stationery
R1095 - Telephone
R1096 - Equipment
R1097 - Sundries
R1098 - Petty Cash
R1099 - Catering
S1080 - Music
S1081 - Heat & Light
S1082 - Books
S1083 - Services
S1084 - Events
S1085 - Clergy
S1086 - Bank Charges
Y1001 - Fabric
Y1070 - Wages
Y1071 - Expenses
Z99999 - Depreciation
**_Charitable activities Totals_**
**_Other resources used_**
A1012 - Architects Fees
A1013 - Co-ordinator Fees
A1014 - Design costs
A1015 - Building and Construction
Costs
A1016 - Furnishings and equipment
**_Other resources used Totals_**
**Resources used Grand totals**||—
—
—
—
—
—
—
—
346
—
346
699
—
731
—
—
731
661
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
731
346
—
1,077
1,360
—
—
—
—
—
—
92
6,971
—
—
7,063
5,313
146
199
—
—
345
578
3,750
—
—
—
3,750
5,625
2,500
—
—
—
2,500
—
1,100
—
—
—
1,100
2,005
210
—
—
—
210
—
97,553
—
—
—
97,553
99,834
2,098
4,976
3,600
—
10,674
9,383
—
—
—
—
—
—
—
—
—
—
—
—
3,211
2,335
—
—
5,546
3,962
890
890
—
—
1,780
1,770
382
—
—
—
382
162
6,123
4,261
—
—
10,385
10,927
3,711
19,940
—
—
23,652
5,956
502
—
—
—
502
429
717
557
—
—
1,275
940
—
—
—
—
—
847
4,431
312
100
—
4,843
4,159
400
—
—
—
400
100
—
—
—
—
—
—
—
—
—
—
—
—
3,330
1,717
—
—
5,047
5,922
—
—
—
—
—
—
1,346
—
—
—
1,346
428
60
—
—
—
60
—
343
—
—
—
343
—
726
6
34
—
767
342
—
—
—
—
—
834
2,742
10,019
33,696
—
46,459
46,284
280
296
283
—
859
3,757
229
—
—
—
229
4,426
136,882
52,483
37,714
—
227,080
213,994
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
136,882
53,214
38,061
—
228,158
215,354
**Unrestricted**
**Designated**
**Restricted**
**Endowment**
**Thisyear**
**Lastyear**|
|---|---|---|
||||
Holy Trinity Frome, Financial Report 2021 Page 9 There may be minor discrepancies in totals due to pence not being included
## **Notes to the financial statements**
## **For the year ended 31 December 2021**
## **ACCOUNTING POLICIES**
The financial statements have been prepared in accordance with the Church Accounting Regulations 2006 together with applicable accounting standards and the SORP 2015 SOFA.
The financial statements have been prepared under the historical cost convention except for the valuation of investment assets, which are shown at market 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 are informal gatherings of church members.
## **Funds**
_Endowment funds_ are funds, the capital of which must be maintained; only income arising from investment of the endowment may be used either as restricted or unrestricted funds depending upon the purpose for which the endowment was established.
_Restricted funds_ represent (a) income from trusts or endowments which may be expended only on those restricted objects provided in the terms of the trust or bequest, and (b) donations or grants received for a specific object or invited by the PCC for a specific object. The funds may only be expended on the specific object for which they were given. Any balance remaining unspent at the end of each year must be carried forward as a balance on that fund. The PCC does not usually invest separately for each fund. Where there is no separate investment, interest is apportioned to individual funds on an average balance basis.
_Designated funds_ have been set up for the designated object as indicated by their title, these funds will be disbursed only for that object purpose.
_Unrestricted funds_ are general funds which can be used for PCC ordinary purposes.
## **Incoming resources**
Planned giving, collections and donations are recognized when received. Tax refunds are recognized when the incoming resource to which they relate is received. Grants and legacies are accounted for when the PCC is legally entitled to the amounts due. Dividends are accounted for when receivable, interest is accrued. All other income is recognised when it is receivable. All incoming resources are accounted for gross.
## **Resources expended**
Grants and donations are accounted for when paid over or when awarded, if that award creates a binding or constructive obligation on the PCC. The diocesan parish share is accounted for when due. Amounts received specifically for mission are dealt with as restricted funds. All other expenditure is generally recognized when it is incurred and is accounted for gross.
## **Fixed assets**
Consecrated and benefice property is not included in the accounts in accordance with s.96(2) (a) of the Charities Act 1993. Movable church furnishings held by the vicar and churchwardens on special trust for the PCC and which require a faculty for disposal are inalienable property, listed in the church’s inventory, (the Terrier) which can be inspected (at any reasonable time). For anything acquired prior to 2004 there is insufficient cost information available and therefore such assets are not valued in the financial statements. Furthermore all matters pertaining to the Redevelopment Works are not valued in the financial statements and are not considered as assets to be depreciated or replaced.
Equipment used within the church premises is depreciated on a reducing balance basis, at 15% for furniture and fixtures, and 25% for office equipment. Individual items of £500 or less are written off when the asset is acquired, and assets that are considered to have exceed a reasonable life expectancy are written off at that time.
Investments are valued at market value 31 December 2021
Holy Trinity Frome, Financial Report 2021 Page 10 There may be minor discrepancies in totals due to pence not being included
|**2**
**CHARITABLE DONATIONS**
FEBA – B&M Adams
C&N Moreton
Christian aid
REAP Africa
Bath One Good Friday Pageant
C & Y Fund
Wycliffe
FACT
Grant to support training in Pioneer Ministry
Others
Hardship Fund Church/Bridge
Neighbourhood Chaplains
Bitola, Macedonia, Church twinning
DEC Cyclone Idai appeal
Friends of Somerset Churches
Bridge Teas
A Rocha eco church
**3**
**FIXED ASSET**
**(a) Tangible**
Actual / deemed cost at 1st Jan
Disposal
Additions at cost
At 31st December
Depreciation at 1st Jan
Withdrawn on disposal
Charge for the year
Depreciation at 31st December
**(b) Investments**
Market value at 1st January
Purchases
Disposals
Revaluation
At 31st December|**2021**
_£_
2500
2000
300
---
--
--
1000
--
---
174
507
50
2000
---
50
210|**2020**
_£_
2500
2500
300
--
300
2800
1000
210
--
148
1033
300
2830
1000
50
--|
|---|---|---|
||8791
38407
---
---
38407
36874
230
37104
27898
3974
31873|12141
38407
--
---|
|||38407|
|||32448
4426|
|||36874|
|||26214
1684|
|||27898|
Holy Trinity Frome, Financial Report 2021 Page 11 There may be minor discrepancies in totals due to pence not being included
Independent examiners, report to the members of the Parochial Church
Council of Holy Trlntty Church. Frome
I report on the accounts of the church for the year ended 31 DeMr 2021, which
are set out on pages I to Ll
Respective responsibilities of trustees and axaminer
The members of the PCC, as the charity's trustees. are responsible for the
preparation of the accounts. The charity's trustees Consider that an audit is not
required for this year (under secaion 144{2) of the Charities Act 2011 (the 2011 Act))
and that an independent examination is needed.
It is my responsibility to=
8xamine the accounts (under section 145 of the 2011 Act),.
to follow the procedures laTrd down in the Genaral Directions given by
the Charity Commissioners (under Section 145(5) of the 2011 Act).,
and
to state whether particular matters have come to my attention.
Basis of independent 8X8miners' report
My examination was carried out in accordance with the General Directions given by
the Charrty Commissioners. An examination includes a review of the accounting
records kept by the charity and a comparison of the accounts presented with those
records. 11 also includes consideration of any unusual items or disclosures in the
accounts, and the seeking of explanations from you as trustees conrning any such
matters. The procedures undertaken do not provide all the evid8nce that would be
required in an audit and, consequently. I do not express an audit opinion on the view
given by the accounts.
Independent 8X8miners' slatement
In connection with my examination, no matter has Come to my attention-
(11
which gives me reasonable cause to believe that, in any malerial respect, the
requirements-.
to keep accounting records in accordance with s130 of the 2011 Act,.
and
to prepare accounts which accord with the accounting records and to
omply with the accounting requirements of the 2011 Act
have not been met.. or
to which, in my opinion. attention should be drawn in order to enable a proper
understanding of the accounts to be reached.
12)
Nigel Harris BA CTA ATT
Accountant & Chartered Tax Adviser
Burton Sweet
Cooper House
Lower Charlton Estate
Shepton Mallet
Somerset BA4 5QE
25 February 2022