Holy Trinity Church, Frome
End of Year Financial Statements
31 December 2022
Holy Trinity Financial Report 2022
23 March 2023
FINANCIAL REVIEW
This report covers the financial year and calendar year 2022, ending 31 December 2022. This year will again be remembered for the impact of the COVID-19 pandemic, as was 2021, however as the year progressed so Covid restrictions were eased, the long-lasting effects of Covid do continue to affect every single aspect of Holy Trinity’s significant spectrum of activities from Praise and Worship, Toddlers and through to Finances. However, as may be realized from the annual accounts, the General Fund has somewhat recovered slightly from the significantly reduced 2020 offerings and the then marginally increased 2021 offerings.
Total receipts on the ordinary unrestricted fund, which represent the General Fund only, were £146,926 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, 2022 cf 2019 of £17,420. Total expenditure in the year from such income amounted to £146,169. 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 clergy and support services. The net result for these funds was a small surfeit of £757 compared with a surfeit of £23,626 in 2019 and surfeit of £25,615 in 2018.
Designated Funds total receipts were £53,349 and expenditure was £44,768 resulting in a surfeit of £8,580. These figures cover all designated Funds held by Holy Trinity. The funds mostly affected are the Hall; the Nurse (little income just expenditure), and the Bridge, income affected by recovering from Covid effects.
Restricted Funds, which are; Children & Youth, Debt Centre, Fabric and the Redevelopment Funds had an income of £43,461 and an expenditure of £47,519 resulting in a deficit of £4,058. The Children and Youth Fund and Debt Centre Funds account for this deficit. 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 REST is also now a restricted fund but does not feature in the figures noted above. This YAM REST fund should not be considered as being available for any HTF uses.
The PCC has continued its long-standing policy of giving (tithes) 10% of general income to mission which for 2022 has included support for ministry in Bitola, North Macedonia and our association with the fledgling evangelical church there through TEN, however charitable giving in 2022 has not reached that %age being at £9,384 compared with giving at £125,816.
Toddlers has significantly recovered from year 2021 and has consequently provided Toddler’s contribution of the usual £1,000 towards the C & Y fund.
The Fabric Fund has a negative balance of £5,710, this negative balance is slowly being reduced as income is realised from investment allocated only to Fabric, through 2022 this income amounted to £722
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 £60,000. The redevelopment Fund stands at a negative £29,472 at the year-end which takes account of the outstanding £40,000 loan liability. Following a lump sum given in 2021, we were able to service the Diocesan Loan this year, 2022, with current finances; and we should be able to service the loan from this fund, for 2023, however this may be a challenge for ensuing years.
The Bridge account had an income of £17,288 which included Government grants (Covid related) amounted to £3,667. The Bridge expenditure was £15,411 almost entirely due to fixed costs, Rent and Maintenance, resulting in a surfeit of £1,876. The PCC previously decided to carry out significant maintenance at The Bridge through 2020, 2021 and into 2022, this maintenance cost was £3,196 during 2022. The Bridge management, led by John and Wendy Rootes have rebuilt the work of The Bridge, following the Covid restrictions being lifted to a result where a surfeit has been realised financially.
The Hall Fund income has significantly increased following the lifting of COVID-19 restrictions resulting in a small surfeit of £380, while the Hall Hire Income runs the direct Hall expenses, as previously noted in my annual reports, the 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 Frome, Financial Report 2022 Page 2 There may be minor discrepancies in totals due to pence not being included
23 March 2023
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 with the current reporting year being almost balanced, Income/Expenditure.
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 4 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 in a robust position. 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 the Parish Nurse 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 was significantly affected by COVID-19 restrictions throughout 2020 and 2021. Recovery from this effect has occurred through 2022 but not yet fully. It may be realised from these accounts that offerings on the plate each week as cash, totaled £26.925 in 2019 but only £11,519 in 2022, a reduction of £15,406, however, standing orders and other regular giving has recovered and is similar to pre Covid levels. These reductions affect the overall church activities and the reserves held in savings. It should be realised that the surfeit in general income from pre Covid years financed the provision of our Parish Nurse and Debt Centre, in order to maintain these outreach activities, we need to return to a surfeit position of in excess of £20,000 annually
Our Parish Share for 2022 was again 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, 2023 our Parish Share should remain substantially the same as 2022; while the financial outlook for 2023 remains acceptable, due to our reserves in the General Fund being £48,597 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, however this has not been as successful as hoped.
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 2023
Chris Round,
Treasurer, HTC On Behalf of the Parochial Church Council
Approved at PCC meeting held on 22 March 2023, with the Independent Examiner’s report being unqualified.
Holy Trinity Frome, Financial Report 2022 Page 3 There may be minor discrepancies in totals due to pence not being included
23 March 2023
Holy Trinity Church, Frome
Statement of Financial Activities
For the period from 01 January 2022 to 31 December 2022
| Incoming resources Incoming resources from generated funds Voluntary income 141,393 22,780 44,992 — 209,165 168,540 Activities for generating funds 3,899 26,894 — — 30,793 12,075 Investment income 405 8 737 — 1,151 859 Incoming resources from charitable activities 1,228 — — — 1,228 891 Other incoming resources — 3,667 — — 3,667 31,644 Unrestricted Designated Restricted Endowment Total Prior year funds funds funds funds funds total funds |
|
|---|---|
| Total income 146,926 53,349 45,729 — 246,005 214,010 Resources used Costs of generating funds Costs of generating voluntary income 647 — 600 — 1,248 346 Fundraising trading: cost of goods sold and other costs — 3,326 — — 3,326 731 Charitable activities 144,627 41,442 47,743 — 233,813 227,080 Governance costs 894 — — — 894 — |
|
| Total expenditure 146,169 44,768 48,343 — 239,282 228,157 Gains / losses on investment assets — — — (3,705) (3,705) 3,974 |
|
| Net income / (expenditure) resources before transfer 757 8,580 (2,614) (3,705) 3,018 (10,172) |
|
| Transfers Gross transfers between funds - in 1,620 494 15,337 — 17,452 334 Gross transfers between funds - out (132) (17,319) — — (17,452) (334) Other recognised gains / losses |
|
| Net movement in funds 2,245 (8,244) 12,722 (3,705) 3,018 (10,172) Reconciliation of funds |
|
| Total funds brought forward 46,351 25,299 21,905 31,873 125,429 135,601 |
|
| Total funds carried forward 48,597 17,054 34,627 28,167 128,447 125,429 |
|
| Represented by Unrestricted General fund 48,597 — — — 48,597 46,351 Designated Church Hall Revenue Fund — (7,172) — — (7,172) (7,553) Fin Assistance to self empl — 138 — — 138 788 Hardship — 2,663 — — 2,663 — Parish Nurse — 12,913 — — 12,913 10,730 Parish Weekend away — — — — — 0 The Bridge — 8,430 — — 8,430 6,915 Toddlers Fund — 81 — — 81 80 Young Adult Ministry — — — — — 14,337 Restricted Children & Youth Worker Fund — — 40,781 — 40,781 40,805 Debt Counselling — — 13,247 — 13,247 24,685 Fabric Fund — — (5,710) — (5,710) (6,432) Redevelopment Fund — — (29,472) — (29,472) (37,153) Young Adult Ministry REST — — 15,781 — 15,781 — Endowment Investments — — — 28,167 28,167 31,873 |
Holy Trinity Frome, Financial Report 2022 Page 4 There may be minor discrepancies in totals due to pence not being included
23 March 2023
Holy Trinity Church, Frome
Balance sheet (Summary) As at: 31 December 2022
| 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 - Hardship 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 - Hardship Restricted - Parish Nurse Restricted - Young Adult Ministry REST Restricted - Fabric Fund Restricted - Revaluation reserves Restricted - The Bridge Restricted - Redevelopment Fund Restricted - Children & Youth Worker Fund Endowment Endowment - Investments Funds of the church |
1,107 28,167 29,275 5,225 13,999 119,946 139,171 139,171 168,447 40,000 128,447 48,597 138 2,663 12,913 — — (7,172) 8,430 81 13,247 — — 15,781 (5,710) — — (29,472) 40,781 28,167 128,447 As at 31/12/2022 £ |
1,302 31,873 33,175 7,295 13,817 121,139 142,253 As at 31/12/2021 £ |
|---|---|---|
| 142,253 | ||
| 175,429 | ||
| 50,000 | ||
| 125,429 | ||
| 46,351 788 — 10,730 0 14,337 (7,553) 6,915 80 24,685 — — — (6,432) — — (37,153) 40,805 31,873 |
||
| 125,429 |
Holy Trinity Frome, Financial Report 2022 Page 5 There may be minor discrepancies in totals due to pence not being included
23 March 2023
Holy Trinity Church, Frome
Statement of Assets and Liabilities (by code) As at: 31 December 2022
| Fixed assets - Investments A1005 : Investments — — — 28,167.71 28,167.71 31,873.10 Total — — — 28,167.71 28,167.71 31,873.10 Fixed assets - Tangible assets A1003 : Office 1,107.72 — — — 1,107.72 1,302.83 Total 1,107.72 — — — 1,107.72 1,302.83 Current assets - Cash at bank and in hand B3040 : The Bridge Current (50.00) 7,707.58 — — 7,657.58 6,072.22 Account B3040 : The Bridge Current — (252.26) — — (252.26) — Account B3041 : The Bridge Cash — 152.58 — — 152.58 186.70 C3011 : Children & Youth Worker — — 41,621.82 — 41,621.82 13,631.01 Fund D3050 : Redevelopment Fund — — 8,871.13 — 8,871.13 6,751.94 G3010 : General Current Account 28,080.76 (1,083.85) 22,203.57 — 49,200.48 63,955.99 G3014 : General Cash Imprest — — — — — 81.50 H3020 : Hall Current Account 2,238.68 10,456.59 — — 12,695.27 30,460.31 Total 30,269.44 16,980.64 72,696.52 — 119,946.60 121,139.67 Current assets - Debtors Z05 : Accounts Receivable 4,214.65 73.75 937.25 — 5,225.65 7,295.72 Total 4,214.65 73.75 937.25 — 5,225.65 7,295.72 Current assets - Investments F3060 : Fabric CBF Deposit — — 941.97 — 941.97 929.75 G3011 : General CBF Deposit 13,005.54 — 51.98 — 13,057.52 12,888.01 Total 13,005.54 — 993.95 — 13,999.49 13,817.76 Liabilities - Creditors: Amounts falling due after more than one year ZZZ11 : Loan — — 40,000.00 — 40,000.00 50,000.00 Total — — 40,000.00 — 40,000.00 50,000.00 Net total assets 48,597.35 17,054.39 34,627.72 28,167.71 128,447.17 125,429.08 Class and nominal code General Designated Restricted Endowment Total Last year |
Fixed assets - Investments A1005 : Investments — — — 28,167.71 28,167.71 31,873.10 Total — — — 28,167.71 28,167.71 31,873.10 Fixed assets - Tangible assets A1003 : Office 1,107.72 — — — 1,107.72 1,302.83 Total 1,107.72 — — — 1,107.72 1,302.83 Current assets - Cash at bank and in hand B3040 : The Bridge Current (50.00) 7,707.58 — — 7,657.58 6,072.22 Account B3040 : The Bridge Current — (252.26) — — (252.26) — Account B3041 : The Bridge Cash — 152.58 — — 152.58 186.70 C3011 : Children & Youth Worker — — 41,621.82 — 41,621.82 13,631.01 Fund D3050 : Redevelopment Fund — — 8,871.13 — 8,871.13 6,751.94 G3010 : General Current Account 28,080.76 (1,083.85) 22,203.57 — 49,200.48 63,955.99 G3014 : General Cash Imprest — — — — — 81.50 H3020 : Hall Current Account 2,238.68 10,456.59 — — 12,695.27 30,460.31 Total 30,269.44 16,980.64 72,696.52 — 119,946.60 121,139.67 Current assets - Debtors Z05 : Accounts Receivable 4,214.65 73.75 937.25 — 5,225.65 7,295.72 Total 4,214.65 73.75 937.25 — 5,225.65 7,295.72 Current assets - Investments F3060 : Fabric CBF Deposit — — 941.97 — 941.97 929.75 G3011 : General CBF Deposit 13,005.54 — 51.98 — 13,057.52 12,888.01 Total 13,005.54 — 993.95 — 13,999.49 13,817.76 Liabilities - Creditors: Amounts falling due after more than one year ZZZ11 : Loan — — 40,000.00 — 40,000.00 50,000.00 Total — — 40,000.00 — 40,000.00 50,000.00 Net total assets 48,597.35 17,054.39 34,627.72 28,167.71 128,447.17 125,429.08 Class and nominal code General Designated Restricted Endowment Total Last year |
|
|---|---|---|
| Total — — 40,000.00 — 40,000.00 50,000.00 |
||
| Net total assets 48,597.35 17,054.39 34,627.72 28,167.71 128,447.17 125,429.08 |
Holy Trinity Frome, Financial Report 2022 Page 6 There may be minor discrepancies in totals due to pence not being included
23 March 2023
Holy Trinity Church, Frome
Fund movement by type Selected period: 01 January 2022 to 31 December 2022
| 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 46,351 146,926 146,169 1,488 — — 48,597 Sub-totals 46,351 146,926 146,169 1,488 — — 48,597 Designated Covid - Fin Assistance 788 — 650 — — — 138 to self empl Hardship - Hardship — 3,083 914 494 — — 2,663 Nurse - Parish Nurse 10,730 13,760 11,576 — — — 12,913 Weekend - Parish 0 — — 0 — — — Weekend away YAM - Young Adult 14,337 — — (14,337) — — — Ministry Hall - Church Hall (7,553) 17,014 15,014 (1,620) — — (7,172) Revenue Fund Bridge - The Bridge 6,915 17,288 15,411 (361) — — 8,430 Toddlers - Toddlers 80 2,203 1,202 (1,000) — — 81 Fund Sub-totals 25,299 53,349 44,768 (16,825) — — 17,054 Restricted DEBTCOUN - Debt 24,685 4,902 16,340 — — — 13,247 Counselling Hardship - Hardship — — — — — — — Nurse - Parish Nurse — — — — — — — UKR - Ukraine Support — 3,237 3,237 — — — — YAM-REST - Young — 2,268 824 14,337 — — 15,781 Adult Ministry REST Fabric - Fabric Fund (6,432) 722 — — — — (5,710) ZReval - Revaluation — — — — — — — reserves Bridge - The Bridge — — — — — — — Redevelop - (37,153) 8,287 606 — — — (29,472) Redevelopment Fund C&youth - Children & 40,805 26,311 27,335 1,000 — — 40,781 Youth Worker Fund Sub-totals 21,905 45,729 48,343 15,337 — — 34,627 Endowment Coif - Investments 31,873 — — — (3,705) — 28,167 Sub-totals 31,873 — — — (3,705) — 28,167 Totals 125,429 246,005 239,282 — (3,705) — 128,447 |
Holy Trinity Frome, Financial Report 2022 Page 7 There may be minor discrepancies in totals due to pence not being included
23 March 2023
Holy Trinity Church, Frome
Analysis of income and expenditure Selected period: 01 January 2022 to 31 December 2022
| Total | |||||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Designated | Restricted | Endowment | This year | Last year | ||
| Incoming resources | |||||||
| Incoming resources from generated funds | |||||||
| D0020 - Sum Up Payments from Digi | 2,030 | — | — | — | 2,030 | — | |
| plate | |||||||
| D0030 - Change | 11,519 | 707 | 10 | — | 12,236 | 7,371 | |
| D0031 - Donations | 26,901 | 6,369 | 9,959 | — | 43,230 | 41,244 | |
| D0032 - Grants & Legacies | — | 10,000 | — | — | 10,000 | — | |
| D0040 - Sundry | 1,196 | 20 | — | — | 1,216 | 261 | |
| D0041 - Events | 2,037 | — | — | — | 2,037 | 294 | |
| D0043 - Books | 197 | — | — | — | 197 | 531 | |
| D0044 - Toddlers | — | 2,203 | — | — | 2,203 | 154 | |
| P0010 - Standing Orders | 69,254 | 3,125 | 28,550 | — | 100,930 | 92,086 | |
| P0011 - Envelopes | 7,144 | — | — | — | 7,144 | 5,317 | |
| P0020 - Inland Revenue Refund | 21,110 | 355 | 6,472 | — | 27,937 | 21,279 | |
| B0060 - Photocopying | 111 | — | — | — | 111 | 5 | |
| B0062 - Catering | 14 | — | — | — | 14 | — | |
| B0067 - Rent | 3,773 | 1,984 | — | — | 5,757 | 1,911 | |
| B0068 - Bridge Sales | — | 7,899 | — | — | 7,899 | 2,845 | |
| H0070 - Hall Hire | — | 17,010 | — | — | 17,010 | 7,313 | |
| C0050 - Current Interest | 273 | 8 | 27 | — | 309 | 38 | |
| I0051 - 1/2T Int | 132 | — | — | — | 132 | 129 | |
| I0052 - 3T Int | — | — | 709 | — | 709 | 691 | |
| Incoming resources from | 145,698 | 49,682 | 45,729 | — | 241,110 | 181,475 | |
| generated funds Totals | |||||||
| Incoming resources from charitable activities | |||||||
| F0080 - Fees | 1,228 | — | — | — | 1,228 | 891 | |
| Incoming resources from | 1,228 | — | — | — | 1,228 | 891 | |
| charitable activities Totals | |||||||
| Other incoming resources | |||||||
| P0023 - HMRC Job Ret Sch Covid 19 | — | 3,667 | — | — | 3,667 | 31,644 | |
| Other incoming resources Totals | — | 3,667 | — | — | 3,667 | 31,644 | |
| Incoming resources Grand | 146,926 | 53,349 | 45,729 | — | 246,005 | 214,010 | |
| totals |
Holy Trinity Frome, Financial Report 2022 Page 8 There may be minor discrepancies in totals due to pence not being included
23 March 2023
Holy Trinity Church, Frome
Analysis of income and expenditure Selected period: 01 January 2022 to 31 December 2022
| Resources used Costs of generating funds A1011 - Fund Raising Expenses 647 — — — 647 — INT - Interest Paid — — 600 — 600 346 B1062 - Bridge Purchases — 3,326 — — 3,326 731 Costs of generating funds Totals 647 3,326 600 — 4,574 1,077 Charitable activities B1067 - Rent — 6,710 — — 6,710 7,063 B1068 - Rates & water Rates 174 453 — — 628 345 C1010 - Church Overseas 7,000 — — — 7,000 3,750 C1011 - Relief & Development 504 — 3,237 — 3,742 2,500 C1020 - Home Missions 900 500 — — 1,400 1,100 C1021 - Secular Charities — — — — — 210 D1050 - Parish Share 97,554 — — — 97,554 97,553 E1040 - Outreach 1,469 1,594 3,600 — 6,664 10,674 H1060 - Cleaner 3,380 5,384 — — 8,765 5,546 R1090 - Insurance 1,094 1,354 — — 2,448 1,780 R1091 - Cleaning 517 — — — 517 382 R1092 - Administrator 5,491 5,776 — — 11,268 10,385 R1093 - Maintenance 12,161 3,530 — — 15,691 23,652 R1094 - Stationery 1,175 — — — 1,175 502 R1095 - Telephone 913 291 — — 1,205 1,275 R1097 - Sundries 2,203 467 40 — 2,710 4,843 R1098 - Petty Cash 200 — — — 200 400 R1099 - Catering 338 — — — 338 — S1081 - Heat & Light 4,739 3,237 — — 7,976 5,047 S1083 - Services 2,104 — — — 2,104 1,346 S1084 - Events 480 — — — 480 60 S1085 - Clergy 1,177 — — — 1,177 343 S1086 - Bank Charges 257 9 110 — 378 767 Y1069 - NEST for employees — 762 2,000 — 2,762 — Y1070 - Wages 291 10,412 36,892 — 47,595 46,459 Y1071 - Expenses 302 957 1,862 — 3,122 859 Z99999 - Depreciation 195 — — — 195 229 Charitable activities Totals 144,627 41,442 47,743 — 233,813 227,080 Governance costs E1042 - Training and Development 894 — — — 894 — Governance costs Totals 894 — — — 894 — Resources used Grand totals 146,169 44,768 48,343 — 239,282 228,157 Total Unrestricted Designated Restricted Endowment This year Last year |
647 — — — 647 — — — 600 — 600 346 — 3,326 — — 3,326 731 Total Unrestricted Designated Restricted Endowment This year Last year |
|
|---|---|---|
Holy Trinity Frome, Financial Report 2022 Page 9 There may be minor discrepancies in totals due to pence not being included
23 March 2023
Notes to the financial statements
For the year ended 31 December 2022
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 15% for office equipment. Individual items of £500 or less are written off when the asset is acquired, and are hence not registered, assets that are considered to have exceeded a reasonable life expectancy are written off at that time.
Investments are valued at market value 31 December 2022
Holy Trinity Frome, Financial Report 2022 Page 10 There may be minor discrepancies in totals due to pence not being included
23 March 2023
| 2 CHARITABLE DONATIONS FEBA – B&M Adams C&N Moreton Christian aid REAP Africa Bath One Good Friday Pageant C & Y Fund Wycliffe FACT Others Hardship Fund Church/Bridge Neighbourhood Chaplains Bitola, Macedonia, Church twinning Friends of Somerset Churches A Rocha eco church Children’s Hospice SW 3 FIXED ASSET (a) Tangible Original cost Disposal Additions at cost At 31st December Depreciation at 1st Jan Withdrawn on disposal Charge for the year Depreciation at 31st December Current value, year end (b) Investments Market value at 1st January Purchases Disposals Revaluation At 31st December |
2022 £ 2500 2000 504 0 0 0 1000 0 0 1230 0 2000 50 0 100 |
2021 £ 2500 2000 300 0 0 0 1000 0 174 507 50 2000 50 210 0 |
|---|---|---|
| 9384 47245 44751 --- 2794 45942 195 46137 1108 31873 (3706) 28167 |
8791 47245 44751 --- |
|
| 2794 | ||
| 46172 230 |
||
| 45942 | ||
| 1303 | ||
| 27898 3974 |
||
| 31873 |
Holy Trinity Frome, Financial Report 2022 Page 11 There may be minor discrepancies in totals due to pence not being included
23 March 2023
Holy Trinity Church, Frome
End of Year Financial Statements
31 December 2022
Holy Trinity Financial Report 2022
23 March 2023
FINANCIAL REVIEW
This report covers the financial year and calendar year 2022, ending 31 December 2022. This year will again be remembered for the impact of the COVID-19 pandemic, as was 2021, however as the year progressed so Covid restrictions were eased, the long-lasting effects of Covid do continue to affect every single aspect of Holy Trinity’s significant spectrum of activities from Praise and Worship, Toddlers and through to Finances. However, as may be realized from the annual accounts, the General Fund has somewhat recovered slightly from the significantly reduced 2020 offerings and the then marginally increased 2021 offerings.
Total receipts on the ordinary unrestricted fund, which represent the General Fund only, were £146,926 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, 2022 cf 2019 of £17,420. Total expenditure in the year from such income amounted to £146,169. 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 clergy and support services. The net result for these funds was a small surfeit of £757 compared with a surfeit of £23,626 in 2019 and surfeit of £25,615 in 2018.
Designated Funds total receipts were £53,349 and expenditure was £44,768 resulting in a surfeit of £8,580. These figures cover all designated Funds held by Holy Trinity. The funds mostly affected are the Hall; the Nurse (little income just expenditure), and the Bridge, income affected by recovering from Covid effects.
Restricted Funds, which are; Children & Youth, Debt Centre, Fabric and the Redevelopment Funds had an income of £43,461 and an expenditure of £47,519 resulting in a deficit of £4,058. The Children and Youth Fund and Debt Centre Funds account for this deficit. 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 REST is also now a restricted fund but does not feature in the figures noted above. This YAM REST fund should not be considered as being available for any HTF uses.
The PCC has continued its long-standing policy of giving (tithes) 10% of general income to mission which for 2022 has included support for ministry in Bitola, North Macedonia and our association with the fledgling evangelical church there through TEN, however charitable giving in 2022 has not reached that %age being at £9,384 compared with giving at £125,816.
Toddlers has significantly recovered from year 2021 and has consequently provided Toddler’s contribution of the usual £1,000 towards the C & Y fund.
The Fabric Fund has a negative balance of £5,710, this negative balance is slowly being reduced as income is realised from investment allocated only to Fabric, through 2022 this income amounted to £722
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 £60,000. The redevelopment Fund stands at a negative £29,472 at the year-end which takes account of the outstanding £40,000 loan liability. Following a lump sum given in 2021, we were able to service the Diocesan Loan this year, 2022, with current finances; and we should be able to service the loan from this fund, for 2023, however this may be a challenge for ensuing years.
The Bridge account had an income of £17,288 which included Government grants (Covid related) amounted to £3,667. The Bridge expenditure was £15,411 almost entirely due to fixed costs, Rent and Maintenance, resulting in a surfeit of £1,876. The PCC previously decided to carry out significant maintenance at The Bridge through 2020, 2021 and into 2022, this maintenance cost was £3,196 during 2022. The Bridge management, led by John and Wendy Rootes have rebuilt the work of The Bridge, following the Covid restrictions being lifted to a result where a surfeit has been realised financially.
The Hall Fund income has significantly increased following the lifting of COVID-19 restrictions resulting in a small surfeit of £380, while the Hall Hire Income runs the direct Hall expenses, as previously noted in my annual reports, the 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 Frome, Financial Report 2022 Page 2 There may be minor discrepancies in totals due to pence not being included
23 March 2023
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 with the current reporting year being almost balanced, Income/Expenditure.
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 4 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 in a robust position. 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 the Parish Nurse 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 was significantly affected by COVID-19 restrictions throughout 2020 and 2021. Recovery from this effect has occurred through 2022 but not yet fully. It may be realised from these accounts that offerings on the plate each week as cash, totaled £26.925 in 2019 but only £11,519 in 2022, a reduction of £15,406, however, standing orders and other regular giving has recovered and is similar to pre Covid levels. These reductions affect the overall church activities and the reserves held in savings. It should be realised that the surfeit in general income from pre Covid years financed the provision of our Parish Nurse and Debt Centre, in order to maintain these outreach activities, we need to return to a surfeit position of in excess of £20,000 annually
Our Parish Share for 2022 was again 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, 2023 our Parish Share should remain substantially the same as 2022; while the financial outlook for 2023 remains acceptable, due to our reserves in the General Fund being £48,597 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, however this has not been as successful as hoped.
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 2023
Chris Round,
Treasurer, HTC On Behalf of the Parochial Church Council
Approved at PCC meeting held on 22 March 2023, with the Independent Examiner’s report being unqualified.
Holy Trinity Frome, Financial Report 2022 Page 3 There may be minor discrepancies in totals due to pence not being included
23 March 2023
Holy Trinity Church, Frome
Statement of Financial Activities
For the period from 01 January 2022 to 31 December 2022
| Incoming resources Incoming resources from generated funds Voluntary income 141,393 22,780 44,992 — 209,165 168,540 Activities for generating funds 3,899 26,894 — — 30,793 12,075 Investment income 405 8 737 — 1,151 859 Incoming resources from charitable activities 1,228 — — — 1,228 891 Other incoming resources — 3,667 — — 3,667 31,644 Unrestricted Designated Restricted Endowment Total Prior year funds funds funds funds funds total funds |
|
|---|---|
| Total income 146,926 53,349 45,729 — 246,005 214,010 Resources used Costs of generating funds Costs of generating voluntary income 647 — 600 — 1,248 346 Fundraising trading: cost of goods sold and other costs — 3,326 — — 3,326 731 Charitable activities 144,627 41,442 47,743 — 233,813 227,080 Governance costs 894 — — — 894 — |
|
| Total expenditure 146,169 44,768 48,343 — 239,282 228,157 Gains / losses on investment assets — — — (3,705) (3,705) 3,974 |
|
| Net income / (expenditure) resources before transfer 757 8,580 (2,614) (3,705) 3,018 (10,172) |
|
| Transfers Gross transfers between funds - in 1,620 494 15,337 — 17,452 334 Gross transfers between funds - out (132) (17,319) — — (17,452) (334) Other recognised gains / losses |
|
| Net movement in funds 2,245 (8,244) 12,722 (3,705) 3,018 (10,172) Reconciliation of funds |
|
| Total funds brought forward 46,351 25,299 21,905 31,873 125,429 135,601 |
|
| Total funds carried forward 48,597 17,054 34,627 28,167 128,447 125,429 |
|
| Represented by Unrestricted General fund 48,597 — — — 48,597 46,351 Designated Church Hall Revenue Fund — (7,172) — — (7,172) (7,553) Fin Assistance to self empl — 138 — — 138 788 Hardship — 2,663 — — 2,663 — Parish Nurse — 12,913 — — 12,913 10,730 Parish Weekend away — — — — — 0 The Bridge — 8,430 — — 8,430 6,915 Toddlers Fund — 81 — — 81 80 Young Adult Ministry — — — — — 14,337 Restricted Children & Youth Worker Fund — — 40,781 — 40,781 40,805 Debt Counselling — — 13,247 — 13,247 24,685 Fabric Fund — — (5,710) — (5,710) (6,432) Redevelopment Fund — — (29,472) — (29,472) (37,153) Young Adult Ministry REST — — 15,781 — 15,781 — Endowment Investments — — — 28,167 28,167 31,873 |
Holy Trinity Frome, Financial Report 2022 Page 4 There may be minor discrepancies in totals due to pence not being included
23 March 2023
Holy Trinity Church, Frome
Balance sheet (Summary) As at: 31 December 2022
| 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 - Hardship 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 - Hardship Restricted - Parish Nurse Restricted - Young Adult Ministry REST Restricted - Fabric Fund Restricted - Revaluation reserves Restricted - The Bridge Restricted - Redevelopment Fund Restricted - Children & Youth Worker Fund Endowment Endowment - Investments Funds of the church |
1,107 28,167 29,275 5,225 13,999 119,946 139,171 139,171 168,447 40,000 128,447 48,597 138 2,663 12,913 — — (7,172) 8,430 81 13,247 — — 15,781 (5,710) — — (29,472) 40,781 28,167 128,447 As at 31/12/2022 £ |
1,302 31,873 33,175 7,295 13,817 121,139 142,253 As at 31/12/2021 £ |
|---|---|---|
| 142,253 | ||
| 175,429 | ||
| 50,000 | ||
| 125,429 | ||
| 46,351 788 — 10,730 0 14,337 (7,553) 6,915 80 24,685 — — — (6,432) — — (37,153) 40,805 31,873 |
||
| 125,429 |
Holy Trinity Frome, Financial Report 2022 Page 5 There may be minor discrepancies in totals due to pence not being included
23 March 2023
Holy Trinity Church, Frome
Statement of Assets and Liabilities (by code) As at: 31 December 2022
| Fixed assets - Investments A1005 : Investments — — — 28,167.71 28,167.71 31,873.10 Total — — — 28,167.71 28,167.71 31,873.10 Fixed assets - Tangible assets A1003 : Office 1,107.72 — — — 1,107.72 1,302.83 Total 1,107.72 — — — 1,107.72 1,302.83 Current assets - Cash at bank and in hand B3040 : The Bridge Current (50.00) 7,707.58 — — 7,657.58 6,072.22 Account B3040 : The Bridge Current — (252.26) — — (252.26) — Account B3041 : The Bridge Cash — 152.58 — — 152.58 186.70 C3011 : Children & Youth Worker — — 41,621.82 — 41,621.82 13,631.01 Fund D3050 : Redevelopment Fund — — 8,871.13 — 8,871.13 6,751.94 G3010 : General Current Account 28,080.76 (1,083.85) 22,203.57 — 49,200.48 63,955.99 G3014 : General Cash Imprest — — — — — 81.50 H3020 : Hall Current Account 2,238.68 10,456.59 — — 12,695.27 30,460.31 Total 30,269.44 16,980.64 72,696.52 — 119,946.60 121,139.67 Current assets - Debtors Z05 : Accounts Receivable 4,214.65 73.75 937.25 — 5,225.65 7,295.72 Total 4,214.65 73.75 937.25 — 5,225.65 7,295.72 Current assets - Investments F3060 : Fabric CBF Deposit — — 941.97 — 941.97 929.75 G3011 : General CBF Deposit 13,005.54 — 51.98 — 13,057.52 12,888.01 Total 13,005.54 — 993.95 — 13,999.49 13,817.76 Liabilities - Creditors: Amounts falling due after more than one year ZZZ11 : Loan — — 40,000.00 — 40,000.00 50,000.00 Total — — 40,000.00 — 40,000.00 50,000.00 Net total assets 48,597.35 17,054.39 34,627.72 28,167.71 128,447.17 125,429.08 Class and nominal code General Designated Restricted Endowment Total Last year |
Fixed assets - Investments A1005 : Investments — — — 28,167.71 28,167.71 31,873.10 Total — — — 28,167.71 28,167.71 31,873.10 Fixed assets - Tangible assets A1003 : Office 1,107.72 — — — 1,107.72 1,302.83 Total 1,107.72 — — — 1,107.72 1,302.83 Current assets - Cash at bank and in hand B3040 : The Bridge Current (50.00) 7,707.58 — — 7,657.58 6,072.22 Account B3040 : The Bridge Current — (252.26) — — (252.26) — Account B3041 : The Bridge Cash — 152.58 — — 152.58 186.70 C3011 : Children & Youth Worker — — 41,621.82 — 41,621.82 13,631.01 Fund D3050 : Redevelopment Fund — — 8,871.13 — 8,871.13 6,751.94 G3010 : General Current Account 28,080.76 (1,083.85) 22,203.57 — 49,200.48 63,955.99 G3014 : General Cash Imprest — — — — — 81.50 H3020 : Hall Current Account 2,238.68 10,456.59 — — 12,695.27 30,460.31 Total 30,269.44 16,980.64 72,696.52 — 119,946.60 121,139.67 Current assets - Debtors Z05 : Accounts Receivable 4,214.65 73.75 937.25 — 5,225.65 7,295.72 Total 4,214.65 73.75 937.25 — 5,225.65 7,295.72 Current assets - Investments F3060 : Fabric CBF Deposit — — 941.97 — 941.97 929.75 G3011 : General CBF Deposit 13,005.54 — 51.98 — 13,057.52 12,888.01 Total 13,005.54 — 993.95 — 13,999.49 13,817.76 Liabilities - Creditors: Amounts falling due after more than one year ZZZ11 : Loan — — 40,000.00 — 40,000.00 50,000.00 Total — — 40,000.00 — 40,000.00 50,000.00 Net total assets 48,597.35 17,054.39 34,627.72 28,167.71 128,447.17 125,429.08 Class and nominal code General Designated Restricted Endowment Total Last year |
|
|---|---|---|
| Total — — 40,000.00 — 40,000.00 50,000.00 |
||
| Net total assets 48,597.35 17,054.39 34,627.72 28,167.71 128,447.17 125,429.08 |
Holy Trinity Frome, Financial Report 2022 Page 6 There may be minor discrepancies in totals due to pence not being included
23 March 2023
Holy Trinity Church, Frome
Fund movement by type Selected period: 01 January 2022 to 31 December 2022
| 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 46,351 146,926 146,169 1,488 — — 48,597 Sub-totals 46,351 146,926 146,169 1,488 — — 48,597 Designated Covid - Fin Assistance 788 — 650 — — — 138 to self empl Hardship - Hardship — 3,083 914 494 — — 2,663 Nurse - Parish Nurse 10,730 13,760 11,576 — — — 12,913 Weekend - Parish 0 — — 0 — — — Weekend away YAM - Young Adult 14,337 — — (14,337) — — — Ministry Hall - Church Hall (7,553) 17,014 15,014 (1,620) — — (7,172) Revenue Fund Bridge - The Bridge 6,915 17,288 15,411 (361) — — 8,430 Toddlers - Toddlers 80 2,203 1,202 (1,000) — — 81 Fund Sub-totals 25,299 53,349 44,768 (16,825) — — 17,054 Restricted DEBTCOUN - Debt 24,685 4,902 16,340 — — — 13,247 Counselling Hardship - Hardship — — — — — — — Nurse - Parish Nurse — — — — — — — UKR - Ukraine Support — 3,237 3,237 — — — — YAM-REST - Young — 2,268 824 14,337 — — 15,781 Adult Ministry REST Fabric - Fabric Fund (6,432) 722 — — — — (5,710) ZReval - Revaluation — — — — — — — reserves Bridge - The Bridge — — — — — — — Redevelop - (37,153) 8,287 606 — — — (29,472) Redevelopment Fund C&youth - Children & 40,805 26,311 27,335 1,000 — — 40,781 Youth Worker Fund Sub-totals 21,905 45,729 48,343 15,337 — — 34,627 Endowment Coif - Investments 31,873 — — — (3,705) — 28,167 Sub-totals 31,873 — — — (3,705) — 28,167 Totals 125,429 246,005 239,282 — (3,705) — 128,447 |
Holy Trinity Frome, Financial Report 2022 Page 7 There may be minor discrepancies in totals due to pence not being included
23 March 2023
Holy Trinity Church, Frome
Analysis of income and expenditure Selected period: 01 January 2022 to 31 December 2022
| Total | |||||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Designated | Restricted | Endowment | This year | Last year | ||
| Incoming resources | |||||||
| Incoming resources from generated funds | |||||||
| D0020 - Sum Up Payments from Digi | 2,030 | — | — | — | 2,030 | — | |
| plate | |||||||
| D0030 - Change | 11,519 | 707 | 10 | — | 12,236 | 7,371 | |
| D0031 - Donations | 26,901 | 6,369 | 9,959 | — | 43,230 | 41,244 | |
| D0032 - Grants & Legacies | — | 10,000 | — | — | 10,000 | — | |
| D0040 - Sundry | 1,196 | 20 | — | — | 1,216 | 261 | |
| D0041 - Events | 2,037 | — | — | — | 2,037 | 294 | |
| D0043 - Books | 197 | — | — | — | 197 | 531 | |
| D0044 - Toddlers | — | 2,203 | — | — | 2,203 | 154 | |
| P0010 - Standing Orders | 69,254 | 3,125 | 28,550 | — | 100,930 | 92,086 | |
| P0011 - Envelopes | 7,144 | — | — | — | 7,144 | 5,317 | |
| P0020 - Inland Revenue Refund | 21,110 | 355 | 6,472 | — | 27,937 | 21,279 | |
| B0060 - Photocopying | 111 | — | — | — | 111 | 5 | |
| B0062 - Catering | 14 | — | — | — | 14 | — | |
| B0067 - Rent | 3,773 | 1,984 | — | — | 5,757 | 1,911 | |
| B0068 - Bridge Sales | — | 7,899 | — | — | 7,899 | 2,845 | |
| H0070 - Hall Hire | — | 17,010 | — | — | 17,010 | 7,313 | |
| C0050 - Current Interest | 273 | 8 | 27 | — | 309 | 38 | |
| I0051 - 1/2T Int | 132 | — | — | — | 132 | 129 | |
| I0052 - 3T Int | — | — | 709 | — | 709 | 691 | |
| Incoming resources from | 145,698 | 49,682 | 45,729 | — | 241,110 | 181,475 | |
| generated funds Totals | |||||||
| Incoming resources from charitable activities | |||||||
| F0080 - Fees | 1,228 | — | — | — | 1,228 | 891 | |
| Incoming resources from | 1,228 | — | — | — | 1,228 | 891 | |
| charitable activities Totals | |||||||
| Other incoming resources | |||||||
| P0023 - HMRC Job Ret Sch Covid 19 | — | 3,667 | — | — | 3,667 | 31,644 | |
| Other incoming resources Totals | — | 3,667 | — | — | 3,667 | 31,644 | |
| Incoming resources Grand | 146,926 | 53,349 | 45,729 | — | 246,005 | 214,010 | |
| totals |
Holy Trinity Frome, Financial Report 2022 Page 8 There may be minor discrepancies in totals due to pence not being included
23 March 2023
Holy Trinity Church, Frome
Analysis of income and expenditure Selected period: 01 January 2022 to 31 December 2022
| Resources used Costs of generating funds A1011 - Fund Raising Expenses 647 — — — 647 — INT - Interest Paid — — 600 — 600 346 B1062 - Bridge Purchases — 3,326 — — 3,326 731 Costs of generating funds Totals 647 3,326 600 — 4,574 1,077 Charitable activities B1067 - Rent — 6,710 — — 6,710 7,063 B1068 - Rates & water Rates 174 453 — — 628 345 C1010 - Church Overseas 7,000 — — — 7,000 3,750 C1011 - Relief & Development 504 — 3,237 — 3,742 2,500 C1020 - Home Missions 900 500 — — 1,400 1,100 C1021 - Secular Charities — — — — — 210 D1050 - Parish Share 97,554 — — — 97,554 97,553 E1040 - Outreach 1,469 1,594 3,600 — 6,664 10,674 H1060 - Cleaner 3,380 5,384 — — 8,765 5,546 R1090 - Insurance 1,094 1,354 — — 2,448 1,780 R1091 - Cleaning 517 — — — 517 382 R1092 - Administrator 5,491 5,776 — — 11,268 10,385 R1093 - Maintenance 12,161 3,530 — — 15,691 23,652 R1094 - Stationery 1,175 — — — 1,175 502 R1095 - Telephone 913 291 — — 1,205 1,275 R1097 - Sundries 2,203 467 40 — 2,710 4,843 R1098 - Petty Cash 200 — — — 200 400 R1099 - Catering 338 — — — 338 — S1081 - Heat & Light 4,739 3,237 — — 7,976 5,047 S1083 - Services 2,104 — — — 2,104 1,346 S1084 - Events 480 — — — 480 60 S1085 - Clergy 1,177 — — — 1,177 343 S1086 - Bank Charges 257 9 110 — 378 767 Y1069 - NEST for employees — 762 2,000 — 2,762 — Y1070 - Wages 291 10,412 36,892 — 47,595 46,459 Y1071 - Expenses 302 957 1,862 — 3,122 859 Z99999 - Depreciation 195 — — — 195 229 Charitable activities Totals 144,627 41,442 47,743 — 233,813 227,080 Governance costs E1042 - Training and Development 894 — — — 894 — Governance costs Totals 894 — — — 894 — Resources used Grand totals 146,169 44,768 48,343 — 239,282 228,157 Total Unrestricted Designated Restricted Endowment This year Last year |
647 — — — 647 — — — 600 — 600 346 — 3,326 — — 3,326 731 Total Unrestricted Designated Restricted Endowment This year Last year |
|
|---|---|---|
Holy Trinity Frome, Financial Report 2022 Page 9 There may be minor discrepancies in totals due to pence not being included
23 March 2023
Notes to the financial statements
For the year ended 31 December 2022
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 15% for office equipment. Individual items of £500 or less are written off when the asset is acquired, and are hence not registered, assets that are considered to have exceeded a reasonable life expectancy are written off at that time.
Investments are valued at market value 31 December 2022
Holy Trinity Frome, Financial Report 2022 Page 10 There may be minor discrepancies in totals due to pence not being included
23 March 2023
| 2 CHARITABLE DONATIONS FEBA – B&M Adams C&N Moreton Christian aid REAP Africa Bath One Good Friday Pageant C & Y Fund Wycliffe FACT Others Hardship Fund Church/Bridge Neighbourhood Chaplains Bitola, Macedonia, Church twinning Friends of Somerset Churches A Rocha eco church Children’s Hospice SW 3 FIXED ASSET (a) Tangible Original cost Disposal Additions at cost At 31st December Depreciation at 1st Jan Withdrawn on disposal Charge for the year Depreciation at 31st December Current value, year end (b) Investments Market value at 1st January Purchases Disposals Revaluation At 31st December |
2022 £ 2500 2000 504 0 0 0 1000 0 0 1230 0 2000 50 0 100 |
2021 £ 2500 2000 300 0 0 0 1000 0 174 507 50 2000 50 210 0 |
|---|---|---|
| 9384 47245 44751 --- 2794 45942 195 46137 1108 31873 (3706) 28167 |
8791 47245 44751 --- |
|
| 2794 | ||
| 46172 230 |
||
| 45942 | ||
| 1303 | ||
| 27898 3974 |
||
| 31873 |
Holy Trinity Frome, Financial Report 2022 Page 11 There may be minor discrepancies in totals due to pence not being included
23 March 2023
Independent examiners. report to the members of the Parochlal Church Council of Holy Trinity Church. Frome I report on the accounts of the church for the year ended 31 Dernber 2022, which are set out on pages L to Ll Respective responbIlItieS of trnstees and examiner The mernbers of the PCC. as the charity's trustees. are responsible for the preparation of the accounts. The charity's tnjstees consider that an audit is not required for this year (under section 144(2) of the Charities Act 2011 (the 2011 Act)) and that an independent examination is needed. It is my responsibility to: examine the accounts (under section 145 of the 2011 Act): to follow the proureS laFd down in the General Directions given by the Charity Commissioners (under section 145(5) of the 2011 Act). and to state whether particular matters have corne to my attention. Basis of independent examine. report My examination was carried out in aox)rdance with the General Directions given by the Charity Commissioners. An examination indudes a review of the accounting records kept by the chaiity and a comparison of the accounts presented with those reo)rds. It also indudes consideration of any unusual items or disclosures in the acunts, and the seeking of explanations from you as tnjstees conceming any suth matters. The procedures undertaken do not provide all the eviden that would be require(5 in an audit and. consequently, I do not express an audit OnIOn on the view given by the accounts. Independent examine, statement In Gonnection with my examination. no Matter has come to my attention: {1) which gives rne reasonable cause to believe that, in any material respect. the requirements: to keep accounting records in accordance with s130 of the 2011 Act,. and to prepare accounts which accord with the accountlng records and to comply with the ac(x)unting requirements of the 2011 Act have not been met: or (2) to which. in my opinion. attention should be drawn in order to enable a proper understanding of the accounts to be reached. Nigel Harris BA CTA A Accountant & Chartered Tax Adviser Burton Sweet Cooper House Lower Charfton Estate Shepton Mallet Somerset BA4 5QE 12 March 2023