## **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 De￿rnber 2022, which are set out on pages L to Ll Respective respon￿bIlItieS 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 pro￿ureS 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 ac￿unts, 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 O￿nIOn 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