Holy Trinity Church, Frome
End of Year Financial Statements
31 December 2024
Indopendent examlners. report lo Ihe members ol th• Pafo¢hlal Church CouThcll of Holy Trinity Church, Frome I report on the accounls of the church lor the year ended 31 Decembew 2024. vthich a sei out on pages _IL to I Respeclive responsibjlilies of Ifustees and examinof The meM1{S ol the PCC. as the chanty's Injsfees. are responsible for the eparalion of tho accounts. The chanty's trusiees CSIder th8t an a(Klit is rM)t reqUid for Ihis year (under seclion 144{2) ol th) charl1$ Acl 2011 (the 2011 Act)) and that an IPendent examination is rKle. 11 is my resporffjiknlity10: exam•ne Ihe acc(Amts (under Sec1K 145 of the 2011 kl): io Idlow tho wocedurgs laid dovm In the Gerwral recOn5 given by Ihe Chanty commissione (uThler Sec1K 145(5) of tho 2011 Acl): and io ststo whelher partlcular matters have cthTre10 my 8ttenlH)n. Ba&s ofindependent ex8minefS' rnport ly examinabon was carried out in accordance wilh the General th're¢tions gNen by the Chanty Commissioners. An examirnaboTr incknjes a review of Ihe acCjnI1n9 fecords kept by the charity ar)d a companson of Ihe accounts Pfesenled wilh ihose records.11 also irbcludes consthraiim any unusual ilems or disck>sures in the acunIS, and the seeknng of explanations from you as trustees conceming any such mallers. The pr(lureS urKlertaken do rt rxovKle all ihe evidence Ihal would bo required In an aLMYIl and, consequenlly, I do express an audil Opini( on Ihe view given by the acc(MJnts. IndePW examiners. statem&nt In connodion with rny examInalK, mattar has c¢yne lo my attèntion: (1) vhwch gives Me ffjasonable cause lo bel•ove thal, in any material SPeCt, the requiremenls: to keep ac0nI11j rewds In aCCtrd8rice with s130 of the 2011 Ac(" and to propare accounts vthich acc(wd with the accounting reccrfds and 10 comply wtlh Ihe accountsfVJ foquifemenls ol Ihe 2011 Act have nol boen mot; ( lo whith, in my oplnion. attenth. sh¢xJld be drawn Mi ¢)rdef to enable a proper understanding ol the 8ccounls to be readd. 121 Nigel Harrls BA CTA A Accounlant & Chartefcd Tax Adviser Burton Sweei Coopef House Lowor Charllon Eslato Sheplon Klallet Somerset 8A4 SQE 12 Mar¢h 2025 Holy Trinity Frome. Financial Report 2024 Pag& I 4 Februory 3]24 Ther& moy be minor discreponci&s in lotals due to penc& not being included
FINANCIAL REVIEW
This report covers the financial and calendar year 2024, ending 31 December 2024. Overall our income and expenditure were approximately 4% higher than 2023 although both were less than budgeted.
Total receipts on the ordinary unrestricted fund, which is only the General Fund, were £171,307 and are detailed in the Financial Statements. Total expenditure in the year from this income amounted to £167,931. The largest item was our Parish Share of £109,662 which was paid to the Diocese of Bath and Wells to enable it to provide clergy and support services. The net result for the General Fund was a small surplus of £3,376 similar to 2023.
Designated Funds total receipts were £20,601 and expenditure was £23,728 resulting in a year’s deficit of £3,127. These figures cover designated Funds held by Holy Trinity for the Hall, Social Care and Toddlers. Hall receipts were 23% lower than last year and expenditure 22% higher resulting in a deficit of £3,145, partly a result of increased maintenance spend (repainting). Toddlers also had a deficit of £549 while Social Care, which replaced the Parish Nurse fund, benefitted from continuing donations with limited spend, resulting in a surplus of £629.
Restricted Funds (Children & Youth, Debt Centre, Fabric, The Bridge, Hardship and Redevelopment) had an income of £94,872 and an expenditure of £58,648. The Children and Youth Fund had a surplus of £11,381 for the year compared with a deficit of £8,431 in 2023. This was a result of only 4 months of salary after our new Children & Youth [Worker] started in September while income from giving continuing throughout the year. The Debt Centre Fund also had a surplus of £7,191 in 2024 compared with a deficit of £1,455 in 2023; costs were 23% higher than 2023 but more than offset by grants from the National Lottery Community Fund. As mentioned in last year’s Financial Review, the Redevelopment Fund had insufficient funds to make the loan repayment of £10,000 in mid-2024 so £7,200 was transferred from the General Fund. In the Stewardship month in October, a substantial gift was given to cover the 2025 loan repayment and this was used to make that repayment early to reduce interest costs. The Bridge operates on a break-even budget and would have achieved that (with a surplus of £96), despite rising costs, before a legacy gift which resulted in a surplus of £2,596 in 2024. The Hardship Fund gave grants of £1,650 in 2024 exceeding income by £255 which was primarily from collections at Christmas services and also a legacy.
As noted previously, the Young Adults Ministry (YAM) Fund is a restricted fund held by Holy Trinity to support the work of Andrew and Elizabeth Alden on behalf of the Deanery in Frome and surrounding villages – this does not feature in the figures noted above. The YAM Fund is not available for any HTF uses and is transferred to Frome Deanery bank account as required, with the outgoings in the accounts covering such transfers.
The PCC has continued its long-standing policy of giving 10% of general income (tithes) to mission in the UK and overseas . Total Charitable giving in 2024 was £17,368 with details given at the end of this report. This includes collections for the Poppy Appeal and Children’s Society as well as the special appeal for the new kitchen at Bitola (TEN Kitchen) for which funds were given specifically with the PCC agreeing to add £385 to round up the donation; if only the church’s contribution is included, the total tithe was £13,785, marginally above 10% of the total giving to the General Fund of £136,515.
The Fabric Fund has a negative balance of £4,194, this negative balance is slowly being reduced as income is received from an endowment allocated only to Fabric, through 2024 this income amounted to £774. Maintenance spend is paid from the General or Hall Funds as appropriate
The Redevelopment Fund (restricted) was resourced by a loan from The Diocese for £100,000 which is due for repayment over 10 years (2017-2026). Repayments made to the end of this report period total £90,000, including the extra repayment in 2024 mentioned above. The Redevelopment Fund stands at a negative £10,417 at the year-end which takes account of the outstanding £10,000 loan liability which is due in mid 2026. Holy Trinity Frome, Financial Report 2024 Page 2 4 February 2024 There may be minor discrepancies in totals due to pence not being included
Charitable Status
Holy Trinity Church is registered with the Charity Commission as The Parochial Church Council of the Ecclesiastical Parish of Holy Trinity, Frome. Registered number 1129366.
Reserves Policy
It is PCC policy to maintain a balance on unrestricted funds which covers three months of Parish Share payments to cover cash flow problems near the year end and to cope with unforeseen situations. Some funds are invested in CBF deposit funds. These accounts show that the Church finances continue to comply with this policy.
Outlook and Budget
The current level of income will not cover full year costs for the Children and Youth Fund with a deficit of £17,500 forecast for 2025. While it currently has a robust balance which will fund activities for at least the next year, this will not be sustainable in the long term without additional income or support from other funds. A deficit is also forecast for the Toddlers Fund (£750) as a result of rent paid to the Hall each month. The PCC have agreed that the Toddler Fund cease paying rent in 2025 with any surplus funds at the end of the year transferred to the Children & Youth Fund.
The Hardship Fund is also expected to have a deficit in 2025. Spend is hard to forecast but with the continued high costs of living, it appears likely that it will remain above the level of income, requiring increased focus on raising funds, through special collections, regular giving or other means.
The Debt Centre, Bridge, Hall and Social Care Funds are all forecast to be balanced in 2025 with income matching spend.
With early repayment of the Diocesan loan installment due in 2025, the current level of giving to the Redevelopment Fund will cover the remaining interest payments in 2025 and contribute to meeting most of the final repayment in 2026.
Our Parish Share for 2024 was 10% higher than 2023 but a new method of calculation was agreed in 2024 which will reduce our share over a 5 year transition period with a reduction of 2.5% to £106,900 in 2025. While this represents almost 60% of the budget spend from the General Fund, the reduction is more than offset by increased spend on expected maintenance following the Quinquennial Inspection as well as known roof issues [which will be outlined by the Church Wardens] and operations-admin costs, now that the office is fully staffed, resulting in a forecast deficit of £15,300. Our reserves in the General Fund, £54,120, can cover this so the outlook is acceptable. However, to be sustainable, income needs to cover spend and we would like to have a healthy surplus, to support our work to see a Jesus Filled Frome.
This is my first report as Treasurer having taken over from Chris Round at the last APCM. As a church, we thanked him for all his years of service as Treasurer. I just want to add my personal thanks for all his continued support over the last year as he has taught me how to use the accounting software, helped transfer multiple accounts and answer all my questions. His shoes were too big for one person to fill, so David Whitewood has joined the finance team as Assistant Treasurer although he has only been able to really start in 2025.
24[th] March 2025
Alastair Marshall
Treasurer, HTC
On Behalf of the Parochial Church Council
Approved at PCC meeting held on 2 April 2025, with the Independent Examiner’s report dated 12 March 2025 being provided with no findings.
Holy Trinity Frome, Financial Report 2024 Page 3 4 February 2024 There may be minor discrepancies in totals due to pence not being included
Holy Trinity Church, Frome
Statement of Financial Activities
For the period from 01 January 2024 to 31 December 2024
| Unrestricted | Designated | Restricted | Endowment | Total | Prior year | |
|---|---|---|---|---|---|---|
| funds | funds | funds | funds | funds | total funds | |
| Incoming resources | ||||||
| Incoming resources from generated funds | ||||||
| Voluntary income | 164,906 | 2,434 | 63,629 | — | 230,969 | 218,722 |
| Activities for generating funds | 3,691 | 18,167 | 15,459 | — | 37,317 | 37,458 |
| Investment income | 1,221 | — | 1,361 | — | 2,582 | 1,972 |
| Incoming resources from charitable activities | 1,489 | — | — | — | 1,489 | 1,423 |
| Other incoming resources | — | — | 14,423 | — | 14,423 | 1,500 |
| Total income | 171,307 | 20,601 | 94,872 | — | 286,781 | 261,075 |
| Resources used | ||||||
| Costs of generating funds | ||||||
| Costs of generating voluntary income | 205 | — | 1,428 | — | 1,633 | 2,141 |
| Fundraising trading: cost of goods sold and other costs | — | — | 7,272 | — | 7,272 | 5,797 |
| Charitable activities | 167,228 | 23,728 | 49,746 | — | 240,702 | 268,149 |
| Governance costs | 497 | — | 203 | — | 700 | 2,640 |
| Total expenditure | 167,931 | 23,728 | 58,648 | — | 250,308 | 278,729 |
| Gains / losses on investment assets | — | — | — | 696 | 696 | 2,631 |
| Net income / (expenditure) resources before transfer | 3,373 | (3,127) | 36,224 | 696 | 37,169 | (15,021) |
| Transfers | ||||||
| Gross transfers between funds - in | — | 9,553 | 1,746 | — | 11,299 | 30,900 |
| Gross transfers between funds - out | — | (1,746) | (9,553) | — | (11,299) | (30,900) |
| Other recognised gains / losses | ||||||
| Net movement in funds | 3,376 | 4,679 | 28,417 | 696 | 37,169 | (15,021) |
| Reconciliation of funds | ||||||
| Total funds brought forward | 50,747 | (372) | 32,252 | 30,799 | 113,426 | 128,447 |
| Total funds carried forward | 54,123 | 4,307 | 60,669 | 31,495 | 150,594 | 113,425 |
| Represented by | ||||||
| Unrestricted | ||||||
| General fund | 54,123 | — | — | — | 54,123 | 50,746 |
| Designated | ||||||
| Church Hall Revenue Fund | — | (4,127) | — | — | (4,127) | (981) |
| Social Care | — | 8,373 | — | — | 8,373 | — |
| Toddlers Fund | — | 61 | — | — | 61 | 609 |
| Restricted | ||||||
| Children & Youth Worker Fund | — | — | 43,732 | — | 43,732 | 32,350 |
| Debt Counselling | — | — | 19,747 | — | 19,747 | 12,555 |
| Fabric Fund | — | — | (4,194) | — | (4,194) | (4,967) |
| Hardship | — | — | 1,367 | — | 1,367 | 1,622 |
| Parish Nurse | — | — | — | — | — | 7,743 |
| Redevelopment Fund | — | — | (10,417) | — | (10,417) | (25,070) |
| The Bridge | — | — | 10,179 | — | 10,179 | 7,583 |
| Young Adult Ministry REST | — | — | 256 | — | 256 | 435 |
| Endowment | ||||||
| Investments | — | — | — | 31,495 | 31,495 | 30,799 |
Holy Trinity Frome, Financial Report 2024 4 February 2024
Page 4 There may be minor discrepancies in totals due to pence not being included
Holy Trinity Church, Frome
Balance sheet (Summary) As at: 31 December 2024
| As at 31/12/2024 £ |
As at 31/12/2023 £ |
|
|---|---|---|
| Fixed assets Tangible assets Investments Current assets Debtors Investments Cash at bank and in hand Liabilities Creditors: Amounts falling due in one year 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 - Social Care Designated - Church Hall Revenue Fund 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 |
801 31,495 32,296 2,076 15,215 120,507 137,799 9,500 128,299 160,594 10,000 150,594 54,123 8,373 (4,127) 61 19,747 1,367 — 256 (4,194) — 10,179 (10,417) 43,732 31,495 150,594 |
941 30,799 31,741 5,298 14,448 91,937 111,684 — 111,684 143,425 30,000 113,425 50,746 — (981) 609 12,555 1,622 7,743 435 (4,967) — 7,583 (25,070) 32,350 30,799 113,425 |
Holy Trinity Frome, Financial Report 2024 4 February 2024
Page 5 There may be minor discrepancies in totals due to pence not being included
Holy Trinity Church, Frome
Statement of Assets and Liabilities (by code)
As at: 31 December 2024
| Class and nominal code | General | Designated | Restricted | Endowment | Total | Last year |
|---|---|---|---|---|---|---|
| Fixed assets - Investments | ||||||
| A1005 : Investments | — | — | — | 31,495 | 31,495 | 30,799 |
| Total | — | — | — | 31,495 | 31,495 | 30,799 |
| Fixed assets - Tangible assets | ||||||
| A1003 : Office | 801 | — | — | — | 801 | 942 |
| Total | 801 | — | — | — | 801 | 942 |
| Current assets - Cash at bank and in hand | ||||||
| B3040 : The Bridge Current Account | 5 | — | 5,610 | — | 5,615 | 7,639 |
| B3040 : The Bridge Current Account | — | — | — | — | — | (1,746) |
| B3041 : The Bridge Cash | (19) | — | 391 | — | 372 | 383 |
| C3011 : Children & Youth Worker Fund | — | (31) | 43,701 | — | 43,670 | 38,751 |
| D3050 : Redevelopment Fund | 7,200 | — | (5,585) | — | 1,615 | 2,063 |
| G3010 : General Current Account | 27,185 | 882 | 32,465 | — | 60,531 | 17,837 |
| H3020 : Hall Current Account | 4,810 | 3,895 | — | — | 8,705 | 27,011 |
| Total | 39,180 | 4,746 | 76,581 | — | 120,507 | 91,937 |
| Current assets - Debtors | ||||||
| Z05 : Accounts Receivable | 1,645 | 8 | 424 | — | 2,076 | 5,299 |
| Total | 1,645 | 8 | 424 | — | 2,076 | 5,299 |
| Current assets - Investments | ||||||
| F3060 : Fabric CBF Deposit | — | — | 1,024 | — | 1,024 | 972 |
| G3011 : General CBF Deposit | 14,139 | — | 52 | — | 14,191 | 13,476 |
| Total | 14,139 | — | 1,076 | — | 15,215 | 14,448 |
| Liabilities - Creditors: Amounts falling due after more than | one year | |||||
| ZZZ11 : Loan | — | — | 10,000 | — | 10,000 | 30,000 |
| Total | — | — | 10,000 | — | 10,000 | 30,000 |
| Liabilities - Creditors: Amounts falling due in one year | ||||||
| Z04 : Accounts Payable | 1,642 | 447 | 7,412 | — | 9,500 | — |
| Total | 1,642 | 447 | 7,412 | — | 9,500 | — |
| Net total assets | 54,123 | 4,307 | 60,669 | 31,495 | 150,594 | 113,426 |
Holy Trinity Frome, Financial Report 2024 4 February 2024
Page 6 There may be minor discrepancies in totals due to pence not being included
Holy Trinity Church, Frome
Fund movement by type Selected period: 01 January 2024 to 31 December 2024
| 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 50,747 171,307 167,931 — — — 54,123 Sub-totals 50,747 171,307 167,931 — — — 54,123 Designated Covid - Fin Assistance — — — — — — — to self empl Hardship - Hardship — — — — — — — Nurse - Parish Nurse — — — — — — — SocCare - Social Care — 740 174 7,806 — — 8,373 Hall - Church Hall (982) 18,167 21,312 — — — (4,127) Revenue Fund Bridge - The Bridge — — — — — — — Toddlers - Toddlers 609 1,694 2,243 — — — 61 Fund Sub-totals (372) 20,601 23,728 7,806 — — 4,307 Restricted DEBTCOUN - Debt 12,555 28,685 21,494 — — — 19,747 Counselling Hardship - Hardship 1,623 1,395 1,650 — — — 1,367 Nurse - Parish Nurse 7,743 195 132 (7,806) — — — YAM-REST - Young 436 3,450 3,630 — — — 256 Adult Ministry REST Fabric - Fabric Fund (4,968) 774 — — — — (4,194) ZReval - Revaluation — — — — — — — reserves Bridge - The Bridge 7,583 20,364 17,768 — — — 10,179 Redevelop - (25,071) 16,085 1,431 — — — (10,417) Redevelopment Fund C&youth - Children & 32,350 23,924 12,543 — — — 43,732 Youth Worker Fund Sub-totals 32,252 94,872 58,648 (7,806) — — 60,669 Endowment Coif - Investments 30,799 — — — 696 — 31,495 Sub-totals 30,799 — — — 696 — 31,495 Totals 113,426 286,781 250,308 — 696 — 150,594 |
Holy Trinity Frome, Financial Report 2024 4 February 2024
Page 7 There may be minor discrepancies in totals due to pence not being included
Holy Trinity Church, Frome
Analysis of income and expenditure
Selected period: 01 January 2024 to 31 December 2024
| Total | |||||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Designated | Restricted | Endowment | This year | Last year | ||
| Incoming resources | |||||||
| Incoming resources from generated | funds | ||||||
| B002 - Tech Upgrade | — | — | — | — | — | 4,690 | |
| D0020 - Sum Up Payments from Digi | 305 | 406 | — | — | 711 | 1,591 | |
| plate | |||||||
| D0021 - Church Card machine | 1,827 | 182 | 534 | — | 2,544 | 220 | |
| D0030 - Change | 9,731 | 109 | 230 | — | 10,070 | 11,444 | |
| D0031 - Donations | 28,510 | 111 | 25,117 | — | 53,738 | 56,770 | |
| D0032 - Grants & Legacies | — | — | 7,500 | — | 7,500 | — | |
| D0040 - Sundry | 33 | — | — | — | 33 | 141 | |
| D0041 - Events | 1,806 | — | 61 | — | 1,866 | 3,276 | |
| D0043 - Books | — | — | — | — | — | 151 | |
| D0044 - Toddlers | — | 886 | — | — | 886 | 1,414 | |
| P0010 - Standing Orders | 91,434 | 400 | 22,649 | — | 114,483 | 105,694 | |
| P0011 - Envelopes | 4,758 | — | — | — | 4,758 | 4,721 | |
| P0020 - Inland Revenue Refund | 26,503 | 340 | 7,538 | — | 34,381 | 28,235 | |
| P0025 - Markham gift | — | — | — | — | — | 375 | |
| B003 - TEN Kitchen | 2,670 | — | — | — | 2,670 | — | |
| B0060 - Photocopying | 23 | — | — | — | 23 | 49 | |
| B0062 - Catering | 39 | — | — | — | 39 | — | |
| B0067 - Rent | 959 | 587 | 635 | — | 2,181 | 9,406 | |
| B0068 - Bridge Sales | — | — | 14,824 | — | 14,824 | 11,201 | |
| H0070 - Hall Hire | — | 17,580 | — | — | 17,580 | 16,802 | |
| C0050 - Current Interest | 1,221 | — | 504 | — | 1,725 | 1,127 | |
| I0051 - 1/2T Int | — | — | 135 | — | 135 | 133 | |
| I0052 - 3T Int | — | — | 723 | — | 723 | 713 | |
| Incoming resources from | 169,818 | 20,601 | 80,449 | — | 270,869 | 258,153 | |
| generated funds Totals | |||||||
| Incoming resources from charitable | activities | ||||||
| F0080 - Fees | 1,489 | — | — | — | 1,489 | 1,423 | |
| Incoming resources from | 1,489 | — | — | — | 1,489 | 1,423 | |
| charitable activities Totals | |||||||
| Other incoming resources | |||||||
| B001 - Lenchwood trip | — | — | — | — | — | 1,500 | |
| D0001 - National Lottery Community | — | — | 14,423 | — | 14,423 | — | |
| Fund | |||||||
| Other incoming resources Totals | — | — | 14,423 | — | 14,423 | 1,500 | |
| Incoming resources Grand | 171,307 | 20,601 | 94,872 | — | 286,781 | 261,076 | |
| totals |
Holy Trinity Frome, Financial Report 2024 4 February 2024
Page 8 There may be minor discrepancies in totals due to pence not being included
Holy Trinity Church, Frome
Analysis of income and expenditure
Selected period: 01 January 2024 to 31 December 2024
| Total | |||||||
|---|---|---|---|---|---|---|---|
| Unrestricted | Designated | Restricted | Endowment | This year | Last year | ||
| Resources used | |||||||
| Costs of generating funds | |||||||
| A1011 - Fund Raising Expenses | 205 | — | — | — | 205 | 553 | |
| INT - Interest Paid | — | — | 1,428 | — | 1,428 | 1,588 | |
| B1062 - Bridge Purchases | — | — | 7,272 | — | 7,272 | 5,798 | |
| Costs of generating funds Totals | 205 | — | 8,700 | — | 8,905 | 7,939 | |
| Charitable activities | |||||||
| B1067 - Rent | — | 2,245 | 5,280 | — | 7,525 | 6,761 | |
| B1068 - Rates & water Rates | 327 | 490 | 299 | — | 1,116 | 850 | |
| C1010 - Church Overseas | 13,000 | — | — | — | 13,000 | 7,000 | |
| C1011 - Relief & Development | 600 | — | — | — | 600 | 300 | |
| C1020 - Home Missions | 3,591 | — | — | — | 3,591 | 300 | |
| C1021 - Secular Charities | 177 | — | — | — | 177 | — | |
| D1050 - Parish Share | 109,662 | — | — | — | 109,662 | 99,669 | |
| E1040 - Outreach | 1,138 | 173 | 6,073 | — | 7,384 | 30,190 | |
| E1041 - Discipleship | 100 | — | — | — | 100 | — | |
| E1043 - Fees | — | — | 3,600 | — | 3,600 | — | |
| E1044 - Office Costs | — | — | 355 | — | 355 | — | |
| H1060 - Cleaner | 4,145 | 6,201 | 2,346 | — | 12,692 | 10,561 | |
| R1090 - Insurance | 1,298 | 865 | — | — | 2,164 | 2,127 | |
| R1091 - Cleaning | 1,555 | — | — | — | 1,555 | 660 | |
| R1092 - Administrator | 6,704 | 3,177 | — | — | 9,880 | 7,271 | |
| R1093 - Maintenance | 2,345 | 3,602 | 305 | — | 6,253 | 7,750 | |
| R1094 - Stationery | 584 | — | — | — | 584 | 940 | |
| R1095 - Telephone | 1,151 | — | 416 | — | 1,567 | 1,290 | |
| R1096 - Equipment | 405 | — | 992 | — | 1,397 | — | |
| R1097 - Sundries | 169 | 70 | 610 | — | 849 | 2,618 | |
| R1099 - Catering | 398 | — | — | — | 398 | 296 | |
| R1100 - Operations and management | 2,118 | — | 328 | — | 2,446 | 4,804 | |
| S1081 - Heat & Light | 9,181 | 5,371 | 751 | — | 15,303 | 18,761 | |
| S1082 - Books | 299 | — | — | — | 299 | — | |
| S1083 - Services | 1,170 | — | — | — | 1,170 | 2,336 | |
| S1084 - Events | 805 | — | 539 | — | 1,344 | 2,382 | |
| S1086 - Bank Charges | 330 | 21 | 59 | — | 410 | 391 | |
| Y1069 - NEST for employees | — | — | — | — | — | 3,257 | |
| Y1070 - Wages | 312 | 1,000 | 27,366 | — | 28,677 | 52,214 | |
| Y1071 - Expenses | 5,524 | 513 | 426 | — | 6,463 | 5,256 | |
| Z99999 - Depreciation | 141 | — | — | — | 141 | 166 | |
| Charitable activities Totals | 167,228 | 23,728 | 49,746 | — | 240,702 | 268,149 | |
| Governance costs | |||||||
| A1017 - Tech Upgrade | 371 | — | — | — | 371 | 2,641 | |
| E1042 - Training and Development | 126 | — | 203 | — | 329 | — | |
| Governance costs Totals | 497 | — | 203 | — | 700 | 2,641 | |
| Resources used Grand totals | 167,931 | 23,728 | 58,648 | — | 250,308 | 278,729 |
Holy Trinity Frome, Financial Report 2024 4 February 2024
Page 9 There may be minor discrepancies in totals due to pence not being included
Notes to the financial statements
For the year ended 31 December 2024
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. Note that the grant for the Debt Centre for 1H 2025 was received in December and will be recognized in 2025. 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 2024
Holy Trinity Frome, Financial Report 2024 4 February 2024
Page 10 There may be minor discrepancies in totals due to pence not being included
| 2 CHARITABLE DONATIONS FEBA – B&M Adams C&N Moreton Bitola, Macedonia, Church twinning TEN Bitola Kitchen appeal Fair Frome Wycliffe Christian aid YMCA FACT Windsor Hill Wood Community Hardship Fund Church/Bridge Friends of Marsabit West Smethwick Church Friends of Somerset Churches A Rocha eco church Children’s Hospice SW The Children’s Society (Christingle) Royal British Legion (Poppy Appeal) 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 |
2024 £ 2,500 2,000 2,000 3,500 1,000 500 1,000 250 2,000 2,000 50 100 291 177 |
2023 £ 2,500 2,000 2,000 1,213 1,000 300 500 1,500 50 50 100 |
|---|---|---|
| 17,368 47,245 13,229 --- 34,016 46,303 13,229 141 33,215 801 30,799 695 31,495 |
11,213 47,245 44,751 --- |
|
| 2,493 | ||
| 46,137 166 |
||
| 46,303 | ||
| 942 | ||
| 28,167 2,631 |
||
| 30,799 |
Holy Trinity Frome, Financial Report 2024 4 February 2024
Page 11 There may be minor discrepancies in totals due to pence not being included