ST MARY THE VIRGIN, BURTON LATIMER Independent Examiner's Report to St Mary the Virgin, Burton Latimer Charity commission number 1130245
This report on the Financial Statements of St Mary the Virgin, Burton Latimer Parish Church for the year ended 31 December 2024 is in respect of an examination carried out in accordance with the Church Accounting Regulations 2006 and section 144(2) of the Charities act 2011.
Respective responsibilities of the PCC and the examiner
As the members of the PCC, you are responsible for the preparation of the financial statements. You consider that the audit requirement of the Regulations and section 144 (2) of the 2011 Act do not apply. It is my responsibility to issue this report on those financial statements in accordance with the terms of the Regulations.
Basis of independent examiner's report
My examination was carried out in accordance with the General Directions given by the Charity Commission under section 145 (5)(b) of the Charities Act 2011 and to be found in the Church guidance, 2006 edition, issued by the Finance Division of the Archbishop's council. That examination includes a review of the accounting records kept by the PCC and a comparison of the accounts with those records. It also includes considering any unusual items or disclosures in the financial statements and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
Independent examiner's statement
In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in any material respect the requirements
-
to keep accounting records in accordance with section 130 of the 2011 Act: and
-
to prepare financial statements which accord with the accounting records and comply with the requirements of the 2011 Act and the Regulations
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.
11 Belton Road Stanground Peterborough PE2 8UU Date:
Page 3
The Parish church of St Mary The Virgin, Burton Latimer
Statement of Financial Activities
For the Year Ending 31st December 2024
| INCOME AND ENDOWMENTS 2 Donations and legacies 3 Other trading activities 4 Income from investments Total income and endowments TOTAL EXPENDITURE 5 Expenditure on Charitable activities 6 Other expenditure Net income / (expenditure) 7 Transfers between funds Gains/(losees) on revaluation of fixed assets 7a Gains/(Losses) on investment assets Balance Brought forward Balance carried forward |
Unrestricted Restricted Endowment TOTAL Funds Funds Funds FUNDS 2024 2024 2024 31 DECEMBER 2024 73,359 2,500 - 75,859 15,817 411 - 16,228 8,673 135 - 8,809 97,850 3,046 - 100,896 97,408 3,064 - 100,471 1,716 - - 1,716 99,124 3,064 - 102,187 1,274 - 18 - - 1,292 - - - - - - - - - - - 7,128 7,128 1,274 - 18 - 7,128 5,836 33,455 30,084 311,411 374,950 32,181 30,067 318,538 380,786 |
Prior Period Total Funds 31 DECEMBER 2023 67,290 24,093 8,666 |
|---|---|---|
| 100,048 95,231 4,265 |
||
| 99,496 552 - - 26,761 27,313 347,637 374,950 |
Page 4
The Parish church of St Mary The Virgin, Burton Latimer
Income Split
For the Year Ending 31st December 2024
| Donations and legacies Planned Giving PGS Income Tax recoverable Plate: Gift Aided Non gift Aided Donations (Incl QR) Charitable collection Grants (Gen2 DBF) Other trading activities Wedding & Funerals Fees Focus Mag Light & Heat Rebate Fund raising Sundry Income from Investments Trust income Interest(Incl. CBF fabric Restricted) TOTAL INCOME AND ENDOWMENTS |
2024 2024 2024 2024 2023 Unrestricted Restricted Endowment Total Total Fund Fund Fund 7,726 - - 7,726 8,322 47,771 - - 47,771 50,548 4,533 - - 4,533 2,867 565 - - 565 591 5,058 - - 5,058 3,498 7,544 - - 7,544 1,465 162 - - 162 - - 2,500 - 2,500 - |
|---|---|
| 73,359 2,500 - 75,859 67,290 6,598 - - 6,598 10,477 - - - - 394 1,000 - - 1,000 - 7,536 - - 7,536 10,502 683 411 - 1,094 2,721 |
|
| 15,817 411 - 16,228 24,093 8,644 - - 8,644 8,512 29 135 - 164 153 |
|
| 8,673 135 - 8,809 8,666 97,850 3,046 - 100,896 100,048 |
Page 5
The Parish church of St Mary The Virgin, Burton Latimer
Expenditure split
For the Year Ending 31st December 2024
| EXPENDITURE ON CHARITABLE ACTIVITES Diocesan Parish Share Rector and ministry team expenses Light, heat, power and water SMUFS's & C&YP (incl. Ignite) Gen2 DBF Grant Repairs, Maintenance & upkeep Insurance, Licences and Subs. Wages and Salaries Diocesan Fees Wedding & Funeral Fund raising & donations Events OTHER EXPENDITURE Printing, Postage and stationery Bank Charges Sundry (incl. Accountancy) TOTAL EXPENDITURE |
2024 2024 2024 2024 2023 Unrestricted Restricted Endowment Total Total Fund Fund Fund 73,484 - - 73,484 74,014 1,365 - - 1,365 576 6,368 - - 6,368 5,567 160 839 - 999 815 - 191 - 191 - 1,727 2,034 - 3,761 1,149 5,171 - - 5,171 5,717 2,617 - - 2,617 2,186 4,690 - - 4,690 4,117 235 - - 235 817 509 - - 509 272 1,081 - - 1,081 - |
|---|---|
| 97,408 3,064 - 100,471 95,231 625 - - 625 783 331 - - 331 379 760 - 760 3,103 |
|
| 1,716 - - 1,716 4,265 99,124 3,064 - 102,187 99,496 |
Page 6
The Parish church of St Mary The Virgin, Burton Latimer
BALANCE SHEET
As at 31st December 2024
| As at 31st December 2024 | ||||
|---|---|---|---|---|
| 8 FIXED ASSETS Fixtures, fittings & Equipment 9 Investment Shares (value of shares): Downing Parish Clerk 10 CURRENT ASSETS Debtors CBF Account Cash at Bank Barclays current Cash at Bank Barclays Premium Cash in hand 11 CURRENT LIABILITIES Creditors NET CURRENT ASSETS The Funds of the Charity: Unrestricted funds Restricted income funds Endowment funds Total Charity Funds |
Total Funds 31.12.24 £ - 206,879 111,660 318,538 2,395 2,731 13,630 45,000 80 63,836 1,588 1,588 62,248 380,786 32,181 30,067 318,538 380,786 |
Prior year funds 31.12.23 £ - 202,250 109,161 311,411 1,368 2,596 59,486 - 90 63,540 - - 63,540 374,950 33,455 30,084 311,411 374,950 |
||
| 2,395 2,731 13,630 45,000 80 |
1,368 2,596 59,486 - 90 |
|||
| 63,836 | 63,540 | |||
| 1,588 | - | |||
| 1,588 | - | |||
| 380,786 | 374,950 | |||
| 32,181 30,067 318,538 |
33,455 30,084 311,411 |
|||
| 380,786 | 374,950 |
Approved by the Parochial Church Council on…………… and signed on its behalf by:
Chairman
Page 7
THE PARISH CHURCH OF ST MARY THE VIRGIN, BURTON LATIMER YEAR ENDING 31 DECEMBER 2024
| Unrestricted Funds (General) Balance B/Fwd This years un-restricted receipts This years un-restricted payments Transfer between funds Restricted Funds: Balance B/Fwd This years restricted receipts This years restricted payments Transfer between funds Endowment Funds: Balance B/Fwd Gains / losses on valuation Total Funds Unrestricted Restricted Endowment |
33,455 97,850 99,124 - 32,181 30,084 3,046 3,064 - 30,066 See note 311,411 7,128 318,539 32,181 30,067 318,538 380,786 |
|---|---|
| Nb | |
|---|---|
| Included in the Restricted balance C/fwd is: | |
| Mission Grant | 3,099 |
| Hardship fund | 16,774 |
| Ignite | 973 |
| Children and Young people | - |
| Wellbeing Cafe | 1,835 |
| Fabric CBF | 2,766 |
| Current account balance (Transfer from Fabric) | 2,281 |
| Rectors Mission | 29 |
| Gen2 DBF Grant | 2,309 |
| 30,067 |
Page 8
St Mary The Virgin, Burton Latimer Notes to the Accounts for the year Ended 31 December 2024
1 ACCOUNTING POLICIES
Accounting
The accounts were prepared under the Charities Act 2011.
The accounts have been prepared in accordance with the applicable accounting standards and comply with SORP FRS102.
Incoming resources
All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Resources expended
Expenditure and liabilities are recognised in the period to which they relate.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Fixtures, fittings and equipment
-25% p.a. reducing balance
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the PCC.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donar or when funds are raised for particular restricted purposes.
2 INCOMING RESOURCES FROM DONORS
| Unrestricted funds: Planned Giving PGS Income Tax recoverable Plate: Gift Aided Non Gift Aided |
2024 £ 7,726 47,771 4,533 565 5,058 65,654 |
2023 £ 8,322 50,548 2,867 591 3,498 |
|---|---|---|
| 65,825 |
2 OTHER VOLUNTARY INCOME
| Sundry Donations Charitable giving Grants received Restricted funds: Sundry Donations |
2024 £ 7,544 162 2,500 10,206 - - |
2023 £ 1,465 - - |
|---|---|---|
| 1,465 | ||
| - | ||
| - |
TOTAL DONATIONS AND LEGACIES
75,859 67,290 Page 9
St Mary The Virgin, Burton Latimer Notes to the Accounts - continued for the year Ended 31 December 2024
3 OTHER TRADING ACTIVITIES
These include income from Weddings and Funerals and other activities in the Church creating a much needed income to support the running costs.
| Unrestricted funds: Wedding & Funerals Fees Focus Mag Light & Heat rebate Fund raising Sundry Restricted funds: Sundry TOTAL OTHER TRADING ACTIVITIES |
2024 £ 6,598 - 1,000 7,536 683 15,817 411 411 16,228 |
2023 £ 10,477 394 - 10,502 792 |
|---|---|---|
| 22,164 | ||
| 1,929 | ||
| 1,929 | ||
| 24,093 |
4 INCOME FROM INVESTMENTS
Income from two Investment Funds, Downing and Parish Clerk. The PCC are the managing Trustees, the Peterborough Diocesan Board of Finance (PDBF) are the custodian Trustees. These investments are both endowment funds, therefore the capital cannot be used, however an income in the form of dividends are paid quarterly to the PCC.
There is also a CBF Fabric Deposit account that also generates interest. The income from this CBF account is restricted.
| Downing - Dividends Parish Clerk - Dividends Bank Interest |
2024 £ 5,614 3,030 8,644 164 164 |
2023 £ 5,528 2,984 |
|---|---|---|
| 8,512 | ||
| 153 | ||
| 153 |
4 SHARES
These are the two investment endowment's Downing and Parish Clerk. The market investment value as at 31 December 2024 for Downing was £206,878.80 (previously as at 31.12.23 £202,249.62) The market investment value as at 31 December 2024 for Parish Clerk was £111,689.52 (previously as at 31.12.23 £109,160.99).
Page 10
St Mary The Virgin, Burton Latimer Notes to the Accounts - continued for the year Ended 31 December 2024
5 EXPENDITURE ON CHARITABLE ACTIVITES
These activities also include the fees paid out locally for funerals and weddings and PDBF fees. All these activities are unrestricted apart from the Gen2 DBF Grant expenditure.
| Diocesan Parish Share Rector and ministry team expenses Light, heat, power and water SMUFS's & C&YP (incl. Ignite) Gen2 DBF Grant Restricted Repairs, Maintenance & Upkeep Insurance, Licences and Subs. Wages and Salaries Weddings & Funerals Diocesan Fees Fund raising & donations Events |
2024 £ 73,484 1,365 6,368 999 191 3,761 5,171 2,617 235 4,690 509 1,081 100,471 |
2023 £ 74,014 576 5,567 815 - 1,149 5,717 2,186 817 4,117 272 - |
|---|---|---|
| 95,231 |
Nb
The Parish Share was again paid in full 100% in 2024.
Page 11
St Mary The Virgin, Burton Latimer Notes to the Accounts - continued for the year Ended 31 December 2024
6 OTHER EXPENDITURE
| Printing, Postage and stationery Salaries Admin Bank Charges Sundry (incl. Accountancy) |
2024 £ 625 - 331 760 1,716 |
2023 £ 783 - 379 3,103 |
|---|---|---|
| 4,265 |
7 TRANSFER BETWEEN FUNDS
No Funds were transferred from the CBF fabric account to main current account this year. The PCC agreed to use this for easy access to funds for fabric if required.
7a See note 9 below
8 FIXED ASSETS
See page 13 for the assets retained for the church uses. These are depreciated over four years. All Assets have now been fully depreciated.
9 INVESTMENT SHARES
The value of the shares as at 31 December 2024 was £318,538. There was a investment gain on the two investments during the year adding £7,128 in value.
10 CURRENT ASSETS
The Current Assets include:
Debtor of £568.08 from Barton Petroleum as St Mary's account is in credit balance as at 31.12.24. There is also another Debtor relating to the Gift Aid claim tax to be recovered relating to 2024 £1,827. CBF Fabric account (restricted) received £34.81 in Jan 2024 that related to 2023. It received interest in Jan 2025 that relates to 2024 £32.46.
The two other accounts include the main current account with cash at bank as at 31 December 2024 £13,630. A new Barclays premium account was opened with a deposit of £45,000 balance. There was also cash in hand balance of £80 as at 31.12.24 (£60 was withdrawn Jan 2025).
11 CURRENT LIABILITIES
The following expenditure items that relate to 2024 but were charged through in 2025 are - Bank charges £18.54, SMUF charges £308, WiFi Net solution (R+M) £145.31, DBF contact devices £150, DBF Carol Sharman Dec wages £223.08, SMRHS Ltd Boiler works £585.02 and Diocesan Q4 fees due £158.
Page 12
The Parish Church of St Mary the Virgin, Burton Latimer Year Ending 31st December 2024 Assets Retained for church's use
| Cost Add'n Disposal Cost b/fwd c/fwd Furniture & Fixtures R 1,834.00 - - 1,834.00 Expansion Vessel R 793.13 - - 793.13 Alarm system R 5,727.24 - - 5,727.24 Audio system R 1,785.17 - - 1,785.17 Audio system R 1,785.17 - - 1,785.17 2 x Printers U 2,000.00 - - 2,000.00 1 x Laptop U 384.00 - - 384.00 Sound System U 2,052.92 - - 2,052.92 Sound System R 100.74 - - 100.74 Sound System R 1,532.90 - - 1,532.90 Light Bulbs R 220.02 - - 220.02 Sound System R 1,532.90 - - 1,532.90 Printer R 2,154.00 - - 2,154.00 21,902.19 - - 21,902.19 U = Unrestricted U R = Restricted R As per Treasurer COST |
b/fwd charge disp c/fwd 1,834.00 - - 1,834.00 793.13 - - 793.13 5,727.24 - - 5,727.24 1,785.17 - - 1,785.17 1,785.17 - - 1,785.17 2,000.00 - - 2,000.00 384.00 - - 384.00 2,052.92 - - 2,052.92 100.74 - - 100.74 1,532.90 - - 1,532.90 220.02 - - 220.02 1,532.90 - - 1,532.90 2,154.00 - - 2,154.00 21,902.19 - - 21,902.19 4,436.92 - 17,465.27 - 21,902.19 - DEP'N |
NBV NBV |
|---|---|---|
| 31/12/2020 31/12/2019 - - - - - - - - - - - - - - - - - - - - - - - - - - |
||
| - - |
||
| - - - |
Page 13
| St Mary the Virgin | |
|---|---|
| Bank Reconciliation | |
| Barclays Bank Balance as at 31 December 2024 | 13630.28 |
| account no. 70225231 | |
| Add Outstanding Deposits: | |
| - | |
| Less unpresented Cheque(s) | |
| - | |
| 13,630.28 | |
| Cash Book Balance as at 31st December 2024 | 13,630.28 |
| - |
Page 14
Reserve - Restricted Funds
| Bal B/fwd | Transfer | Income | Expenditure | Balance | |
|---|---|---|---|---|---|
| between funds | in Restricted | ||||
| C/Fwd | |||||
| Mission Grant | 3,099 | - | - | - | 3,099 |
| Hardship fund | 16,844 | - | - | 70 | 16,774 |
| Ignite | 296 | - | - | 120 | 176 |
| Children and Young people | 757 | - | 757 | - | |
| Wellbeing Cafe | 1,316 | - | 519 | - | 1,835 |
| Rectors Mission | 29 | - | - | - | 29 |
| Gen2 DBF Grant | - | - | 2,500 | 191 | 2,309 |
| 22,341 | - | 3,019 | 1,138 | 24,222 |