## **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**|