ST PAUL’S PCC BOURNEMOUTH ## **Financial Review 2024** The total income for the year ending 31 December 2024 across all Funds was £186,300 [2023: £162,830]. Regular Giving and freewill offertory decreased by just under £3,000 compared with 2023 (not including Single Donations) which was offset by an equivalent increase in rental income. Pledges received for the Children & Youth Minister Fund amounted to £9,308 [2023: £10,308] and the PCC also gives grateful thanks to the Joseph Rank Trust for their award of a £30,000 Grant over three years: these funds have secured the position of our Children & Youth Minister until 2025. In 2023 a ‘Gift Day’ and other special fund-raising events celebrating the 40[th] anniversary of the opening of St Pauls church generated £20,221 with a further £3,140 due in 2025 from pending Gift Aid claims. Further gifts totalling £7,500 are anticipated in 2025. Resources expended amounted to £165,977 [2023: £163,771]. Necessary work to replace the Fire Alarm system (£8,082) was funded by an equivalent reduction in Common Mission Fund payments to Winchester Diocese. New fencing for the church garden (£5,040), purchase and installation of new lighting (£2,004) and costs related to replacement flooring (£4,740) were paid for from funds raised through the 404040 events. Net incoming resources for the year generated a total excess of £20,323 [2023 deficit: £941]. 2025 will be a challenging year managing increase in staffing costs, the need to secure on-going funding for the Children & Youth Minister and general rising costs of consumables, from office supplies to coffee. We trust in God’s unfailing goodness to guide us through and to equip us financially to continue our mission to Love Like Jesus, Live Like Jesus, and Lead to Jesus. It is PCC policy to endeavour to maintain a balance on unrestricted funds which equates to at least three months unrestricted payments, which is equivalent to £31,000. This is held to smooth out fluctuations in cash flow and to meet emergencies. The cash balance of £78,932 held on unrestricted (including designated) funds at the year end, together with the amounts payable to and by the PCC, was in excess of this target. The PCC has sufficient reserves, organised into general funds, designated, and restricted funds, as described in Note 6 to the Accounts. The Trustees have assessed and consider that the PCC can continue its operations and meet its liabilities as they fall due for at least the next twelve months. ## **Responsibilities of the members of the PCC in relation to the Accounts** The PCC is responsible for all parish finance, its management and control, including the appointment of a Treasurer. Its legal responsibilities include: - Keeping proper accounting records, which are sufficient to show and explain all the PCC’s transactions and must include a record of all relevant assets and liabilities. The records must: - show and explain all the PCC’s transactions; - disclose the PCC’s financial position at any time; - enable the required accounts to be prepared; - show on a day-to-day basis all receipts and payments and what they were for; - `o` include a record of all assets and liabilities. - Ensuring that the finances of the PCC are under its control and only delegated if the PCC can ensure that its wishes will be followed. - Preparing annual accounts and a report, which shall be presented to the Annual Parochial Church Meeting in accordance with the requirements of the Church Representation Rules. - Arranging for an independent examination of the Accounts. Approved by the PCC and signed on its behalf by: -------------------------------------------------------------------- Dated:________________________ David Penfold: Treasurer _Page A1_ ST PAUL’S PCC BOURNEMOUTH ## **Independent examiner's report on the accounts** ## **Section A Independent Examiner’s Report** **Report to the trustees/ members of** St Paul’s PCC Bournemouth **On accounts for the year ended** 31 December 2024 **Charity no** 1131699 **Set out on pages** A3 to A12 I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 31 December 2024. As the charity's trustees, you are responsible for the preparation of the **Responsibilities and basis of report** accounts in accordance with the requirements of the Charities Act 2011 (“the Act”). I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect: - the accounting records were not kept in accordance with section 130 of the Charities Act; or - the accounts did not accord with the accounting records; or - the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. **Signed:** _J Roper_ **Date:** _02 April 2025_ **Name:** John Roper **Relevant professional** ACMA, CGMA, MCICM **qualification(s) or body (if any): Address:** 26 Pine Drive, St Ives Ringwood BH24 2LN _Page A2_ ST PAUL’S PCC BOURNEMOUTH - See section 2 for the breakdown of Receipts - See section 3 for breakdown of Payments - See section 6b for breakdown of Fund Movements Page A3 ST PAUL’S PCC BOURNEMOUTH ## **Balance Sheet** ## **For the year ended 31 December 2024** **----- Start of picture text -----**
Approved for issue by the Parochial Church Council and signed on its behalf by:
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Rev James Findlay (Chairman)
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David Penfold (Treasurer)
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----------------------------------------------------------- Dated **Charity Commission Registration no: 1131699** Page A4 ST PAUL’S PCC BOURNEMOUTH ## **Notes to the accounts** ## **31 December 2024** ## **1. Accounting policies** ## **Basis of financial statements** 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. The Accounts have been prepared on the Accruals Basis. ## **Fund accounting** Unrestricted funds are income funds that are to be spent on the PCC's general purposes. Designated funds are general funds set aside by the PCC for use in the future. Project funds are designated for particular projects for administration purposes only. Designated funds remain unrestricted and the PCC may move any surplus to other general funds. Restricted funds comprise revenue donations or grants for a specific PCC activity intended by the donor. Where these funds have unspent balances, interest on their pooled investment is apportioned to the individual funds on an average balance basis. ## **Incoming resources** Planned giving, collections and similar donations are generally recognised when received. Tax refunds are recognised when the incoming resource to which they relate is received. Grants and legacies are accounted for when the PCC is entitled to the use of the resources, their ultimate receipt is considered reasonably certain, and the amounts due are readily quantifiable. Interest is accounted for as and when received. 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 Common Mission Fund expected to be paid over is accounted for when due. All other expenditure is generally recognised when it is incurred and is accounted for gross. ## **Fixed assets** Movable church furnishings held by the vicar and churchwardens on trust for the PCC are listed in the church's inventory, which can be inspected (at any reasonable time). New fixtures, fittings, and equipment used within the church premises with a purchase cost of £10,000 or more are depreciated on a straight-line basis over each asset’s estimated useful life. Individual items of equipment with a purchase price of less than £10,000 are written off when the asset is acquired. Expenditure on replacements and renewals, which do not constitute a new class of asset, is written off in the year of expense. Page A5 ST PAUL’S PCC BOURNEMOUTH ## **Notes to the accounts** ## **31 December 2024** ## **2. Incoming resources** [a] Donations received in response to 404040 Gift Day appeal plus sponsored events and ‘Throop Together’ Birthday Event. [b] External Grants of £10,000 received from the Joseph Rank Trust for the Children & Youth Minister Fund, being part of a total grant of £30,000 payable over three years. [c] New rental agreement with Bournemouth and Boscombe Light Operatic society (£600pcm) started in September 2024 Page A6 ST PAUL’S PCC BOURNEMOUTH ## **Notes to the accounts** ## **31 December 2024** ## **3. Resources expended** [a] 10% Mission Tithe totalling £6,724 was disbursed to our Mission Partners PACE Trust (£2,862), Mission Aviation Fellowship (£2,862) and Phoebe Ridout (£1,000) [b] PCC members received no remuneration during the year [2023 - £nil]. The salary costs of the Children & Youth Minister are paid from the Children & Youth Ministry Fund; the salary costs of the Church Administrator and the Verger are paid from the General Fund; the salary costs of the Music Director are paid from the Development Fund. [c] Incumbent’s expenses are not related to his office as Chairman of the PCC. No other members of the PCC were reimbursed for expenses specifically relating to the PCC. Expenses incurred by PCC members unrelated to their services as such are not disclosable. [d] New fencing for the church garden (£5,040) plus purchase and installation of new lighting (£2,004.44) funded from the 404040 Fund as well as general expenses (totalling £3,060) from the General Fund. [e] Church Major Repairs covers the costs for to replace the Fire Alarm system (£8,082) Page A7 ST PAUL’S PCC BOURNEMOUTH ## **Notes to the accounts** ## **31 December 2024** ## **4. Debtors & Prepayments** Page A8 ST PAUL’S PCC BOURNEMOUTH ## **Notes to the accounts** ## **31 December 2024** ## **5. Creditors & Accruals: amounts falling due within one year** ## **6. Funds** ## **a) Fund descriptions** Funds which are held by the PCC for general purposes (and which have not been restricted by the donors) are unrestricted. The PCC has set aside certain funds (designated funds) for particular projects. These funds may be redesignated by the PCC as necessary. The PCC’s restricted funds comprise donations held for purposes specified by the donors. Where these funds have unspent balances, interest on their investment is apportioned to the individual funds. ## **Unrestricted Fund** : _**The General Fund**_ is not subject to any restrictions regarding its use and is available for application on the general purposes of the PCC ## **Designated Funds:** _**The Building Fund**_ is held to meet major expenses on the fabric of the church buildings and grounds. _**The Development Fund**_ is assigned for all current development projects of the PCC related to mission development and outreach. _**The Reserves Fund**_ is held to smooth out fluctuations in cash-flow and to meet any emergency expenditure. _Page A9_ ST PAUL’S PCC BOURNEMOUTH ## **Notes to the accounts** ## **31 December 2024** ## **6.a) Fund descriptions: continued** _**The Vicar’s Discretionary Fund**_ is assigned for the discretionary use of the Priest in Charge for the alleviation of pastoral need. **The 404040 Fund** was established in 2024 and exists to fund the modernisation of the church building and facilities. This fund comprises donations given as part of the 40[th] anniversary of the opening of the church, together with associated Gift Aid repayments where appropriate. ## **Restricted Fund:** _**The Children & Youth Ministry Fund**_ was established in 2019 and exists to support the salary of a full-time Children & Youth Minister. This fund comprises donations received from within the church family of St Paul’s Throop, together with associated Gift Aid repayments where appropriate, and a Grant from the Joseph Rank Trust. ## **6.b) Fund details** ## **6.c) Transfer between funds - notes** A total £10,289 was moved from the 404040 Fund (£3,789 to the Development Fund and £6,500 to General Fund) to cover costs replacing flooring in the church extension £8,660 was moved from the CYF Fund to the General Fund to offset a Fund Movement of the same amount in 2023 £227 was moved from the Vicars Discretionary Fund to the General Fund to offset a Fund Movement of the same in from 2023 £730 was moved from the Development Fund to the General Fund to offset a Fund Movement of the same in from 2023 _Page A10_ ST PAUL’S PCC BOURNEMOUTH ## **Notes to the accounts** ## **31 December 2024** ## **7. Assets & Liabilities by Fund** _Page A11_ ST PAUL’S PCC BOURNEMOUTH ## **Notes to the accounts** ## **31 December 2024** ## **8. Related Party Transactions** Apart from the reimbursement of expenses, as disclosed in Note 3, and funds received as Agent as shown in Note 9, there were no related party transactions during the year. ## **9. Funds received as Agent** From time to time the PCC may act as Agent to facilitate collections for third parties. As the PCC does not hold legal title to these collections, such funds are not required to be shown in the Statement of Financial Activities or on the Balance Sheet. During 2024 the following collections/fees on behalf of third parties were banked and duly paid on: **----- Start of picture text -----**
Description Related Amount Amount paid out £ Balance held at
Party? received £ Year End £
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|Winchester Diocesan
Board of Finance: Parochial
Fees [payable quarterly in
arrear]|Yes|966.00|616.00|350.00
[Paid to WDBF on
18 January 2025]| |---|---|---|---|---| _Page A12_