St Mary Magdalene Church Stoke Bishop The Parochial Church Council Presents its Unaudited Annual Report And Financial Statements For the year ended 31 December 2024 Charity commission 1131728
The Parochial Church Council of the Ecclesiastieal Parish of St Mary Magdalene, Stoke Bishop Annual report and Financial Statements Year ended 31 December 2024 The Parochial Church Council present their report and th¢ unaudited financial statements for the year ended 31 December 2024. The Financial Statements are in accordance with the Church Accounting Regulations 2006 and comply with the Charities Act 2011 and the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applÉcable in the UK and Republic of Ireland (fRS102). Charitable Status The Parochial Church Council (PCC) is a corporate body estsblished by the Church of England under the PCC Powers Measure. The PCC was registered as a charity in 2009. charity number 1131728. The PCC members have complied with the duty in section 17 of the Charities Act 201 I to have due regard to public benefit guidance published by the Commission. Background The Parochial Church Council of the Ecclesiastical Parish of St Mary Magdalene, Stoke Bishop (St Mary's PCC) h&8 the responsibility of co-operating with the incumbenL the Reverend Jema Ball, in promoting in the ecclesiastical parish the whole mission of the Church. pastoral, evangelistic, social and ecumenical (under the PCC (Powers) Measure 1956). The Parochial Church Council (PCC) The appointtnent of PCC members is governed by and set out in the Churches Representation rules. A list of PCC Members for the year is set out on page 5. New members aTe provided with a detailed briefing pack explaining their responsibilities and members attend occ&sional courses. During the year the PCC has met bi-monthly. Meetings are preceded by a time of prayer, to which members of the congregation are invited. Officers of the Parochial Chyreh Council Chair Revercnd Jema Ball Vice Chair Caroline Jowett-Eve Vice Chair Andy Judd - until 12th May 2024 Vice Chair Kate Pint"old - from 12th May 2024 Secretary Sian Steel Treasurer Caroline Owen Address The Church Office, Mariners Drive, Stoke Bishop, Bristol, BS9 1 QJ. Bankers National Westminster Bank Plc. PO Box 221. 13 High Street, Westbury-on-Trym, Bristol, BS9 SAL. COIF Charity Fun(L CCLA Investment Management Ltd, 85 Queen Victoria Street, London EC4V 4ET. Independent Examiner Paul Cridland, Charlton Baker (Bristol) Limited, Chartered Accountants, 61 Macrae RIL Ham Green, Bristol. BS20 ODD Page I
The Paroehial Church Council of the Ecclesiastieal Parish of St Mary Magdalene, Stoke Bishop Annual report and Financial Statements Year ended 31 December 2024 Aims The PCC. in cooperation with the Incumbent, is required to meet its obligations in ways which: Seek God's VTSion for the Church together with the paid and voluntary staff of St. Mary's and with key groups and individuals Wlthin IL Seek God's direction and guidance in all decision making. Ensure that, where possible and appropriate, the views of members and groups in the congegation can be represented when major decisions are made. Ensure that St Mary's is faithful in its stewardship of everything that God has given us (including time). and Pmmote in the Parish the whole mission of the Church, pastoral, evangelistic, social and ecumenicaj. Achievement and performance 2024 has been a year to celebrate growth. Growth not measured by just numbers but growth as a church. The choir h&8 grown in numbers and confidence. Church groups have wn across all ages from the Sunday afternoon child friendly service to the growth in our contacts with local care homes. Prayer is at the heart of who we are and what we do as a church. Prayer is expressed in a variety of ways including regular prayer meetings,prayer ministry at services, smaEI groups and triplets the ring of prayer. The contact with the local primary qchool continues to gTOW Stronger with the children coming to the church for whole school Easter and Christmas services. The Easter and Christmas trails have welcomed over 400 children from several local schools. St Mary's has benefltted from the gifts and skills of a team of staff and ministers. This team is a mix of lay and ordained individuals, some are employed, others give their lime freely to the church.. It is through the generosity and flexibility of the team that St Mary's can offer a range of services and activitics to the people of Stoke Bishop and the wider Avonside area. This year we were able to see a growth in our support of our mission partners. The support given is prayerful and practical. The redeveloping of th¢ church rooms during the year has faced some frustrating delays as the sale of the church house was not finalised unlrl the end of the year. The plans for the work had to be changed which necessitated resiibmitting planning to both the Council and the Diocese. Page 2
The Parochial Church Council of the Eeelesiastical Parish of St Mary Magdalene, Stoke Bishop Annual report and Finaneial Statements Year ended 31 December 2024 The Leadership Team The Leadership Team acts as the Standing Committee of the PCC and consists of the leaders of the key are&$ of ministy at St Mary's and ¢lected members from the PCC Rev Jema Ball Rev Simon Potter Tony Hughes Rachel Powlesland Kate Pinfold Caroline Jowett-lve Caroline Owen Sonia Horne Stephanie Wren Incumbent -worship and Training Growing Disciples Stewardship and Resources-ele¢ted PCC representative Youth and Children Church ivarden Church warden Tre&surer and safeguarding- elected PCC representative ASMA curnte Occ&8ional services £lected PCC representative Relationships with other groups, charities and individuals As a parish church, within thc Dioccsc of Brkstol in thc Church of England, thc church undcrt&kcs to pay thc annual Parish Share, which, during this period was £166,320 (2023 - £165,000). The Diocese of Bristol pays the salaries of the Incumbent Rev Jema Ball, and the associate vicar Rev Simon Potter. Electoral Roll The annual revision of the Electoral Roll last took place in April 2024, establishing that the number on the Electoral Roll was 206 (2023- 219). Risk Mallagemellt As a body responsible for the condition of the fabric of st Mary's and for the safety and well-being of those worshipping there ai)d everyone using its facilities, the PCC adopts policies and takes measures to minimise the risks involved. The PCC and its committees adhere to and implement the provisions of legislation and current good practice. The major risks to which St Mary's PCC is exposed and tlie Sybtenis Lo iiiiligate those rfftsks are as follows: Physical risks to congregation and staff which are dealt with through the regular review of the Health and Safety policy and practice. Risks from fire are mitigated by keeping the building and equipment in good repair. Maintaining safeguarding policies to protect children and vulnerable adults from potential abuse, including appointment procedures and training. Church finances which are carefully administered to optimise income and control expenditure. The short tenn nature of its r¢'enue funding, with steps being taken continually to ensure that funding continues, Operating risks, with cover for public liability, office and buildings insurances and landlord's insurance in respect of a tenanted property owned by the church. Page 3
The Parochial Church Council of the Ecclesiastieal Parish of St Mary Magdalene, Stoke Bishop Annual report and Financial Statements Year ended 31 December 2024 PCC responsibility for the financial statements The law requires the PCC to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Parish and of its income and expenditure for that period. In preparing those financial statements. the PCC is required to: Select suitable accounting policies and then apply them consistently. Make judgements and estimates that are reasonable and prudent. and Prepare the financial stafrments on the going concern basis unless thts is inappropriate. The PCC Membe are responsible for mair]taining proper accounting records which disclose with reasonable accuracy at any time the financial position of the Parish and to enable them to ensure that the financial statements comply with the relevant legislation. They are also responsible for safeguarding the assets of the PIsh and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. At the beginning of the year the budget adopted by the PCC anticipated a defictt for the General Fund. The PCC are confident that they will be able to meet their financial obligations. Reserve5 Policy The PCC aim to maintain reserves in unrestricted funds at a level that will allow sufficient funds to be available to respond to charitable activities as they arise and also to ensure that support and governance costs can be met for at least three months. The balance held as unrestricted funds at the year end was £591,663 (2023-£256,693). During the year the PCC sold the freehold Property for ££W8,000. The proceeds of the disposal will be used to develop the heritage asseL the church rooms. The work is expected to start in the autumn of 2025 and will cost about £680,000. Approved and signed by Rev Jema Ball ncumbent Page 4
The Parochial Church Council of the Eeelesiastical ParRsh of St Mary Magdalene, Stoke Bishop Annual report and Financial Statements Year ended 31 December 2024 PCC members 2024 Clergy Rev Jema Ball Rev Simon Potter Rev Hazel Trapnell Rev Sonia Home Rev Julie Summer5 Licensed Lay Millisters Brian Richardson Peter Robottom Churchwardens Caroline Jowett-Eve Kate Pinfold - from 12th May 2024 Andy Judd - until 12th May 2024 Members of Diocesan Synod Peter Robottom St¢ve Fairbairn - from 15th January 2025 Charley Maidm¢nt - from 12th May 2024 Members of Deanery Synod Tony Hughes Al Meadows Frdncis Parkinson PCC members Lucy Allen John Gwyther Madeleine McNeill - from 12th Maji ?024 James Newby - from 12th May 2024 Caroline Owen - Treasurer Nick Powlesland Keith Sheather- from 12th May 2024 Vivienne Sutherland Stephanie Wren Edward Yates Caroline Simpson who wa5 a member of the PCC at I st January 2024 resigned on 12th May 2024 Rev Angela Cattell was a member of the PCC from l January 2024 to March 2024 Anna Mi ayo and Jerry Sandford who were members of the Deanery Synod on I st January 2024 resigned on 12th May 2024 Page 5
Independent Examiner's Report to the Members of The Parochial Church Council (PCC) of the EcclesltiCal Parish of St Mary Magdalene, Stoke Bishop I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2024 which are set out on pages 7 to 16. Responsibilities and basis of report As the charity's trustees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 {'the Act,). I report in respect of Tny cxamination of the charily's accounts carrFed out under section 145 of the ALI and in carrying oul my examination I have followed all the applicable Directlons given by the Charity Commission under section 145{5)(b) of the ACL Independent examiner's statement Since the charity's gross income exceeded £250.1)00 your examiner must be a member of a body listed in section 145 of the Act. I confirn) that l am qualified to undertake the examination because J am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confimi that no material matters have come to my attention in connection with the examination giving me cause to belleve that in any material respect: accounting records were not kept in respect of the charity as required by section 130 of the Act" or the accounts do not accord with those records. or the accounts do not comply with the applicablc requirements concerning the fom 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 ¢xamination. I have no con¢erns 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. Paul Cridland FCA (ICAEW) Independent Examiner Charlton Baker (Bristol) Limited Chartered Accountants 61 Macrae Road Ham Green Bristol BS20 ODD Page 6
The Parochial Church Collncil of the Ecclesiastical Parish of St Mary Magdalene, Stoke Bishop Statement of Financial Activities for the Year Ended 31 December 2024 2024 Restricted funds 2023 Restricted funds Unrestricted funds Total Unrestricted funds Total note Income and endowments fro Donations legacies and grants ActivAties for generating funds Investment income 326,318 54,267 380,585 279.089 105,203 384,292 34,555 4,547 7,540 42,095 4,547 39,087 8,454 6,494 45,S81 8,454 Total 365,420 61,807 427,227 326,630 111,697 438,327 Expenditure on Raising funds Charitable activities 21,612 308,672 3,938 42,431 25.550 351,103 18,830 331,434 3,989 46,724 22,819 378,158 Total 330,284 46,369 376,653 350,264 50,713 400,977 Net income 35,136 15,438 50,574 (23,634) 60,984 37,350 Transfers Gross trdnsf¢rti between funds (6.274) 6,274 (4,919) 4,919 Net income before other reCOlSed gains and losses 28,862 50,574 (28,553) 65,903 Other recogllised gains (Loss)/Gains on revaluation of fixed assets for charity's own use (27,000) (27,000) Net movements in funds 28,862 21,712 50,574 (55,553) 65,903 10,350 Reeoneiliation of funds Total funds brought forward 562,801 164,048 726,849 618,354 98,145 716,499 Total funds carried forward 591,663 185,760 777,423 562,801 164,048 726,849 All incoming resources and resources expended derive from continuing activities. The notes on pages 9 to 16 fonn an integral part of these financial statements Page 7
The Parochial Church Council of the Ecclesiastical Parish of St Mary Magdalene, Stoke Bishop Balance Sheet as at 31 December 2024 2024 2023 note Fixed assets Tangible assets Heritage assets 448,000 448,001 Current assets Debtors Cash at bank and in hand 10 448,440 338,589 787.029 9,581 277,373 286,954 Creditors: Amounts falling due within ODe year 9,607 8,106 777,422 278,848 Net assets 777,423 726,849 The funds of the charity: Restricted funds 13 185,760 164,048 Unrestrieted Funds Revaluation reserve Unrestricted income funds 13 13 306,108 256.693 591.663 591.663 562,801 Total charity funds 777,423 726,849 Approved andsigned by I s I Reverend Jema Ball Incumbent C Owen PCC Member The notes on pages 9 to 16 forni an Inte part of these financial statements. Page 8
The Parochial Church Council of the Ecclesiastical Parish of St Mary Magdalene, Stoke Bishop Notes to the Financial Statements for the Year Ended 31 December 2024 l. Aecounting policies The Parochial Church Council (PCC) is a corporate body established bv the Church of England under the PCC Powers Measure. The PCC was registered as a charity in 2009. charity number 1131728. Its registered office is Mariners Drive, Stoke Bishop, Bristol BS9 IQJ. Basis of preparatioD and assessment of going concern 'The financial statements have been prepared und¢r th¢ historical cost convention, &8 modified by the revaluation of certain fixed assets, and in accordance with the Charities SORP (FRS102) applicable to charities preparing their accounts in accordance with FRS102 thc Financial Reporting Standard applicable in thc LIK and Rcpublic of Ircland, and thc Charitics Act 2011. The PCC constitutes a public benefit entity as defined by FRS 102. The presentation currency of the financial statements is sterling and all tigures are rounded to the nearest pound. The comparative information relates to the year ended 31 December 2023. The accounts have been prepared on a going concern basis which the PCC considers appropriate. . Fund accounting policy Unrestricted income fimds are genera] funds that are available for use at the PCC'S discretion in furtherance of the objectives of the Charity. Restricted funds are those donated for use in a particular area or for a specific purpos4 the use of which is restricted to that area. Designated funds are unrestricted funds set aside at the discretion of the PCC for specific purposes. Details of each fund are disclosed in note 13. Ineoming resources Voluntary income. including donations and grants including wronavirus job retention scheme payments, that provide core funding is recognised where there is an entitlement, probability of receipt and when the amount can be reliably measured. Income from tax r¢claims are Included at the same time &$ the gift to which they relate. Income from events and fund raising activities is recognised as earned. Inv>ment income is recngnised nn a receivable h&%18. Resources expended Liabilities are recognised as soon as there is a legal or constructive obligatton committing the charity to the expenditure. All expenditure is accounted tor on an accruals basis and has been cl&8sitied under headings that aggregate all costs related to the category. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be directly allocated to the activity and indirect Costs required to sUprt the work of the charity. Grants and donations payable are recognised in the accounts when a commitment has been made and there is certainty about the timing and amount of the payment. Page 9
The Parochial Churcb Council of the Ecclesiastical Parish of St Mary Magdalene, Stoke Bishop Notes to the Financial Statements for the Year Ended 31 December 2024 Governance eosts Governance costs include costs of the preparation and examination of the Report and Financial Slatement, costs relating to PCC meetings and any legal costs relating to governance and constitutional matters. Fixed assets Consecrated land and buildings and other church furnishing are not incIuded in the accounts in accordance with sl O (2) (a) of the Charitie6 Act 201 l. All expenditure on such property is written off &s incurred. Moveable church furnishings thal require a faculty for disposal are inalienable property and are held by the vicar and churchwardens on special trust for the PCC. Thesc assets are listed in the church's inventory which can be inspected at any reasonable timc. Other land and buildings are owned by the PCC and are stated at valuation. Expenditure on office and audio equipment and musical instruments is treated as capital additions where it exceeds £2,5(K). Depreciation Depreciation is provided on tangible fixed assets so as to write off the cosL less any residual value, over their expected useful life as follows: Office audio and musical equipment 330/0 Straight line basis Taxation The charity is exempt from tax as it h&s no tb]e activities. Irrecoverable VAT borne by the charity is included in the cost of the item to which it relates. Cash at bank and in hand Cash at bank and in hand includes c&8h and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the dwsit or similar account. Debtors Trnde and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount at which the charity is expected to benefit in a future period. Liabilities and provisions Liabilities are reCOlSed when there is an obligation at the Balance Sheet date as a result of a past event, it ig probable that a transf¢r of ewnomic benefit will be required in settlemenL and the amount of the settlement can be estimated reliably. Liabi liti¢s are recognised at the amount that the charity anticlpates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estirnate of the amounts required to settle the obligation. Finaneial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially COgniSed at transaction value and subsequently me&sured at thelr settlement value. Page 10
The Parochial Church Council of the Ecclesiastical Parish of St Mary Magdalene, Stoke Bishop Notes to the Financial Statements for the Year Ended 31 December 2024 2. Donations and legacies 2024 Restricted Total Funds Funds 2023 Restricted Funds Unrestricted Funds UnrestrÉ¢ted Funds Total Funds Donations #nd legacies Committed giving Donations Bequests Gift aid tax reclaimed 234,961 43,393 25,000 22,964 326.318 234,961 61,135 35,000 24,489 355,585 209,898 35,904 5,515 27,772 279,089 209,898 117,361 5,515 36,518 369.292 17,742 10,000 1,525 29,267 81,457 8,746 90.203 Grants Building grants 25.000 25,000 15,000 15,000 326,318 54,267 380,585 279,089 105,203 384,292 3. Activities for generating funds 2024 Restricted Funds 2023 Restricted Funds Unrestri¢t¢d Funds Total Funds Unrestricted Funds Total Funds Parish activities Insurance receipts Fees for weddings and funerals Church and church room rental 2,027 2.027 11,037 18,532 31,596 11,037 18.532 29,569 20,205 16,590 36,795 20,205 16,590 36,795 2,027 Fund raisRng Magazine advertising and sales Social events 2,880 2,106 4,986 2,880 7,619 10,499 2.292 2,292 6,494 8,786 6,494 6,494 5,513 2,292 34,555 7,540 42,095 39,087 6,494 45,581 4. Investment income 2024 Restricted Total Funds Funds 2023 Restricted Funds Unrestricted Funds Unrestricted Funds Total Funds Rent from propety Interest on cash deposits 5,093 3,361 8,454 5,093 3,361 8,454 4,547 4,547 4,547 4,547 Pagell
The Parochial Cburch Council of the Ecelesiastical Parish of St Mary Magdalene, Stoke Bishop Notes to the Financial Statements for the Year Ended 31 December 2024 5. Raising funds 2024 Restricted Total Funds Unrestricted Funds Funds 2023 Restricted Funds Unrestricted Funds Total Funds Magazine printing Legal fees on property sale Wedding and funeral costs Room hire Social events 6,610 7,922 5,162 303 1,615 21,612 6,610 7.922 5,162 303 5,553 25,550 5,991 5,991 12.224 615 12,224 615 3,989 22,819 3,938 3,938 3,989 3,989 18,830 6. Details of charitable activities 2024 Restricted Total Funds Unrestricted Funds Funds 2023 Restricted Funds Unrestricted Funds Total Funds Grants alld donations Parish share Mission giving Other giving 166,320 166,320 20,135 2,548 189,003 165,000 165,000 13,276 1,425 179,701 20,135 2,548 22,683 13,276 1,425 14,701 166.320 165,000 Support costs Employment costs Lighting and heating Insurance Repairs and maintenance Hall developinent Organist, choir and music costs Telephone and computers Stationery and postage Subscriptions and training Council tax Cleaning Water rates Service supplies Staff recruitment Bat and cr¢dit card clTrarges SuTtdry costs Youth ministry costs Depreciation Clergy expenses 80,092 13,394 4,994 7,820 80,092 13,394 4,994 8,147 18,556 2,389 9.058 2.899 87,720 16,821 4,003 31,414 87,720 16,82E 4,003 31,414 32.023 1,934 5,175 3,263 1,888 327 18,556 32,023 2,389 9,058 2.899 1,778 2,600 1,757 703 1,904 240 432 1,173 2,952 1,934 5,175 3,263 1.888 100 2.600 1,757 703 1,904 240 432 1,938 2,952 1,481 645 600 210 857 2,465 839 837 3,912 164,064 1,481 600 210 857 2,465 839 837 3,912 196,087 765 5,657 139,842 5.657 159,590 19,748 32,023 Governance costs Independent examiner's fee 2,510 2,510 2,370 2,370 308,672 42,431 351,103 331,434 46.724 378.158 Page 12
The Parochial Church Council of the Ecclesiastical Parish of St Mary Magdalene, Stoke Bishop Notes to the Financial Statements for the Year Ended 31 December 2024 7. Grants and donations 2024 2023 Parish share - paid to Diocese of Bristol Mission giving Other charitsble giving 166,320 20,135 2,548 189,003 165,000 13,276 1.425 179,701 Giving to Mission partners Institutions Individuals 17,085 3,050 20,135 11,776 1,500 13,276 8 Employees, remuneration The average number of persons employed by the charity during the year was a5 follows: 2024 number 2023 number Youth workers and trainees Oftice and administration staft The gretsate payroll costs of these staff were &8 follows: 2024 2023 Youth and children & family leaders Redundancy payment Office and administration staff 28,356 37,527 3,526 43,572 84,625 1,533 1,562 87,720 50,060 78,416 56 1,620 80,092 Employer's nattonal insurance contributions Employer's pension contributions No employees were paid more than £60,000 in the year by the PCC. The PCC members are considered the key rnanagement personnel of the PCC. No PCC member was paid any remuneration or working expenses during the year in their capacity as PCC members. Page 13
The Parochial Church Council of the Ecclesiastical Parish of St Mary Magdalene, Stoke Bishop Notes to the Financial Statements for the Year Ended 31 December 2024 9 Tangible fixed assets Freehold land and buildings (including heritage assets) Fixtures fittings and equipment Total Cost or valuation At l January 2024 Additions Disposal 448,001 27,487 475,488 (448,000) {448,000) At 31 December 2024 27,487 27,488 Depreciation At l January 2024 Charge for ihe ye 27,487 27,487 At 31 December 2024 27.487 27,487 Net book value At 31 December 2024 At 31 December 2023 448,001 448,001 The church rooms have been classed as heritage assets. As the property has restrictions that prevent it being sold, the PCC have valued it at £1. On 19th December 2024 contracts were exchanged for the sale of the fre¢hold property, I St Lauds Close, Stoke Bishop. The sale was completed on 6th January 2025. The property was sold foT Its valuation figure of £448,000. 10 Debtors 2024 2023 Gift aid refund due Proc¢eds from property sale Prepayments 7,212 441,228 9,581 448,440 9,581 11 Creditors: Amounts falling due Ivithin one year 2024 2023 Accrued expenses Payroll taxes and pension contributions 9.607 8,106 9,607 8,106 Page 14
The Paroehial Church Council of the Eccleslastical Parish of St Mary Magdalene, Stoke Bishop Notes to the Financial Statements for the Year Ended 31 December 2024 12. Related Parties Controlling entity: The charity is controlled by the PCC memb¢rs. 13. Analysis of Funds l January 2024 Incoming resources Resources expended 31 December 2024 Transfer Restricted Funds Mission Fund Eannarked fund Mental Health Fund Youth work fund Lunch club Defibrillator fund Hall fiind 1,288 228 116 11,267 2,792 130 6,280 5,513 (22,683) (1,092) (ioo) 12,554 2,426 I,928 146 (6,280) 10,895 375 151,146 164,048 (3,938) 12.470 375 168,415 185,760 35,825 61,807 (18,556) (46,369) 6,274 Unrestricted Funds General fund 50,756 340,420 (330,284) 421,668 482,560 Designated fullds Building fund Development fund Capital reserve fund 14,136 69,967 121,834 256,693 14,136 94,967 25,000 (121,834) 299,834 365,420 (330,284) 591,663 Rei'aluation of fixed assets Revaluation reserve nd 306,108 (306,108) Total funds 726,849 427,227 (376,653) 777,423 Unrestricted funds Building fund Sums set aside to meet significant non routine repairs and to meet expenditure due after each quinquennial review. Legacies received and set aside to encourage the growth of the church. Accumulated profits on sales of fixed assets and exceptional write offs. Following the sale of the church house this has been transferred to the General fund. Development fund Capital reserve fund Restricted funds Mission fund Donations received for distribution to mission partners and other charities. Sums received where the donor h&8 specified the purpose of the donation. DonatAons and grants received to develop th¢ church buildings. Donation5 received to support the youth work of St Marys. Accumulated funds held by the lunch club which provides a weekly lunch. Donations received to support the work of a mental health support group. Donations received to be used for maintenance of the defibrillator attached to the church hall wall. Earn)arked fund Hall fund Youth Work fund Lunch Club fund Mental Health Fund Defibrillator fund Page 15
The Parochial Church Council of the Ecclesiastical ParRsh of St Mary Magdalene, Stoke Bishop Notes to the Financial Statements for the Year Ended 31 December 2024 14. Transfers The following transfers have been made from the general fund". £12,554 to the Mission fund to support the mission partners. The following transfers have been made to the general fund: £6,280 from the Youth Work fund as a contribution towards th¢ cost of youth worker salaries. £306,108 from the Revaluation reserve fund and £121,834 from the capital reserve fund following the sale of the church house. The funds from the sale will be used for the development of the church hall which will be written off as the church is a heritage asset and has no value in the balance sheet. 15. Net assets by Fund Unrestricted Funds Restricied Funds Total Funds 2024 Totsl Funds 2023 Taneible assets Heritage &ssets Current assets Creditors: amounts falling due within one year 448,000 601,269 (9,607 591,663 185,760 787,029 (9,607) 777,423 286.954 (8,106 726,849 185.760 Page 16