Parish of Holy Trinity Bradford on Avon
Charity Registration Number: 1134135
Annual Report and Accounts
for the
Year ended 31 December 2023
INDEX
Page 1 Treasurer’s Report to the Trustees Page 2 Independent Examiner's Report Page 3 Statement of Financial Activities Page 4 Balance Sheet Page 5 Notes to the Financial Statements Page 6 Incoming Resources Page 7 Resources Expended Page 8 Resources Expended Page 9 Vicar & Churchwardens Fund
Treasurer’s Report
The Parochial Church Council of Holy Trinity, Bradford on Avon
As Treasurer, this is my report to the Trustees of the Charity on the financial statements for the year ended 31 December 2023, which are set out in the accompanying pages.
Financial performance
Summary (page 3) - the overall performance set out in the Statement of Financial Activities (SOFA) for 2023 overall represented a mixed financial performance with a strong increase in trading income and fees from weddings and funerals partially off-setting increases in costs from higher utility costs and general inflationary pressures. With a decline in congregational giving, and no one-off income, this has meant that a deficit for the year in the General Fund of £15,153 was recorded. Key points are as follows:
General Fund (details on pages 6-8) - this is the main fund out of which we pay the day to day running costs of the Church and it is funded by congregational giving, investment income, trading income and fee income from weddings, funerals and baptisms. The outcome for the General Fund, as stated above, was a deficit of £15,153 (surplus of £18,619 prior year).However, a clearer picture of the comparison to 2022 is obtained if the donation from the Friends of £23,819 is excluded to give an underlying deficit of £5,200 for that year. The were a number of factors contributing to the deterioration of nearly £10 thousand year on year: firstly, congregational giving decreased by £10.3 thousand, secondly, expenditure increased by £9.7 thousand, thirdly investment income increased by £4.3 thousand and lastly income from from trading activities and fees from weddings, funerals and baptisms increased by £4.4 thousand. Overall, these income increases covered the increases in costs meaning that the fall in congregational income was the main reason for the increased deficit in the year.therefore This means that overall the General Fund ended the year at £138,803 (prior year £153,956).
Designated Fund (details on pages 6-8) - this (unrestricted) fund represents a balance able to be used for general purposes of the Parish. The PCC has agreed that from 2024, this fund is specifically named as the Fabric Fund and to be used for the initial major fabric work set out in the last Quinquennial Report.
Vicar & Churchwardens Fund (details on page 9) - as set out in the Notes, this Fund is separate from the General Fund and the use of it is at the discretion of the Vicar & Churchwardens. In the current interregnum, this fund is under the care of the church officers. The Fund has paid for a staff lunch and choir robes in the year and deposit interest on the investment balance was transferred to the General Fund during the year. T Balance Sheet and Reserves (page 4) - the balance sheet sets out the fund values at year end together with the net assets (assets less liabilities) that they represent. As indicated above the significant movement is the decline in the value of the General Fund from £153,956 the previous year end to £138,803 at 2023 year end. This is therefore the value of the General Fund reserves and is held in a mix of cash in the Parish’s bank account and a CCLA deposit fund.
2024 Outlook
The position outlined above, of a General Fund deficit, is not specific to 2023. As explained to the congregation at a recent presentation, it is clear that after excluding one-off income, the Parish has been operating at a deficit of approximately £10,000 per year for four of the last five years (and the only year with a surplus was due to costs being suppressed during COVID - the reason for this is that congregational income has remained flat or declined while costs have risen and the significant increase in trading income and wedding/funeral fees has not been able to meet the gap. The current 2024 budget is a further deficit of £15,000 - this position however is not insurmountable and with congregational support and renewed energy the future position can be strengthened. Specifically, we should aim to return the General Fund to a sustainable surplus without one-off income and build the Fabric Fund to be able to finance the programme of work set out in the last Quinquennial Report by: T
-
asking the congregation to consider a 10% increase in giving - the proportion of expenditure met by giving has fallen to 64% which is low and needs to be increased to a more sustainable level
-
planning new fund raising events while trying to retain the existing TreeFest and Street Market to raise a further £5,000 pa. - start planning to raise funds for major fabric work of approximately £35,000 over the next 2 years, £20,000 over 2-5 years and £130,000 over 5+ years from grants, legacies and events
Clive Adamson PCC Treasurer
Signed ……………………………………………. Date
1
Independent Examiner's Report
to
The Parochial Church Council of Holy Trinity, Bradford on Avon
I report on the financial statements of the Charity for the year ended 31 December 2023, which are set out in the accompanying pages.
Respective responsibilities of trustees and examiner
As PCC members you are responsible for the preparation of the financial statements. The PCC members consider that an audit is not required for this year (under section 144 of the Charities Act 2011 (the 2011 Act)) and that an independent examination is needed.
It is my responsibility to:
-
examine the accounts (under section 145(1)(a) of the 2011 Act);
-
to follow the procedures laid down in the General Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act);
-
to state whether particular matters have come to my attention
Basis of independent examiner’s report
My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, 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 accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act;
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.
INDEPENDENT EXAMINER
Richard Ross
Signed …………………………………………….
Date ……………………………
2
| Statement of financial activities for the year ended 31 December 2023 | ||||
| Unrestricted | Designated | TOTAL | Total | |
| Funds | Funds | 2023 | 2022 | |
| Note | £ | £ | £ | £ |
| INCOMING RESOURCES 2 |
||||
| Voluntary Income a |
89,304 | 0 | 89,304 | 122,713 |
| Other Voluntary Incoming Resources b |
1,637 | - | 1,637 | 1,055 |
| Activities for Generating Funds c |
20,891 | - | 20,891 | 18,217 |
| Investment Income d |
5,094 | - | 5,094 | 754 |
| Income from Charitable Activities e |
8,217 | - | 8,217 | 6,451 |
| TOTAL INCOMING RESOURCES | 125,142 | 0 | 125,142 | 149,190 |
| RESOURCES EXPENDED 3 |
||||
| Cost of Generating Voluntary Income a |
527 | - | 527 | 379 |
| Mission & Charitable Giving b |
- | - | - | 2,685 |
| Charitable Activities c |
119,704 | 0 | 119,704 | 107,709 |
| Church Management & Administration d |
19,709 | - | 19,709 | 16,321 |
| Major Projects e |
- | - | - | 3,097 |
| Miscellaneous f |
354 | - | 354 | 380 |
| TOTAL RESOURCES EXPENDED | 140,295 | 0 | 140,295 | 130,571 |
| NET INCOMING / (OUTGOING) RESOURCES | (15,153) | 0 | (15,153) | 18,619 |
| Transfers between funds (in) | - | - | - | - |
| Transfers between funds (out) | - | - | - | - |
| Gains / (losses) on revaluation of investments | - | - | - | - |
| BALANCES B/FWD 1 JANUARY | 153,956 | 20,722 | 174,678 | 156,059 |
| BALANCES C/FWD 31 DECEMBER | 138,803 | 20,722 | 159,525 | 174,678 |
| The note on pages 4 to 13 form part of these accounts. | 3 |
| Balance Sheet as at 31 December 2023 | |||||
| 2023 | 2022 | ||||
| £ | £ | £ | £ | ||
| Current assets | |||||
| Co-Op current account | 30,550 | 70,533 | |||
CCLA deposit account |
129,136 | 104,136 | |||
Cash in hand |
7 | 9 | |||
| Accounts receivable | 147 | ||||
| Total current assets | 159,839 | 174,678 | |||
| Current liabilities | |||||
| Agency collection | (5) | - | |||
Accounts payable |
319 | - | |||
| Total current liabilities | 314 | - | |||
| Net current assets | 159,525 | 174,678 | |||
| Funds | |||||
| Unrestricted Funds | 138,803 | 153,956 | |||
| Designated Funds | 20,722 | 20,722 | |||
| Total Funds | 159,525 | 174,678 | |||
| Approved by the Parochial Church Council on 2nd May, 2024 and signed on its behalf by: | |||||
| Clive Adamson | |||||
| PCC Treasurer | |||||
| Julia Steward | |||||
| PCC Secretary | |||||
| The notes on pages 5 to 9 form part of these accounts | 4 |
NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023
ACCOUNTING POLICIES
The PCC is a public benefit entity within the meaning of Financial Reporting Standards 102. The financial statements have been prepared under the Charities Act 2011 and in accordance with the Church Accounting Regulations 2006 governing the individual accounts of PCCs, and with the Regulations’ “true and fair view” provisions, and have been prepared under FRS 102 (2016) as the applicable accounting standards and the 2016 version of the Statement of Recommended Practice, Accounting and Reporting by Charities (SORP (FRS102)).
ASSETS
Consecrated and benefice property
In so far as consecrated and benefice property of any kind is excluded from the statutory definition of ‘charity’ by Section 10(2)(a) and (c) of the Charities Act 2011 such assets are not capitalised in the financial statements.
Moveable church furnishings
These are capitalised at cost and depreciated over their useful economic life other than where insufficient cost information is available. In this case the item is not capitalised, but all items are included in the Church’s inventory in any case.
Tangible fixed assets for use by charity
These are capitalised if they can be used for more than one year, and cost at least £1,000. They are valued at cost or else, for gifts-in-kind, at a reasonable estimate of their open market value on receipt. Depreciation is calculated to write off the capitalised cost of fixed assets, less their currently anticipated residual fair value over their estimated useful lives as follows:
• Land Nil
• Computers 4 years
No depreciation is provided on buildings as the currently estimated residual value of the properties is not less than their carrying value, and the remaining useful life of these assets currently exceeds 50 years, so that any depreciation charges would be immaterial.
Short term deposits
The Co-Op Bank is the banker for the Parish and operational cash balances are held there in the current account. The CCLA deposit fund is the CBF Church of England Deposit Fund.
FUNDS
Unrestricted Funds
These represent the remaining income funds of the PCC that are available for spending on the general purposes of the PCC, including amounts designated by the PCC for fixed assets for its own use or for spending on a future project and which are therefore not included in its ‘free reserves’ as disclosed in the trustees’ report. Unrestricted Designated funds are funds which have been segmented within unrestricted funds for administrative purposes.
Restricted Funds
These are income funds that must be spent on restricted purposes and details of any funds held and restrictions provided are shown in the notes to the accounts. There are currently no Holy Trinity PCC Restricted Funds.
Endowment Funds
These are restricted funds that must be retained as trust capital either permanently or subject to a discretionary power to spend capital as income, and where the use of any income or other benefit derived from the capital may be restricted or unrestricted. There are currently no Holy Trinity PCC Endowment Funds.
Vicar and Churchwardens’ Fund
This is shown as a separate statement. The Fund (“Miss KE Webber’s Bequest”) was formerly vested in the Diocesan Board of Finance under the ‘Incumbent and Churchwardens Trust Measure 1964’, and was for the “general purpose of Holy Trinity Church”. It was therefore used to purchase the new church seating. It is a PCC fund but separate from the General Fund, and any decisions have to be specifically agreed by the Vicar and Churchwardens. The fund is now under the care of the the church officers.
RESERVES POLICY
In view of the current financial position the PCC has agreed that the policy relating to any remaining free reserves is to look at maintaining the balance between paying all lines of expenditure as they fall due and remaining solvent at the year end. By far the largest level of expenditure is the Diocesan Share payments and it is the stated objective of the PCC to continue to pay the “Share” in full, but this will have to be dependent on the level of income received and cash flow constraints.
STAFF COSTS
Gross Wages & Salaries for the year amounted to £15,486. Tax & NI deductions amounted to £4,981
The PCC employs a Director of Music, an Administrator, an Administrative Assistant/Book-keeper and a cleaner. For a majority of the year a communications officer was also employed but she has now stepped down from that position. A new cleaner was appointed following the departure of the previous cleaner. All are employed on a part time basis. There were no employee benefits paid to members of staff during the current or previous year.
VAT RECOVERY
Generally, the church has to pay VAT on all goods & services. Where possible this is recovered under the Listed Places of Worship Grant Scheme.
5
| Notes to the financial statements for the | Notes to the financial statements for the | year ended 31 | December 2023 | |||
|---|---|---|---|---|---|---|
| 2 INCOMING RESOURCES | TOTAL FUNDS | |||||
| Unrestricted General Fund |
Designated |
Funds | 2023 | 2022 | ||
| a) Voluntary Income | £ | £ | £ | £ | ||
| Standing orders - gift aid | 25,442 | - | 25,442 | 31,652 | ||
| Standing orders - non-gift aid | 7,826 | - | 7,826 | 10,376 | ||
| Weekly envelopes - gift aid | - | - | - | 717 | ||
| Weekly envelopes - non-gift aid | 1,555 | - | 1,555 | 1,793 | ||
| Giving vis PGS | 26,897 | - | 26,897 | 21,830 | ||
| Donations - Contactless & User groups | 7,600 | - | 7,600 | 5,479 | ||
| On-line donations | 24 | - | 24 | - | ||
| Donations - Friends | - | - | - | 23,819 | ||
| Loose collections | 3,468 | - | 3,468 | 4,267 | ||
| Sale of votive candles | 396 | - | 396 | 491 | ||
| Contributions box | 1,472 | - | 1,472 | 1,686 | ||
| One-off gift aid | 2,397 | - | 2,397 | 500 | ||
| Tax recoverable under Gift Aid | 11,056 | - | 11,056 | 11,948 | ||
| One-off grants | 1,000 | - | 1,000 | 7,875 | ||
| Hospitality sales | 171 | - | 171 | 243 | ||
| Misc | - | - | 38 | |||
| Total | 89,304 | - | 89,304 | 122,713 | ||
| b) Other Voluntary Incoming Resources | ||||||
| Special Collections | 624 | - | 624 | 380 | ||
| VAT recovery on building works | 1,012 | - | 1,012 | 675 | ||
| Miscellaneous | - | - | - | - | ||
| Total | 1,637 | - | 1,637 | 1,055 | ||
| c) Activities for Generating Funds | ||||||
| Street Market | 4,061 | - | 4,061 | 5,933 | ||
| TreeFest | 4,706 | - | 4,706 | |||
| Church lettings | 8,524 | - | 8,524 | 8,684 | ||
| Westwood & Wingfield PCC admin | 3,600 | - | 3,600 | 3,600 | ||
| Total | 20,891 | - | 20,891 | 18,217 | ||
| d) Investment Income | ||||||
| Bank interest | 5,094 | - | 5,094 | 754 | ||
| Total | 5,094 | - | 5,094 | 754 | ||
| e) Income from Charitable Activities | ||||||
| Wedding & Funeral fees | 7,914 | - | 7,914 | 6,111 | ||
| Saxon Club subscriptions | 303 | - | 303 | 340 | ||
| Total | 8,217 | - | 8,217 | 6,451 | ||
| Total Incoming Resources | 125,142 | - | 125,142 | 149,190 | ||
| 6 |
| Notes to the financial statements for the | Notes to the financial statements for the | year ended 31 | December 2023 | ||
|---|---|---|---|---|---|
| 3 RESOURCES EXPENDED | TOTAL FUNDS | ||||
| Unrestricted General Fund |
Designated |
Funds | 2023 | 2022 | |
| a) Cost of Generating Voluntary Income | £ | £ | £ | £ | |
| Cost of Raising Funds | 527 | - | 527 | 324 | |
| Hospitality | - | - | - | 54 | |
| Total | 527 | - | 527 | 379 | |
| b) Mission & Charitable Giving | |||||
| Missionary Societies | - | - | - | 2,685 | |
| Relief & development agencies | - | - | - | - | |
| Home mission & other church societies | - | - | - | - | |
| Secular charities | - | - | - | - | |
| Total | - | - | - | 2,685 | |
| c) Charitable Activities | |||||
| Parish Share | 70,193 | - | 70,193 | 68,148 | |
| Clergy expenses | 2,694 | - | 2,694 | 4,105 | |
| Vicarage garden expenses | 860 | - | 860 | - | |
| Parish training & mission | 177 | 177 | 158 | ||
| Church Insurance | 6,664 | 6,664 | 6,205 | ||
| Church Utilities | 17,768 | 17,768 | 13,287 | ||
| Church Cleaning | 2,345 | 2,345 | 2,643 | ||
| Upkeep of Churchyard | 2,790 | 2,790 | 2,081 | ||
| Sacristy & other church service expenses | 1,519 | - | 1,519 | 1,009 | |
| Church music | 714 | - | 714 | 1,497 | |
| Director of Music salary & fees | 4,610 | 4,610 | 4,706 | ||
| Church maintenance & renewals | 9,370 | - | 9,370 | 3,870 | |
| Total | 119,704 | - | 119,704 | 107,709 | |
| d) Church Management & Administration | |||||
| Admin staff salaries | 10,876 | - | 10,876 | 8,945 | |
| HMRC payments for staff salaries | 4,981 | 4,981 | 3,673 | ||
| Photocopier & printing costs | 2,964 | - | 2,964 | 2,303 | |
| Church telephone & internet | 404 | - | 404 | 348 | |
| Admin expenses | 485 | 485 | 1,052 | ||
| Governance (Examiner & Prof. fees) | - | - | |||
| Total | 19,709 | - | 19,709 | 16,321 | |
| e) Major Projects | |||||
| Church Development | - | - | - | 3,097 | |
| Total | - | - | - | 3,097 | |
| f) Miscellaneous | |||||
| Special Collections | 354 | 354 | 380 | ||
| Total | 354 | 354 | 380 | ||
| Total Resources Used | 140,295 | - | 140,295 | 130,571 |
| Notes to the financial statements for the year ended 31 December 2023 | Notes to the financial statements for the year ended 31 December 2023 | ||||
|---|---|---|---|---|---|
| Gains/(losses) on investment revaluation | - | - | 7 | ||
| Net Incoming / (Outgoing) Resources | (15,153) | - | (15,153) | 18,619 | |
| Transfers between funds (in) | - | - | - | 0 | |
| Transfers between funds (out) | - | - | - | 0 | |
| Balances B/Forward on 1st January | 153,956 | 20,722 | 174,678 | 156,059 | |
| Balances C/Forward on 31 December | 138,803 | 20,722 | 159,525 | 174,678 | |
| 4 Trustee remuneration, expenses and | related party | ||||
| transactions | |||||
| Trustee remuneration | - | - | - | ||
| Trustee expenses (Incumbent) | 2,694 | 2,694 | 4,105 | ||
| Related party transactions | - | - | - | ||
| 8 |
| Vicar & Churchwardens Fund | accounts for year to 31 December 2023 | ||||
| 2023 | 2022 | ||||
| £ | £ | £ | £ | ||
| Income | |||||
| Interest | 371 | 9 | |||
| Total Income | 371 | 9 | |||
| Expenditure | |||||
Transfer of interest to General Fund |
371 | ||||
| New choir robes | 147 | 793 | |||
| Leaving present | 125 | ||||
Staff meal expenses |
121 | ||||
| Total Expenditure | 639 | 918 | |||
| Net income/expenditure | (267) | (909) | |||
| Current Assets | |||||
| CCLA deposit account | 9,664 | 9,784 | |||
| Current liabilities | |||||
| Due to PCC General Fund | 147 | ||||
| Net current assets | 9,517 | 9,784 | |||
| Funds | |||||
| Fund balance at January 1st | 9,784 | 10,693 | |||
Movement for the year |
(267) | (909) | |||
| Fund balance at December 31st | 9,517 | 9,784 | |||
| Represented by | |||||
CCLA Deposit fund |
|||||
| Clive Adamson | |||||
| Treasurer | |||||
| 9 |
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