## **St. Thomas Church** ## **Notes to the Financial Statements** ## **for the Year Ended 31 December 2024** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the church, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. ## **Income, Donations, and Legacies** All income is recognised in the Statement of Financial Activities once the church has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the church to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **Tangible fixed assets** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Fixtures and fittings - 15% on cost Computer equipment - 15% on cost ## **Taxation** The church is exempt from corporation tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the church. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **Reserves** The church agrees to hold £15,000 in reserves to cover short-term expenses and general running costs. continued... Page 1 ## **St. Thomas Church** ## **Notes to the Financial Statements** ## **for the Year Ended 31 December 2024** ## **2. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 31 December 2024. ## **3. GOING CONCERN** The members have reviewed the position of whether the Church will be able to continue as a going concern for the 12-month period following the date of the balance sheet. This includes a review of the level of funds currently held in reserves, and Church’s plans for the following 12-month period. The members confirm their assumption that the Church is a going concern, and no significant uncertainty exists in this respect. Therefore, the decision to present the accounts on the going concern basis is deemed to be suitable. ## **4. EXCEPTIONAL ITEMS** During the year, the church received a legacy payment to the value of £900,000. The full amount is recognised within receipts and payments and is included within the reserves balance at the year end. Page 2 Summary of Re¢elpls & Payrnents Unrestrlcted Designated Restricted 2024 2023 IncomiDgliesourtts Voluniary Income Activilies for Generating Funds Investfflent Income 78.149.00 3,839.00 23,816.00 12,755.00 900,000.00 978,149.00 3,849.00 38,466.00 33.681.00 178,466.00 3,969.00 12,060.00 35,386.00 10,795.00 10.00 1.054.145.00 1 240.676.00 10.00 14,650.00 20,926.00 Church Aciivities Olher Income TOTAL | | 118.559.00 935,576.00 Re_&our¢es_Used Costs ol Generaisng Funds All Mission Gwing and Chariiable Granis Donations Church Activities Malor Repairs to Church Building Major Repairs lo Cbur¢h Hall TOTAL 10.00 1,000.00 137.00 1.147.00 3,459.00 147,749.00 8.635.00 1.351.00 1,505.00 154,025.00 23.745.00 2.711.00 183.337.00 3,459.00 143,260.00 4,489.00 8,635.00 146,729.00 14,124.00 137.00 160.990.00 SURPLUS I IDEFICITI 128,170.001 921,452.00 1127.001 893,155.00 i 57,339.00 Transler5 22,000.00 57.00 122,000.001 Gain I Ilossesl on Investments 57.00 107.00 NET MOVEMENT 16,113.001 899,452.00 1127.001 893,212.00 57,446.00 Reconciliation of Funds Income Expenditure Movement Unrestricted Funds General 118,616.00 (146,729.001 (28,113.001 Designated Funds Church Bungalow Fund Church Hall Fund Fabric Fund K and P Pye Church Building Fund Legacy Fund Music Fund Organ Fund Revaluation Reserves 4,650.00 20.926.00 1790.001 13.848.001 3,860.00 17,078.00 19,486.001 19.486.001 910,000.00 910,000.00 Restricted Funds Agency Collection Brice & Blisset Fund Development Livingstone East Parish Zambia Link 10.00 1137.001 1127.001 0110112024 Movement Transfers 3111212024 Unrestrlcted Funds General 7,100.00 128,113.001 22,000.00 987.00 Designated Funds Church Bungalow Fund Church Hall Fund Fabric Fund K and P Pye Church Building Fund Legacy Fund Music Fund Organ Fund Revaluation Resetves 5.003.00 9,912.00 3,860.00 17,078.00 8,863.00 4,990.00 122,000.001 19,083.00 125,000.00 48.00 4,264.00 149.00 19,486.00) 910.000.00 9,597.00 1,035,000.00 48.00 4,264.00 149.00 Restrlcted Funds Agency Collection Brice & Blisset Fund Development Livingstone East Parish -zambia Link 243.00 2,639.00 15.00 243.00 2,639.00 (112.001 108.00 1127.001 108.00 5.00 5.00 Bank Balances @ 3111212023 Natwest Current Account Natwest Fees Account CBOF DepositAccount Secure Trust Bank 120 dayAccount Cash 55,705.00 76.424.00 178.00 132.307.00 Net Movernent in Reserves 893.212.00 Movement In Debtors Inland RevenueTax Claim 4,591.00 12,698.001 - Accounts Receivable 1,893.00 Movement in Creditors Agency Collections Accounts Payable 640.00 14,363.001 1 (3,723.00) Gain On Investment- Not Cash Item 157.001 Bank Balances @ 3111212024 1,023,632.00 Closlng Balance Breakdown Natwest Current Account Natwest Fees Account CBOF DepositAccount Secure Trust Bank 120 dayAccount - Cash 20,121.00 1,003,384.00 127.00 1,023,632.00 Notable Items During the 2024 year. exludingthe Parish Share payments and salary. the following 5 activities were the largest expenses. These have been compared to the amounts in 2023. 2024 5.061 2,583 6,935 2,764 8.635 2023 6,667 2,453 7.588 3,046 23,745 Telephone Insurance- church Gas- church Electricity- church Major repairsto chuTch 2024 2023 Total salary costs for the yearwere: 21,685 23,441 2024 90,234 2023 Payment made to The Diocese of Bath & Wells: 92,826 During the 2024year, a significant legacy of £900,00012023: £100,000) was received and recognised in income. Omitting this f rom income and surplus results in the following: 2024 154,145 16,7881 2023 Total Income Surplus I (Delicitl 140,676 142,5551 It is noted, total income also i ncludes the following interest received f rom deposit accounts.. 2024 2023 29,019 2,459 The add itional interest earned on the legacy payment is the reason for the i ncrease on total income. If the interest earned in both years. as well as the insurance income in 2023, were omitted, income would remain comparable. The largest contri bution to the decrease i n 2024 expenditu re is the repair works done to the chu Ich's spiTe being mostly incurred in 2023. reducing total expend iture by £15,000. Other general cost-saving have also contri buted to an additional reduction of £5,000, with these centred mostly around utility costs and salaries. ## **Independent examiner's report on the accounts** ## **Section A Independent Examiner’s Report** ## **Report to the trustees** ## Charity Name THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST THOMAS WELLS WITH THE HORRINGTONS 31[st] December 2024 **On accounts for the year ended Charity no (if any)** 1137161 ## **Set out on pages** 1 - 2 (remember to include the page numbers of additional sheets) ## **Responsibilities and basis of report** I report to the trustees on my examination of the accounts of the above charity (“the Trust”) for the year ended 31/12/2024. 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 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** The charity’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of ICAEW. I have completed my examination. I confirm that nothing has 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:** 1 **Oct 2018** **IER** **Date: Name: Relevant professional qualification(s) or body (if any):** 31[st] Mar 2025 Erik J Molnar on behalf of Probusiness Ltd ICAEW – ACA Qualified St Lawrence Lodge, 37 Chamberlain Street Wells BA5 2PQ **Section B Disclosure** **Address:** Only complete if the examiner needs to highlight material matters of concern (see CC32, Independent examination of charity accounts: directions and guidance for examiners). **Give here brief details of any items that the examiner wishes to disclose** . 2 **Oct 2018** **IER**