st Andrew's P.sa&t•r Lane Chu roh Angllcon fv18mctlTsi rt0.r1p Charlty Reglstratlon Number 1137529 Unaudlted Financial Statements For the year ended 31 August 2024
St Andrew's Psalter Lane Church A JOINT ANGUCAN MEtHODIST PAFrrNERSHIP Trustees and Ecumenical Churth Council Mernber5 Minister Reverend N Cooke Church Stewards A R Morrls M E Mitchell Churth Wardens J Jordan Brown J Owen Chalr A Lcalvert Treasurer JWDey Secretary J I Lou8hrid8e Other Members C J Cripps W Atherton J M Carpenter J C Cripps ' K A Hackett J H Harding A Harvey S L Hindmarsh A E Hollows C Loughridge P L Mitchell R A Morris J M Roberts
St Andrew's Psalter Lane Church Unaudlted Flnanclal Statements For the year ended 31 Au8USt 2024 Index Page Report of the Trustees Trustees, Responsibillties Independent Examinerfs Report Statement of Flnancial Attmtles Balance Sheet Notes io Reserves Policy
St Andrew's Psalter Lane Church Report of the Trustees of St Andrew's Psatter Lane Church Basls of Preparatlon and Le8al Framework The Charltvs annual report and accounts for the year ended 31 August 2024 have been prepared in accordance with SORPIFRS 1021 as updated. belng the current verslon of Accountlng and Reporting by Charltles.. Ststement of Recommended Practice. Full Name of Charitylchurch: The Ecumenlcal Church Councll of St Andrev/s Psalter Lane Church. Sheffield Re8lstratlon Charlty Number. 1137529 Date of re8lstration: 17 August 2010 Maln communication addre55: Church Office, Shirley House, 31 Psalter Lane. Shefflekl. $118YL Alms & Or8JnlsatSon Salnt Andrews Psalter Lane Church Is an Anglican-methodlst Lotrdl Ecumenical Partnershlp. We combine the practices of our two traditions to become a congregation seeklng to follow the way ofJesu5. in our worship and In our artions in our community. On our journey of falth. we ask questions and wonder at answers: we celebrate life In all Its fullness; and we travel deeper into explorlng the mystery of God. We are an inclusive church because we welcome, celebrate and affimi all persons as they are, wlthout discrimlnatlon. We maintsin a congregation in which all members and adherent5 are encouraged to be themselves, wherever they might find themselves in life, WheVer they might find themselves on a journey of faith. Pa
St Andrew's Psalter Lane Church Trustees, Responslbllltles The trustees are responsible for preparin8 the Trustees. Annual Report and the financial statements in accordance wth applicable law and United Klngdom Accounting Stsndards (United Kin8dom Generally Accepted Accounting Practice). The law applicable to charitie5 in England & Wale5 requires the trustees to prepare financial statements for each financlal year whlch gNe a true and fair view of the state of affairs of the charlty and of the Incoming resources and appllcatlon of resour$ of the charity for the perlod. In preparlng these flnanclal ststements, the trustees are requlred to: selert sultsble accountin8 policies and apply them consistentty. observe the methods and principles in the Charitles SORP 2019 IFRS 1021; make lud8ments and estimates that are reasonable and prudent: stste whether appllcable accounting Standards been followed; prepa the financial statements on the goln8 concern basis unless bt Ss Inapproprlate to presume that the charlty will continue In operation. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the ftnanclal positlon of the Church and enable them to ensure that the flnanclal statements comply with the law. They are also sponSible for safeguardln8 the assets of the Church and ensuring their proper applicatlon under charity law, and hence for taklng reasonable steps for the prevention and detertlon of fraud and irregularities. The Trustees are responsible for the malntenance and integrity of the cory)orate and flnanclal Information included on the Church's vbSIte. Legislation In the United Kingdom governin8 the preparatlon and dlssemSnatlon of flnancial atements and trustees, reports may dlffer from legislation in otherjurisdirtions. Flnanclal ReeW During the year total Income on Unrestricted Funds was £200,097 and expenditure was £184.465 producin8 net income for the year of £15,632. Unrestrlcted Funds carried forward amount to £796,511 We have commwited an amount of £21.696 from our reserves towards ministry and mi55ion. A legacy we received during the year Included In Unrestricted Funds has been allocated for thls purpose. The Trustees have every 8$oft to believe that the Church is a going concern as there are Sufficient contributions from member5 and supp)rters to meet commitments and liabilities. Pa
S.t Andrew s Psalter Lane Church IndependentExwiliierf*Reptirt to tb¢"Trurt¢es ofStAndrÈw"'s Psalter ianè-£huw¢h i,fyport'toth'R.tnistees'.on.my.examirta"tion oSthe"fiiiandal statemeh"ts.of.St"An'd,s.Psaer'.i>fie:' .Chur¢h Ithp OrnY) fvrthe.'yearendg4 31 Au8USt.20Z4. set oirt on.pa8e$ 4 to 9. Re5p¢)nslbllltles and 845ts otRepwtr As.'the.TNst¢es of the.Charity you are responsible forthe preparatlon'Df'th¢ tiftsn4il statements In., accordance with.the tnents of.the.Charltle5hct 2011"Ithe 2011 Act). I rèÈorl in.respect of my examlnation gf the Charity's finandal statements carrled.,oufundRtr. Sèttlon'145 pf the.2011 Aot. In cgrryln8 Ollt my exgmlnattoD'I"have followed all the applirable Dlr.ectlons 8lvgo.'by the ,Ch4rlty MmISSIOn,.nderSeCÈ[on.s4sI5I[bI of tbe2011 Act. Indop•iid¢nt Examlno('s,Sts'tem• J have c()inpleted my.exarnlrfatk)rt. l ¢onfiTm that n(ymatters have ttime to my attenilon tn. "onDeclktn wlth the ek7mination 8lvint' me cause.to.belleve that lo,.4n¥ material respect: I, a'ccouritln8 (On15 were not k¢pt iTrrÈspèrtof the"Charlty as requirèd by'5ectlt)n 130 of thè.'?01"1' Att., or 2 the.:'fin?htlal.statem'eDtsdo not a¢cord wlth thtss¢ fK•fds,': or ..3'th'e fln'anclal 5tstements do not comply wlth the applicabtèr¢qulfem¢rits EoncemlfiB'the'f¢rtn"aijd .Ipntent of acoounts set. ouj In th¢ Charities (Accounts and.'Reportsl Regulatirsns 21)68 pthe'rihan ahy 'requltremprJt that.the accounts give a trpo an<1 faif vlewwhlch ts nox a mattef wnsKlerod as part. pf..art,. ',IndepéTrdent ex#M1fi4'tIoA'" I have nO.nrn5 and,have'coffje.aCffjSs" noDther mat'ters in cbnnectloii wlth the.examlnatign to whkh ¢ntlr)ri.should be drawn In thlsréport'in i?rder io enable a proper unde(st40dln8.of.the flnandal ststèinèfitst(I be reached. S,l Bl•den FCA Haivs(iris..Llmlted' Char.l¢red.Accountants. Pe6alus House ,463a GIo550p Road '.Sheffield.
St Andrew's Psalter Lane Church statement of Flnancial Activltles For the year ended 31 August 2024 Unrestritted Desl8nated Restrlcted Funds Funds Funds 2024 Totsl 2023 Total INCOME Offerings & Tax Recovered Grnnts Le8acles Bank Interest Lettings Other Receipts TOTAL INCOME I,068 177 18,934 100,245 18.934 21,696 4,485 73.177 2,071 220,608 172,185 69,50) 21.696 3,085 73.177 2,071 200,097 1,243. 70,012 8,129 326.069 20.511 EXFIENDITURE Payments to Circuit Payments to Diocese Donations Repairs & Maintenance Utlllties Other Payments TOTAL EXPENDITURE 56,844 18,534 8.360 30,474 41,477 28,776 56.844 18.534 8,360 115,212 41.477 30,331 270.758 54,132 18.847 7.550 76.115 38,853 26,799 222,296 10.082 74,656 1,555 76.211 10,082 NET INCOME FOR THE YEAR Transfers Between Funds Net Movemenl In Funds Reconclllatlon of Funds: Brought Forward From Last Year Totsl Funds Carrfed Fokward ,632 110.082) 155.7(X)) 150,1501 {10,2041 21,696 111,492) 11.614 167,192) 150.1501 103,rn 103.773 791.083 796511 10,082 2L696 116,419 49,227 917.584 867,434 813,811 917,584
St Andrew's Psalter Lane Church Balance Sheet As at 31 August 2024 T•nglble Flxed Assets Land & Bulldlngs 700,IXKI 7,0[K) Current Assets Debtors & Prepayments Cash at Bank and in Hand Trustees for Methodist Church Purp05e5 Central Finance Board Deposits 17.385 39.146 32.481 158.052 77 30,569 221.179 115,014 171,545 Credltors: amounts falling duo wlthln one year Creditors and Accruals 14,1111 13,5951 Net Current Asset$ 167h34 217,584 Totsl A55ets le5$ Cyrrent Uabllltles 867,434 917,584 Income Funds Restricted Fund5 Unrestricted Funds: Designated Funds General Unrestricted Funds 49,227 116,419 21,696 796,511 10,082 791,083 867,434 917,584 Apprw41 The flnanclal ststements were approved by the Trustees on 18 Febrnary 2025 Jose W Dey FCA Treasurer
St Andrew's Psalter Lane Church Notes to the Financial Statements As at 31 Au8USt 2024 l Basls of Preparatlon Charlty Informatlon St Andrew's Psalter Lane Church is a l¢xal ecumenical partnership between Anglican and Methodist churches. 1.1 Accountlng framework The financial statements have been ppared In accordance wtth the Charftles Act 2011 and the Charities.. Statement of Recommended Practice 2019 a5 applicable to the Financlal Reporting Standard FRS102. The Charity is a Public Benefft Entity as defined by FRSIO2. The Charity ha5 taken advants8e of the provlslons in the SORP for charRies applying FRS102 Update Bulletin I not to prepare a Statement of Cash Flows. The flnancial ststements are prepared In sterlin& whlch Is the funrtional currency of the Charity. Monetary amounts in these financlal ststements are rounded to the nearest £. The flnanclal statements have been ppared urKler the historical cost conventlon. modified by the revaluation of freehold properties. The prfnclpal accountln8 policles are set out below. 1.2 Golng Concern At the time of appron8 the finandal statements, the Trustees have a reasonable expectatlon that the Charity has adequate resources to contlnue in operational existen for the foreseeable future. Thus the Trustees contlnue to adopt the going concern basls of accounting in preparin8 the flnanclal statements. 1.3 Charftable Fund5 Unrestrlrted Funds The General Fund represents the funds of the Church that are not subjert to any restrittions re8arding thelr use and are avallable for appll(3tSon to the generdl purposes of the Church. De51gnated Funds Funds desi8nated for a particular purpose by the Church are also unrestricted. Restrlcted Funds The restricted funds comprise.. Solar Panels Fund, Spire Repair Fund.Eco ProJects Fund. Music/AV Fund, Tuesday Cafe Fund, W Davey Bequest and Church Repair Fund. 1.4 Income Recognition Income is included in the Statement of Financial Actrwties ISOFAI when the Church becomes entitled to the resources and the Trustees are reasonably tertain will be receNed.
St Andrew's Psalter Lane Church Notes to the Financlal Statements As at 31 August 2024 1.5 Expenditure Expenditure is recognised when a liabillty is incurred, or a construrtive obligation arises, that result5 in the payment being unavoidable. Liabilities are recognised as soon as an outflow of economic benefit is considered more likely than not under the legal or constructive obligation committing the Church to pay out OUrCeS. 1.6 Tanilble Flxed As$ets for Use by the Churth These will be capitalised if they can be used for more than one year. The freehold propertles a shown at estimated market value. Z Payments to Trustees 2024 2023 Payments made to Trustees for addltional services provided to the Church by agreement the Ecumenical Church Councll Meetin8. 3 Salarles and Assodated Costs Staff Costs pald durlng the year were.. Gross wa8es and salarles Employer's National Insurnnce Contributions Pension Costs Total Staff Costs 24,128 134 210 24,472 24,872 104 193 25,169 4 Tanglble Flxed Assets Churth L¥nd & Bulldln Cost or Valuatlon Brought forward Additions Disposals Carrled forward Attumulated Depredatlon Brought forward Depreciation charge for the year Disposals Carried fonNard Net Book Value 700,0 700,000 7(Kl,iXIO There Is no depreciation figure for church building5 as the impainnent review at the end of the year judged the market value to be greater than book value. Pa
St Andrew's Psalter Lane Church Notes to the Financlal Statements As at 31 August 2024 2023 5 Debtors & Pr¢payments Accrued Income 17,385 32,481 6 Credltors & Accruals Trade and other credltors Due to External Organisations Total 4,101 io 4.111 3,543 52 3,595 7 Restrlrted Funds Opertlng Balance Closlng Balance Recelpts Transfers .Payments Internal Fund$ W Davey Bequest Solar Panels Fund Splre Repalr Fund Eco Projects Fund Music/AV Equipment Fund Church Repair Fund Totsl 76 30,6CK) 84,024 40 1,360 18.934 {27,8291 (74.6561 12.813 1116} 31,960 473 12,813 81 3,640 48,967 1.419 177 {1.5151 116,119 ZO,511 (11,492) (76,1711 Internal Organlsatlons Tuesday Café Fund 1401 260 Totsl Restrlcted Funds 116.419 20,511 (11,492) (76.211) 49,227 Splre Repalr Fund Funding received for the Spire Project has been Sufficient to cover all the costs of the repalr such that £11.492 has been transferred to unrestricted funds to cover the initlal project costs that were incurred durln8 the year ended 31 August 2022 as unrestricted expendrture. 8 Desfynated Fund$ Trnnsfer Transfer Opensng Balance ' General Fund General Fund Payrnents Closlng Balance Spire Repalr Ministry and Mlsslon Fund Totsl 10,082 110.0821 21,696 21,696 21.696 21,696 10.08Z (10.0821 Pa
St Andrew's Psalter Lane Church Notes to the Financial Statements As at 31 Au8USt 2024 9 Related Party D15dosures The Church is part of The Sheffield Methodist Circurt, which is part of The Sheffield Methodlst Dlstrlct andls a150 accountable to The Methodist Conference. None of the Trustees made a gift of land or substantial other asset to the Church durlnB the year or seek to influence the Trustees.
St Andrew's Psalter Lane Church Year ended 31 August 2024 Reserves Pollcy As part of our reserves policy, the ECC reviews our reserves positlon at least annuallv. Our aim15 to maintain unrestrlrted reser4es at a sufficient level to ensure financial resillence and sustalnabillty, including protecting us against key risks. The most significant contlnue to be the cost of repalrs to our properties; a dUctIOn In the level of re8ular 8lvln8 from the comrnunlty and Increaslng utlllty costs. Our aim is also to achieve an appropriate balance between financlal reslllence and steppln8 out In falth to use our funds In support of the mission of the church. We have carefully consIded our Psent financial positlon and future obligatlons. Where possible we are trying to dUce expenses and Increase income. We contlnue to appeal to our members and frfends to consider increa51ng thelr planned 8lvln8. In additlon we are almln8 to increase income fiom our lettlngs and make savlw and efficlencles in our expen5e5. We belleve that we should look ahead over a full year plannlng perlod, but that as a mlnlmum shoukl seek to have sufficient reserves for the next slx months. Our unrestrlcted reserves are sufflclent to fund our budgeted 51x rnonths expendlture of £92,INJO. Josep ey FCA 1810212025 Trnasur¢r