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2025-12-31-accounts

The Parish of St Peter’s Church, Tiverton Registered Charity number 1145994

Annual Report and

Financial Statements

Of the Parochial Church Council

for the year ended 31 December 2025

Priest in Charge: Reverend Christian Hill

Bankers:

Lloyds Bank, 46 Fore Street, Tiverton EX16 6LF

Independent Examiner: Charles Bond Rafton Cottage, Morebath, Tiverton EX16 9AL

Our website is:

www.stpeterstiverton.org.uk

Contents

Annual Report Annual Report
1 Reference and Administration 3
2 Objectives and Activities 4
3 Public Benefit 4-5
4 Safeguarding 5
5 Achievements & Performance 5-6
6 Financial Review 7-8
7 Structure Governance and Management 8-9
8 Conclusion 9
Financial Statements
Statement of Financial Activities 10
Balance Sheet as at 31 December 2025 11
Statement of Assets and Liabilities
 12
Fund Movement by Type 13
Analysis of Income and Expenditure 14-15
Notes to the Financial Statements 16 - 20
Independent Examiner's certificate 21

Page 2

St Peter’s Church, Tiverton Parochial Church Council

ANNUAL REPORT AND FINANCIAL STATEMENTS

for the year ended 31 December 2025

The Trustees present their report and the audited financial statements of the charity for the year ended 31 December 2025. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS 102) in preparing the annual report and financial statements of the charity.

The independent examiner is Charles Bond, Rafton Cottage, Morebath, Tiverton EX16 9AL.

Reference and Administration

St Peter’s Church is part of the Diocese of Exeter within the Church of England. Its principal address is St Peter Street, Tiverton, Devon EX16 6NU. The website address is www.stpeterstiverton.org.uk. The address for correspondence is St Peter’s Church, St Peter Street, Tiverton, Devon EX16 6NU.

St Peter’s Church is a Registered Charity (no. 1145994), with members of the Parochial Church Council (PCC) being formally recognised as the Trustees. The public register may be accessed via the Charity Commission website and includes the Trustees’ Annual Reports.

The members of the PCC during 2025 are listed below. Office holders are noted.

Priest in Charge Revd Christian Hill
Licensed Lay Minister Prof David Catchpole (until June 2025)
Churchwardens Vacant
Vacant
Representatives on the Mrs Emma Cobbledick Secretary
Deanery Synod Mrs Joanna Hall-Tomkin Safeguarding Officer
Mrs Kate Henshall Vice-chair
Representatives of the laity Mr John Brewster (until 6 April 2025)
Mrs Nickie Johnson (until 6 April 2025)
Mr Tom Mitchell (until 6 April 2025)
Mrs Sally Mundy
Ms Susannah Emson
Mr Mark Heritage
Mr William Zarrett (until 6 April 2025)
Mr David Ricks (until 6 April 2025,ex officio)
Vacant x5 (from 6 April 2025)

At the first PCC meeting following the Annual Parochial Church meeting new PCC members are given information about their duties and responsibilities as Trustees.

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Objectives and Activities

The primary objective is the promotion of the Christian Gospel according to the doctrines and practice of the Church of England.

The PCC has the responsibility of co-operating with the Incumbent in promoting in the ecclesiastical parish the whole mission of the Church – pastoral, evangelistic, social and ecumenical – and in maintaining the fabric of the church and the churchyard.

The main activities in pursuit of those objectives include:

Public benefit

The PCC has due regard to guidance published by the Charity Commission on public benefit. It believes this is met by the activities mentioned elsewhere in the report, particularly:

Page 4

Safeguarding

The PCC under the guidance of its safeguarding officer has this item on the agenda of every meeting without exception. During 2025 it has reconsidered and endorsed all the necessary codes of conduct, and every PCC member has conformed to the requirement for a DBS check, followed by participation in the necessary training courses. Volunteers throughout the church have also completed training courses where necessary. Should any eventuality arise, whether expected or unexpected, where the wellbeing of children and vulnerable adults might be at risk, we are ready.

Achievements and performance

2025 has been another eventful year for St Peter’s. While certain challenges persist, such as the ongoing financial constraints and the aging demographic of our congregation, we have also experienced numerous joyous occasions. 2025 saw the successful launch of several new initiatives at St Peter’s. The Lentwise course provided a valuable opportunity for spiritual growth and fellowship, while the establishment of the breakfast club created a welcoming space for members of the 8am and 10:30am congregations to gather and connect. One of the year's most poignant moments was the beautiful display of poppies on the lychgate for Remembrance Sunday; a moving tribute created by a number of organisations across the town.

The achievements of the past year would not have been possible without the dedication and generosity of the many volunteers who keep everything running smoothly at St Peter’s. From those who lead and support groups within the church to the individuals who give their time behind the scenes, their commitment is deeply appreciated. In November we assisted in welcoming Reverend Susan Roberts to St Andrew’s. We are grateful for her friendliness and commitment she brings to our parishes. We are also grateful for the generosity of retired and visiting priests who graciously preside over our services in support of Reverends Hill and Roberts, when they are unavailable. Their invaluable assistance in leading worship and sharing their faith with us is deeply appreciated.

In regard to the ongoing responsibilities of the PCC of St Peter’s, six meetings were conducted throughout 2025. A selection of major topics included the following:

Patterns of Worship

Weekly eucharist worship remains a core part of St Peter’s life and has continued in 2025 with a regular 10:30am service each Sunday and the 8:00am service on the first Sunday of the month which follows the

Page 5

Book of Common Prayer. The promotion of the online Sunday Morning Prayer from the Exe Valley Mission Community has continued and remains a welcome addition by members of St Peter's who for whatever reason can no longer at￿nd services in person. We remain very grateful to the Exe Valley Mis510n Community for their kindne55 in extending this service to us. In July David Catchwle stepped down from his role a5 lay reader. We are hugely grattful for his numerous years of servic4 both at St Peter's and St Thomas's. and for Ihe dedtcation and warmth he has brought to our worshipping community. The provision of occasional offices ￿ma￿ns an imFX)rtant part of St Peter life, both for its regular congregation and for the wider community. In 2025 the record was I baptism. 6 weddings and 8 funerals. Ft is a privilege to share these sF*cial ¢xcasions with those who wish to hold them at St Peter's. In addition to the regular formal services St Peter's has held a number of special services refiecting involvement with local organisations and the strategic posltion of St Peter's as the civic church in Tiverton. Service5 to supporc the Churches Housing Action Team ind local primary schools have been held. along with the Mayor's Civic Service which welcomed representatives from the Town Council and their guests from further afield. St Peter's also hosted the Tiverron service for the Women's World Day of Prayer in March and the Churches T(yether in fiverton (CTf) farewell service for the 'Arise' mission visit from South Korea. These Servi￿S remain an important part of sharing the Christian faith within the tovm. The financial resources within St Petrr's remains a concern with expenditure still exceeding income. Maintaining a grade I listed building is still costly, especially with rising costs in energy and essential masonry and plaster repairs which were underraken in 2025. The PCC continues to promote and welcomes the use of the Parish Giving Scheme which gives St Peter'5 a regular income. as well as ￿fj￿g administrativety efPicient to use and offering the ability for donations to automatically keep pace with inflation. The card readers by the chlsrch entrance and server are being well used and allow both vi51tors and the church congregation ro donate electronically and easily. St Peter's can also now receive donations through Easy Fundraising. This allows memkrs to raise funds for St Peter's through online shopping at no extra cost to themselves. Music at St Peter's remains a central part of worship and is a source of pride, e$￿CiallY at the service of Nlne Lessons and Carols in the run up to Christmas. We are very gratefvl for the commitment of the choir, voluntary and visiting Owdnists and our choir conductor. We have continued to advertise for the post of Direccor of MusiG without success. but we hope this post can be filled in 2026. As one of the laryett venues in Tiverton St Peter's provides a wonderful setting for concerts and music events. This year we have hosted four concert& some from returning orchestras and music groups and some from new ones. which we welcome and hope they will continue to use SE Petrr's as a venue for future concerts. We have also been able to host our own events tn the church. including harvest supper. our monthly breakfasi club. sUP￿r for Chrisu3n Aid. Bible S¢xiery lunch. and rhe Christmas Fair. Of particular note were the Tower tours organised by the bellringers for Heritage Open Day in September. The tours were fully booked and attrnctsd a wide range of visitors from the local community. We ho￿ to continue and grow the use of the church for similar events in 2026. S￿ned on behalf of the PCC.. Rev Christyan Hill Chair Mrs Emma Cobbledick PCC Secretary g CdueJiJL Page 6

Financial Report for 2025 St Peters PCC

Overall result: Loss of £79,856 (Loss of £65,031 in 2024)

Income

In 2025, the total income for all funds was £97,083 (down from £100,057 in 2024).

Income from donations and legacies increased from £78,578 in 2024 to £82,617 in 2025. Both figures were inflated by the receipt of legacies - £14,430 in 2024 and £45,000 in 2025. If these legacies are excluded, the income from donations in each year would be £64,148 in 2024 and £37,617 in 2025. This position is not sustainable in the long term.

General collections trended slightly upwards - £7,867 in 2025 (£6,364 in 2024) and the Church continues to focus its efforts in encouraging regular giving through the Parish Giving Scheme and by using the Church card readers.

Income from charitable activities and fundraising decreased in 2025 to £2,770 (£5,187 in 2024). There was a slight increase in magazine sales but advertising and church lettings were reduced during 2025.

Notes of interest:

Expenditure

Expenditure for all funds totalled £166,346 (£209,644 in 2024).

The Church has continued to pay its Common Fund assessment in 2025, £49,402 (£54,558 in 2024). This remains a significant demand on the parishioners who are caring for a Grade I building as well.

Care of the building continued to be costly in 2025 with £15,869 planned maintenance (£17,407 in 2024) and emergency maintenance £4,880 (£25,445 in 2024).

The church continues to be hit by the high cost of utilities, especially in relation to electricity £5,885 (£4,912 in 2024) and gas £6,982 (£9,351 in 2024). A new fixed rate contract has been taken out for both of them and the telephone line towards the end of 2025 so it is hoped that the costs will be lower in 2026.

The role of Parish Administrator continues to be vital in allowing the efficient running of the church and special thanks are offered for all the hard work undertaken during this work this year. The costs were

Page 7

£6,022 in 2025 (£5,974 in 2024). Accountancy costs total £4,776 this year (£5,754 in 2024). A new independent examiner appointed last year, is kindly undertaking the role voluntarily again for 2025.

Notes of interest:

Funds

The designated fund created to receive and expend funds on restoration of the bells and their tower, and the church organ was used until the project was finished. Early on in 2025, St Peter’s responded to the request of the Bellringers to take on the accounting function for them. This has worked well during 2025 and at the end of 2025, the balance of the Fund is £2,039.

An additional designated fund was created in 2025 to reserve £50,000 in order to complete the quinquennial repairs identified by the Church’s architects. The Church has completed a lot of those repairs so the balance at the end of 2025 is £7,272. Vat has been reclaimed where possible through the Listed Place of Worship Scheme although the criteria for reclaiming are being increasingly restricted.

The Church has also begun to fundraise for the restoration of the St Peter’s organ. The designated fund created for this purpose has been given a huge boost by the allocation of a legacy of £45,000 received during the year. The legatee had a particular connection with the musical life of St Peter’s. At the end of 2025, the balance of this fund is £46,315. A group has been formed to take this project forward.

Reserve policy

The PCC has care of the several types of funds:

  1. General – these are available for general purposes of the church. As at 31 December 2025, these totalled £755,326 (£879,225 in 2024). The value of the General Fund had both realised and unrealised losses in valuation of its investments by £10,592 at the year end.

  2. Designated – these are funds identified from time to time by the PCC for particular purposes, but which may either be used for that purpose or returned to general use. As at 31 December 2025, these totalled £62,345 (£16,251 in 2024).

  3. Restricted – these are funds given or raised for a specific purpose, and may only be used for that purpose, either income or capital. As at 31 December 2025, Restricted funds amounted to £1,809 (£3,860 in 2024).

Structure, Governance and Management

The PCC is a corporate body established by the Church of England. It operates under the Parochial Church Council Powers Measure and its membership is determined in accordance with the Church Representation Rules.

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The PCC appoinrs a number of cc#nmittees. As requtred by law, there is a Standing Committee with power to transatt urw¢ business between meeting5 of the PCC. There are five other Committees, namely (il Financ4 lill Fabi'iG Iiiil Paswral. Iiyl Woixhip, and {vl Reordering Projett ManagemenL The reports ol each committee are considered by the PCC. The leaders of the Young Church meet periodicallx with the Priest in Charge who reports to the PCC. SL Peter's Churth, £ogether SL Thom35' Churth at ChevKhorn& comprise5 Che United Benefice of Tivercon St Peter and Chevithorne with Cove. Concluston The congreption of SL Peter's have sho%￿ considernble fraith in the fuwre of the churth both financialty and in their grfts of lime and talenL confident that the mission ofthe church will continue and onty stronger from the experience of caring for eath other and the larger community. Signed......... Chri5rian Hill Priest in Charge Signed..... William Zarrett . Chaimian of the Finance Committee Poge 9 Page 9

St Peter's Church, Tiverton (New)

Statement of Financial Activities

For the period from 01 January 2025 to 31 December 2025

**Unrestricted ** **Restricted ** **Restricted ** Endowment Total Prior year
funds £ funds £ funds £ funds £ total funds £
Income and endowments from:
Donations and legacies 82,517 100 0 82,617 78,578
Income from charitable activities 2,770 0 0 2,770 5,187
Other trading activities 6,919 0 0 6,919 12,223
Investments 146 0 0 146 530
Other income 4,631 0 0 4,631 3,539
Total income 96,983 100 0 97,083 100,057
Expenditure on:
Raising funds 702 0 0 702 817
Expenditure on charitable activities 159,027 2,151 0 161,178 205,541
Other expenditure 4,466 0 0 4,466 3,286
Total expenditure 164,195 2,151 **0 ** 166,346 209,644
(
p
)
Gains/losses on investment assets		 -10,592 0 0 -10,592 44,556
before transfer -77,804 -2,051 0 -79,855 -65,031
Transfers:
Gross transfers between funds - in 56,240 0 0 56,240 0
Gross transfers between funds - out -56,240 0 0 -56,240 0
Other recognised gains / losses
Gains on revaluation,fixed assets,charity's 0 0 0 0 0
Net movement in funds -77,804 -2,051 0 -79,855 -65,031
Reconciliation of funds
Total funds brought forward 895,477 3,860 **0 ** 899,337 964,368
Total funds carried forward 817,673 1,809 **0 ** 819,482 899,337
Represented by
Unrestricted
General Fund 755,326 0 0 755,326 879,226
Designated
Bell Restoration Fund 2,040 0 0 2,040 6,214
Newte Library Interior Fund 6,719 0 0 6,719 9,081
Organ Restoration Fund 46,315 0 0 46,315 957
Quinquennial Repairs Fund 2025 7,272 0 0 7,272 0
Restricted
Doris Osman-Dean Fund 0 14 0 14 2,065
Flower Fund 0 578 0 578 578
Fresh Expressions Fund 0 1,217 0 1,217 1,217
Total funds 817,673 1,809 **0 ** 819,482 899,337

Page 10

St Peter's Church, Tiverton (New)

Balance Sheet (Separate funds)

At 31/12/2025 At 31/12/2024
£
£
Endowment £
General
£ Designated £ Restricted £
Unrestricted - General Fund
Designated - Bell Restoration Fund
Designated - Newte Library Interior Fund
Designated - Organ Restoration Fund
Designated - Quinquennial Repairs Fund 2025
Restricted - Doris Osman-Dean Fund
Restricted - Flower Fund
Restricted - Fresh Expressions Fund
Restricted
Fund Totals
Liabilities
Total net assets less liabilities
Represented by
Unrestricted
Designated
Liabilities
Creditors: Amounts Falling Due In One Year
Net current assets less current liabilities
Total assets less current liabilities
Fixed assets
Cash At Bank And In Hand
Tangible Assets
Investments
Current assets
Debtors		 1,767
0
0
0
1,767
3,532
786,856
0
0
0
786,856
847,448
788,622
0
0
0
788,622
850,980
1,815
0
0
0
1,815
73
-31,551
62,346
1,809
0
32,604
53,061
-29,736
62,346
1,809
0
34,419
53,133
3,560
0
0
0
3,560
4,776
3,560
0
0
0
3,560
4,776
-33,296
62,346
1,809
0
30,859
48,357
755,326
62,346
1,809
0
819,482
899,337
0
0
0
0
0
0
755,326
62,346
1,809
0
819,482
899,337
755,326
0
0
0
755,326
879,226
0
2,040
0
0
2,040
6,214
0
6,719
0
0
6,719
9,081
0
46,315
0
0
46,315
957
0
7,272
0
0
7,272
0
0
0
14
0
14
2,065
0
0
578
0
578
578
0
0
1,217
0
1,217
1,217
755,326
62,346
1,809
0
819,482
899,337

Page 11

St Peter's Church, Tiverton (New)

Statement of Assets and Liabilities (by code) As at: 31 December 2025

Class and nominal code General **Designated ** **Restricted ** Endowment Total Last year
Fixed Asset - Investments
6030: CBF Shares CB3040207 Income Shares - General £2,018 0 0 0 £2,018 £2,102
6050: CBF Inv Fund Acc Shares CB3040206 General £784,838 0 0 0 £784,838 £845,346
Total £786,856 0 0 0 £786,856 £847,448
Fixed Asset - Tangible Assets
6070: Church Sound System £1,767 0 0 0 £1,767 £3,532
Total £1,767 0 0 0 £1,767 £3,532
Current Asset - Cash At Bank And In Hand
6501: Bank current account -£33,570 £62,346 £1,809
0		 £30,585 £51,129
7100: CCLA (CBF) deposit account CB3040208 £2,020 0 0 0 £2,020 £1,932
Total -£31,551 £62,346 £1,809
0		 £32,604 £53,061
Current Asset - Debtors
Z05: Accounts Receivable £1,815 0 0 0 £1,815 £73
Total £1,815 0 0 0 £1,815 £73
Liability - Creditors: Amounts Falling Due In One Year
Z04: Accounts Payable £3,560 0 0 0 £3,560 £4,776
Total £3,560 0 0 0 £3,560 £4,776
Net total assets £755,326 £62,346 £1,809
0		 £819,482 £899,337
Represented by
General (Unrestricted) £755,326 0 0 0 £755,326 £879,226
Designated - Bell Rstn 0 £2,040 0 0 £2,040 £6,214
Designated - Newte Library Interior fund 0 £6,719 0 0 £6,719 £9,081
Designated - Organ Restn 0 £46,315 0 0 £46,315 £957
Designated - Quinquennial 0 £7,272 0 0 £7,272 0
Restricted - Doris O-D 0 0 £14
0		 £14 £2,065
Restricted - Flower Fund 0 0 £578
0		 £578 £578
Restricted - Fresh Exp 0 0 £1,217
0		 £1,217 £1,217
Total £755,326 £62,346 £1,809
0		 £819,482 £899,337

Page 12

St Peter's Church, Tiverton (New)

Fund movement summary Selected period: 01 January 2025 to 31 December 2025

Fund balances Incoming Incoming Outgoing Outgoing Gains and Journal Fund balances
Fund brought forward £ Resources
£		 Resources
£		 Transfers £ Losses £ **Entries £ ** Carried forward £
Bell Rstn
Designated 6,214 2,896 882 -6,188 0 0 2,040
Sub-totals 6,214 2,896 882 -6,188 0 0 2,040
Doris O-D
Restricted 2,065 0 2,051 0 0 0 14
Sub-totals 2,065 0 2,051 0 0 0 14
Flower Fund
Restricted 578 100 100 0 0 0 578
Sub-totals 578 100 100 0 0 0 578
Fresh Exp
Restricted 1,217 0 0 0 0 0 1,217
Sub-totals 1,217 0 0 0 0 0 1,217
Newte Library Interior fund
Designated 9,081 75 2,436 0 0 0 6,719
Sub-totals 9,081 75 2,436 0 0 0 6,719
Organ Restn
Designated 957 45,358 0 0 0 0 46,315
Sub-totals 957 45,358 0 0 0 0 46,315
Quinquennial
Designated 0 0 42,728 50,000 0 0 7,272
Sub-totals 0 0 42,728 50,000 0 0 7,272
General
Unrestricted 879,226 48,654 118,149 -43,812 0 -10,592 755,326
Sub-totals 879,226 48,654 118,149 -43,812 0 -10,592 755,326
Totals 899,337 97,083 166,346 0 0 -10,592 819,482

Page 13

St Peter's Church, Tiverton (New) Analysis of income and expenditure Selected period: 01 January 2025 to 31 December 2025

General Designated Restricted This year Last year
£ £ £ £ £
Income and endowments from:
Donations and legacies
0001 - General Collections from services 7,867 0 0 7,867 6,364
0010 - Planned Giving with gift aid - PGS 16,910 0 0 16,910 19,520
0011 - Planned Giving with Gift Aid - Direct bank 1,260 0 0 1,260 1,252
0020 - Planned Giving non gift aid - PGS 1,025 0 0 1,025 1,190
0021 - Planned Giving non gift aid - bank 420 0 0 420 825
0030 - One off gift aid - Envelopes 595 0 0 595 932
0031 - One off gift aid - On line (Sumup) 988 0 0 988 813
0050 - Gift aid recovered 6,086 13 0 6,098 7,327
0060 - Baptisms, Weddings, Funerals 1,222 0 0 1,222 1,439
0065 - Donations General 601 0 0 601 2,381
0070 - Servery and Kitchen 457 0 0 457 519
0080 - Restricted special donations 0 0 0 0 329
0100 - Legacies 0 45,000 0 45,000 14,430
0342 - Fundraising - Flower Fund 0 0 100 100 0
0343 - Fundraising - Newte Library Interior 0 75 0 75 21,257
0344 - Fundraising - Diocesan Grants 0 0 0 0 0
Donations and legacies Totals 37,430 45,088 100 82,617 78,578
Income from charitable activities
0200 - Magazine income - advertising 700 0 0 700 1,385
0205 - Magazine sales 620 0 0 620 477
0210 - Bookstall sales 0 0 0 0 0
0220 - Church lettings 1,450 0 0 1,450 3,325
Income from charitable activities Totals 2,770 0 0 2,770 5,187
Other trading activities
0300 - General Fundraising 3,475 0 0 3,475 3,765
0340 - Fundraising - Bell Restoration 202 2,896 0 3,098 8,385
0341 - Fundraising - Organ Restoration 0 346 0 346 74
Other trading activities Totals 3,677 3,242 0 6,919 12,223
Investments
0400 - Bank interest 0 0 0 0 0
0420 - Income from Investments Unrestricted 146 0 0 146 530
0421 - Restricted Investment Income 0 0 0 0 0
Investments Totals 146 0 0 146 530
Other income
0500 - Fees Statutory 3,631 0 0 3,631 2,609
0510 - Fees non statutory 710 0 0 710 640
0540 - MDDC Grant 290 0 0 290 290
Other income Totals 4,631 0 0 4,631 3,539
Income and endowments Grand totals 48,654 48,329 100 97,083 100,057

Expenditure on:

Page 14

Raising funds
1100 - Fundraising costs 702 0 0 702 817
Raising funds Totals 702 0 0 702 817
Expenditure on charitable activities
1200 - Common Fund 49,402 0 0 49,402 54,558
1300 - Rector's Expenses 916 0 0 916 854
1305 - Curate's expenses 0 0 0 0 0
1320 - Visiting Clergy 42 0 0 42 42
1325 - Alternative venue costs 0 0 0 0 245
1350 - Services expenses 85 0 0 85 1,316
1360 - Director of Music 0 0 0 0 0
1370 - Music Expenses 0 0 2,051 2,051 2,164
1375 - Music Scholar fees 0 0 0 0 0
1380 - Flower expenses 0 0 100 100 306
1390 - Young Church 0 0 0 0 167
1400 - Planned maintenance 15,869 0 0 15,869 17,407
1410 - Emergency Maintenance 4,880 0 0 4,880 25,445
1420 - Re-ordering Costs 0 0 0 0 26,861
1421 - Newte Library Interior 0 2,435 0 2,435 21,108
1422 - Bell Restn, Repairs and Ringer expenses 0 882 0 882 10,892
1423 - Quinquennial Repairs 0 42,728 0 42,728 0
1430 - Churchyard maintenance 2,442 0 0 2,442 802
1440 - Insurance 10,411 0 0 10,411 9,623
1450 - Water 1,442 0 0 1,442 4,413
1455 - Electricity 5,885 0 0 5,885 4,912
1460 - Gas 6,982 0 0 6,982 9,351
1470 - Office Costs 1,645 0 0 1,645 1,324
1471 - Printing and Stationery 226 0 0 226 54
1475 - Parish administrator costs 6,022 0 0 6,022 5,974
1480 - Bank Charges 167 1 0 168 0
1490 - Accountancy 4,776 0 0 4,776 5,754
1495 - Myfundaccounting costs 228 0 0 228 228
1500 - Magazine expenses 1,560 0 0 1,560 1,625
1520 - Donations made to external organisations 0 0 0 0 115
Expenditure on charitable activities Totals 112,981 46,046 2,151 161,178 205,541
Other expenditure
1550 - Servery, Kitchen and Cleaning 2,701 0 0 2,701 1,521
1560 - Bookstall costs 0 0 0 0 0
1570 - Capital improvements 0 0 0 0 0
1600 - Depreciation on Tangible Assets 1,766 0 0 1,766 1,766
Other expenditure Totals 4,466 0 0 4,466 3,286
Expenditure Grand totals 118,149 46,046 2,151 166,346 209,644

Page 15

St Peter’s Church, Tiverton Notes to the financial statements 31 December 2025.

1 Summary of significant accounting policies

(a) General information and basis of preparation

St Peter’s Church, Tiverton is a registered charity in England within the United Kingdom. The nature of the charity’s operations and principal activities are that of a corporate body established by the Church of England.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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) issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2 February 2016), the Charities Act 2011 and UK Generally Accepted Accounting Practice as it applies from 1 January 2015.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

(b) Funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particular

purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Endowment funds represent those assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund.

The accounts include all transactions, assets and liabilities for which the PCC is responsible. They do not include the accounts of church groups that owe their main allegiance to another body, nor those where the funds are the property of the individual members, nor of connected charities which benefit the church but which are responsible for their own accounts.

(c) Going concern

The trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

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(d) Income recognition

All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Trustees’ Annual Report.

For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.

Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity’s right to receive payment is established.

Other income includes the conversion of endowment funds into income which arises when capital funds are released to an income fund from expendable endowments or when a charity has authority to adopt a total return approach to its permanent endowment fund.

(e) Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to

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performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.

(f) Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains / (losses) on investments’ in the SOFA if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Investments are valued at market value at 31 December.

(g) Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

(h)Tangible Fixed Assets

Equipment used within the church premises is depreciated on a straight-line basis over four years. Individual items of equipment with a purchase price of £500 or less are written off when the asset is acquired.

2 Trustee emoluments

2
Trustee emoluments
2025 2024
£ £
Remuneration 0 0
Trustee expenses 1412 5,237
-------- --------
1412 5,237
-------- --------
Number of trustees to whom expenses were reimbursed
 6 8

During the year mileage and a contribution towards house expenses has been reimbursed to 1 (2024:1) Trustee.

Wages and Salaries

Average number of employees during the year: 0 (2024: 0)

No employee received emoluments above £60,000

3 Related party transactions

There have been no related party transactions during the year

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4 Investments held as fixed assets

Investments held as fixed assets
Market value of listed investments
At 31 December 2024
Additions/(sales)
Unrealised gains/(losses)
Realised gains/(losses)
At 31 December 2025
2025
2024
£
£
847,448
902,892
(50,000)
(100,000)
(9,355)
(1,237)
41,106
3,450
786,856
847,448

5 Tangible Fixed Assets

Cost
At 1 January 2025
Additions
Disposals
At 31 December 2025
Depreciation
At 1 January 2025
Charge for the year
Disposals
At 31 December 2025
Net book value at 31 December 2025
At 31 December 2024		 £
Sound
System
0
7,063
(0)
7,063
3530
1765
(0)
5,295
1,768
3,533		 2025
£
Total
0
7,063
(0)
7,063
3530
1765
(0)
5,295
1,768
3,533

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6 Debtors

Other debtors
7
Creditors
Other creditors		 2025
2024
£
£
1,815
73

2025
2024
£
£
3,560
4,776

8 Funds

DESIGNATED FUNDS

Bell Restoration Fund

During 2025, the bellringers transferred their bank account over to the Church to operate on their behalf. The current balance of the fund at 31 December 2025 is £2,040.

Newte Library Interior Fund

During 2025, the Church undertook a few further adjustments to the Library. The current balance of the fund at 31 December 2025 is £6,719.

Organ Restoration Fund

During 2025, fundraising has continued to restore St Peter’s magnificent church organ. During 2025, the Church received a legacy of £45,000 from a person with a strong musical connection with St Peter’s so the PCC took the decision to allocate it to the Organ Restoration Fund. The current balance of the fund at 31 December 2025 is £46,315.

RESTRICTED FUNDS

Doris Osman-Dean Fund – originally from a legacy received in 2002, but not recognised as restricted until 2005. Following the death of the Church member who had authority over spending, it is now left to the PCC who respect the wishes of the deceased that this fund be used for music related purposes including payment to the Church’s wonderful organists. The current balance of the fund at 31 December 2025 is £14.

Flower Fund - consists of donations specifically for the purpose of providing the floral arrangements in the church for services and festivals. The current balance of the fund at 31 December 2024 is £578.

Fresh Expressions Fund – funded from a Diocesan Grant of £7,500 towards launching of the Messy Church initiative (Time Together). The current balance of the fund at 31 December 2025 is £1,217.

Special Note: Church House Charity Fund - The capital from this fund can only be used to replace the facilities lost on the sale of Church House in 2003. Interest may be used to pay for the hire of alternative accommodation. From June 2018 re-ordering expenditure has been drawn on this fund. In 2023 all of this fund was used on re-ordering within St Peter’s.

ENDOWMENT FUNDS Currently there are no Endowment Funds.

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I report to the Parochial Church Council (PCQ of St Peter's. Tiverton on my examination of the accounts of St Peter's. Tiverron for the year ended 31 Decemkr 2025. which are set out on pages 3 to 20. Responsibilities and basis of report As the PCC of St Peter's Tiverton you are responsible for the preparauon of the accounts In accordance with the requiremenr5 of the Charities Act 2011 {'the kn,). I report in respect of my examination of the PCC'S accounts carried out under secrion 145 of the Att and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under settion 145{5}{b) of the ACL Independent examinerfs statement I have completed my examination. I confirm that no material matter5 have come to my atTrntion in connection with the examination giving me Cause to believe that in any material respett accountirtrg records were not kept in respett of the PCC a5 required by sectyon 130 of the ACL. or 2. the accounts do not accord with those records I have no concerns and have come across no other matter5 in connection with the examination to which attention should be drawn in this reFQrt In order to enable a proper understanding of the accounts to be reached. Mrc Rafton Cottage, Morebath, Tlverton EXI 6 9AL Dat SINESS & Coo e/. nd-bcs.co.ts Page 21 Page 21