Benyon Trust 92 Accounts [ACC]



St PETER’s CHURCH, SOBERTON

FINANCIAL STATEMENTS

for the Year ended 31 December 2017

INDEX Page

Statement of Financial Activities 1

Statement of Assets and Liabilities, and Balance 2

Notes to the Accounts 3 – 4

Independent Examiners’ Report 5

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2017

ACCOUNTING POLICIES

The financial statements have been prepared in accordance with the Church Accounting Regulations together with applicable accounting standards and the Charities SORP. The financial statements have been prepared under the historical cost convention except for investment assets, which are shown at market value.

Funds

General funds represent the funds of the PCC that are not subject to any restrictions regarding their use and are available on application for the general purposes of the PCC. These include funds designated for a particular purpose by the PCC.

The purpose of any restricted funds is noted in the accounts. The accounts include transactions, assets and liabilities for which the PCC can be held responsible. They do not include the accounts of church groups that owe an affiliation to another body nor those that are informal gatherings of church members.

Incoming resources

Voluntary income and capital sources:

Collections are recognised when made.

Income tax recoverable on gift aid donation is recognised when received.

Grants and legacies to the PCC are accounted for as soon as the PCC is notified of its entitlement and the likely amount due.

Other ordinary income:

Rental income from the letting of church premises is accounted for when earned.

Income from investment:

Dividends and interest are accounted for when due.

Investment gains and losses:

Realised gains or losses are recognised when investments are sold. Unrealised gains or losses are accounted for on revaluation of investments at 31st December.

Application of Resources

Grants:

Grants and donations are accounted for when paid.

Costs directly related to the work of the Church:

The diocesan quota or parish share is accounted for when payable and any quota unpaid at 31st December is shown as a creditor in the Balance Sheet.

Consecrated land and building and moveable church furnishings:

Consecrated and beneficed property is excluded from the accounts by S96(2)(C) of the Charities Act 1993.

No value is placed on moveable church furnishings held by the churchwardens on special trust for the PCC and which require a faculty for disposal since the PCC considers this to be an inalienable property. All expenditure incurred during the year on consecrated or beneficed buildings and moveable church furnishings, whether maintenance or improvement, is written off.

Other fixtures, fittings and office equipment:

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 £1,000 or less are written off in the period in which the asset is acquired.

Investments:

Investments are valued at market value at 31st December.

Current assets:

Amounts owing to the PCC at 31st December in respect of fees, rents or other income are shown as debtors less any provision for amounts that may prove uncollectible.

Cash at bank includes cash held on deposit either with the Central Board of Finance or at the bank.

- 4 -

INDEPENDENT EXAMINERS' REPORT

to the members of St Peter’s Soberton PCC

This report on the financial statements of St Peter’s Soberton for the year ended 31 December 2017 is in respect of an examination carried out in accordance with the Church Accounting Regulations 2006 (“the Regulations”) and section 43 of the Charities Act 1993 (“the Act”).

Respective responsibilities of the PCC and the examiner:

As members of the PCC you are responsible for the preparation of the accounts; you consider that the audit requirement of the Regulations and section 43(2) of the Charities Act 1993 (the Act) does not apply. It is my responsibility to issue this report on those accounts in accordance with the terms of the Regulations.

Basis of independent examiner’s report:

My examination was carried out in accordance with the General Directions given by the Charity Commissioners under section 43(7)(b) of the Act and to be found in the Church guidance, 2006 edition. That examination includes a review of the accounting records kept by the PCC and a comparison of the accounts with those records. It also includes considering any usual 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 of the requirements

• to keep accounting records in accordance with section 41 of the Act; and

• to prepare accounts which accord with the accounting records and comply with the requirements of the Act and the Regulations

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.

Signed on original Date: 19/03/2018

John Jack FCMA

Glenfield

Midlington Road

Droxford

Hampshire

SO32 3PD - 5 -

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