REGISTERED CHARITY NUMBER: 1126227
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
FOR
THE PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS KENILWORTH
Bernard Rogers & Co Bank Gallery High Street Kenilworth Warwickshire CV8 1LY
THE PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS KENILWORTH
CONTENTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 December 2023
| Page | |||
|---|---|---|---|
| Reference and Administrative Details | 1 | ||
| Report of the Trustees | 2 | to | 6 |
| Independent Examiner's Report | 7 | ||
| Statement of Financial Activities | 8 | ||
| Balance Sheet | 9 | ||
| Notes to the Financial Statements | 10 | to | 20 |
| Detailed Statement of Financial Activities | 21 | to | 22 |
THE PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS KENILWORTH
REFERENCE AND ADMINISTRATIVE DETAILS for the Year Ended 31 December 2023
| TRUSTEES | R Graham PCC Treasurer |
|---|---|
| Ms M Underwood DCC Representative | |
| M Lovegrove PCC Secretary/Diocesan Synod until 2024 | |
| Ms P Holder PCC to 2026 | |
| Ms L Twibill (resigned 21.5.23) | |
| M Trewick PCC to 2026 | |
| Ms H Alford PCC to 2026 | |
| N Elliot PCC to 2024 | |
| T Wilkes Churchwarden until 2024 | |
| Ms H Marshall PCC to 2025 | |
| Rev A Baxter Curate - trf to Rugby Deanery April 2023 | |
| Rev R Moore Curate | |
| Ms J Cherry (resigned 21.5.23) | |
| Ms R Dalby PCC to 2025 | |
| Ms A Darvil PCC to 2025 | |
| Ms H Maddison PCC to 2025 | |
| Ms T Mitchell Deanery Synod to 2026 | |
| D Morgan Churchwarden until 2024 | |
| Ms J Walmesley PCC to 2025 | |
| Ms J Paget (appointed 21.5.23) (resigned 2.10.23) | |
| PRINCIPAL ADDRESS | Parochial Hall |
| 28 High Street | |
| Kenilworth | |
| Warwickshire | |
| CV8 1LZ | |
| REGISTERED CHARITY | 1126227 |
| NUMBER | |
| INDEPENDENT EXAMINER | Bernard Rogers & Co |
| Bank Gallery | |
| High Street | |
| Kenilworth | |
| Warwickshire | |
| CV8 1LY | |
| ADVISERS | Gift Aid Officer |
| Jane Kempton | |
| 9 Hermitage Way | |
| Kenilworth | |
| CV8 2DW | |
| Treasurer | |
| Russell Graham | |
| 14 Pears Close | |
| Kenilworth | |
| CV8 1BS |
Page 1
THE PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS KENILWORTH
REPORT OF THE TRUSTEES for the Year Ended 31 December 2023
The trustees present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The primary objective of the PCC is the promotion of the Gospel of our Lord Jesus Christ according to the doctrines and practices of the Church of England. The PCC co-operates with the minister in the whole mission of the church pastoral, evangelistic, social and ecumenical. It also has responsibility for the Church premises at St Nicholas Church, St Barnabas Church and the Parochial Hall.
The PCC has worked with the congregation to develop our vision for our church:
An open and welcoming community of people discovering new ways to love and serve Kenilworth, inspired by the life of Jesus bringing God's hope and light to all.
Our process of implementing this vision has been restricted by the interregnum which has persisted for the whole of 2023.
Public benefit
The PCC is committed to enabling as many people as possible to worship at our churches and to become part of our church community, in order to achieve our public benefit. Our activities are grouped into three main areas: Worship, prayer and discipleship; Pastoral Care; Mission and Outreach. To facilitate all this work it is important that we maintain the fabric of both churches and the church hall.
ACHIEVEMENTS AND PERFORMANCE
Worship, Prayer & Discipleship
There are 261 parishioners on the electoral roll. This compares to 236 in 2022. The average weekly attendance on a Sunday was 83 adults and 2 children, across the range of services on offer. The number of children increases significantly for Café Sunday services. This number increases significantly at festivals such as Christmas, Easter, Harvest, Remembrance and Mothering Sunday.
The parish holds a range of services in a variety of styles including: BCP Holy Communion, BCP Evensong, Sung Eucharist, Morning Praise, All-age services and Café Sunday. This ensures that our worship is accessible to a wide range of different people of all ages.
This year we continued our digital worship offer via our Livestream (YouTube), Website, and Facebook page.
Pastoral Care
We offer pastoral care through the provision of occasional offices. This year we held 17 funerals in church and a further 7 at the crematorium, 1 memorial service and 8 burials of ashes. We offer continued care and support of the bereaved through our pastoral care team. We held 12 baptisms and 3 weddings. All baptism families and wedding couples are invited to join us for community events and services where possible.
Our pastoral care team offers visits to those who are in any kind of pastoral need, supporting 25-30 people at any one time. We also offer home communion for those who are too infirm to join us for worship in person, making 10 visits a month to people at home and 2/3 each month to conduct services in local care homes.
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THE PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS KENILWORTH
REPORT OF THE TRUSTEES for the Year Ended 31 December 2023
ACHIEVEMENT AND PERFORMANCE
Mission & Outreach
The focus of our mission and outreach work is with children and families. This work is led by our full-time Children and Families Worker. Our regular activities include Stay & Play (toddler group), Bumps & Babes and Lego Club which are aimed at families who are new to or returning to church. This year we also held one-off events open to our wider community including Holiday Club and the Light Party. These are popular and well attended. Our Children & Families worker provides support, worship and teaching to our local schools, especially St Nicholas Church of England Primary School, where she leads collective worship weekly.
Café Sunday is a popular informal monthly church service designed for people who are new to or returning to church. This is a successful element of our mission and outreach with a growing congregation.
Our mission and outreach work also extends to older generations. Our 'Levenses, Warm Hub, and Tea for All groups are all growing and offer vital support for people who are lonely and isolated. Similarly, our Christmas Tree Festival held in December, and our Summer Church Teas help us to build relationships in the wider community.
In addition, St Nicholas church is open every day during daylight hours. Prayer stations are provided to support private prayer and reflection and historical information is available for people to explore the historical and architectural significance of our Grade 1 listed building.
Maintenance, improvement and utilisation of the Buildings
The church and its other property are fundamental to the church being able to reach its objectives and aims. It is vital that the fabric of the church and its other buildings are maintained.
Maintenance and repairs were organised by Malcolm Trewick (Assistant Warden). He was supported by a team of DIY Volunteers. A more detailed separate report is issued with the papers to the APCM Meeting.
Routine Annual Planned Preventative Maintenance to St Nicholas & St Barnabas Churches, The Parochial Hall & St Barnabas House
Essential work to maintain the building fabric, the health & safety of occupants and security systems (where fitted) was undertaken and completed satisfactorily. This included Fire Extinguishers and Alarm, Intruder Alarm, Boiler Maintenance, PAT Testing in conjunction with The Christmas Tree Festival. Organ Maintenance was arranged by James Hunt, Organist, assisted by his son. Servicing of the Bells and Clock were arranged by David Crawley, Tower Captain.
In January 2021, the quinquennial inspection of St Nicholas Church was undertaken. This highlighted a few minor issues which have been addressed, but also the need for the Lady Chapel roof to be replaced in the next 5 years. Some investigation into this was carried out in 2021, but has been put on hold due to a lack of resources.
St Nicholas Church New & Non-Repetitive Works
There has been extreme dampness in the old (disused) strongroom ever since the installation of the new Central Heating meant that the old Victorian pipes no longer heated the disused strongroom on their way to the Church. A proposal was drawn up in 2021 for its demolition. Following advice from our Architect, Simon Bird, this was abandoned and ducting for the rainwater from the main roof was installed. This has not fully solved the problem and a waterproof membrane for the roof is needed. This was included in the Faculty application, but there were delays in obtaining a quotation at reasonable cost. This is hoped to be carried out in the Spring of 2024.
The new Lighting Scheme for the whole body of the church, which had been initiated by Keith Grierson in 2021, was installed during the period June to October 2023, including the addition of emergency lighting, by AJ Smith Ltd. This is now operating satisfactorily. An additional keypad is to to installed in the new AV desk in the spring of 2024.
A Specification was drawn up for a new integrated Audio-Visual system for the Church under the supervision of David Edwards and Tim Wilkes (Churchwarden) with advice from Brough Skingley. The Faculty was drawn up for approval and will be installed in early 2024.
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THE PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS KENILWORTH
REPORT OF THE TRUSTEES for the Year Ended 31 December 2023
ACHIEVEMENTS AND PERFORMANCE
Dry rot was found in the floor of the Ringing Chamber in the Bell Tower in February. The badly affected boards were replaced and the whole floor treated by Kilrot Ltd. Thanks go to Tower Captain David Crawley who coordinated this work and stained the underside of the new boards to match the ceiling of the Entrance Lobby. Woodworm was also found in the skirting of the toilet. After taking advice from Kilrot, this was replaced by the DIY Team.
A fault in the lighting cable above the Ringing Chamber caused frequent faults and had to be replaced by C and E Electrical in March 2023. A new emergency light was fitted in the stairway in June 2023.
The water heater under the sink in the Servery was replaced in May 2023 and the Zip heater for boiling water in June.
A Faculty was granted for surplus stones from the Gatehouse to be buried for safe keeping in the "Monk's Hole" in the Churchyard and was carried out by volunteers from the Kenilworth Archaeological Society.
During routine Maintenance of the Church Clock, more serious repairs were found to be needed, including repair to the slate clock face, which is in a dangerous condition. These will be completed in Spring 2024, with funding from the Friends of St. Nicholas with St Barnabas.
After 2 or 3 years of neglect, the Beech Hedge outside the Vestries was trimmed back by David Bostock. At some time, it may be beneficial to reduce the height by half a metre.
St Barnabas Church New & Non-repetitive Works
No major work was necessary.
The DIY Team fitted a gate for safety at Café Sunday and repaired a rotten section of Facia. The old Glass lampshades were replaced with modern Plastic reflectors by the Café Sunday Team. We should now replace the compact fluorescent lights with LED bulbs.
Parochial Hall New and Non-repetitive Works
The extreme dampness on the Stair Wall eventually dried out by the end of the year. Quotations were obtained and remedial work and redecoration is expected in early 2024.
While the Hall was not in use between Christmas 2023 and New Year 2024, the Clarendon Hall was cleared by the DIY Team. The floor was then repaired using reclaimed matching floorboards. It was then sanded and lacquered by Floorsand Ltd. This has given a clean light finish to the Hall and is safer for small children.
In February, several slates slipped down from the Main Roof into the Patio area and the adjacent garden. These were replaced by Coventry Roofing, along with some minor repairs to the verges. However, it was noted that the roof is now 112 years old. The Slates are in good condition, but the copper nails are suffering fatigue. In May our Architect Simon Bird and Diocesan Grants Advisor Andrew Duncan were consulted. Eventually Rodney Perry agreed to take on the project of renovating this roof and a contractor AMS has also been involved. This is likely to take until 2025 for completion.
St Barnabas House is let and managed on a commercial basis
Work Undertaken by DIY Team
Malcolm Trewick led a team of volunteers comprising Mark Draper, Mark Lovegrove, Janet Cherry, James Hunt, Andy Brown, David Morgan and Michael Shuttleworth. The PCC are indebted to Malcolm and his team for undertaking a considerable amount of work on the church buildings and properties, who cleared drains, pruned shrubs and carried out minor repair work at all three properties. A replacement Petrol Lawnmower was purchased by Mark Draper so that the lawn can be regularly cut by Guy Blacklock. Many thanks for their dedicated work. This was important and essential work but due to financial constraints would not have otherwise been done.
Minor repairs and maintenance are also carried out on a regular basis by our Caretaker Rob Holloway.
Page 4
THE PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS KENILWORTH
REPORT OF THE TRUSTEES for the Year Ended 31 December 2023
FINANCIAL REVIEW
Financial position
During 2023 the charity again, maintained rigorous controls over its spending and limited expenditure to the income actually achieved. Spending controls will need to remain in place during the coming year and also in the future when we go forward to better times, to ensure that we can give as generously as possible to promote the Gospel of Jesus Christ.
We pay Parish Share in excess of the cost of clergy in this parish. These payments go to the Support Fund in the Diocese to enable the financially poorer parishes in the Diocese to have clergy. Our Parish Share amounted to £130,370 in 2023 (2022: £58,519). The 2023 figure includes cash paid and an accrued amount of £65k relating to the last two years.
The Charity was unable to give away any of its 2023 income to charities, but it did help raise money from a number of events such as a Christmas Tree Festival, for others.
The unrestricted funds income for 2023 totalled £193,640 (2022: £161,114).
Of this, planned giving and gift-aided giving, including tax recoverable was £124,136 (2022: £98,536), together with trading activities of £50,489 (2022: £41,465) and charitable activities of £17,357 (2022: £18,103) with miscellaneous and investment income of £1,658 (2022: £3,010).
A total of £235,311 was expended from unrestricted funds (2022: £152,339), including the Diocesan parish share of £130,370 (2022: £58,519), together with other charitable activity costs and management costs.
Taking account of transfers between funds detailed within the notes to the accounts, the net result for the year was a deficit on unrestricted funds of £98,602 (2022: £3,712 surplus). The balance carried forward on unrestricted funds totalled £159,119 (2022: £257,721).
Principal funding sources
The principal funding source of the Church is its members. The income has enabled us to pay parish share to the diocese which includes the provision of clergy and to pursue mission and ministry projects highlighted elsewhere in this report.
The church has an investment policy by which we keep our cash balance with Virgin Money and the Central Board of Finance of the Church of England to get the best interest rate. The endowment fund together with the investments maintained via the Coventry Diocesan Trustees are held by the CCLA, a unit trust of the Central Board of Finance.
Reserves policy
The PCC has established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets ("free reserves") held by the PCC should not be less than 25% of unrestricted income.
In 2023, total unrestricted income was £193,640 (2022: £161,114) at 25% this equates to £48,410 (2022: £40,279) in unrestricted funds. At the balance sheet date the free reserves were £159,119 (2022: £257,721), a surplus of £110,709 (2022: £217,442).
Details of any capital commitments at the year-end which are not reflected in the reserves because they cannot be determined at the date of these financial statements are detailed in the notes.
Page 5
THE PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS KENILWORTH
REPORT OF THE TRUSTEES for the Year Ended 31 December 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes an unincorporated charity. The Parochial Church Council (PCC) is a corporate body established by the Church of England. It operates under the Parochial Church Council measure. The appointment of PCC members is governed and set out in the Church Representation Rules.
PCC members are recruited through notice boards in both churches, emailed newsletter and through oral notices at services. Basic induction and training is provided in the parish.
The PCC organises itself through the following working groups who make recommendations to the full council: Leadership Team (acting as Standing Committee) and Pastoral Care. Decisions are made by the PCC. Exceptionally, and only when time is of the essence, the Standing Committee can by statute make decisions between PCC meetings. It is our practice for PCC to ratify such decisions when they meet. The PCC meets 6 times a year and the majority of members were present at each meeting.
In May 2023 St Barnabas Church rescinded its DCC status, returning the leadership of the community fully under the PCC. Either through election or co-option St Barnabas worshipping community will always have two representatives on the PCC. Under the Parish structures, St Barnabas will have a committee who are responsible for discussions and proposals about the worship and mission of St Barnabas Church and will report to the PCC.
Safeguarding
The PCC takes the safeguarding of all people seriously and has adopted the Coventry Diocese Safeguarding Policy. For regulated activities, all our volunteers and staff are DBS checked and safeguarding trained. The PCC considers safeguarding concerns at each meeting and regularly reviews our safeguarding action plan.
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
........................................................................ T Wilkes - Warden
........................................................................ D Morgan - Warden
Page 6
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS KENILWORTH
Independent examiner's report to the trustees of The Parochial Church Council of St Nicholas Kenilworth
I report to the charity trustees on my examination of the accounts of The Parochial Church Council of St Nicholas Kenilworth (the Trust) for the year ended 31 December 2023.
Responsibilities and basis of report
As the charity trustees of the Trust 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 Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do 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.
David Rogers
Bernard Rogers & Co Bank Gallery High Street Kenilworth Warwickshire CV8 1LY
Date: .............................................
Page 7
THE PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS KENILWORTH
STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 December 2023
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Charitable activities 5 Gospel of our Lord Jesus Christ Other trading activities 3 Investment income 4 Other income Total EXPENDITURE ON Charitable activities 6 Gospel of our Lord Jesus Christ Net gains/(losses) on investments NET INCOME/(EXPENDITURE) Transfers between funds 15 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted fund £ 124,136 17,357 50,489 1,522 136 193,640 235,311 - (41,671) (56,931) (98,602) 257,721 159,119 |
Restricted funds £ - - - 12,097 - 12,097 69,150 - (57,053) 56,931 (122) 686,106 685,984 |
Endowment fund £ - - - - - - - 15,675 15,675 - 15,675 171,534 187,209 |
2023 Total funds £ 124,136 17,357 50,489 13,619 136 205,737 304,461 15,675 (83,049) - (83,049) 1,115,361 1,032,312 |
2022 Total funds £ 98,536 18,103 41,465 8,500 2,693 169,297 165,887 (23,178) (19,768) - (19,768) 1,135,129 1,115,361 |
|---|---|---|---|---|---|
The notes form part of these financial statements
Page 8
THE PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS KENILWORTH
BALANCE SHEET 31 December 2023
| Notes FIXED ASSETS Tangible assets 11 Investments 12 CURRENT ASSETS Debtors 13 Cash at bank CREDITORS Amounts falling due within one year 14 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 15 Unrestricted funds Restricted funds Endowment funds TOTAL FUNDS |
Unrestricted fund £ 3,530 - 3,530 504 227,108 227,612 (72,023) 155,589 159,119 159,119 |
Restricted funds £ 685,984 - 685,984 - - - - - 685,984 685,984 |
Endowment fund £ - 187,209 187,209 - - - - - 187,209 187,209 |
2023 Total funds £ 689,514 187,209 876,723 504 227,108 227,612 (72,023) 155,589 1,032,312 1,032,312 159,119 685,984 187,209 1,032,312 |
2022 Total funds £ 690,810 171,534 862,344 730 255,932 256,662 (3,645) 253,017 1,115,361 1,115,361 257,721 686,106 171,534 1,115,361 |
|---|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. T Wilkes - Warden
............................................. D Morgan - Warden
The notes form part of these financial statements
Page 9
THE PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS KENILWORTH
NOTES TO THE FINANCIAL STATEMENTS for the Year Ended 31 December 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, 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 Charities Act 20-11. The financial statements are prepared under the historical cost convention, modified to include investments at fair value.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following the 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 issued in October 1019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The charity has applied Update Bulletin 1 as published on 2 February 2016 and does not include a cash flow statement on the grounds that it is applying FRS 102 Section 1A.
Income
Collections and other casual giving are recognised when received by or on behalf of the PCC. Planned giving is recognised when received.
Tax recoverable on gift aid is recognised when the planned giving of the gift is received. Any such income included but not received as at the year end is shown as a debtor in the balance sheet.
Grants, legacies and donations are recognised when the PCC is notified of its entitlement to receive them, the amount is reliably measurable and receipt is probable.
Income from Weddings and funerals are accounted for on a receivable basis. Any such income included but not received as at the year end is shown as a Trade debtor in the balance sheet.
Funds raised by the Summer garden party, the Christmas fair and other similar Parish events are accounted for gross.
Sales of and advertising income from the Parish magazine is accounted for gross, as are sales from the magazine and bookstall.
Rental and other income
Income from regular contractual lettings is recognised when due. Income from occasional lettings and other casual income is recognised when received.
Income, gains and losses on investments
Dividends and interest are recognised on an accruals basis. Realised gains or losses are recognised at the time of disposal.
Gains and losses on revaluation are recognised as noted in the accounts. All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy and it is probable that the income will be received.
continued...
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THE PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS KENILWORTH
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2023
1. ACCOUNTING POLICIES - continued
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 measure reliably.
Grants and donations are recognised when paid out, or where the PCC has given a binding undertaking to pay, if earlier.
Parish Share is accounted for the year for which it is due. Any unpaid share at the year end is accounted for as a creditor at the year end and included in the balance sheet.
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.
Fixed assets
Tangible fixed assets
Tangible Fixed assets are stated at a valuation rather than historic cost, where there is no reliable record of the historic cost of assets acquired possibly many years ago.
The PCC does not at present intend to incur the expense of quinquennial valuation of assets so acquired only for the purposes of disclosure in the financial statements. The valuations shown are solely for the purposes of proxy for historic costs. No depreciation charge is made in respect of the freehold buildings on the grounds that the PCC has a policy and practice of regular maintenance with such assets having a very long remaining useful economic life.
Consecrated and beneficed property of any kind is excluded from the financial statements by virtue of section 96(2)(a) Charities Act 1993.
St Nicholas Church is held by the Vicar in trust. The church is a consecrated building, and a faculty is required to effect any work on it. In accordance with accounting regulations for churches, the cot of any work is written off in the year it occurs. The contents of the consecrated building are held in trust by the Churchwardens and a faculty is required to purchase or sell such assets. Any such purchases or sales in accordance with accounting regulations of churches pass through the church accounts in the year they occur. These assets are listed in the Terrier which can be inspected at any reasonable time by prior appointment with the Churchwardens. Except as disclosed in the financial statements, they are not otherwise reported because there is no reliable information about historic cost.
The Parochial Hall restoration costs have been capitalised on the basis that the expenditure provides an enhancement of the economic value of this asset.
Other fixtures, fittings, furniture, equipment and software are accounted for at cost less depreciation as 25% on a reducing balance basis. Minor items costing less then £500 are written off in the year of acquisition.
Rental property
Income is derived from the rental of St Barnabas house, however this asset has been included within tangible fixed assets as the trustees consider that to establish a fair value of the St Barnabas house as an investment property component within the original church property would be too costly.
Fixed asset Investments
Fixed asset investments are valued at market value as at the balance sheet date.
continued...
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THE PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS KENILWORTH
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2023
1. ACCOUNTING POLICIES - continued
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
General or designated funds represent the funds of the PCC held on general trusts for the purposes of the Church of England in the Parish or more widely for the general charitable purposes of the PCC on behalf of the townspeople of Kenilworth. These funds may include funds designated for a particular purpose by the PCC.
Restricted funds are those funds which must be used or expended only for the purposes for which the funds were given or raised. The notes to the accounts disclose the movements on restricted funds.
Endowment funds are those funds where the PCC is not free to erode the capital of the endowment, but must retain it and apply any income only for the purposes of the endowment. The PCC does not have any expendable endowments.
The PCC has sought preliminary legal advice about the terms of trust on which it administers real property. Pending that advice, such property has been treated for the purposes of financial reporting as shown in the notes to the financial statements. This is to show for reporting purposes a true, fair and prudent view of the assets at the disposal of the PCC. In the event of any actual proposal to dispose of such property, the possibility of that and the use of any proceeds would need considered advice.
Cash and bank
Short term deposits included cash held at deposit either with the CBF Church of England Funds, or at the bank.
2. DONATIONS AND LEGACIES
| Committed giving Cash giving Gift Aid Grants, bequests, donations, legacies and appeals Casual giving Wall safe Grants received, included in the above, are as follows: Archbishops' Council |
2023 £ 79,839 3,944 13,944 21,800 2,849 1,760 124,136 2023 £ 1,897 |
2022 £ 74,465 3,174 11,350 5,669 1,884 1,994 98,536 2022 £ - |
|---|---|---|
continued...
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THE PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS KENILWORTH
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2023
| 3. OTHER TRADING ACTIVITIES Parochial Hall and St Barnabas House income 4. INVESTMENT INCOME Investment returns and interest 5. INCOME FROM CHARITABLE ACTIVITIES Activity Receipts from parish events Gospel of our Lord Jesus Christ Magazine and bookstall receipts Gospel of our Lord Jesus Christ Wedding and funeral fees Gospel of our Lord Jesus Christ St Nicholas wives group Gospel of our Lord Jesus Christ Hospitality Gospel of our Lord Jesus Christ Childrens' work Gospel of our Lord Jesus Christ 6. CHARITABLE ACTIVITIES COSTS Gospel of our Lord Jesus Christ 7. SUPPORT COSTS Management £ Gospel of our Lord Jesus Christ 102,350 |
2023 £ 50,489 2023 £ 13,619 2023 £ 106 28 12,569 342 1,735 2,577 17,357 Support Direct costs (see Costs note 7) £ £ 198,175 106,286 Governance Other costs £ £ 1,296 2,640 |
2022 £ 41,465 2022 £ 8,500 2022 £ 878 71 12,329 158 1,973 2,694 18,103 Totals £ 304,461 Totals £ 106,286 |
|
|---|---|---|---|
continued...
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THE PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS KENILWORTH
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2023
8. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
Some of the ordained clergy are remunerated by the Diocese of Coventry and their emoluments and associated pension contributions are, indirectly, met by the parish share which the PCC pays to the Diocese.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
The PCC does pay to the clergy travelling expenses at HMRC approved rates and other reasonable vouched expenses of their vocation.
9. STAFF COSTS
| Wages and salaries | 2023 £ 53,630 53,630 |
2022 £ 50,054 50,054 |
|---|---|---|
The average monthly number of employees during the year was as follows:
| Family / Youth worker Administrative Cleaning |
2023 1 2 2 5 |
2022 1 2 2 |
|---|---|---|
| 5 |
No employees received emoluments in excess of £60,000.
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Gospel of our Lord Jesus Christ Other trading activities Investment income Other income Total |
Unrestricted fund £ 98,536 18,103 41,465 317 2,693 161,114 |
Restricted funds £ - - - 8,183 - 8,183 |
Endowment fund £ - - - - - - |
Total funds £ 98,536 18,103 41,465 8,500 2,693 |
|---|---|---|---|---|
| 169,297 |
EXPENDITURE ON
continued...
Page 14
THE PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS KENILWORTH
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2023
10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
| Charitable activities Gospel of our Lord Jesus Christ Net gains/(losses) on investments NET INCOME/(EXPENDITURE) Transfers between funds Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 11. TANGIBLE FIXED ASSETS COST At 1 January 2023 and 31 December 2023 DEPRECIATION At 1 January 2023 Charge for year At 31 December 2023 NET BOOK VALUE At 31 December 2023 At 31 December 2022 |
Unrestricted fund £ 152,339 - 8,775 (5,063) 3,712 254,009 257,721 |
Restricted funds £ 13,548 - (5,365) 5,063 (302) 686,408 686,106 Freehold property £ 685,618 - - - 685,618 685,618 |
Endowment fund £ - (23,178) (23,178) - (23,178) 194,712 171,534 Fixtures and fittings £ 61,985 56,793 1,296 58,089 3,896 5,192 |
Total funds £ 165,887 (23,178) (19,768) - (19,768) 1,135,129 1,115,361 Totals £ 747,603 56,793 1,296 58,089 689,514 690,810 |
|||
|---|---|---|---|---|---|---|---|
continued...
Page 15
THE PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS KENILWORTH
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2023
11. TANGIBLE FIXED ASSETS - continued
| Insurance | |||
|---|---|---|---|
| Land and buildings | 1998 valuation | valuation | Notes |
| Excluded from accounts | |||
| by virtue of S96 (2)(a) | |||
| St Nicholas Church | nil | 16,810,000 | Charities Act 1993 |
| St Barnabas Church | 20,000 | 2,900,000 | |
| St Barnabas House, huts and | |||
| allotments | 110,550 | 252,000 | |
| Parochial Hall | 75,000 | 2,900,000 | |
| Parochial Hall Restoration Cost (2010 | |||
| and 2011) | 480,068 |
The land and buildings, excluding consecrated and beneficed property, were valued by the PCC in 1998 (2001 for St Barnabas House). Restrictive covenants might exist affecting the disposal of these properties.
12. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Listed | |
| investments | |
| £ | |
| MARKET VALUE | |
| At 1 January 2023 | 171,534 |
| Revaluations | 15,675 |
| At 31 December 2023 | 187,209 |
| NET BOOK VALUE | |
| At 31 December 2023 | 187,209 |
| At 31 December 2022 | 171,534 |
There were no investment assets outside the UK.
Cost or valuation at 31 December 2023 is represented by:
| Listed | ||
|---|---|---|
| investments | ||
| £ | ||
| Valuation in | 2021 | 20,591 |
| Valuation in | 2022 | (23,178) |
| Valuation in | 2023 | 15,675 |
| Cost | 174,121 | |
| 187,209 |
Long-term investments are included at market value at 31st December 2023. The SOFA includes the net gains and losses arising on revaluations during the year.
continued...
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THE PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS KENILWORTH
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2023
12. FIXED ASSET INVESTMENTS - continued
The endowment fund may only be used for maintaining the fabric of St Nicholas Church. The endowment is invested in The CBF Church of England Investment Fund (now called CCLA) Accumulation Shares and the value at 31 December 2023 is £187,209 (2022: £171,534).
13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade debtors 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Trade creditors Taxation and social security Other creditors |
|
|---|---|
15. MOVEMENT IN FUNDS
| Unrestricted funds General fund Restricted funds Restricted funds land and buildings Parochial Hall fixed asset donation fund St Nicholas maintenance Endowment funds Endowment fund TOTAL FUNDS |
At 1.1.23 £ 257,721 685,618 488 - 686,106 171,534 1,115,361 |
Net movement in funds £ (41,671) - (122) (56,931) (57,053) 15,675 (83,049) |
Transfers between funds £ (56,931) - - 56,931 56,931 - - |
At 31.12.23 £ 159,119 685,618 366 - |
|---|---|---|---|---|
| 685,984 187,209 |
||||
| 1,032,312 |
continued...
Page 17
THE PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS KENILWORTH
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2023
15. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Parochial Hall fixed asset donation fund St Nicholas maintenance Endowment funds Endowment fund TOTAL FUNDS |
Incoming resources £ 193,640 - 12,097 12,097 - 205,737 |
Resources expended £ (235,311) (122) (69,028) (69,150) - (304,461) |
Gains and Movement losses in funds £ £ - (41,671) - (122) - (56,931) - (57,053) 15,675 15,675 15,675 (83,049) |
|---|---|---|---|
Comparatives for movement in funds
| Unrestricted funds General fund Restricted funds Restricted funds land and buildings St Barnabas fixed asset donation fund Parochial Hall fixed asset donation fund St Nicholas maintenance Endowment funds Endowment fund TOTAL FUNDS |
At 1.1.22 £ 254,009 685,618 8 782 - 686,408 194,712 1,135,129 |
Net movement in funds £ 8,775 - (8) (294) (5,063) (5,365) (23,178) (19,768) |
Transfers between funds £ (5,063) - - - 5,063 5,063 - - |
At 31.12.22 £ 257,721 685,618 - 488 - |
|---|---|---|---|---|
| 686,106 171,534 |
||||
| 1,115,361 |
continued...
Page 18
THE PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS KENILWORTH
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2023
15. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds St Barnabas fixed asset donation fund Parochial Hall fixed asset donation fund St Nicholas maintenance Endowment funds Endowment fund TOTAL FUNDS |
Incoming resources £ 161,114 - - 8,183 8,183 - 169,297 |
Resources expended £ (152,339) (8) (294) (13,246) (13,548) - (165,887) |
Gains and Movement losses in funds £ £ - 8,775 - (8) - (294) - (5,063) - (5,365) (23,178) (23,178) (23,178) (19,768) |
|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds Restricted funds land and buildings St Barnabas fixed asset donation fund Parochial Hall fixed asset donation fund St Nicholas maintenance Endowment funds Endowment fund TOTAL FUNDS |
At 1.1.22 £ 254,009 685,618 8 782 - 686,408 194,712 1,135,129 |
Net movement in funds £ (32,896) - (8) (416) (61,994) (62,418) (7,503) (102,817) |
Transfers between funds £ (61,994) - - - 61,994 61,994 - - |
At 31.12.23 £ 159,119 685,618 - 366 - |
|---|---|---|---|---|
| 685,984 187,209 |
||||
| 1,032,312 |
continued...
Page 19
THE PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS KENILWORTH
NOTES TO THE FINANCIAL STATEMENTS - continued for the Year Ended 31 December 2023
15. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds St Barnabas fixed asset donation fund Parochial Hall fixed asset donation fund St Nicholas maintenance Endowment funds Endowment fund TOTAL FUNDS |
Incoming resources £ 354,754 - - 20,280 20,280 - 375,034 |
Resources expended £ (387,650) (8) (416) (82,274) (82,698) - (470,348) |
Gains and Movement losses in funds £ £ - (32,896) - (8) - (416) - (61,994) - (62,418) (7,503) (7,503) (7,503) (102,817) |
|---|---|---|---|
St Nicholas Maintenance
The nature of the fund is to maintain and insure St Nicholas Church, which is an ancient and valuable asset for the community of Kenilworth and those who visit the town.
The church is, so far as possible, kept open to anyone who wishes to visit. The gardens around the church are maintained by volunteers at no cost.
The cost of maintaining the fabric of St Nicholas, including insurance, could not be met alone from the fabric maintenance fund and therefore any deficit of funds is transferred from the general fund.
16. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2023.
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THE PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS KENILWORTH
DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 December 2023
| INCOME AND ENDOWMENTS Donations and legacies Committed giving Cash giving Gift aid Grants, bequests, donations, legacies and appeals Casual giving Wall safe Other trading activities Parochial Hall and St Barnabas House income Investment income Investment returns and interest Charitable activities Receipts from parish events Magazine and bookstall receipts Wedding and funeral fees St Nicholas wives group Hospitality Childrens' work Other income Miscellaneous income Total incoming resources EXPENDITURE Charitable activities Wages Parish share Altar service costs Music, organ, organist and choir Bell ringing Clergy expenses St Nicholas wives group costs Hospitality costs Childrens' work |
2023 £ 79,839 3,944 13,944 21,800 2,849 1,760 124,136 50,489 13,619 106 28 12,569 342 1,735 2,577 17,357 136 205,737 53,630 130,370 2,083 9,546 379 245 571 581 770 198,175 |
2022 £ 74,465 3,174 11,350 5,669 1,884 1,994 |
|---|---|---|
| 98,536 41,465 8,500 878 71 12,329 158 1,973 2,694 |
||
| 18,103 2,693 |
||
| 169,297 50,054 58,519 847 7,609 365 2,694 295 429 962 |
||
| 121,774 |
This page does not form part of the statutory financial statements
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THE PAROCHIAL CHURCH COUNCIL OF ST NICHOLAS KENILWORTH
DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the Year Ended 31 December 2023
| Support costs Management St Nicholas Church running expenses maintenance and repairs (including lighting) St Barnabas Church running expenses maintenance and repairs Parochial Hall running expenses maintenance and repairs Phones, office equipment and consumables Insurance Other Depreciation of tangible fixed assets Governance costs Accountancy and legal fees Total resources expended Net (expenditure)/income before gains and losses Realised recognised gains and losses Realised gains/(losses) on fixed asset investments Net expenditure |
2023 £ 78,747 4,442 10,505 1,116 7,540 102,350 1,296 2,640 304,461 (98,724) 15,675 (83,049) |
2022 £ 16,751 8,181 7,181 788 7,284 40,185 1,733 2,195 165,887 3,410 (23,178) (19,768) |
|---|---|---|
This page does not form part of the statutory financial statements
Page 22