2023-12-31-accounts

The Parish Office, The Cornerstone, Norreys Avenue, Wokingham RG40 1UE Tel: [phone] [e-mail] Reg. charity no. 1127585

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Opening the church again: on 19 [th] June the Bishop of Oxford blessed the church
and gave thanks for the work that had been done over the previous 15 months
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ANNUAL REPORT AND ACCOUNTS

2023

Parish of All Saints Wokingham 2023

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CONTENTS

Aim and purpose ........................................................................................................................................................... 4 Objectives and Activities ............................................................................................................................................... 4 Achievements and Performance ................................................................................................................................... 4 Church Membership & Attendance .............................................................................................................................. 4 Review of the Year ........................................................................................................................................................ 5 Financial Review ............................................................................................................................................................ 6 Reserves Policy .............................................................................................................................................................. 7 Funds held as custodian for others ............................................................................................................................... 7 Plans for future periods ................................................................................................................................................ 7 Risk management and key policies ............................................................................................................................... 8 Structure, GovernanCe and Management .................................................................................................................... 8 Administrative Information .......................................................................................................................................... 9 Parochial Church Council .............................................................................................................................................. 9 Statement of financial activities ................................................................................................................................. 10 Balance sheet .............................................................................................................................................................. 11 Accounting policies ..................................................................................................................................................... 12

Notes	to the accounts
NOTE	1	Income for the year ended 31st december 2023 .......................... 14
NOTE	2	Expenditure for the year ended 31st December 2023 .................. 15
NOTE	3	Staff costs ....................................................................................... 16
NOTE	4	Tangible fixed assets ...................................................................... 16
NOTE	5	Investment assets for use by the pcc ............................................. 17
NOTE	6	Debtors / accrued income / prepayments and grants ................... 17
NOTE	7	Short term investments and cash at bank ..................................... 17
NOTE	8	Current liabilities ............................................................................ 17
NOTE	9	Creditors and liabiities more than one year .................................. 18
NOTE	10	Analysis of net assets by fund ........................................................ 18
NOTE	11	Analysis of funds ............................................................................ 19
NOTE	12	Transfers and deficits ..................................................................... 19

Parish of All Saints Wokingham 2023 PAGE 3 Independent Examln&s unqualffled rewt to the members of the P.LC of All on pages 10 to 11 of thls Report. Rewcll re5pomlbilittes of the P.CC and the examln•r. accounts. The d)artystrustees considerthat an 8udk is not requlred for the year under sertion 144 of the CharitlesA(12011lthe Charltles Act) and that an Irthwdent examinatlonls Treeded. ft Is my re¥)onsibility to: examine the accounts under settion 145 ofthe Charltles Act to followthe Pr￿d￿e5 lald d(r•m In the geneftl Directhjns gt¥en bythe Charity Commi55ion (under section 14515}Ibl ufthe tharltles Act, and to stste ￿ether partknlar matters have come to my attentlon. Bas1$ of the Indepernlefft Eyarnhxrfs statement. My examlnation was orried out In accordance wlth the p)er31 Dire¢tkn giyen by the Charity Commityon and the guidance published in PCC PKcountsbility lThe tharltles Act 20118nd the P.C.Cl, 5th editth). An examlnatlort indudes a revi￿ of fv accountlng re(Drds kept by the tharlty and a abrnparison of the accounts woented with these records. It also Includes consideration of any unusual itemsor disdosure5 In the a￿oUnts, and seeklngexplanations from the trustee5 concernln8 such matter& The prwedures undertaken do not pn)vide Jll the e¥idencethwould be required foT an audlt. and consequenfvno opinion Is glven asto wheth the accounts present a true and fairf vtew aTrd the report is limited to those matters set out in the ststement belt>w. MÈ cause to believe that in. any materfal ￿SPeC￿. the ac£oubts do not acc￿￿ to the accountln8 records. should be drawn In order to enable a proper underslaNlln8 ofthe accounts 15 reathed. Signed. _/1LnL 4. e/¢Th¢4n Name RWA. Clemw Date tyh. Marth 2024 Relevwrt proftssi(mal qualifkats Fellow Assoclatlon of tharlty Independent E¥amlners. AaE PCCCC32

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PARISH OF ALL SAINTS, WOKINGHAM SUMMARY ANNUAL REPORT OF THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDED 31ST DECEMBER 2023

AIM AND PURPOSE

All Saints will be a church full of life, love and energy, accessible to all, active in the heart of the community and where all can explore and grow their gifts and faith in Jesus. These are our key themes:

• Spiritual welfare and growth – we want all our members to be open to challenge and growth as followers of Jesus Christ, sharing God’s love, discovering their gifts and making a positive contribution, both in our church and in our community.

• Social and Environmental justice – we wish to be active citizens on a local, national and international level, empowering people who are marginalised, speaking up on climate justice and supporting agencies who work for the most vulnerable.

• Inclusion – we are members of Inclusive Church, welcoming everyone into our community regardless of social status, age, race, gender, sexuality, ability etc.

• Youth and children – we want to be a place where children, young people (and families) grow in faith, feel valued, safe, able to speak out and influence our future direction.

• Community, Arts and Culture – we encourage creativity, celebrating God’s gifts (e.g., hosting diverse events such as music, poetry, workshops, exhibitions).

OBJECTIVES AND ACTIVITIES

All Saints is a very active church with worship every day and a significant programme of community involvement through its spaceforall activities and in its community centre The Cornerstone. It provides regular study and discipleship groups, lay-led healing prayer and pastoral care ministries some available to the wider parish as well as the church congregation, and outreach to local schools and residential care homes.

The church is a registered charity and the PCC has regard to the Charity Commission's guidance on public benefit in The Advancement of Religion for the Public Benefit in the activities it plans, by

• providing resources and facilities for public worship, pastoral care and spiritual, moral and intellectual development, both for its members and for anyone who wishes to benefit from what the Church offers

• promoting Christian values, and service by the Church and its members to its community, to the benefit of individuals and society as a whole.

The PCC also has maintenance responsibilities for key parts of the town’s infrastructure – the church building itself, its four acres of churchyard, two cottages and The Cornerstone building. Now the development work for spaceforall is complete, the church has space for worship, private prayer, a café and community and cultural events, and remain open every day for everyone.

ACHIEVEMENTS AND PERFORMANCE

The PCC’s broad aim for 2023 was to continue to discern and undertake God’s mission in Wokingham, with specific objectives to:

• Complete Phase 1 of the spaceforall project to turn the church into an active community hub

• grow its mission of service to the local community and in particular the most vulnerable

• register as an inclusive church and promote the church as a welcoming place for all

• provide opportunities for the development of Christian discipleship in the congregation and surrounding community

• offer leadership and support in responding to the climate emergency and continue its work as a Silver EcoChurch

CHURCH MEMBERSHIP & ATTENDANCE

The number of people on the Electoral Roll at 31[st] December 2023 was 246 (2021: 260). The church building opened after refurbishment in June 2023 and has a growing congregation ever since.

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REVIEW OF THE YEAR

2023 started in much the same way as 2022 ended. We continued with worship in the Cornerstone as work in the church progressed. The 9.30 Parish Communion service in the Cornerstone was supported by our congregational singers and a rota of volunteer pianists. We continued to be supported by our generous neighbours at St Pauls who hosted occasional offices There was a lack of certainty as to when the work in the church would be finished, vague dates such as ‘sometime in the spring’ were as close as it got.

We were able to see the progress in the church for ourselves in March when we held another open morning.

At the start of the year, Canon David Hodgson, our Rector for the last 26 years, announced his intention to retire in the summer.

For the second year Easter was celebrated in the Cornerstone. On Palm Sunday a donkey led the procession from All Saints School to the Cornerstone. After the 11.15 service on Palm Sunday a parish lunch was enjoyed by members of the congregations of all services. Services were held on Maundy Thursday, Good Friday and Easter Day much as we would have as if we had been in the church. There was even an Easter Garden outside the front of the Cornerstone.

On 21[st] April our Rector David, Associate Priest Hannah and other parishioners joined Bishop Olivia to take part in a massive rally, called The Big One, in London which converged on Parliament to call for more action on climate change and the environment. Tens of thousands of people of all faiths and not of faith gathered in a public witness for climate action.

The date of the rededication of the church was set for Monday June 19[th] , the Bishop of Oxford was to perform this. Also, the date of our Rector’s retirement was confirmed, his last service as Rector of All Saints Wokingham would be Sunday June 25[th] . What we did not have was a date was a completion date for the work in the church. But the impending visit of a Bishop proved to be very effective in ensuring contractors get work completed in time.

On the 6[th] May the coronation of King Charles III was celebrated. The bells rang and people were able to gather to watch the ceremony in the Cornerstone. The King had encouraged people to use the holiday to take part in the Big Help Out and work parties gathered in the church yard and Cornerstone to do their bit to fulfil his request.

Once again work parties gathered at weekends from late May to undertake cleaning work in the church. Although the items stored around the high altar were covered there was still a lot of dust on them. Finally, late on Wednesday 14[th] June the church was handed back to us. It was then all hands on board to prepare for our first concert on Saturday 17[th] and for services on Sunday 18[th] which all went outstandingly well.

Then on June 19[th] Bishop Stephen performed the rededication of our church. It was a joyous occasion, the choir sang magnificently and the church was full. Amongst those attending were the Mayors of Wokingham Town and Wokingham Borough along with the High Steward.

The following Sunday it was time to bid farewell and to say thank you to our Rector David, his wife Lorraine along with their family. Colin spoke of the dedication and commitment David had put into his 26+ years as our Rector. There were also some recorded messages of appreciation by some of David’s colleagues from previous years, including the Archbishop of York.

Although we were back in the church , there was still work to be completed as part of the reordering and these to a certain degree are still going on. However, we have been able to utilise the flexibility of our church in many ways. One wonderful example is baptisms, with the chairs arranged around the font so that it is the focal point of the service.

There have been many and varied events held in the church since reopening including:

• Concerts, choral and orchestral

• Heritage Week

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• Earth Fayre

• Climate Change Lectures

• Flower Festival

• Community Awards Night

• Civic Remembrance Sunday service, with the church full to capacity

• • Christingle service, with real candles

Throughout the year our clergy team supported neighbouring parishes in vacancy and this has continued whilst we are ourselves in vacancy. We have ourselves been supported by our Archdeacon, Ven. Stephen Pullin, and Area Dean, Richard Lamey. This is particularly useful as they are both involved in the selection process of our new Rector.

It was particularly enjoyable to celebrate Christmas in the church. There were over 300 in the congregation for each of the second Crib Service and the Nine Lessons and Carols. The other services were all well attended but with fewer challenges with finding seats for late comers.

As we look forward to 2024, we are undertaking the recruitment process for a new rector. We can look forward to the New Year with faith, hope and optimism.

FINANCIAL REVIEW

We continued to be blessed by the ongoing financial support from our congregation and others. Covid restrictions and then the move to The Cornerstone reduced our congregation numbers significantly and we received much less from our special collections and money on the plate. The position has improved slightly since we moved back to the church but the cost of living crisis is hitting our congregation and the Parish finances directly and indirectly. We cannot make any comparison of energy costs for the church, but for The Cornerstone energy bills have trebled.

We continued to pay our Parish share in full and give 10% of our gifted income to mission charities. Thanks to the generosity of our congregation, a Mend the Gap campaign kept our General Fund positive at year end. The Cornerstone finances had recovered after the pandemic, but income is still not at pre pandemic levels and costs are up.

Our two tenanted cottages in Wiltshire Road were occupied throughout the year and rent payments were all met oin timely fashion.

The PCC signed a contract for our spaceforall refurbishment project on 27[th] June 2021. The church arranged a loan in the form of a mortgage with Methodist Chapel Aid (MCA) and has granted MCA a charge on the cottages it owns at 1 and 3 Wiltshire Road as security. It is intended that the repayments and interest are met from the income from the cottages. By the end of the contract (June 2024) the church will have drawn down all £300,000 of the loan; only £250,000 has been needed so far. Taking on this loan is a very serious matter for the PCC and the “Spaceforall Loan Fund” has been set up to make the size of this debt very visible in the accounts. It is recorded in the accounts as a liability against the Loan Fund. The PCC has reassured itself that, even at continued high interest rates, there will continue to be adequate surplus in the cottages operating funds to meet both the repayment and interest on the loan for the 20 year period of the loan.

Building work was complete in June 2023, which was considerably later than in the contract. On the architect’s advice, the church is disputing the claim for much of this overrun. Furthermore were some very significant snags to be corrected and at Christmas the heating was still not fully functional. At year end there was still no agreement on the final account. Should the architect’s view not prevail we will have a significant bill to meet and we will have to request further gifts or potentially loans form the congregation and other benefactors. It is impossible to start a fund-raising campaign until we know how much is needed, and we are hopeful that none of these costs will needs to be met.

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RESERVES POLICY

Our reserves policy is to:

1. Hold reserves to cover three months operational cost and £25,000 - £50,000 to cover cash flow for maintenance of the church building. Separate reserves will be held to cover five years of maintenance and refurbishment of the cottages and of The Cornerstone. Major capital projects, including major repairs, will be financed through separate fundraising.

2. Rebalance our funds annually to keep the reserves close to the agreed range for each fund. The Cornerstone funds will be used first to rebalance each other, with any excess added to a Community Projects Fund, which the PCC will use for church mission in the community.

3. Ensure the intended use of any designated funds is clear

4. Identify projects on which any surplus above overall reserve requirements can be spent to meet the mission of the church within a five-year time frame.

In relation to our current funds, reserves stand at:

	Policy: £ to be held	End of 2023 reserves,£	Comment
General Fund	20,000	16,436	A Giving Campaign is on going and we expect to rectifythis soon
Church Maintenance	25,000 - 50,000	6,119	Adequate while the services in the building are so new
Cornerstone Funds	65,000	45,477	We need to build this upagain
Spaceforall Operations/ CommunityProjects	5,000	9,945	OK
Cottages Management &Maintenance	10,000	34,591	Kept high in order to meet interest and repayment for the loan

FUNDS HELD AS CUSTODIAN FOR OTHERS

No funds are currently held as custodiams for others.

PLANS FOR FUTURE PERIODS

The completion of the spaceforall project sets the tone for development of the church. The newly refurbished building will provide a flexible space for worship, a cafe and large activity space for cultural and community events and private hire. It will be exciting to be using the new building and the PCC is well aware of the added work and responsibility that brings if we are to really make it a flourishing space.

We have set out our hopes and aspirations in more detail in the Parish Profile, the document developed as part of the recruitment of a new Rector. The church is looking forward to working with new Rector to develop more detailed plans within this framework. https://www.allsaintswokingham.org.uk/vacancy//

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RISK MANAGEMENT AND KEY POLICIES

The PCC defines risk as the threat of any action or event which will adversely affect our ability to achieve our objectives or execute our strategies. Risk relates not only to the negative consequences of a threat, but also to the impact of not taking advantage of opportunities.

The Risk Management Register is reviewed annually and top risks kept constantly under review. The top risks are (1) the lack of financial income (2) lack of volunteer input and time (3) a successful negotiation of the amount due under the spaceforall contract

The PCC has a practical Health and Safety Policy covering activities for both the church and its surrounding grounds and The Cornerstone. This is reviewed on a regular basis. An Accident Book is maintained. The PCC is aware of its responsibilities in respect of the Regulatory Reform (Fire Safety) Order 2005 and has appointed David Fellows, member of the PCC as its Health and Safety Officer. .

All Saints has a Safeguarding Policy (see the web site) in place in respect of children and vulnerable adults. Checks have been and are being made with the Disclosure and Barring Service in respect of persons dealing regularly with young people and vulnerable adults. Training is an important element of this policy. The PCC’s appointed officers for this are Kathryn Pelling and Tom Lochhead.

The contents and obligations of the Equality Act 2010 are known and complied with to the best of the PCC's ability.

The PCC’s privacy policy is on our web site.

STRUCTURE, GOVERNANCE AND MANAGEMENT

During the period of vacancy since the retirement of our Rector in July responsibility for much of the day to day running of the church has been with the churchwardens, supported by the clergy and the PCC.

The method of appointment of PCC members is set out in the Church Representation Rules. All church attendees are encouraged to register on the Electoral Roll and to stand for election to the PCC.

The PCC is responsible for a wide range of matters affecting the parish, including compliance with health & safety and disability legislation and child protection. In their capacity as trustees, members of the PCC are responsible for the stewardship of the funds and for appropriate accounting and reporting of the parish finances. The PCC works to ensure that each member of the council is equipped to fulfil their role. There are also a number of sub-committees and task groups which report to the PCC and who are responsible for specific areas of the church's activities.

The Standing Committee of the PCC is the only committee required to be in existence by church law and has the power to transact the business of the PCC between meetings, subject to ratification of the PCC. The members of the Standing Committee were the Rector, until his retirement in June, the Churchwardens, Zara Ross (from June), Jon Helyer (until September), Revd Hannah Higginson and Anne King, Treasurer. This Committee meets monthly or as required necessary during the year. It reports in all its meetings to the PCC.

Other committees, with their responsibilities are:

Finance Committee	Oversight of all finance and the associated administration.
Cornerstone Committee	The safe,efficient and effective runningof The Cornerstone
spaceforall operations team	Implementingthe day-to-dayoperations of spaceforall.
Churchyard Team	Management, preservation and promotion of the churchyard and its care
Climate Matters Team	Promotion of the Church’s Green agenda

The PCC remains responsible for all legal, financial and policy matters.

It is considered that all PCC members and any others who could be understood to be managers in the activities and affairs of All Saints are deemed to be 'fit and proper' persons under the terms of the Finance Act 2010. All PCC

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members sign this declaration on joining the PCC. Training is made available to all PCC members as required, with triennial safe guarding training an essential requirement.

ADMINISTRATIVE INFORMATION

Status: The Parish of All Saints Wokingham is part of the Deanery of Sonning and of the Diocese of Oxford.

Correspondence Address: All Saints' Parish Office, The Cornerstone, Norreys Avenue, Wokingham, RG40 1UE

PAROCHIAL CHURCH COUNCIL

Membership of the PCC is divided into two groups, ex-officio (Priests and Deacons licensed to the Parish, Churchwardens and members of the Deanery Synod) and those elected by the Annual Parochial Church Meeting (APCM) which was held in June 2021 in accordance with Church Representation Rules. Additionally members may be appointed by the PCC during the course of the year to make up numbers if a vacancy occurs. During this year the following served as members of the PCC. The PCC met fourteen times during the year.

Incumbent The Revd. Canon David Hodgson (Chairman to June 2023

Elected members Judi Arnold (from May 2023) John Boylan (to May 2023) David Chapman (from May 2023) Maggie Davies Geoff Davies David Fellows (from May 2023) Jon Helyer (to September 2023) Peter Mason (from May 2023) David Oliver Zara Ross (Chair from July 2023) Beatrice Smiles Jean Taylor (from May 2023) Robert Vacher (to May 2023) Ian Watson (from May 2023) Matthew Woodham (to May 2023)

Clergy licensed to the Parish The Revd. Hannah Higginson The Revd Becky Medlicott

Wardens John Burbury Alun James One warden post is vacant

Deanery Synod Robert Vacher (to May 2023) Peter Barrett (also on Diocesan and General Synods) Ian Watson (from May 2023) Michael Freeman Anne King Three Deanery Synod posts are vacant Co-opted The Revd. Colin James (PTO)

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Statement of financial activities AMOUNT, £, FOR THE YEAR ENDED 31st DECEMBER 2023

	Note	Unrestricted Designated Restricted Endowment funds funds funds funds	Total funds	2022 total funds
Income and endowments from: Donations and legacies Income from charitable activities Trading activities Investments Other income	1	177,918 2,385 177,218 14,894 49,870 0 181 3,512 106 179 26774 2681 0 1192 156619	357,521 64,764 3,799 29633 157811	371,561 57,124 7,202 29292 143027
Total income		193,172 83,733 336,624	613,529	608,205
Expenditure on: Raising funds Expenditure on charitable activities Other expenditure	2	210 8786 84 167,909 57,990 1,074,654 23,505 19,012 9,193	9079 1,300,551 51,710	2374 793,972 41,723
Total expenditure		191,622 85,788 1,083,929	1,361,339	838,070
Net income / (expenditure) resources before transfer		1,550 -2,055 -747,306	-747,810	-229,865
Transfers: Gross transfers between funds - in Gross transfers between funds - out Other recognised gains / losses Gains/losses on investment assets Gains on revaluation, fixed assets, charity's own use	5 4	10,000 3,309 272,820 -23,014 -263,115 2,251 -543	286,129 -286,129 1,708	-6,798 350,000
Net movement in funds Reconciliation of funds		11,550 -21,759 -735,350 -543	-746,102	113,337
Total funds brought forward		4,886 714,892 1,183,001 28,514	1,931,292	1,817,955
Total funds carried forward		16,436 693,132 447,651 27,971	1,185,190	1,931,292

There may be minor discrepancies in the totals in this and other tables due to rounding The accounting policies and notes on pages 14-19 form part of these financial statements.

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Balance sheet

£ value	At 31st December 2023	At 31stDec 20232
Investments Tangible Assets Current Asset - Cash at bank and in hand - Debtors Liabilities Creditors: Amounts falling due in one year Provision for liabilities and charges due within one year Agency Accounts	54,563 1,304,106 113,811 7,050 13,049 34,301 4,940	52,855 1,329,737 537,737 29,567 1,435 2,347 5,761
Total liabilities in one year	52,291	9,543
Net current assets less current liabilities	68,570	557,761
Total assets less current liabilities	1,427,240	1,940,353
Liability - Creditors: Amounts falling due after more than one year Liability - Provision for liabilities after one year	240,430 1,619	7,441 1,619
Total net assets less liabilities	1,185,190	1,931,293
Represented by: General Fund Designated funds Restricted funds Endowment funds	16,436 693,132 447,651 27,971	4,886 714,888 1,182,990 28,514
	1,185,190	1,931,278

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Accounting policies

The financial statements have been prepared in accordance with the Church Accounting Regulations 2006 together with applicable accounting standards and the Charities SORP 2015.

The financial statements have been prepared under the historical cost convention except for the valuation of investment assets, which are shown at market value.

The financial statements include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include the financial statements of church groups that owe their main affiliation to another body, nor those that are informal gatherings of church members.

FUNDS

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

Restricted funds are those funds that must be spent for a particular purpose as specified by the donor. By policy, the PCC must approve the transfer of money between designated Funds.

Endowment funds are funds given in perpetuity, the income from which may be used only for the specified purpose. The capital may not be spent. These funds must be held for us by the Diocesan Trustees (Oxford) Ltd.

INCOMING RESOURCES

Voluntary income and capital sources

Collections and donations are recognised when received by or on behalf of the PCC. Planned giving receivable under pledge is recognised only when received. The church reclaims tax on gift-aided donations and this represents a substantial element of the church's income. Gift-aid unclaimed at the year-end is estimated and accrued. Grants and legacies to the PCC are accounted for as soon as the PCC is notified of its legal entitlement, the amount due is quantifiable, and its ultimate receipt by the PCC is reasonably certain. Other income

Income from the letting or hire of church premises is recognised when the amounts are due.

Income due to other parties

Most income due to other parties is immediately recorded as a liability and is not recorded as the PCC's income. Examples are expenses from funeral directors that are intended for clergy, and clergy fees for weddings which are remitted directly to the diocese. However charitable income on which the PCC claims gift-aid benefits is recorded as income (and subsequent expense) to comply with HMRC rules.

Income from investments

Dividends and interest are accounted for when receivable.

Gains and losses on investments

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

RESOURCES USED

Grants

Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding obligation on the PCC.

Activities directly relating to the work of the Church

The diocesan parish share is accounted for when due. Any unpaid parish share at 31st December is provided for in these financial statements as an operational (though not a legal) liability and is shown as a creditor in the balance sheet.

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FIXED ASSETS

Consecrated property and moveable church furnishings

Consecrated and beneficed property of any kind is excluded from the financial statements by Section 10.2 of the Charities Act 2011.

Moveable church furnishings held by the Rector and churchwardens on special trust for the PCC and which require a faculty for disposal are accounted for as inalienable property unless consecrated. They are listed in the Church's inventory, which can be inspected (at any reasonable time). For inalienable property acquired prior to 1996 there is insufficient cost information available and therefore such assets are not valued in the financial statements.

All expenditure in the year on consecrated or beneficed buildings and moveable church furnishing, whether maintenance or improvement, is written off as incurred.

Wiltshire Road properties

The buildings at 1 & 3 Wiltshire Road are investment properties. These are included in the balance sheet at their last estimated market value. No depreciation is provided on these properties.

The Cornerstone property

The Cornerstone building was capitalised with effect from 1st January 2006 at a value equal to its total building cost. It is being written down over 50 years on a straight line basis. The land it occupies was already owned by the PCC, and is excluded from the capitalised value.

Furniture and fittings

Furniture, fittings used within the Cornerstone and other church premises are depreciated over a straight-line basis over 10 years. Most relevant items acquired for the Cornerstone were capitalised en masse as at 1st January 2005 and are now fully depreciated. The solar panels on the Cornerstone were acquired in 2012 and have been capitalised at 50% of their invoice cost, thereby assuming that the other 50% was for installation.

Office equipment

Individual items of equipment with a purchase price of £750 or more are written down over three years; those of lesser value are written off when the asset is acquired.

OTHER ASSETS

Investments

Investments are valued at market value at 31st December. As there is effectively no market in shares of Traidcraft PLC, they are held in the books at cost value.

Current assets

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

Short-term deposits include cash held on deposit either with the HSBC bank or with other institutions where minimal notice is required.

Stocks on Hand

Stocks of items for sale are valued at their shared production cost provided their eventual sale is deemed likely.

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NOTES TO THE ACCOUNTS

NOTE 1	Income for the year ended 31st December 2023	Income for the year ended 31st December 2023	Income for the year ended 31st December 2023
	£ value	General funds	Designated Restricted funds funds	Total 2023	Total 2022
Donations and legacies Pledged giving Unpledged giving Sundry donations Special appeals Gift-aid income		115,668 6,317 21,533 34,400	688 2,385 157,398 19,132	116,356 6,317 181,316 53,532	112,618 1,926 148,541 31,000 77,476
Income from charitable activities Fee income Bellringer, choir, organist, flower & verger fees Magazine subs & casual purchases Magazine advertising Hire of church & Cornerstone Sundry operating-activity income Miscellaneous income by related organisations		6,866 1,531 1,735 2,845 1,917	47,362 1,020 1,488	6,866 1,531 1,735 2,845 47,362 2,937 1,488	7,131 2,007 1,344 1,316 43,056 1,049 1,221
Other trading activities Trading - musical events Trading - non-music activities		181	1,683 1,028 801 106	1,683 1,028 1,088	90 7,112
Investments Income from investments Rent from cottages		179	88 2,681 26,686	2,947 26,686	4,716 24,576
Other income Grants received Sundry income			156,619 1,192	156,619 1,192	141,485 1,542
		193,172	83,733 336,624	613,529	608,205

Other data

Other data
Grants received from local authorities and Commonwealth Graves Commission towards	£2192
maintenance of burialgrounds
Grants received/income raised by special appeal towards the costs of building refurbishment (the	£154,027
Listed Places of Worshipscheme)
Cost of fundraisingactivities	£552

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PAGE 15

NOTE 2 Expenditure for the year ended 31st December 2023

	General fund funds	Designated Restricted funds funds	Total 2023	Total 2022
Raising funds Cottages expenditure		5,035	5,035	1,822
Cornerstone marketing		37	37
Cost of trade - general		3,131	3,131
Costs of musical events - other		538	538
Other fundraising costs	210	45 84	338	552
Expenditure on charitable activities Audit costs	5,690	15	5,705	12,923
Church insurance	4,827	561	5,388	4,628
Church large scale maintenance		917,219	917,219	530,418
Church small scale maintenance	42	2,912 110,187	113,140	7,512
Church utility and cleaning costs	3,256	3,386 14,070	20,712	3,595
Churchyard costs		5,413	5,413	2,306
Clergy expenses & training	3,444	4	3,448	2,665
Congregational events	740	1,009 734	2,483	747
Cornerstone operating costs		46,272	46,272	30,065
Cornerstone set-up & depreciation		22,426	22,426	23,518
Magazine costs	2,000		2,000	2,039
Mission grants - PCC annual plan	16,010		16,010	15,210
Mission grants - outside PCC annual plan		157	157	224
Outreach - junior church, young people & drop-in	3	3,793	3,796	917
Outreach - other outreach	592		592	567
Parish share	124,533		124,533	125,016
Worship - choir costs	510		510	21,998
Worship – organists and pianists	2,405		2,405	1,930
Worship - general worship (incl. flowers)	1,886	174	2,060	3,231
Worship - wedding & funeral organists & vergers	1,971	62	2,032	2,662
Miscellaneous expenditure by related organisations		4,250	4,250	1,801
Other expenditure
Office & Cornerstone administration staff costs	17,038	18,073	35,111	30,421
Office & Cornerstone other administration costs	5,992	787 32	6,811	10,667
Other	475	152 9,161	9,788	635
	191,622	85,788 1,083,929	1,361,339	838,070

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NOTE 3 Staff costs

OTE 3 Staff costs
	2023	2022
Gross wages and salaries Employer's NI due Employer’s NI refund	£46,695	£42,638
	£2399 -£2,399	£2,041 -£2,041
Number equivalent of full-time employees through year Number of employees with emoluments between £10,000 and £60,000	1.7 3	1.7 3

Members of the clergy, who are on PCC ex officio, received reimbursement of £3,449 for their general travel, training, postal, telephone and stationery expenses and various contributions to their book acquisition expenses (figures include accruals). The Treasurer and Churchwardens were reimbursed for expenses incurred for the purposes of PCC activities. Some members of the PCC act as vergers for weddings and funerals and church-hires and received a small remuneration for these duties (£336).

There were no other disclosable transactions in respect of PCC members, persons closely connected with them or other related parties.

NOTE 4 Tangible fixed assets

		Investment properties Freehold land & buildings Furnishings & fittings Computer & similar kit £ £ £ £	Total £
Actual / Deemed Cost/ Valuation	As at 1st Jan 2023 Additions/ revaluation Disposals As at 31st Dec 2023	590,000 1,117,640 56,971 9,891 - - - - - - - - 590,000 1,117,640 56,971 9,891	1,774,502 - - 1,774,502
Depreciation	As at 1st Jan 2023 Charge for the year Depr'n on disposals As at 31st Dec 2023	0 400,013 34,860 9,891 0 22,426 4,298 - 0 - - - 0 422,438 39,158	444,764 26,724 - 471,487
Net Book Value	As at 1st Jan 2023 As at 31st Dec 2023	590,000 717,627 22,111 -	1,329,738
		590,000 695,201 18,905	1,304,106

• The PCC owns the buildings at 1 and 3 Wiltshire Road. The properties were revalued in 2022 and given a value of £395,000 and £195,000 respectively.

• The church arranged a loan of up to £300,000 in the form of a 20 year mortgage with Methodist Chapel Aid (MCA) and has granted MCA a charge on the cottages it owns at 1 and 3 Wiltshire Road as security. More detail about this is given in the Financial Review on page 6 of the report.

• Most of its furnishings and fittings in The Cornerstone were capitalised in the church's books as at 1st January 2005. The building is being written down over 50 years; the original furnishings and fittings have now been fully depreciated, but the new kitchen and office furniture has now been added to the assets register, and is being depreciated over 10 years.

• The solar panels on the Cornerstone were acquired in 2012 and were capitalised at 50% of their invoice cost, assuming that the other 50% was for installation. The cost has now been completely written off.

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NOTE 5

Investment assets for use by the pcc

£ value	At 1 Jan 23	Gain/ loss	Sale	31 Dec 23
CCLA investments DTOL investments Traidcraft shares	23,716 28,514 627	2,251 -543 0	0 0 0	25,967 27,971 627
	52,857	1,708		54,565

NOTE 6

Debtors / accrued income / prepayments and grants

£ value	2023	2022
Prepayments and accrued income Debtors Accounts Receivable	2,603 4,293 161	2,602 26,160 810
	7,050	29,572

Last year’s much higher number of debtors included £23,000 of grants that had been committed but only paid in 2023.

NOTE 7 Short term investments and cash at bank

£ value	2023	2022
HSBC Current Account Unity Trust Bank Cornerstone HSBC Account - Appeal A/C Related Organisations Bank and cash Petty Cash HSBC Deposit Account CBF Deposit (PCC General) CBF Deposit (Cottages Deposit)	39,895 41,252 174 5,755 221 15,595 3,232 7,683	100,338 79,210 1,700 5,842 221 314,746 28,232 7,445
	113,811	537,737

NOTE 8

Current liabilities

NOTE 8 Current liabilities
£ value	2023	2022
Money Owed to Inland Revenue Creditors Money Owed to Pension Providers	1,099 11,534 416	-18 1,055 397
Total creditors due within one year	13,049	1,435
Accrued Liabilities Breakage Deposits Deferred Income Internal Debtors/Creditors Agency collections	28,804 225 5,572 -301 4,940	10 225 3,126 -1,015 5,761
Total provisions	39,240	8,107
Total current liabilities	52,289	9,540

The very large increase in accrued liabilities is accounted for by an invoice from the contractors which was paid by All Saints before Christmas but not paid in by them until January.

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NOTE 9 Creditors and liabilities more than one year

£ value	2023	2022
Rent Deposits (on Wiltshire Road Cottage) spaceforall loan Key Deposits	7,680 232,750 1,619	7,441 1,619
TOTAL	244,072	9,060

The security for the spaceforall loan is described in more detail in the financial review on page 6.

The terms of repayment are 40 equal amounts in June and December each year. The interest rate s not tied to bank rate, but affected by them. At present it is 5.65%.

The church has no other financial commitments.

NOTE 10 Analysis of net assets by fund

£ value	Unrestricted funds	Designated funds	Restricted funds	Endowment Funds	Total 2023	Total 2022
Tangible assets Investments Current assets Liabilities and internal debts	626 16,856 1,047	590,000 0 109,762 6,629	714,106 25,966 47,097 339,518	27,970	1,304,106 54,563 120,861 294,339	1,329,737 52,855 567,304 18,603
TOTAL	16,436	693,132	447,650	27,970	1,185,190	1,931,293

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NOTE 11 Analysis of funds

£ value	at 1st Jan 2023	Income Expenditure	Transfers	at 31st Dec 2023
GENERAL FUND	4,886	193,172 191,622	10,000	16,436
Cornerstone funds Cottages Mgmt & Maint Fund Spaceforall Operations Maintenance : Church Solar Community Fund Wiltshire Road properties Z Bellringers total funds Z Flower Guild total funds	64,541 34,645 10,600 6,479 1,309 590,000 3,476 3,842	44,805 65,179 26,686 5,035 6,588 7,243 2,359 1,687 1,603 3,968 3,983	1,309 -21,705 2,000 -1,309	45,477 34,591 9,945 6,119 590,000 3,172 3,827
TOTAL DESIGNATED	714,892	83,734 85,402	-19,705	693,132
Spaceforall Building Project Spaceforall Loan Organ and music Graves And Churchyard May Harwood Accumulated Income Sunday School Fund All Saints School Tower Air Conditioning Winter Support Youth Worker Cornerstone property Fittings Fund Third party/agency	409,696 8,109 6,696 1,529 14,341 729 866 488 3,981 717,627 22,111 -3,204	299,536 1,003,485 5,955 26,533 37,680 6,523 5,413 1,611 235 4,035 1,787 1,118 192 400 419 22,426 3,206	253,000 -238,295 0 -3,000 -2,000	-41,253 -244,250 -3,039 5,763 1,140 11,833 1,399 674 469 3,981 695,201 18,906 -3,175
TOTAL RESTRICTED	1,186,173	336,625 1,083,929	9,705	447,651
May Harwood endowment	28,514			27,971
TOTAL ALL FUNDS	1,934,465	613,531 1,360,953	0	1,185,190

NOTE 12 TRANSFERS AND DEFICITS

The following transfers were made:

£250,000 from the Spaceforall Loan Fund to the spaceforall project fund. The separate fund was set up in order that the main project fund can be closed when all other funds are raised.

£11,705 from the Cottages Funds to the Spaceforall Loan Fund

£10,000 from the Cottages Fund to the General Fund

£1,309 from Solar Community to The Cornerstone

£3,000 from the Graves and Churchyard Fund for work on paths as part of the Spaceforall Project

£2,000 from the May Harwood Income Fund to the Maintenance Fund

There are deficits in three funds:

• Spaceforall Loan Fund which will be cleared as we meet the repayment requirements on this fund from the surplus from renting the cottages

• Spaceforall Project Fund – in addition to the £41,253 deficit there will be further bills on the project amounting to c. £35,000 depending on the contractors’ agreement. These can be met from £50,000 of the loan fund and £18,000 due from the Church Commissioners for their responsibility for chancel repairs. We also have a gift aid claim of £13,000 awaiting HMRC agreement.

• Organ and Music Fund – we are still actively fund raising for our new organ