The Parish Office, The Cornerstone, Norreys Avenue, Wokingham RG40 1UE Tel: 0118 979 2797 parishoffice@allsaintswokingham.org.uk Reg. charity no. 1127585 **----- Start of picture text -----**
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
**----- End of picture text -----**
## **ANNUAL REPORT AND ACCOUNTS** **2023** Parish of All Saints Wokingham 2023 PAGE 2 ## **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¥idenceth*would 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 Parish of All Saints Wokingham 2023 PAGE 4 ## **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. Parish of All Saints Wokingham 2023 PAGE 5 ## **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 Parish of All Saints Wokingham 2023 PAGE 6 - 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. Parish of All Saints Wokingham 2023 PAGE 7 ## **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// Parish of All Saints Wokingham 2023 PAGE 8 ## **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 Parish of All Saints Wokingham 2023 PAGE 9 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) Parish of All Saints Wokingham 2023 PAGE 10 ## **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._ Parish of All Saints Wokingham 2023 PAGE 11 ## **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| Parish of All Saints Wokingham 2023 PAGE 12 ## **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. Parish of All Saints Wokingham 2023 PAGE 13 ## **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. Parish of All Saints Wokingham 2023 PAGE 14 ## **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| Parish of All Saints Wokingham 2023 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| Parish of All Saints Wokingham 2023 PAGE 16 ## **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. Parish of All Saints Wokingham 2023 PAGE 17 ## **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. Parish of All Saints Wokingham 2023 PAGE 18 ## **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| Parish of All Saints Wokingham 2023 PAGE 19 ## **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