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2023-12-31-accounts

THE PCC OF THE ECCLESIASTICAL PARISH OF CAMBRIDGE ST MARY THE GREAT WITH ST MICHAEL

Financial Statements For the year ended 31 December 2023

Registered Charity No 1127668

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The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael PCC Report For the year ended 31 December 2023

PCC Members during the year:

Chair

The Rev'd Canon Jutta Brueck Interim Priest-in-Charge resigned 24.09.23 The Rev'd Canon Jutta Brueck Vicar appointed 24.09.23 Other Clergy The Rev'd Andrew Day Associate Priest The Rev'd Shirley Holder Curate The Rev'd David Bagnall Curate resigned 21.05.23 The Rev'd Ceri Payne Curate appointed 01.09.23

Churchwardens Margaret Johnston Joye Rosenstiel Fiona Cornish

resigned 30.04.23 appointed 30.04.23

Deanery Synod Representatives Andrew Dobson Aishwarya Griselda Jacob Thomas Ware Kirsten Watson

re-appointed 30.04.23 for 3-year term re-appointed 30.04.23 for 3-year term resigned 30.04.23 appointed 30.04.23 for 3-year term

Co-opted Members Graham Day Treasurer elected 30.04.23 Dafydd Russell-Jones Youth and Children Minister resigned 30.04.23 David Grumett Licenced Lay Minister appointed 30.04.23 Marion Cobby Secretary and Vestry Clerk appointed 30.04.23 Andrew Watson Assistant Churchwarden appointed 25.05.23 Talitha Montgomery House appointed 25.05.23

Elected Members

Lorna Goodwin Atwell Gordon Campbell Marion Cobby Secretary and Vestry Clerk Graham Day Treasurer Virginia Denmead Michael Stanley Allen Goodchild David Grumett Martin House Selwyn Image Margaret Ingram Juliet Jackson Assistant Churchwarden Liz Orme Catherine Smart Joanna Womack

completed term 30.04.23 appointed 30.04.23

completed term 30.04.23

from 30.04.23

In attendance (non-voting) Richard Summers Director of Operations Benedict Todd Interim Director of Music resigned 07.01.24 Alexander Berry Director of Music appointed 01.09.23 ; Dafydd Russell-Jones Youth and Children Minister appointed 30.04.23

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The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael PCC Report For the year ended 31 December 2023

Address: Great St Mary's, The University Church
Senate House Hill
Cambridge
CB2 3PQ
Registered Charity No.: 1127668
Auditors: Staffords
Chartered Accountants
Unit 1 Cambridge House
Camboro Business Park
Oakington Road
Girton
CB3 0QH
Banks: HSBC Bank SantanderUKple.
PO Box 85 Bridle Road
City Office Bootle
Cambridge Merseyside
CB23HZ L304GB

The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael

PCC Report For the year ended 31 December 2023

A Brief history of the Parish of St Mary the Great with St Michael

Great St Mary’s is one of the ancient parish churches of Cambridge, dating probably from before the Norman Conquest in 1066. In the 13th century the patronage of the living (then known as St-Mary-by-the-Market) was in Crown hands; but in 1342 Edward III granted it to his new foundation of King’s Hall. In 1546 Henry VIII merged King’s Hall with Michaelhouse to form Trinity College. Trinity College is still patron and lay rector of Great St Mary’s. The Church has been served since medieval times by curates, termed Vicar since 1867. Great St Mary’s has been the Church of the University of Cambridge since scholars first arrived in the city in about 1209. The Church was the home of lectures, sermons, disputations and degree ceremonies held by the University for several centuries. Some university ceremonies continue to be held in it. Great St Mary’s has come to be recognised as the civic Church of Cambridge.

The patronage of St Michael’s was anciently in private hands; but in 1323 Harvey de Stanton acquired it and gave it to his new college, Michaelhouse. When Michaelhouse and King’s Hall were merged, Trinity College became patron and lay rector of St Michael’s. The incumbent of Great St Mary’s became Vicar of St. Michael’s from 1908 and the parishes were united in 1954.

Structure, Governance and Management

The PCC confirms that the annual report and audited accounts comply with the requirements of the Charities Act 2011 and the Charities SORP (FRS 102).

Governing Document

The Parochial Church Council is a corporate body established by the Church of England and the PCC operates under the Parochial Church Council Powers Measure (1956).

Recruitment and Appointment of PCC

The appointment of PCC members is governed by and set out in the Church Representation Rules (2020). Elected members are elected by the Electoral Roll membership at the Annual Parochial Church Meeting.

Training of PCC members

Appropriate training on the role of the PCC and the responsibilities of trustees is provided as necessary. All PCC members are required to undergo Safeguarding training.

Risk Management

The PCC periodically reviews the major risks to which the Charity is exposed. Where appropriate, systems or procedures have been established to mitigate the risks the Charity faces. These procedures are periodically reviewed to ensure they continue to meet the needs of the Charity.

Organisational Structure & Decision Making

The diverse activities of Great St. Mary's (including its role as University & Civic church) and St. Michael’s (including Michaelhouse café and centre) are managed in an integrated way with the PCC being the body ultimately responsible for strategy and management.

In order to carry out its aims and objectives, the PCC has established subgroups/committees (all of which report to the PCC) to manage and oversee the following policy areas:

Legal Responsibilities Finance and General Purposes (including property matters) Safeguarding Standing Committee Working Groups Wider Concerns Environment Group Children's and Youth Ministry advisory group

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The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael PCC Report For the year ended 31 December 2023

Organisational Structure & Decision Making (cont.)

The PCC takes decisions for the parish. Responsibility for day to day operation of the parish is delegated to the relevant staff and clergy. The committees of the PCC review needs, prepare proposals, and submit reports to the PCC for information and approval. PCC members are either elected, co-opted or are ex officio. The elected membership is drawn from the Electoral Roll. Others attend PCC meetings by invitation but do not have voting rights, such as the Director of Music and Operations Director. Working groups are set up as necessary and the PCC liaises with the Trustees of The Friends of Michaelhouse, Church Schools of Cambridge and other partners as necessary.

Staffing

The Reverend Canon Jutta Brueck (who had been interim Priest in Charge since the end of October 2022) was instituted as Vicar in September 2023. The Reverend Ceri Payne joined us as a non-stipendiary Curate in September 2023. Part-time non-stipendiary Associate Priests, Reverend Shirley Holder, Reverend Andrew Day and Reverend Alison Kennedy, provided much needed support during what has been a period of considerable change in the clergy team.

At the year’s end, the Ministry Team comprised the Vicar, one self-supporting Curate, three part-time honorary Associate Priests, and a part-time Lay Children’s Minister. The Directors of Operations and Music were also part of the wider Ministry Team.

At the end of the year, the full-time (non-clergy) team comprised the Director of Music, Church Operations Manager, Shop Manager, plus two Front of Church Assistants. The part-time staff include the Operations Director, Organist and Assistant Director Music, Choir Stewards, Finance Manager, Sunday Verger and weekend Front of Church Assistants. Volunteers have played a significant role in supporting our activities this year and we are grateful for their contribution.

Pay and remuneration of non-clergy staffisdetermined by recommendation from the Finance and General Purposes Committee and approved by the PCC as part of the budgetary process. The committee reviews comparable areas of pay and uses these to make its recommendations.

Staff training is arranged as practically necessary and through our Joint Annual Review process. There is a system of formal annual reviews and regular line management meetings for staff.

Related parties

Great St. Mary's Trading Ltd. (Company Number 12785697)

Great St. Mary’s Trading Ltd is a trading company owned and established by the PCC as a vehicle for managing the activities of the Michaelhouse Café and Centre in St. Michael’s Church. The company employs Wilson Vale Ltd to operate the café on its behalf.

The Society of Cambridge Youths

The SCY is an independent organisation which accepts responsibility for ringing the bells of Great St Mary’s for Sunday Services, University Services (along with the Cambridge University Guild of Change Ringers) and other special occasions. The Society was founded in 1724 and is the world’s second oldest bell ringing society with a continuous history. Regular practices are normally held on Monday evenings and there is a membership of around 25 who regularly ring the bells.

Public benefit

The PCC has paid due regard to the Charity Commission guidance on public benefit in deciding what activities the Charity should undertake.

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The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael PCC Report For the year ended 31 December 2023

Objectives and aims

The parish of St Mary the Great and St Michael is located in the heart of Cambridge, and ‘Great St. Mary’s’ is the University and Civic church, committed to providing a centre of worship, celebration and welcome- a place for exploring and living out faith, undertaking advocacy, supporting social justice and promoting an inclusive vision of society. This mission shapes and directs our activities.

Achievements and performance

As a community ofworship, prayer, hospitality and service, we seek to promote the Gospel ofChrist in our parish, University, City and wider world. We are bound together by faith, love and mutual support, striving to respect and advocate for all people and for our environment.

The church continued its various activities and sought to continue to develop, adapt and innovate to achieve outcomes that would help it achieve its objectives:

The Church has offered three services every Sunday (plus Mattins once a month). There is also Morning Prayer, Monday to Friday. with a Eucharist on a Wednesday lunchtime (and other Red Letter days where possible) plus other occasional services. Our services are livestreamed to YouTube and Facebook.

We host an innovative Children’s Tuesday Communion Service (The Ark) and a toddler and carer group, Chat Sing Play, both of which have been well attended. Heartsease. which provides an opportunity for engaging with students and young people has continued to meet regularly. We also offer a regular opportunity for our congregation and others to practise Christian Meditation as part of our Monday lunchtime Christian Meditation Group.

We have hosted other services and activities such as University, Civic and Carol Services which have been well attended in person and online.

There have been a number of special services over the year, which we undertake as part of our role in supporting and developing the diverse and varied life of the City and University of Cambridge and its residents. These included: The Chevin Sermon, a Remembrance Day service, a service to celebrate the Coronation, University Services and our traditional carols service for the University staff. We again welcomed the varied local organisations who use the church for their annual carol services. We held two very well attended (over 1,000 people) candlelit carol services.

We were again pleased to be able to offer Great St. Mary’s as a venue for the presentation of the British Empire Medal by the Lord Lieutenant of Cambridge.

We have continued to develop our relationship with various parts of the University and continue to work with College Deans and Chaplains to explore howour joint ministry can be further developed.

The church has continued its strong and supportive relationship with Park Street School for whom it provides govermors and acts of collective worship. The school normally uses the church for significant occasions such as marking the beginning and end of term and saying farewell to leavers.

The church organises a series of free lunchtime concerts providinga facility for residents and visitors and an opportunity for musicians to showcase their talents. These have been well attended, as have our once a month lunchtime concerts in Michaelhouse. We also make the church (and Michaelhouse chancel) available for partnership events and for hire as a concert, meeting and lecture venue.

We are proud ofour musical tradition. Our choirs support our worship and provide an opportunity for a significant numberof people (including young people) to develop their musical skills. We are grateful to Benedict Todd, who worked as Interim Director of Music for a year following the resignation of Sam Hayes as Director of Music.

The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael PCC Report For the year ended 31 December 2023

Achievements and performance (cont.)

We are also pleased to have appointed Alex Berry as the new Director of Music. Alex joined us in September from Bradford Cathedral. Our orchestra also gavea series of concerts, including the usual Christmas one with the choirs.

Given our prime location in Cambridge, engagement with visitors is a core part of our ministry. In recent years, our visitors numbers to the church have exceeded 300,000. Our Michaelhouse café is popular with visitors and locals alike.

The Wider Concerns Committee organise special collections at each major festival on behalf of third parties for charitable work locally and overseas. The funds were particularly to support very poor families overseas to help them become sustainable, and locally through Cambridge Aid, Women’s Aid and Whitworth House to help those struggling with the cost of living crisis and domestic abuse. Collections were held during the year for major disasters including the Turkey/Syrian Earthquake via DEC, and for humanitarian aid particularly for Ukraine via UNHCR. In cooperation with Cambridge4Ukraine and the Cambridge Refugee Resettlement Campaign we are providing support for Ukrainian refugee families and have held four very successful tea parties for them. We continued to provide a retail outlet for sales goods in support of Partners for Change, Ethiopia. We sold Christmas cards in aid of charities.

We held several collections for the Cambridge City Foodbank and at our Christmas Carol services for Cambridge Street Aid. As part of the Cambridge Churches Homelessness Project, and in collaboration with It Takes a City and three Colleges, we again arranged six suppers for the homeless at Crossways which now provides accommodation and support for twenty homeless people each winter.

Children and Young People are a fundamentally important part of our church community and our ministry to children and young people has continued supported by many volunteers. Our Lay Minister for Children and Young People, has continued to develop our offering for families and to establish Michaelhouse as a base for this work. The Ark and Chat Play and Sing have proved popular with younger children and their carers and we have started a youth group. There have also been a number of ‘one off activities such as a Pancake Party and picnic. Church Schools of Cambridge have continued to support our work with Children and Young People and we are grateful to them.

The Boys, Girls and Junior choirs provide a solid musical education and other opportunities for young people whether or not they are otherwise involved with the church.

Our engagement with the environment, education and heritage work has continued. Hannah Harrison completed our one year project (funded by Equipping Christian Leadership in an Age of Science (ECLAS)) demonstrating how engaging with science can lead to a deeper experience of faith. She developed effective resources (including a website) that will enable us to engage with schools and others on this topic in future. We advertised for someone to take this work forward and appointed Natalie Lealand at the end of the year who will start work in 2024.

The Environment Group's members are active in raising awareness ofenvironmental issues and have worked with other groups and churches across the city to respond to and highlight environmental issues. We have taken a number of small but important initiatives in response to concerns about the environment such as encouraging those using our railings for posters to replace plastic ties with string. The church has begun to plan for a long-term sustainable solution for our heating needs and has engaged with others in the University and the City to explore ways of taking this forward. We currently hold silver Eco Church status and are continuing to work towards the Gold.

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The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael PCC Report For the year ended 31 December 2023

Achievements and performance (cont.)

Safeguarding has continued to be a high priority. The Safeguarding Committee has ensured that practices and procedures have been reviewed and up dated. Training for staff and volunteers has continued and we have worked to raise awareness of Safeguarding issues.

© Building Community and Pastoral Care

During 2023 we continued to develop ways of supporting and engaging with the church community and providing pastoral care. Online study and house group meetings continued and events such as Lent talks, coffee and the Women’s and Men’s breakfasts were held in person. Our clergy and a team of volunteers have provided pastoral visits and have kept in touch with the congregation in person, by telephone and through our online newsletter.

* Developing Communication

We have continued to explore ways of engaging with our many visitors. Our social media presence continues to be popular and effective, providing opportunities for people to learn more about the various aspects of our faith community. The online eMag reaches 450 people per fortnight, and our website traffic is substantial with sometimes over a thousand visits a week.

¢ Ensuring our Systems and Processes are Fitfor Purpose We have continued to review our systems, processes and procedures and have bought new equipment and software to support this where appropriate.

Principal risks and uncertainties

The principal financial risk is if there were to be circumstances in which the tower or cafe had to be closed for a time. We have reviewed our systems, processes and staffing levels and considered how to diversify our income streams.

Financial Review

The income dependent on visitors, which in 2022 had bounced back to pre-pandemic levels, increased by 5%, principally in the shop. Unrestricted pledged giving and donations were encouragingly up by £14,000 but Restricted donations were down by a similar amount, which demonstrates the volatile nature of such donations. The cost of running the church increased by over a quarter during the year, principally staff costs and maintenance. There was an unrestricted surplus for the year of £95,068 excluding designated funds, which enabled us to transfer £40,000 to the designated fabric fund. During the year we disposed of one of our investment properties under a compulsory purchase, which generated a surplus of £65,500 over its balance sheet valuation and we have transferred the proceeds of £350,000 into a designated fund as we have reinvested them into another property since the year end. This sale also enabled us to fully repay the mortgage taken out to fund the rerooting of the South Aisle. Overall, our free reserves went down by £21,935 leaving a total of £275,889 towards our target free reserves of £425,000.

The PCC agreed to pay the higher amount for Ministry Share requested. Fundraising continued for the South Aisle Roof and we transferred £41,667 from unrestricted funds, an amount equal to the mortgage repayment.

There were no significant expenditures on repairs or improvements during the year, which enabled the designated Fabric Fund to again remain unused. As mentioned in previous years we are aware that over the next 4-5 years we will have to spend several hundred thousand pounds on repairs to the tower and North Aisle roof.

This year’s accounts again include the trading subsidiary set up to run the café in Michaelhouse, it contributed £45,883 to the church.

Going concern

The church is budgeting another surplus for 2024 and the Trustees are confident that the church has sufficient reserves and continuing income streams to continue as a going concern.

The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael PCC Report

For the year ended 31 December 2023

Financial Review (cont.)

Principalfunding sources

The major regular sources of funds for normal operations continue to be charitable donations from Church members and charges made to visitors to climb the tower and from the sale of gifts and books from the shop. We continue to receive a grant from the University and rents from the investment properties.

Investment policy

Great St Mary’s reserves, excluding those invested in investment assets, are invested in low-risk deposit accounts.

Reserves policy

The church’s aim is to hold free reserves equivalent to one year’s normal running costs, excluding visitor related costs, (around £425,000) so that it can continue its charitable purposes should there be a significant reduction in the income from visitors who contribute in excess of 60% of the total income in a normal year. At the end of the year the church had built up free reserves of £275,891 and looks to build towards the reserves target in future years.

Investments

The charity held two properties and a small portfolio of gifted shares as investments for annual rental, dividends and capital growth. Following the enforced sale of one of the properties in the year the church has, since the year end, re-invested the proceeds in another property.

Volunteers

The Church has continued to rely on volunteers throughout the year in addition to the paid staff. It is not possible to quantify their efforts but they are greatly appreciated.

Future Developments

The appointment of a new Vicar (after a period of uncertainty) will allow us to explore our strategic priorities. In the meantime, we continue to focus on developing our existing objectives by:

The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael

PCC Report For the year ended 31 December 2023

Statement of Trustees’ Responsibilities

The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed require the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and the income and expenditure, of the Charity for that period. In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the PCC on 15 April 2024

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The Revd Canon Jutta Brueck (Chair)

Independent Auditor's Report to the

Parochial Church Council of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael

Opinion

We have audited the financial statements of the Parochial Church of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael and its undertakings for the year ended 31 December 2023 which comprise the Consolidated Statement of Financial Activities, Statement of Financial Activities for the Parent Charity, Consolidated Balance Sheet, Balance Sheet for the Parent Charity, the Cash Flow Statement and related notes, including a summary of significant accounting policies. These financial statements have been prepared under the historic cost convention and the accounting policies set out therein.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the Financial Statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and the provisions available for smaller entities, in the circumstances set out in Note 16 to the Financial Statements, and we have fulfilled our other ethical responsibilities in accordance with those requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concuded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt over the charity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue. Our responsibilities and the respnsibilities of the trustes with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit. or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

Independent Auditor's Report to the

Parochial Church Council of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael

Responsibilities of trustees

As explained more fully in the statement of Trustees Responsibilities, the trustees are responsible for the preparation of the Financial Statements and for being satisfied that they give a true and fair view, and for such internal controls as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity, or cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non compliance with laws and regulations are set out below.

Most transactions are reviewed during the audit as extensive analysis of costs is required in accounts preparation. The extensive nature of the accounts preparationwork means that we can place more reliance on the figures and therefore consider the overall risk of the irregularities to to be low. Material items have been agreed back to base documentation, and where appropriate to the minutes of the meetings of the Parochial Church Council.

Audit procedures performed during the audit included transaction testing with a focus on areas of judgement and estimations, and entries determined to be large or relating to unusual transactions. These audit procedures are designed to provide reasonable assurance that the Financial Statements were free from fraud or error. However, detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as those irregularities that result from fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations.

No instances of non compliance with laws and regulations or of fraud were communicated to us during the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of the report of the Independent Auditors.

Other Matters

There are no other matters to report.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Section 144 and 151 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

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The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael Consolidated Statement of Financial Activities incorporating the Income and Expenditure Account For the year ended 31 December 2023

Unrestricted Restricted Total Total Total Total
Funds Funds Funds 2023 Funds 2022
£ 3 £ £
INCOME FROM Note
Donations& legacies 166,735 30,415 197,150 193,671
Other trading activities 1,094,616 - 1,094,616 1,074,852
Income from investments 50,266 - 50,266 34,731
Other incoming resources 1,269 - 1,269 1,464
Income from charitable activities 16,149 - 16,149 8,729
TOTALINCOME 3 1,329,035 30.415 1,359,450 1,313,447
EXPENDITURE ON
Charitable activities 405,992 71,877 477,869 388,197
Raising funds 827,297 - 827,297 775,317
Otherexpenses 1,079 - 1,079 1,617
TOTALEXPENDITURE 4 1,234,368 71,877 1,306,245 1,165,131
NET INCOME/(EXPENDITURE) BEFORE
UNREALISED GAINSONINVESTMENTASSETS 94,667 ( 41,462 ) 53,205 148,316
Realised gains/(losses)on investment assets in year 65,500 - 65,500 61,921
Unrealised gains/(losses) on investment assets in year ( 2) - ( 2) -
Funds transferred in year ( 41,667 ) 41,667 - -
NETMOVEMENT INFUNDS 118.498 205 118,703 210,237
Balances brought forward at 1 January 2023 1.288.189 140,815 1,429,004 1,218,767
BALANCES CARRIED FORWARD AT
31DECEMBER2023 1,406,687 141,020 1,547,707 1,429,004

The notes on pages 17 to 31 form part of the financial statements

13

Statement of Financial Activities incorporating the Income and Expenditure Account For the year ended 31 December 2023

Unrestricted Restricted Total Total Total Total
Funds Funds Funds 2023 Funds 2022
£ £ £ £
INCOME FROM Note
Donations& legacies 173,378 30.415 203,793 201,143
Othertrading activities 426,238 - 426,238 401,810
Income from investments 51,472 - 51,472 35,862
Other incoming resources 1,269 . 1,269 1,464
Income from charitable activities 16,149 - 16,149 8,729
TOTAL INCOME 3 668.506 30.415 698,921 649,008
EXPENDITURE ON
Charitable activities 409,992 71,877 481,869 392,398
Raising funds 159,337 - 159,337 128,759
Otherexpenses 1,079 - 1,079 1,617
TOTAL EXPENDITURE 4 570.408 71,877 642,285 522,774
NET INCOME/(EXPENDITURE) BEFORE
UNREALISED GAINSON INVESTMENTASSETS 98.098 ( 41.462 ) 56,636 126,234
Realised gains/(losses) on investment assets in year 65,500 - 65,500 -
Unrealised gains/(losses) on investment assets in year ( 2) - ( 2) 61,921
Funds transferred in year ( 41,667 ) 41,667 - -
NET MOVEMENT IN FUNDS 121,929 205 122,134 188,155
Balances brought forward at 1 January 2023 1,275,795 140,815 1,416,610 1,228,455
BALANCES CARRIED FORWARD AT
31DECEMBER2023 1,397,724 141.020 1,538,744 1,416,610

The notes on pages 17 to 31 form part of the financial statements

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ThePCC ofthe Ecclesiastical Parish ofCambridge Cambridge StMary the Greatwith StMichael
Consolidated Balance Sheet
As at 31 December 2023
2023 2022
Note £ £ £ £
Fixed Assets 8
Fixtures& fittings 16,288 24,597
38 EachardRoad (freehold) 600,000 600,000
55 HanoverCourt (leasehold) - 300,000
Fixed Asset Investments 9 3.013 3,016
619,301 927,613
Current Assets
Debtors 10 54,764 28,584
Gift shop stock 33,183 26,045
Cash atbank and in hand 51,624 140,917
Bank Deposits 859,480 437,312
GSM TradingBank 31,222 45,883
1,030,273 678,741
Creditors: Amounts falling due within
one year 11 ( 76,867 ) ( 102,350 )
Net Current Assets 953,406 576,391
Creditors: Amounts falling due in more
than oneyear 12 ( 25,000 ) ( 75,000 )
TOTALNETASSETS 1,547,707 1,429,004
FUNDS 17
Unrestricted funds 804,424 431,329
Property investment gain reserve 593,300 844,466
Non-charitable trading funds 8,963 12,394
Total Unrestricted funds 1,406,687 1,288,189
Restricted 141,020 140,815
1,547,707 1,429,004

The notes on pages 17 to 31 form part of the financial statements

Approved by the Parochial Church Council on 15 April 2024 and signed on its behalf by:

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The Revd Canon Jutta Brueck (Chair)

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The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael Balance Sheet

As at 31 December 2023

2023 2022
Note £ - £ £
Fixed Assets 8
Fixtures& fittings 8.648 13,525
38 Eachard Road (freehold) 600,000 600,000
55 Hanover Court (leasehold) - 300,000
Fixed Asset Investments 9 3.014 3,017
611,662 916,542
Current Assets
Debtors 10 72,420 63,046
Gift shop stock 33,183 26,045
Cash at bankand in hand 51,624 140,917
Bank Deposits 859.480 437,312
1,016,707 667,320
Creditors: Amounts falling due within
oneyear 11 ( 64,625 ) ( 92,252 )
Net Current Assets 952,082 575,068
Creditors: Amounts falling due in more
than one year 12 ( 25,000 ) ( 75,000 )
TOTALNETASSETS 1,538,744 1,416,610
FUNDS 17
Unrestricted funds 804,424 431,329
Property investment gain reserve 593.300 844,466
Total Unrestricted funds 1,397,724 1,275,795
Restricted 141,020 140,815
1,538.744 1,416,610

The notes on pages 17 to 31 form part of the financial statements

Approved by the Parochial Church Council on 15 April 2024 and signed on its behalf by:

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f .
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The Revd Canon Jutta Brueck (Chair)

The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael

Statement of Cash Flows and Consolidated Statement of Cash Flows As at 31 December 2023

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|||||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |2023|2022| |Note|Group£|Charity£|Group£|Charity£| |Net|cash|used|in|operating|activities|(|97,552|)|(|84,097|)|112,131|66,244| |Cash flowsfrom|investing|activities:| |Interest|and|dividends|25,438|26.644|4,931|6,062| |Purchase|of equipment|-|-|(|4,689|)|(|799|)| |Purchase|of fixed|asset|investment|-|-|(|59)|(|59|)| |Disposal|of fixed|asset|investment|365,500|365,500|-|-| |Property|rental|income|24.828|24.828|29,800|29,800| |Net cash|provided|by|investing|activities|415,766|416.972|29,983|35,004| |Change|in|cash|and|cash|equivalents|in|the year|318,214|332,875|142,114|101,248| |Cash|and|cash|equivalent|brought|forward|624.112|578.229|481,998|476,981| |Cash|and|cash|equivalent|carried|forward|942,326|911,104|624,112|578,229| |Reconciliation|of net movement|in|funds|to|net cash|flow from|operating|activities| |Net|movement|in|funds|118,704|122.135|210,237|188,155| |Adjustments|for:| |Depreciation|charges|8.309|4.877|8,305|4,874| |Dividends,|interest|and|rents|from|investments|(|50,266|)|(|51.472|)|(|34,731)|(|35,862|)| |Gain|on|disposal|ofinvestment|properties|(|65,500|)|(|65.500|)|-|-| |Revaluation of investment|properties|-|-|(|62,500|)|(|62,500|)| |Revaluation|of investments|2|2|579|579| |(Increase)|in|stocks|(|7,138|)|(|7,138|)|(|3,472|)|(|3,472|)| |Decrease|in|debtors|(|26,180|)|(|9,374|)|10,316|(|16,458|)| |Increase|in|creditors|(|75,483|)|(|77,627|)|(|16,603|)|(|9,072|)| |Net|cash|(used|in)|/ provided|by|operating|activities|(|97,552|)|(|84,097|)|112,131|66,244|

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The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

1 Legal Form

The Parochial Church Council is a corporate body established by the Church of England and operates under the Parochial Church Powers Measure 1956 as currently amended and the Church Representation Rules as currently amended. The Church Wardens Measure 2001 is also applicable. The church is a registered charity registered in England and Wales number 1127668.

The address is Great St Mary's, The University Church, Senate House Hill, Cambridge, CB2 3PQ.

2 Accounting Policies

The principal accounting policies adopted. judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

Basis of preparation

The financial statements have been prepared in accordance with the Church Accounting Regulations 2006, together with FRS 102 "The Financial Reporting Standard Applicable in the UK and Republic of Ireland" and Statement of Recommended Practice "Accounting and Reporting by Charities" FRS 102 (2019).

Great St Mary's PCC meets the definition of a public benefit entity under FRS 102.

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

Going Concern Basis

The PCC considers that the going concern basis is appropriate as they consider the reserves levels and expected giving and other income to be at sufficient levels to ensure that the PCC can meet its financial obligations for the next 12 to 18 months and on that basis the PCC is a going concern. There are no material uncertainties about the PCC's ability to continue.

Funds

General funds represent the funds of the PCC that are not subject to any restrictions 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.

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

Income

Income is recognised when the PCC has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Voluntary income and capital sources

The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

Legacy income

Trading income

Resources expended

Grants

Activities directly relating to the work ofthe Church

Expenses relating to the subsidiary

Fixed Assets

Consecrated property is not included in the accounts in accordance with s.10(2)(a) and (c) of the Charities Act 2011. Assets listed in the Church inventory, which require a faculty for disposal, are inalienable property and not included in the accounts. For inalienable property acquired prior to 2000 there is insufficient cost information available and therefore such assets are not valued in the accounts. Items acquired since 1 January 2000 have been capitalised and depreciated in the accounts over their currently anticipated useful economic life (initially over 5 years) on a straight line basis. Fixed assets of the subsidiary are depreciated in the accounts over their estimated useful life (initially over 5 years) on a straight line basis.

Investment Properties

Investment properties are shown at market value, valued regularly by the Trustees having sought professional advice.

Investments

Listed investments are shown at market value.

Stocks

Stocks held for the gift shop and book shop are shown at the lower of cost and net realisable value.

Current Assets

Amounts owing to the PCC, or the subsidiary, as 31 December in respect of fees, rents or other income are shown as debtors less provisions for amounts that may prove uncollectable.

Short terms deposits include cash held on deposit.

Creditors and provisions

Creditors and provisions are recognised when the PCC, or the subsidiary, has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial instruments

The PCC only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

The PCC has elected to account for the concessionary loan at repayment amount, as permitted by the Charities SORP. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

Subsidiary

Great St Mary's Trading Limited is wholly owned by the Charity and consolidated within these accounts. Great St Mary's Trading Ltd, company number 12785697, is a company limited in England. The registered office is Great St Mary's, The University Church, Senate House Hill, Cambridge, CB2 3PQ.

Consolidation

All items of incoming resources and resources expended are shown gross after the removal of intra-group transactions. Where incoming resources or resources expended are of a similar activity in the subsidiary these have been included within the same category as in the parent charity.

Pension costs

The PCC contributes to an Auto-Enrolment pension scheme on behalf of its employees. This is a defined contribution pension scheme. Contributions are accounted for when payable.

The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

3 Income from:

Parent Charity and its subsidiary undertakings:

Parent Charity and its subsidiaryand its subsidiaryits subsidiarysubsidiary undertakings:
Unrestricted Restricted Total Total
Funds Funds Funds 2023 Funds 2022
£ s £ £
Donations & legacies
Pledged givingand donations 121,413 19.045 140,458 140,025
Tax recoverable 21,206 1,537 22,743 22,520
Collections 7,762 9.833 17,595 14,520
Boxes 7.729 - 7,729 8,079
University grants 3,495 - 3,495 1,780
Listed Places ofWorship Scheme Grants 1,336 - 1,336 1,253
Church Schools ofCambridge Grant - . - 500
College and other grants 3.794 - 3,794 4,994
Friends ofGreat St Mary's - - : -
166.735 30.415 197,150 193,671
Othertrading activities
Concerts& events 10,940 - 10,940 8.440
Café Sales 695,735 - 695,735 700.668
Hiring income 11,883 - 11,883 10.817
Tower and shop 376,058 - 376,058 354,927
1,094,616 - 1,094,616 1,074,852
Income from investments
Interest and dividends 25,438 - 25,438 4,931
Property rental 24,828 - 24,828 29,800
50,266 - 50,266 34,731
Income from charitable activities
Church lettings and fees 15,760 - 15,760 8,509
Education 169 - 169 -
St Michael's license fee 220 - 220 220
16.149 - 16,149 8,729
Other incoming resources
Other incoming resources 1,269 - 1,269 1,464
1.269 - 1,269 1,464
Totalincome 1,329,035 30.415 1,359,450 1,313,447

The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

3 Income from:
Parent Charity:
Unrestricted Restricted Total Total
Funds Funds Funds 2023 Funds 2022
£ £ £ £
Donations & legacies
Pledged givingand donations 128.056 19.045 147,101 147,497
Tax recoverable 21,206 1,537 22,743 22,520
Collections 7,762 9,833 17,595 14,520
Boxes 7,729 - 7,729 8,079
University grants 3,495 - 3,495 1,780
Listed Places ofWorship Scheme Grants 1.336 - 1,336 1,253
Church Schools ofCambridge Grant - - - 500
College and other grants 3.794 - 3,794 4,994
Friends ofGreat St Mary's - - - -
173.378 30.415 203,793 201,143
Othertrading activities
Concerts& events 10,940 - 10,940 8,440
Michaelhouse rent and admin 39,240 39,240 38,443
Tower and shop 376.058 - 376,058 354,927
426,238 - 426,238 401,810
Income from investments
Interest and dividends 26,644 - 26,644 6.062
Property rental 24.828 - 24,828 29,800
51,472 - 51,472 35,862
Income from charitable activities
Church lettings and fees 15.760 - 15,760 8.509
Education 169 - 169 -
St Michael's license fee 220 - 220 220
16.149 - 16,149 8,729
Other incoming resources
HMRC Job Retention Scheme - - - -
Other incoming resources 1,269 - 1,269 1,464
1,269 - 1,269 1,464
Totalincome 668.506 30.415 698,921 649,008

22:

The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

4 Expenditureon
Parent Charityanditssubsidiaryundertakings: Unrestricted Restricted Total Total
Funds Funds Funds 2023 Funds 2022
£ £ £ £
Charitable Activities: Church Running Costs
Parish share: salaries, housingand training 98.197 - 98,197 93,191
Clergy expenses 25152 - 2,752 6,095
Children and youth 1,310 15,327 16.637 15,820
Equipping Christian Leadership in an age ofscience - 5,129 5,129 7,446
Flowers 4,474 - 4,474 2,899
Communion wine and candles 2.886 . 2,886 2,534
Organists' salaries and fees 31,626 13,191 44,817 35,923
Choirand otherexpenses 23,340 - 23,340 17,337
Music 2,254 - 2,254 1,934
Organ and piano maintenance 2,600 - 2,600 1,340
Administration salaries 65.082 13,356 78,438 61,165
Pastoral salaries - - - -
Stationery and copying 13,424 - 13,424 8,451
Equipment& IT 11,183 - 11,183 12,104
Telephone& internet 1,296 - 1,296 2,693
Postage 202 - 202 96
Books & subscriptions 710 - 710 85
Bank charges 159 . 159 171
Sundry 13,666 - 13,666 7,965
Cleaning 10,606 - 10,606 10,084
Verging and stewarding 49,025 - 49,025 26,405
Church insurance 14,599 - 14,599 13,825
Utilities 13,687 - 13,687 11,240
Maintenance 30,428 - 30,428 18,088
St Michael's maintenance 1,000 - 1,000 -
Heritage education - - - -
Depreciation 4,876 - 4,876 4,874
WiderConcerns Collections - 24,874 24,874 20,082
Accountancy - - - -
Audit fees 6,610 - 6,610 6,350
Bad debts - - - .
405.992 71,877 477,869 388.197
Expenditure on Raising funds
Tower and shop 143,357 - 143,357 110,087
Concerts 5,415 - 5,415 5,276
Café Costs ofsales 587,108 587.108 591,548
Cafe running costs 77,421 77,421 51,579
Depreciation 3,431 3,431 3.431
Property management& repairs 8,243 . 8.243 10,495
Advertising& website 2.322 - 2,322 2,901
827,297 - 827,297 775,317
Other resources expended
Methodist loan interest payable 1,079 - 1,079 1,617
1,079 - 1,079 1,617
Totalexpenditure 1,234,368 71,877 1,306,245 1,165,131

Z3..

The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

4 Expenditure on Parent Charity:

4 Expenditure on
Parent Charity:
Unrestricted Restricted Total Total
Funds Funds Funds 2023 Funds 2022
£ £ £ 3
Charitable Activities: Church Running Costs
Parish share: salaries, housing and training 98,197 - 98,197 93,191
Clergy expenses 2.752 - 2,752 6,095
Children and youth 1.310 15,327 16,637 15,820
Equipping Christian Leadership in an age ofscience - 5;129 5,129 7,446
Flowers 4,474 - 4,474 2,899
Communion wine and candles 2,886 - 2,886 2,534
Organists' salaries and fees 31,626 13.191 44.817 35,923
Choir and other expenses 23.340 - 23,340 17,337
Music 2,254 - 2,254 1,934
Organ and piano maintenance 2,600 - 2,600 1,340
Administration salaries 65,082 13.356 78,438 61,165
Pastoral salary - - - -
Stationery and copying 13,424 - 13,424 8.451
Equipment& IT 11,183 - 11,183 12,104
Telephone& internet 1,296 - 1,296 2,693
Postage 202 - 202 96
Books& subscriptions 710 - 710 85
Bank charges 159 - 159 135
Sundry 13,666 - 13,666 7,952
Cleaning 10,606 - 10,606 10,084
Verging and stewarding 49,025 - 49,025 26,405
Church insurance 14,599 - 14,599 13,825
Utilities 13,687 - 13,687 11,240
Maintenance 30.428 - 30,428 18,088
St Michael's maintenance and overheads 6.000 - 6,000 5,000
Heritage education - - - -
Depreciation 4.876 - 4,876 4,874
Wider Concerns Collections - 24,874 24,874 20,082
Accountancy - - - -
Audit fees 5.610 - 5,610 5,600
Bad debts : - - -
409,992 71,877 481,869 392,398
Expenditure on Raising funds
Tower and shop 143,357 - 143,357 110,087
Concerts 5.415 - 5.415 5,276
Property management & repairs 8,243 - 8,243 10.495
Advertising& website 2i522 - 2,322 2,901
159,337 - 159,337 128,759
Other resources expended
Methodist loan interest payable 1,079 - 1,079 1,617
1,079 - 1,079 1,617
Totalexpenditure 570,408 71,877 642,285 522,774
24.
ThePCC ofthe Ecclesiastical Parish ofCambridge St Mary the Greatwith St Michael
NOTES TOTHE FINANCIALSTATEMENTS
For the year ended 31 December 2023
5 StaffCosts & Transactions with PCC Members 2023 2023 2022 2022
Group Charity Group Charity
£ £ £ £
Wages and salaries 247,236 247.236 206,053 206,053
Social security costs 14,833 14,833 6,893 6.893
Pension costs 3,566 3.566 2,781 2,781
265,635 265,635 215,727 215,727

The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

5 Staff Costs & Transactions with PCC Members

The average number of the staff during the year was 21 (2022: 20). No employee has received emoluments which exceed £60,000. No PCC member has been paid a salary in 2023 or 2022. The PCC considers there are no paid Key Management Personnel. A small immaterial part of expenses paid to the clergy may have related to their services as members of the PCC.

Expenses of £7,255 (2022: £13,486) were reimbursed to PCC members for Church costs incurred personally. PCC members are not reimbursed for personal out of pocket expenses.

No PCC members were reimbursed expenses for out of pocket expenses relating to their ministry work (2022: £nil). The subsidiary had no employees. other than two directors who did not take a salary.

6 Comparatives for the Statement of Financial Activities

Parent Charity:

Parent Charity:
Unrestricted Restricted Total
Funds Funds Funds 2022
£ 3 2
INCOME FROM
Donations and Legacies 156.788 44,355 201,143
Other trading activities 401.810 - 401,810
Income from investments 35.862 - 35,862
Other incoming resources 1,464 - 1,464
Income from charitable activities 8,729 - 8,729
TOTALINCOME 604.653 44.355 649,008
EXPENDITURE ON
Charitable activities 324,728 67,670 392,398
Raising funds 128.759 - 128,759
Otherexpenses i
60)		 0 +)0
TOTAL EXPENDITURE 3 455,104 67,670 522,774
NET INCOME/(EXPENDITURE)
ANDNETMOVEMENT IN FUNDS BEFORE TRANSFERS 149.549 ( 23;315 ) 126,234
Unrealised gains/(losses) on investment assets in year 61,921 - 61,921
Funds transferred in year ( 2.667 ) 2,667 -
NET MOVEMENT IN FUNDS 208.803 ( 20,648 ) 188,155
Balances brought forward at January 2022 1,066,992 161.463 1.228.455
BALANCES CARRIED
FORWARD AT
31DECEMBER2022 1,275,795 140,815 1,416,610

The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

7 Analysis ofNet Assets by Fund 7 Analysis ofNet Assets by Fund
Parent Charityanditssubsidiary undertakings: Unrestricted Restricted
Funds Funds Total
5 s £
Fixed Assets 619,301 . 619,301
Current Assets 865.840 164.433 1,030,273
Current Liabilities ( 53,454) ( 23,413 ) ( 76,867 )
Longterm Liabilities ( 25,000 ) - ( 25,000 )
Fund Balance 1,406,687 141,020 1,547,707
Parent Charity:
Unrestricted
Funds Restricted Funds Total
£ £ £
Fixed Assets 611,662 - 611,662
Current Assets 825,687 191,020 1,016,707
Current Liabilities ( 39.625) ( 25,000 ) ( 64,625 )
Long term Liabilities - ( 25,000 ) ( 25,000 )
Fund Balance 1.397.724 141.020 1,538,744
8a Tangible Fixed Assets - Investment Properties
Parent Charityanditssubsidiary undertakings:
38 Eachard Road 55 Hanover Court Total
Freehold Leasehold
Market Value at January 2023 600.000 300.000
Movement on revaluation in year - - -
Disposal in year - ( 300,000 ) ( 300,000 )
Market Value as at 31 December 2023 600,000 - 600,000
Historical Cost 6.700 - 6.700
Parent Charity:
38 Eachard Road 55 Hanover Court Total
Freehold Leasehold
Market Value at 1 January 2023 600,000 300,000 900,000
Movement on revaluation in year - - -
Disposal in year - ( 300.000 ) -
Market Value as at 31 December 2023 600,000 - 900,000
HistoricalCost 6.700 - 6,700

38 Eachard Road was revalued on an open market basis at the end of 2022 by the Trustees based on professional advice.

The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

8b Fixtures & Fittings

Parent Charity and its subsidiary undertakings:

Office Fixtures Total
Cost equipment
£		 and fittings
£		 £
At January2023 102.752 17.156
Additions in year - - -
At 31 December 2023 102,752 17,156 119,908
Depreciation
At January2023 89,227 6,084
Charge fortheyear 4.877 3,432 8,309
At 31 December 2023 94,104 9.516 103,620
Net Book Value
At 31 December2023 8.648 7,640 16,288
At 31 December2022 13,525 11,072 24,597
Parent Charity:
Cost £ £ £
At January2023 102,752 -
Additions in year - - :
At 31 December 2023 102,752 - 102,752
Depreciation
At January2023 89,227 -
Charge fortheyear 4,877 . 4,877
At 31 December2023 94.104 . 94,104
Net Book Value
At 31 December 2023 8.648 - 8,648
At31December2022 13,525 - 13,525

The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

9 Fixed Asset Investments

9 Fixed Asset Investments
2023 2023
Shares Shares in Group
Undertakings
Parent Charityanditssubsidiary undertakings:
£ £
Market Value at 1 January 2023 3,015 -
Revaluations ( 2) %
Additions in the year - -
Market Value at 31 December 2023 3,013 -
Parent Charity:
£ £
Market Value at 1 January 2023 3,015 1
Revaluations ( 2) -
Additions - -
Market Value at 31 December 2023 3,013 1
Shares in group undertakings represents an investment of100%ofthe share capital in Great St Mary's Trading Limited recognised at cost.
10a Debtors: amounts falling due within one year
Parent Charityandits subsidiary undertakings: 2023 2022
2 £
Income Tax recoverable 6.719 6,055
Accounts receivable 28,164 12,643
VAT - -
Other debtors =
Prepayments& accrued income 19,881 9.886
54,764 28,584
Parent Charity:
£ £
Income Tax recoverable 6,719 6,055
Accounts receivable 18,198 1,997
Other debtors - -
Prepayments& accrued income 25,042 25,646
49,959 33,698
10b Debtors: amounts falling due in more than one year
Parent Charityand itssubsidiary undertakings: 2023 2022
£ £
Secured loans - -
Parent Charity:
£ £
Securedloans 22.461 29,348

This represents a loan to Great St Mary's Trading Limited, with interest rate of 1% over base rate, repayable on 31 December 2025 and secured on the fixed assets of the trading subsidiary.

The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

11 Creditors: amounts falling due within one year Parent Charity and its subsidiary undertakings:

11 Creditors: amounts falling due withinwithin one yearyear
Parent Charity and its subsidiaryand its subsidiaryits subsidiarysubsidiary undertakings: 2023 2022
£ £
Taxes and social security 4,086 2,298
VAT 11,512 14,233
Trade creditors 13,004 408
Sundry creditors and accruals 48.265 85.411
76,867 102,350
Parent Charity:
£ £
Taxes and social security 4,086 2,298
VAT 7,634 7113
Sundry creditors and accruals 52,905 82,841
64,625 92,252
12 Creditors: amounts falling due in more than oneyear
Parent Charityandits subsidiary undertakings: 2023 2022
£ £
Amounts falling due in 2-5 years 25,000 75,000
Amounts falling due in more than 5 years - -
25,000 75,000
Parent Charity:
£ £
Amounts falling due in 2-5 years 25,000 75,000
Amounts falling due in more than 5 years - -
25,000 75,000

This is made up of[two][loans:]

An interest free loan of £50,000 due for payment in two instalments, the first £25,000 being due in December 2024 and the balancing £25,000 being due in December 2025.

A loan of £100,000 repayable in 12 equal instalments over 6 years. Interest accrued in each 6 month period is payable with that instalment. At 31/12/2023 it had been fully repaid (2022: £58,333).

13 Secured Debts

The following secured debts are included within creditors:

Parent Charity and its subsidiary undertakings:

Bank loans Parent Charity:

Bank loans

----- Start of picture text -----
2023 2022
£ £
- 41,667
£ £
- 41.667
----- End of picture text -----

The bank loan was secured by way of a legal charge over the 55 Hanover Court investment property. The loan was repayed on sale of the property in August 2023.

The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2023

14 Capital Commitments

Amounts contracted for but not provided in the financial statements amounted to £nil (2022: £nil).

15 Auditors Remuneration

Auditors remuneration is made up of the following:

Parent Charityandits subsidiary undertakings: 2023 2022
£ £
Audit fee 6,000 6,350
6,000 6,350
Parent Charity:
£ £
Audit fee 5,000 5,600
5,000 5,600

16 APB Ethical Standards - Provisions available for Smaller Entities

In common with many organisations of our size and nature we use our auditors to assist with the preparation of the Financial Statements.

The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

17 Fund Movements Parent Charity:

Gains /(losses) Gains /(losses)
on investment Fund
Balance b/f Income Expenditure assets transfers Balance c/f
£ £ £ £ £ £
UnrestrictedFunds
General Fund 297,824 665,326 570,258 ( 2)( 117,001) 275,889
Property Investment Gain Reserve 844,466 - - 65,500 ( 316,666) 593,300
DesignatedFunds
Fabric Fund 80,000 - - - 40,000 120,000
Michaelhouse Fund 20,906 - - - - 20,906
Music Fund 22,588 3,180 150 - - 25,618
Orchestra Fund - - - - 2,000 2,000
PurchaseofInvestment Property - - - - 350,000 350,000
Vision Fund 10,011 - ~ - - 10,011
1,275,795 668,506 570,408 65.498 ( 41,667) 1,397,724
RestrictedFunds
AD Fund 6,362 - - - - 6,362
Angela and Richard Wright Memorial Fund 16,006 - - - - 16,006
Assistant Organist Fund 49.047 - 13,191 - - 35,856
Children and Youth Fund 46,256 - 15,327 - - 30,929
Choir RobesFund 16,250 - - - - 16,250
Choir Events Fund - 2,000 - - - 2,000
Equipping Christian Leadership Fund 9,843 - 5,129 - - 4,714
Fondiller Fund 1,414 - - - - 1,414
Friends ofGreat St Mary's 790 - - - - 790
Heritage Lottery Fund -WW1 98 - - - - 98
RoofFund (66,746 ) 1,666 - - 41,667 ( 23.413 )
Salary Support Fund 37,360 - 13,356 - - 24,004
Sansom Bequest 20,076 - - - - 20,076
Wider Concerns 4,059 26,749 24.874 - - 5,934
140,815 30,415 71,877 - 41,667 141,020
Total 1,416,610 698,921 642.285 65.498 - 1,538,744

The PCC of the Ecclesiastical Parish of Cambridge St Mary the Great with St Michael NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2023

17 Fund Movements cont.
Designated Funds
Fabric fund represents funds which thePCC has set aside for the fabric oftheChurch.
Michaelhouse fund represents funds which thePCC has set aside for to support the activities in Michaelhouse.
Music fund represents income which thePCC has set aside for the provision ofmusic.
Orchestra fund represents funds set aside for the support ofthe Academy ofGreat St. Mary's Orchestra.
Purchase ofInvestment Property represents funds set aside forthe purchase ofa replacement investment property.
Vision fund represents funds which thePCC has set aside for projects recommended by the Vision committee.
RestrictedFunds
AD fund represents funds received for general purposes at the discretion ofthe Vicar.
Angela and Richard WrightMemorial _represents fundsdonated for the provision of music in theChurch.
Fund
Assistant Organist Fund represents restricted donations specifically made forthe salary ofa second organist.
Children and Youth Fund represents funds donated to cover the cost ofemploying a Children's and Young Personsworker
over three years.
Choir Events Fund represents funds donated to help towards the costs of any social events ofthe choir, including
choir tours.
ChoirRobes Fund represents restricted donations specifically made for the purchase ofchoir robes.
Equipping Christian Leadership represents a grant from Equipping Christian Leadership in anAge ofScience to help
support staffsalaries.
Fondiller fund represents funds set aside for visiting preachers expenses, at the discretion ofthe Vicar.
Friends ofGreat St Mary's represents funds donated to the Friends ofGreat St Mary's.
Heritage Lottery Fund -WW1 represents a grant for theWW1 activity day and exhibition in 2018.
RoofFund represents funds received for the repairofthe South Aisle roof.
Salary Support Fund represents funds received to support the salary ofa new administrator.
Sansom bequest represents funds received for distribution to Wider Concerns, at the discretion ofthe PCC.
WiderConcerns representsfundscollectedtopassontoothercharitiessupportedbytheChurch.

Fund Transfers

There was a transfer between the general fund and the roof fund which represents the amount paid off the mortgage in the year. There was a transfer between the general fund and the fabric fund which represents amounts designated by the PCC for the fabric of the church. There was a transfer between the property investment gain reserve and the general fund which represents the total gain on sale of the investment Thereroperty. was a transfer between the general fund and the orchestra fund which represents amounts designated by the PCC for the orchestra. There was a transfer between the general fund and the purchase of investment property fund which represends the amount designated by the PCC for the purchase of an additional investment property.