Financial Review
they become due.
this is the first year that we have used the online financial system, 'MyFundaccoun7ng', to record individual financial transac7ons and to help produce the accounts reports. We con7nue to 'fine tune' our 'MyFundaccoun7ng' system, but in conjunc7on with a few suppor7ng spreadsheets, our new accoun7ng system is now much more powerful than the old complex spreadsheet based system, but is much simpler and easier to use.
During 2024 we received a legacy of just over £61K. This led to a total Receipts for the year of just over £181K (up £62.5K from 2023). However, the underlying income. (i.e. excluding the legacy). was £119.8K (up £1K from 2023). Total Payments for the year amounted to £130K (up £9K from 2023), resul7ng in an overall surplus for the year of just under £51K (compares to a deficit of £2.9K for 2023). However, this means that £10K of the legacy we received was used up to meet normal expenditures during the year.
The key features of the year are highlighted on TABLE 1 overleaf, with boxes around some of the main differences and numbered 1 through 4.
In summary:
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We received a £61,260 legacy during the year, but excluding this legacy, overall Church Giving has con7nued to decline (down by £3.6K or 4.9%);
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Church fees (weddings, funerals, hall le_ngs) were up by £3.6K, which includes a Parish Share rebate of just under £1.2K;
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Overall Church costs and expenses were £51.8K, up £6.4K or 14%);
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figure including only 3 quarterly payments;
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These principal factors led to an overall surplus of just under £51K.
Planned Giving (before gid aid recovery, and Service Collec7ons amounted to £55.6K (up from £53.5K in 2023). Gid aid recovery during the year was £9.7K (cf £13.4 for 2023).
higher energy costs), resul7ng in higher, overall running costs of £27.1K. Staffing costs have increased (by £3K or 19%) mostly as a result of new costs related to our Youth worker, Livia. There was also an increase in costs (£1.2K) associated with the Church Houses.
Mission Giving remains similar to 2023 and we con7nue to expend around 22% of our General Fund Income. A detailed analysis of Mission Expenditure is presented in TABLE 2.
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TABLE 1
Parochial Church Council of St John and St Stephen, Reading
Financial year ended 31 December 2024 2024 Accounts Summary (Receipts & Payments Basis)
| Total INCOME 2024 Church Giving (inc Legacies) £132,425 Church House Rent £20,890 Hire of Church Facilities £4,371 Investment Dividends + Interest £18,698 Church Fees, Lunches, Rebates £4,551 TOTAL INCOME £180,935 EXPENDITURE Parish Share £47,111 Clergy & Staffing Costs £18,596 Church Running Costs £27,096 Church House Running Costs £6,155 Mission Giving& Donations £21,309 Sub-Total Church Activities £120,268 Publicity (NEWT) £4,863 Accounts Authorisation £870 Equipment & Bank Charges £4,368 TOTAL EXPENDITURE £130,368 INCOME LESS EXPENDITURE £50,567 |
Total 2023 £74,939 £20,040 £5,058 £17,513 £938 £118,489 £44,845 £15,570 £24,804 £4,958 £23,242 £113,421 £3,532 £720 £3,775 £121,447 (£2,958) |
Diff'ce 2024-2023 £57,485 1 £850 (£687) £1,185 £3,613 2 £62,446 £2,266 £3,025 £2,292 3 £1,197 (£1,933) £6,847 £1,331 4 £150 £593 £8,921 £53,524 5 |
|---|---|---|
| **£53,524 ** |
NOTES:
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1.Includes a £61,260 legacy; Net giving declined by £3.6K (4.9%)
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Significant increase in Church Fees & Lunches (£1.2K due to P. Share rebate)
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Church costs and expenses have increased by c.14%
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NEWT costs for 2023 reflect only 3 quarters
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Results in a £51K surplus for the year after using up £10K of Legacy
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TABLE 2
As concerns our longer term investments and associated dividend payments, the Total Capital value of our investment funds increased from £624.4K in 2023 to £639.1K in 2021, a small increase of 2.4%. A summary of the Church Investments is given in TABLE 3.
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TABLE 3
The Church investments are held through the CCLA, who manages its funds in accordance with the policies of the Church of England’s Ethical Advisory Group. The funds we have hold shares in the CBF Church of England Investment Fund (CBFIF) and the COIF Chari7es Investment Fund, a so-called common investment fund. We have 2 types of funds – unrestricted and restricted funds.
dividends. The Unrestricted Investment Funds also provide a regular stream of quarterly dividends. These Unrestricted funds are expendable and the Church could, for example, sell some, (or all), of the shares in these funds to raise money for a Church project. In doing so however, we would lose any future dividends that would otherwise accrue from the shares sold. With the excep7on of the Curacy Endowment, where dividends are directed to the Curacy fund, all other dividends are directed to the General Fund for general use by the Church. Our dividend payments during the year amounted to £17.4K, an increase of 1.6% over the 2023 level of £17.1K.
At the end 2024, the total cash at bank and in hand, (i.e. excluding Agency Fund Collec7ons related to Chris7an Aid), was £70.9K.
Bridget Barwick & Alan Denny
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P Parochial Church Council of St John and St Stephen, Reading Financial Review for the year ended 31 December 2024
Trustees' ResponsibiliFes
Commission’s general guidance on public benefit when reviewing the Charity.
financial year which presents a true and fair view of the state of affairs of the Charity and of the surplus of the Charity for that period. In preparing those financial statements the trustees are required to:
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i) Select suitable accoun7ng policies and apply them consistently;
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ii) Make judgements and es7mates that are reasonable and prudent;
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iii) presume that the trust will con7nue in existence.
The trustees are responsible for keeping proper accoun7ng records, which disclose with reasonable accuracy at any 7me the financial posi7on of the Charity. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the preven7on and detec7on of fraud and other irregulari7es.
Approved by the Trustees on 24[th] March, 2025
Signed on their behalf by Trustee:
Name: Revd. Claire Alcock (Chair of PCC)
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THE PAROCHIAL CHURCH COUNCIL OF ST JOHN AND ST STEPHEN, READING
INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS FOR THE YEAR ENDED 31ST DECEMBER 2024
I report to the trustees/ members of The Parochial Church Council of St John and St Stephen, Reading on the accounts for the year ended 31st December 2024 which are set out on the following pages.
Respec&ve responsibili&es of the Trustees and Independent Examiner
As trustees of the charity, the members of the PCC are responsible for the preparaGon of the accounts. They consider that an audit is not required for this year under secGon 144(2) of the ChariGes Act 2011 (the 2011 Act) and that an independent examinaGon is needed.
It is my responsibility to
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examine the accounts under secGon 145 of the 2011 Act;
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follow the procedures laid down in the General DirecGons given by the Charity Commissioners secGon 145(5)(b) of the 2011 Act; and
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state whether parGcular maPers have come to my aPenGon.
Basis of Independent Examiner's Statement
My examinaGon was carried out in accordance with the General DirecGons given by the Charity Commission. An examinaGon includes a review of the accounGng records kept by the charity and a comparison of the accounts presented with those records. It also includes consideraGon of any unusual items or disclosures in the accounts, and seeking explanaGons from the management commiPee concerning any such maPers. The procedures undertaken do not provide all the evidence that would be required in a full audit, and consequently I do not express an audit opinion on the accounts.
Independent Examiner's Statement
In connecGon with my examinaGon, no maPers have come to my aPenGon (other than that disclosed below)
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which give me reasonable cause to believe that in any material respect the requirements a) to keep accounGng records in accordance with s.130 of the 2011 Act; or
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b) to prepare accounts which accord with these accounGng records have not been met; or
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to which, in my opinion, aPenGon should be drawn in order to enable a proper understanding of the accounts to be reached.
Signed: Ricca took Beret ery
Dated:
Rachel Belshaw, MA ACA CTA
Hill Top Accounting Ltd Hill Cottage, Church Lane Ufton Nervet Reading, RG7 4HQ
DISCLOSURE
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RECEIPTS & PAYMENTS ACCOUNTS STATEMENTS
ACCOUNTING POLICIES
The Financial statements of the PCC have been prepared in accordance with the Church AccounBng RegulaBons 2006 together with applicable accounBng standards. In preparing the financial statements the PCC follows best pracBce as laid down in the Statement of Recommended PracBce “AccounBng and ReporBng by ChariBes” (SORP 2015).
historical cost basis of accounBng in accordance with the ChariBes Act 2011 and in accordance with applicable accounBng standards, except for the valuaBon of investment assets, which are shown at market value. The financial statements include all transacBons, assets and liabiliBes for which the PCC is responsible in law. They do not include the accounts of church groups that owe their main affiliaBon to another body, nor those that are informal gatherings of church members.
The accounts have been prepared under the “Receipts and Payments” basis as prescribed by the Charity Commissioners and they meet the appropriate legal requirements.
Funds
General funds represent funds of the PCC that are not subject to any restricBons regarding their use, and are available for the general purposes of the PCC. Funds designated for a parBcular purpose may also be unrestricted.
Income & Endowments
Voluntary income and capital sources
DonaBons and collecBons are recognised when received by or on behalf of the PCC. Planned giving, is recognised only when received. Tax recoverable on GiY Aid donaBons is recognised when the donaBons are received. Grants and legacies to the PCC are accounted for as soon as the PCC is noBfied of its legal enBtlement, the amount due is quanBfiable and its receipt by the PCC is reasonably certain.
Ac3vi3es for genera3ng funds
Rental income from leZng of church premises is recognised when the rental is due.
Income from investments
Dividends and interest are accounted for when received. Such payments are received without deducBon of income tax.
Income from church ac3vi3es
Income and expenditure relaBng to various church acBviBes are accounted for gross.
Realised gains or losses are recognised when the investments are sold. Unrealised gains or losses are accounted for on revaluaBon at market value, as at 31st December (or nearest date available).
Expenditure
Grants Grants and donaBons are accounted for when paid over, or when awarded, if that award creates a binding obligaBon on the PCC.
Church ac3vi3es
The Diocesan parish share is accounted for when paid.
Fixed Assets
Church Centre and Church House The value shown in the balance sheet for the Church Centre and for nos. 1 and 2 Church House is the acquisiBon cost of the land and building of the property in 1976 plus the Refectory extension building cost in 2009. This does not include the value of the land which was exchanged with Reading Borough Council for that previously occupied by the former St. Stephen’s Church in accordance with an agreement with the PCC dated 30/11/1976. No valuaBon of the property is carried out, but the PCC is of the opinion that the open market value is not materially less than the balance sheet value.
No value is placed on movable church furnishings. All expenditure incurred on buildings, furniture and fiZngs, whether maintenance or improvement, is wriben off as expenditure in the Statement of Financial AcBviBes, unless separately disclosed.
Current Assets Amounts owing to the PCC as at 31st December in respect of GiY Aid reclaims, fees, rents or other income are shown as debtors less provision for amounts which may prove uncollectable. Short Term deposits include any loans currently held.
Investment Policy
The PCC’s policy is: (a) to invest endowment funds and other major legacies in dividend-bearing shareholdings, principally those of the CCLA Central Board of Finance of the C. of E. Investment Fund; (b) to invest other surplus funds in dividend-bearing shareholdings of the CCLA COIF ChariBes Ethical Investment Fund; (c) to invest selecBvely in local projects with a strong community interest; and (d) to hold other day-to-day funds in a charity bank account.
Reserves Policy
donaBon, leZng and GiY Aid tax recovery income to meet day-to-day commitments. It endeavours to hold sufficient cash reserves to meet at least two months’ gross running costs.
Gains and losses on investments
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FINANCIAL STATEMENT
Parochial Church Council of St John and St Stephen, Reading Financial Statement for the Year Ended 31 December 2024 Receipts and Payment Accounts
| Unrestricted | Unrestricted | Restricted | Total | Total | ||
|---|---|---|---|---|---|---|
| Note | Fund | Desgnated | Fund | 2024 | 2023 | |
| RECEIPTS | Fund | |||||
| Voluntary receipts: | ||||||
| Planned Giving | £53,839.16 | - | - | £53,839.16 | £52,120.79 | |
| Collections at Services | £1,793.40 | - | - | £1,793.40 | £1,406.63 | |
| All other Giving / Voluntary Receipts | £65,487.40 | - | £1,648.07 | £67,135.47 | £7,972.90 | |
| Gift Aid Recovered | £9,656.75 | - | - | £9,656.75 | £13,439.17 | |
| £130,776.71 | - | £1,648.07 | £132,424.78 | £74,939.49 | ||
| Activities for Generating Funds | - | - | - | - | - | |
| Investment Income | 1 | £13,545.91 | £24,855.98 | £1,186.18 | £39,588.07 | £42,461.35 |
| Church Activities | 2 | £6,580.02 | £4.95 | - | £6,584.97 | £1,088.45 |
| Other Receipts | £1,155.03 | - | £1,182.11 | £2,337.14 | - | |
| TOTAL RECEIPTS | £152,057.67 | £24,860.93 | £4,016.36 | £180,934.96 | £118,489.29 | |
| PAYMENTS | ||||||
| Church activities: | ||||||
| Parish Share | £47,111.13 | - | - | £47,111.13 | £44,845.41 | |
| Clergy and Staffing Costs | 3 | £16,119.20 | £2,476.60 | - | £18,595.80 | £15,570.36 |
| Church Running Expenses | 4 | £26,754.79 | £301.67 | £40.00 | £27,096.46 | £24,804.08 |
| Church Houses Expenses | - | £6,155.22 | - | £6,155.22 | £4,958.48 | |
| Mission giving and donations | - | £18,820.00 | £2,489.16 | £21,309.16 | £23,242.28 | |
| £89,985.12 | £27,753.49 | £2,529.16 | £120,267.77 | £113,420.61 | ||
| Costs of generating funds | 5 | £4,863.00 | - | - | £4,863.00 | £3,532.00 |
| Governance Costs | 6 | £870.00 | - | - | £870.00 | £720.00 |
| Other Payments | 7 | £2,623.64 | £271.16 | £1,472.87 | £4,367.67 | £3,774.61 |
| TOTAL PAYMENTS | £98,341.76 | £28,024.65 | £4,002.03 | £130,368.44 | £121,447.22 | |
| Excess of Receipts over payments | £53,715.91 | (£3,163.72) | £14.33 | £50,566.52 | (£2,957.93) | |
| Transfers between funds | (£19,037.83) | £19,037.83 | - | - | - | |
| £34,678.08 | £15,874.11 | £14.33 | £50,566.52 | (£2,957.93) | ||
| Cash at bank and in hand at 1 Jan | £19,957.29 | - | £418.40 | £20,375.69 | £23,352.07 | |
| Cash at bank and in hand at 31 Dec | 8 | £70,576.81 | - | £365.40 | £70,942.21 | £20,394.14 |
Notes: 1 Includes Dividend Income, Church House Rent and Church Facilities hire 2 Includes Church fees, Parish Share Rebates
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3 Includes Administrator wages, Clergy related costs and expenses, Hospitality costs 4 Includes Church running costs, upkeep of services, maintenance 5 Publicity - mainly costs of NEWT magazine
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6 Independent Examiner costs for 2023
7 Bank & Subscription charges, Equipment purchases 8 Excludes Agency Collections
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ASSETS & LIABILITIES STATEMENT
Approved by the Trustees on 24[th] March 2025 and signed on its behalf by Trustee:
Revd. Claire Alcock (Chair of PCC)
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