Varwick's Church ol Treasures The PCC of the Ecclesiastical Parish of the Collegiate Church of St Maryi Warwick Regisiefed Charity N. 1128087 Reports and Financial Statements for the year ended 31 December 2023 2023
The Collegiate Church of St Mary, Warwick Parochial Church Council Re8lStered Charity No.. 1128087 CONTENTS Page Reference and administrative details Report of the Parochial Church Council Independent Examiner's Report Accounting Policie5 9-10 Statement of Financial Activities Balance Sheet Statement of Cash Flov Notes to the Financial Statements 14-22 Page l of 22
The Collegiate Church of St Mary, Warwick Parochial Church Council Registered Char1ty No.. 1128087 Reference and Administrative Items Address Old Square Warwick CV34 4RA Diocese Diocese of Coventry within the Church of England Website vvw.$tmarysarWlck.Org.uk Charitable Status Registered Charity No. 1128087 (since February 16th 20091. Trustee5 The members of the PCC are currently.. Jayne McHale Gail Guest John Luxton Elizabeth Antrobus Anne Brar Victoria Barrholomew Joy Curtls Desmond Jack Gillian James Tony King Carol Warren Alice Webber Doreen Mills Oliver Hancock Chairman Churchwarden Churchwarden Chairman from 3 January 2023 Resigned 21 May 2023 Resigned 21 May 2023 Deanery Synod Vice Chairman Resigned 21 May 2023 Ex-officio Ex-officio Reader Director of Music The following also served in the period.. Rev'd Vaughan Robert5 Chairman & incumbent Retired 3 january 2023 Independent Examiner Steven Mugglestone FCA Michael Harwood & Co. Chartered Accountants & Registered Auditors Greville House l O Jury Street Warwick CV34 4EW Banker Lloyds Bank PLC 12 Swan Street Warwick CV34 4BJ Insurnnce Broker Ecclesiastical Insurance Church Operations Benefrdct House 2000 Pioneer House Gloucester GL3 4AW Page 2 of 22
The Collegiate Church of St Mary, Warwick Parochial Church Council Registered Charity No.. 1128087 REPORT OF THE PAROCHIAL CHURCH COUNCIL The Council presents its report and Financial Statements of the Church for the year ended 31 st December 2023. The trustees have adopted the provisions of the Statement of Recommended Prattice ISORPI "Accounting and Reporting by Charitie5" (FRS1021 in preparing the annual report and financial statements of the charity. The financial statements have been prepared in accordance with the accounting policies set out on page 9 land following) and comply with the Parochial Church Council Powers Measure 11956}. che Churche5 Att 2011 and Accounting and Reporting by Charities- Statement of Recommended Practice applicable to charities preparing their accoun in accordance with rhe Financial Reporting Standard applicable in rhe UK and Republic of Ireland issued in Ortober 2019. There were five challenges identified in 2022 as key is5ue5 to address. however. the absence of a vicar throughout all of 2023 and the many and varied challenges resulring from Ihe restoration of Ihe lower meant that progress on addressing these issues was limited. The produrtion of the Parish Profile however enabled clear goals to be idenrtfied ft)r the church to aim for in 2024 and beyond. PCC has the responsibility of maintaining services and running of the church. The PCC also ha5 responsibility of mainraining Ihe fabric of the hisioric Church of St Mary s, a Grade I listed building. STRUCTURE, GOVERNANCE AND MANAGEMENT SE Mary s Church operates as a member of a Team Ministry together with St Nicholas., St Paul's and All Saints. Emsco and in conjunction with St Michael's Budbrooke & Chase Meadow. The Warwick Team Ministry is part of the Warwick and Leamington Deanery in the Church of England Diocese of Coventry. The method of appointmer*t of PCC members is set out in the Church Representation Rules and the membership consists of the Rector Ivacant throughout the yearl. churchwarden and other members elected by congregation members who are on the Electoral Roll of the church. All those who attend our services are encouraged to register on the Electoral Roll and stand for election to the PCC. In addition, any Deanery Synod Representatives are automatically member5 of the PCC. Furthermore. we have had one ex officio Ernber, our Reader for the full year. The PCC is responsible for making decision5 on all matters of general concern and importance to the parish. While our Operations Manager oversees the day-to-day running of the material side of church life. it is the PCC that determines general policy and decides how the funds ol the PCC are to be 5penL The PCC met 7 times (including a couple of online meetings) during the year with an average attendance of 721.. The PCC operates with designated PCC members responsible for individu3135pect5 of parish life including safeguarding, property and augmented reality developmenL There is also a Standing Committee to manage day-10-day fabric and finance matters. Reports are regularly made to the full PCC where they are reviewed and discussed. Members regularly reporc back to the PCC on their area of responsibility and these are rhen di5CU55ed and reviewed by rhe full PCC as necessary. In addition, the PCC has responsibilities for managing policies and risks related to Healih and Safety. Safeguarding. Employment Regulations and Discrimination. All these areas are reviewed regularly, policies updated and training put in place for key stsff. The PCC reviews pay and remuneraiion for all employees on an annu21 basis. raking into account the annual rate of inflation. the prevalent minimum and living wage levels and any changes in lob description and responsibility. OBJECTIVES AND ACTIVITIES The PCC remains committed to maintaining Sr Mary's role in the life of the town and enabling a5 many people as possible to worship ai our church. The church is a hub for the local area. attratting local people ag well as visitors and Page 3 of 22
The Collegiate Church of St Mary, Warwick Pargchial Church Council Re8lStered Charity No. 1128087 tourists. People enter the building for a variery of reasons. worship. prayer, history and culture being but a few of these. The PCC was able 10 open for visitors all rhrough rhe year during 2023 ar*d has continued with it5 duty to keep the building in gcx)d repair. The tower was closed for Ihe full year whilst che restoration work wa5 undertaken. As always, the PCC is immensely grateful to all those who were able to give their rime. knowledge and passion co make and keep the church alive and vital, and to offer a warm welcome TO those who were able to enter for whatever rea50n. The PCC also has a responsibility to ensure th21 the church operates on a sound financial footing, with good, effective and responsible business practices. The PCC renuins mindful Ihat these prdCtice5 must 5UPPOrt rather than hinder the spiritual work of the church. The church's outrrnrd giving programme extends beyond the boundarie5 of CV34 to SLSPPOrt both national and international causes. PUBLIC BENEFIT The trustees confirm that they have complied with the Charities Att 201 l and in planning our activicie5 for the year we have considered the Commi55ion's guidance on PLtblic benefit and the advancemenr of religion. In parricular. we try to enable people to live oui Iheir faiih as pan of our parish communiry through: Worship and prayer Provision of pa5coral care for people living in the parish Missionary and outreach work ACHIEVEMENTS AND PERFORMANCE WORSHIP During 2023 St Mary's life and ministry concinued to change. The use of livestreaming has remained due to outreach and the benefits for those unable to join in person on Sunday morning. This coniinues co broadcas[ the l 0.30am service each Sunday on Facebook and YouTube. The PCC thanks everyone who played their part in these services: clergy. lesson readers. intercessors. servers, member5 of St Mary's church musical ministry and choir, and the livestreaming team. The bare statistics show that the congregation5 for major services were.. Easter Remembrnnce Sunday Christma5 Eve and Christmas Day 2023 421 485 1334 2022 347 410 865 The average Sunday attendance of adults and young people was 66 95 The number of people on the elettoral roll was 155 There were held: Wedding5 and blessings Baptisms Funerals and memorials As ever a number of special 5ervice5 were conducted includin Civic Services The Regimental Service The Accession of King Charle5111 Page 4 of 22
The Collegiate Church of St Mary, Warwick Parochial Church Council - Registered Charity No.. 1128087 Royal British Legion l Ooth Anniversary Service Warwickshire Road Safety for victims of road tr3ffic accidents Guild of ex-choristers High Sherriff s Service Masonic service Kings High School Founders, Service Warwick Hospital carol service Carol services for three schools There ar¢ on average, between 15 2nd 30 people who watch the Sunday live stream at l 0.30am and a further 50_60 viewers choose to watch all or part of the service later in the week. Every month berween 200 and 300 view5 are recorded on You Tube. The Choir sings at all major seThices. both Sunday services. and on Wednesday and Friday during school terms. In 2023 the choir roured in Normandy. DEANERY SYNOD One member of the PCC 5its on the deanery synod which provides the PCC with an important link between the parish 2nd the wider 5truccure5 of the church. ST MARY'S ANDTHE COMMUNIT The church was open to the public all year and some 33,500 people visited. Ai the end of November. the Christmas Tree festival attratted 6,835 people over the week it was staged. The church w35 also the venue for 36 concerts and 23 lunchtime recitals. Groups using the church as a cortce venue included: Armonico Consort Collegium Coventry Philamonic Orche5trd Da Capo Chamber Choir Leaminyon Music St james. Singers Sing it Loud Two Dark Side of the Moon Tribute Events Warwickshire College - for graduation ceremonies In December the church hosted Ihree sell-out showings of the Snowman film Finally, St Mary's Choir sang caro15 in Warwick Town squa on the Victorian Evening and also at Warwick Castle. OTHER CHARITABLE WORK For a number of year5 St Mary's has aimed to make annual charitsble donations equal in value to approximately l 0% of Ihe income received from the King Henry Vlll Endowed Trust. Given the major challenge of tower restoration. this outward giving target wa5 not met in 2023. It is hoped to return to a more normal level of charitable donation once the tower has been repaired and visitor numbers and donations return to previous levels. TRUSTEES, RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The trustees are responsible for preparing the Report of Ihe Parochial Church Council and the financi21 ststements in accordance with applicable law and United Kingdom Accounting Standard5 {United Kingdom Generally Accepted Page 5 of 22
The Collegiate Church of St Mary, Warwick Parochial Church Council Re8isiered Charity No." 1128087 Accounting Practice). The law applicable to chartcies in Enland and Wales require5 the tnjstees to prepare financial ststements for each financial year which give a true and fair view of the stste of affairs of the charity and of the Incoming resources and application of resources of the charity for that peri¢)d. In preparing these financial statements. the trustee5 are required to: selec¢ suitable accounting policies and Ihen appty them Consisnr. observe the methojs and principles in the Charities SORP. make judgements and esrinures that are reasonable and pnJdenL state whether applicable accounting standards have been followed. subject to any material departure5 disclosed and explained in the financial St3Ments- prepare rhe financial Statements on the going concern basis unless it is inappropriate to presume that the chariry will continue in operation. The trustres are sPonSible for kPing proper accounting records that disclose with reasonable accuracy at any time the financial posirion of the charity and enable them 10 ensure that the financial statements comply with the Charities Att 201 l. the Chariry (Accounrs and Reporrs) Regulaiion$ 21)08 and the provisions of the trust deed. They are also responsible for safeguarding Ehe assets of the charity and hence for Takn'ng reasonable steps for the pvenOn and detecuon of fraud and other irregulariues. TREASURER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 2023 has been yet another interesting and challenging year for St Mary's. It was hoped as life reverted to pre-2022 levels that the visiror numbers and level of donauons would return to historic pre-covid levels. The scaffolding of the entire tower and attendant road closures and in particular of the Closu of the tower itself to ¥isitor5 meant that progress in this r4ard was not made. This has been compounded by the IncSe in the cost of living challenges felt acros5 the whole country. At the beginning of 2023 the church had to1 funds (Re51C[e arKJ Unrestricted) of £1.355,567 a5 donations, fund5 and grdnts had been received through 2022. By the end of 2023 this balance had dropped to £693.585. During the year rhe re5tordtion work was taking pL4ce which has been utilising these funds. The work will largely completed by mid-April 2024 with Iu5t work on the East side of the tower requiring compleuon. The capiul account will have been fully exhausred 10 co¥er the cost of thi5 work with the final total cost of the entire proiect being £1.8m. The untrICted reserves will be maintained at £185.0(M) whKh is in line Ihe erveS Folicy. St Mary's is fortunate to receive an annual income from the King Henry Vlll Endowed Trust which it can apply to the rnnning expense5 of the church., the income in 2023 was £174,662 and was fully uu14sed on the running expen5e5. As ever Sr Mary's 15 thar¢kful to the Trust for the annual incom4 which suppons the rydnge of worship, music and accessibiliry. and also for the grants provided for various projects including the lower repairs. Many individuals have corrtributed to the tower fund and they are thanked for rheir donations. Also thanked are the bodies which have provided major avrdrds including Warwick District Council. Warwick Town Council. St Mary's Hall Trusi King Henry Vlll Endowed Trust (Project Pool). King Henry Endowed Trust (Town Share). Ihe Naiional Heritage Lottery Fund. Warwick Society, Warwick Rdief in Need. Berbefact Trusc lan M Foulerton TrusL National Churches Trust and Wolfson Foundation. Headley Tru5L Swire Charitable Tru Edward Cadbury TrusL Friends of St Mary'5 and Garfield Weston. Wiihout all these contributor& St Mary's would be facing a very bleak future. The Unrestricted Funds at the end of 2023 stood at £264,398 however these reduced during early 2024 co the level of £229,000 dltre to ongoing running costs. Unrestricted reserves do however remain over £185,OiKI as required in our reserves policy. During 2023 there was expenditure on the community and visiror engagement progrdmm< which involve5 a wide range of young people from around Warwickshire and uses rhe la[ in digital technology to tell St Mary'5 Story through the age5. This proiett is being supported by the National Heritage Lottery Fund, allocaoon of £70.000. The Page 6 of 22
The Collegiate Church of St Mary, Warwick Parochial Church Council Registered Charity No.. 1128087 projett will be completed in May 2024. Meanwhile there remain5 the possibility of further ffAjor repairs to the fabric of the church which may suddenly require urgent attention. RESERVES POLICY i is the policy to maintain an account as an Unrestrtcted Fund5 account ar a level of £185.OCQ which equares approximately 6 n[h$ of Resources E¥pended excluding the costs of major repairs. Thi5 level provides sufficient funds to cover the Church running expenses and other OF*raiing costs. Typicalty, however. many of these costs are charged against the resrricted income receNed annualty from King Henry Vlll Endowed Trust and. if this coniinues to be the cas& the Unrestricted Fund covers over 12 nKJnths' worth of the costs char¥ed direaly to it. RISK The PCC is awBre of a variety of risks in the activities of the church and plans to mitigate them. The single largest risk is dealing with matters identrfied in the quinquennial review and having the funds available to address to take action on matter5 needing urger¢t attention. The re-arrangement of the restricted funds to create a Capital Fund provide5 some resilience and 2 limited ability 10 deal with necessary urgent repair5. INVESTMENT POLICY The Church has a Small portfolio of investments with the majority mainty in collective fund5 managed by ihe CC the predominant invesrment manager for charrties. The investrwts are hdd to provide income and long-term capital growth. There is an urgent need to increase these. PLANS FOR THE FUTURE The key elements for the future of Sr Mary's li) to complete the refUrb1shrrt of the tower (li) to establish ourselves as one of the major visitor attracuons in Warwick in order to enable us to place our finances on a more stable basis {iii) to prepare celebrntions and increase avrareness of the 550th anniversary of consecration of Beauchamp Chapel livl installation of the augmented reality experience £0 enable young people Ihroughout Warwickshire to gain an understanding of the herirage of St Mary's rhrough modern technology Iv} dLwelop outreach to the communiry of Warwick across all of Warwick in consort wh the Warwick ministry ream. SIGNATORIES Approved by the PCC on 12 May 2024 and signed on their behaff by. layne McHale Chairnian Page 7 of 22
The Collegiate Church of St Mary, Warwick Parochial Church Council Registered Charity No.. 1128087 INDEPENDENT EXAMINER'S REPORT TO THE PCC OF ST MARY'S WARWICK I report on the accounts of the charity for the year ended 31 December 2023 which are ser oui on pages I I co 22. RESPECTIVE RESPONSIBILITIES OF THE PCC AND THE EXAMINER As members of the PCC you are responsible for the preparauon of the financial statements- you consider that the audit reqLtrirement of Ihe RegulaDons and section 144121 of the Act do nor apply. It is my responsibility to issue this report on those financial statemenrs in accordance with the M)S of the RegulatlOn5. BASIS OF THIS REPORT My exambnation was carried out in accordance wtth gerwal Directions given by the Charity Commission under Section 145 of Ehe Act and in the Church guidanco 2C(16 8Jition. That examination includes a review of the accounting record5 kept by the PCC and 2 comparison of the account5 presented with those records. It also includes consideration of any unusual items or disc105ures in the accounts. and seekn.ng explanatsons from you as trustees concerning any such matters. The procedures underraken do not provide all the evidence that would be required in an audiL and consequently I do not expr$ an audit opinK)n on the view gtven by the account& -INDEPENDENT EXAMINER'S STATEMENT Since the charity's gross income exceeded £250.CIXJ your examiner must be a member of a tx)dy listed in section 145 of the Aa. I confirm that l am qualified to undertake the ex2mination because l am a member of The Institute of chaered Accountants ir¢ England and Wale& which is one of the listed bodies. I have completed my exarnination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material reSl the accounting records were not kept in respect of the chartty as required by seaion 130 of the Act.. or the accounts did not accord with those records: or the accounrs do not comply with the applicable requirements concerning the form and concent of accounts set out in the Chariues (Accounts and Reports) Regulations 2(M)8 other Ihan any requirement that the accounts give a 'true and fair view. which is not a matter considered as part of an independent examinat¢on. I have no concerns and have come across no other matter5 in conneaion with the examination to which attention should be drawn in this reFKJrt in order to enable a proper under5tsnding of the accoLsnts to be reached. Steven Mugglestone BA {Hons) FCA Michael Harwood & Co Greville House l O jury Street Warwick CV34 4EW Date-. Page 8 of 22
The Collegiate Church of St Mary, Warwick Parochial Church Council - Registered Charity No." 1128087 ACCOUNTING POLICIES BASIS OF ACCOUNTING The chariry constitutes a public benefrt entiry as defined by FR5102. The Financial Scatements have been prepared on a going concern basis under the historical c05t convention as modified for the revaluation of freehold property and in accordance with the Church Accounting Regula[n5 1997 as amended by the Church Accounting (Amendment) Regulations 2001. They comply with the Accouniing and ReFQrting by Charities: staterne of RKommended Prattice applicable to charitses preparing rheir accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS102} issu8J in October 2019. the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS1021. the Chariues Act 201 l and applicable regulations. The financial statements are presented in sterling which is the fiJncEional curretKy of the chariry and rounded to the nearest £1. INCOMING RESOURCES:.. All incoming resources are accounted for on an accruals basis and grants are recognbsed when received. Legacies. donations. giving and other income are accounted for when received. RESOURCES EXPENDED Resources Expended are dassified at a high I under the Parish'5 functhonal ategories of expenditure. but more derail is g4.ven in the Note5 to the Financial Sraiements. Costs included within each funttional category comprise direct expenditure attributable ro rhe activity. Expendrcure in respect of (abric repairs and maintenance are shown net of VAT where applicable. Grants in respect of ¢harirable donaiions are reCOlSed vthen Iarded. INVESTMENTS Investments are stated at marker Yalue ar the year eTrJ. FIXED ASSETS Consecr2ied property of any kind is excluded from the financial sratements by sl O Charities Acr 2011. Movable church furnishings held by the incvmbent and churchwardens on special trust for the PCC and which require a faculty for disposal, a inalienable property unless consecrared. All expenditure on consecrated buildings and individual 1m$ under 15.(KYJ or on the repair of movable church furnishings are written off in the year of expenditur& STOCK Stock is stated at the lower of cost and net realisable lUe. FUND ACCOUNTING Generdl funds comprise the accumulated surplus or deficit on the Inco and expenditure account. The funds are available for use ar rhe discretion of the PCC in furtherance of the general objecuves of the Parish. Designated fund5 comprise unrestricted funds vthich have been set aside at the discretion of the PCC for specific purpose5. Restricted funds are funds subjea to specific restricted conditions imFX)sed by donors. Page 9 of22
The Collegiate Church of St Mary, Warwick Parochial Church Council Registered Charily No." 1128087 GRANTS FROM TRUSTS Granrs a recognised at the fair value of the asset received. A grant that specifies perfornlance corhditions is recognised in Inco when the performance conditions are met. Where a grant does not specify perfornunce conditions it is recognised in income when the proceeds are received or receidble. A grdnt received tefore the recognition criteria are satisfied is OgnISed as a liabiliry. PENSION SCHEME The Collegsate Church of St Mary participates in the Pension Builder Scheme (PB 20141 secrion of the Church Workers Pension Fund (CWPFI for lay staff. The Scheme is administered by the Church of England Pensions Board, which holds the asset5 of the scheme5 separately from those of the Employer and the other parcicipats'ng employers. PB 2014 is a cash balance scheme that provides a lump Sum that lber5 use to provide benefits at ret¢rement. Pension contributions are recorded in an accounr for each member. This account may have bonuse5 added by the Board before retirement. The bonuses depend on lnvesunt experience and other factors. There is no requirement for the Board to grant any bonuses. The accounL plus any bonuses declared, is payable from nmbers' Normal Pension A8 There is no sub-division of asseu between employers in each seeuon of the Pension Builder Scheme. The scheme is considered to be a mulu-employer scheff* as described in Section 28 of FRS 102. This is because it is not possible to attributs Ihe Pension Builder Scheme'5 a55ets and liabilitses to specific employers and that contribuuons are accounted for as if the kheme were a defined contribution scheme. OPERATING LEASES Rentals pardble under operdting leases are charged as incurred over the period of the lease. Page 10 of 22
The Collegiate Church of St Mary, Warwick Parochial Church Council - Re8lStered Charity No.. 1128087 FINANCIAL STATEMENTS for the year ended 31 December 2023 Statement of Financial Activities For the year ended 31 December 2023 2023 2022 Incoming Resources Voluntary income Attivities for generating fund5 Investment income 23.699 679.931 803.630 72.338 13.965 973.450 40.435 31.903 51.385 9,825 47,102 17,208 9.260 4,705 Income from church aciiviDes 31.344 37,528 68.872 Other income 17.216 17,216 221.954 754.067 976.021 1.09&970 Resources Expended Parish share 25.0(K) 95.761 25.(*)O 357.9 1.229,691 33.391 25,000 239,547 69,034 99,974 5,616 439.171 Church running expen5e5 Church repairs Costs of generating funds Governance costs 262.183 1,229,691 20.240 13.151 io 8,303 8,303 142.215 1.512.114 5.654.329 Net Resources 79.739 {75&047) (678.308) 659.799 Transfer from Designated Shop Fund Transfer to Choir Restricted Fund 22.649 79.739 (75&04n 1678,308) 11.375 4,951 (747.0261 {661.982) .176.213 1.355.567 682.448 Realised lfiS on investments Unrealised gainsl(losses) on investments 253 5.052 39,222 643.226 Unrestricted and Restric1 Funds at I Pnuary unrestr1cd and Restricred Funds at 31 December 179.354 712.341 264.398 429.187 693.585 1.355.567 Designated Shop Fund Total Fund5 693,585 1,355.567 All activities are r¥drded as continuing. The Notes on pages 14 to 22 form part of these financial statements. A comparative Statement of Financial Activities for 2022 15 inclLMded a5 Note 26. Page I l of22
The Collegiate Church of St Mary, Warwick Parochial Church Council Reglsiered Charity No". 1128087 FINANCIAL STATEMENTS for the year ended 31 December 2023 Balance Sheet at 31 December 2023 Note 2023 2022 Fixed Asset Investment5 13 49.207 318.867 Current Assets Shop stocks Debtor5 10,187 117,652 5.894 14,572 14 Cash at Bank and in Hand 657.909 1.067.241 785.748 1.087.707 Less Creditors - amounts falling due withTrn one year Net Current Assets 15 141.370 51.1)07 644.378 1,036.71x1 Net Assets 693.585 1.355.567 Financed by Restricted Funds 16 429.187 1.176.213 Designated Funds Unrestricted Funds 18 264.398 179.354 Total Funds 693.585 1.355,567 Approved by the Parnchial Churth Council on 12 May 2024 and signed on their behalf by.. Jayne McHale Page 12of 22
The Collegiate Church of St Mary, Warwick Parochial Church Council Registered Charity No.. 1128087 FINANCIAL STATEMENTS for the year ended 31 December 2023 Statement of cash Ilows for the year ended 31 December 2023 2023 2022 Net movement in Restricted & Unrestrirted Funds in year {661.9821 643.226 Inyesrrnent lossesllgain5) InvesEment income 116.3261 113.9651 (4.2931 {103.0801 90.363 39.222 19.825) 9,968 16.9361 37,956 {22.649) Ilncrease)Idecrease in s£ock Ilncrease)Idecrease in debtors Increase in creditors Designaied Shop Fund released Net cosh Provthd tylused in operotmg octiv 709.283 690.962 Cash fiows fvm investments Inve5cment income 13.965 9.825 Proceed5 of investment sales 285,986 299.951 9,825 Change in cash in year (409.332) 71X).787 Cash at bank & in hand on l January 1,067.241 366.454 Cash at bank & in hand on 31 December 657,909 1.067.241 Page 13 of22
The Collegiate Church of St Mary, Warwick Parochial Chuich Council Registered Charity No.. 1128087 FINANCIAL STATEMENTS for the year ended 31 December 2023 Notes to the Financial Statements Unrestrirted Restricted 2023 2022 l. Voluntary Income Planned giving Collettions and enweloFes Gift Aid recovered 30.714 21,293 11.540 7.283 37.997 58,591 21.293 23.972 3,185 35,313 14,725 46.169 27.499 01713 Donations and other collettions 10.856 Income from visitors 11884 12.884 14.893 King Henry Vlll Endowoj Trust income (Note 22) Granis (Note I l) 174.662 174.662 158.047 587,735 36.412 123.699 459,488 679.931 495.900 803.630 973.450 2. Activities for Generating Funds Shop takings Church letungs Fund raising events Book sales 4.083 4.083 16,114 10.852 24.452 24,452 27.148 39.048 24.419 4.755 4,755 40.435 31,903 71338 51,385 3. Investment Income Dividends 7.469 150 7,619 6.346 9.778 47 Bank interest 1.791 4.555 9.260 4.705 13.965 9,825 4. Income from Church Artivities Fees for weddin& funeral and special services Music 19.944 19,9 48,928 22,564 24.538 37,528 31.344 37.528 68.872 47,102 5. Other incoming resources Phone mast rent 17.0 17.000 216 17.0 208 Other 216 17.216 17,216 17.208 Page 14of 22
The Collegiate Church of St Mary, Warwick Parochial Church Counol Re8iStered Charity No". 1128087 FINANCIAL STATEMENTS for the year ended 31 December 2023 Notes to the Financial Statements - continued 2023 2022 6. Parish Share Diocesan Support Fund & Deanery Costs Training & housing 25.¢XL) 25,0 25.OCKJ 25.000 25.C 25,Crt)) The stipend. pension 2nd housing costs of the Vicar of St Mary's are paid directly to the Diocese by the King Henry V I I l Endowed Trust 38.931 7. Church running expenses Staff costs (Note 12) Clergy expenses Insurance n.785 68.902 141,687 1,617 31.977 116.220 1.617 2.620 31.977 28.485 Utilitie5 25.141 25,141 14.667 17.792 Maintenance & minor repairs Organ & choir costs Office expenses Worship and ministry costs Virtual reality proiett 14.667 5.122 50.719 55.841 29.823 50 16.184 16.234 16.187 13.285 29.472 21.977 41.308 41.308 95.761 262.183 357,944 239.547 . Church Repairs Tower 1.202.643 1.202.643 28.049 Norrh turret 340 40.985 Clock 26,708 26,708 1.229,691 1,229.691 69,034 9. Costs of Generating Funds Professional fundraiser's fees 3.553 3.553 3.661 21.962 65,315 Shop c05t of sales Cosis of eyents 3,661 5.937 9.968 16.02S 6.331 Book production costs 4.215 4.215 18.360 20.240 33.391 99.974 l O. Govemance costs Independent examiner's fee Legal and professional costs 3,520 4,783 3.520 4,783 4.2LK) 1.416 8,303 8,303 5.616 Page 15 of22
The Collegiate Church of St Mary, Warwick Parochial Church Council Registered Charily No". 1128087 FINANCIAL STATEMENTS for the year ended 31 December 2023 Notes to the Financial Statements - continued Uwestricted Restrirted 2023 2022 11.Grants Amounts received greoter thon 15,000 St Mary's Hall Trusi National HerIge Lottery Fund King Henry Vlll Endowoj Trust WaThYick Distritt Council 250.Cw)O 249.703 249,703 i 00.000 100.ocKJ Iw,000 Project Pool - King Her¢ry Vlll Endowed Trust National Churches Council 35.140 50,075 85,215 99.925 30.CO) 30,OCM) Swire Charitable Trust 25.¢J)O Garfield Weston Trust 25.c0 Benefact Trust 24.000 The Warwick Society Headley Trusr lan Foulerton Trust 20.(K 20,000 20.¢XKI 15.000 Warwick in Need i o.oco Cathedral Music Trust 7.500 35.140 449.778 484.918 576.425 Amounts up to £5.LD) 1,272 9.710 10,982 36.412 459.488 495,900 587.735 The comporotive grani inc¢7me hos been updoted and repair ond maintenon(e Costs shown net of VA T. PreoUSty VAT hod been shown os income. 12. Staff Costs 2023 2022 Wages and salaries 132.895 104.148 8,143 3,929 3.607 5.185 Pensbon 141.687 116,220 St Mary'5 carries our the payroll administration on behaff of rhe King Henry Vlll Endowed Trust Proiect Pool. In the year £17.634 vfds received and paid out in respect of the De¥dopment Officer role. Averoge number of stoff rn year Administration Music Vi51tor receprion Caretaker No employee earned in excess of £60.(J)O in ercher year. No trustee received emoluments or expenses in eithw year. Page 16of22
The Collegiate Church of St Mary, Warwick Parochial Church Council- RegFstered Charity No.. 1128087 FINANCIAL STATEMENTS for the year ended 31 December 2023 Notes to the Financial Statements - continued 2023 2022 13. Investments Markei value at l January Sales proceeds Realised gainsl{losses) on dispK)sal Unrealised gainslllosse51 on revaluation Market value at 31 Dernber 43.494 275,373 318,867 (285.9861 11,375 4.951 358.089 11.31XI} 253 1284.686) 11,122 5.052 39.222 47.499 1.708 49.207 318.867 Historicol c05t 52,738 2.508 55.246 139.701 Investments are held in CCLA income units in the CBF and COIF furKIs 14.930 14.930 286.943 Shares listed on the London Stock E¥change 32.569 1.708 34.277 31.294 47.499 1,708 49.207 318,867 14. Debtors Trade debtors 6.490 80.434 2,683 3,196 8,693 Prepayments & accrued income Other debtors 30.728 117.652 14.572 15. Creditors- amounts falling due within one year Trdde creditors 6,799 130,349 4.222 1.149 Accruals 42.404 Other creditors 7,454 141.370 51,007 16. Restricted Funds Net movement 31 I hnuary 2023 Losses & Gains December 2023 Tran5kn 2023 St Mary's books Music &282 20.143 28.425 47.369 39.091 (11868> 34.501 ctOn 139.746) 655 Capital King Henry Vlll Development Officer Tower Repair 23&374 754 10.448 249.576 (5.680> 837.417 39.746 760.396 82 116.685 1.176.213 758.047 429.187 Page 17of 22
The Collegiate Church of St Mary, Warwick Parochial Church Council - Registered Charity No.. 1128087 FINANCIAL STATEMENTS for the year ended 31 December 2023 Notes to the Financial Statements - continued St Mary's Books is a fund for the production and publicarion of books about the history of Si Mary's and the Beauchamp Chapel. The church has no financial exposure on sales of the books but any Surplus from their sale5 will accrue to it. The Coxton Fund was held by Coventry Diocesan Trustee5 on behalf of Sr Mary's. It Was created in 1960 following Ihe sale of 2 Caxton Book to the University of Birmingham. During Ihe year, the Coventry Diocesan Trust agreed that the restricted Caxton Fund can be realised and added 10 che Tower Fund. Th¢ Muslc Fund covers income and expenditure relating to the choir. By agreement of the PCC this fund had £13,580 transferred to it last year from Unrestrlcd Funds being the balance in a choir operated bank account. The Capltal Fund was created in 2022, by a PCC resolution, from the St Mory's Llbrory Fund and the Ronce Bequest. The fund 15 available to finance major fabric repairs. Klnz Henry Vlll Fund receives an amount each year from the King Henry Vlll Trust. This income is typically applied to Church Running E¥Penses - see olso Note 22. Th• Rertrlcted Fund w35 created from Unrestricted Fund5 in 2020 and has now been consolidated into the Capital Fund. It was a vehicle for the repairs in 2021 of the North Roofs. The Tower Repalr Fund was created in 2020 to collec¢ donations towards the costs of repairing the tower. The Development Offlcer Fund was creaied in the year as 2 vehicle for the employment costs in respecc of the Development Officer role which 15 funded by Ihe Project Pool for work acros5 CO WaThvick churches. Net movement In year I Iary 2022 Unr•a115•d 1055eS DK•mbr 2021 2022 - Comparative figure5 St Mary'5 books Musi Trnsf•ri 8,282 16,3741 8,282 40.163 13,580 47.369 Caxton 44.307 15.2161 (31,247) 39,091 Capital King Henry Vlll Rance Bequest Restricted Fund 269,621 160.984) 12.8331 14,1821 1252.6061 60,984 238,374 5,680 60.984 5,680 12,833 4,182 252,606 148.839 St Mary's Library Tower Repair 628,150 556 837,417 563,914 13.580 635,738 37,019 1,176,213 The Iransfer of £13.580 is a Choir fund previously part of the Unrestricted Fund. Page 18of22
The Collegiate Church of St Mary, Warwick Parochial Church Council Registered Charity No.. 1128087 FINANCIAL STATEMENTS for the year ended 31 December 2023 Notes to the Financial Statsments - continued 17. Designated Fund - Shop l January Released to Unrestritted Funds 2023 2022 22.649 22.649 31 December The fund was created originally to earmark funds for the shop. The PCC ha5 decided that li is no longer necessary to designate these funds and they were returned to Unrestritted Funds in 2022. 18. Unrestricted Funds 2023 2022 I january Trdnsfer to Restritted Music Fund 179.354 148,427 (13.5801 22,649 24.061 Transfer from Designated Shop Fund Net movement in year Unrealised losseslgains 31 December 79.739 5,305 2,203 264 398 179,354 19. Analysis of Net Assets Net Current Assets 2023 Investments Total St Mary's books Music 28.425 34,501 28,425 34.501 Caxton Capitsl King Henry Vlll Tower Repair Unrestritted Funds 249,576 249.576 1.708 114.977 116.685 264.398 47.499 216.899 49,207 644.378 693,585 Net Current Assets 2022 - Comparative figures St Mary s books Music In¥e5tments Total 8.282 47.369 8.282 47,369 39.091 Caxion 39.091 Capital King Henry Vlll Tower Repair Unrestricted Fund5 234.192 4,182 5,680 238.374 5.680 2.090 835.327 135,860 837.417 43.494 179.354 318,867 1,036,700 1.355,567 Page 19of22
The Collegiate Church of St Mary, Warwick Parochial Church Council Registered Charity No". 1128087 FINANCIAL STATEMENTS for the year ended 31 December 2023 Notes to the Financial Statements - continued 20. Operating leases Payable within one year Payable wiihin 2 10 5 years 2023 2022 4.445 502 16,668 5.320 21. Tower fund grants expected in 2024 WaThvick Town Council 2024 22. King Henry Vlll Endowed Trust St Mary's is one of five churches in Warwick 2nd Budbrooke that receive annual paymenrs from the Trusi which was Set up in l 545. The arnounr ro be paid to the Church is set out in the Trtjsi's Scheme, which 15 approved by the Charity Commission. All payments are Restricted and only to be used for the prescribed purpose for which Ihey are given. The five churche5 receive 50% of the Trust's nei income. allocated in accordance with Ihe Scheme. The scheme was modified early in 2015. with the agreement of the PCC'S. to change allocarions following the closure of Christ Church. The TruSeS make payments direttly to the Diocese to cover the siipends. pensions and housing costs for nominared clergy 2nd lay workers within the five parishes in a ser order. The balance is allocated to the PCC'S. Of this St Mary's is currently entitled to 40%. which can only be used for furthering the religious and other charitable work of the Church of England within rhe Warwick parishes. The Trustees have the di5ererion ro change this percentage allocacion. and it is the responsibility of the PCC to ensure and demonstraie that the terms of this grdnc are respected. A variation to the allocation of the church share was agreed by the Trustees and the PCC'S Eo establish a Projett Pool. managed by the Trustees. with all the Pcc's ofthewarwick parishe5 being able to bid for funds for specific projects. St Mary'5 U5e5 the income for its mission in Warwicl specifically to cover expenditure associated with its ministry. worship ar fine musical Iradition. The range of worship. music and our accessibility distinguish St Mary'5 amongst the Warwick churches and the PCC is immensely grdteful to the King Henry Vllll Endowed Tru5L Without whose support this work would not be possible. Page 20 of22
The Collegiate Church of St Mary, Warwick Parothial Church Council - Registered Charity No.. 1128087 FINANCIAL STATEMENTS for the year ended 31 December 2023 Notes to the Financial Statements- continued 23. Commitments for 2024 St Marfs had made no capital commitments at the year-end that carried over into the following year. There is a contrdttual commitment for £1.7m to nK2ke repairs to St Mary's rower. Thi5 15 a fixed price contratt. The repair work started at the beginning of 2023 and will be fully completed in the fir5¢ quarter of 2024. As at the end of 2023. £0.4m wa5 remaining on the contract. As part of the application for a grant of £250,1)00 from the National Herir2ge Lottery Fund a commitment was given to spend up to £70,000 on developing 2 virtual reality experience of St Mary's. 24. Going Concern The financial statements have been prepared on a going concern basis as the rrustee5 believe that no material uncert3inries exisL The trustees have considered the levels of funds held and the expetted level of Income and expenditure for twelve months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able co continue as a going concern. 25. Related Party Transactions There were no Related Parry Transactions requiring disclosure in either 2023 or 2022. Page21 of22
The Collegiate Church of St Mary, Warwick Parochial Church Council - Registered Charity No.. 1128087 FINANCIAL STATEMENTS for the year ended 31 December 2023 Notes to the Financial Statements - continued 26. 2022 Comparative Statement of Financial Activities Unrestrirted Restricted 2022 2021 Incoming Resources Voluntary income Attivities for generating funds Investment income 115.170 858,280 973,450 571,930 23.565 11.236 20,281 44.287 39,827 11,558 182 51,385 9,643 27,972 17,208 9,825 47,102 17.208 Income from church activities 19.130 Other income 209.820 889,150 1,098.970 671,299 Resources Expended Parish share 25,OC 69.281 25,000 40,930 Church running expense5 Church repairs Cosrs of generating funds Governance costs 170.266 239,547 69.034 268,166 306,728 74,308 4,831 694.963 4,248 64.786 81.614 18.360 99,974 5,616 5,616 185.759 253.412 439.171 Net Resources 24,061 635,738 659,799 123.6641 49 Transfer from Designated Shop Fund Transfer to Choir Restritted Fund 22,649 22,649 13.580 13.580 33.130 649.318 682,448 123,6151 8,233 45,342 29.960 Realised gains on investments Unreali5ed Ios5e51gains on investments 2.203 37,019 612.299 39,222 30.927 643.226 Unrestriaed and Resrricted Funds at I january Unrestricted and Restricted Fund5 at 31 December 148,427 563,914 712.341 682.381 179.354 1.176,213 1,355,567 712,341 Designated Shop Fund 22.649 Total Funds 1,355,567 734,990 Page 22 of 22