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
v￿vw.$tmarys￿arWlck.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 Consis￿n￿r.
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 St3￿Ments-
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 k￿Ping 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 p￿ven￿On
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 Inc￿Se in the cost of living challenges felt
acros5 the whole country.
At the beginning of 2023 the church had to￿1 funds (Re5￿1C[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 un￿trICted 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 refUrb1shrr￿t 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 w￿h 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
cha￿ered 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 reS￿l
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 reCO￿lSed vthen I￿arded.
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 1￿m$ 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 recei*dble. 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 lnvesu￿nt experience and other factors. There is no
requirement for the Board to grant any bonuses. The accounL plus any bonuses declared, is payable from
n*mbers' 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 Restric￿1 Funds at I Pnuary
unrestr1c￿d 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 HerI￿ge 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.c￿0
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. Pre￿oUSty 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 D￿ernber
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
c￿tOn
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 Unrestrlc￿d 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 I￿￿ary
2022
Unr•a115•d
1055eS
DK•mb*r
2021
2022 - Comparative figure5
St Mary'5 books
Musi
Tr*nsf•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 TruS￿eS 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