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2024-12-31-accounts

The PCC of the Ecclesiastical Parish of the Collegiate Church of St Mary, Warwick Registered Charity N[o] : 1128087

Reports and

Financial Statements

for the year ended 31 December 2024

2024

The Collegiate Church of St Mary, Warwick

Parochial Church Council — Registered Charity No: 1128087

CONTENTS
Page
Reference and administrative details 2
Report of the Parochial Church Council 3 - 8
Independent Examiner’s Report 9
Statement of Financial Activities 10
Balance Sheet 11
Statement of Cash Flows 12
Notes to the Financial Statements 13 - 22

Page 1 of 22

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The Collegiate Church of St Mary, Warwick

Parochial Church Council — Registered Charity No: 1128087

Reference and Administrative Items

Address Old Square
Warwick
CV34 4RA
Diocese Diocese of Coventry within the Church of England
Website www.stmaryswarwick.org.uk
Charitable Status Registered Charity No. 1128087 (since February 16th 2009).
Trustees The members of the PCC are currently:
Rev’d Angus Aagaard Chairman Chairman from 12thMay 2024
John Luxton Churchwarden
Julie Blake Churchwarden Elected 12thMay 2024
Elizabeth Antrobus
Lyn Bolton Elected 12thMay 2024
Tim Clark Elected 12thMay 2024
Hellen Dodsworth Elected 12thMay 2024
Oliver Hancock Director of Music
Gillian James Deanery Synod
Desmond Jack
Tony King
Jayne McHale Chairman to 12thMay 2024
Chris Spencer Elected 12thMay 2024
Carol Warren
Amelia Webster Elected 12thMay 2024
Doreen Mills Reader Ex-officio
The following also served in the period:
Anne Brar Resigned 12thMay 2024
Victoria Bartholomew Resigned 12thMay 2024
Independent Mr M.D. Harwood FCA BFP Greville House
Examiner FMAAT 10 Jury Street
Michael Harwood & Co. Warwick
Chartered Accountants & CV34 4EW
Registered Auditors
Banker Lloyds Bank PLC 12 Swan Street
Warwick
CV34 4BJ
Insurance Broker Ecclesiastical Insurance Church Operations
Benefact House
2000 Pioneer House
Gloucester
GL3 4AW

Page 2 of 22

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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 31st December 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS102) 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 13 (and following) and comply with the Parochial Church Council Powers Measure (1956), the Churches Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019.

AIMS AND PURPOSES

PCC has the responsibility of maintaining services and running of the church. The PCC also has responsibility of maintaining the fabric of the historic Church of St Mary’s, a Grade I listed building.

STRUCTURE, GOVERNANCE AND MANAGEMENT

St Mary’s Church operates as a member of a Team Ministry together with St Nicholas’, St Paul’s and All Saints’ Emscote 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 appointment of PCC members is set out in the Church Representation Rules and the membership consists of the Rector (installed 9[th] March 2024), two churchwardens 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 members of the PCC. Furthermore, we have had one ex officio member, our Reader for the full year.

The PCC is responsible for making decisions on all matters of general concern and importance to the parish. The 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 of the PCC are to be spent.

The PCC met 6 times during the year with an average attendance of 74%. The PCC operates with designated PCC members responsible for individual aspects of parish life including safeguarding and property. There is also a Standing Committee to manage day ‐ to ‐ day fabric and finance matters. Reports are regularly made to the full PCC where they are reviewed and discussed.

Members regularly report back to the PCC on their area of responsibility and these are then discussed and reviewed by the full PCC as necessary. In addition, the PCC has responsibilities for managing policies and risks related to Health and Safety, Safeguarding, Employment Regulations and Discrimination. All these areas are reviewed regularly, policies updated and training put in place for key staff.

The PCC reviews pay and remuneration for all employees on an annual basis, taking into account the annual rate of inflation, the prevalent minimum and living wage levels and any changes in job description and responsibility.

OBJECTIVES AND ACTIVITIES

The PCC remains committed to maintaining St Mary’s role in the life of the town. During the year, considerable work was put into clarifying what the aims of the church should be in the next five years. After consultation with the congregation and wider community, the Vision for 2030 document was drawn up and its adoption was unanimously approved by the PCC and then shared with the congregation and wider community.

The PCC was able to ensure that the church was open for visitors all through the year during 2024 and has continued with its duty to keep the building in good repair. The tower however, was closed until 4th May 2024 whilst the ongoing

Page 3 of 22

7

The Collegiate Church of St Mary, Warwick

Parochial Church Council — Registered Charity No: 1128087

restoration work was completed.

As always, the PCC is immensely grateful to all those who were able to give their time, knowledge and passion to make and keep the church alive and vital, and to offer a warm welcome to those who were able to enter for whatever reason.

The PCC also has a responsibility to ensure that the church operates on a sound financial footing, with good, effective and responsible business practices. The PCC remains mindful that these practices must support rather than hinder the spiritual work of the church.

A key achievement was the appointment of a community and outreach worker to reach out in love to the wider community in the town and beyond.

PUBLIC BENEFIT

The trustees confirm that they have complied with the Charities Act 2011 and in planning our activities for the year we have considered the Commission’s guidance on public benefit and the advancement of religion. In particular, we try to enable people to live out their faith as part of our parish community through:

Worship and prayer

Provision of pastoral care for people living in the parish

Missionary and outreach work

ACHIEVEMENTS AND PERFORMANCE

WORSHIP

During 2024 St Mary’s life and ministry continued 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 continues to broadcast the 10.30am service each Sunday on Facebook and YouTube.

The PCC thanks everyone who played their part in these services: clergy, lesson readers, intercessors, servers, members of St Mary’s church musical ministry and choir, and the livestreaming team.

The bare statistics show that the congregations for major services were: 2024 2023
Easter 429 421
Remembrance Sunday 570 485
Christmas Eve and Christmas Day 1080 1334
The average Sunday attendance of adults and young people was 160 66
The number of people on the electoral roll was 154 155
There were held:
Weddings and blessings 4 6
Baptisms 7 10
Funerals and memorials 8 10
As ever a number of special services were conducted including:
Installation of Rev’d Canon Angus Aagaard CF
High Sheriff’s Service
Kings High School Founders’ Service
Tower Thanksgiving Service
Royal Warwick Fusiliers Service
Warwick Christmas Victorian Evening Service

Page 4 of 22

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The Collegiate Church of St Mary, Warwick

Parochial Church Council — Registered Charity No: 1128087

Warwick Folk Festival Service Civic Services Masonic service Carol services for five schools November Service of Remembrance Warwick School Foundation Service BBC Live Broadcast of Midnight Mass

There are, on average, between 15 and 30 people who watch the Sunday live stream at 10.30am and a further 50-60 viewers choose to watch all or part of the service later in the week. Every month between 200 and 300 views are recorded on You Tube.

The Choir sings at all major services, both Sunday services, and on Wednesday and Friday during school terms. In the summer of 2024, the choir had a successful week singing in Ripon Cathedral.

DEANERY SYNOD

One member of the PCC sits on the deanery synod which provides the PCC with an important link between the parish and the wider structures of the church.

ST MARY’S AND THE COMMUNITY

The church was open to the public all year and some 40,200 people visited. At the end of November, the Christmas Tree festival attracted 6,954 people over the week it was staged.

The church was also the venue for 31 concerts and 23 lunchtime recitals.

Groups using the church as a concert venue included: Amnesty International Rotary Club Armonico Consort Collegium Birmingham Bach Choir Da Capo Chamber Choir Leamington Music The Three Tenors by Candlelight Russell Watson Warwickshire College – for graduation ceremonies

In December the church hosted three sell-out showings of the Snowman film.

Finally, St Mary’s Choir sang carols in Warwick Town Square on the Victorian Evening and also at Warwick Castle.

OTHER CHARITABLE WORK

Given the major challenge of tower restoration, our outward giving has reduced. We continue to support the work of the Project Pool in the work they do and the service they provide to the wider community.

TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

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

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each

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The Collegiate Church of St Mary, Warwick

Parochial Church Council — Registered Charity No: 1128087

financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

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

TREASURER’S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

Last year-end and for the first months of 2024 we were without a Treasurer. A new bookkeeper was appointed in September and has proved invaluable as we get to grips with the many financial challenges that we face.

The Tower Project was finally completed during the year with the payment of the final retention invoice to Ackroyds. It would be remiss not to say once again what a fantastic job all those involved did in delivering a project of almost £2.0 million. After payment of the final invoice the costs involved were just a very few thousand adrift from the funds raised – a remarkable achievement.

However, as you will see later this has not been without a serious depletion of our reserves which we now need to rebuild.

The format of our accounts as a charity is fairly proscriptive and does not make for the easiest reading! Our reserves have decreased by a net amount of £367,322. This comprises a reduction of £398,019 due to the Tower, Capital and Books/H900, partially offset by a small surplus of £30,697 from “normal” activities – Church, Music and Choir. This was due largely to lower than budgeted spend on maintenance and organ costs as we focused on completing the Tower project, but is reassuring to note that on a day-to-day basis the Church is just about washing its face - but without significantly restoring our reserves.

Restricted reserves are now £35,184 comprising Music, Choir, Books/H900 and Tower. Unrestricted reserves are £291,079. Historically we have sought to hold six months operating costs in reserve (some £185,000) currently leaving only just over £100,000 as “free” unrestricted reserves. Given the ongoing support of the KHVIII Trust the PCC will look at the possibility of reducing the amount held to cover operating costs and thus increase the amount of unrestricted reserve available to cover unforeseen expenditure.

The Church accounts have been maintained for several years using a system called Sage. For 2025, with the help of our accountants, we are moving to a system called Xero which is both cheaper and better suited to the needs of the Church.

CONTEXT

It is worth placing some context around this year’s figures to demonstrate the challenges that we currently face in restoring the financial strength of the Church and delivering the Ministry that is envisioned in the Vision 2030 campaign.

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The Collegiate Church of St Mary, Warwick

Parochial Church Council — Registered Charity No: 1128087

Below is a comparison of Regular Giving and reserves over the recent past:

Reserves
Planned Giving		 2024
£326,263
£39,120		 2020
£705,080
£43,251		 2016
£945,515
£37,231

Planned Giving was identified in 2016 as being less than required to fully cover costs at that time. As can be seen, it is broadly unchanged over eight years. Simply to keep pace with inflation this would have needed to increase by some 45%.

It must be acknowledged that many parishioners also donated generously to the Tower Project. However, the dayto-day running costs of the Church continued irrespective.

This is the background to the Stewardship Campaign which has been very successful – to the extent that the KHVIII Trust has agreed to commit to additional funding of £45,000 p.a. for the next five years in recognition of the increased giving. The Rector will say more about this as we go forward.

THE FUTURE

The Budget for 2025 is ambitious but achievable, both in terms of finance and what we seek to achieve in expanding our Ministry and outreach.

Historically, the Church has been under-resourced both financial and in terms of personnel. The budget is balanced and seeks to address both these issues.

In addition to budgeting on a day-to-day basis there are significant longer term demands to maintain and develop the fabric of the Church.

Below is a forecast of what we would like to achieve. Work has already begun on applications to Heritage Lottery Funding and other organisations to help deliver that vision:

Repairs £2,048,000
Heating £554,000
Lighting £194,000
Disabled Access £436,000
New St Marys Hall £1,343,000
Organ £2,424,000
Total £6,999,000

A final figure that I would draw the reader’s attention to is the average Sunday attendance which has grown from 66 in 2023 to 160 in 2024.

So, exciting and challenging times to restore the vibrancy of St Marys.

CJL Spencer F.C.C.A.

Treasurer

Page 7 of 22

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The Collegiate Church of St Mary, Warwick

Parochial Church Council — Registered Charity No: 1128087

RISK

The PCC is aware of a variety of risks in the activities of the church and is developing a Risk Register to mitigate them.

INVESTMENT POLICY

Investments are currently held in a mixture of CCLA (Church of England) funds and a small number of individual FTSE companies that were bequeathed to the Church many years ago. The investments are held to provide income and long-term capital growth. The intention is to dispose of the individual holdings and then to reinvest the funds with the CCLA to provide a better spread of risk. This is taking some time as we need to update authorised signatories and obtain an LEI (Legal Entity Identifier) with the fund managers.

SIGNATORIES

Approved by the PCC on 25 May 2025 and signed on their behalf by:

Reverend Canon Angus Aagaard

Chairman

Page 8 of 22

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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 to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2024 which are set out on pages 10 to 22.

RESPONSIBILITIES AND BASIS OF REPORT

As trustees of the charity, the members of the PCC are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

INDEPENDENT EXAMINER’S STATEMENT

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the Act. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. 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 respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Mark Harwood FCA BFP FMAAT

Michael Harwood & Co Greville House 10 Jury Street Warwick CV34 4EW

Date:

Page 9 of 22

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The Collegiate Church of St Mary, Warwick

Parochial Church Council — Registered Charity No: 1128087

FINANCIAL STATEMENTS for the year ended 31 December 2024

Statement of Financial Activities

For the year ended 31 December 2024
Note
Unrestricted
Incoming Resources
Voluntary income
2
121,036
Activities for generating funds
3
69,563
Investment income
4
4,638
Income from church activities
5
19,113
Other income
6
19,137
Total incoming resources
233,487
Resources Expended
Parish share
7
32,804
Church running expenses
8
128,833
Church repairs
9
7,540
Costs of generating funds
10
9,221
Governance costs
11
16,900
Total resources expended
195,298
Net resources before gains/(losses)
38,189

Realised gains/(losses) on investments
-
Unrealised gains/(losses) on investments
3,310

Net Resources
41,499
Transfers between funds
(14,818)
Net movement in funds
26,681
Total Funds brought forward at 1 January
264,398
Total Funds carried forward at 31
December
291,079		 Restricted
274,039
15,416
1,391
16,140
-
306,986
-
241,917
438,657
34,874
-
715,448
(408,462)

-
(359)
(408,821)
14,818
(394,003)
429,187
35,184		 2024
395,075
84,979
6,029
35,253
19,137
540,473
32,804
370,750
446,197
44,095
16,900
910,746
(370,273)
-
2,951
(367,322)
-
(367,322)
693,585
326,263		 2023
803,630
72,338
13,965
68,872
17,216
976,021
25,000
357,944
1,229,691
33,391
8,303
1,654,329
(678,308)
11,375
4,951
(661,982)
-
(661,982)
1,355,567
693,585

All activities are regarded as continuing.

The Notes on pages 13 to 22 form part of these financial statements.

A comparative Statement of Financial Activities for 2023 is included as Note 27.

Page 10 of 22

The Collegiate Church of St Mary, Warwick

Parochial Church Council — Registered Charity No: 1128087

FINANCIAL STATEMENTS for the year ended 31 December 2024

Balance Sheet at 31 December 2024
Note
FIXED ASSETS
Investments
14
CURRENT ASSETS
Shop stocks
Debtors
15
Cash at Bank and in Hand

CREDITORS
Amounts falling due within one year
16
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES

NET ASSETS
FUNDS OF THE CHARITY
Restricted Funds
Unrestricted Funds
TOTAL CHARITY FUNDS
18		 2024
52,158
2,617
56,931
287,455
347,003
(72,898)
274,105
326,623
326,263
35,184
291,079
£326,263		 2023
49,207
10,187
117,652
657,909
785,748
(141,370)
644,378
693,585
693,585
429,187
264,398
693,585

The financial statements were approved by the Parochial Church Council on 25 May 2025 and signed on their behalf by:

Reverend Canon Angus Aagaard

Chairman

Page 11 of 22

The Collegiate Church of St Mary, Warwick

Parochial Church Council — Registered Charity No: 1128087

FINANCIAL STATEMENTS for the year ended 31 December 2024

Statement of cash flows for the year ended 31 December 2024

Net resources in year
Investment losses/(gains)
Investment income
(Increase)/decrease in stock
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash flow from operating activities
Cash flows from investments
Interest received
Dividends received
Proceeds of investment sales
Net cash flow from investing activities
Net increase / (decrease) in cash in year
Cash at bank & in hand on 1 January
Cash at bank & in hand on 31 December		 2024
(367,322)
(2,951)
(6,029)
7,570
60,721
(68,472)
(376,483)
3,366
2,663
-
6,029
(370,454)
657,909
287,455		 2023
(661,982)
(16,326)
(13,965)
(4,293)
(103,080)
90,363
(709,283)
6,346
7,619
285,986
299,951
(409,332)
1,067,241
657,909

Page 12 of 22

The Collegiate Church of St Mary, Warwick Parochial Church Council — Registered Charity No: 1128087

FINANCIAL STATEMENTS for the year ended 31 December 2024

Notes to the Financial Statements

1.ACCOUNTING POLICIES

BASIS OF ACCOUNTING

The charity constitutes a public benefit entity as defined by FRS102. The financial statements have been prepared in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), the Charities Act 2011 and UK Generally Accepted Accounting Practice.

The Financial Statements are prepared on a going concern basis under the historical cost convention as modified for the revaluation of freehold property and in accordance with the Church Accounting Regulations 1997 as amended by the Church Accounting (Amendment) Regulations 2001.

The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1.

INCOMING RESOURCES

All incoming resources are accounted for on an accruals basis and grants are recognised when received. Legacies, donations, giving and other income are accounted for when received.

RESOURCES EXPENDED

Resources Expended are classified at a high level under the Parish’s functional categories of expenditure, but more detail is given in the Notes to the Financial Statements. Costs included within each functional category comprise direct expenditure attributable to the activity. Expenditure in respect of fabric repairs and maintenance are shown net of VAT where applicable.

Grants in respect of charitable donations are recognised when awarded.

INVESTMENTS

Investments are stated at market value at the year end.

FIXED ASSETS

Consecrated property of any kind is excluded from the financial statements by s10 Charities Act 2011.

Movable church furnishings held by the incumbent and churchwardens on special trust for the PCC, and which require a faculty for disposal, are inalienable property unless consecrated.

All expenditure on consecrated buildings and individual items under £5,000 or on the repair of movable church furnishings are written off in the year of expenditure.

STOCK

Stock is stated at the lower of cost and net realisable value. The unsold stock of books has been excluded.

DEBTORS

Debtors are measured at their recoverable amounts at the balance sheet date.

CREDITORS & PROVISIONS

Creditors and provisions for liabilities are recognised where there is an obligation to transfer economic benefits to third parties, and measured at their settlement amount.

Page 13 of 22

The Collegiate Church of St Mary, Warwick Parochial Church Council — Registered Charity No: 1128087

FINANCIAL STATEMENTS for the year ended 31 December 2024

FUND ACCOUNTING

General funds comprise the accumulated surplus or deficit on the income and expenditure account. The funds are available for use at the discretion of the PCC in furtherance of the general objectives of the Parish.

Designated funds comprise unrestricted funds which have been set aside at the discretion of the PCC for specific purposes.

Restricted funds are funds subject to specific restricted conditions imposed by donors.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

GRANTS

Grants are recognised at the fair value of the asset received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

PENSION SCHEME

The Collegiate Church of St Mary participates in the Pension Builder Scheme (PB 2014) section of the Church Workers Pension Fund (CWPF) for lay staff. The Scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of the Employer and the other participating employers.

PB 2014 is a cash balance scheme that provides a lump sum that members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. This account may have bonuses added by the Board before retirement. The bonuses depend on investment experience and other factors. There is no requirement for the Board to grant any bonuses. The account, plus any bonuses declared, is payable from members’ Normal Pension Age.

There is no sub ‐ division of assets between employers in each section of the Pension Builder Scheme.

The scheme is considered to be a multi ‐ employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Pension Builder Scheme’s assets and liabilities to specific employers and that contributions are accounted for as if the Scheme were a defined contribution scheme. The pension costs charged to the SoFA in the year are the contributions payable (2024: £6,809, 2023: £5,185).

A valuation of the Pension Builder scheme is carried out once every three years. The most recent valuation was carried out as at 31st December 2022.

For the PB 2014, the valuation revealed a surplus of £8.5m on the ongoing assumptions used. There is no requirement for deficit payments at the current time.

The legal structure of the scheme is such that if another employer fails, The Collegiate Church of St Mary could become responsible for paying a share of the failed employer’s pension liabilities.

OPERATING LEASES

Rentals payable under operating leases are charged as incurred over the period of the lease.

Page 14 of 22

The Collegiate Church of St Mary, Warwick

Parochial Church Council — Registered Charity No: 1128087

FINANCIAL STATEMENTS for the year ended 31 December 2024

Notes to the Financial Statements - continued
2. Voluntary Income
Planned giving
Collections and envelopes
Gift Aid recovered
Donations
Income from visitors
King Henry VIII Endowed Trust income_(Note 22)
Grants(Note 12)_
3. Activities for Generating Funds
Shop takings
Church lettings
Fund raising events
Tower tickets and tours
Book sales
4. Investment Income
Dividends
Bank interest
5. Income from Church Activities
Fees for wedding, funeral and special services
Music
6. Other incoming resources
Phone mast rent
Other		 Notes to the Financial Statements - continued
2. Voluntary Income
Planned giving
Collections and envelopes
Gift Aid recovered
Donations
Income from visitors
King Henry VIII Endowed Trust income_(Note 22)
Grants(Note 12)_
3. Activities for Generating Funds
Shop takings
Church lettings
Fund raising events
Tower tickets and tours
Book sales
4. Investment Income
Dividends
Bank interest
5. Income from Church Activities
Fees for wedding, funeral and special services
Music
6. Other incoming resources
Phone mast rent
Other		 Unrestricted
33,586
29,107
14,694
29,670
13,979
-
-
121,036
Unrestricted
19,606
20,774
12,712
16,471
-
69,563
Unrestricted
2,523
2,115
4,638
Unrestricted
14,813
4,300
19,113
Unrestricted
17,000
2,137
19,137		 Restricted
5,534
-
2,558
16,280
-
181,527
68,140
274,039
Restricted
-
-
13,300
466
1,650
15,416
Restricted
140
1,251
1,391
Restricted
-
16,140
16,140
Restricted
-
-
-		 2024
39,120
29,107
17,252
45,950
13,979
181,527
68,140
395,075
2024
19,606
20,774
26,012
16,937
1,650
84,979
2024
2,663
3,366
6,029
2024
14,813
20,440
35,253
2024
17,000
2,137
19,137		 2023
37,997
21,293
14,725
46,169
12,884
174,662
495,900
803,630
2023
4,083
24,452
39,048
-
4,755
72,338
2023
7,619
6,346
13,965
2023
19,944
48,928
68,872
2023
17,000
216
17,216

Page 15 of 22

The Collegiate Church of St Mary, Warwick

Parochial Church Council — Registered Charity No: 1128087

FINANCIAL STATEMENTS for the year ended 31 December 2024

Notes to the Financial Statements - continued
7. Parish Share
Diocesan Support Fund & Deanery Costs
8. Church running expenses
Worship and ministry costs
Organ & choir costs
Clergy expenses
Staff costs_(Note 13)_
Insurance
Utilities
Maintenance & minor repairs
Office expenses
Virtual reality project

9. Church Repairs
Tower
Clock
North turret
Steeplejack

10. Costs of Generating Funds
Professional fundraiser's fees
Shop cost of sales
Costs of events
Book production costs

11. Governance costs
Independent examiner's fee
Legal and professional costs		 Unrestricted
32,804
32,804
Unrestricted
13,189
5,728
3,817
106,099
-
-
-
-
-
128,833
Unrestricted
-
-
-
7,540
7,540
Unrestricted
-
8,020
1,201
-
9,221
Unrestricted
3,600
13,300
16,900		 Restricted
-
-
Restricted
10,974
25,893
-
72,012
33,188
31,895
25,402
19,031
23,522
241,917
Restricted
428,120
10,537
-
-
438,657
Restricted
-
7,736
15,888
11,250
34,874
Restricted
-
-
-		 2024
32,804
32,804
2024
24,163
31,621
3,817
178,111
33,188
31,895
25,402
19,031
23,522
370,750
2024
428,120
10,537
-
7,540
446,197
2024
-
15,756
17,089
11,250
44,095
2024
3,600
13,300
16,900		 2023
25,000
25,000
2023
29,472
55,841
1,617
141,687
31,977
25,141
14,667
16,234
41,308
357,944
2023
1,202,643
26,708
340
-
1,229,691
2023
3,553
3,661
21,962
4,215
33,391
2023
3,520
4,783
8,303

Page 16 of 22

The Collegiate Church of St Mary, Warwick

Parochial Church Council — Registered Charity No: 1128087

FINANCIAL STATEMENTS for the year ended 31 December 2024

Notes to the Financial Statements - continued
12. Grants
Amounts received greater than £5,000
National Heritage Lottery Fund
Warwick District Council
Project Pool - King Henry VIII Endowed Trust
National Churches Council
The Warwick Society
Warwick Town Council
Amounts up to £5,000

13. Staff Costs
Wages and salaries
Social security
Pension
Average number of staff in year:
Administration
Music
Visitor reception
Caretaker
No employee earned in excess of £60,000 in either year.		 Unrestricted
-
-
-
-
-
-
-
-
-		 Restricted
-
-
62,000
-
-
5,000
67,000
1,140
68,140		 2024
-
-
62,000
-
-
5,000
67,000
1,140
68,140
2024
162,399
8,903
6,809
178,111
2024
4
2
2
1
9		 2023
249,703
100,000
85,215
30,000
20,000
-
484,918
10,982
495,900
2023
132,895
3,607
5,185
141,687
2023
2
2
2
1
7

Page 17 of 22

The Collegiate Church of St Mary, Warwick

Parochial Church Council — Registered Charity No: 1128087

FINANCIAL STATEMENTS for the year ended 31 December 2024

Notes to the Financial Statements - continued
Unrestricted
14. Investments
Market value at 1 January
47,499
Sales proceeds
-
Realised gains/(losses) on disposal
-
Unrealised gains/(losses) on revaluation
3,310
Market value at 31 December
50,809
Historical cost
52,738
Investments are held in:
Unrestricted
CCLA income units in the CBF and COIF funds
15,270
Shares listed on the London Stock Exchange
35,539
50,809

15. Debtors
Trade debtors
Prepayments & accrued income
Other debtors

16. Creditors - amounts falling due within one year
Trade creditors
Accruals
Other creditors		 Restricted
1,708
-
-
(359)
1,349
2,508
Restricted
-
1,349
1,349		 2024
49,207
-
-
2,951
52,158
55,246
2024
15,270
36,888
52,158
2024
23,486
19,752
13,693
56,931
2024
5,248
55,086
12,564
72,898		 2023
318,867
(285,986)
11,375
4,951
49,207
55,246
2023
14,930
34,277
49,207
2023
6,490
80,434
30,728
117,652
2023
6,799
130,349
4,222
141,370

17. Funds Held on behalf of others

Included in accruals is £5,000 held on behalf of the Development Officer who works across CofE Warwick Churches. St Mary’s operates the payroll for the Development Officer on behalf of the King Henry VIII Endowed Trust Project Pool. The funds held at the year-end is monies provided by the Project Pool to be used by the Development Officer to cover future expenditure incurred in their role.

Page 18 of 22

The Collegiate Church of St Mary, Warwick

Parochial Church Council — Registered Charity No: 1128087

FINANCIAL STATEMENTS for the year ended 31 December 2024

Notes to the Financial Statements - continued

18. Movement in Funds

Unrestricted Funds
Unrestricted funds
Restricted Funds
St Mary's Books & H900
Music
Capital
Tower Repair
King Henry VIII
Total Charity Funds		 1 January
2024
264,398
264,398
28,425
34,501
249,576
116,685
-
429,187
693,585		 Incoming
resources
233,487
233,487
2,117
40,533
1,044
81,765
181,527
306,986
540,473		 Resources
expended
(195,298)
(195,298)
(20,406)
(51,335)
-
(462,180)
(181,527)
(715,448)
(910,746)		 Investment
gains/
(losses)

3,310
3,310

-
-
-
(359)
-
(359)

2,951		 Transfers

(14,818)		 31
December
2024
291,079
(14,818) 291,079

-
-
(250,620)
265,438
-
14,818
-		 10,136
23,699
-
1,349
-
35,184
326,263

£250,620 was transferred from the capital fund to fund the ongoing tower repairs. The balance to fund the £14,818 deficit of the tower project was transferred from unrestricted funds.

19. Restricted Funds

St Mary's Books & H900 is a fund for the production and publication of books about the history of St Mary's and the Beauchamp Chapel. The church has no financial exposure on sales of the books. Following the publication of the last book, the fund now also collects income from guided tours and is intended to promote the Church’s heritage.

The Music Fund covers income and expenditure relating to the choir.

The Capital Fund was created in 2022, by a PCC resolution, from the St Mary's Library Fund and the Rance Bequest. The fund is available to finance major fabric repairs.

The Tower Repair Fund was created in 2020 to collect donations towards the costs of repairing the tower.

King Henry VIII Fund receives an amount each year from the King Henry VIII Trust. This income is typically applied to Church Running Expenses - see also Note 22.

Page 19 of 22

The Collegiate Church of St Mary, Warwick

Parochial Church Council — Registered Charity No: 1128087

FINANCIAL STATEMENTS for the year ended 31 December 2024

Notes to the Financial Statements - continued

20. Analysis of Net Assets between funds

As at 31st December 2024
Investments
Current Assets
Current Liabilities
As at 31st December 2023
Investments
Current Assets
Current Liabilities
21. Operating leases
Payable within one year
Payable within 1 to 5 years		 Unrestricted
Funds
50,809
301,120
(60,850)
291,079
Unrestricted
Funds
47,499
249,099
(32,200)
264,398		 Restricted
Funds
1,349
45,883
(12,048)
35,184
Restricted
Funds
1,708
536,649
(109,170)
429,187
2024
4,445
12,223		 Total
52,158
347,003
(72,898)
326,263
Total
49,207
785,748
(141,370)
693,585
2023
4,445
16,668

22. King Henry VIII Endowed Trust

St Mary’s is one of five churches in Warwick and Budbrooke that receive annual payments from the Trust, which was set up in 1545. The amount to be paid to the Church is set out in the Trust’s Scheme, which is approved by the Charity Commission. All payments are Restricted and only to be used for the prescribed purpose for which they are given. The five churches receive 50% of the Trust’s net income, allocated in accordance with the Scheme. The scheme was modified early in 2015, with the agreement of the PCC’s, to change allocations following the closure of Christ Church.

The Trustees make payments directly to the Diocese to cover the stipends, pensions and housing costs for nominated clergy and lay workers within the five parishes in a set 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 the Warwick parishes. The Trustees have the discretion to change this percentage allocation, and it is the responsibility of the PCC to ensure and demonstrate that the terms of this grant are respected.

A variation to the allocation of the church share was agreed by the Trustees and the PCC’s to establish a Project Pool, managed by the Trustees, with all the PCC’s of the Warwick parishes being able to bid for funds for specific projects.

St Mary’s uses the income for its mission in Warwick, specifically to cover expenditure associated with its ministry, worship and fine musical tradition.

The range of worship, music and our accessibility distinguish St Mary’s amongst the Warwick churches and the PCC is immensely grateful to the King Henry VIIII Endowed Trust, without whose support this work would not be possible.

Page 20 of 22

The Collegiate Church of St Mary, Warwick Parochial Church Council — Registered Charity No: 1128087

FINANCIAL STATEMENTS for the year ended 31 December 2024

Notes to the Financial Statements - continued

23. Capital Commitments for 2025

St Mary's had made no capital commitments at the year-end that carried over into the following year.

24. Going Concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the levels of funds held and the expected 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 to continue as a going concern.

25. Related Party Transactions

During the year, trustees Elizabeth Antrobus and Angus Aagaard were also trustees of Warwick Choral Trust from which St Mary’s received grants of £1,140 (2023: £1,710).

Angus Aagaard was also a trustee of The King Henry VIII Endowed Trust, Warwick from which St Mary’s received £181,527 (2023: £174,662) and £62,000 from the Project Pool (2023: £85,215)

26. Trustees’ remuneration and expenses

During the year, Angus Aagaard, trustee, was paid flat rate expenses of £2,900 (2023 - £Nil) towards expenditure incurred in his role as Vicar.

There were no trustees’ remuneration or other benefits for 2024 (2023: £Nil)

Page 21 of 22

The Collegiate Church of St Mary, Warwick

Parochial Church Council — Registered Charity No: 1128087

FINANCIAL STATEMENTS for the year ended 31 December 2024

Notes to the Financial Statements - continued

27. 2023 Comparative Statement of Financial Activities

Incoming Resources
Voluntary income
Activities for generating funds
Investment income
Income from church activities
Other income
Total incoming resources
Resources Expended
Parish share
Church running expenses
Church repairs
Costs of generating funds
Governance costs
Total resources expended
Net resources before gains/(losses)

Realised gains/(losses) on investments
Unrealised gains/(losses) on investments

Net Resources
Transfers between funds
Net movement in funds
Total Funds brought forward at 1 January
Total Funds carried forward at 31
December		 Unrestricted
123,699
40,435
9,260
31,344
17,216
221,954
25,000
95,761
-
13,151
8,303
142,215
79,739
253
5,052
85,044
-
85,044
179,354
264,398		 Restricted
679,931
31,903
4,705
37,528
-
754,067
-
262,183
1,229,691
20,240
-
1,512,114
(758,047)
11,122
(101)
(747,026)
-
(747,026)
1,176,213
429,187		 2023
803,630
72,338
13,965
68,872
17,216
976,021
25,000
357,944
1,229,691
33,391
8,303
1,654,329
(678,308)
11,375
4,951
(661,982)
-
(661,982)
1,355,567
693,585		 2022
973,450
51,385
9,825
47,102
17,208
1,098,970
25,000
239,547
69,034
99,974
5,616
439,171
659,799
-
(39,222)
620,577
-
620,577
734,990
1,355,567

Page 22 of 22