Charity number: 1128145 ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL INDEPENDENTLY EXAMINED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL CONTENTS Page Reference and adrninistrative details of the Charity, its Mernbers and advisers Annual report Members. responsibilities statement 3-13 14 Independent examiner's report Statement of financial activities 15 16 Balance sheet 17 Statement of cash flows 18 Notes to the financial statements 19-38
ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS MEMBERS AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2022 PCC Membership Members of the PCC are ex officio, elected by the Annual Parochial Church Meeting IAPCM), or co-opted by decision of the PCC. During the year, the following served as members of the PCC.. Incumbent.. Revd Will Hunter Smart {Chairmanl St Nicolas. Ordainod & Licgnsgd Stsff.. Revd Joy Mawdesley (Associate Rector) Revd Janice Macdonald (Associate Minister) Revd Jackie Fountain (Curalel Churchwardens: Tania Wolak Richard Coward Treasurer- James Lancaster Secretary- Chris Philip Member of the General Synod Revd Joy Mawdesley Representatives on the Deanery Synod IAII elected until 20231 Mark Knight Helen Dean Chris Davis Chris Philip Samantha Mullender Philip Davis IPCC Lay VI Chairl Elected Members1111 Elected until 2023 James Lancaster ITreasLJrerl Vivien StaLJnlon Sharon Coward Elected until 2024 Dawn Aldridge (resigned May 20221 Andy Laidler Peter Bradley Joanna Lazarus Tristan Davies Suzanne Lees Elected untll 2025 Jonathan South Nigel Freeman Co-opted members Chris Ortiz lappoinled 21 June 20221 Rebecca Bird (Parish Safeguarding Offir} Page 1
ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS MEMBERS AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2022 Charity registered number 1128145 Principal officg Church Offi, Sl Nicolas Hall, West Mills, Newbury, Berkshire, RG14 5HG Accountants James Cowper Kreslon Audit, 2 Communications Road, Greenham Business Park, Greenham. Newbury, Berkshire, RG19 6AB Bankers Lloyds Bank plc, 3-5 Bridge Street, Newbury, Berkshire, RG14 58Q Architscts Andrew Townsend, Marlborough House, 2 Bromsgrove, Faringdon, Oxfordshire, SN7 7JQ Page 2
ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 The Members present their annual report together with the financial statements of the Parochial Church Council of the Ecclesiastical Parish of Newbury St Nicolas Ilhe charilyl for the year ended 31 December 2022. The Members confirm that the annual report and financial statements of the charity comply with the current slatulory requirements, the requirements of the charity's governing document and the provisions of the Statement of Re¢ommended Practi¢e ISORPI applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191. 1. STRUCTURE, GOVERNANCE AND MANAGEMENT Genoral The parish covers the central area of Newbury, a mixture of residential and retail areas. St. Nicolas, Church is situated at the junction of Wesl Mills and Bartholomew Street in the centre of Newbury, and the Church Hall is directly opposite the church building. The PCC also owns St. Nicolas, House, West Mills, and part owns the Curate's house in Braunfels Walk. Correspondence for the PCC should be addressed to- PCC Secretary Church Offi Sl Nicolas Hall West Mills Newbury Berkshire RG14 5HG or sent via email to ccsecrela sl-nics.or Day-to-day management is carried out by the Incumbent, the Revd Will Hunter Smart, together with the church staff team. Sl Nicolas, is part of the benefi of Sl Nicolas, Newbury and Sl Mary's Speen which came into being on 1 St April 2015 when the'Newbury Team" formally came to an end. Method ofAppointment or Election of Members The appointment of PCC members is governed by and sel out in the Church Representation Rules. This means that the membership of the PCC varies over time, with roughly a third of the elected membership being due for election each year al the church's annual meeting (the Annual Parochial Church Meeting). Al the APCM in 2004, in accordance with Synodical Government Amendment Measure 2003, the PCC of Sl. Nicolas Newbury with St. Mary Speenhamland. was determined to include.. 6 lay representatives if there are no more than 50 names on the Electoral Roll., 9 lay representatives if there are no more than 100 names on the Electoral Roll., if there are more than 100 names on the Elector81 Roll, then 9 lay representstives plus 1 per additional 100 names or part thereof lup to a maximum of 13 members). "As part of the re-structuring in 2015 the name Sl Nicolas Newbury with Sl Mary Speenhamland was changed to Sl Nicolas Newbury to avoid confusion with the name of the new benefice, Sl Nicolas, Newbury and Sl Mary's Speen. Page 3
ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL ANNUAL REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2022 Policies Adopted for the Induction and Training of Members There are no formal induction procedures for new members, although advantage would be taken of any training courses arranged by the Diocese or Deanery as and when they occur. Al the first meeting of the new PCC a briefing is given concerning the responsibilities of the members as Iruslees of the charity. Copies of the Church Representation Rules 120201 and A Handbook for Churchwardens and Parochial Church Councillors 12010 Edition) are available on request. Oryanisational Structuro and Decision Making The PCC meets around ten limes a year and operates through commillees and a number of empowered teams who work day-to-day in support of the church's life. Where formal decisions are reqLJired, or matters of policy need to be approved, recommendations are made for consideration by the full PCC. The current structures operate as follows.. Standing Committee.. This is the only committee required tiy law. Chaired by the Rector, it comprises the Associate Rector, Churchwardens, Treasurer, Secretary and Lay Vice-chair. It meets most months and has the power lo tr8nsacl the business of the PCC between its meetings, subject lo any directions given by the Council. The PCC has also delegated authority to the Standing Committee to handle human resource issues, including staff appraisal, discipline, grievance, performance, terms and conditions and remuneration. Finance Committee.. Chaired by the Treasurer, this committee oversees the general financial aspects of the work of Sl. Nicolas., by monitoring income and expenditure, budgeting, and co-ordinating the annual review of the Christian Stewardship of money through planned giving. Outreach Committee.. This committee supports our missionary links as well as local charitable causes in Newbury and recommends how our lilhed giving should be allocated beeen local, national and international charities as well as individuals. Fabric.. The fabric is managed by the Churchwardens and the Facilities Manager with the help of volunteers from members of the congregation recruited for specific tasks. Town Team.. This group leads and co-ordinates the engagement of St Nicolas Church members with our town and community, as part of the church vision.. Being Good News and Bringing Good News. The emphasis of this work is about service to the community, as our response lo and demonstration of God's love. Pastoral Care Team.. As part of the Sl Nicolas Vision, we are committed to developing a reliable structure for pastoral care, covering every member of our congregation. A small leadership team oversees this work and responds to requests and information from the church office and members of the clergy wrfth the help of volunteers. Youth & children.. Sarah South is our Children's Minister for under 5$. She leads the work of 'Small Sl8rs' on Sunday momings, and is part of the team running Hidden Treasures, a parent and toddler group meeting each Monday morning in term lime. Caroline Chichester is our Children's Minister for 5-11 s, leading the work of 'AII Stars, on Sunday mornings. A new Youth Leader, Clare Caskie, joined the team in August 2022 to be responsible for working with young people aged 11-18. She is building up various activities including a regular Thursday drop-in for 11-18 year olds and Sunday leaching sessions for both Palhfinders111-141 and The Fim) {14-181. Our youth and children's ministry includes a large number of gifted and passionate volunteers, who make the work possible. Page 4
ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL ANNUAL REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2022 2. OBJECTIVES AND ACTNITIES FOR THE PUBLIC BENEFIT Sl. Nicolas. PCC has the responsibility to co-operate with the Incumbent and his staff, in promoting in the parish the whole mission of the church.. pastoral, evangelistic, social and ecumenical. It also has responsibilities as an employer for the staff il employs, and maintenance responsibilities for the church building and other buildings owned by the PCC. The primary objective of the PCC is the promotion of the Gospel of our Lord Jesus Christ according to the doctrines and practices of the Church of England. We aim to welcome all people from Newbury and the surrounding area, as well as visitors, lo join our worship and other aclivilies. When planning activities, the IncLJmbenl and the PCC continue as a matter of course to include consideration of the public good as a major factor in their decision-making and have verified that their policies are in line with the Charity Commission's guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion. Our Vision is to become a church of which il can truly be said that we are Good News for Newbury. This means= Being Good News.. through being actively involved and engaged al the centre of life in Newbury- meeting real local needs, serving in partnership with local organisations and above all demonslraling God's love in everything we do,. and Bringing Good News.. bringing the message of love and life, security and hope, joy and peace, forgiveness, and reconciliation, which is al the heart of the Christian faith lo the people of Newbury. The PCC has for many years had a policy to donate 100/0 of ils unreslricled income lo charities or other good causes. Potential recipients are considered by the Outreach Committee, and recommendations are made to the PCC., this includes national, inlemalional, and local charities, a number of which have local links lo the church or its members. In 2022, £36,701 was donated lo Outreach activities on the recommendation of the Outreach Committee. Church Membership In April 2022, the Church Electoral Roll was updated resulting in a new total of 295. This compares with 302 members at the end of2021. 3. ACHIEVEMENTS AND PERFORMANCE Overview of 2022 In 2022 the church was led by the Rector, Revd Will Hunter Smart, with the support of Revd Joy Mawdesley as Associate Rector and Revd Jackie Fountain as Curate. They were supported by a gifted staff team comprising Caroline Chichester and Sarah South (Joint Children's Minislersl., Ben Norman (Facilities Manager)," Mandy Maskell Ichurch Administrator),. and Libby Lake (Rector's PAI. The youth work was undertaken by volunteers until the appointment of Clare Caskie as youth minister in July. From September we were also blessed lo gain a ministry apprentice, Beth Mawdesley, helping us particularly with worship and the youth. The work ofthe church could not have continued without a wonderful team of volunteers. The church continues to attract many newcomers and we are keen lo get them involved in church life as soon as possible. We have created some "Gel involved" cards lo help steer newcomers lo areas of service which appeal lo them and best use their gifts. We have seen new people gel involved in helping with the worship, refreshments, technical areas as well as in welcoming and stewarding. Meanwhile the bells have continued lo be rung, welcoming people lo church, flowers have been arranged, the church grounds have been carefully maintained and so many more humble tasks have been done quietly by a faithful team of volunteers throughout the year. Page 5
ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL ANNUAL REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2022 With life returning to normal after the disruptions of the pandemic we began lo increase the focus on our vision. The year opened with a series of sermons in January focusing on how we could Be and Bring Good News lo Newbury. We held a vision breakfast al the beginning of February which was attended by over 80 members of the congregation. The review of our worship, one of vision goals, was already undetway, and a welcome team was established lo ensure that newcomers were better welcomed and that those returning post pandemic could more easily reintegrate into the life of St Nicolas. The buildings, team also gathered momentum as il looked at our needs present and going forward so that we can hopefully reorder the church building in the most effective way for the church and the local community in the near future. In February we began another Alpha course, this time in person but with the option of joining online for those still not SLJre about coming in person. This went very well and we have since heard some great testimonies of lives changed as a result of having done the course. In March we did as all Church of England churches were being asked and held the Living in Love and Faith course, which was very well attended and allowed for much discussion, wtth differing views being shared. Looking beyond ourselves, we had four weeks of daily prayers for Ukraine in the light of the recent Russian invasion. As well as the usual wonderful Easter celebrations, we were delighted to welcome back Lamps Theatre Company who performed The Passion in 8 very moving w8y. The Easter Day morning setvice was also the final service for our long setving choir master, Nic Cope. He received an extended applause for his great contribution lo the life of Sl Nicolas. Hannah Maskell, a young music graduate and member of the church, kindly agreed to look after the choir with the help of Joy Mawdesley for the rest of the year. May saw the start of a daytime Alpha course hosted by Foundations, the Bible study group for parents of young children. This was very well allended and needed a strong team of volunteers, not only lo lead groups and cater for the refreshments, bul also lo ensure that the children were kept safe and entertained while their parents discussed faith together. As the Country celebrated Queen Elizabeth's platinum jubilee in June, St Nic's held its own version of a street party with many joining together for a lunch in the church and hall, as the rains prohibited us from enjoying the grounds. Another ftjn summer event linking the church with the town was allowing a town outreach event of a kilomelre long giant dominoes moving sculpture to run straight through the middle of the church building - much lo the amusement of onlookers. Wrfth our previous YoLJth Minister having left us in September 2021, the search for a replacement was very much in eamesl in the spring, and, having failed to recrurt after our first round of advertising, we were delighted to appoint Clare Caskie, from our own congregation, in July. She has made a very enthusiastic start and built a solid team lo help her. The youth and volunteers feel relieved lo have a strong steer and direction now. W(£h the death of Her Majesty in September, the church was able lo respond immediately by opening up that evening and all weekend for those who wanted lo come and share their grief with others in prayer. With volunteers quickly stepping fonmard we were able to man the church again the following weekend and for the funeral, and this was definitely appreciated by those who came. One of our vision goals is to focus on prayer and we began The Prayer Course, written by Pete Greig who started the 2417 prayer movement, in September. This was attended by over 60 members of the congregation and was very much appreciated by everyone, as we were inspired and encouraged in our walk with Jesus. This was accompanied by a focus on prayer in our Sunday leaching, morning and evening, and culminated in a 2417 week of prayer in November, with the front of the church building itself being transformed into a beautiful prayer space. Wfch our harvest festival in October, our thoughts again turned lo Ukraine and our collection for the Ukrainian Bible Society was to provide 'Bread and Bibles, for those under attack. The men of our church went away lo Windmill Farm in Gloucestershire for a weekend of leaching, fellowship and fun together. The welcome team hosted a Sunday Lunch at Home event, pairing up those willing lo host with those who wanted lo be guests for a Sunday lunch. Around 60 people look part in this and new and deeper friendships were made as hospilalily was shared. Over the Hallowe'en weekend we again opened up the church lo be light in the darkness, and a Light Party was held for many children who wouldn't normally attend our St Nic's kids, groups. Page 6
ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL ANNUAL REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2022 November was also a busy month with a service of full immersion baptism for a couple of our young people and confirmation for quite a few others. We began a warm hub on a Thursday afternoon, opening up the church hall and providing free refreshments and activities for those struggling lo heat their homes with the current cost of living crisis. There was a large service of thanksgiving for the life of the queen attended by many dignitaries as well as regular members of the congregation, and the Christmas lebratIonS began with a service aimed specifically at adults with leaming disabilities hosted by Count Everyone In. Christmas was able to be celebrated without any nod lo covid this year and somehow seemed all the more joyous because of that. The carol service is always a particular highlight for many and it was wonderful to be bursting at the seams and singing al full volume once againl The crib service saw many new families coming and children dressing up and having fun, while taking a moment to consider the real meaning of Christmas. Worship The church aims to be one which is constantly growing in relationship with God, both individually and corporately. To this end we held services every Sunday, morning and evening, with the 108m Servi continuing to be livestreamed for those who couldn't make it to the building itself. The Thursday morning communion service, much appreciated by our older folk, has also taken place throughout the year. Prayer is essential lo all the church does. The 'Encounter' corporate prayer meetings have been held monthly in person throughout the year. These enabled more connection with the church family and lime to pray for our community and the wider world. We were also joined by members of other churches one Sunday in November to pray for Newbury together. The Prayer Course enabled many to strengthen in their prayer life and the 2417 week of prayer was a wonderful highlight for many as they discovered more creative ways lo spend time with Jesus. Fellowship The church aims lo nurture the Christian life that the whole church shares and celebrates together. There have been several ladies, and men's breakfasts to allow for lime for fellowship and lo hear an engaging speaker. In addition we have held a vision breakfast, a couple of welcome breakfasts, a building project breakfast, ladies, pudding parties, the Sunday Lunch al Home event, the jubilee lunch, various courses and a men's weekend away all of which have allowed for plenty of time to connect with others in the church. Newbury Friends Together allows for the older generation lo have fellowship together and Foundations provides a space for parents of young children to meet together every week loo, so hopefully most needs are catered for. Home groups {usually between 10 and 15 people) and even smaller DNA groups (three people meeting for more personal discussion and prayer) continued to play a vital role, enabling people to connect in a more Intimate way, share how they were doing and encourage one another In the faith. Anyone who was not already a member of a home group was encouraged lo join one, so that everyone had a smaller group of people wtth whom they could connect in a more meaningful way. Mission The church looks to express our desire to work for God's Kingdom in the world. A key part of this is giving people regular opportunities lo learn and respond to the good news of Jesus Christ. For those seeking to know more about the Christian faith, the Alpha course was launched in February, with around 20 guests attending. The daytime Alpha followed in May, with many young mums joining in, who weren't otherwise part of the church. Page 7
ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL ANNUAL REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2022 The Listening Café is a gentle form of outreach as members of the church make themselves available for anyone who wants to come and talk and have someone lo pray for them. "Hidden Treasures" the group for parents and carers of young toddlers, has definitely mel a real need and relies on people booking in beforehand to ensure their space. Such is the popularity we have considered whether or not we can pul this on l¢e in one week. Members of the clergy, our children's worker and a churchwarden all take il in turns lo lead assemblies al our local church school. Caroline and a couple of volunteers also run a weekly lun¢hlime club al the school, sharing Bible stories, games and a craft. Other ways in which the church demonstrated ils desire to work for God's kingdom in the world included the continued work of the CAP (Christians Against Poverty) Debt Cenlre. Meet Monday, led by Pete and Christine Winmill of'count Everyone In, continued lo reach out lo people with leaming disabilities and autism, and were able lo hold a special accessible Christmas service al the end of November. There is a very active group at Sl Nic's who have designed, built and maintain a garden at the local hospital, which is used and appreciated by patients and staff alike. It is a subtle form of outreach, sharing God's love in a practical way. Finally, the church continued to support its valued overseas mission partners. In addition lo the regular prayer and financial support for our mission partners, at harvest we raised money for the Ukrainian Bible Society and brought in contributions for the local foodbank. Our Christmas collection was given to help build a nursery school for our mission partners in Lesotho. Several of our church members have regular contact with the missionaries there and manage to visit at least once a year to help in more practical ways loo. Future Plans As we look lo the future, our vision Continues to be 'Good News for Newbury,. We want to be good news and to bring good news lo our town. In our 2019 Vision Document, we outlined 7 goals that we wanted lo achieve within two years. Following the Covid-19 pandemic, the PCC reviewed our vision document in the autumn of 2021 and identified four priority goals, where we agreed to seek rapid progress. These four goals were.. 1. Encourage and enable everyone in the church family to connect with our corporate prayer life, at different times and in different ways. 2. Develop a new welcome and integration process, with a clear 'palhway' for newcomers, lo enable them quickly to become part of our church family and able lo serve as soon as they feel ready. 3. Conduct 8 worship review, focusing on our Sunday services, to 018rify direction and identify current and future needs (resources, leadership, staffing) so that we better enable corporate worship where we encounter God and connect with one another. 4. Agree and adopt a development plan for our church building to better serve the current and future ministry of our church and the wider Newbury community, and to create a more welcoming, worshipful environment for all visitors, seven days a week. During 2022, we made encouraging progress in all these four goals. All of them require further work, though, and they remain our 4 priority goals for 2023. Page 8
ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL ANNUAL REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2022 The PCC have also agreed to keep a 'walching brief on the remaining three goals, particularly regarding the right lime for a possible congregation plant. The remaining three goals are as follows.. 1. Encourage and enable everyone in the church family lo commit lo a mid-week small group, as part of their growth as a disciple of Christ {e.g. home group., prayer triplet, DNA, group., seasonal course). 2. Ensure the successful establishment and full integration of three new outreach ministries within the life of our church, embracing the accompanying challenges and Changes they will bring.. Newbury CAP Debt Centre,. Meet Monday (for adults with learning disabililiesl., Hidden Treasures (for parents and toddlers). 3. Work wth St Mary's Speen, aiming to plant a new congregation in the Benefice, with a focus on the Brummell Road estate in Speen, for example a regular afternoon 'Messy Church,. In all our planning for the future, we recognise that we are entirely dependent upon God and his blessing. Our ultimate confidence is in him alone, and we exist for his glory and purposes, not ours. "Unless the Lord builds the house, the builders labour in vain. Unless the Lord watches over the city, the guards sland watch in vain." IPsalm 127..11 4. FINANCIAL REVIEW Summary of unrestricted fund activity in 2022 Al the end of 2021, we had been able lo sel a budget for 2022 that would see our day-lo-day cash expenditure covered by the existing levels of giving without the need for a specific giving appeal. As the year commenced however, we saw a material drop in our income forecasts that pul this al risk. Thanks to the ongoing commitment and generosity of our church family as well as a significant amount of cost savings primarily due lo staff vacancies, we recorded an unreslricled surplus of £72,455 in 2022. Included within this was £71,626 of significant legacies as well as £5,053 of expenditure funded from special reserves. Removing these exceptional items gives a revised unreslricled surplus of £5,882 which compares lo a budgeted deficit of £7,106. This also compares, on a like-for-like basis, lo a surplus of £33,234 in 2021. Note that the figures discussed below exclude the exceptional items of income and expenditure mentioned in the paragraph above. Our stewardship giving in 2022 decreased to £270,963, down from £288,667 in 2021. This was dLJe lo a small number of significant givers moving away from St Nicolas, early in the year. Our total income from donations and legacies in 2022 decreased to £346,520 (down from £372,635 in 20211 which compared to a budgeted figure of £359,097. There was also a notable increase in our income from investments as interest rates on our legacy savings accounts increased throughout the year. In 2022, interest of £3,731 was recorded, up from £2,191 in 2021. Our total unrestricted operation81 expenditure in 2022 decreased on a like-for-like basis to £385,297 (down from £389,845 in 20211. Within this, our Parish share (which was paid in full) decreased by £11,648. As mentioned in section 2 above (Objectives and Activities for the Public Benefill, the PCC continues to give 100/0 of our unrestricted income from donations away to other good causes both close lo home and further afield. We feel that this is a vital part of our witness as a church and it is clear from scripture that we are all, individually and collectively, called lo give what we can to God's work in the wider world. In 2022 our outreach giving amounted to £36,864, down from £37,836 in 2021. Note that these figures exclude outreach giving grants that were funded by the Shefford legacy. Page 9
ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL ANNUAL REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2022 Significant legacies The PCC continue to prayerfully consider how to use the legacy from the estate of Peter Shefford received in late 2017. The funds from this amazing and significant gift are ring fenced and held in dedicated savings accounts in order lo keep them separate from our day-to-day unrestricled reserves. The main item of expenditure funded by the Shefford legacy in 2022 related to survey work undertaken as a part of our Vision project that is looking into how we can best equip our church building for our future needs as well as those of the wider community. In 2022, we also received an interim distribution of £70,000 from the estate of Pauline How who was a long serving and committed member of the Sl Nicolas, church family. These unrestricted fLJnds have likewise been invested in a dedicated savings account. None of the funds from the How legacy were spent during 2022. Further funds are expected from this legacy during 2023 as the sale of property is yet lo complete. The remaining legacy funds and those received as a part of the anonymous donation received in 2018 will be considered by the PCC throughout 2023 as we look lo deliver our church vision that was launched in the autumn of 2019 and refreshed in the autumn of 2021. Summary of restricted fund activity in 2022 Our restricted fund activity in 2022 has not seen any significant new inilialives start up, however our existing initiatives continued lo recover lo normal levels of aclivily, most notably Hidden Treasures, a midweek group for mums and toddlers. In 2022 we are reporting a reslricled fund deficit of £18,330 (compared lo £4,513 in 20211. With significant works being needed lo keep our church healing system operational, we spent all of the annual maintenance grant from the Newbury Church and Almshouse Charity INCAACI as well as some of the residual funds held from previous years. In 2022, we overspent on the annual grant by £4,032 compared to underspending the annual grant by £9,207 in 2021. The £18,114 remaining in Ihis fund will be allocated towards qualifying works in 2023. Depreciation incurred on assets which were purchased using restricted funds is the primary contributor lo the deficit in our restricted fund activity in 2022. Al the end of 2022, we received from the Oxford Diocese an energy grant of £2,500 to help towards the cost of living crisis. This has been wholly allocated to gas and electricity costs incurred during the year. This year we have again made use of the LPW scheme through which Listed Places of Worship can reclaim the VAT on qualifying works to the church building. In 2022, reclaims of VAT on qualifying expenditure lolalled £1,174. Capital projects and Church assets Four capil81 projects were recorded during 2022, namely the purchase of a sound desk 8udio mixer, storage carts for the church hall and LED lighting for the upper Church hall and churchyard. New assets, all commissioned with 8 10 year life, have been added lo our Fixed Asset Register with a lolal asset value of £7,328. Depreciation has been posted to our accounts to reflect these commissioned assets with depreciation commencing in the month of commissioning- The capilalisation policy adopted by the church is set out in note 2.6 to the accounts that follow this report. Reserves Policy The reserves policy as sel out below and re-approved by the PCC in 2022 continues lo be used. Our liquidity position in relation to the approved reserves policy is reported lo the PCC on a regular basis as a part of our financial reports. Page 10
ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL ANNUAL REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2022 The policy commits the PCC to hold sufficient funds so as to meet our obligations across three expenditure categories. The first is lo hold sufficient funds lo cover two months, worth of routine expenditure, excluding depreciation and staff salary costs, lo be held in an account so as lo be immediately available. The second is lo hold enough money lo meet emergency expenditure on the church or hall building, to be invested so as to be available al no more than four weeks, notice. The third is lo hold six months, worth of salary costs for staff employed by the PCC to be invested so as to be available al no more than six weeks, notice. Per this policy, al the end of 2022 the required reserves based on our 2023 budget tolalled £129,500. This was comprised of the following components.. £47,500 to be immediately available lo cover months, worth of routine expenditure {excluding depreciation and staff salaries)., £30,000 lo cover emergency expenditure lo the church or hall building, meaning £77,500 was required to be available al no more than four weeks, noti., and £52,000 lo cover six months, worth of salary costs for staff employed by the PCC, meaning £129,500 was required to be available al no more than six weeks, notice. Al the end of 2022, the church had a total of £226,651 of current assets held as cash lexcluding the ring-fenced funds from the Shefford and How legacies and the anonymous donation). Of that figure, we held £176,918 as immediately available unreslricled funds. No additional unrestricted funds were invested subject to notice of six weeks or less. This therefore met the required liquidity position as set out in our reserves policy. Al various stages throughout the year, the PCC reviews our free reserves Idefined as the unrestricted funds above the level required lo meet the PCC'S obligations as sel out in our reserves policy) with the aim lo fully allocate them to specific special projects and other specific ministry areas. Major items of expenditure, such as that relating to reordering or restoration of the organ would, by their size, require a separate fund-raising activity and will generally not be funded primarily from reserves. Risk management The PCC examines the major risks that the Church faces each financial year. The Church has systems to monitor and control these risks to mitigate any impact they may have on the Church in the future. In 2022, the PCC reviewed and re-approved the Risk Management policy that formalises our approach to the managing of risk across categories covering governance, operational, financial, external and regulatory factors. The accompanying Risk Register sets out the assessed impact and likelihood of the inherent risk for each identified item, the mitigating action the church has taken and the residual risk that remains. While the Risk Management policy is lo be reviewed at least annually, the Risk Register is lo be updated by the Finance Committee at least quarterly throughout the year as and when required changes are identified. Page 11
ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL ANNUAL REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2022 5. PARISH SAFEGUARDING POLICY The following policy was agreed al the Parochial Church Council IPCCI meeting held on 17 May 2022. In 8ccord8nce with the Church of England Safeguarding Policy our church is committed to.. Promoting a safer environment and culture. Safely recruiting and supporting all those wi(h any responsibility related to children, young people and vulnerable adults within the church. Responding promptly lo every safeguarding concern or allegation. Caring pastorally for victimslsurvivors of abuse and other 8ffected persons. Caring pastorally for those who are the subject of concerns or allegations of abuse and other affected persons. Responding to those that may pose a present nsk lo others. The Parish will.. Create a safe and caring place for all. Have a named Parish Safeguarding Officer IPSOI to work wth the in¢umbenl and the PCC to implement policy and procedures. Safely recruit, train and support all those with any responsibility for children, young people and adults to have the confidence and skills lo recognise and respond to abuse. Ensure that there is appropriate insurance cover for all activities involving children and adults undertaken in the name of the parish. Display in church premises and on the front page of the parish website the details of who lo contact if there are safeguarding concerns or support needs. Listen lo and take seriously all those who disclose abuse. Take steps to protect children and adults when a safeguarding concern of any kind arises, following House of Bishops guidance, including notifying the Diocesan Safeguarding Team and statutory agencies immediately. Offer support lo victimslsLJrvivors of abuse regardless of the type of abuse, when or where it occurred. Care for and monitor any member of the church community who may pose a risk lo children and adults whilst maintaining appropriate confidentiality and the safety of all parties. Ensure that health and safely policy, procedures and risk assessments are in place and that these are reviewed annually. Inform the Diocesan Safeguarding Team if we use an altemalive DBS Umbrella Body lo APCS and if we receive any DBS Disclosures that contain information. Review the implemenlalion of the Safeguarding Policy, PrOdureS and Practices al least annually. Each person who works within this church community will agree to abide by this policy and the guidelines estsblished by this church. This church appoints Rebecca Bird as the Parish Safeguarding Officer. Date approved by PCC- 17 May 2022 Page 12
ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL ANNUAL REPORT {COIrnNUED} FOR THE YEAR ENOED 31 DECEMBER 2022 6. TREASURER'S RepoRT en w• w•r• 8ottlng w trwdg81 for 2022. It was so enecwjraglng to s•• that )ur pr•dlct•d day-t>dty Caah expenditure forttk year ahea(i Wld be fvlly covered by exISj levd6 ofgMTrJ and thatwa would therefore not nèèd to und•rtak• an sp81 to ask for Sncrwfjs to glvlng from our ¢hwch flly. Thls position was testsmerrt to the i)ngDlng commFtrnent oftho St Nlcolas. congTegatlon that VK have been so blessed by. Thera were. as vlar. dlleng&s that presented themselves as the year pn4re•s•d, Ihe ffirst Such Instan¢• belThJ material drop kn our stthvardshlp forecasts In first quarter as a small number of slqnfficant glv•r8 m¢)v away from the cTrwJrch. Neverthele55, thanks In part to some Slgnlfunt onff cost redLKUon8 Ihat r•$utted prlmarlly from staff pos6ttonB not belng fi11od as qutchjy as w8 had budgeted, we Ilnlshed th8 year not only favourable to our budggted unr¢$trktgd dgltcll posltlon of ¢. £7.000 but in a posltth ol a modest surplus of c. £8,000. Gfven the cost challervJes i11 county as 8 whole was f4drKJ, pal1c$rlY In th•18tter part of 2022 due to energy pr• and the cost of Imng rAt818, tN•1o o vary bl•s8ed ppsttl( to bo In and on? that gbv• thenk6 lo God for. From a ¢4gh p•r•p•th•, tyJrlel offr•• •tth• ond of202219 & £87.000. Thls Is marglnally hlgher th tho c. £65,000 r•cord•d a$ th• y•ar commerad. Thto provldes a TllY Strong foundauon lor our day.tfyd•y finan¢o$ whl¢h IJ of partlcular Importan •5 w• head Into 2023 glven the ongolng urKortalrty al0d hcm lor and a85oclatod pdces wlll olay at 1r current Iwel8. A huge debt of grlUde Is, as ever. owed to tho congrogdon ofst Nkolas, Ytho have cdlecdvety enabled UB to r•¢prd iha unr98cled pD8lYon detalled ebove. We oro wntlnuoujly Ih•nkfvl to God for puttlng St Nkola8' Church +)n th8 hwlo ol w m•ry p¢)plo. CanGn4 Ihem of the Import0r ofChrl•tkn glvkng oftlm• and ddll• Bs well as monuf,10 HIS Work Thanks to Iho hrd wryk ol the FIneo Cgmmltt••. kn P•rtlcular our FIMncl•l Cpntroller. we hgve, wjth God'8 help, malntaln8d a strong flnance thJndM. Asldo from the Str IlnpAKlal performance dlgcuMed above. palnt8 to not• from • fin•n¢F•l p•rnp•cUv• In 2022 I1. havlng fthplg furKls b hond from our onrKMI malntenr*K• grant frcrfn th• Church Almshouse Chwlty to enable tho 01gnlficant renovdon works rnqulr•d to koep ow chwth hn9 yBtem OPBratIon. thD conllnuatlon Df •trory Pwfryrn ofour hDII WKI lotUng5 Income: and AB V•P lookto 2023 and boyornl. wo krKrNthal fin&ndJl thallenges Ile ahead. Wewlll need totrust kn God and th g•n8reArty olour commltted church lamuy to en8uro cmunuanco ofour exl•tkng mknlstth orKI tho real'Jatbon of our church lIon. I Vuld Ik• lo flrlth ty a9 thanklry dl•d church famlly forth•trg•n•roth. SL NI1. wwld be Unab lo mlnlster lo th8 bre•Jth and depth of communlty gagemrt that becom th• nc¥m In rKont yeark Thank y{1 rnos Lancastsr Hpn Tv•asur•r z& 14arLA LoZ3 Page 13
ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNC STATEMEwf OF MEMBERS. RESPONS181LmE8 FOR THE YEAR ENDED 31 DECEMBER 2022 The Membern are re¥yMslbl• for prnp3rfry the Members. report and Ihe flnan¢Fal 8l£mths kn accordance appllcable law Unlted KlrwJdom Accomllw Standards (UnRed lQrgdom G•n8r41ty Acrepled Accounlng Prxllcel. The law appllcable to charfyes kn England & Wales roqulm Ihe Members to wepar• ffinoncl81 statements for each financlal year vthlch gtve 8 true f8lr 8W of state of affalrs ol the Chodty of hs IncoThAng resources and appllcaU(Jn of mources. Mudlng Its Income expendkure. for that perlod. In preparfng these finwKLql statements, the Members are rewlr¢d to.. s•18ct Bullablé ac)untIng pollde5 and then apptythem em$lslenUy. obg?rve the methods 8n(I prfnclplos of the Charflfje8 SORP IFRS 102); make ludgemenls and 2ccountlng •sllmato8 that are rna¥onJble and prud¢nl; 5ts1g vtheth?r appllcable UK ACcong Standards IFRS 102> ha¥0 foNmd, subJe¢t to any malwhl d&partur•s disclos 8nd •xplalned kn the flnondol statemthits; pr•par• th• fin)nGl81 slalemonts on thè golrs eonwn bo•1$ Unlo11 1$ knapproprfuts to presume thai tho Chwlty WAI Mnllnue In bu61na86. Th• Mémbern are rognble for kéèphw od•qu8t• accourthryj records thal ar• sufflclort to Show and the Ch8rW8 transacllon8 and d1108• wlth reawnllbfe acoJracy at any Ime th8 ffnanclal p0sOn of the Charlty orKI enable them lo ensure that tha flnanclal Jlalements comply th the Charltl8¥ Act 2011, the Charfty (Accounts and Roportsl R•gul•tlons 2W6 arKI tho provl•ton$ ol tho TruBt d8ed. Tlw are a180 re8ponB for leguardlng tho amets ofthe Charfty and henc• far taklng re3wbI• 8t•P8 for the preventlon and d•t•dlon ol fraud •)d other lfteyJarllle•. Approv•d by ord•f ofth• mwnbern ¢fth• board of Mgmbws •n•d on Ils bu11 ty. Chrfs Phlllp PCC S•erèt8ry 2& NarGL ZGz3 Prye 14
ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 Independent Examiner's Report to the Members of St. Nicolas Newbury Parochial Church Council I'the Charity'l report to the chartty Members on my examination of the accounts of the Charity for the year ended 31 December 2022. Responsibilities and Basis of Report As the Members of the Charity you are responsible for the preparation of the accounts in accordance wth the requirements of the Charities Act 20111'lhe 2011 Acl'l. I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my ex8minalion I have followed the applicable Directions given by the Charity Commission under section 14515}Ibl of the 2011 Act. Independent Examinevs Statement Since the Charills gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qu81ified to undertake the ex8minalion because l am a member of The Institute of Chartered Accounlanls in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come lo my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act., or the accounts do not accord with those records., or the accounts do not comply wth the applicable requirements concerning the form and content of accounts sel out in the Charities {Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fail view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. This report is made solely lo the Charills Members, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might stste lo the Charitys Members those mallers l am required to slate lo them in an Independent examinerfs report and for no other purpose. To the fullest exlenl permitted by law, I do not accept or assume responsibility lo anyone other than the Charity and the Charitys Members as a body, for my work or for this report. Signed.. l&t- Dated.. 30 March 2023 Mr M Bath BS¢ FCA DChA James Cowper Kreslon Audit Chartered Accounlanls 2 Communications Road Greenham Business Park Greenham Newbury Berkshire RG19 6AB Page 15
ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022 Unrestricted funds 2022 Restricted funds 2022 Total funds 2022 To181 funds 2021 Note Income from: Donations and legacies Charitable activities Other trading activities Investments Other income 418.146 12.937 27,991 3.731 35.822 15.677 1,311 453.968 28.614 29,302 3.731 2.500 414,405 32,476 29,973 2,191 1,630 2.500 Total income 462,805 55,310 518,115 480,675 Expenditure on: Raising funds Charitable activities 11.610 378.740 27 73.613 11.637 452.353 8,999 442,955 10 Totsl expenditure 390.350 73.640 463.990 451,954 Net movement in funds 72.455 118.3301 54.125 28,721 Reconciliation of funds.. Total funds brought forward Net movement in funds 505,198 72,455 442,391 118,3301 947,589 54,125 918,868 28,721 Total funds carried forward 577.653 424.061 1,001.714 947,589 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 19 to 38 form part of these financial statements. Page 16
ST. MCOLAS NEWBURY PARocHL CHURCH COUNCIL BALANCE SHEEr AS AT 31 DECEMBER 2022 2022 2021 Flx•d asgets T8rylbl• aBs•ts Cumint aM•l 18 449, 468,116 Debt6 Cash ot bor and kn hand 19 36N10 839,208 28,753 481,243 676,618 507.996 Craditorn.. aM(nIS f8lllng thja ¢) (23,803) {28,523) N•teurr•nt #••ts 661,818 479.473 Total a•••ts Iw• ¢uff•nt Ilabllltl 1.001,714 947,589 Total n•t ••Mts 1,001.714 947,589 Ch•rlty fund• Restrfcted fundB Unrestrictèd funds 21 21 424.061 677,663 442,391 505.198 Total fund• 1,001,714 947.689 Th• financlal •l•lwnrffjts approved and arthorf•ed forlsguo ty the Membern 8TrJ 11gn thdr behalf ty. Rovd Vilil friuntsr Smart mm Lancut•r Z& 14arcK zoZ3 Th• nolas on PAg•s 19 to 38 10Th pwt ofth•s8 finondo18tslemeNs. P4ge17
ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2022 2022 2021 Note Cash flows from operating activities Nel cash used in operating activities 24 61.561 54,771 Cash flows from investing activities Interest Purchase of tangible fixed assets 3.732 17,3281 2,191 15,4231 Net cash used in investing activities 13,5961 {3.2321 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 57,965 51.539 481,243 429,704 Cash and cash equivalents at the end of the year 25 539,208 481,243 The notes on pages 19 to 38 form part of these financial statements Page 18
ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 General inforn)ation St Nicolas PCC is an unincotpor8ted charity- It is registered in Engl8nd and Wales with charity registered number 1128145. The principal address of the Charity is Church Office, St Nicolas Hall, Wesl Mills, Newbury, Berkshire, RG14 5HG. Accounting policies 2.1 Basis of preparation of financial ststements The financial statements have been prepared in accordan with the Charities SORP IFRS 1021 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 IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. St. Nicolas Newbury Parochial Church Council meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless olhetwise staled in the relevant accounting policy. 2.2 Going concern The members consider that there are no material uncertainties about the Charity's ability lo continue as a going GOnrn. 2.3 Income All income is recognised once the Charity has enlillemenl lo the income, il is probable that the income will be received and the amount of income receivable can be measured reliably. The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability lo estimate with sufficient accuracy the amount receivable. Evidence of entillemenl lo a legacy exists when the Charity has sufficient evidence that a gift has been left lo them Ilhrough knowledge of the existence of a valid will and the death of the benefaclorl and the executor is satisfied that the property in question will not be required to satisfy claims in the eslale. Receipt of a legacy musl be recognised when it is probable that il will be received and the fair value of the amount receivable, which will generally be the expected cash amount lo be distributed lo the Charity, can be reliably measured. Income lax recoverable in relation lo donations received under Gift Aid or deeds of covenant is recognised al the time of the donation. Income lax recoverable in relation lo investment income is recognised at the lime the investment income is receivable. Other income is recognised in the period in which rt is receivable and lo the extent the goods have been provided or on completion of the servi. Collections are recognised when made. Grants made lo the PCC are accounted for as soon as the PCC is notified of entillemenl and the likely amount due and are recognised in full on receipt. Such income is only deferred when the grant received specifically relates lo expenditure on goods and services that conlraclually relate lo post year end expenses. Sales and publications are accounted for gross. Page 19
ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting policies Icontinuedl 2.3 Incorne lcontinuedl Rental ineome from the letting of church premises is accounted for when earned. Parochial fees due lo the PCC for weddings, funerals etc are accounted for on an event by event b8S1S. 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accru81s basis. All expenditure including support costs and 90vernance costs are allocated to the applicable expenditure headings. Expenditure on raising funds are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitsble activities. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. Support costs are those costs incurred directly in support of expenditure on the objects of the Charity. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met al the year end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. The Diocesan Quota or Parish Share is accounted for when payable and any quota unpaid al 31 December is shown as a creditor in the balance sheet. Other than grants Payable, expenditure is included in the accounts on an accruals basis. 2.5 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity., this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. Page 20
ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting policies Icontinuedl 2.6 Tangible fixed assets and depreciation Tangible fixed assets are initially recognised 8t cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into ils intended working condition should be included in the measurement of cost. Consecrated and beneficed property is excluded from the accounts by the Charities Act 2011. No value is placed on movable church furnishings held by the churchwardens on special trust for the PCC and which require a faculty for disposal since the PCC considers this lo be an inalienable property. All expenditure incurred during the year on consecrated or beneficed buildings and movable church furnishings, whether Maintenan or improvement, is written off. Other land and buildings held on behalf of the PCC for tts own purposes are carried at cost. Depreciation is charged against the cost of the building to write this off over a period of 50 years. Any significant expenditure on building improvements is capitalised, whilst more minor repairs and general maintenance are written off as incurred. Equipment used within the church premises is depreciated on 8 Straight line basis either over 4 years or 10 years. Individual (cems of equipment with a purchase price of £1,000 or less are written off in the petiod in which the asset is acquired. 2.7 Current assets Amounts owing to the PCC al 31 December 2022 in respect of fees, rents or other income are shown as debtors less any provision for amounts that may prove uncolleclible. 2.8 Debtors Trade and other debtors are recognised at the selllemenl amount after any trade discount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. 2.9 Cash at bank and in hand Cash at bank and in hand includes cash and short-lerm highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.10 Liabilities and provisions Liabilities are recognised when there is an obligation al the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit wll be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates il will pay lo settle the debt or the amount il has received as advanced payments for the goods or services it musl provide. 2.11 Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualrfy as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value wi(h the exptIOn of bank loans which are subsequently measured al amortised cost using the effective interest method. Page 21
ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting policies Icontinuedl 2.12 Pensions The Charity operates a defined eonlribution pension scheme and the pension charge represents the amounts pay8ble by the Charity to the fund in respect of the year. 2.13 Fund accounting General funds are unrestricted funds which are 8vailable for use at the discretion of the Members in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordanTr wth specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. The financial statements include transactions, assets and liabilities which the PCC control and can be held responsible for. They do not include the accounts of the church groups that owe an affiliation to another body nor those that are informal gatherings of church members. Critical accounting estimates and areas of judgement Eslimales and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed lo be reasonable under the circumstances. Critical accounting estimates and assumptions.. The Charity makes estimates and assumptions concerning the future. The resuhing accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment lo the carwng amounts of assets and liabilities within the next financial year are discussed below. Critical areas of judgement.. Tangible fixed assets Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as the remaining life of the asset and projected disposal values. Page 22
ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Income from donations and legacies Unrestricted Restricted funds funds 2022 2022 Total funds 2022 Tol81 funds 2021 Stewardship Legacies Offertories Income tax recoverable Donations 270,963 71,626 2,006 65,022 8,529 270,963 71,626 2.006 65,861 43,512 288,667 500 1,521 69,222 54,495 839 34,983 418,146 35,822 453.968 414,405 Total 2021 372,635 41,770 414,405 Income from charitable activities Unrestricted funds 2022 Restricted funds 2022 Total funds 2022 Total funds 2021 Church family events Income from youth work and activities Town Team Weddings and funerals Evangelism Discipleship PRS 13,743 29 707 5,161 329 329 1.020 4,218 280 1,020 4,218 280 523 523 533 533 148 Men's ministry CAP DCM 7,054 7,054 12,000 2.657 12,000 2,657 12,000 688 Hidden Treasures 12,937 1 5,677 28,614 32,476 Total 2021 19,081 13,395 32,476 Page 23
ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Income from other trading activities Income from fundraising events Unrestricted Restricted funds funds 2022 2022 Total funds 2022 Tol81 funds 2021 Hall lettings Newbury Spring Festival Bellringers Women's events Other 21,337 5,230 21,337 5.230 164 1,147 1,424 21,833 6,089 47 754 1,250 164 1,147 1,424 27,991 1,311 29,302 29,973 Total 2021 29,172 801 29,973 Investment income Unrestricted funds 2022 Total funds 2022 Total funds 2021 Interest received 3,731 3,731 2,191 Total 2021 2,191 2,191 Other incoming resources Restricted funds 2022 Total funds 2022 Total funds 2021 Government grants Diocesan grants 1,630 2,500 2,500 2,500 2,500 1,630 Total 2021 1,630 1,630 Page 24
ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Expenditure on raising funds Fundraising trading expenses Unrestricted Restricted funds funds 2022 2022 Total funds 2022 Total funds 2021 Sl Nicolas. House Braunfels walk Online Payment Platform fees 4,678 6,785 147 4,678 6.785 174 2,607 6,340 52 27 11,610 27 11,637 8,999 Total 2021 8,986 13 8,999 10. Analysis of expenditure on charitable activities Summary by fund type Unrestricted Restricted funds funds 2022 2022 Total 2022 Total 2021 Charitable activities - other acliviles 341,876 36,864 73,613 415,489 36,864 405,119 37,836 Charitable activites - grants 378,740 73,613 452,353 442,955 Total 2021 380,859 62,096 442,955 Page 25
ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 11. Analysis of expenditure by activities Activities undertaken directly 2022 Grant funding of activities Support costs Total funds 2022 Total funds 2021 2022 2022 Charitable activities - other activiles 311,775 103,714 415,489 36.864 405,119 37,836 Charitable activites - grants 36,864 311,775 36,864 103,714 452,353 442,955 Total 2021 309,481 37,836 95,638 442,955 Page 26
ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 12. Charitable activities - other activities 2022 2021 Parish share Church running expenses Church family event Ministry staff Youth department Clergy and staff expenses Organist, Choir and organ Collections for charities Ministry apprentice Welcome 154,754 71,521 760 23.727 3,478 6,589 4.331 9.044 1,606 1,607 2.605 144 166,402 45,123 16,753 34,566 758 5,224 3,930 15,742 239 Evangelism and discipleship Bellringers Pastoral care St Nic's Kids 2,375 114 210 1,166 5.812 277 1,004 2,096 360 217 606 Men's ministry Services Town Team 134 621 Weddings and funerals Bursaries 3,133 356 Women's events 767 809 CAP DCM CAP Blessings Hidden Treasures Youth Alpha Meet Monday Vision projects - church building Support costs 12,062 383 11,053 367 3,488 94 50 3,840 103.714 758 201 95,638 415.489 405,119 Page 27
ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 13. Including in charitable activities are the following support costs 2022 2021 Stationery and advertising Telephones and IT Postage Printing Office salaries 4,863 7,090 235 2.559 54,198 25,544 1.237 2.240 5,748 3,358 7,242 1,009 2,354 48,589 24,817 1,527 1,497 5,245 Depreciation other costs Copyrighulicences Governance costs 103,714 95,638 Page 28
ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 14. Analysis of grants Institutions and individuals 2022 Total funds 2022 Total funds 2021 Grants 36,864 36,864 37,836 Total 2021 37,836 37,836 The Charity has made the following material grants during the year.. 2022 2021 COINS Shoemakers Bible Society Mark & Ruth Zealey Miriam Dean Fund 6,000 2.000 500 8,000 1,500 500 2,000 2,000 7,500 5,000 1,000 1,000 3,000 2,500 4,000 6,000 500 1,000 1,000 1.500 625 FHAM Newbury YMCA SAT-7 Bus of Hope Biojemmss Organisation UK P & Cwinmill Count Everyone In Newbury Street Pastors other 5,875 2,000 5.864 3,836 36,864 37,836 The grants paid in the year relate to evangelical, mission and social justice purposes which extend the activities of the PCC. Grants paid lo institutions were £36,23912021.. £31,307). Grants paid lo individuals were £62512021.. £6,529). Page 29
ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 15. Independent examinerfs remuneration 2022 2021 Fees payable lo the Charills independent examiner for the independent examination of the Charitys annual accounts Fees payable to the Charills independent examiner in respect of.. Payroll services 4.260 3,930 1,488 1,315 16. Staff costs 2022 2021 Wages and salaries Social security costs Contribution to defined contribution pension schemes 94,491 4.750 1,384 96,052 5,312 1,494 100,625 102,858 The average number of persons employed by the Charity during the year was as follows.. 2022 No. 2021 No. The average headcount expressed as full-lime equivalents was.. 2022 No. 2021 No. No employee received remuneration amounting to more than £60,000 in either year. 17. Members. remuneration and expenses During the year, 1 member received £90 remuneralion12021.. £901 for stewarding. During the year, no Members received any benefits in kind12021= £nill. During the year ended 31 December 2022, expenses tolalling £6,756 were reimbursed or paid directly to 10 Members12021- £2,959 10 7 Members). Page 30
ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 18. Tangible fixed assets Freehold Fixtures and property fittings Total Cost or valuation Al 1 January 2022 Additions 507.844 233.932 7.328 741.776 7.328 At 31 December 2022 507,844 241,260 749.104 Depreciation At 1 January 2022 Charge for the year 136,468 7.721 137,192 17.824 273,660 25.545 Al 31 December 2022 144.189 155.016 299.205 Net book value At 31 December 2022 363,655 86,244 449.899 Al 31 December 2021 371,376 96,740 468,116 The PCC is of the opinion that the market Value of the freehold land and buildings significantly exceeds its cost. 19. Debtors 2022 2021 Due within one year Other debtors Prepayments and accrued income 30,386 6,024 23,994 2,759 36,410 26,753 Page 31
ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 20. Creditors.. Amounts falling due within one year 2022 2021 Other creditors Aecruals and deferred income Grants accrued 17.225 6,578 16,984 6,539 5,000 23.803 28,523 Page 32
ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 21. Statement of funds Statement of funds - current year 8alance at 31 December 2022 Balance at 1 January 2022 Income Expenditure Unrestricted funds General Funds - all funds 505,198 462,805 1390,3501 577.653 Restricted funds Property Sound system Choir and worship- legacy Morden College Church funds Collections for charities Schneider memorial Church projection system CAP DCM 365.618 12,077 2,211 5,452 22.146 17.5961 14,1411 358.022 7.936 2,211 5.452 18.114 26.000 9.071 {30,0321 19,0711 4,525 8.225 2.480 7,043 12,614 4,525 6.835 1.364 6.660 12,942 11.3901 {13.1161 {3831 17,9111 12.000 CAP Blessings Other miscellaneous funds 8,239 442.391 55.310 {73.6401 424.061 Total of funds 947,589 518.115 1463,9901 1,001.714 Page 33
ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 21. Statement of funds l¢ontinuedl Statement of funds - prior year Balance at 31 December 2021 Balance al 1 January 2021 Income Expenditure Unrestricted funds General Funds - all funds 471,964 423,079 1389,845) 505,198 Restricted funds Property Sound system Choir and worship- legacy Morden College Church funds Collections for charities Schneider memorial Church projection system CAP DCM CAP Blessings Other miscellaneous funds 373,214 16,218 2,211 5,452 12,939 17,596) 14,141} 365,618 12,077 2,211 5,452 22,146 26,000 15,755 116,793) 115,755} 4,525 9,615 2,395 7,410 12,925 4,525 8,225 2,480 7,043 12,614 11,3901 111,9151 1367) 14,152) 12,000 3,841 446,904 57,596 162,109) 442,391 Total of funds 918,868 480,675 1451,954} 947,589 Page 34
ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 21. Statement of funds l¢ontinuedl Property The properties wholly owned by the church comprise St Nic's H8118nd St Nic's House. A 600A share of 10 Braunfels Walk is also held, the remaining share being owned by the DioTrse of Oxford. These properties are to be used lo further the cause of the PCC, including evangelistic events, pastoral care and outreach. Expenditure from this fund relates lo the depreciation charge on the buildings. Sound System The sound system was purchased in 2014 to enhance the audio facilities in the church building. Expenditure from this fund relates to the sound system depreciation charge for the year. Church projection system The Church projection system, installed in late 2017, was partially funded by a reslricled anonymous donation from the congregation. As this significant project was capilalised, the restricted component of the asset created will depreciate 8$ a restricted fund with a 10 year life. Morden College A grant was init1811y received in 2004 to fund the purchase of a new grand piano for the church. The funds that remain will either be allocated to 8 suitable project of a related nature or approval of a re-allocation will be sought from the Charities Commission lo enable the funds to be used for other purposes. Church funds This fund comprises the annual grant received from the Newbury Church and Almshouse Charity which is lo be put towards repairs, maintenan, healing and insurance of the church building. Any funds unused by the end of the year will be put towards qualifying works in the followng year, with the aim being to fully spend each annual grant in the year of receipt. Collections for charities During specific services throughout the year we undertake collections for other charities as considered by the Outreach Committee and recommended to the PCC. These reslricled funds are wholly passed on to the relevant charity. In 2022, benefitting charities have included the Bible Society, Friends of Hope for Africa Missions and the Royal Brrfcish Legion. CAP Debt Centre Manager This fund contains the transfers from the Bridge Church that relate to our Joint Venture lo oversee a Christians Against Poverty ICAPI Debt Centre in Newbury. The Bridge Church hold the donations and grants received and pass on lo us the funds needed to cover the employment costs associated with the Debt Centre Manager, who is an employee of Sl Nicolas, PCC. CAP Blessings This fund was set up after a number of donations were received to bless the CAP Debt Centre clients who may be in urgent need of certain items (white good, clothes, school uniform etc.) It is administered by St Nicolas, under the guidance of the CAP Debt Centre Manager and the CAP Steering Group that was formed as a Joint Venture between St Nicolas, and the Bridge Church, Newbury. Other miscellaneous funds This category includes all other restricted funds which have a balance of less than £5,000 and have annual movements of less than £5,000. Page 35
ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 22. Summary offunds Summary offunds- current year 8alance at 31 December 2022 Balance at 1 January 2022 Income Expenditure General funds Restricted funds 505.198 442.391 462.805 55.310 1390.3501 {73.6401 577.653 424.061 947,589 518,115 1463,9901 1,001.714 Summary offunds- prior year Balance at 31 December 2021 Balance al 1 January 2021 Income Expenditure General funds Restricted funds 471,964 446,904 423,079 57,596 1389,845} 162,1091 505,198 442,391 918,868 480,675 1451,954} 947,589 23. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestricted Restricted funds funds 2022 2022 Total funds 2022 Tangible fixed assets Current assets Creditors due within one year 76,099 515,938 114,3841 373,800 59,680 19,4191 449,899 575.618 123.8031 Total 577,653 424,061 1,001,714 Page 36
ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 23. Analysis of net assets between funds (continued) Analysis of net assets between funds - prior year Unrestricted funds 2021 Restricted funds 2021 Total funds 2021 Tangible fixed assets Current assets 81,024 446,182 122,0081 387,092 61,814 16,515} 468,116 507,996 128,5231 Creditors due within one year Total 505,198 442,391 947,589 24. Reconciliation of ngt movgmgnt in funds to ngt cash flow from oporating activiti9$ 2022 2021 Net income for the year las per Statement of Financial Activities) 54,125 28,721 Adjustments for: Depreciation charges Interest Decreasellincreasel in debtors Increaselldecreasel in creditors 25,545 13,7321 19,6571 14,7201 24,817 12,1911 50 3,374 Net cash provided by operating activities 61,561 54,771 25. Analysis of cash and cash equivalents 2022 2021 Cash in hand Notice deposits Iless than 3 months) 226,652 312.556 181,935 299,308 Total cash and cash equivalents 539,208 481,243 Page 37
ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 26. Analysis of changes in net debt Atl January 2022 Cash flov At31 December 2022 Cash at bank and in hand 481.243 57.965 539.208 481,243 57,965 539,208 27. Pension commitments The Charity operates a defined contribution scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the Charity lo the fund and amounted lo £1,38412021.' £1,494). 28. Related party transactions The Charity received £118,843 12021.. £73,881) in donations without conditions from 20 12021.. 231 Members. Chris Davis, a PCC Member and Trustee of the Charity, is the Managing Director of Beckett Telecom who provide telephony system services. During 2022 expenses lolalled £678 12021.. £5321 of which £27 {2021'. £271 was unpaid at the end of the year. Richard Coward, a PCC Member and Trustee of the Charity, is also a trustee of the charity 'Counl Everyone In, Icharily number 11818521 lo which a grant of £5,875 was paid in 2022. 29. Controlling party The Charity is controlled by the Members of the PCC as described in the Annual Report. Page 38