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 Offi￿r}
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 be￿een 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, PrO￿dureS 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 W￿ld be fvlly covered by exIS￿￿j levd6 ofgMTrJ and thatwa would therefore
not nèèd to und•rtak• an sp￿81 to ask for Sncrwfjs to glvlng from our ¢hwch f￿lly. Thls position was
testsmerrt to the i)ngDlng commFtrnent oftho St Nlcolas. congTegatlon that VK have been so blessed by.
Thera were. as vlar. d￿lleng&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 on￿ff 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 i1￿1 county as 8 whole was f4drKJ, pal1c￿$rlY In th•18tter part of 2022
due to energy pr￿• and the cost of Imng rAt818, tN•1o o vary bl•s8ed ppsttl(￿ to bo In and on? that gbv•
thenk6 lo God for.
From a ¢4gh p•r•p•th•, tyJrle￿l offr•• •tth• ond of202219 & £87.000. Thls Is marglnally hlgher th
tho c. £65,000 r•cord•d a$ th• y•ar commer￿ad. Thto provldes a T￿llY Strong foundauon lor our day.tfyd•y
finan¢o$ whl¢h IJ of partlcular Importan￿ •5 w• head Into 2023 glven the ongolng urKortalrty al0￿d hcm lor
and a85oclatod pdces wlll olay at ￿1r current Iwel8.
A huge debt of gr￿lUde Is, as ever. owed to tho congrogdon ofst Nkolas, Ytho have cdlecdvety enabled UB to
r•¢prd iha unr98￿cled pD8lYon detalled ebove. We oro wntlnuoujly Ih•nkfvl to God for puttlng St Nkola8'
Church +)n th8 hwlo ol w m•ry p¢)plo. Can￿G￿n4 Ihem of the Import0r￿ ofChrl•tkn glvkng oftlm• and ddll•
Bs well as monuf,10 HIS Work
Thanks to Iho hrd wryk ol the FIne￿o 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 I￿1￿.
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 h￿￿n9
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 V￿uld Ik• lo flrlth ty a9￿￿ thanklry d￿l•d church famlly forth•trg•n•roth. SL NI￿1￿.
wwld be Unab￿ lo mlnlster lo th8 bre•Jth and depth of communlty ￿gagem￿rt 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$lslenUy.
obg?rve the methods 8n(I prfnclplos of the Charflfje8 SORP IFRS 102);
make ludgemenls and 2ccountlng •sllmato8 that are rna¥onJble and prud¢nl;
5ts1g vtheth?r appllcable UK ACco￿￿ng Standards IFRS 102> ha¥0 foNmd, subJe¢t to any malwhl
d&partur•s disclos￿ 8nd •xplalned kn the flnondol statemthits;
pr•par• th• fin)nGl81 slalemonts on thè golrs eonwn bo•1$ Unlo￿11 1$ knapproprfuts to presume thai tho
Chwlty WAI Mnllnue In bu61na86.
Th• Mémbern are rog￿n￿ble for kéèphw od•qu8t• accourthryj records thal ar• sufflclort to Show and
the Ch8rW8 transacllon8 and d1￿108• wlth reawnllbfe acoJracy at any Ime th8 ffnanclal p0s￿On 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 re3w￿bI• 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 bu￿11 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 PARocH￿L CHURCH COUNCIL
BALANCE SHEEr
AS AT 31 DECEMBER 2022
2022
2021
Flx•d asgets
T8rylbl• aBs•ts
Cumint aM•l*
18
449,
468,116
Debt￿6
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 GOn￿rn.
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 ex￿ptIOn 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