2023-12-31-accounts

Charity number.. 1128145 ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL INDEPENDENTLY EXAMINED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL CONTENTS Page Reference and admlnlstratlve detalls of the Charlty. Its Members and advlsers Annual report Members, responslbllltles ststement Independent examiner's report Statement of flnanclal actlvltles 3-14 15 17 Balance shget Statement of cash flows 19 Notes to the financial statemonts 20-39

ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL PCC Membership Members of the PCC are ex officio, elected by the Annual Parochial Church Meeting IAPCMI, or co opted by decision of the PCC. During the year, the following served as members of the PCC.. Incumbent: Revd Will Hunter Smart (Chairman} St Nicolas. Ordained & Licensed Staff: Revd Joy Mawdesley {Associale Reclorl Revd Janice Macdonald (Associate Minislerl Revd Jackie Fountain {Curatel (resigned September 20231 Churchwardens: Tania Wolak Richard Coward Treasurer: James Lancaster Secretary: Chris Philip Member ofthe General Synod Revd Joy Mawdesley Representatives on the Dganery Synod (All elected until 20261 Chris Philip IPCC Secretsryl Rosie Davis Samantha Mullender (resigned September 20231 David Parry Elected Members111} Elected until 2024 Andy Laidler Peter Bradley Joanna Lazarus Tristan Davies Suzanne Lees Elected until 2025 Jonathan South Nigel Freeman James Lancaster (Treasurer} Elected until 2026 Vivien Staunton Sharon Coward Philip Davis IPCC Lay Vice Chairl Co￿Pted members Rebecca Bird (Parish Safeguarding Offi￿r} Cheryl Gadsby Page 1

ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL Charity registered number 1128145 Principal office Church Office Sl Nicolas Hall West Mills Newbury Berkshire RG14 5HG Accountants James Cowper Kreslon Chartered Accounlanls 2 Communications Road Greenham Business Park Greenham Newbury Berkshire RG19 6AB Bankers Lloyds Bank plc 3-5 Bridge Street Newbury Berkshire RG14 5BQ Architects 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 2023 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 charity) for the year ended 31 December 2023. The Members confirm that the annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice ISORPI "Accounting and Reporting by Charities" issued in March 2005. Structure. governance and management General The parish covers the central area of Newbury, a mixture of residential and retail areas. Sl. 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 Sl. Nicolas, House, Wesl Mills, and part owns the Curate's house in Braunfels Walk. Correspondence for the PCC should be addressed to.. PCC Secretary Church Office St Nicolas Hall Wesl Mills Newbury Berkshire RG14 5HG or sent via email to [e-mail] Day to day management is carried out by the Incumbent, the Revd Will Hunter Smart, together with the church staff team. St Nicolas, is part of the benefice of St Nicolas, Newbury and St Mary's Speen which came into being on 1st April 2015 when the"Newbury Team" formally came to an end. Method of Appointment 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 at the church's annual meeting (the Annual Parochial Church Meelingl. Al the APCM in 2004, in accordance with Synodical Government Amendment Measure 2003, the PCC of St. Nicolas Newbury with St. Mary Speenhamland" was determined to include.. 6 lay representatives rf there are no more than 50 names on the Electoral Roll., 9 lay representatives rf there are no more than 100 names on the Electoral Roll., rf there are more than 100 names on the Electoral Roll, then 9 lay representatives plus 1 per additional 100 names or part thereof (up to a maximum of 13 members). "As part of the re-slrucluring in 2015 the name Sl Nicolas Newbury with Sl Mary Speenhamland was changed to St Nicolas Newbury lo avoid confusion with the name of the new benefice, Sl Nicolas, Newbury and St M8ry'S Speen. Policies Adopted for the Induction and Training of Members The￿ are no fomial induction procedures for new members, although advantage would be tsken of any training courses arffinged by the Diocese or Deanery as and when they occur. Al the first meeting of the new PCC 8 briefing is given concerning the responsibilities of the members as trustees of the charity. Copies of the Church Representation Rules {20201 and A Handbook for Churchwardens and Parochi81 Church Councillors {2010 Edition) are available on request. Page 3

ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL ANNUAL REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Structure. governance and management Icontinuedl Organisational Structure and Decision Making The PCC meets around ten limes a year and operates through committees and a number of empowered teams who work day lo day in support of the church's life. Where formal decisions are required, or mallers of policy need to be approved, recommendations are made for consideration by the full PCC. The current structures operate as follows.. Stsnding Committee: This is the only Committee required by law. Chaired by the Rector, it comprises the Associate Rector, Churchwardens, Treasurer, Secretary and Lay Vice Chair.11 meets most months and has the power lo transact the business of the PCC between ils meetings, subject to any directions given by the Council. The PCC has also delegated authority lo the Standing Committee to handle human resour￿ 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 tithed giving should be allocated between local, national and intemalional 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 to and demonslralion of God's love. Pastoral Care Team: As part of the St Nicolas Vision, we are commilled lo 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 with the help of volunteers. Youth & children: Sarah South is our Children's Minister for under 5s. She leads the work of 'Small Stars, on Sunday mornings, and is part of the team running Hidden Treasures, a parent and toddler group meeting each Monday morning in term lime. Caroline Chichester was our Children's Minister for 5-11 s, leading the work of 'AII Stsrs, on Sunday mornings until her resignation in February 2023. The post remains unfilled but the work of leading and leaching our 5-11 year olds is being undertaken by volunteer parents supported by a part time adminislralor who coordinates resources and rotss until a suitable full time appointment can be made. Clare Caskie is responsible for working with young people aged 11-18. She is building up various activities on weeknights and Sunday teaching sessions for both Pathfinders {11-141 and The Fimi {14-181. She organised a week away al a national Christian Camp for the 14-18 year olds and has encouraged members of the group lo engage in other national Christian rallies. She has been supported in this work by our Ministry Apprentice, Beth Mawdesley. The Children's and Youth ministries are well supported on Sunday mornings by many willing parents. Clare and Beth organised a SUC￿ssful Holiday Club during the first week of the school summer holidays and this attracted over 70 children supported by almost as many adult and young helpers. Page 4

ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL ANNUAL REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Objectives and activities St. Nicolas, PCC has the responsibility to Cl￿perate with the Incumbent and his staff, in promoting in the parish the whole mission of the church.. pastoral, evangelistic, social and ecumenical. 11 also has responsibilities as an employer for the staff it 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, to join our worship and other activities. When planning activities, the Incumbent and the PCC continue as a maller 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 lo 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 demonstrating God's love in everything we do,. and Bringing Good News: bringing the message of love and life, security and hope, joy and pea￿, forgiveness, and reconciliation, which is at the heart of the Christian faith to the people of Newbury. The PCC has for many years had a policy to donate 10 /0 of ils unrestricted income lo charities or other good causes. Potential recipients are considered by the Outreach Committee, and recommendations are made lo the PCC., this includes national, inlernalional. and local charities, a number of which have local links lo the church or ils members. In 2023, £34,839 was donated lo Outreach activities on the recommendation of the Outreach Committee. Church Membership In April 2023, the Church Electoral Roll was updated resulting in a new total of 307. This compares with 295 members in April 2022. Page 5

ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL ANNUAL REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Achievements and perfomiance Overview of 2023 In 2023 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 (until September 20231. They were supported by a gifted staff team comprising Clare Caskie (Youth Minislerl, Sarah South {Children's Minister for 0-5s},' Ben Norman {Facilities Manager until April 20231, Samantha Bryant (Facilities Manager from April 20231., Mandy Maskell {Church Adminislralorl., and Libby Lake (Rector's PAI. Our children's minister {6-11 sl stepped down in February 2023 and sadly we failed lo recruit a replacement, despite two rounds of advertising. Instead in September 2023, we appointed Elaine Canniffe as a Children's Work Administrator lo help our volunteers until we can recruit again. We were blessed to keep our Ministry Apprentice, Beth Mawdesley, for a second year, who has continued lo help us particularly with worship and the youth. The work of the church could not have continued without a wonderful team of volunteers. The church continued lo allracl many newcomers and we have been keen to gel them involved in church lrfe as soon as possible. Our "Gel involved" cards help steer them lo areas of service which appeal lo them and best use their gifts. We always have a large crew of volunteers enabling our church servi￿$ lo happen as smoothly and as worshipfully as possible by running the technology, participating in the band, serving refreshments, ringing the bells.. as well as plenty more keeping everything shipshape during the week, e.g. maintaining the church grounds, arranging flowers, helping with administration, polishing the brass and doing many other humble but very necessary tasks, usually with a smilel Now that Sl Nic's has a large Hong Kong contingent, it was a joy to be able lo ￿lebrate the Chinese New Year with them in January. They made delicious edible Chinese Ireals for the end of the service which proved very popular. In February we began another Alpha course, the biggest Sin￿ the pandemic, with over 40 people in attendan￿. In March we decided to bring the regular refreshments after the 10am service back into the church building. This was to facilitsle the increased congregation we have been seeing since the pandemic. making it easier for people to move around, and to avoid losing newcomers in the transition from church building to hall, which had proved daunting for some. During lent the pastoral care team ran a course entitled, 'Keep on Loving One Anolherf, which helped us lo consider various pastoral needs, like looking after the bereaved and the older generation. It was well allended and very useful. In the run up to Easter we also held another Sunday Lunch al Home event, where people offered to host or be hosted in their homes, the participants being paired up by the Welcome Team. We were joined by a Festival Choir {wilh many additional members from our congregalionl for our big Easter services on Good Friday and Easter Sunday, headed up by our now regular choir mistress, Hannah Maskell. This augmented festival choir had another outing shortly after Easter for a special service following the King's coronation in May. The coronation itself was livestreamed to the church and the building opened for members of the public and the congregation lo be able lo watch this historic event with others. In the summer months, the main event was our Holiday Club, taking place at the beginning of the school holidays in July. With 73 children and nearly as many adult and young volunteers, this really look a huge amount of organisation, ably headed up by Clare Caskie lour Youth Minister) and Beth Mawdesley lour Ministry Apprenti￿1. With a training day for volunteers on the Monday and a celebratory service the following Sunday, it was a full week event. 11 was wonderful to be able to have this event back in its full glory after several years of postponement due largely lo the pandemic. Immediately following the Holiday Club, Clare and Beth took some of the young people away on a residential ump run by CPAS, which they very much enjoyed. Other events that look place in the summer included a couple of pudding parties for ladies and an afternoon tea for the over 65s. all hosted by Joyce Zealey in her beautiful garden. We also held a church picnic al Sl Gabriel's School, just a mile down the road from the Church, which was very well attended and another great time for fellowship together. During one of the evening ServI￿S we headed out and about in Newbury lo pray for different aspects of our town on location. We began the autumn term with a Back lo School Sunday service, celebrating and praying for our children, young people and their teachers followed by a now annual. Six in the Sticks" evening service in the beautiful garden of Peter and Liesl Bradley in Highclere. Both were special occasions to regroup after the summer and prepare ourselves for the busy term ahead. In September we sadly said farewell lo our Curate, Jackie Fountain, and her husband Paul. They had both contributed hugely lo the life of St Nic's in their three years with us and Page 6

ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL ANNUAL REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Achievements and perfomiance (continued) would be greatly missed. An afternoon tea was held on Jackie's last Sunday, 24th September, lo give as many members as possible the opportunity lo say Farewell. With our harvest festival in October, we collected food for the Foodbank and gave monetary gifts towards the Leprosy Mission's work in Sri Lanka. The main event in October was our Church Weekend Away at the Pioneer Centre in Cleobury Mortimer. Over 200 of us battled floods and half temi traffic lo get there but then enjoyed a wonderful lime of worship, ex￿lIent leaching by Andy Robinson, fellowship and fun. October also saw the stsrt of a daytime Alpha course, hosted by members of St Nic's al the Speen Community Café, and the month finished with a Light Party that was fully booked by children from within and without the church community. In November, the ladies, team, headed by Vivien Staunton, put on another "Create for Christmas. event, a quality event to which members of the church can bring their friends, knowing they will have a wonderful lime. December saw the start in earnest of all things Christmas, beginning with a wonderful Christingle service followed by a Count Everyone In Celebration for everyone, but especially those adults with learning disabilities. Groups across the country tuned into this, following the live stream and conlribuling in person and through videos lo the servi￿. A Living Advent Calendar is now held in Newbury every year and Sl Nic's once again played a big role in this. hosting one of the days eady in the month. Guests wailed outside for the opening of the doors, then entered lo dimmed lights, the sound of the choir singing carols, a hot drink and refreshments and the opportunity to enjoy the church all dressed up for Christmas. Hopefully they pondered what the season is all about with our nativity and other resources set out and members of the church around to talk lo. With the carol Servi￿ being full lo the brim, back to pre-pandemic numbers, and then equally the crib service, midnight communion and Christmas Day ServI￿S all very well attended as well, it was wonderful to be able lo celebrate the birth of our Saviour, the One on whom all this activity ￿ntreS and without whom it would all be pointless, in the company of many people from the community and beyond. Worship The church aims lo 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 1 Oam service continuing lo be livestreamed for those who Couldn't make it lo the building itself. The Thursday morning communion servi￿, much appreciated by our older folk, has also taken place throughout the year. Prayer is essential to all the church does. The 'Encounler' corporate prayer meetings have been held monthly in person throughout the year. These enabled more connection with the church family and lime lo pray for our community and the wider worfd. Early in the year we Iransfomied the side chapel of the church building into a beautiful prayer space {following on from the inspiration of the 2417 week of prayer held in November 20221, which was much used and appreciated by visitors lo the church as well as regular members of the church family. In December we held a new time of prayer for thirty minutes on a Wednesday morning during Advent. Fellowship The church aims to nurture the Christian life that the whole church shares and celebrates together. There have been several ladies, and men's breakfasts and a men's curry evening to allow for lime for fellowship and to hear an engaging speaker. In addition we have held Welcome Lunches to help newcomers to engage more with the church family, a Sunday Lunch al Home event, pudding parties, afternoon teas, the church picnic, Six in the Sticks and, of course, the Church Weekend Away- all of which have allowed for plenty of lime lo connect with others in the church. Newbury Friends Together, which meets weekly, is a valued lime of fellowship for the older generation and Foundations provides a Spa￿ for women 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 {Ihree people meeting for more personal discussion and prayer} continued lo 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 with whom they could connect in a more meaningful way. Page 7

ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL ANNUAL REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Achievements and perfomiance (continued) Mission The church looks to express our desire lo work for God's Kingdom in the world. A key part of this is giving people regular opportunities to learn and respond lo the good news of Jesus Christ. For those seeking lo know more about the Christian faith, the Alpha course was launched in February, with around 40 guests allending. The daytime Alpha followed in October al The Speen Community Café. The Listening Space is a gentle form of outreach as members of the church make themselves available for anyone who wants lo Come and talk and have someone to pray for them. "Hidden Treasures., the group for parents and carers of young toddlers, meets a real need and relies on people booking in beforehand to ensure their space. Such is the popularity we have now started a Tiny Treasures group for parents of even smaller children and babies. Members of the clergy, and a couple of volunteers from the church lake il in turns to lead assemblies al our local church school. Several volunteers also run a weekly lunchtime club al the school, sharing Bible stories. games and a craft. Other ways in which the church demonstrated its desire to work for God's kingdom in the world included the relaunching of the CAP Ichrislians Against Poverty) Debt Centre in the late autumn, with Colin Cunningham as the new manager. following ils temporary closure for several months due lo the previous manager stepping down. Meet Monday, led by Pete and Christine Winmill of 'Counl Everyone In, continued lo reach out lo people with learning disabilities and autism, and were able to hold a special accessible Christmas Servi￿ al the beginning of December. The church hall was opened weekly during the winter as a Warm Hub, where local people could find a Spa￿ lo keep warm and have some company and free refreshments once a week. This was renamed Welcome Hub in the summer, as the need lo keep people warm was less prevalenti There is a very active group at St Nic's who have designed, built and maintain a garden al 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 ils valued overseas mission partners. In addition to the regular prayer and financial support for our mission partners, al harvest we raised money for the Leprosy Mission's work in Sri Lanka and brought in contributions for the local foodbank. Our Christmas collection was given to help the work of the foodbank in Vvest Berkshire, given the ongoing cost of living crisis and desperate needs of local people. Future Plans As we look lo the future, our vision continues to be 'Good News for Newbury,. We want lo be good news and lo bring good news to our town. In our 2019 Vision Document, we outlined 7 clear goals for our church. Following the Covid-19 pandemic, the PCC reviewed our vision document in the autumn of 2021 and identified four priority goals, where we agreed lo seek rapid progress. These four priority goals were.. 1. Encourage and enable everyone in the church family to connect with our corporate prayer life, al different times and in different ways. 2. Develop a new welcome and integration process, with a clear'palhway, for newcomers, lo enable them quickly lo become part of our church family and able to serve as soon as they feel ready. 3. Conduct a worship review, focusing on our Sunday services, lo clarify 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. Page 8

ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL ANNUAL REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Achievements and perfomiance (continued) During 2023, we made encouraging progress with of these goals- our welcome and integration progress and our church building project. Progress on the two other goals (prayer and worship) slowed from the initial progress made in 2022. All four goals require further work though, and they remain our 4 priority goals for 2024. The PCC have also agreed to keep a 'walching brief on the remaining three goals, particularly regarding the right time for a possible congregation plant. The remaining three goals are as follows.. 1. Encourage and enable everyone in the church family to commit lo a mid-week small group, as part of their growth as a disciple of Christ le.g. home group., prayer triplet., 'DNA' group,. seasonal course). 2. Ensure the successful eslablishmenl 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 Cenlre,. Meet Monday (for adults with learning disabilities)., Hidden Treasures (for parents and toddlers). 3. Work with Sl Mary's Speen, aiming lo plant a new congregation in the Benefice, with a focus on the Brummell Road estate in Speen, for example a regular aftemoon 'Messy Church,. Despite the above three goals only having a 'watching brief we are encouraged by the progress made with two of the new outreach ministries.. the addition of 'Tiny Treasures, to the Hidden Treasures ministry., and the recruitment of a new CAP Debt Centre Manager in autumn 2023, followed by the re-launch of the CAP Debt Centre in January 2024. In all our planning for the future, we recognise that we are entirely dependent upon God and his blessing. Our ultimate Confiden￿ 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. {Psalm 127'.11 Page 9

ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL ANNUAL REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Financial review Summary of unrestricted fund activity in 2023 At the end of 2022, in the midst of the Cost of Living crisis, we had set a budget for 2023 that would require us lo use £47,000 of our free cash reserves lo fund our ministries and run the day-lo-day activities within the church. We set this budget without any expectation that our committed church family would increase their giving lo help address this funding shortfall, this being a deliberate and considered decision in light of the financial challenges facing families and individuals as well as charities and businesses. Behind this planned use of a subslanlial amount of our free cash reserves was an unreslricled deficit budget of £44,446. Within this budget figure was £3,481 of expenditure on our Holiday Club that would be funded from unrestricted legacy reserves rather than our day-lo-day reserves. Thanks to the ongoing commitment and generosity of our church family, we recorded an unrestricted deficit of £44,162 in 2023. Included within this was £7,500 of legacies that are held as special reserves as well as £2,909 of expenditure funded from those special reserves. Additionally, we pledged £22,500 of donations to the CAP Debt Centre in Newbury, also lo be funded from these special reserves. Removing these exceptional items gives a revised unrestricted deficit of £26,253 which compares lo a like-for-like budgeted deficit of £40,965. Note that the figures discussed below exclude the exceptional items of income and expenditure mentioned in the paragraph above. Our stewardship giving in 2023 decreased slightly to £269,371, down from £270,963 in 2022. This reflects increases and decreases in giving as people join and others move away from the church. Our total income from donations and legacies in 2023 increased to £356,858 lup from £346,520 in 20221 which compared to a budgeted figure of £335,480. There was also a notable increase in our income from investments as interest rates on our legacy savings accounts increased throughout the year. In 2023, interest of £8,394 was recorded, up from £3,731 in 2022. Our total unrestricted operational expenditure in 2023 increased on a like-for-like basis lo £462,129 lup from £385,297 in 20221. Within this, our Parish share {whi¢h was paid in full) was unchanged from the previous year. As mentioned in section 2 above (Objectives and Activities for the Public Benefit), the PCC continues lo give 10°/0 of our unreslricled income from donations away to other good causes both close to 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 lo God's work in the wider world. In 2023 our outreach giving amounted to £34,839, down from £36,864 in 2022. Note that these figures exclude outreach giving grants that were funded by the Shefford legacy. Significant legacies The PCC continue to prayerfully consider how to use the legacy from the estate of Peter Shefford re￿iVed in late 2017. The funds from this amazing and significant gift are ring fen￿d and held in dedicated savings accounts in order to keep them separate from our day-to-day unrestricted reserves. The main item of expenditure funded by the Shefford legacy in 2023 related lo a pledge to make three further annual donations to the CAP Debt Centre in Newbury. The annual donations of £7,500 (hence £22,500 in total) would be made in 2023, 2024 and 2025, however the first of these had not yel been made by the end of the calendar year, so two donations will be made in 2024. In 2023, we also received a further interim distribution of £7,500 from the estate of Pauline How who was a long serving and commilled member of the St Nicolas, church family. These unrestricted funds have likewise been invested in a dedicated savings account along with the £70,000 re￿iVed in 2022. None of the funds from the How legacy were spent during 2023. Further funds are expected from this legacy during 2024 as the sale of property is yel lo complete. The remaining legacy funds and those from the anonymous donation re￿iVed in 2018 will be considered by the Page10

ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL ANNUAL REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 PCC throughout 2024 as we look to deliver our church vision and in particular our church building reordering project. Summary of restricted fund activity in 2023 Our restricted fund activity in 2023 has not seen any significant new initiatives start up. Our existing initiatives continued to flourish, most notably Hidden Treasures, a midweek group for mums and toddlers which has re￿iVed regular monthly donations from a local business that kindly offered their support. The CAP Debt Centre was put on hold between June and November after the resignation of the existing Debt Centre Manager, though the role was filled before the end of the year. In 2023 we are reporting a restricted fund deficit of £3,938 (compared lo £18,330 in 20221. The annual maintenance grant from the Newbury Church and Almshouse Charity INCAACI was not fully spent by the year- end. In 2023, we underspent on the annual grant by £5,733 Compared to overspending the annual grant by £4.032 in 2022. The £23,846 remaining in this fund will be allocated towards qualifying works in 2024. In addition, surpluses of £2,224 and £1,427 were recorded against the Hidden Treasures and CAP Debt Centre Manager restricted funds, respectively. Offsetting this, depreciation of £13,292 incurred on assets which were purchased using restricted funds was the primary contributor lo the deficit in our restricted fund activity in 2023. This year we have again made use of the LPW scheme through which Listed Places of Worship can reclaim the VAT on qualifying works lo the church building. In 2023, reclaims of VAT on qualifying expenditure tolalled £633. Capital projects and church assets One capital project was recorded during 2023, namely the replacement and upgrade of the kitchen in the downstairs area of St Nicolas, House. The new asset, Commissioned with a 10 year life, has been added to our Fixed Asset Register with a total asset value of £9,940. Depreciation has been posted to our accounts to reflect the commissioned asset with depreciation Commencing in the month of commissioning. The capitalisation policy adopted by the church is sel 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 2023 continues to be used. Our liquidity position in relation lo the approved reserves policy is reported lo the PCC on a regular basis as a part of our financial reports. The policy commits the PCC to hold sufficient funds so as lo meet our obligations across three expenditure categories. The first is to hold sufficient funds lo cover two months, worth of routine expenditure, excluding depreciation and staff salary Costs, to be held in an account so as lo be immediately available. The second is lo hold enough money to meet emergency expenditure on the church or hall building, lo be invested so as lo be available at no more than four weeks, notice. The third is to hold six months, worth of salary costs for stsff employed by the PCC to be invested so as lo be available at no more than six weeks, noti￿. Per this policy, al the end of 2023 the required reserves based on our 2024 budget tolalled £133,000. This was comprised of the following ¢omponenls_' £48,000 to be immediately available to cover two months, worth of routine expenditure (excluding depreciation and staff salaries)., £30,000 lo cover emergency expenditure lo the church or hall building, meaning £78,000 was required lo be available at no more than four weeks, notice., and £55,000 to cover six months, worth of salary costs for staff employed by the PCC, meaning £133,000 was required to be available al no more than six weeks, notice. Page11

ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL ANNUAL REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 At the end of 2023, the church had a total of £222,525 of current assets held as cash {excluding the ring-fen￿d funds from the Shefford and How legacies and the anonymous donation). Of that figure, we held £155,260 as immediately available unrestricted funds. No additional unrestricted funds were invested subject to noti￿ of six weeks or less. This therefore met the required liquidity position as set out in our reserves policy. At various stages throughout the year, the PCC reviews our free reserves (defined 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 lo 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 lo monitor and control these risks to mitigate any impact they may have on the Church in the future. In 2023, 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 to be reviewed al 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. Page12

ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL ANNUAL REPORT {CONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Parish Safeguarding Policy The following policy was agreed al the Parochial Church Council IPCC) meeting held on 14 June 2023. In accordan￿ with the Church of England Safeguarding Policy our church is committed lo.. Promoting a safer environment and culture. Safely recruiting and supporting all those with 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 affected 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 risk to others. The Parish will.. Create a safe and caring pla￿ for all. Have a named Parish Safeguarding OffI￿r IPSO) lo work with the incumbent and the PCC lo implement policy and procedures. Safely recruit, train and support all those with any responsibility for children, young people and adults lo have the confidence and skills to recognise and respond lo abuse. Ensure that there is appropriate insurance cover for all activities involving children and adutts 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 lake seriously all those who disclose abuse. Take steps to protect children and adults when a safeguarding con￿rn of any kind arises, following House of Bishops guidan￿, including notifying the Di0￿san Safeguarding Team and statutory agencies immediately. Offer support to victimslsurvivors 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 to children and adults whilst maintaining appropriate Confidentiality and the safety of all parties. Ensure that health and safety policy, prO￿dureS and risk assessments are in pla￿ and that these are reviewed annually. Inform the Di0￿san Safeguarding Team if we use an alternative DBS Umbrella Body to APCS and if we re￿1ve any DBS Disclosures that contain information. Review the implementation of the Safeguarding Policy, Procedures and Practices at least annually. Each person who works within this church community will agree lo abide by this policy and the guidelines established by this church. This church appoints Rebecca Bird as the Parish Safeguarding Officer. Incumbent Revd Will Hunter Smart Churchwardens Tania Wolak & Richard Coward Date For approval by PCC on 14 June 2023 Page13

ST. NKOLAS NEWBURY PAROCHIAL CHURCH COUNCIL ANNUAL REPORT {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 Tr•a¥urets Report A8 We started 2023, a challenging year lay ahead. We had just set a budgal that showed an unrestricted def￿1t of c. £41,000 and would require us to use G. £47,OW of our free cash reserv88. W6 wera, as a Country, a180 in Ihe mid$l of a Cost of LTving crisis and so, as a PCC. we decKled now was the ts'me to call on the$e reserve¥ rthw th•n •akin9 our ohureh famity tts ￿et￿O¥ thir gI￿n9. As testament to the ongoing comnilment of the St NiGolas' congregation that ￿ havo so blassed by. we fini8hed the year favourable to our budgeted unreslrieted deficit p¢)sition of c. £41.000, recording a defi¢it of ¢. £26.000. Given the financial ¢hallgng8s facing fam￿leS, indNidual8. business&s and charities ah'ke in 2023. thls is a Very bbss8d position lo be in and one that we give thanks to for. Fri)m a cash perspectNe. our level of free ￿e[ye9 at the end of 2023 15 c. £46.000. This is. as werted, lower than the ¢. £67.000 recorded as the year cLmmenced. This still provide$ 8 Strong foundation for our day-ltrday finances which was ol path'cular importance as we headed into 2024 given we were fa¢ed Wbth olhgr sizeable deficit budg8t. A huge debt of gritude is. as ever, owed lo the cororegallon of St Nieola$' who have collectivety enabled us lo record the unrestricted position detailed above. We ara ¢ontinuousty thankful lo God for putting Sl Nicolas. Church on the hearts of 80 many people, ¢onvicting them of the importance of Christian giving of time and ski118 a$ well as money. to enable His work. Thanks to th¢ hard work ol the FinarKe Cornmlteg, in partKul•r Financlal Contfdl•r. ￿ have, with God'$ help. maintained a strong finance function. Aside from the resilient financial performance discussed above. points to note from a fina￿la1 perspective in 2023 in¢lude'. income from stewardship and one-off donations finishing the year c. £20,000 highor than was budgeted èn In the midst of the financial challengas faced by our ¢hu￿h famity,. the ¢onllnuatlon ol strong performance of our hall an¢J church lettings income. and Ihe sizeable increase in investment income from our legacy savin9$ accounls as inlpresl rates r08e. As we look to 2024 and btyond. we kncrw that financial challenges lie ahead. We will ne¢d to Iru$t in God and the generosily of our commrtted thur¢h famity lo ensure the continuance of our existing ministries and the reali8alion of our church vision. I would Ikke to finish by again thanking our dedicated church fanily for their generosty, without which St. Nicolas, woukl be un8ble to minister lo N8wbury wlth the breadth dèpth of ¢ommunty engagement that has be¢ome the nomi in r8c8nt years. Thank youl Approved by order of the members of the toard of Members and signed on their bèhaif by: James Lan¢astor Tr&a$urer Dat8.' ZS Mrtrck zozF Page14

ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL STATEMEMT OF MEMBERS. RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2023 The Members are responsible for preparing the Membgrs. report and the Itnanclal statement$ in accordance with appli¢abl¢ law and United Kingdom Accounting Standard8 {Unrted Klngdom Ger￿ra1ty Accepled Accounting Praclicel. The law applicablg to charities In England & Wales requires the MemberB to prepare financial stst8rn6nts for each fina￿1￿ year whth give a true and lair vigw of Iho 81ale of of the Chaity and of il¥ incomw resourGe$ and applicatK)n of resources, inGIl￿1n9 its incom8 and expenditure, for that p8rM)d. In weparfng these financial statements. the Mernbers are required to.. Select surt8bl• a¢¢ounting policies and then apply them ¢¥￿sIstenUy. observe the methods principles of tha Charities SORP IFRS 102}.' make judgemen18 and aceountift9 e81imates that are r¢asonablo and pwdèntr. State whelher applicable UK Accounting Standards {FRS 1021 have been follry4Yed, subject to any materfal departures disclosed and explained in the financial stat8ments', prepaie the financial stat8menls on the going concern basis unless it is inappropriate to presume that t Charity wll continue in business. The Members are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy al any lime the financial position of the Chartty and enable them to ensu￿ that the financial statements compty with the Charities Act 2011. the Charity IAccount8 and Report31 Regulations 2008 and the provi$lon$ of Ihe Trust deed. They aro also responsible for safeguarding the assets of the Charity and hen¢e for taking reasonable steps for the prevention and deleetion of fraud and other irragulanties. pproved by ¢xder ol the members of the board of Members and signed on its behall by.. Chrfs Phlllp PCC Secretary Dale.. Z£ MAr6k 20ZP Page15

ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Independent Examiner's Report to the Members of St. Nicolas Newbury Parochial Church Council I'the Charity.) I report to the charity Members on my examination of the accounts of the Charity for the year ended 31 December 2023. Responsibilities and Basis of Report As the Members of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 I'the 2011 ACVI. 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 examination I have followed the applicable Directions given by the Charity Commission under section 145{5llb) of the 2011 Act. Independent Examiner's Statement Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confim) that l am qualified lo undertake the examination because l am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause lo 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 with the applicable requirements concerning the fomi and content of accounts sel out in the Charities {Accounls and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair, 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 to enable a proper understanding of the accounts lo be reached. This report is made solely to the Charity's Members, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My wort( has been undertaken so that I might slate to the Charity's Members those mallers l am required to stale lo them in an Independent examinerfs report and for no other purpose. To the fullest extent permilled by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Members as a body, for my work or for this report. Signed.. Dated.. 27 March 2024 Mr M Bath Bsc FCA DChA James Cowper Kreslon Chartered Accountants 2 Communications Road Greenham Business Park Greenham Newbury Berkshire RG19 6AB Page16

ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Total funds 2022 Note Income from: Donations and legacies Charitable activities Other trading activities Investments other income 364,358 35,016 35,608 8,394 39,683 17,508 1,560 404,041 52,524 37,168 8,394 453,968 28,614 29,302 3,731 2,500 Total income 443,376 58,751 502,127 518,115 Expenditure on: Raising funds Charitable activities 20,315 467,223 48 62,641 20,363 529,864 11,637 452,353 10 Total expenditure 487,538 62,689 550,227 463,990 Net movement in funds 144,1621 {3,9381 148,1001 54,125 Reconciliation of funds: Total funds brought forward Net movement in funds 577,653 144,1621 424,061 {3,9381 1,001,714 148,1001 947,589 54,125 Total funds carried forward 533,491 420,123 953,614 1,001,714 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 20 to 39 form part of these financial statements. Page17

ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Flxfrd as80ts Tangible assets Current a888ts 18 433,266 449.899 Debtors Cash al bank arKI in hand 19 22,878 $44,279 26,410 539.208 667.155 575,618 Creditors.. amount8 lalling du? Imthin ono year 20 (39,2971 (23,803} N¢t ¢urrgnt ass•ts 527,858 551.815 Total ass•ts lesg current Ilabllttle$ 961,114 1,001.714 Credilor$.' amounts falling due after more than one year 21 17.500) Met assots •xcludlng penslon asset 953.614 1,001,714 Total nel a88ets 963.614 1.001.714 Ch•TIty funds Reslr¢cled funds Unrestricted fund$ 22 420.123 633.491 424,C61 577.653 Totsl funds 9S3,614 1.001.714 The financial statements were apwoved and authorised for issue by the Merrt*Ors and sh3ned on th8ir behalf by.. Revd Wlll Huntèr Smart Jam•$ Lan¢aster Treasurer Oato.. 2( Marck ZOZF The notes on pages 20 to 39 fom part ofthese financial $tslements. Page18

ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Note Cash flows from operating activities Net cash used in operating activities 25 6,617 61,561 Cash flows from investing activities Interest Purchase of tangible fixed assets 8,394 19,940) 3,732 {7,3281 Net cash used in investing activities 11,546) {3,5961 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 5,071 57,965 539,208 481,243 Cash and cash equivalents at the end of the year 26 544,279 539,208 The notes on pages 20 10 39 form part of these financial statements Page19

ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 General information St Nicolas Parochial Church Council IPCCI is an unincorporated charity. It is registered in England and Wales with charity registered number 1128145. The principal address of the Charity is Church Office, St Nicolas Hall, West Mills, Newbury, Berkshire, RG14 5HG. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 102) Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial statements have been prepared lo give a 'true and faiv view and have departed from the Charities (Accounts and Reports} Regulations 2008 only to the extent required lo provide a 'lrue and fai¢ view. This departure has involved following the Charities SORP IFRS 1021 published in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. Sl. 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 otherwise 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 COn￿M. 2.3 Income All income is recognised On￿ the Charity has enlillemenl lo the income, it 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 enlillemenl, the probability of receipt and the ability lo estimate with sufficient accuracy the amount receivable. Eviden￿ of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them Ithrough knowledge of the existen￿ 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 estate. Receipt of a legacy must be recognised when il is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount lo be distributed to the Charity, can be reliably measured. Income tax 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 to investment income is recognised al the time the investment income is receivable. Other income is recognised in the period in which it is receivable and lo the extent the goods have been provided or on completion of the service. Collections are recognised when made. Grants made lo the PCC are accounted for as soon as the PCC is notified of entitlement and the likely amount due and are recognised in full on receipt. Such income is only deferred when the grant Page 20

ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (continued} 2.3 Income (continued) received specrfically relates to expenditure on goods and services that contractually relate to post year end expenses. Sales and publications are accounted for gross. Rental income 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 basis. 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, 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 accruals basis. All expenditure including support costs and governance 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 charitable 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 direcuy 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 gffinls 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, bul not accrued as expenditu￿. All expenditu￿ is inclusive of irrecoverable VAT. The Diocesan Quota or Parish Share is accounted for when payable and any quota unpaid at 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 21

ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (continued} 2.6 Tangible fixed assets and depreciation Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impaim)ent 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 propety is excluded from the accounts by the Charities Act 2011. No value is placed on movable church fumishings 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 maintenance or improvement, is written off. Other land and buildings held on behalf of the PCC for its own purposes are carried al 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 capilalised, whilst more minor repairs and general maintenance are written off as incurred. Equipment used within the church premises is depreciated on a straight line basis either over 4 years or 10 years. Individual items of equipment with a purchase price of £1,000 or less are written off in the period in which the asset is acquired. 2.7 Current assets Amounts owing to the PCC al 31 December 2023 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 settlement 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 at the Balance sheet dale as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the selllemenl can be eslimaled reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount il has received as adVan￿d payments for the goods or services it must provide. 2.11 Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Page 22

ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (continued} 2.12 Pensions The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year. 2.13 Fund accounting Gener81 funds are unreslricled funds which are available for use al 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 accordance with 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 sel out in the notes lo the financial statements. Investment income, gains and losses are allocated to the appropriate fund. The financial statements include Iransaclions, 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 infomial gatherings of church members. Critical accounting estimates and areas of judgement Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions.. The Charity makes eslimales and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The eslimales and assumptions that have a significant risk of causing a material adjustment lo the carrying amounts of assets and liabilities within the next financial year are discussed below. Critical areas of judgement.. Tangible fixed assets Tangible fixed assets are dep￿cIated over their useful lives taking into account ￿SIdUal 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. Legacy Income Legacy income is recognised only to the extent that il is probable that it will be received and the amount can be measured reliably. This typically results in recognition of the legacy income at the point of receipt. Page 23

ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income from donations and legacies Unrestricte Restricted d funds funds 2023 2023 Total funds 2023 Total funds 2022 Stewardship Legacies Offertories Income lax recoverable Donations 269,371 9,804 2,881 62,281 20,021 269,371 9,804 2,881 63,763 58,222 270,963 71,626 2,006 65,861 43,512 1,482 38,201 364,358 39,683 404,041 453,968 Total 2022 418,146 35,822 453,968 Income from charitable activities Unrestricte Restricted d funds funds 2023 2023 Totsl funds 2023 Total funds 2022 Church family events Income from youth work and activities Town Team Weddings and funerals Evangelism Discipleship PRS 21,957 1,994 626 22,583 1,994 680 8,186 198 695 329 1,020 4,218 280 523 680 8,186 198 695 807 807 533 Men's ministry CAP DCM Hidden Treasures St Nics Kids Watm Hub 579 579 7,054 12,000 2,657 10,684 5,448 10,684 5,448 600 70 600 70 35,016 17,508 52,524 28,614 Total 2022 12,937 15,677 28,614 Page 24

ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income from other trading activities Income from fundraising events Unrestricted Restricted funds funds 2023 2023 Total funds 2023 Total funds 2022 Hall lettings Braunfels Walk Newbury Spring Festival Bellringers Women's events Other 25,905 352 5,800 25,905 352 5,800 281 1,279 3,551 21,337 5,230 164 1,147 1,424 281 1,279 3,551 35,608 1,560 37,168 29,302 Total 2022 27,991 1,311 29,302 Investment income Unrestricted funds 2023 Total funds 2023 Total funds 2022 Interest received 8,394 8,394 3,731 Total 2022 3,731 3,731 Other incoming resources Restricted funds 2023 Total funds 2023 Total funds 2022 Diocesan grants 2,500 Total 2022 2,500 2,500 Page 25

ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Expenditure on raising funds Fundraising trading expenses Unrestricted Restricted funds funds 2023 2023 Total funds 2023 Total funds 2022 St Nicolas, House Braunfels walk Online Payment Platform fees 8,127 11,537 651 8,127 11,537 699 4,678 6,785 174 48 20,315 48 20,363 11,637 Total 2022 11,610 27 11,637 10. Analysis of expenditure on charitable activities Summary by fund type Unrestricted Restricted funds funds 2023 2023 Total 2023 Total 2022 Charitable activities- other acliviles 409,884 57,339 62,641 472,525 57,339 415,489 36,864 Charitable activites- grants 467,223 62,641 529,864 452,353 Total 2022 378,740 73,613 452,353 Page 26

ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 11. Analysis of expenditure by activities Activities undertaken directly 2023 Grant funding of activities 2023 Support costs 2023 Total funds 2023 Total funds 2022 Charitable activities- other activites Charitable a¢tivites- grants 361,636 110,889 472,525 57,339 415,489 36,864 57,339 361,636 57,339 110,889 529,864 452,353 Total 2022 311,775 36,864 103,714 452,353 Page 27

ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 12. Charitable activities - other activities 2023 2022 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 Evangelism and discipleship Bellringers Pastoral care St Nic's Kids 154,754 80,588 26,148 30,675 5,182 8,370 6,305 12,885 3,757 2,456 2,748 309 154,754 71,521 760 23,727 3,478 6,589 4,331 9,044 1,606 1,607 2,605 398 3,400 1,002 273 270 210 1,166 5,812 277 1,004 2,096 360 Men's ministry Services Town Team Weddings and funerals Bursaries 5,594 Women's events 1,012 8,626 643 767 CAP DCM CAP Blessings Hidden Treasures Youth Alpha Meet Monday Vision projects- church building Holiday Club Leader Wami Hub Support Costs 12,062 383 3,223 3,488 58 1,165 1,744 51 110,889 50 3,840 103,714 472,525 415,489 Page 28

ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. Including in charitable activities are the following support costs 2023 2022 Stationery and advertising Telephones and IT Postage Printing Office salaries 5,139 5,727 336 2,426 60,833 26,583 1,310 2,325 6,210 4,863 7,090 235 2,559 54,198 25,544 1,237 2,240 5,748 Depreciation Other costs Copyrighulicences Governance costs 110,889 103,714 Page 29

ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14. Analysis of grants Institutions and individuals 2023 Total funds 2023 Total funds 2022 Grants 57,339 57,339 36,864 Total 2022 36,864 36,864 The Charity has made the following material grants during the year.. 2023 2022 COINS Shoemakers Newbury Bible Society The British & Foreign Bible Society Miriam Dean Fund FHAM Newbury YMCA SAT-7 6,000 2,000 500 4,389 2,000 3,000 6,000 2,000 500 4,000 6,000 500 1,000 1,000 1,500 625 Bus of Hope Biojemmss Organisation UK P & C Winmill 2,000 Count Everyone In Newbury Street Pastors Wesl Berkshire Action for Refugees Wesl Berkshire Homeless Other 5,000 2,000 2,500 2,050 3,400 5,875 2,000 5,864 CAP Debt Centre- Newbury 22,500 57,339 36,864 The grants paid in the year relate to evangelical, mission and social justice purposes which extend the activities of the PCC. Grants paid to institutions We￿ £56,939 12022- £36,239) and grants paid to individuals were £400 {2022- £625). Page 30

ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. Independent examiner's remuneration 2023 2022 Fees payable lo the Charity's independent examiner for the independent examination of the Charity's annual accounts Fees payable lo the Charity's independent examiner in respect of.. Payroll services 4,680 4,260 1,530 1,488 16. Staff costs 2023 2022 Wages and salaries Social security costs Contribution to defined contribution pension schemes 104,059 6,147 1,611 94,491 4,750 1,384 111,817 100,625 The average number of persons employed by the Charity during the year was as follows.. 2023 No. 2022 No. The average headcounl expressed as full-lime equivalents was.. 2023 No. 2022 No. No employee re￿iVed remuneration amounting lo more than £60,000 in either year. 17. Members. remuneration and expenses During the year, no Members received any benefits in kind {2022 - £nill. During the year, 1 member received £60 remuneration12022 - £901 for stewarding. During the year ended 31 December 2023, expenses tolalling £6,897 were reimbursed or paid directly to 8 Members12022- £6,756 10 10 Members). Page 31

ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 18. Tangible fixed assets Freehold Fixtures and property fittings Total Cost or valuation At 1 January 2023 Additions 507,844 241,260 9,940 749,104 9,940 At 31 December 2023 507,844 251,200 759,044 Depreciation At 1 January 2023 Charge for the year 144,189 7,721 155,016 18,862 299,205 26,583 At 31 December 2023 151,910 173,878 325,788 Net book value At 31 De￿mber 2023 355,934 77.322 433,256 At 31 De￿mber 2022 363,655 86,244 449,899 The PCC is of the opinion that the market value of the freehold land and buildings signtficantly exceeds its cost. 19. Debtors 2023 2022 Due within one year Other debtors Prepayments and accrued income 18,199 4,677 30,386 6,024 22,876 36,410 Page 32

ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 20. Creditors- Amounts falling due within one year 2023 2022 other creditors Accruals and deferred income Grants accrLJed 17,601 6,696 15,000 17,225 6,578 39,297 23,803 21. Creditors: Amounts falling due after more than one year 2023 2022 Grants accrued 7,500 Page 33

ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

22. Statement of funds

Statement of funds - current year

Balance at 1 January 2023 £ Unrestricted funds General Funds - all funds 577,653 Restricted funds Property 358,022 Sound system 7,936 Choir and worship - legacy 2,211 Morden College 5,452 Church funds 18,114 Collections for charities - Schneider memorial 4,525 Church projection system 6,835 CAP DCM 1,364 CAP Blessings 6,660 Other miscellaneous funds 12,942 424,061 Total of funds 1,001,714	Income £ 443,376 - - - - 26,000 12,933 - - 10,684 - 9,134 58,751 502,127	Expenditure £ (487,538) (7,596) (4,141) - - (20,267) (12,933) - (1,390) (9,257) (643) (6,462) (62,689) (550,227)	Balance at 31 December 2023 £ 533,491
			350,426 3,795 2,211 5,452 23,847 - 4,525 5,445 2,791 6,017 15,614
			420,123
			953,614

Page 34

ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

22. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds General Funds - all funds 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 Total of funds	Balance at 1 January 2022 £ 505,198 365,618 12,077 2,211 5,452 22,146 - 4,525 8,225 2,480 7,043 12,614 442,391 947,589	Income £ 462,805 - - - - 26,000 9,071 - - 12,000 - 8,239 55,310 518,115	Expenditure £ (390,350) (7,596) (4,141) - - (30,032) (9,071) - (1,390) (13,116) (383) (7,911) (73,640) (463,990)	Balance at 31 December 2022 £ 577,653
				358,022 7,936 2,211 5,452 18,114 - 4,525 6,835 1,364 6,660 12,942
				424,061
				1,001,714

Page 35

ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

22. Statement of funds (continued)

Property

The properties wholly owned by the church comprise St Nic’s Hall and St Nic’s House. A 60% share of 10 Braunfels Walk is also held, the remaining share being owned by the Church Commissioners. These properties are to be used to further the cause of the PCC, including evangelistic events, pastoral care and outreach. Expenditure from this fund relates to the depreciation charge on the buildings.

Church projection system

The Church projection system, installed in late 2017, was partially funded by a restricted anonymous donation from the congregation. As this significant project was capitalised, the restricted component of the asset created will depreciate as a restricted fund with a 10 year life.

Morden College

A grant was initially received in 2004 to fund the purchase of a new grand piano for the church. The funds that remain will either be allocated to a suitable project of a related nature or approval of a reallocation will be sought from the Charities Commission to 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 to be put towards repairs, maintenance, heating and insurance of the church building. Any funds unused by the end of the year will be put towards qualifying works in the following 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 restricted funds are wholly passed on to the relevant charity. In 2023, benefitting charities have included the West Berkshire Foodbank, The Leprosy Mission and the Royal British Legion.

CAP Debt Centre Manager

This fund contains the transfers from the Bridge Church that relate to our Joint Venture to oversee a Christians Against Poverty (CAP) Debt Centre in Newbury. The Bridge Church hold the donations and grants received and pass on to us the funds needed to cover the employment costs associated with the Debt Centre Manager, who is an employee of St 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.

Hidden Treasures

This fund relates to our outreach group for mums and toddlers held on a Monday in term time. The group receives income from those attending as well as donations from local businesses. Expenditure relates to the ongoing running and administration costs of the group.

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 36

ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 23. Summary of funds Summary of funds- current year Balance at 31 December 2023 Balance at 1 January 2023 Income Expenditure General funds Reslricled funds 577,653 424,061 443,376 58,751 (487,538) 162,689) 533,491 420,123 1,001,714 502,127 1550,227) 953,614 Summary offunds- prior year Balan￿ at 31 December 2022 Balance al 1 January 2022 Income Expenditure General funds Reslricled funds 505,198 442,391 462,805 55,310 (390,350) (73,640) 577,653 424,061 947,589 518,115 1463,990) 1,001,714 24. Analysi5 of net assets between funds Analysi5 of net assets between funds - current year Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 72,747 497,657 129,4131 17,5001 360,509 69,498 19,8841 433,256 567,155 139,2971 17,5001 Total 533,491 420,123 953,614 Page 37

ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 24. Analysis of net assets between funds Icontinuedl Analysis of net assets between funds - prior year Unreslricled funds 2022 Restricted funds 2022 Total funds 2022 Tangible fixed assets Current assets Creditors due within one year 76,099 515,938 114,3841 373,800 59,680 19,419) 449,899 575,618 123,8031 Total 577,653 424,061 1,001,714 25. Roconciliation of net movement in funds to ngt cash flow from operating activities 2023 2022 Nel incomelexpendilure for the year {as per Statement of Financial Activities) 148,100) 54,125 Adjustments for- Depreciation charges Interest Decreasellincreasel in debtors Increaselldecreasel in creditors 26,583 18,394) 13,534 22,994 25,545 {3,7321 {9,6571 {4,7201 Not cash provided by operating activities 6,617 61,561 26. Analysis of cash and cash equivalents 2023 2022 Cash in hand 222,525 321,754 226,652 312,556 Notice deposits Total cash and cash equivalents 544,279 539,208 Page 38

ST. NICOLAS NEWBURY PAROCHIAL CHURCH COUNCIL NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 27. Analysis of changes in net debt At1 January 2023 Cash flov At31 December 2023 Cash al bank and in hand 539,208 5,071 544,279 539,208 5,071 544,279 28. 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 £1,611 {2022 - £1,384). 29. Related party transactions The Charity le￿Ived £80,076 12022 - £118,843) in donations without conditions from 22 {2022 201 Members. Chris Davis, a PCC Member and Trustee of the Charity (resigned April 20231, is the Managing Director of Beckett Telecom who provide telephony system services. During 2023 expenses lolalled £16812022 - £678) of which £nil12022 - £27) was unpaid al the end of the year. Richard Coward, a PCC Member and Trustee of the Charity, is also a trustee of the charity 'Count Everyone In. (charity number 31818521 lo which a grant of £5000 was paid in 2023 {2022 - £5,875). 30. Controlling party The Charity is controlled by the Members of the PCC as described in the Annual Report. Page 39