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
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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
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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 pccsecretary@st-nics.org
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.
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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.
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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.
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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
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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.
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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.
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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
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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
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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¥
r*thw 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 gr*itude 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**<br>**January**<br>**2023**<br>**£**<br>**Unrestricted funds**<br>General Funds - all funds<br>577,653<br>**Restricted funds**<br>Property<br>358,022<br>Sound system<br>7,936<br>Choir and worship - legacy<br>2,211<br>Morden College<br>5,452<br>Church funds<br>18,114<br>Collections for charities<br>-<br>Schneider memorial<br>4,525<br>Church projection system<br>6,835<br>CAP DCM<br>1,364<br>CAP Blessings<br>6,660<br>Other miscellaneous funds<br>12,942<br>424,061<br>**Total of funds**<br>1,001,714|**Income**<br>**£**<br>443,376<br>-<br>-<br>-<br>-<br>26,000<br>12,933<br>-<br>-<br>10,684<br>-<br>9,134<br>58,751<br>502,127|**Expenditure**<br>**£**<br>(487,538)<br>(7,596)<br>(4,141)<br>-<br>-<br>(20,267)<br>(12,933)<br>-<br>(1,390)<br>(9,257)<br>(643)<br>(6,462)<br>(62,689)<br>(550,227)|**Balance at**<br>**31**<br>**December**<br>**2023**<br>**£**<br>533,491|
|---|---|---|---|
||||350,426<br>3,795<br>2,211<br>5,452<br>23,847<br>-<br>4,525<br>5,445<br>2,791<br>6,017<br>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**<br>General Funds - all funds<br>**Restricted funds**<br>Property<br>Sound system<br>Choir and worship - legacy<br>Morden College<br>Church funds<br>Collections for charities<br>Schneider memorial<br>Church projection system<br>CAP DCM<br>CAP Blessings<br>Other miscellaneous funds<br>**Total of funds**|Balance at<br>1 January<br>2022<br>£<br>505,198<br>365,618<br>12,077<br>2,211<br>5,452<br>22,146<br>-<br>4,525<br>8,225<br>2,480<br>7,043<br>12,614<br>442,391<br>947,589|Income<br>£<br>462,805<br>-<br>-<br>-<br>-<br>26,000<br>9,071<br>-<br>-<br>12,000<br>-<br>8,239<br>55,310<br>518,115|Expenditure<br>£<br>(390,350)<br>(7,596)<br>(4,141)<br>-<br>-<br>(30,032)<br>(9,071)<br>-<br>(1,390)<br>(13,116)<br>(383)<br>(7,911)<br>(73,640)<br>(463,990)|Balance at<br>31<br>December<br>2022<br>£<br>577,653|
|---|---|---|---|---|
|||||358,022<br>7,936<br>2,211<br>5,452<br>18,114<br>-<br>4,525<br>6,835<br>1,364<br>6,660<br>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