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2023-12-31-accounts

Annual Report and Financial Statements

for the year ended 31 December 2023

The Parochial Church Council

of the Parish of

St Mary Magdalen Sheet

Registered Charity number 1128244

ANNUAL REPORT 2023

CONTENTS

PCC Annual Report

Independent Examiner’s Report

Annual Accounts

1

– ST MARY MAGDALEN SHEET ANNUAL REPORT OF THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDED 31[st] DECEMBER 2023

Administrative Information

St Mary Magdalen church is situated in Farnham Road, near Sheet village green. It is part of the Diocese of Portsmouth within the Church of England. The correspondence address is the parish office which is adjacent to the vicarage at 2, Pulens Lane, Petersfield, Hampshire GU31 4DB.

The PCC is registered with the Charity Commission – our charity number is 1128244. During 2023 the following people served as PCC members:

PCC members Incumbent: Rev. Bruce Deans (from 27 June 2023) Honorary Assistant Clergy: Peter Micklethwaite Andrew Edmunds (until June 2023) Churchwardens: Lynette Spong 2028 Philip Taylor 2024 (2[nd] term) Diocesan Synod: Robert Slade (until September 2023) Deanery Synod: Jenny Parkes 2026 Robert Slade 2026 (until September 2023) Dave Castle 2026 (from November 2023) Elected Members Expiring Bill Ashworth 2026 Gabi Fernée 2024 Elaine Heywood 2024 Tim Horne 2024 (2[nd] term) - Treasurer Angus McAllister 2025 David Mellard 2026 Amanda Micklethwaite 2025 Mark Mogridge 2024 Lissie Sacchi 2026 Jed Temple 2024 (2[nd] term) – Finance Chair Rebecca Whelan 2025 – PCC Secretary; Parish Administrator & GDPR Officer Shaun Whelan 2024 (2[nd] term)

Reader Representative: Linda Clist

Co-opted: Andy Edmunds – Honorary Clergy (until June 2023) David Loveless - Youth-Worker (until October 2023) Claire Weller - Safeguarding Rep. (from September 2023)

2

It should be noted that the PCC employed the following people, of whom some served on the PCC and others are married to PCC members. We ensure that these people were not present when matters relating to their employment or remuneration are discussed at meetings of the PCC and its subgroups.

Rebecca Whelan, Parish Administrator David Loveless, Youth worker – until October 2023 Julie Slade, Seniors’ Chaplain – until September 2023

Structure, governance and management

The method of appointment of PCC members is set out in The Church Representation Rules. Membership consists of any clergy and lay ministers licensed to the parish, churchwardens, deanery synod representatives and elected members. All regular members of the congregation are encouraged to join the electoral roll and thus be eligible to stand for election to the PCC.

The PCC is responsible for making decisions on all matters of general concern and importance to the parish including how any money is spent and for approving an agreed independently examined set of accounts each year. It met six times in 2023. The PCC is supported by a number of sub-groups, namely:

All of these sub-groups report back to the PCC with minutes from their meetings received by all PCC members and discussed as required.

Objectives and activities

St Mary Magdalen’s Parochial Church Council (PCC) has the responsibility of co-operating with the incumbent, the Rev. Bruce Deans, in promoting, in the ecclesiastical parish, the whole mission of the Church, pastoral, evangelistic, social and ecumenical.

The PCC is committed to enabling as many people as possible to worship at our church and to become part of our church community. The PCC maintains an overview of worship throughout the parish and makes suggestions on how our services can involve the many groups that live and work within our parish. Our services and worship put faith into practice through prayer and scripture, music and sacrament.

When planning our activities for the year we have considered the Charity Commission’s guidance on public benefit and, in particular, the supplementary guidance for charities for the advancement of religion. We try to enable ordinary people to live out their faith as part of the parish community.

3

Safeguarding

Claire Weller took on the Parish Safeguarding Officer position at the end of September 2023. She started by attending the Diocesan Safeguarding Conference, has joined the Diocesan Safeguarding Network and completed all training. An action plan was proposed and we have been working through that: starting with those working with Children and Youth. An eight-week grace period was agreed to allow work to continue, whilst checks and training for each role was updated. We take the safeguarding of children and vulnerable adults very seriously and continue to work hard to review and update the checks and training advised by the Diocese for all of those who work and volunteer with them. Claire Weller (Parish Safeguarding Officer).

Electoral Roll

There were 179 parishioners on the Church Electoral Roll up to the end of 2023, of whom 75 were not resident within the parish. (PCC Secretary)

Church attendance

The average weekly church attendance in 2023 was 85 people. [72 over 16 and 13 under 16].

PCC Annual Review

The ‘Year in the Life of St. Mary Magdalen’ booklet reflects all the great things that God has been doing in and through St. Mary Magdalen Church, including our worship; outreach and mission; pastoral care; youth and children’s ministry; social activities; communications and publicity; PCC; safeguarding; administration; fabric, deanery synod and ecumenical ministry (PACT). A copy of this booklet is available on request from the Parish Office.

The PCC held six meetings in St. Mary Magdalen Church’s chancel during the year with an average level of attendance of 15. Committees met between meetings and their minutes were received by the full PCC and discussed where necessary. All PCC meetings began with a Bible reading and prayer, received financial reports and safeguarding reports. Synod reports were given by the representatives.

To begin the year, the PCC met in January with 13 attendees and we asked that being part of the Body of Christ in our togetherness, we might try in our own small way to be part of God’s answer to bringing healing to this broken world. Among several important matters to be discussed at the start of 2023, was the response to the church’s advertisement at the end of 2022 for a new Priest-in-Charge; the imminent repair of the church spire and the approval of a service-level-agreement releasing the Youth-Worker to work with a local youth charity ‘The King’s Arms’ for 10 hours p/w in exchange for a donation of £4,351.08 across the year for faith growing and social activities.

4

In March the PCC meeting had 14 attendees. Thanks and praise were given for the new appointment of Rev. Bruce Deans and the beginning of a new chapter in the life of St . Mary Magdalen Church, Sheet. Main topics were the Annual Financial Statement (approved by the PCC and audited by the independent examiners IEL); feedback from the Quinquennial Inspection which requires no immediate repairs; the successful application for a fixedposition Card Reader Device in church and preparations for a service to celebrate the King’s Coronation in May.

The Annual Parochial Church Meeting (APCM) was held in April. 46 people were in attendance at this meeting during which Churchwardens; PCC members; Deanery Synod & Sides-people (Welcomers) were appointed; presentations of the Annual Accounts and Electoral Roll were received as well as the appointment of the Examiner of Accounts and reports for Seniors’ Chaplain work; Youth and Children’s work; Fabric and Mission were heard.

May PCC meeting had 13 attendees. New PCC members were welcomed and appointments made for specific roles (as well as a new Stewardship Promoter outside of the PCC). Highlighted were preparations for the Licensing Service of the new Priest-in-Charge Rev. Bruce Deans on 27[th] June. The other main focus was largely financial with increases in fees for several roles associated with Weddings and Funerals; an Honorarium for a new Director of Music; a new Lloyds Business Bank Account following the closure of a local HSBC branch; Seniors’ Chaplain funding from a legacy and local grant; and the first quarter of the Management Accounts - all being variously approved and discussed. It was also noted as part of the Petersfield Deanery Mission Action Plan, that St. Mary Magdalen, Sheet will focus on Mission, Outreach & Evangelism.

There were 14 attendees at the July PCC. Highlighted were the recent Licensing Service, Patronal Festival and BBQ which had all gone well and plans for the Youth Summer Camp which were underway. Subsequent PCC meeting dates; our Reserves Policy and Mission Giving were all agreed while the second quarter of the Management Accounts were received and a number of Fabric issues were also discussed in relation to both the church as well as the vicarage with the arrival of the new incumbent. In addition, the updated Safeguarding and Health & Safety Policies were both agreed to reflect the new incumbent’s details. Vacancies by the coming September in significant church roles were confirmed with the departures of one of our Lay Ministers (who also acted as our Missions Co-ordinator); our Seniors’ Chaplain and our Sunday Children’s Group Co-ordinator – all after very many years of faithful service to the church. Grateful thanks were expressed by the PCC and it was noted that replacements for a few of these volunteer roles were already in the pipeline but that a new Seniors’ Chaplain needed to be recruited as soon as possible. Outreach involving the Youth-worker’s work with young people outside our church and business card leaflets to help people in need were also discussed. It was also noted that the new incumbent had already presented his proposals on Mission, Evangelism & Outreach to the Deanery.

Our September PCC was the first with the new incumbent and 20 members attended. This meeting featured several role changes with the appointment of a new Safeguarding Officer co-opted to the PCC; the approval of a Lay Minister to take Wednesday Communion services occasionally with pre-consecrated bread & wine and the resignation of the church Youthworker. The PCC also identified several other volunteer posts yet to be filled but were grateful that someone had come forward to represent our church with plans for the PACT Christmas

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Lunch (a key event in the Petersfield Churches Together calendar!). With respect to finances: the meeting agreed to close the Sequestration Account following the arrival of the new incumbent; considered options to meet the Bishop’s 5% Uplift to the Parish Share supporting struggling parishes; welcomed donations to a Youth Bible Fund and were relieved that the Henry Smith Grant could be retained until a new Seniors’ Chaplain could be appointed. The Christmas Services and support for a third year to the Roberts Centre Portsmouth Christmas Appeal were also agreed.

The final meeting of the year in November was attended by 15 members and there was much business to be done to wrap up the year. Signed PCC Member Trustee Eligibility Declaration forms were submitted to the PCC Secretary and Guidance for New Members Handbooks were handed out. Further appointments were approved including a new GDPR Officer; a new Deanery Synod Rep; a new Overall Leader for the Sunday Youth Group and the go-ahead was given to proceed with the re-licensing of an additional Lay Reader. An updated contract for the Parish Administrator was also approved and the merit of appointing a new Youth & Children’s Worker in the near future was considered. Parochial Church Fees for 2024 (which included the church’s own ancillary fees for Funerals & Weddings); the third quarter Management Accounts and the 2024 Budget were all agreed following 5% increases for Staff Salaries and Verger Honorarium and the PCC was also happy for the Standing Committee to make a decision on its behalf regarding an up to £3K uplift on our Parish Share for the ‘Bishop’s Challenge’. The migration to NIV UK as our default church Bibles and updated Terms of Reference (TORs) for all PCC sub-groups were adopted as were an 8 week grace period for training updates and a new traffic light system for Parish Safeguarding. Other matters discussed included the new line-up of Mission partners (50% UK-based & 50% Overseas) with equal amounts being given to each from Mission Giving set at £12K for 2023 (agreed at 10% gross Parish share). A decision was also made to join the Paraklesis Network which supports those working with young people. The PCC ended the year with several ‘good news stories’ which included the whole-church enthusiastic engagement with the ‘Discovering God’s Vision’ morning discussion session held the day before; the ECO Church team achieving Silver Status and the great turnout for the Annual Garden Tidy-Up ahead of Remembrance Sunday which itself was very well attended.

Rebecca Whelan (PCC Secretary).

Financial Review

Our current finance team continues to work hard to ensure robust procedures remain in place and are followed. We are grateful to all those who help with such things as collection counting and banking plus stewardship promotion. The Treasurer managed to open a new Lloyds bank account to enable the safe deposit of cash collections following the closure of the local HSBC branch we previously used and as CAF Bank had not introduced an alternative means for banking cash. In addition to our portable card reader we have now got a fixed card reader in Church provided by the Church of England through Portsmouth Diocese.

We continue to use Data Development’s Finance Co-ordinator (FC) software package for our main accounts, which allows us to import data whilst maintaining confidentiality from the Donations Co-ordinator package used for our gift aid records. FC also allows us to generate the necessary reports on our finances.

6

Details of our finances can be found below. We are into the tenth year of employing a full time Youth Worker (YW) and the seventh year of employing a part time Seniors’ Chaplain (SC). However, both officeholders have moved on. We have successfully recruited a new SC who started in early 2024 and we will be advertising for a new YW.

We have three main funds in our accounts: Seniors’ Chaplain; Youth Worker; and General. There are also various minor funds. We are fortunate in that the majority of our income is from regular standing order/ Parish Giving Scheme (PGS) giving rather than plate cash collections or income from hall lettings. We continue to encourage members who gift aid to switch over to the PGS. Our giving remained steady during 2023.

We are very grateful to all who give generously to fund the church and its mission and we continue to keep the congregation informed about our financial position. We are also particularly grateful to have been included in a parishioner’s will and benefited from a most generous legacy specifically for “the support and promotion of mission or outreach by the Church members in this country or abroad”. Tim Horne (Treasurer).

Reserves Policy

Our policy, which is reviewed by the PCC each July, is to have £30,000 of Fund Reserves available in order to cover emergency needs and avoid cash flow difficulties. It is to be held in General and Designated funds, noting that the £30k includes the Project Fund (c.£19K). Taking the PCC-designated projects fund and general funds together, on 31 Dec 23 the Reserves were about £49K. Tim Horne (Treasurer).

Volunteers

We would like to thank all those who work so hard to make our church the lively and vibrant community it is and those who have worked hard and creatively to enable us to adapt to the restrictions the pandemic has brought. Many people give much in all sorts of areas: from children’s & youth work to supporting the elderly, in practical ways on the building and garden, on managing the church’s finances, in preaching and leading and providing music for our various services.

Paid staff

Rebecca Whelan has continued in her very efficient and helpful way as our Parish Administrator during the year. David Loveless continued to work effectively as our full-time Youth Worker until the cessation of his employment in October 2023. Julie Slade continued in her role as part-time Seniors’ Chaplain until the cessation of her employment in September 2023. She had been extremely effective in providing invaluable support to older people especially in difficult times.

Bankers

Current Account: CAF Bank, 25 Kings Hill Avenue, Kings Hill, West Malling, Kent ME19 4JQ

Current Account: Lloyds Bank PLC Registered Office: 25 Gresham Street, London EC2V 7HN

Deposit and Investment Accounts: CCLA Investment Management Ltd, Registered address: One Angel Lane, London EC4R 3AB

7

Inde endent Examiner Independent Examiners Ltd. Unit 2, The Broadbridge Business Centre, Delling Lane, Bosham, P018 8NF Approved by the PCC and $18ned on thelr behalf bv... Rev Bruce Deans, Ineumbent Date:

INDEPENDENT EXAMINER’S REPORT ON THE ACCOUNTS

Report to the Parochial Church Council (the trustees) of St Mary Magdalen, Sheet, on the accounts for the year ended 31st December 2023, set out on pages 10 to 19.

Respective responsibilities of trustees and examiner

The organisation's trustees are responsible for the preparation of the accounts. The organisation's trustees consider that an audit is not required for this year (under section 144 of the Charities Act 2011) and that an independent examination is needed.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for an independent examination, it is my responsibility to:

Basis of independent examiner's statement

My examination was carried out in accordance with General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the organisation and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a 'true and fair view' and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In the course of my examination, no matter has come to my attention:

  1. which gives me reasonable cause to believe that in, any material respect, the trustees have not met the requirements to ensure that:

  2. proper accounting records are kept (in accordance with section 130 of the Act); and

  3. accounts are prepared which agree with the accounting records and comply with the accounting requirements of the Act; or

  4. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

J Irvine-Smith FCIE Independent Examiners Ltd Unit 2 Broadbridge Business Centre Delling Lane Bosham West Sussex PO18 8NF Date: 22nd March 2024

9

PCC OF ST MARY MAGDALEN, SHEET STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2023

Notes
INCOME
Income from:
Donations and Legacies
2a
Other Trading Activities
2b
Investments
2c
Charitable Activities
2d
Other
2e
TOTAL INCOME
EXPENDITURE
Expenditure on:
Raising Funds
3a
Charitable Activities
3b
TOTAL EXPENDITURE
Gains/(Losses) on Investments
1
NET INCOME/(EXPENDITURE)
Transfers Between Funds
5
NET MOVEMENT IN FUNDS
Total Funds Brought Forward
TOTAL FUNDS CARRIED FORWARD
NET
INCOME/
(EXPENDITURE)
before
investment gains/(losses)		 Unrestricted
Designated
Restricted
Endowment
TOTAL
TOTAL
Funds
Funds
Funds
Funds
2023
2022
£
£
£
£
£
£
138,787
264
112,103
0
251,154
181,162
0
0
0
0
0
0
3215
0
0
0
3,215
476
0
0
8,093
0
8,093
9,014
0
0
0
0
0
0
142,002
264
120,196
0
262,462
190,652
0
0
0
0
0
0
125,772
13,103
48,961
0
187,836
183,959
125,772
13,103
48,961
0
187,836
183,959
16,230
(12,839)
71,235
0
74,626
6,693
228
0
354
74
656
-670
16,458
(12,839)
71,589
74
75,282
6,023
(9,917)
12,909
(2,992)
0
0
0
6,541
70
68,597
74
75,282
6,023
23,376
19,726
9,129
3,082
55,313
49,290
29,917
19,796
77,726
3,156
130,595
55,313

Movements on all reserves and all recognised gains and losses are shown above. All of the organisation's operations are classed as continuing.

The notes on pages 12 to 19 form part of these financial statements.

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PCC OF ￿ MARY MAGDALEP4. SHEEr NALANCI SHEET AS AT 31 DECEFIBER 2023 31-Ott 31-O•C 21123 Total 2022 Total Funds Vunds Funds Notes Tanglble asset5 Investments 2.122 2,283 3.156 7,561 6.906 C¥rr•nt Debtor5 Short Terrn Depo￿t5 Cash at bonk and In hand 1,012 5,514 24.261 I,012 100,753 24,261 2,222 40,000 11,44Q 19,796 75,443 Tot•1 Curr•nt AM•ts 3,156 133.587 Ciadltom.. amounts fal#ng due wlthln or* year 2.992 2,992 5,255 NIT ASSETS 3.15fj 130 595 R•venu• Vunds d the (￿lIty Unrestricted Fund5 Oeslgnated Funds Resinctsd Funds 29.917 29,917 19,796 77,726 23,376 19,726 9,129 19,796 77,726 C•pltsl liestricted Funds Endo¥wment Funds 3,156 3,156 3.082 Total 130 S95 The note5 on page5 13 to 10 fom part of these financial statw)ent Approved by the Tr￿tte$ on and 5￿J￿￿d m thdr lEha￿ by , Trustee li

PCC OF ST MARY MAGDALEN, SHEET

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

1. ACCOUNTING POLICIES

The accounts are prepared under the historical cost convention, in accordance with the Church Accounting Regulations 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with FRS 102 (effective 1 January 2019) - (Charities SORP (FRS 102)) and the Charities Act 2011, with the exception of investment assets, which are shown at market value.

The financial statements include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include the accounts of Church groups that owe their main affiliation to another body, nor those that are informal gatherings of church members.

The Charity meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historical cost unless otherwise stated in the relevant accounting policy notes.

Assessment of Going Concern

Preparation of the accounts is on a going concern basis. The trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern.

Cash Flow

The charity has taken advantage of the exemption in Financial Reporting Standard No 1 from the requirement to produce a cash flow statement.

Changes to accounting estimates

No changes to accounting estimates have occurred in the reporting period.

Material prior period errors

No material prior year errors have been identified in the reporting period.

Funds

Endowment funds are funds, the capital of which must be maintained; only income arising from investment of the endowment may be used either as restricted or unrestricted funds depending upon the purpose for which the endowments was established.

Restricted Funds represent (a) income from trusts or endowments which may be expended only on those restricted objects provided in the terms of the trust or the bequest, and (b) donations or grants received for a specific object or invited by the PCC for a specific object. The funds may only be expended on the specific object for which they were given. Any balance remaining unspent at the end of each year must be carried forward as a balance on that fund.

Designated funds are funds that the PCC has reserved for specific purposes. Although these are in principle unrestricted funds, these funds may only be expended on the specific purpose designated by the PCC.

Unrestricted Funds are in general funds which can be used for PCC ordinary purposes.

Incoming Resources

Planned giving, collections and donations are recognised when received. Tax refunds are recognised when the incoming resources to which they relate are received. Grants and Legacies are accounted for when the PCC is legally entitled to the amounts due. Dividends are accounted for when receivable. Interest is accrued. All other income is recognised when it is receivable. All incoming resources are accounted for gross.

Gifts in Kind

y

included in the accounts as gifts only when sold or distributed by the PCC. Gifts in kind for use by the PCC are included in the SOFA as incoming resources when receivable.

Donated Services and Facilities

These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the PCC is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the PCC of the service or facility received.

Volunteer Help

The value of any voluntary help received is not included in the accounts but is described in the trustees' annual report.

Government Grants

The charity has received an East Hampshire District Council Grant of £282.87 towards running a warm Friday Café in the reporting period.

Resources Expended

Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding obligation on the PCC. The diocesan quota or parish share is accounted for when due. Amounts received specifically for Mission are dealt with as restricted funds. All other expenditure is generally recognised when it is incurred and is accounted for gross.

Liability Recognition

Liabilities are recognised as soon as there is a legal or constructive obligation committing the PCC to pay out resources.

Governance Costs

Includes costs of the preparation and examination of statutory accounts, the costs of the trustees' meetings and cost of any legal advice to trustees on governance or constitutional matters.

12

PCC OF ST MARY MAGDALEN, SHEET

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

Redundancy

The PCC made no redundancy payments during the reporting period.

Pensions

The PCC operates a defined contribution pension scheme. Contributions are charged to the Statement of Financial Activities as they become payable in accordance with the rules of the scheme.

Offsetting

There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by the FRS 102 SORP or FRS 102.

Fixed Assets

Consecrated and Beneficed property is excluded from the accounts by s.10(2) of the Charities Act.

No Value is placed on movable church furnishings held by the church wardens on special trust for the PCC and which require a faculty for disposal since the PCC considers this to be inalienable property. All expenditure incurred during the year on consecrated or beneficed buildings and movable church furnishings, whether maintenance or improvement, is written off as expenditure in the SOFA and separately disclosed.

Property and Investments Recorded in the Diocesan Accounts

Property:

A conveyance of land at Inmans Lane on the 27 May 1935 established a Trust whereby the land was to be used for no other purpose except as a residential site for an "assistant curate in charge" at Sheet. A parsonage was built on that land. This was sold in 1988 and a new residence bought at 2 Pulens Lane. On the 28 February 1992 a Deed was signed between the PCC of St Mary Magdalen, Sheet and the Portsmouth Diocesan Board of Finance, which stated that:

"In the event of the property no longer being required as a parsonage house for the Benefice, it, or the net proceeds of sale, will be held on the original Trust, or any ecclesiastical purposes which may be permitted by a scheme of the Charity Commissioners for England and Wales obtained only at the instigation of the PCC."

In simple terms this means that the PCC is the beneficial owner of the Vicarage. Sheet is the only parish in the Diocese in this unique position, however the fact was not recognised for many years. The PCC has agreed that their interest in the property at 2 Pulens must be recorded in the Annual Accounts.

During the current inter regnum the property is let by the Diocese who receive the rent.

The value of the property is recorded in the Diocesan Accounts and therefore cannot form part of the Accounts of St Mary Magdalen, however we are authorised to record the value provided we show the same figure as appears in the Diocesan Accounts. The Diocesan policy for the revaluation of properties has changed and only 20% of properties are to be valued each year. 2 Pulens Lane is not in the list for this year so its value will remain unchanged until a new valuation is received from the Diocese.

The property at 2 Pulens Lane has been valued as follows:

Date Valuation
31st Dec £
Initial Valuation 1999 185,000
Last Valuation 2018 600,000

a) Investments

The CCLA deposit account ('Parsonage') was held by the Diocesan Board as custodian trustee and was closed in Aug 22. The value at closure was used to buy 116.19 shares in the CBF Church of England Investment Fund - Income Shares (‘Legacy Account’). The original trust surrounding the Inmans Lane Property stated that "….in the event of surplus sale proceeds….the surplus would be held by the Diocesan Board as custodian trustee with an income being paid over to the PCC towards the cost of its Curate." (NB: This was dated 13th January 1966 - prior to Sheet having a Vicar.) The original capital was £2,307.10 and, at the 31st December 2023, the value of the Parsonage Fund remains fixed at £2,307.10 held within the ‘Legacy Account’.

The Miss Nixon Endowment Fund was invested in The CBF Church of England Fixed Interest Securities Fund and this account was also closed in 2022. The value at closure was used to buy 37.55 Shares in the CBF Church of England Investment Fund - Income Shares (‘Legacy Account’). So the Legacy Account comprises three funds namely: the Legacy Trust, Miss Nixon-Endowment Investment and Sheet Old Parsonage Land Trust.

The Legacy Trust Fund is invested in The CBF Church of England Investment Fund - Income Shares (‘Legacy Account’), in line with the original investment made prior to the loss of funds. The investment made was £2,271.00 dated 25th March 2015 and bought 180.74 shares. To these have been added the proceeds from closing the Parsonage Account (116.19 shares) and Nixon Account (37.55 shares) making a total of 334.48 shares.

The market value of these at the 31st December 2023 was £7,561.02 encompassing each of the following funds with values apportioned based on shares: Parsonage £2,626.51 (ie £2,307.10 plus £319.41 General), Nixon £848.83 and Old Legacy £4,085.68 (ie £2,283.06 plus £1,802.62 General). Dividends of £206.68 were paid into General Funds (Current Account) during 2023.

The Deposit account is held with the CBF Church of England Deposit Fund. This stood at £100,752.79 at the 31st December 2023. Interest of £2967.22 was paid into General Funds during 2023. Interest payments are made direct into the current account.

13

PCC OF ST MARY MAGDALEN, SHEET

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

2. INCOME FROM:

a) Donations and Legacies
Planned Giving
Gifts and Donations
Gift Aid Tax Recoverable
Church Collections
One Off Gifts and Donations
Other Income
Legacies and Grants
Churcher's College Chaplain's Honorarium
Other Funds Generated
b) Other Trading Activities
c) Investments
Bank Interest and Dividends
Fees - Weddings and Funerals
Grant - HMRC Job Retention Scheme
e) Other
Insurance Claim
TOTAL INCOME
d) Charitable Activities		 Unrestricted
Designated
Restricted
Endowment
TOTAL
TOTAL
Funds
Funds
Funds
Funds
2023
2022
£
£
£
£
£
£
104,789
0
28,056
0
132,845
122,592
1,850
0
1,900
0
3,750
250
26,597
53
7,131
0
33,781
30,860
3,938
0
393
0
4,331
3,531
0
0
0
0
0
0
0
211
2,100
0
2,311
266
1,534
0
66,853
0
68,387
22,663
0
0
1,100
0
1,100
1,000
79
0
4,570
0
4,649
0
138,787
264
112,103
0
251,154
181,162
0
0
0
0
0
0
3,215
0
0
0
3,215
476
0
0
8,093
0
8,093
9,014
0
0
0
0
0
0
0
0
8,093
0
8,093
9,014
0
0
0
0
0
0
0
0
0
0
0
0
142,002
264
120,196
0
262,462
190,652

14

PCC OF ST MARY MAGDALEN, SHEET

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

3. EXPENDITURE ON:
Notes
a) Raising Funds
Costs of Fetes and Other Events
Cost of Church Activities (fully funded)
Hall Hire for Lunches
b) Charitable Activities
Direct charitable costs
Mission Giving
5
Diocesan Parish Share
Ministry Costs
Worship
Pastoral
Outreach
Vicarage
Hire of Hall
Wedding and Funeral Costs
Diocesan Fees
Staffing Costs
9
Administrator
Verger and Wedding Clerk
Youth Worker
Seniors Chaplain
Musicians' Fees
Youth & Children Work
Magazine Expenses
Training
Parish Office
Church Running Costs
Church Maintenance
Other Gifts and Donations
General Expenses
Support and Governance costs
Administration
Independent Examiners Fee
TOTAL EXPENDITURE
4. SUPPORT COSTS
Administration and Governance (as above, also includes
Administrator costs )		 Unrestricted
Designated
Restricted
Endowment
TOTAL
TOTAL
Funds
Funds
Funds
Funds
2023
2022
£
£
£
£
£
£
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
12,700
4,003
0
16,703
11,500
81,337
0
0
0
81,337
80,337
3,079
0
0
0
3,079
1,952
51
0
97
0
148
150
4,027
403
1,165
0
5,595
2,117
570
0
0
0
570
0
2,360
0
0
0
2,360
3,141
0
0
2,519
0
2,519
2,528
2,571
0
2,571
3,300
0
0
14,343
0
0
0
14,343
13,531
1,716
0
0
0
1,716
1,620
0
0
27,988
0
27,988
30,291
0
0
9,708
0
9,708
15,857
1,800
0
0
0
1,800
100
1,664
0
630
0
2,294
2,178
1,280
0
0
0
1,280
1,240
0
0
0
0
0
677
757
0
0
0
757
1,092
4,788
0
0
0
4,788
4,344
2,941
0
280
0
3,221
3,035
0
0
0
0
0
170
1,153
0
0
0
1,153
289
2,976
0
0
0
2,976
3,610
930
0
0
0
930
900
125,772
13,103
48,961
0
187,836
183,959
Unrestricted
Designated
Restricted
Endowment
TOTAL
TOTAL
Funds
Funds
Funds
Funds
2023
2022
£
£
£
£
£
£
18,249
0
0
0
18,249
18,041

All support costs are for the work of the church

15

PCC OF ST MARY MAGDALEN, SHEET

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

5. FUNDS Balance Gain/(Loss) Balance
01-Jan-23
Income
**Expenditure **		 on Investmt. Transfers
31-Dec-23
£
£
£		 £ £
£
REVENUE FUNDS
UNRESTRICTED
General Fund 23,376
142,002
125,772		 228 (9,888)
29,946
Total Unrestricted 23,376
142,002
125,772		 228 (9,888)
29,946
DESIGNATED
After Service Coffee
Mission and Outreach Fund
Projects Fund
Seniors Chaplain Fund
Women's Brunch Fund		 337
0
0
0
0
12,700
19,050
0
0
1
0
0
338
264
403		 0
0
0
0
0		 0
337
12,700
0
0
19,050
0
1
209
408
Total Designated 19,726
264
13,103		 0 12,909
19,796
Total Unrestricted & Designated 43,102
142,266
138,875		 228 3,021
49,742
RESTRICTED
Anne Hazleton Legacy
Friday Café
Lady Joan Taxi Fund
Oasis Fund
Organ Restoration Fund
Seniors Chaplain Fund
Vicars Discretionary
SMOFS Fund
Streaming
Wedding and Funeral Fund
Youth Bibles
Youth Worker Fund		 0
50,753
0
224
0
224
376
0
97
975
0
993
833
0
280
4,676
16,100
9,707
0
3,950
3,950
0
0
0
0
0
8,093
5,090
116
113
122
0
41,187
28,498		 0
0
0
0
0
0
0
0
0
0
0		 50,753
0
0
0
279
-18
-36
0
553
0
11,069
0
0
0
0
0
0
-3,003
0
0
107
0
12,689
Total Restricted 7,200
120,196
48,961		 0 -3,021
75,414
CAPITAL FUNDS
Legacy Trust		 1,929
0
0		 354 0
2,283
Total Restrictive Capital Funds 1,929
0
0		 354 0
2,283
Miss Nixon-Endowment Investment
Sheet Old Parsonage Land Trust		 775
0
0
2,307
0
0		 74
0		 0
849
0
2,307
Total Endowment Capital Funds 3,082
0
0		 74 0
3,156
Totals 55,313
262,462
187,836		 656 0
130,595
Funds at 31st December 2023 are represented by:
Unrestricted
Designated
funds
funds
£
£
Current account
24,261
0
Deposit account
5,514
19,796
CCLA Investment
2,122
0
Debtors
1,012
0
Creditors
(2,992)
0		 Restricted
Restricted
Endowment
funds
capital funds
capital funds
£
£
£
0
0
0
75,443
0
0
0
2,283
3,156
0
0
0
0
0
0		 TOTAL
2023
£
24,261
100,753
7,561
1,012
(2,992)
29,917
19,796		 75,443
2,283
3,156		 130,595

16

PCC OF ST MARY MAGDALEN, SHEET

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

5. FUNDS (Continued)

Transfers between funds:

To Mission and Outreach Fund (designated)

Women's Brunch Fund (designated)

£12,700 was made available by the PCC to the Mission and Outreach Committee, in line with the commitment to give 10% of the 2022 unrestricted income to the Mission Fund. The Mission and Outreach Committee allocated the £12,700 from the Mission Fund during 2022 to Moved £9.87 (SumUp 3 Oct), £157.10 (Cash 9 Oct) and 25% GA on £167.10 (ie £41.78) - a total of £208.75 wrongly put in General rather than Women's Brunch. To transfer surplus to General Fund after all fees paid. To remove an Oasis Fund deficit and bring the totals to ze

A Rocha
A Rocha
Anna Chaplaincy
Bible Society
Frontline Debt Advice Petersfield
Great Lakes Outreach
HomeStart Butser
In Ministry to Children (IMC)
International Justice Mission UK
J Cross (YWAM)
King's Arms
Mosaic Middle East		 Home
Overseas
Total
Total
2023
2023
2023
2022
£
£
£
£
0
1,569
1,569
1,533
150
0
150
0
1,569
0
1,569
658
0
0
0
1,314
1,569
0
1,569
0
0
1,569
1,569
1,533
1,569
0
1,569
1,314
0
1,569
1,569
2,301
0
0
0
1,533
0
0
0
0
1,569
0
1,569
1,314
0
1,569
1,569
0
6,425
6,275
12,700
11,500

Closed Envelope Collections

There were no special collections where upon the request of the charity, funds did not pass through our Bank Account (2022: nil).

17

PCC OF ST MARY MAGDALEN, SHEET

NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2023

5. FUNDS (Continued)

Special Collections - Outside of these Accounts
Collections on behalf of Agencies
Addenbrookes Hospital
Alzheimer's Society
Bishop's Discretionary
Bob & Julie Leaving
British Heart Foundation
British Red Cross
Cancer Research
Childrens Society
DEBRA
DEC
Duchenne Family Support Group
English Heritage
Future Shoots
HIOWAA
Macmillan
ME Association
MS Society
Petersfield Community Garden
RNLI
Rosemary Foundation
Rowans Hospice
Salvation Army
Tearfund
Vicar's Discretionary
YW Leaving
6. CASH AT BANK AND IN HAND
Current Account
7. SHORT TERM DEPOSITS
CCLA Deposit Account (Parsonage)
CBF Church of England Deposit Fund
8. DEBTORS AND PREPAYMENTS
Accrued Income		 2023
2022
£
£
0
0
30
99
307
0
1,060
0
15
0
210
0
0
538
506
180
0
100
0
122
0
165
170
0
21
0
0
115
21
263
0
100
0
325
21
0
0
204
1,121
153
0
275
55
0
10
0
0
300
635
0
4,183
2,939
Total
Total
Unrestricted
Designated
Restricted
Endowment
31-Dec
31-Dec
Funds
Funds
Funds
Funds
2023
2022
£
£
£
£
£
£
24,261
0
0
0
24,261
11,440
24,261
0
0
0
24,261
11,440
Total
Total
Unrestricted
Designated
Restricted
Endowment
31-Dec
31-Dec
Funds
Funds
Funds
Funds
2023
2022
£
£
£
£
£
£
0
0
0
0
0
0
5,514
19,796
75,443
0
100,753
40,000
5,514
19,796
75,443
0
100,753
40,000
Total
Total
Unrestricted
Designated
Restricted
Endowment
31-Dec
31-Dec
Funds
Funds
Funds
Funds
2023
2022
£
£
£
£
£
£
1,012
0
0
0
1,012
2,222
1,012
0
0
0
1,012
2,222

18

PCC OF ST MARY MAGDALEN, SHEET

NOTES TO THE FINANCIAL STATEMENTS (continued)

FOR THE YEAR ENDED 31 DECEMBER 2023

9. CREDITORS ACCRUALS AND DEFERRED INCOME: AMOUNTS FALLING DUE WITHIN ONE YEAR

Accrued Expenditure
Agency
Deferred Income
Independent Examiners Fee
10. STAFF COSTS AND NUMBERS
Gross Wages and Salaries
Employer's National Insurance Costs (after allowance)
Pension Contributions
Employment Related Expenses
Employees who were engaged in each of the following activities:
Activities in furtherance of organisation's objects
Management and administration
INCOME:
AMOUNTS
FALLING
DUE
WITHIN
ONE YEAR		 Total
Total
Unrestricted
Designated
Restricted
Endowment
31-Dec
31-Dec
Funds
Funds
Funds
Funds
2023
2022
£
£
£
£
£
£
1,641
0
0
0
1,641
3,849
433
0
0
0
433
506
0
0
0
0
0
0
918
0
0
0
918
900
2,992
0
0
0
2,992
5,255
2023
2022
£
£
51,259
58,278
0
0
2,477
2,833
528
1,119
54,264
62,230
2023
2022
TOTAL
TOTAL
2
2
1
1
3
3

The Church employs an Administrator, a Youth Worker and a Seniors Chaplain. They also pay musicians and vergers on an ad hoc basis. No employee received emoluments in excess of £60,000.

The Key Management Personnel are considered to be the members of the standing committee. No members of the standing committee received remuneration.

11. TRUSTEES AND OTHER RELATED PARTIES

Until he resigned, the Youth Worker was a PCC member and received salary/PAYE payments of £26,656 in this role during 2023, together with £509 expenses and Employer Pension (NEST) contributions of £1,333.

Until she resigned, the Seniors' Pastor (whose spouse was a PCC member) received a salary/PAYE of £9,227 in this role during 2023, together with £18.50 expenses and Employer Pension (NEST) contributions of £461. The new Seniors' Pastor commences in Jan 24.

The Parish Administrator is the PCC secretary and spouse of a current PCC member who received a salary/PAYE of £15,376 covering this role, that of the Wedding Clerk and that of the Verger during 2023, together with Employer Pension (NEST) contributions of £683.

The Trustees rely on the provisions contained in the Charities Act 2011 (which has replaced 2006) with regard to Legal Authority for paying PCC members (and Related Parties). Any PCC expenses claimed or incurred are subject to the PCC's normal internal controls and authorisation procedures.

Since his Licensing in Jun 23, the new incumbent was paid £833 expenses; this includes £30 for a mobile phone paid prior to arrival. Otherwise no expenses were paid during the previous inter regnum. The incumbent is a PCC member.

No other material transactions took place between the organisation and a trustee or any person connected with them.

12. RISK ASSESSMENT

The PCC actively review the major risks which the charity face on a regular basis and believe that with the Financial Procedures and Controls that they have put in place promoting recommended practice, together with the independent review over key financial systems which is carried out on an annual basis, they have implemented robust financial control. The trustees have also examined other operational and business risks which they face and confirm that they have established systems to mitigate the significant risks.

13. RESERVES POLICY

The Reserves policy that "£30K to be held in General and Designated funds" is contained in the PCC Annual Report.

14. COLLECTIONS ON BEHALF OF OTHERS

During this reporting period, the charity has received funds as agent for those agencies detailed in Note 5 to these accounts. The Funds received, paid and balances held at the end of the period are as detailed below.

Opening balances 1 January 2023
Collections received
Collections paid over
Closing balance 31st December 2023 (to be paid over)		 £
506
4,110
(4,183)
433
(£433.16 paid to Children's Society 12 Jan 24)

19