**Annual Report and Financial Statements for the year ended 31 December 2024** **The Parochial Church Council of the Parish of St Mary Magdalen Sheet** **Registered Charity number 1128244** ## **ANNUAL REPORT 2024** ## **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 2024** ## **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 2024 the following people served as PCC members: ## **PCC members** Incumbent & Chair: Rev. Bruce Deans (from 27 June 2023) Elected Gabi Fernée 2025 (2[nd] term) (3 years served) Elaine Heywood 2027 (2[nd] term) (3 years served) Tim Horne 2025 (3[rd] term) (4 years served) – Treasurer Sam Jackson 2027 Angus McAllister 2025 Amanda Micklethwaite 2025 Molly St. John 2027 Jed Temple 2027 (3[rd] term) (4 years served) Claire Weller 2027 - Safeguarding Officer Rebecca Whelan 2025 – PCC Secretary Shaun Whelan 2025 (3[rd] term) (4 years served) Deanery Synod Elaine Heywood Peter Belton Diocesan Synod vacant Reader Rep Linda Clist Ex Officio Mick Micklethwaite Honorary Clergy Lynette Spong 2028 - Churchwarden David Mellard 2030 - Churchwarden Co-opted None We thank PCC members: Bill Ashcroft, Dave Castle, Mark Mogridge, Jenny Parkes and Lissie Sacchi who also served on the PCC but stood down in the course of the year 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 Rev. Henrietta Metters, Seniors’ Chaplain – from January 2024 Dom DeBoo, Youth Worker – from October 2024 2 ## **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 2024. The PCC is supported by a number of sub-groups, namely: - Standing Committee - Fabric Group - Finance Group - Missions Group - Youth & Children’s Group 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. - We do this through: - Worship and prayer; learning about the Gospel; and developing knowledge and trust in Jesus. - Provision of pastoral care for those living in the parish and for church members. - Outreach and mission work and support. ## **Safeguarding** Claire Weller has been our invaluable Parish Safeguarding Officer. During the course of the year, she has diligently worked through our agreed Safeguarding Action Plan, reviewing all church groups and ensuring all volunteers are compliant with the correct DBS in place and up-to-date training. She has also overseen a programme of Risk Assessments being drawn up / updated in respect of all church events, Home and Small groups. Claire had joined the Diocese’s Parish Safeguarding Network at the end of 2023 but in the Autumn 2024, Claire also joined the Diocesan Safeguarding Trainer on the National Church of England Response Group to the Wilkinson / Jay Report, (to express views and influence the national response to some of the controversial recommendations set out in the Jay Report). 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. At the end of the year, the Incumbent and new Youth and Children’s Worker jointly visited local schools we support where they discussed key safeguarding learning points from the Makin Report which was published in November. Claire Weller (Parish Safeguarding Officer). ## **Electoral Roll** There were 169 parishioners on the Church Electoral Roll up to the end of 2024, of whom 81 were not resident within the parish. Rebecca Whelan (PCC Secretary) 3 ## **Church attendance** The average weekly church attendance in 2024 was 99 people. [83 over and 16 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 and one extra-ordinary meeting 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 mid-January with 17 attendees and was reminded that it is motivation which matters in everything we do as we endeavour to play our part in the building of God’s kingdom on Earth. Among several important matters to be discussed at the start of 2024, was the ‘Discovering God’s Vision Proposal’ drawn up in response to a church-wide consultation at the end of the previous year. The use of alcohol-free Communion Wine; the merit of appointing a new Youth & Children’s Worker with a suggested advert; extra funding to be investigated by the Finance Group in order to extend the Seniors’ Chaplain’s contract beyond just one year were all approved and a new style of worship ‘Breakfast Church’ on third Sundays to be piloted for 3 months from February was also well-received. The PCC was also pleased to welcome the help of a couple of new Sunday youth-group leaders, subject to safeguarding checks. At the end of January, the PCC held an extra-ordinary meeting with 19 attendees during which the CofE Pastoral Guidance document over the proposed use of the ‘Prayers of Love and Faith’ (PLF) in church for same-sex couples was discussed. In March the PCC meeting had 19 attendees. Delight was expressed following the recent fantastic engagement with the local primary schools. Main topics were the Annual Financial Statement (approved by the PCC and audited by the independent examiners IEL); a Parish Share Review Questionnaire received from the Diocese; feedback regarding potential works to the church some of which were recommended by the Quinquennial Report and there was unanimous agreement to begin advertising as soon as possible for a new Youth & Children’s Worker with a publicity drive for pledging donations to be launched at the April APCM. Gratitude was expressed to a church member who had volunteered to be our church representative on Petersfield and Sheet Residents In Need (‘PASRIN’) Willow Almshouse Trusts _._ Sincerest thanks were also expressed to one of the Churchwardens who was standing down after completing 7 years and especially for the extra year he has done to support the new Incumbent, noting that his replacement is currently being advertised. The Annual Parochial Church Meeting (APCM) was held in April. 43 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. The May PCC meeting had 13 attendees. New PCC members were welcomed and appointments made for specific roles. Progress updates were also received from the Incumbent regarding his ‘Mission, Outreach & Evangelism’ role as part of the ‘Petersfield Deanery Mission Action Plan’ and from the Fabric Chair on a large number of Fabric issues in relation to the church. The 2024 Quarter 1 Management Accounts were also received. Other issues discussed included the decision to hold the popular Breakfast Church every 3[rd] Sunday following largely positive feedback; plans to hold a Youth Summer Camp locally in July and the feasibility of holding an Alpha Course (one of our ‘Discovering God’s Vision’ initiatives). Also of particular importance was approval of the updated ‘Photography & Live-streaming Privacy Notice’ to be uploaded to the church website. The other main focus was that the PCC would take on responsibility for ‘The Friends to Sheet Church’ funds (£84K) following the imminent retirement of its Chair and eventual closure by the Charity Commission. These would be held in Restricted Funds and subject to statutory audits in the usual way and the PCC would remain sympathetic to the purpose of the funds ie. they would be designated for maintenance/ improvements to the church building. Sincerest thanks was expressed to ‘The Friends’ for all that they have done for St. Mary Magdalen Church, Sheet over many years. 4 There were 11 attendees at the July PCC. Highlighted were the recent Patronal Festival and BBQ which had all gone well and plans for the Youth Summer Camp which were underway. Both the Parish Safeguarding Policy (including our Domestic Abuse Policy) 2024 and the Parish Safeguarding Policy Statement 2024 as well as running an Alpha Course from September to November, plus the budget for this which included a Diocesan grant, were all approved. Other approvals included the appointment of 2 new Deanery Representatives and holding a ‘Resound Worship Event’ in March 2025 and also importantly, revisions to St.MM’s Data Privacy Notice and St.MM’s Photography and Livestreaming Privacy Notice to bring them up-to-date with ‘UK GDPR’. Heard that the advert for a new Youth & Children’s Worker has been re-issued with the interview panel decided and that the Pastoral Team had been re-shaped in order to incorporate more of those involved in pastoral care for older people and prayer ministry and that that both Churchwardens have attended the annual Archdeacon’s Visitation during the month. There were 10 attendees at the September PCC. A particular highlight was that a successful candidate had been appointed as our church’s new Youth & Children’s Worker and that he was completing safeguarding checks and training. The Incumbent’s considered response to General Synod was received and well as an outline of his new task researching as to how the church can better reach and serve the people of East Petersfield, which had been identified by the Deanery as being an under-served / new community, and how he is already consulting with various organisations to evaluate some good approaches which the church could take. It also learnt that the third Sunday of November would be designated as ‘Prayer Sunday’, an opportunity for an extended time of prayer for the church, it’s vision and mission priorities and our community. Resolutions were passed to authorise administrants to take Holy Communion into care homes and approve: the total Missions Giving amount for 2025 at £13,400; the updated Health & Safety Policy, a proposed Bereavement Course at the beginning of 2025, stonemasons to carry out the repair of the cracked stone cross following quotes received and a legacy to be used to fund two years of the Seniors’ Chaplain role and associated costs in line with the terms expressed in the benefactor’s will. The 2024 Quarter 2 Management Accounts were also received. 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. The PCC agreed all sub-group Terms of Reference (TORs) and that our safeguarding procedures be further reviewed and tightened up where appropriate, in the light of the Makin Report and recent safeguarding issues in the CofE. Received a Five-Step Strategy Paper presented by the new Youth & Children’s Worker and heard about plans and activities for young people over the next few months. Discussed ongoing developments at General Synod and what, if any, action PCC should take. Parochial Church Fees for 2025 (which included the church’s own ancillary fees for Funerals & Weddings); the 2024 Quarter 3 Management Accounts and the 2025 Budget were all agreed following increases for Staff Salaries and Verger Honorarium. Agreed that the Churchwardens would come up with a church-wide consultation process to be publicised in the weekly newsletter ‘Sheet Sheet’ and in church service notices regarding the requested removal of some rows of pews in church and suggested a date for the ‘Resound Worship Event’ in March 2025. The PCC ended the year on a positive note acknowledging the recent presentation of paintings of the church produced by a local artist and church member to the three retiring trustees of ‘The Friends to Sheet Church’ charity; the new Chair appointment to the Missions Group; the positive report from the Seniors’ Chaplain highlighting services and events for older people over the past quarter; the imminent repair to the stone-cross on the church roof and gratitude expressed to the retiring Eco-Team following the church’s success in achieving the Eco-church Silver Award the previous year and to the retiring Finance Chair for all his hard work. 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. In addition to our portable card reader we have had good use of our 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. 5 Details of our finances can be found below. We are into the eleventh year of employing a full time Youth Worker (YW) after almost a year hiatus and the eighth year of employing a part-time Seniors’ Chaplain (SC). We successfully recruited a new SC who started in early 2024 and a new YW in the last few months of 2024. We have four main funds in our accounts: General; Seniors’ Chaplain; Youth Worker; and Fabric/ Friends. 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 most of 2024 but nudged up a bit towards the end of the year. The Restricted Fabric/ Friends Fund within St. Mary Magdalen Accounts was established in 2024 from the transfer of £88,398.85 from the closure of the St. Mary’s Sheet Church Building Trust (Registered Charity 1050935) also known as ‘The Friends of Sheet Church’. 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 be able to continue to benefit from a parishioner’s will and most generous legacy specifically for “the support and promotion of mission or outreach by the Church members in this country or abroad”; in particular this legacy has enabled 2 years of funding for the Seniors’ Chaplain. Tim Horne (Treasurer). ## **Reserves Policy** Our policy, which is now to be reviewed by the PCC each May, is to have £40,000 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 £40k includes the Project Fund (c.£19K). Taking the PCC-Designated projects fund and General funds together, on 31 Dec 24 the Reserves were about £45K. 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. 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. We were delighted to welcome Rev. Henrietta Metters to take on the role of parttime Seniors’ Chaplain from 16 January 2024 and she has been extremely effective in providing invaluable support to older people during the course of the year. On 14 October 2024 we were also very pleased to welcome our new Youth and Children’s Worker Dom DeBoo and in the short last few months of the year, he has hit the ground running providing a Five-Step Strategy for our Youth Work and a number of events to engage our young people. ## **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 6 nde endent Ex Independent Examiners Ltd. Unit 2, The Broadbridge Business Centre, Delling Lane, Bosham, P018 8NF Approved by the PCC and signed on their behalf by... Rev Bruce Deans, Incumbent Date: 114 2t*2S ## **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 2024, set out on pages 9 to 20. ## **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: - examine the accounts (under section 145 of the Act,), - to follow the procedures laid down in the General Directions given by the Charity Commission (under section 145(5)(b) of the Act, as amended), and - to state whether particular matters have come to my attention. ## **Basis of independent examiner's statement** Since the PCC's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of The Association of Charity Independent Examiners, which is one of the listed bodies. 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: - proper accounting records are kept (in accordance with section 130 of the Act); and - accounts are prepared which agree with the accounting records and comply with the accounting requirements of the Act; or 2. 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: 20 March 2025 8 ## **PCC OF ST MARY MAGDALEN, SHEET STATEMENT OF FINANCIAL ACTIVITIES** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** |**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**
**NET INCOME/ (EXPENDITURE) before investment**
**gains/(losses)**
Gains/(Losses) on Investments
1
**NET INCOME/(EXPENDITURE)**
Transfers Between Funds
5
**NET MOVEMENT IN FUNDS**
**RECONCILIATION OF FUNDS:**
Total Funds Brought Forward
**TOTAL FUNDS CARRIED FORWARD**|**Unrestricted Designated**
**Restricted Endowment**
**TOTAL**
**TOTAL**
**Funds**
**Funds**
**Funds**
**Funds**
**2024**
**2023**
**£**
**£**
**£**
**£**
**£**
**£**
132,656
618
121,363
0
254,637
251,154
0
0
0
0
0
0
5590
0
229
0
5,819
3215
0
0
7,547
0
7,547
8,093
0
0
0
0
0
0
**138,246**
**618**
**129,139**
**0**
**268,003**
**262,462**
0
0
0
0
0
0
132,675
14,017
28,436
0
175,128
187,836
**132,675**
**14,017**
**28,436**
**0**
**175,128**
**187,836**
**5,571**
**(13,399)**
**100,703**
**0**
**92,875**
**74,626**
61
0
93
19
173
656
**5,632**
**(13,399)**
**100,796**
**19**
**93,048**
**75,282**
(10,837)
13,429
(2,592)
0
0
0
**(5,205)**
**30**
**98,204**
**19**
**93,048**
**75,282**
29,911
19,795
77,733
3,156
130,595
55,313
**24,706**
**19,825**
**175,937**
**3,175**
**223,643**
**130,595**| |---|---| 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 11 to 20 form part of these financial statements. 9 PCC OF sr MARY MAGDALEN, SHEEr BALANCE SHEET AS AT 31 DECEMBER 2024 31-De 2024 31-De¢ 2023 Total Unrestricted Designated Restrlcted Endowment Fund$ Funds Funds Funds Total Note Fixed Assets Tangible assets Investments 2,183 2,376 3,175 7,734 7,561 Current Assets Cash at bank and In hand Short Term Deposits Debtors 25,566 946 1,072 5,000 168,381 180 30,566 189,152 1,252 24,261 100,753 1,012 19,825 Totsl Current Assets 175 937 228 704 133 587 Creditors: amounts falllng due within one year io 5,061 5,061 2.992 NET ASSETS 175 937 223 643 130 595 Revenue Funds of the Charity Unrestricted Funds Designated Funds Restricted Funds 24,706 24,706 19,825 175,937 29.911 19.795 77,733 19.825 175,937 Capital Funds.. EndowTnent Funds 3,175 3,175 3.156 Totsl Fun41$ 175 937 223 643 130 595 The notes on pages 11 to 20 fomi part of these finanaal statements. Approved by the Trustees on and Signed on their behèlf by , Trustee io ## **PCC OF ST MARY MAGDALEN, SHEET** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024** ## **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** Gifts in kind are accounted for at a reasonable estimate of their value to the PCC or the amount actually realised. Gifts in kind for sale or distribution are 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 did not receive any government grants in this financial year. 11 ## **PCC OF ST MARY MAGDALEN, SHEET** ## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024** ## **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. ## **Redundancy cost** 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 inter regnum the property was let by the Diocese who received the rent. The current incumbent took up residence in Jun 23. 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 12 ## **PCC OF ST MARY MAGDALEN, SHEET** ## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024** ## **1.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 2024, 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 £2271.00 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 2024 was £7734.08 encompassing each of the following funds with values apportioned based on shares: Parsonage £2686.62 (i.e. £2,307.10 plus £379.52 General), Nixon £868.26 and Old Legacy £4179.20 (i.e. £2376.58 plus £1,802.62 General). Dividends of £209.90 were paid into General Funds (Current Account) during 2024. |**Movement in the year:**
Market Value - 1st January 2024
Purchases at cost, less disposals at carrying value
Revaluation/Net unrealised gains/(losses)
Market Value - 31st December 2024|Parsonage
Nixon
Old Legacy
TOTAL
Funds
Funds
Funds
2024
£
£
£
£
2,627
849
4,085
7,561
0
0
0
0
60
19
94
173
**2,687**
**868**
**4,179**
**7,734**
CBF Church of England Investment Fund - Income Shares| |---|---| ## **Shareholdings in The CBF Church of England Investment Fund - Income Shares were as follows:** |As at
Parsonage Funds
Nixon Account Funds
Old Legacy Funds
Total|Shares
Restricted
Endowment
General
TOTAL
Fund
Fund
Fund
£
£
£
£
116.19
2,307
0
380
2,687
37.55
0
868
0
868
180.74
0
2,377
1,803
4,179
**334.48**
**2,307**
**3,245**
**2,183**
**7,734**
31-Dec-24| |---|---| 13 ## **PCC OF ST MARY MAGDALEN, SHEET** ## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024** ## **2. INCOME FROM:** |**a) Donations and Legacies**
Planned Giving
Gifts and Donations
Gift Aid Tax Recoverable
Church Collections
Other Voluntary 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
**e) Other**
Other Income
**TOTAL INCOME**
**d) Charitable Activities**|**Unrestricted Designated**
**Restricted Endowment**
**TOTAL**
**TOTAL**
**Funds**
**Funds**
**Funds**
**Funds**
**2024**
**2023**
**£**
**£**
**£**
**£**
**£**
**£**
100,975
495
25,439
0
126,909
132,845
850
0
220
0
1,070
3,750
25,556
123
5,995
0
31,674
33,781
4,882
0
0
0
4,882
4,331
0
0
0
0
0
2,311
0
0
88,509
0
88,509
68,387
0
0
1,100
0
1,100
1,100
393
0
100
0
493
4,649
**132,656**
**618**
**121,363**
**0**
**254,637**
**251,154**
**0**
**0**
**0**
**0**
**0**
**0**
**5,590**
**0**
**229**
**0**
**5,819**
**3,215**
0
0
7,547
0
7,547
8,093
**0**
**0**
**7,547**
**0**
**7,547**
**8,093**
0
0
0
0
0
0
**0**
**0**
**0**
**0**
**0**
**0**
**138,246**
**618**
**129,139**
**0**
**268,003**
**262,462**| |---|---| 14 ## **PCC OF ST MARY MAGDALEN, SHEET** ## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024** ## **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
6
Other Giving
Diocesan Parish Share
Ministry Costs
Worship
Pastoral
Outreach
Vicarage
Hire of Hall
Wedding and Funeral Costs
Diocesan Fees
Staffing Costs
11
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 AND GOVERNANCE COSTS**
Administration Salaries
Administration Costs
Independent Examiners Fees|**Unrestricted Designated**
**Restricted Endowment**
**TOTAL**
**TOTAL**
**Funds**
**Funds**
**Funds**
**Funds**
**2024**
**2023**
**£**
**£**
**£**
**£**
**£**
**£**
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
13,400
0
0
13,400
12,700
0
0
0
0
0
4,003
84,354
0
0
0
84,354
81,337
2,068
0
0
0
2,068
3,079
114
0
63
0
177
148
2,574
617
396
0
3,587
5,595
1,120
0
0
0
1,120
570
2,679
0
0
0
2,679
2,360
0
0
1,871
0
1,871
2,519
2,442
0
2,442
2,571
16,380
0
0
0
16,380
14,343
1,802
0
0
0
1,802
1,716
0
0
8,597
0
8,597
27,988
0
0
14,843
0
14,843
9,708
2,700
0
0
0
2,700
1,800
1,124
0
20
0
1,144
2,294
1,240
0
0
0
1,240
1,280
95
0
0
0
95
0
924
0
0
0
924
757
4,788
0
0
0
4,788
4,788
5,283
0
204
0
5,487
3,221
178
0
0
0
178
0
2,054
0
0
0
2,054
1,153
2,028
0
0
0
2,028
2,976
1,170
0
0
0
1,170
930
**132,675**
**14,017**
**28,436**
**0**
**175,128**
**187,836**
**Unrestricted Designated**
**Restricted Endowment**
**TOTAL**
**TOTAL**
**Funds**
**Funds**
**Funds**
**Funds**
**2024**
**2023**
**£**
**£**
**£**
**£**
**£**
**£**
16,380
0
0
0
16,380
14,343
2,028
0
0
0
2,028
2,976
1,170
0
0
0
1,170
930
**19,578**
0
0
0
**19,578**
**18,249**| |---|---| 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 2024** |**5. FUNDS**
**REVENUE FUNDS**
**UNRESTRICTED**
General Fund
**Total Unrestricted**
**DESIGNATED**
After Service Coffee
Mission and Outreach Fund
Projects Fund
Women's Brunch Fund
**Total Designated**
**Total Unrestricted & Designated**
**RESTRICTED**
Anne Hazleton Legacy
Friends/Fabric Fund
Lady Joan Taxi Fund
Organ Restoration Fund
Seniors Chaplain Fund
Wedding and Funeral Fund
Youth Bibles
Youth Worker Fund
**Total Restricted**
**CAPITAL FUNDS**
Legacy Trust
**Total Restrictive Capital Funds**
Miss Nixon-Endowment Investment
Sheet Old Parsonage Land Trust
**Total Endowment Capital Funds**
**Totals**|**Balance**
**Gain/(Loss)**
**Balance**
**01-Jan-24**
**Income**
**Expenditure on Investmt.**
**Transfers**
**31-Dec-24**
**£**
**£**
**£**
**£**
**£**
**£**
29,911
138,246
132,675
61
(10,837)
24,706
29,911
138,246
132,675
61
(10,837)
24,706
337
0
135
0
0
202
0
0
13,400
0
13,400
0
19,050
0
0
0
0
19,050
408
618
482
0
29
573
19,795
618
14,017
0
13,429
19,825
49,706
138,864
146,692
61
2,592
44,531
50,753
210
416
0
(35,000)
15,547
0
89,678
0
0
0
89,678
279
0
63
0
0
216
553
0
204
0
0
349
11,069
212
14,843
0
35,000
31,438
0
7,547
4,313
0
(2,592)
642
107
275
0
0
0
382
12,689
31,217
8,597
0
0
35,309
75,450
129,139
28,436
0
(2,592)
173,561
2,283
0
0
93
0
2,376
2,283
0
0
93
0
2,376
849
0
0
19
0
868
2,307
0
0
0
0
2,307
3,156
0
0
19
0
3,175
**130,595**
**268,003**
**175,128**
**173**
**0**
**223,643**| |---|---| 16 ## **PCC OF ST MARY MAGDALEN, SHEET** ## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024** ## **5. FUNDS (Continued)** ## **Explanation of 2024 transfers between funds** |**Explanation of 2024 transfers between funds**|||| |---|---|---|---| ||Unrestricted|Designated|Restricted| ||£|£|£| |**Mission and Outreach Fund** - £13,400 was made available by the PCC
to|(13,400)|13,400|0| |the Mission and Outreach Committee, in line with the commitment to give|||| |10% of the 2023 unrestricted income to the Mission Fund.
The Mission and|||| |Outreach Committee allocated the £13,400 from the Mission Fund during 2024|||| |**Women's Brunch Fund** - Moved £10 and £19.77 - adjustments for monies|(29)|29|0| |wrongly put in General fund rather than Women's Brunch fund.|||| |**Wedding and Funeral Fund** - To transfer surplus of weddings and funerals|2,592|0|(2,592)| |income (after all fees paid) to general fund (while retaining £642 paid in|||| |advance for 2025 wedding).|||| |**From Anne Hazelton Fund to Senior Chaplain Fund** - Estimated 2 years of|||| |Seniors' Chaplain Employment Costs. Such usage fitted the Anne Hazelton|0|0|35,000| |Legacy Terms.|0|0|(35,000)| ## **Funds at 31st December 2024 are represented by:** |Current account
Deposit account
CCLA Investment
Debtors
Creditors|Unrestricted
Designated
Restricted
Restricted
Endowment
TOTAL
funds
funds
funds
capital funds
capital funds
2024
£
£
£
£
£
£
25,566
0
5,000
0
0
30,566
946
19,825
168,381
0
0
189,152
2,183
0
0
2,376
3,175
7,734
1,072
0
180
0
0
1,252
(5,061)
0
0
0
0
(5,061)
**24,706**
**19,825**
**173,561**
**2,376**
**3,175**
**223,643**| |---|---| ## **Comparative Funds at 31st December 2023 are represented by:** |Current account
Deposit account
CCLA Investment
Debtors
Creditors|Unrestricted
Designated
Restricted
Restricted
Endowment
TOTAL
funds
funds
funds
capital funds
capital funds
2023
£
£
£
£
£
£
24,261
0
0
0
0
24,261
5,508
19,795
75,450
0
0
100,753
2,122
0
0
2,283
3,156
7,561
1,012
0
0
0
0
1,012
(2,992)
0
0
0
0
(2,992)
**29,911**
**19,795**
**75,450**
**2,283**
**3,156**
**130,595**| |---|---| ## **6. MISSION GIVING** |A Rocha
A Rocha Trust UK
All Souls
Anna Chaplaincy
Frontline Debt Advice Petersfield
Great Lakes Outreach
HomeStart Butser
In Ministry to Children (IMC)
King's Arms
Mosaic Middle East|**Home**
**Overseas**
**Total**
**Total**
**2024**
**2024**
**2024**
**2023**
**£**
**£**
**£**
**£**
0
1,500
1,500
1,569
0
0
0
150
1,400
0
1,400
0
1,500
0
1,500
1,569
1,500
0
1,500
1,569
0
1,500
1,500
1,569
1,500
0
1,500
1,569
0
1,500
1,500
1,569
1,500
0
1,500
1,569
0
1,500
1,500
1,569
**7,400**
**6,000**
**13,400**
**12,700**| |---|---| ## **Closed Envelope Collections** There were no special collections where upon the request of the charity, funds did not pass through our Bank Account (2023: nil). 17 ## **PCC OF ST MARY MAGDALEN, SHEET** ## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024** |**7. CASH AT BANK AND IN HAND**
Current Accounts
**8. SHORT TERM DEPOSITS**
CBF Church of England Deposit Fund|**Total**
**Total**
Unrestricted
Designated
Restricted
Endowment
**31-Dec**
**31-Dec**
Funds
Funds
Funds
Funds
**2024**
**2023**
**£**
**£**
**£**
**£**
**£**
**£**
25,566
0
5,000
0
30,566
24,261
**25,566**
**0**
**5,000**
**0**
**30,566**
**24,261**
**Total**
**Total**
Unrestricted
Designated
Restricted
Endowment
**31-Dec**
**31-Dec**
Funds
Funds
Funds
Funds
**2024**
**2023**
**£**
**£**
**£**
**£**
**£**
**£**
946
19,825
168,381
0
189,152
100,753
**946**
**19,825**
**168,381**
**0**
**189,152**
**100,753**| |---|---| The Deposit account is held with the CBF Church of England Deposit Fund. This stood at £189,151.64 at the 31st December 2024. Interest of £5314.52 was paid into General and Fabric Funds during 2024. Interest payments are made direct into the current account. The significant £88,398.85 increase in the Deposit account from £100,752.79 on 31 Dec 23 is due to the closure of the St Mary's Sheet Church Building Trust (Registered Charity 1050935) also known as 'The Friends of Sheet Church' and the transfer of remaining funds to a Restricted Friends/ Fabric Fund within St Mary Magdalen Accounts |**9. DEBTORS AND PREPAYMENTS**
Gift Aid Tax Recoverable
Accrued Expenditure
Agency Funds to be paid over
Independent Examiners Fee
**11. STAFF COSTS AND NUMBERS**
Gross Wages and Salaries
Employer's National Insurance Costs (after allowance)
Employers Pension Contributions
Employment Related Expenses
**10.**
**CREDITORS**
**ACCRUALS**
**AND**
**DEFERRED**
**INCOME: AMOUNTS FALLING DUE WITHIN ONE**
**YEAR**|Unrestricted
Designated
Restricted
Endowment
**31-Dec**
**31-Dec**
Funds
Funds
Funds
Funds
**2024**
**2023**
**£**
**£**
**£**
**£**
**£**
**£**
1,072
0
180
0
1,252
1,012
**1,072**
**0**
**180**
**0**
**1,252**
**1,012**
**Total**
**Total**
Unrestricted
Designated
Restricted
Endowment
**31-Dec**
**31-Dec**
Funds
Funds
Funds
Funds
**2024**
**2023**
**£**
**£**
**£**
**£**
**£**
**£**
3,891
0
0
0
3,891
1,641
0
0
0
0
0
433
1,170
0
0
0
1,170
918
**5,061**
**0**
**0**
**0**
**5,061**
**2,992**
**2024**
**2023**
**£**
**£**
39,079
51,259
0
0
1,124
2,477
1,416
528
**41,619**
**54,264**| |---|---| 18 ## **PCC OF ST MARY MAGDALEN, SHEET** ## **NOTES TO THE FINANCIAL STATEMENTS (continued)** ## **FOR THE YEAR ENDED 31 DECEMBER 2024** ## **11. STAFF COSTS AND NUMBERS (continued)** Employees who were engaged in each of the following activities: |Activities in furtherance of organisation's objects
Management and administration|**2024**
**2023**
**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 total amount paid to self employed personnel in 2024 was £2,700 (2023: £1,800). Self employed personnel are responsible for their own reporting of tax and national insurance to HMRC. The Key Management Personnel are considered to be the members of the standing committee. No members of the standing committee received remuneration. ## **12. TRUSTEES AND OTHER RELATED PARTIES** In this financial period the charity has paid remuneration and benefits (including Employer NI and Employer Pension contributions) to (or on behalf of) the following PCC Members and Connected persons: |Name
Role
Relationship
R Whelan
Parish AdministratorPCC Member
Reverend DeansIncumbent
PCC Member
D Loveless
Youth Worker
Co-Opted to PCC
J Slade
Seniors Chaplain
Related to a PCC Member|Remuneration Employer NI
Incumbents
Vicarage
2024
2023
(after allowance
expenses
related expenses
Total
Total
and Pension
£
£
£
£
£
£
17,402
780
0
0
18,182
16,059
0
0
1,707
1,120
2,827
833
0
0
0
0
0
27,988
0
0
0
0
0
9,689
17,402
780
1,707
1,120
21,009
54,569
Amounts paid or benefit value| |---|---| 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). The Parish Administrator is the PCC secretary and spouse of a current PCC member. Together they received a salary/PAYE/honorarium (Verger) of £16,778 covering these roles, that of the Wedding Clerk and that of the Verger during 2024; Employer Pension (NEST) contributions were £1,404. The incumbents expenses shown above include telephone, postage and stationery, mileage and a proportion of utility costs for the Parish office. The vicarage expenses shown above represent the water rates. Any PCC expenses claimed or incurred are subject to the PCC's normal internal controls and authorisation procedures. No other material transactions took place between the organisation and a trustee/PCC Member or any person connected with them. 19 ## **PCC OF ST MARY MAGDALEN, SHEET** ## **NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 DECEMBER 2024** ## **13. 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. ## **14. RESERVES POLICY** The Reserves policy that "£40K to be held in General and Designated Funds, noting that the £40k includes the Project Fund (c.£19K)" was agreed by the PCC on 20 May 2024 and is contained in the PCC Annual Report. ## **15. COLLECTIONS ON BEHALF OF OTHERS** During this reporting period, the charity has received funds as agent for those agencies detailed below. As agent, the PCC has no discretion about the use to which the funds received are put. The PCC acts only in accordance with the instructions or directions of the principal. |**Special Collections - Outside of these Accounts**
**Collections on behalf of Agencies**
Alzheimer's Society
Bishop's Discretionary
Bob & Julie Leaving
British Heart Foundation
British Red Cross
Childrens Society
English Heritage
Future Shoots
International Justice Mission
Macmillan
Healing Paws Animal Rescue
Petersfield Community Garden
Perrenial Gardens
Rosemary Foundation
Petersfield Pool
Salvation Army
Tearfund
Mission Aviation Fellowship
YW Leaving
The Funds received, paid and balances held at the end of the period are as detailed below.|**2024**
**2023**
**£**
**£**
136
30
0
307
0
1,060
0
15
0
210
433
506
0
170
0
21
26
0
0
21
26
0
0
21
148
0
0
1,121
148
0
0
55
0
10
360
0
0
635
**1,277**
**4,183**| |---|---| |Opening balances 1 January 2024
Collections received
Collections paid over
Closing balance 31st December 2024 (to be paid over)|435
842
(1,277)
0| |---|---| 20