St. Nicholas Church Thames Ditton
Annual Report and Financial Statements For the year ended 31 December 2023
The Parochial Church Council of the Ecclesiastical Parish of Thames Ditton
is a registered charity number 1128454 Church code 617146
The Parish Office Summer Road Thames Ditton Surrey KT7 0QQ
0208 398 9641 stnicparishoffice@btinternet.com http://www.stnicholaschurch.org.uk
St. Nicholas’ Church THAMES DITTON GROWING IN NUMBERS • DEEPENING OUR FAITH SERVING OUR COMMUNITY
Contents
| Page | |
|---|---|
| Report of the Parochial Church Council | 2 |
| Independent Examiner’s Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 |
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St. Nicholas Church Thames Ditton
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Report of the Parochial Church Council
Objectives and activities
The Parochial Church Council of the Ecclesiastical Parish of Thames Ditton (the “PCC”) has the responsibility of co-operating with the incumbent, Rev. Andrew Cowie, in promoting the mission of the Church as partners in the work of the gospel ministry.
The PCC, having had regard to the Charity Commission’s guidance on public benefit, consider that in following these priorities and by furthering the whole mission of the Church (pastoral, evangelistic, social and ecumenical), a benefit is provided to the public in particular by:
-
providing facilities for public worship, pastoral care and spiritual, moral and intellectual development, both for its members and for anyone who wishes to benefit from what the Church offers; and
-
promoting Christian values, and service by members of the Church in and to our community, to the benefit of individuals and society as a whole.
It also has oversight of the financial affairs of St. Nicholas Church Thames Ditton (“St. Nicholas”) and maintenance responsibilities for the buildings thereof.
Financial Review of the Year
2023 concluded with a small operating loss. Compared to 2022, parishioner giving increased by 7%, whilst hall hire income rose by 43% to recover to almost pre-covid levels. Total revenue was £197,300, virtually the same as last year if one excludes a 2022 exceptional insurance claim of £12,400.
As to costs: our Parish Share was increased by a very restrained 1.8%, but gas and electricity prices were the horror story of this year - and last. We have changed supplier and put more focus on consuming less.
Some £17,000 was spent on repairs and maintenance and unlike last year, there was no recovery from insurance. Drains, valley gutters and lightning conductor protection were the main repair bills.
Total operating costs (if one excludes the prior year insurance claim) rose only by 2%.
We needed to have recourse to grants from affiliated trusts again, for 2023: £10,000 and the final outturn for the year, was an operating deficit of £4,600 which is at least rather better than feared in our budget.
Formal data settling out income and expenditure is set out on pages 7 to 18 and can be summarized as follows:
----- Start of picture text -----
Legacies & grants, 8%
Income Other, 1%
Fees , 3%
Dividends & Int, 7%
Pledged & covenanted
income , 42%
Our total income was
£197,274 (2022:
£206,154)
Hall lettings , 22%
Sundry fund-raising, 1%
Donations, appeals and
Income Tax recov'd, 10% other giving, 5%
----- End of picture text -----
Page 2
St. Nicholas Church Thames Ditton
----- Start of picture text -----
Outward giving
Expenditure 5% Ministry costs inc Choir,
Children
10%
Our total expenditure
was £201,827 (2022:
£208,980)
Parish share (= Vicar,
Curate, vicarage, share of
Church running & mtce
diocesan costs)
16%
44%
Churchyard
3%
Church Hall
10%
Quinton Road
Admin 1%
11%
----- End of picture text -----
At the year end, the net current assets, including restricted funds, amounted to £86,900 (2022: £87,700).
The endowment funds from which we receive income increased in value by £29,500 during the year (2022: decrease of £41,800).
Statement of Trustees Responsibilities
The members of the PCC, who are the Trustees of the charity for the purposes of charity law, are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law, regulations and accounting standards.
Law applicable to charities in England and Wales requires the members of the PCC to prepare financial statements for each financial year which give a true and fair view of the PCC's financial activities during the year and of its financial position at the end of the year. In preparing these financial statements, the members of the PCC are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the PCC will not continue in operation.
The members of the PCC are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the PCC and enable them to ensure that the financial statements comply with the applicable law. They are also responsible for safeguarding the assets of the PCC and for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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St. Nicholas Church Thames Ditton
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Structure, Governance and Management
The Parochial Church Council of the Ecclesiastical Parish of Thames Ditton is a Church of England parish in the Diocese of Guildford. It is a registered charity, number 1128454, with registered address at The Parish Office, Summer Road, Thames Ditton, Surrey KT7 0QQ.
As a parish church within the Church of England (CofE), St. Nicholas is constituted within the Parochial Church Councils (Powers) Measure 1956. Members of the PCC are either ex-officio or elected by the Annual Parochial Church Meeting (APCM) in accordance with the Church Representation Rules and, by dint of membership, become the charity's Trustees. All Church attendees are encouraged to register on the Electoral Roll and to consider standing for election to the PCC. Prospective new PCC members / trustees are advised of PCC membership and Trusteeship duties and responsibilities by means of receipt and discussion of the CofE PCC Standing Orders and the Trusteeship booklet produced jointly by the Archbishop's Council and the Charity Commission.
The PCC meets on a regular basis and is responsible for policy approvals and decisions, significant nonroutine expenditure approval, identification, assessment and mitigation of risks, and other significant decision-making including the ratification of any proposals submitted by church sub-committees.
The Standing Committee, a sub-set of the PCC membership, meets between PCC meetings and may take decisions on the PCC's behalf. The Rev. Andrew Cowie, incumbent, serves as Chairman of the PCC.
During the year, and up to the date of approval of this Annual Report and Financial Statements, the following served as members of the PCC:
| erved as members of the PCC: | ||||||||
|---|---|---|---|---|---|---|---|---|
| Churchwarden | PCC | Deanery | Synod | |||||
| Full | Part | Full | Part | Full year | Part | |||
| Year | year | Year | year | year | ||||
| Vicar | ||||||||
| Rev. Andrew Cowie | * | P | ||||||
| Curate | ||||||||
| Rev. Ruth Sheldon (née Philips) | * | P | ||||||
| Churchwardens | ||||||||
| Elaine Heptonstall | * | P | P | |||||
| Catherine Traub | * | P | P | |||||
| Laity | ||||||||
| Åse Anderson | P | |||||||
| Tanya Davis | P | |||||||
| Alex Dunne | * | P | ||||||
| Amanda Ecclestone | P | P | ||||||
| Nathalie Hamberger | a | |||||||
| Neil Mears | P | |||||||
| Siva Oke | P | |||||||
| Martin Perrin (Treasurer) | * | P | ||||||
| Jennifer Sherriff | * | P | ||||||
| Lloyd Smith | P | |||||||
| Cathy Wise | r |
Notes:
r retired at APCM 30 April 2023
a appointed at APCM 30 April 2023
- also a Standing Committee Member
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St. Nicholas Church Thames Ditton
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Reserves
Reserves held reflect three different objectives:
-
(a) Endowment funds are funds which have been specifically endowed for the benefit of the activities of the PCC who receive the income arising from the funds, but are not able to spend the capital invested.
-
(b) Restricted funds are funds which have been given to the PCC for a specific purpose and which are held pending disbursement in accordance with the mandate for which they were given.
-
(c) Unrestricted funds reflect the accumulated unspent net income: these funds are held for prudence in providing a buffer to meet projected or unusual or exceptional needs.
Further details of the reserves held are set out in note 13 to the Financial Statements. There are no funds in deficit.
Approved by the Parochial Church Council on 11 March 2024
Rev. Andrew Cowie Vicar
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St. Nicholas Church Thames Ditton
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Independent Examiner’s Report to the Members of the Parochial Church Council of St. Nicholas, Thames Ditton
I report on the accounts for the year ended 31st December 2023, which are set out on pages 7 to 18.
Respective responsibilities of the Trustees and Independent Examiner
The charity's trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the '2011 Act '), and that an independent examination is required.
It is my responsibility to:
-
a) examine the accounts under section 145 of the 2011 Act;
-
b) follow such procedures laid down in the General Directions given by the Charity Commissioners under section 145(5)(b) of the 2011 act; and
-
c) state whether particular matters have come to my attention.
Basis of independent examiner's report
My examination was carried out in accordance with the General Directions given by the Charity Commission.
An examination includes a review of the accounting records kept by the charity and a comparison of the accounts with those records. It also includes consideration any unusual items or disclosures in the accounts, and seeking explanations from the management committee 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 connection with my examination, no matter has come to my attention:
-
1) which gives me reasonable cause to believe that in any material respect the requirements a) to keep accounting records in accordance with section 130 of the 2011 Act; and
-
b) to prepare accounts which accord with these accounting records and comply with the accounting requirements of the Charities Act
have not been met; or
- 2) which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Adrian Searle FCA ACMA CGMA 122 Thorkhill Rd 11 March 2024 Thames Ditton Surrey
Page 6
St. Nicholas Church Thames Ditton
Statement of Financial Activities
For the year ended 31 December 2023
| Unrestricted | Restricted | Endowment | Total | Total | ||
|---|---|---|---|---|---|---|
| Funds | Funds | Funds | 2023 | 2022 | ||
| Note | £ | £ | £ | £ | £ | |
| Income and Endowments | 2 | |||||
| Voluntary income | 123,779 | 4,074 | - | 127,853 | 130,606 | |
| Activities for generating funds | 1,214 | 1,542 | - | 2,756 | 212 | |
| Church activities | 53,060 | - | - | 53,060 | 41,804 | |
| Income from investments | 4,092 | 9,513 | - | 13,605 | 21,164 | |
| Other incomingresources | - | - | - | - | 12,368 | |
| Total income and | ||||||
| endowments | 182,145 | 15,129 | - | 197,274 | 206,154 | |
| Expenditure | 3 | |||||
| Cost of generating voluntary | ||||||
| income | 80 | - | - | 80 | 86 | |
| Church activities | 183,047 | 15,994 | - | 199,041 | 204,884 | |
| Costs of investment property | 2,706 | - | - | 2,706 | 4,010 | |
| Governance costs | - | - | - | - | - | |
| Total expenditure | 185,833 | 15,994 | - | 201,827 | 208,980 | |
| Net incoming/(outgoing) | ||||||
| resources | (3,688) | (865) | - | (4,553) | (2,826) | |
| Transfers between funds | - | - | - | - | - | |
| Investment gains/(losses) | 9 | - | - | 29,488 | 29,488 | (41,819) |
| Net movement in funds | (3,688) | (865) | 29,488 | 24,935 | (44,645) | |
| Balances broughtforward | 458,715 | 3,671 | 313,436 | 775,822 | 820,467 | |
| Balances carried forward | 455,027 | 2,806 | 342,924 | 800,757 | 775,822 |
The notes on pages 9 to 18 form part of these financial statements. Note 14 elaborates the prior year comparatives.
Page 7
St. Nicholas Church Thames Ditton
Balance Sheet
As at 31 December 2023
| Balance Sheet As at 31 December 2023 |
||||||
|---|---|---|---|---|---|---|
| Charity number | 1128454 | |||||
| Unrestricted | Restricted | Endowment | Total | Total | ||
| Funds | Funds | Funds | 2023 | 2022 | ||
| Note | £ | £ | £ | £ | £ | |
| Fixed Assets | ||||||
| Tangible fixed assets | 8 | 370,958 | - | - | 370,958 | 374,680 |
| Investments | 9 | - | - | 342,924 | 342,924 | 313,436 |
| 370,958 | - | 342,924 | **713,882 ** | 688,116 | ||
| Current assets | ||||||
| Debtors and prepayments | 10 | 9,606 | - | - | 9,606 | 17,421 |
| Cash | 11 | 93,821 | - | - | 93,821 | 87,767 |
| 103,427 | - | - | 103,427 | 105,188 | ||
| Currentliabilities | 12 | (19,358) | 2,806 | - | (16,552) | (17,482) |
| Net current assets | 84,069 | 2,806 | - | 86,875 | 87,706 | |
| Net Assets | 455,027 | 2,806 | 342,924 | 800,757 | 775,822 | |
| Parish Funds | 13 | 455,027 | 2,806 | 342,924 | 800,757 | 775,822 |
The notes on pages 9 to 18 form part of these financial statements. Note 15 elaborates the prior year comparatives.
These financial statements were approved by the Parochial Church Council on 11 March 2024.
Signed on behalf of the Parochial Church Council
Martin Perrin FCA, FCSI Treasurer
Page 8
St. Nicholas Church Thames Ditton
Notes to the Financial Statements
For the year ended 31 December 2023
1 Accounting policies
(a) General information
The Parochial Church Council of the Ecclesiastical Parish of Thames Ditton is a registered charity, number 1128454 and having its office address at The Parish Office, Summer Road, Thames Ditton Surrey KT7 0QQ.
The principal activities of the Parochial Church Council are described in the Report on page 2.
(b) Basis of preparation
The financial statements have been prepared on an accruals basis and in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (as updated), the Church Accounting Regulations 2006 and the Charities Act 2011.
The financial statements have been prepared under the historical cost convention except for the valuation of investments in CBF funds which are shown at mid-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 do they include groups that are informal gatherings of church members.
The PCC have formed a judgement, at the time of approving the financial statements, that there is a reasonable expectation that the Parochial Church Council has adequate resources to continue in operational existence for the foreseeable future. For this reason the PCC continue to adopt the going concern basis in preparing the financial statements.
(c) Funds
General funds represent the funds of the PCC that are not subject to any restrictions regarding their use and are available for application to the general purposes of the PCC. Funds designated for a particular purpose by the PCC are also unrestricted.
Restricted funds are those funds that must be spent on restricted purposes and details of the funds held and restrictions are provided in note 13.
These financial statements do not include the accounts of four connected charities which are separate trusts in their own right:
Thames Ditton Ecclesiastical Charity
The Bequest of Florence Evelyn Pegge (registered charity number 1025542)
Sir Charles Sullivan No 1 Fund
The Hannibal Speer Hall Trust
(d) Incoming Resources
Voluntary income and capital sources
Offerings and collections are recognized when received by or on behalf of the PCC. Planned giving receivable under Gift Aid is recognized only when received. Tax recoverable on Gift Aid donations is recognized when the donation is recognized.
Grants and legacies to the PCC are accounted for when the PCC is notified of its legal entitlement, the amount due is quantifiable and its ultimate receipt by the PCC is reasonably certain.
Statutory Parochial fees are receivable on weddings, funerals and other events, and that part of the fees due to the PCC are included in these accounts. The PCC also collects and pay over fees due to the Diocese of Guildford.
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St. Nicholas Church Thames Ditton
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Notes to the Financial Statements
For the year ended 31 December 2023
Rental income from the letting of church property is recognized on an accruals basis.
Dividends are accounted for when received. The impact of accounting upon receipt rather than ex-date is not considered material.
Interest entitlements are accounted for as they accrue or, where not material, upon receipt.
The value of services provided by volunteers is not accounted for in these financial statements.
(e) Resources Used
Activities directly relating to the work of the Church are expensed as incurred.
The Diocesan Parish Share is accounted for when due.
(f) Fixed assets
Consecrated property and movable church furnishings
Consecrated and beneficed property of any kind is excluded from the financial statements pursuant to s.10.2 of the Charities Act 2011. Movable church furnishings, held by the Vicar and Churchwardens on special trust for the PCC and which require a faculty for disposal, are inalienable property unless consecrated: they are listed in the Church's inventory, but are not recorded as assets of the PCC.
All expenditure incurred in the year on consecrated or beneficed buildings, and the repair of movable church furnishings is written off in the year they are incurred.
Church Hall
Up until December 2015 no depreciation was provided for in relation to the Church Hall which was built during 1985/7 and had been deemed to have a remaining useful life exceeding 50 years. In 2016, the estimated remaining life of the Church Hall was assessed as being 50 years and depreciation then commenced accordingly.
Other real property
No depreciation is being charged to the cost of the house in Quinton Road since its present value stands at a premium to its carrying value in these accounts, being book cost, and is deemed to have a remaining useful life exceeding 50 years.
Fixtures, fittings and equipment
Small value items under £1,000 are treated as operating expenses. Where equipment is capitalised, it is written off over its expected useful life, normally between 3 and 5 years.
Investments
Investments are marked to mid-market price and investment gains and losses, both realised and unrealised, reflected in the Statement of Financial Activities.
(g) Financial leases
Rentals payable under financial leases are apportioned between the interest expense element and the element relating to repayment of the capital sum.
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St. Nicholas Church Thames Ditton
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Notes to the Financial Statements
For the year ended 31 December 2023
2 Incoming resources
| Unrestricted | Restricted | Endowment | Total | Total | ||
|---|---|---|---|---|---|---|
| Funds | Funds | Funds | 2023 | 2022 | ||
| £ | £ | £ | £ | £ | ||
| Voluntary income | ||||||
| Planned giving: | 82,450 | - | - | 82,450 | 74,481 | |
| Donations, appeals & other giving | 5,826 | 3,084 | - | 8,910 | 13,848 | |
| Tax recoverable | 19,909 | 240 | - | 20,149 | 19,550 | |
| Legacies | - | - | - | - | - | |
| Grants from Charitable trusts | 4 | 11,479 |
750 | - | 12,229 | 21,615 |
| Grantsfrompublic bodies | 4 | 4,115 | - | - | 4,115 | 1,112 |
| 123,779 | 4,074 | - | 127,853 | 130,606 | ||
| Activities for generating funds | ||||||
| Community events | 102 | 1,164 | - | 1,266 | 212 | |
| Parent &Toddler | 1,000 | - | - | 1,000 | - | |
| Other | 112 | 378 | - | 490 | - | |
| 1,214 | 1,542 | - | 2,756 | 212 | ||
| Church activities | ||||||
| Fees | 5,986 | - | - | 5,986 | 6,116 | |
| Garden of Remembrance | 2,527 | - | - | 2,527 | 3,738 | |
| Hall Lettings | 44,291 | - | - | 44,291 | 30,925 | |
| Other | 256 | - | - | 256 | 1,025 | |
| 53,060 | - | - | 53,060 | 41,804 | ||
| Income from investments | ||||||
| Bank interest | 4,092 | - | - | 4,092 | 453 | |
| Dividends | - | 9,513 | - | 9,513 | 9,461 | |
| Income frompropertyassets | - | - | - | - | 11,250 | |
| 4,092 | 9,513 | - | 13,605 | 21,164 | ||
| Other incoming resources | ||||||
| Insurance claims | - | - | - | - | 12,368 | |
| - | - | - | - | 12,368 | ||
| Total incoming resources | 182,145 | 15,129 | - | 197,274 | 206,154 |
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St. Nicholas Church Thames Ditton
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Notes to the Financial Statements
For the year ended 31 December 2023
3 Resources expended
| Unrestricted | Restricted | Endowment | Total | Total | ||
|---|---|---|---|---|---|---|
| Funds | Funds | Funds | 2023 | 2022 | ||
| £ | £ | £ | £ | £ | ||
| Cost of generating voluntary | ||||||
| income | ||||||
| Cost of activities | 80 | - | - | 80 | 86 | |
| 80 | - | - | 80 | 86 | ||
| Church activities | ||||||
| Missionary & Charitable Giving | 5 | 9,000 | 835 | - | 9,835 | 11,901 |
| Parish Share and clergy costs to | ||||||
| Diocese | 81,172 | 7,322 | - | 88,494 | 87,057 | |
| Costs of ministry and mission | 15,809 | 3,622 | - | 19,431 | 24,423 | |
| Church running & maintenance | 30,477 | 1,365 | - | 31,842 | 31,785 | |
| Upkeep of churchyards | 2,949 | 2,850 | - | 5,799 | 8,075 | |
| Church Hall costs | 20,924 | - | - | 20,924 | 21,162 | |
| Management & admin costs | 22,716 | - | - | 22,716 | 20,481 | |
| 183,047 | 15,994 | - | 199,041 | 204,884 | ||
| Costs of investment property | ||||||
| UpkeepofQuinton Road | 2,706 | - | - | 2,706 | 4,010 | |
| 2,706 | - | - | 2,706 | 4,010 | ||
| Governance costs | ||||||
| Independent examiner | - | - | - | - | - | |
| - | - | - | - | - | ||
| Total resources expended | 185,833 | 15,994 | - | 201,827 | 208,980 |
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Notes to the Financial Statements
For the year ended 31 December 2023
4 Grants Received
| 4 Grants Received | |||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | Total | Total | |
| Funds | Funds | Funds | 2023 | 2022 | |
| £ | £ | £ | £ | £ | |
| Thames Ditton Ecclesiastical | |||||
| Charity† | 1,800 | 750 | - | 2,550 | 4,000 |
| Bequest of Florence Evelyn | |||||
| Pegge† | 7,450 | - | - | 7,450 | 16,000 |
| GuildfordDiocesan Bd of Finance | 2,229 | - | - | 2,229 | 1,615 |
| Grants received from Charitable | |||||
| Trusts | 11,479 | 750 | - | 12,229 | 21,615 |
| Elmbridge Can (Warm Hub) | 45 | - | - | 45 | 600 |
| Surrey CC (Warm Hub) | 1,800 | - | - | 1,800 | - |
| Commonwealth War Graves | |||||
| Commission | - | - | - | - | 27 |
| Listed Place of Worship Scheme | |||||
| (VAT refund) | 2,270 | - | - | 2,270 | 485 |
| Grants frompublic bodies | 4,115 | - | - | 4,115 | 1,112 |
| Total | 15,594 | 750 | - | 16,344 | 22,727 |
† Related party
5 Missionary and charitable giving
Charitable giving out of St Nicholas Church funds was disbursed as follows:
| Unrestricted | Restricted | Endowment | Total | Total | |
|---|---|---|---|---|---|
| Funds | Funds | Funds | 2023 | 2022 | |
| £ | £ | £ | £ | £ | |
| Mission Aviation Fellowship | 1,000 | - | - | 1,000 | 1,000 |
| Tear Fund | 1,000 | - | - | 1,000 | 1,945 |
| Christian Solidarity Worldwide | 1,000 | - | - | 1,000 | 1,000 |
| BurundiOrdinand | - | - | - | - | 1,200 |
| ChurchOverseas | 3,000 | - | - | 3,000 | 5,145 |
| New Wine Trust | 1,000 | - | - | 1,000 | - |
| London City Mission | 1,000 | - | - | 1,000 | 800 |
| All Saints Bloxwich | 1,000 | 50 | - | 1,050 | 800 |
| Kingston Street Preachers | - | - | - | - | 1,000 |
| Oxygen | - | - | - | - | 1,000 |
| HomeMissions | 3,000 | 50 | - | 3,050 | 3,600 |
| Princess Alice Hospice | 1,000 | - | - | 1,000 | 1,000 |
| Molesey Night Shelter | 1,000 | 1,000 | 1,000 | ||
| Transforming Lives for Good | 1,000 | - | - | 1,000 | - |
| Hardship fund | - | 586 | - | 586 | 515 |
| L’Arche UK | - | - | - | - | 600 |
| Children’s Society | - | 199 | - | 199 | 41 |
| Missionsupport and other | 3,000 | 785 | - | 3,785 | 3,156 |
| Total | 9,000 | 835 | - | 9,835 | 11,901 |
Page
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St. Nicholas Church Thames Ditton
Notes to the Financial Statements
For the year ended 31 December 2023
6 Staff costs
| 6 Staff costs | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Wages, salaries and other staff costs | 19,856 | 17,898 |
| Social security costs | - | - |
| Other honoraria and staffcosts | 9,658 | 17,485 |
| Total resources expended | 29,514 | 35,383 |
| Being attributed to: | ||
| Costs of ministry and mission | 9,658 | 17,485 |
| Church running & maintenance | 2,928 | 2,672 |
| Management & admincosts | 16,928 | 15,226 |
| 29,514 | 35,383 |
The average number of full or part-time equivalent employees in the year was 2 (2022: 2).
No trustee (PCC member) received any remuneration or received any other employment benefits during the year or prior year. Clergy are not included in the staff costs above as they are office holders not employed by the PCC. In addition to employees, the cost of certain other service providers is included in Other honoraria and staff costs.
7 Payments to PCC members
Four (2022: Three) trustees received expenses to the value, in total, of £8,365 (2022: £5,971) in respect of Church and Church Hall repairs, travel and other costs incurred or funds disbursed on behalf of the PCC.
8 Tangible fixed assets
| 8 Tangible fixed assets | |||||
|---|---|---|---|---|---|
| Total land | |||||
| Residential | and | Office | |||
| Church Hall | Property | buildings | Equipment | Total | |
| £ | £ | £ | £ | £ | |
| Cost | |||||
| Opening cost | 238,000 | 170,000 | 408,000 | 1,795 | 409,795 |
| Additions | - | - | - | 1,132 | 1,132 |
| Disposals | - | - | - | - | - |
| Closingcost | 238,000 | 170,000 | 408,000 | 2,927 | 410,927 |
| Depreciation and impairments | |||||
| Opening provisions | (33,320) | - | (33,320) | (1,795) | (35,115) |
| Charged in the year | (4,760) | - | (4,760) | (94) | (4,854) |
| Disposals | - | - | - | - | - |
| Closing provisions | (38,080) | - | (38,080) | (1,889) | (39,969) |
| Net book Value | 199,920 | 170,000 | 369,920 | 1,038 | 370,958 |
The Church Hall is an operational asset, built on glebe land which is not the property of the PCC, adjoining the Church.
The residential property comprises a house at 4 Quinton Road, Thames Ditton, KT7 0AX, the freehold of which was purchased for £170,000 in 1997. The prime purpose of owning this property is to provide accommodation for a curate or other assistant clergy; in periods when this is not required, an alternative use for property may be for it to be rented out. No professional valuation has been sought for this property but having researched the recent transaction prices of similar properties in the area, the PCC believe that the current market value to be in the region of £880,000 (2022: £896,000).
These fixed assets are part of the PCC’s unrestricted funds.
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St. Nicholas Church Thames Ditton
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Notes to the Financial Statements
For the year ended 31 December 2023
9 Investments
| 9 Investments | ||||
|---|---|---|---|---|
| 2023 | 2022 | |||
| Units | £ | Units | £ | |
| Opening market value | 15,170 | 313,436 | 15,170 | 355,255 |
| Purchases at cost | - | - | - | - |
| Disposals | - | - | - | - |
| Revaluation | - | 29,488 | - | (41,819) |
| Closingmarket value | 15,170 | 342,924 | 15,170 | 313,436 |
| Being: | ||||
| CBF Church of England Investment Fund | ||||
| Income Shares | 15,170 | 342,924 | 15,170 | 313,436 |
These investments are all vested in permanent endowment funds.
10 Debtors and prepayments
| 10 Debtors and prepayments | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Gift aid tax recoverable | 4,590 | 5,053 |
| Prepayments | 3,164 | - |
| Accruedincome and otherdebtors | **1,852 ** | 12,368 |
| 9,606 | 17,421 |
11 Cash flows
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Net movement in funds: surplus/(deficit) | 24,935 | (44,645) |
| Depreciation charges | 4,854 | 4,760 |
| Movement in value of investments | (29,488) | 41,819 |
| Movement in receivables | 7,815 | 9,165 |
| Movement inpayables | (930) | 3,664 |
| Cash generated from/(used in) operations: | 7,186 | 14,763 |
| Cash flows from investing activities: | ||
| Purchase oftangiblefixed assets | (1,132) | - |
| Change in cash and cash equivalents in year | 6,054 | 14,763 |
| Cash and cash equivalents at beginning of year | 87,767 | 73,004 |
| Cash and cash equivalents at end ofyear | 93,821 | 87,767 |
| 12 Creditors – amounts falling due within one year | ||
| 2023 | 2022 | |
| £ | £ | |
| Accruals and deferred income | 12,772 | 10,243 |
| Othercreditors | 3,780 | 7,239 |
| 16,552 | 17,482 |
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Notes to the Financial Statements
For the year ended 31 December 2023
13 Funds
Restricted funds
Restricted funds are funds which have been given to the PCC for a specific purpose and which are held pending disbursement in accordance with the mandate for which they were given:
| Opening | Closing | ||||
|---|---|---|---|---|---|
| Balance | Income | Expenditure | Adjustments | balance | |
| £ | £ | £ | £ | £ | |
| Stipend Augmentation | - | 7,322 | (7,322) | - | - |
| Churchyard/Grave Maintenance | - | 722 | (722) | - | - |
| St. Nicholas Endowment | - | 1,330 | (1,330) | - | - |
| Sunday school | - | 139 | (139) | - | - |
| Community funds | - | 2,353 | (3,192) | 1,208 | 369 |
| St Nicholas Café | 706 | - | - | (706) | - |
| Foodbank | 314 | - | - | (314) | - |
| Hardship fund | 188 | - | - | (188) | - |
| TLG training | - | 750 | (750) | - | - |
| All Saints Bloxwich | - | 50 | (50) | - | - |
| Burundi Ordinand | 18 | - | - | - | 18 |
| Children’s Society | - | 199 | (199) | - | - |
| Garden of Remembrance | 227 | 2,182 | (2,128) | - | 281 |
| Friends of St. Nicholas | - | 35 | (35) | - | - |
| Choir | 700 | - | (127) | - | 573 |
| Bell ringing | 115 | 47 | - | - | 162 |
| Repair of Brasses | 1,250 | - | - | - | 1,250 |
| Remembrance book for Poppy | |||||
| Appeal | 153 | - | - | - | 153 |
| 3,671 | 15,129 | (15,994) | - | 2,806 |
Endowment funds
Endowment funds are funds which have been specifically endowed for the benefit of the activities of the PCC who receive the income arising from the funds, but are not able to spend the capital invested:
The Stipend Augmentation Trust
The Stipend Augmentation Trust is a Permanent Endowment from which the income is to be applied to meeting the cost of Parish clergy stipends.
The Grave Maintenance Trust
The Grave Maintenance Trust is a Permanent Endowment from which the income is to be applied to meeting the cost of the maintenance of the Churchyard at St Nicholas.
The Thames Ditton Endowment Trust
The Thames Ditton Endowment Trust is a Permanent Endowment from which the income is available to be applied to meeting general expenses of the Parish.
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Notes to the Financial Statements
For the year ended 31 December 2023
13 Funds (continued)
Endowment income and expenditure during the year was:
| Opening | Income |
Endowment | Endowment | Gains and | Closing | |||
|---|---|---|---|---|---|---|---|---|
| Balance | retained | expenditure | Transfers |
losses | balance | |||
| £ | £ | £ | £ | £ | £ | |||
| Stipend Augmentation | 244,839 | 7,322 |
(7,322) | - | 23,035 | 267,874 | ||
| Grave Maintenance | 24,132 | 722 |
(722) | - | 2,270 | 26,402 | ||
| Thames Ditton Endowment | 44,465 | 1,330 |
(1,330) | - | 4,183 | 48,648 | ||
| 313,436 | 9,374 |
(9,374) | - | 29,488 | 342,924 | |||
| 14 Prior year statement of financial activities | ||||||||
| Unrestricted | Restricted | Endowment | Total | |||||
| Funds | Funds | Funds | 2022 | |||||
| Note | £ | £ | £ | £ | ||||
| Income and Endowments | 2 | |||||||
| Voluntary income | 113,832 | 16,774 | - | 130,606 | ||||
| Activities for generating funds | 212 | - | - | 212 | ||||
| Church activities | 40,147 | 1,657 | - | 41,804 | ||||
| Income from investments | 11,703 | 9,461 | - | 21,164 | ||||
| Other incomingresources | 12,368 | - | - | 12,368 | ||||
| Total income and | ||||||||
| endowments | 178,262 | 27,892 | - | 206,154 | ||||
| Expenditure | 3 | |||||||
| Cost of generating voluntary | ||||||||
| income | 86 | - | - | 86 | ||||
| Church activities | 177,337 | 27,547 | - | 204,884 | ||||
| Costs of investment property | 3,839 | 171 | - | 4,010 | ||||
| Governance costs | - | - | - | - | ||||
| Total expenditure | 181,262 | 27,718 | - | 208,980 | ||||
| Net incoming/(outgoing) | ||||||||
| resources | (3,000) | 174 | - | (2,826) | ||||
| Transfers between funds | - | - | - | - | ||||
| Investment gains/(losses) | 9 | - | - | (41,819) | (41,819) | |||
| Net movement in funds | (3,000) | 174 | (41,819) | (44,645) | ||||
| Balances broughtforward | 461,715 | 3,497 | 355,255 | 820,467 | ||||
| Balances carried forward | 458,715 | 3,671 | 313,436 | 775,822 |
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Notes to the Financial Statements
For the year ended 31 December 2023
15 Prior year balance sheet
| Unrestricted | Restricted | Endowment | Total | ||
|---|---|---|---|---|---|
| Funds | Funds | Funds | 2022 | ||
| Note | £ | £ | £ | £ | |
| Fixed Assets | |||||
| Tangible fixed assets | 8 | 374,680 | - | - | 374,680 |
| Investments | 9 | - | - | 313,436 | 313,436 |
| 374,680 | - | 313,436 | 688,116 | ||
| Current assets | |||||
| Debtors and prepayments | 10 | 17,421 | - | - | 17,421 |
| Cash | 11 | 87,767 | - | - | 87,767 |
| 105,188 | - | - | 105,188 | ||
| Currentliabilities | 12 | (21,153) | 3,671 | - | (17,482) |
| Net current assets | 84,035 | 3,671 | - | 87,706 | |
| Net Assets | 458,715 | 3,671 | 313,436 | 775,822 | |
| Parish Funds | 458,715 | 3,671 | 313,436 | 775,822 |
16 Related party transactions
Grants receivable arising during the year from connected charities, as referenced in note 1(c), amounted to £10,000 (2022: £20,000). The Vicar and Churchwardens of St Nicholas are, ex-officio, trustees of the requisite connected charities.
There were no transactions with any trustee in their capacity as trustee. Reimbursements for normal out of pocket expenses incurred in the performance of various duties as Clergy, or as members of a PCC committee, as the case may be, are set out in note 7 above.
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