APCM Agenda item 3(c) Annual Report of the Parochial Church Council ## **Parish of Earley St Peter, Reading** ## **Annual Report of the Parochial Church Council 2023** ## **Background** The Parish of Earley St Peter is a Church of England parish within the Diocese of Oxford. It is part of the Reading Deanery within the Archdeaconry of Berkshire, which is overseen on a day-to-day basis by the Bishop of Reading (The Right Reverend Olivia Graham). The Parochial Church Council (Council) is in charity law the church’s trustee body (Registered Charity No: 1128997). Its membership, powers, and operation are regulated by the Parochial Church Council (Powers) Measure 1956 and the Church Representation Rules 2020. Its principal function is to co-operate with the clergy ‘in promoting in the parish the whole mission of the Church, pastoral, evangelistic, social and ecumenical’ (s2(a) of the Measure). The Council also has trustee responsibilities for (i) St Peter’s Church Halls, Church Road, Earley RG6 1EY and (ii) 33 Clevedon Drive, Earley RG6 5XF. The Vicar and Churchwardens are trustees for (i) the site of Earley St Peter’s CE Primary School Earley RG6 1EY and (ii) 77 St Peter’s Road, Reading RG6 1PD. This Annual Report and the attachments have been approved by the PCC to fulfil the reporting requirements of Rule M5(1) of the Church Representation Rules 2020. ## **Membership** PCC Membership is regulated by Rule M15 of the Church Representation Rules and in 2023 was: ## _Ex-officio_ - _(a) All Clergy licensed to the benefice (Rule M15(1)(a))_ The parish was in a vacancy during the whole of 2023 so there were no clergy members of the PCC. - _(b) TWO Churchwardens elected by the Annual Meeting of Parishioners for one year (Rule M15(1)(e))_ Professor Ann Sheen (Chair) Mr Clive Nunn ## _Elected members_ - _(c) FOUR representatives on the Deanery Synod, elected for three years (Rule M15(1)(i))_ Mrs Sheila Jordan Mrs Catherine Rawcliffe Mr Clive Tillin All three elected in 2023 until APCM 2026. There is one casual vacancy for a Deanery Synod member. - _(d) TWELVE lay members elected at the Annual Parochial Church Meeting for a period of three years, with one third standing down every year (Rule M15(10 (j)) 2021-2024_ Mrs Judith Bowler Mrs Judith Bowler Mrs Jennifer Carr Mrs Sue Manser Mrs Rosie Rogers 13 _2022-2025 2023-2026_ Mr Michael Chow Mrs Sarah Godwin Mrs Anne Richardson Mr Brian Wynn Mr Richard Miller Mrs Ann Morbey Mrs Elizabeth Netherwood Mr Neil Whitehouse ## _Co-opted members_ - _(e) Not more than FIVE members co-opted by the Council for one year (Rule M15(1)(k))_ Dr Elaine Watts (Lay Minister) Mrs Helen Price (PCC Treasurer) ## _Attending_ - _(f) The following persons are invited to attend all PCC Meetings (Rule M24(4)):_ Mrs Diana Lea (PCC Secretary) ## **Appointments** _Local Governing Body of Earley St Peter’s CE Primary School:_ Nine Foundation Governors are nominated by the Trustees of the Keys Academy Trust to the Local Governing Body, in consultation with the Diocesan Board of Education and the PCC. One of these places is usually for the incumbent. ## _Representative to Churches Together in Earley and East Reading (CTEER):_ Dr Elaine Watts _Deanery Synod:_ All licensed clergy serve _ex-officio_ on the Deanery Synod. Mrs Sheila Jordan, Mrs Catherine Rawcliffe and Mr Clive Tillin are our lay representatives (there is one vacant place). ## **Meetings & Notable Business** The Council held seven meetings in 2023 to discharge its statutory responsibilities. Throughout this period the church was in a vacancy and the process to appoint the new incumbent, Revd Kate Wakeman-Toogood, was the dominant theme of the year, along with the more normal business of overseeing church buildings, finances, worship, mission, and pastoral care. The draft Parish Profile had been completed by December 2022 and was approved at the Section 12 meeting in January 2023, when steps were also agreed for advertising and filling the vacancy. The first round of advertisements produced no suitable applicants so the post was re-advertised and three candidates were invited to an interview day in June. As well as a panel interview, this involved each candidate giving a 5-minute homily, meeting teachers and pupils at Earley St Peter’s Church of England Primary School, and meeting with representatives of various church groups. Several PCC members and many members of the wider congregation took part in this day. There was a clear consensus among all interested groups in support of the choice made by the interview panel and Revd Kate Wakeman-Toogood was duly offered the post, which she accepted. The installation date was set for January 2024, after she had worked out her notice period in her current post. The Annual Meetings took place on 14[th] May 2023 and Ann Sheen and Clive Nunn were re-elected as Churchwardens. Council made grants in support of three charities: RE-Inspired (working locally to deliver RE in schools), CMS (towards Anna Sims, the missionary in Peru supported by the parish), and the Anglican Diocese of Shinyanga in Tanzania, supported through a formal link. Each charity is being given a grant of £250 a year for the period 20222024, plus whatever may be raised from any fundraising events that are organised to support them. 14 The church celebrated the coronation of His Majesty King Charles III in May 2023, with a special service on the eve of the coronation. As the financial statements show, our financial results for the year (excluding extraordinary items such as legacies, revaluation income and parish share reduction) were broadly similar to the previous year. Fortunately there were no significant extraordinary costs during the year, but such matters are probably never far away. Our current budget estimates indicate a probable deficit for 2024 of about £22,000, so it is ever more important that we control expenditure as best we can. We can meet such a deficit from reserves, but clearly that is not a sustainable policy. ## **Committees** ## _(a) Standing Committee_ The Standing Committee is established under Rule M31 and ‘transact[s] the PCC’s business between meetings of the PCC.’ The Standing Committee met roughly every other month in 2023 to review upcoming Council business, plan Council agendas, and deal with any urgent or delegated business. ## _Membership_ Professor Ann Sheen (Churchwarden, PCC Vice-Chairman); Mr Clive Nunn (Churchwarden); Mrs HM Price (PCC Treasurer) Mrs Diana Lea (PCC Secretary) attends all meetings. ## _(b) Other committees_ Under Rule M32, the Council may appoint Committees. These may include persons who are not PCC Members, and the minister is entitled to be an ex-officio member. No such committees are currently appointed. ## **Signature** Signed ……………………………………………….. Professor Ann Sheen (Vice-Chairman) Date……………………………… 15 PARISH CHURCH OF EARLEY St PETER, READING ACCOUNTS 31st DECEMBER 2023 Par15h Church ol Earley St Peter, Readlng Treasurefs Report For the Year ended 31st December 2023 2023 was, perh3PS, the first year, post-pandemic. in which we saw a return to something approaching normality, though church finances will always be chèllenging as we strive to meet sometime5 conflicting priorities. Our largest single financial commitment IS the Dlocesan Parish Share. The 2023 sum payable wa5 £67,472. less a IO% discount during the vacancy, and this will increase to £69.497 in 2024. The 8lobal economy is tmprovlng as we recover from the pandemic and thi5 15 reflected In an increase in the value of our Trust Funds invested with CCLA. However, the overall position 1$ 5ti11 finely balanced and we must continue to remain cautlous in uncertain times. The accounts show a surplus for the year of £58,410. This includes the Increase in the value of the Trust Funds of £41.257 aAd legacies received of £578. Regular planned givlng hès rernained broadly similar to 2023, and the resumption of our annual Gift Day raised over £3,000. The actual surplus on da*tTrday activitles was £16.575. The overall position has improvÈd, but we must continue to exercise sound stewardship of Our funds. The church hall contlnues to operate as a very valuable church resource. both for church actiwties and as an attractive venue for other or8anisations. Thé surplus for thls year is alm05t identlcal to 2023 at just under £7,000. and is included irt the day-to4ay surplu5 mentioned above. The hall is to a large extent a community resource and its benefit of course extends beyond Its financial results. We continue to Ilve In an uncertain world and In challeThgin8 economic times, and in these circumstances It is more important than ever to ensure careful management of church finances. l am grateful to all those who help to make sure that this runs smoothly and effi¢ientJy- it is a team effort. A5 we enter a new year and meet the new challenges which will undoubtedly arise, l am enormously grateful to all who have Contributed to our finan¢e5 in 50 many dlfferent ways, and who make it possible to do all that we do In this busy Parlsh. Helen Price PCC Treasurer PaTl$h Chureh of Earley St Peter. Readlng Statement of Flnancial Actlvitlgs For th• Y•ar ended 31st Docgmbgr 2023 Pag• 2 Notg Unr•strfct•d Reslrl¢ted Funds Funds Endowment Funds INCOMING RESOURCES TOTAL FUNDS 2023 2022 Irtcomlng resthjreés from donors 2{?1 85,060 85.060 128.042 Other Incornlng rasources 21bl 41.014 41.014 41.885 Income from ¢haritable and anelllary Irading 21c) 47,847 47.847 46,416 Income from investments 2{dl 7.022 9,019 16.1M1 13.630 TOTAL INCOMING RESOURCES £180.943 £9,019 £189.962 £229.973 RESOURCES USED Grants 31al 2,918 2.918 3.561 A￿￿tieS directly relatlng to th8 work of the djur 31b} 141.797 5.716 147.513 156.159 Church managem￿1 and admI￿stratiOn 31¢) 22,378 22.378 19,692 TOTJL RESOURCES USED 167,093 5.716 172,809 179,412 NETIOUTGOIMGIIINCOMING RESOURCES 13.850 3.303 17.153 50.581 GAINS AND LOSSES ON INVESTMEMTS Vnreallsed 17,728 23,529 41,257 158.5061 R8*ised NET MOVEMENTIN FUNDS 31,578 26.832 58.410 {7.9451 BALANCES BROUGHT FORWARD AT 1 JANUARY 2023 721.985 301.290 1.023.27S 1.031220 BALANCES CARRIED FORWARD AT31 OECEMBER 2023 £753.563 £328,122 £1,081,685 £1.023,275 Parf8h chU￿b of E8rfey St P•tsr. Reading Pag? 3 8alxnc* Sheet at 31st OMrnbor 2023 Note 2023 2022 FIXED AssErs Trmglble ¢lxed Assets IrNestrnent a$sets 41al 358,345 479,761 438,50S CURRENT ASSETS shortl8￿ dep081ts Cash al bank TaxaUoD rocovwobl8 Olherdebtors 184.074 61.022 9,521 13.587 268,204 172,646 51,520 13,268 245.093 UABILrriE8'. AMOUNTS FALLINO DUE wfTHIN OhlE YEAR 11.452 8.496 NET CURRENT ASSErs 256,752 236.597 NET A5SErs £1.094.858 £1,033.447 FIJNtsS Unrtrslrfc￿￿ Restricled End0￿￿onI 7S3,563 721.98S 328.122 1,081,685 301.290 1.023,275 RESERVES FOR FUTURE EXPENDITURE Chw¢h Hall Maintenance p￿￿On 13.173 £1094,858 10.172 £1.033.447 Dp10￿ by Ihe Parothial Church COW￿ and on Ns béham ty. Rerfd K wakernan•T￿9ood •Ars H Price (freasurerl Dats The nole8 allached lonn part oftwe accounts Parlsh chU￿h of Earf4y St P¢t•r. R•adlng Not08 10 the Flnsnclal Stat•Mvnts for tho Y•ar endod 31st Dacomb•r2023 Page 4 ACCOUNTING POLICIES The fSnanc4al statemenls h3ve been p￿par0d in accorthn¢8 ￿ Iha Church A¢¢ouTrtlTr) Re￿lat￿)n5 2006 logelh8r ￿th applicabl• accounkng Stsndards and the Charfd¢$ SORP. The finandal $t8tem8nl$ have boon propargd undertho Truslorical cost Gonvention as rnodmed bythe annual rgv8luation of listéd in¥e51menls to m8rk¢t V8luts. Fund General funds represpnt fvnds of Ihe PCC that are ntsi subjecl lo any restrictions regèrding their US& and are available for appllvlion on lh¢ general wrposes of the PCC. Funds designatod for P8rU¢uL3r purpose by the PCC am a150 unrestrirted. The actxwnts indudg all tranSa￿lon$. assets an¢J liabS1I1ias lorwhSch the PCC15 responsiblg In law. They do not irbcItKle ltte accounts of thvrch groups that owe thelr rn￿n affifwlion to another tjcdy norlh¢)s• that are Snfonnal g8thBrlngs ol Church m8tnbers. Incomlng R•sour¢•s VLluntary Hnd caFMt81 sourc88: Collettions are rewgniseij W￿8￿ recelved by or on behall of1he PCC. P12nn8d givlng re￿1vable undereovenant 15 r8co9ni5ed onty then reEeNed. Income fax ￿cOVerable on covenant8 or llift aid donotions15 reeognised w*en the Incomq. recognised. Grants and legecies to the PCC are a¢counted for as scon as tha PCC Is t￿l￿e￿ of Its 18gal enlltternen¢ and the amount due. Fundraising gvents are accouThl¥J for of inc1y￿1al 8xpen$85. Other LYdSnary Income.. Rentsl Income from the18tt1ro ol thjrch prernlses 1$ reojgnlsed %thgn the rental Is due. I￿Orne IrDm ￿VeStments- DNlol&Hds arkj Interest STO accounltd forw￿ recelvable. Tax recoverable suth inMrn818 cognised in th8 same accountlng ￿ar. Paflsh Church of Earlay St P•t•r. R¢8dSng Page S Notes io th• Financlal St•t•m•nts forthe Year •nd•d 31st Decemtsor2023 AGCOUNTING POLICIES • ¢onilnued R•wJrces uMd Grants: - Grants ond donsti0￿ arn 8r£ounted lor%then pahl over. <¥*hen aYArded. ￿thel aYdTd ¢￿aleS blndlffj oblig8tion on the PCC. AGtfvlles threcty rewng lo the ￿rk01th& ch￿ch. - Thè d￿￿￿art quota or [￿￿8￿ $haTe18 accounted fwwh8n payab￿. Con5e(¥8t8d18nd and building$ and rnoveabla chur¢h ￿M￿Ing9-. - CDnsecrated and bon8ficad prcpetyls exduded frun th? a￿￿nts ty s.9612llalol Ihe ch￿￿￿$ Act 1993. No value 1$ pl￿d on mweable Church fwnithlngs hekl bythe cMJrchwardens on special tnjsi for the PCC arKd whlch a facultyfor dispo￿ slnce Ihe PCC consklers Ihis to be inalienoble propety- All expenditure incurred durfry Ihe year on consecrated or benefice buildings and movoablo church funi5hirys, malnt¢nanc8 or tmprwm¢ni.18 written *)ff as 8xpgtKJlture In th8 SOFA and sep8ratetydiscbsod. Investments.. Inve51ments ar• ststod at markgt valualkn. Current assets.. Short-tgrm deposlls induda cash hdd on d¢p05tt 8ither¥Ath th8 CBF Church of EnllL4nd Funds orat Iho bank. - Olher debtors ropr•sents lenant deposits knJg8d ￿1h thè govwnm&nt d8pxiI scheme looetherwth Igttlws Inwme bllled but ntst yet recefved aTrJ ex￿ndi￿Are pald out In respect of fttttI￿ years. Parfah ¢hur¢h of Earl•y SI Peter. Rè•dlng P406 NotaB to lh• Flnanclal Sts¢•ments iorth•Y0•r•rKlod 31&t Docembet 2023 IMCOhllNG RESOURCES Unr•sirf¢t•d Rgstrt¢t•d Endtswmont Funds Funds Fund* TOTPL FUNDS 2Q23 2022 21al InoJtnin9 re$our￿6 from dorK)rs.' Planned gfvi corne tsx recoverab co1￿ClO￿5 Gift da Lègaoes 8utwJry donations 52,443 1S,550 4.136 2.932 578 9,421 52,443 75.550 4,136 2.932 576 9,421 SS.114 14.08S 2A13 49,069 7,261 £85,060 £85.060 £128.042 2(bl Othei inco￿an9 resourca$.' 33 Cleveoon Dtfve 77 SIPelern Road Wedding & kneral fee51ft?t Feles. baza8t8. olher lund raising events 23.200 15.893 23,200 15,693 22.566 15.000 1121 2,121 4,319 £41,014 £4t,014 £41.885 21¢) lTr￿me from charitabl aThJ a￿lIk8ry Irading.. Sundrie Churth hall lellln9 elc 1.067 46,780 1.067 46.780 1.663 44.753 £47.847 £47.847 £48.416 21dl Incorr* frc inv•slrrenls.' DwideThJs Bnd InleTest lindudlng any r8clahnwJ laxl 7,022 9.019 16.041 13fv30 £7.022 £9.019 E16.041 E13 630 TOTAL INCOMINO RESOUR¢E3 È180.943 £9.019 £189,962 £229.973 P4rf•h Cbur¢h of Eart•ySt P•t•r, Roadln9 Pago 7 Nots8 to the Flnanclal Statements fortho Y•4r onded 31$1 D¢¢•rnbar 2023 RESOURCES useD Ufirostrf￿￿ R￿trItt￿d Endowm•nt Funds Funds Funds TOTAL FUNDS 2023 2022 3181 Grants.. SpedalcollecllJns 9Mnls 2.41B 2.418 500 2,811 750 .918 £2,918 £3.561 31bl dlredly relallng to tho woth of lh• Churth: Mlnlsty. Patsh &har• C18rgyexpanses Chuth njnnlng expwvs Churth malni8naThce and vpkéep General •ynse8 Upkeepof Ihe ¢nur¢hy8 Churth hall running costs 77 St Peter¥ Road cTrsts 38 C￿￿On Msts Church rnuslc 58,619 58.619 65.428 238 11.982 11,664 11.664 3,￿1 4,191 3,￿1 4,191 5.716 39.860 4.701 7.441 11.420 4,446 1,940 5,788 37,840 4.724 14.222 9.551 5.716 39,860 4,701 7,441 11.420 £141.797 £5,716 E147.513 £156,159 31cl Church wnagement aThJ admlnlstrakn.. AdrThni¥lNaior and 13.042 13,042 12,6S3 Website, 8tationery8TrJ lekphDng ProfeSSK)nal fees Offic8 e4￿1￿Ment 2.002 3,440 3.e94 2,002 3,440 3,894 2.1S 3.394 1.487 22.37È 22,378 19,692 TOTAL RESOURGES USED £167.093 £5.716 £172,BOg £179.412 Par18h Church of E•rf•y 8¢ Patsr, Ra•dlng Pagè 8 Note8 to the FIn•ne￿I Stal¢m•nt• for Ih•Ygar •nded aist D?c•mb?r 2022 4. FIXED ASSETS FCII THE USE BYTHE PCC lalTANGieLE FIXED AssErs Frvhold land and bulldlngs GTO55 book valu•- ortgnal cost £ 358.345 ThE freehok4 land and builLtlngs ¢umprise htyjsos ai 33 Cleve¢on DnV• and 77 $1 Pèterfs Road. Ther8 is no provIs￿￿ for depreclkiion. 33 Clevedon Drive was Opfglnallypurch8sed rilh the assistance of a loan frorn Ihp Church HBII funds of £25.000. Th15 advance may be lumabEe lo the Church Hall resource5 5houtd ihè propetybe sold. The church buildh)o8. h•ll and zll cont8nts *e not ILBt¢¢ ats fwd 8ssots 81 cost but tham have an 5Fwrod value ￿ £13,520,000 Ibl INVESTMENT A55ETS Inveslmtn15 held by lh& Central 808rd of FInar￿- InvestmEnl unNs. Cost al 31 D￿Mb￿r 2023 was £188.187 Imark8lvalu8 £479.761)and 8t 31 Doc8m￿r 2022 was £168,187 ImHrk81 ¥)lu8 £438.$051 S. IJIALYSIS OF NEf AtsSEfs BY FUND Unr9Str￿0d Rg•trf¢t•d Fund¥ Fund* Endowrnent Fund8 Totsl FSxod Asséls and Inv05tments Cuirant Ass8 Current Uabililies Provislon f¢rfuturft wenthiure Fund 631,955 146.233 111,4521 13.173 £ 753,563 206,151 121.971 838,106 268.2D4 111.4521 13.173 £ 1,081.685 £ 328.122 See note 7 bèlowfor of lund5. UfvBILmES: AMOUNTS FALLINO DiJE WITHIN ONE YEAR 023 2022 Tenant rBnl deptsslts Expenges due bLrt ngt pahl al yoar gn Esllmat8d xcru8d expens9s [m￿y&l ￿lled 1.650 3.778 8,027 E11452 1.650 2.057 4.7e9 £12.056 7, FUND DEfAJLS Tha reslrided fl￿d$ have now b88Tr u$gd up. Movem8nl in thg Inc¢)mo 3nd •yndiiuro ac¢ount r￿at&S 5018Iykn co?￿￿On¥ made foryciflG purpDse$. The 8ndly￿ent l￿d comptses the Gra¥8sA¢o)Jn( irKorpornlty Ihe Hubbard bequests. Incomo receNed by Ihe fund In ex¢8ss ollhe costs incurred in mainthinlrtg Ihe graveyar ¢¥n be US￿ for Other parfsh purpo$Ès. These funds are hekl In the endoY4rt*nl fund bank accounls and kncluded In thè currentvalue of the endowment fund5. Independanl Examlne¢8 Rèport to the Mèmbtrs of the Paroehlal Church Councll of Earley St Peter. Readlng Page 9 TNS report on the accounts of the Parochial Churth Council of Earfey St Peter, Readlng forthe year ended 31 Docember 2023. as $etout on pages 1 to 8,15 in resped of an ex8mlnatiw ¢aftfj8d oul wbyer RegulatMJTr 4el of the Church AcEountMg RegUla￿On$ 20C6 Ilh9 Regulations'l and $.49 of the Charfues Act 1993 Vh8 Acfl. R•5PeCtfv0 re5ponslbllltles of the PCC and tho gxamlnor As mombers ol Ihe PCC you are responsltle for Ihe prBparaiion of th8 3ccouDts.' yeu conslder that tho audit rer•irement ol Ihe Regulalon 3lcl aTr* sedon 43121 of Ihe Actdo nol apply. 11 Is my responslblllty lo issue th1¥ reporton those accounts kn ac¢ordanc8 wAth Ihe tFnns of Regulation 25. Basls ofthl8 rnport Myexamlnalon was ¢arrfed out in aCMrdancè￿1h tht Generol Direcbons glven by the chari￿y CrAnThMssion tsndèr s•¢tion 4317llbl of ￿A¢(￿nd lo be [D￿d in lh8 Church guldance. 2006 edillon. Issued by the Flnanc8 Diw5ion olthe Arthbishop¥ Council. Thot exarninalv)n inchjdes a review of the aC￿unti￿ ￿COrdS kept by Ihe PCC and a comparison of the accounis vllh those r8c¢xds. 11 also Inc4udes o)nsNJering any unusual items or dtsdosure5 Sn the accfjunts and setsking explan8tion¥ from you as truslees [X)r￿emIng any such maileTS. The pr¢x8dure5 undertaken do not provi