2024-12-31-accounts - The Parochial Church Council Of The Ecclesiastical Parish Of Earley St Peter

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

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 2024

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, until she retired in September 2024).

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 Hall, 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 2024 was:

Ex-officio

(a) All Clergy licensed to the benefice (Rule M15(1)(a))

The Revd Kate Wakeman-Toogood

(b) TWO Churchwardens elected by the Annual Meeting of Parishioners for one year (Rule M15(1)(e)) Professor Ann Sheen (Vice-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))

2022-2025

Mr Michael Chow Mrs Sarah Godwin Mrs Anne Richardson Mr Brian Wynn

2023-2026 Mr Richard Miller Mrs Ann Morbey Mrs Elizabeth Netherwood Mr Neil Whitehouse 2024-2027 Mrs Jenny Carr Mrs Sue Manser Mrs Rosie Rogers

Co-opted members

(e) Not more than FIVE members co-opted by the Council for one year (Rule M15(1)(k)) Mrs Helen Price (PCC Treasurer) Mr John Collins

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.

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 2024 to discharge its statutory responsibilities. The new incumbent, Revd Kate Wakeman-Toogood, was installed at the beginning of January and brought a lot of energy and vision to all aspects of church life, including the activities of the PCC. Work began on a new Mission Action Plan with a PCC Strategy Day held in November. Four main areas of focus were identified: Worship and Prayer; Pastoral Care; Children and Youth; and Mission (local and worldwide). PCC subcommittees will focus on each of these areas. Safeguarding and caring for the environment are strands that run through all four areas.

The Annual Meetings took place on 12[th] May 2024 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 was given a grant of £250 a year for the period 2022-2024, plus money raised from specific fundraising events that were organised to support them. At the end of 2024 the PCC agreed to renew its commitment to all three charities for a further three years (until 2027) at the same rate of £250 a year.

As the financial statements show, our financial results for the year on day-to-day activities showed an increase in income of 11% but an increase in expenditure of 19%. This led to an overall reduction in incoming resources. 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 2025 of

about £25,000, so it remains more important than ever that we control expenditure as best we can. We can meet such a deficit from historic reserves, but clearly we cannot keep doing that.

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 2024 to review upcoming Council business, plan Council agendas, and deal with any urgent or delegated business.

Membership

Ex-officio : The Revd Kate Wakeman-Toogood; Professor Ann Sheen (Churchwarden, PCC Vice-Chair); Mr Clive Nunn (Churchwarden)

At least TWO PCC members: Mrs Helen Price (PCC Treasurer), Mrs Sheila Jordan

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 ………………………………………………..

The Revd Kate Wakeman-Toogood (Chair)

Date………………………………

PARISH CHURCH OF EARLEY St PETER, READING ACCOUNTS 31st DECEMBER 2024

Pag8 1 Parish Church of Earfey St Peter, Reading Treasurerfs Report For the Year ended 31st December 2024 Whllst the pressures of the pandernlc are now largely behind us, we continue to face the routine challen8es which church finances psent and the Éver-present and sornetimes conflicting prigrities of church Ilfe. Our l¥gest financial commitment by some margin is the DiccEsan Parlsh Share. The 2024 sum paYae was £69,497 and this will increase in 2025 to 1.755. The 8lobal economy fluctuates significantly as WDrld events unfold. and this has a direct Impact on the value of our trust funds and the income we derive from them. The income from investments increasèd by £2.276 over 2023, but the total value of those funds increased by just £10,981 compafed to an increase of £41,257 in the previous year. In other words. incorne increased slightly but the rate of Browth declined Significantly. We are taking action wheiever we can to ma%imi5e our income and gTOWth, but it is difficuk. The accounts show a surplus for the year of £16,65812023 £58,41al. Thls includes the In¢aSe In ihe value of the Trnst Funds of EIO.981 12023 £41,257). The actual surplus on day-to-day artivities was £5.310 12023 £L6,5771. Whilst we are Still on the 'right side of ihe line, on th15 rneasure. Ihe reduction is ct>ncerning and illustrates the fact that we tnust continue to Exercise 50und 5teward5hip of our funds and the expenditure we incur. The church hall continues to operate as a valuable resource, both lor thurch artivities and as an attractive venue for other organisations. The surplus for this year 15 £1.91012023 £6.9201 with income from hiring5 increasing to £49.91312023 £4S.4701. The hall is. to a large extent, a commynity resource and its benefit of course extends beyond its finanual results. The worfd contlnue5 to be an Interesting and challenging environment in which to I1. and those challenges are often reflected in our parish life. The management of church finantes continues to be an important aspect of that community lrfe and we need to be prepared. so far as we ever can be. for events as they unfold. l am as ever Erateful io all those who help to make sure that thi5 runs 5rn00thly and etficierstly- it is very Much a team effort Finally I would like to express my thanks to all who contribute to our finances in so many different ways, and who make It posslble to do all that we do in thi5 busy parish. Hejen Prlce PCCTreasurer

Parish Church of Earley St Peter. Readlng Page 3 Balance Sheel at 31st December 2024 Note 2024 2023 FIXED ASSETS Tangible fixed assets Investment assets 41al 41bl 358.345 490.742 358,345 479.761 CURRENT ASSETS Short term deposts Cash at bank Taxal'on recoverablo other debtors 201,754 53.651 9.932 14,288 279,625 184.074 61,022 9,521 13.587 268,204 LIABILITIES.. AMOUNTS FALLING DUE WITHIN ONEYEAR 14.196 11.452 NET CURRENf ASSErs 265.429 256,752 NET ASSETS £1,114,516 £1,094,858 FUNDS Unrestricted Restricted Endowment 759.394 753.563 338,949 1.098,343 328.722 1.081.685 RESERVES FOR FUTURE EXPENDITURE Church Hall Maintenance provisio 16,173 £1.114,516 13,173 £1,094,858 Approved by the Parochial Church Council and signed on its behaff by". Re¢d K Wakeman-Toogood Mrs H Pre (Treasurer Dale The notes att8che¢J fom part ol these accounts

Parish Church of Earley St Peter. Reading Pag8 4 Notes to the Finanelal Ststements for the Year frndod 31st Dècèmber 2024 ACCOUNTING POLICIES The financial statamenls have been prepared in accordanc& with the Church Accounllng Règulations 2006 t¢gether with applicable accounting standards and the Charities SORP. The financial statements have been prepared under the historical ¢y)51 convention as modlffed by the annual revaluation of listed investments to market value. Funds General lunds represent funds of the PCC that are not subjecl to any restrictions regardlng thelr Usg 8n(l are avallablg for application on thè general purposes of the PCC. Funds designated for particular purpose by the PCC are aL80 unrestricted. The accounts include all transactnS. assets and liabilities for which the PCC is responsible in 18W. They do not include the accounts of chuich groups that ow8 thgir main affiliation to anolhgr body nor those that aTe informal gatherings of Church members. Incoming R•$our¢es Voluntary income and ¢8Pital sour$.. CO1ctionS are recognlsed when receNed by or on behalf of the PCC. Planned giving receivable under Covenant is recognised only when received. Income Tax r8coverable on covenants or gift aid donations is recognised when the incomè is recognised. Grants and legacies ID the PCC are accounted lor as soon as the PCC is nolified of its18gal enlillemenl and the amount due. Fundraising gvents are accounted for n81 of incidentsl expenses. Other ordinary income.. Rental income from thalgtting of church premises is recognised when the rental 18 due. Income from investments: Dwidends and interest are aceounled for when receivable. Tax recoverable on such income is recognised in the saTne accounting year.

Parlsh Church of Earley St Peter, Readlng Page 5 Notes to the Financial Statements forthe Year ended 31st December 2024 ACCOUNTING POLICIES- continued Resources u$¢d Grants.. Grants and donations are accounted for when paid over, or when awarded, ifthat award creates a binding obllg8tion on the PCC. Activities directly rebting lo the ¥th)rk of the Church.. The diocesan quots or parish share is accounted for when payable. Flxed asso1$ Consecra18d L8nd and building5 and moveablo church lurnishiTrJ5'. Consecrated and beneficed property is excluded frorn the accounts by s.9612llal of the Charities Act 1993. No value is placed on moveable church fumishings held by the churchwardons on special trust for the PCC and vthich require a faculty for disposal since the PCC considers this to be inalienable property. All expenditure incurred during the year on consecrated or benefice buildings and ffloveable church funishings, whether maintenance or improvement. is written off as exppndilure in the SOFA and sèpèrately disclosed. Inveslinents.. Investments are staled at market valuation. Current assets: Short-term deposits include cash held on deposll eithar wlth th8 CBF Church of England Funds or al the bank. - Other debtors represents tenant deposrts lodged Ihe govemment deposit scheme logeth8r wth lettings incomè billed but not yet received and expendilure paid in Spettt of future yeais.

Parlsh Church of Earley St P•ter, Readlng Paae 6 Notès to the Flnanclal Statements for the Year ended 31st D•cemb•r 2024 INCOMING RESOURCES Unrestricted Restrlct•d Endowment Funds Funds Funds TOTAL FUNDS 2024 2023 2181 Incoming Te$ources from dorK)r5.' Planne(I giwng Income tsx recoverable CollECtions GTft days Legacie5 Sundry th)natlons 65,201 17,068 3,172 65,201 17,(8 3.172 52.443 15.550 4,136 2,932 578 9,421 367 8.321 367 8,321 £94.129 £94,129 £85.060 21bl Other incAJming resources.. 33 Clevedon Drive 77 St Peters Road Wedding & funeral fees Inetl 22,fKJO 16,471 22,0 16.471 23,200 15,693 7,127 7.127 2.121 £45,598 £45.598 £41.014 21cl Income from charitable and èneillary trading-. Sundries Church hall letting etc 2,247 51,000 2.247 51.000 1.067 46,780 £53,247 £53.247 £47,847 2(dl Income from investTh*nts.. Dwidends and interest linduding any reclairned tax) 8,203 10.114 18,317 16.041 £8,203 £10.114 E18.317 £16,041 TOTAL IhTCOMING RESOURCES £201,1TI £10.114 £211.291 £189,962

Parish Church ol Earley St Peter. Reading Page 7 Nots$ to the Flnanclal 5tstements for the Year ended 31st De¢ember 2024 RESOURCES USED Unrestricted Funds Re$tricted Endowment Funds Funds TOTAL FUNDS 2024 2023 31al Grants.. Speci81 collections General grdnts 2,835 1,250 2,835 1.250 2.418 500 £4.085 £4,085 £2.918 31bl AetiviJes direcly relaling to the work of thè Church". Ministy.. Parish share Inetl Clergy expenses Church running 8xpens8S Churth Maintenance and upkeep General gxpenses Upkeep of the churchyard Churth hall running Costs 77 Sl Poters Road costs 33 Clevedon Drive costs Church musi Youth and children's woik 67,793 1.699 13,105 67.793 1,699 13.105 58,619 11,664 7,348 2,454 7.348 2,454 5,550 49.0) 7,412 3,389 15.193 6.053 3,901 2.028 5,716 39,860 4,701 7,441 11,420 2.163 5,550 49.090 7.412 3,389 1S,193 6,052 £173.536 £5.550 £179,086 £147,513 31c) Church management and administrBtion'. Administrator and Secretary Website, statior*ry ancl tglephone Prof855K)nal le8s Office equipment 14,484 14,484 13,042 2,261 3.937 1,761 2,261 3.937 1,761 2,002 3,894 22.443 22.443 22.378 TOTAL Ra8OURCES USED £200,064 £5,550 £205.614 £172,809

Parish Church of Earley St Peter, Readlng Page 8 Nolgs to the FlnJnclal Statemanis for the Year ended 31st Deeombgr 2024 4. FIXED ASSETS FOR USE BY THE PCC Freehold lar and buildings (al TANGIBLE FIXED ASSETS Gr055 book value- original CDSI £ 358,345 The fre6hold land and buildings comprise houses 2t 33 Clevedon DThva and 77 Sl Pelerfs Road. There is no provision for depreclatK)n. 33 Clevedon Drwe was origin811y purchased with the assistance of a loan frorn the Church Hall funds of £25,000. This advance may btr retumable to the Church Hall resources should the property b8 501d. The thurch buildlngs. hall and all contents are not listed as fixed assets at cosl bul beeen them have an insured value of £13.520.000 Ibl INVESTklENT ASSETS Investrnents held by the Central Board of Finance- Investment unlts. Cost at 31 December 2024 was £16B,187 (market value £490.7421 and at 31 December 2023 was £168.187 Irrwrkel value £479,761) S. ANALYSIS OF NET ASSEfs BY FUND Unrn8trlcted R85tricted Fundb Funds Endowment Funds Total Fixed Assets and Invoslments Current A55et5 Current Liabililles Provision for futu expentJitur8 Fund balan¢e 638,218 151.545 114,1961 16,173 £ 759,394 210,869 128,080 849.087 279.625 114,1961 16.173 £ 1,098,343 £ 338,949 Se8 note 7 below for Iilentlfit10n of funds. 6. LIABILITIES: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 Tenani rent deposits Expenses due but not pald at year end Estimated accrued expenses not yet bllted 1,590 4.662 7,944 £ 14.196 1.650 2.057 6.027 £12,054 7. FUND DETAILS The restricted fund5 have now been used up. Movement Tn the income and 8xrnditUre account relates solely to collections mad8 for specffic purposes. The endowrntnt fijnd compri585 the Graves Account, incorpordling the Hubbard qUests. Income received by the fund in exce55 of the costs incuffed In maintaining the graveyard can be used for other parish purposes. These funds are held in the endowment fund b8nk accounts and included in the current value of th8 endowment funds.

Independant Exam5nerfs Report to the Members of the Parochlal Church Councll of Earley St Peter, Reading Page 9 This report on the accounts ol the Parochial Church Council of Earley St Peter, Re&Jing for the year ended 31 December 2024. as set out on pages 1 to 8, is in respect of an exarnination carried out under Regulation 3lcl of the Church A¢counting Regulations 20061'the Regulations'l and s.43 of the Charitias Acl 19931'the Acl'l. Respective responBibilities of the PCC and th¢ examlner As members of the PCC w)u are responsible for thè preparation of the accounts., you consider that the audit requiTernenl of the Regulats'on 3lcl arKJ section 43121 of the Act do not apply. It is my responsibility to issue this report on those in accordance with the terrns of Regulation 25. Basis of this report My examination was Carried out in accordance with Ihe General DirectK)ns gwen by th6 Chariliy Commission under section 4317llbl of the Act and lo be found in the Church guidance. 2006 edition, issued by the Finance Dwision of the Archbishops, Council. That examination includes a review of the accounting records kept by the PGC and a comparison of the accounts with those records. It also includes considering any unusual items or disclosures in the accounts and seeking explanations from you as trustees conming any such matters. The procedures und8rtaken do not provkje all thg evidence that would be required in an audlt, and consequently I do not express an audit opinion on Ihe view given by the accounts. Independent 9mIn$$ $tst•mont In connection with my examinatK)n. fflatter h8s come to my attention-. whlch gives me reasonable cause to believ¢ that in any materlal respect the qUIrements la) to keep a¢untIng records in a¢cordan¢e with section 41 of the Act- and Ibl to propare accounts which accord with the accounting records and comply with the requirem&nts of thè Acl and the Regulations have not been met,. or lo which, in my opinion, attention should b8 drawn in ord8r lo enable a proper understsnding of the accounts to be reached. 10 Beech Court Wokingham Road Hurst Berkshire RG10 ORQ VERNON GOSLING FRIDAY LIMITED Chartèrad C8rtifi8d Accountant5 March 2025

Parish Church of Earl8y St Peter, Reading Church Hall Income and Expenditure Account For the year ended 31st December 2024 2024 2023 INCOME Hire charges Bank interest 49.913 1.087 51.000 48,470 310 46,780 EXPENDITURE Hall running costs- Salaries Mainlenance Light and heat Water Insurancè Telephone Gleaning and secur6ty Sundry 9,066 6,861 5,733 707 2,306 1.8 18.989 532 8,554 3.050 5,767 560 2.374 1,701 14,450 404 46,090 4.910 36,860 9.920 TRADSNG SURPLUS Hall mainlBnance provislo 3.000 3.000 SURPLUS I IDEFICITI FOR YEAR 1,910 6,920 BALANCE SHEET AS AT 31 DECEMBER 2024 CURRENT ASSErs Cash at bank arKI in hand Cash on deposit 3,258 46,549 49,807 7,624 57,431 3.752 41.461 45,213 6.053 51,266 Dèbtors LESS: LIABILITIES Hall malntenan¢8 provision Add charge for year 13,173 3,000 16,173 10,173 3,000 13,173 16,173 5,030 21,203 13.173 3,775 16.948 Creditors NET Assgrs £36,228 £34,318 REPRESENTED BY: Accumulated fund- brought forward SurplusllDeficill for the y8ar 34,318 1,910 £36.228 27,398 6.920 £34,318

PARISH CHURCH OF EARLEY St PETER, READING ACCOUNTS 31st DECEMBER 2024