The Parochial Church Council of The Ecclesiastical Parish of St Peter & St Paul, Fakenham
Charity No. 1129251
Trustees' Report and Unaudited Accounts
31 December 2023
The Parochial Church Council of The Ecclesiastical Parish of St Peter & St Paul, Fakenham Contents
| Pages | |
|---|---|
| Trustees' Annual Report | 2 to 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 |
| Notes to the Accounts | 7 to 14 |
| Independent Examiner's Report | 15 |
Page 1
The Parochial Church Council of The Ecclesiastical Parish of St Peter & St Paul, Fakenham Trustees Annual Report
The trustees present their report with the unaudited financial statements of the charity for the year ended 31 December 2023.
REFERENCE AND ADMINISTRATIVE DETAILS
Charity No. 1129251
Principal Office
The Rectory Office 21 Gladstone Road Fakenham Norfolk NR21 9BZ
Trustees
The following trustees served during the year:
L. Bothamley E. Burbidge R. Burbidge A. Harding T. Jessop R. Lynam (Resigned 23 April 2023) M. Morley J. Mullins
A. Rae-Sims
A. Sharp
- P. Underwood
Administrative Information
Incumbent The Reverend Tracy Jessop (Chair of PCC and Board of Trustees) Wardens Roger Burbidge (Lay Vice-Chair), Alison Harding Lay Ministers Elaine, Burbidge, Amanda Sands Lind Frost (retired 15.09.2023) Deanery Synod Representatives Alison Harding, Audrey Sharp Finance Team The Reverend Tracy Jessop, Roger Burbidge, Alison Harding, Lily Bothamley, Mary Palmer (joined 04.05.2023)
Accountants
SCS Accounting Solutions Limited Unit 5, Broadway Farm The Broadway Scarning, Dereham Norfolk NR19 2LQ
Page 2
The Parochial Church Council of The Ecclesiastical Parish of St Peter & St Paul, Fakenham Trustees Annual Report
Bankers
Lloyds Bank PLC 27 Norwich Street Fakenham Norfolk NR21 9AH
OBJECTIVES AND ACTIVITIES
St Peter and St Paul’s PCC has the responsibility for the ecclesiastical parish of Fakenham for the whole mission of the Church, pastoral, evangelistic, social and ecumenical.
Together with the incumbent The Revd Tracy Jessop who has the cure of all souls in the parish, our aim is to undertake main activities in relation to those purposes are the provision of a place of worship, raising awareness and understanding of religious beliefs and practices, carrying our religious devotional acts, carrying out missionary and outreach work and building relationships in the community.
When planning our activities for the year, the Trustees have given due regard to the Commission's guidance on public benefit.
ACHIEVEMENTS AND PERFORMANCE
We are pleased to see an improvement in our overall financial position and a resultant operating surplus of £8,240.
There has been an increased scrutiny of expenditure and a review of our outgoings with an aim to achieve a balanced budget. We have begun to reassess existing contractual arrangements with suppliers and thanks to the skills and willingness of our volunteers, have been able to deliver some projects ‘in-house’. Our main areas of expenditure are on general running costs for the church premises (c.£20k) with energy costs continuing to be high and our governance costs for parish share (£61,325).
Preparations through 2023 were significant for the commencement of the Entrance Project, even though the failure of our heating system in late November has caused us to reduce the scale of phase 1 due to affordability. Our ambition is to push ahead as soon as funds are available to complete the long-standing desire to re-order the rear of the church.
We are grateful for the generosity of people who are able to support the church through regular giving. The shift to the Parish Giving Scheme has reduced our administrative burden and allows us to receive gift aid in a consistent and timely manner. Combined with our regular outreach programme of the Thursday Café, supported by ad-hoc fundraising events like Book and Jigsaw Fairs, Soup and Pancakes provide the backbone for our income stream. We have secured modest sums in new grants £6,415 and will continue to apply for funds to help support our mission and ministry.
Our Church offers ministry to the whole parish, to those that attend church and those that do not, to those who share our faith and those that do not. Our ministry is one of invitation, pastoral care and sharing the good news of the Gospel - we want people to come and experience life in Christ.
We again offer our sincere thanks to the people of this church family for all that they do. The hours of time volunteers give, their expertise, the love and care for the church and for the people of God demonstrated through their actions.
Page 3
The Parochial Church Council of The Ecclesiastical Parish of St Peter & St Paul, Fakenham Trustees Annual Report FINANCIAL REVIEW Total receipt5 on Unrestricted fund5 were £132,34012022 - £94.8541. The rise from last year is due to the increase in donors using direct bank giving and signing up to the Parish Giving Scheme. Total receipts on Restricted funds were £2,Y1212022- £40,790). In 2023. total expenditure was £126,63212022- E149,6351 to provide the Christian ministry from St Peter and St Paul's Church. This includes the contribution of £58,932 to the Diocese Parish Share, which largely provldes the stripends and housing for the clergy and a contribution to the costs of the Diocese Support Team. The churches in the Deanery are charged a flxed sum relatlng to the real cost of a Priest dividend between the churches in the benefice. Reserve5 Policy.. The Unre5tiicted cash funds at the year-end were £30,18412022 - £20,817). The Unrestricted cash fund5 are malntalned at a level sufficient to smooth out fluctuations in cash flow and to meet any emergencies. The total Restricted funds at the year-end were £239.35212022 - £205,782). The Restricted funds are comprised of Equlty Investments of £226,53212022 - 192,0151 and cash of £12,82012022 - £13,767). The following pages show our financial performance for the year. STRUCTURE, GOVERNANCE AND MANAGEMENT The method$ adopted for the recruitmenl and appointment of new trustees Is set out In the Church Representation Rules. All Church allendees are encouraged to reelster on the Church Electrol Roll and stand for election to the PCC. statement of trustees, responslbllltles In relatlon to the flnanclal statements The charity trustees are responsible for preparlng a trustees, annual report ond financlal statements in accordance with appllcable law and Unltod Klngdom Accountin8 Standards (United Kingdom Generally Accepted Accountlng Practice). The trustees are responsible for keeping proper atcountlng records that dlsclose with reasonable accuracy at any time the financial positron of the charity and to enable them to ensure that the financlal statements eomply with the Charltles Act 2011, the appllcable Charltles (Accounts and Reports) Regulations, and the provlslons of the Trust deed. The Trustees afe also responsible for safeguafdlng the a55ets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. Signed on behalf of the charity's trustees (p/- R. Burbidge Mr Roger Burbldge (ChuKh Wordenj 31 December 2023 Mrs Allson Hardlng fchurch Wordenj The Revd Tracy Je55OP {InrumbentJ PaBe 4
The Parochial Church Council of The Ecclesiastical Parish of St Peter & St Paul, Fakenham Statement of Financial Activities
for the year ended 31 December 2023
| Notes Income and endowments from: Donations and legacies 3 Charitable activities 4 Other trading activities 5 Investments 6 Other 7 Total Expenditure on: Charitable activities 8 Other 9 Total Net gains on investments Net income/(expenditure) 10 Transfers between funds Net income/(expenditure) before other gains/(losses) Other gains and losses Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward |
Unrestricted funds |
Restricted funds |
Total funds | Total funds |
|---|---|---|---|---|
| 2023 | 2023 | 2023 | 2022 | |
| £ | £ | £ | £ | |
| 56,462 | 2,712 | 59,174 | 36,438 | |
| 55,019 | - | 55,019 | 35,965 | |
| 14,384 | - | 14,384 | 15,423 | |
| - | - | - | 40,000 | |
| 6,475 | - | 6,475 | 7,818 | |
| 132,340 | 2,712 | 135,052 | 135,644 | |
| 61,325 | - | 61,325 | 64,400 | |
| 61,648 | 3,659 | 65,307 | 87,213 | |
| 122,973 | 3,659 | 126,632 | 151,613 | |
| - | - | - | - | |
| 9,367 | (947) | 8,420 | (15,969) | |
| - | - | - | - | |
| 9,367 | (947) | 8,420 | (15,969) | |
| 0 | 34,517 | 34,517 | 12,336 | |
| 9,367 | 33,570 | 42,937 | (3,633) | |
| 20,817 | 205,782 | 226,599 | 48,575 | |
| 30,184 | 239,352 | 269,536 | 44,942 | |
Page 5
The Parochial Church Council of The Ecclesiastical Parish of St Peter & St Paul, Fakenham Statement of Assets and Liabilities
at 31 December 2023
| Charity No. 1129251 Fixed assets Tangible assets 13 Current assets Debtors 14 Investments 15 Cash at bank and in hand Creditors:Amount falling due within one year 16 Net current assets Total assets less current liabilities Net assets excluding pension asset or liability Total net assets The funds of the charity Restricted funds 17 Restricted income funds Unrestricted funds 17 General funds Total funds |
2023 £ - 894 226,532 43,604 271,030 (1,494) 269,536 269,536 269,536 269,536 239,352 239,352 30,184 30,184 269,536 |
2022 £ - 3,355 192,015 34,584 |
|---|---|---|
| 229,954 (3,355) |
||
| 226,599 226,599 |
||
| 226,599 | ||
| 226,599 | ||
| 205,782 | ||
| 205,782 20,817 |
||
| 20,817 | ||
| 226,599 |
Approved by the trustees on 31 December 2023
And signed on their behalf by:
R. Burbidge Trustee and Lay-Minister 31 December 2023
Page 6
The Parochial Church Council of The Ecclesiastical Parish of St Peter & St Paul, Fakenham Notes to the Accounts
for the year ended 31 December 2023
- 1 Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements are prepared on the Accruals basis.
Change in basis of accounting or to previous accounts
There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.
Fund accounting
Unrestricted funds These are available for use at the discretion of the trustees in general running of the church and charitable activities. Restricted funds 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 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
Income
Recognition of Income is included in the Statement of Financial Activities (SoFA) when the income charity becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability. Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in legacies the the SoFA when receivable and only when the Charity has unconditional entitlement to the income. Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets
Page 7
The Parochial Church Council of The Ecclesiastical Parish of St Peter & St Paul, Fakenham Notes to the Accounts
Expenditure
Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT expenditure which cannot be fully recovered, and is reported as part of the expenditure to which it relates. Expenditure on These comprise the costs associated with attracting voluntary income, raising funds fundraising trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities charitable activities and services in the furtherance of its objects, including the making of grants and governance costs.
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
Other expenditure These are support costs not allocated to a particular activity.
Taxation
The charity is exempt from tax on its charitable activities.
Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Church Equipment 25% Straight line (Unrestricted)
Consecrated and benefice property is not included in the accounts in accordance with s.10 (2)(a) and (c) of the Charities Act 2011.
Trade and other debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
Trade and other creditors
Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Page 8
The Parochial Church Council of The Ecclesiastical Parish of St Peter & St Paul, Fakenham Notes to the Accounts
2 Statement of Financial Activities - prior year
| Income and endowments from: Donations and legacies Charitable activities Other trading activities Investments Other Total Expenditure on: Charitable activities Other Total Net income Transfers between funds Net income before other gains/(losses) Other gains and losses: Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 3 Income from donations and legacies Voluntary receipts and donations Gift Aided giving Donations, appeals and legacies |
Unrestricted £ 7,532 45,882 1,347 1,701 56,462 |
Unrestricted funds 2022 £ 35,648 35,965 15,423 - 7,818 94,854 64,400 45,338 109,738 (14,884) 1,978 (12,906) - (12,906) 33,723 20,817 Restricted £ - 2,712 - - 2,712 |
Restricted funds 2022 £ 790 - - 40,000 - 40,790 - 41,875 41,875 (1,085) 179,679 178,594 12,336 190,930 14,852 205,782 Total 2023 £ 7,532 48,594 1,347 1,701 59,174 |
Total funds 2022 £ 36,438 35,965 15,423 40,000 7,818 |
|---|---|---|---|---|
| 135,644 64,400 87,213 |
||||
| 151,613 | ||||
| (15,969) 181,657 |
||||
| 165,688 12,336 |
||||
| 178,024 48,575 |
||||
| 226,599 | ||||
| Total 2022 £ 1,358 32,580 2,500 - |
||||
| 36,438 |
Page 9
The Parochial Church Council of The Ecclesiastical Parish of St Peter & St Paul, Fakenham Notes to the Accounts
4 Income from charitable activities
| Cafe Income Beacon Advertising Christmas Tree Festival Stalls, Book & Jigsaw Fairs 5 Income from other trading activities Fees from Weddings & Funerals for Diocese, Church & Organist Car Park Rents Sundry 6 Income from investments CCLA Investment Fund 7 Other income Income Tax Recovered (DCMS Scheme) Grants Interest received |
Unrestricted £ 15,244 15,268 17,636 6,871 55,019 Unrestricted £ 11,753 480 192 1,959 14,384 Unrestricted £ - 6,415 60 6,475 |
Total 2023 £ 15,244 15,268 17,636 6,871 55,019 Total 2023 £ 11,753 480 192 1,959 14,384 Total 2023 £ - - Total 2023 £ - 6,415 60 6,475 |
Total 2022 £ 7,414 5,838 16,135 6,578 |
|---|---|---|---|
| 35,965 | |||
| Total 2022 £ 12,864 720 1,839 - |
|||
| 15,423 | |||
| Total 2022 £ 40,000 |
|||
| 40,000 | |||
| Total 2022 £ 5,282 2,000 536 |
|||
| 7,818 |
Page 10
The Parochial Church Council of The Ecclesiastical Parish of St Peter & St Paul, Fakenham Notes to the Accounts
8 Expenditure on charitable activities
| 8 | Expenditure on charitable activities | ||||
|---|---|---|---|---|---|
| Unrestricted | Total | Total | |||
| 2023 | 2022 | ||||
| £ | £ | £ | |||
| Governance costs | |||||
| Diocesan Parish Share | 58,932 | 58,932 | 58,917 | ||
| Diocese Service Fees | 2,393 | 2,393 | 5,483 | ||
| 61,325 | 61,325 | 64,400 | |||
| 9 | Other expenditure | ||||
| Unrestricted | Restricted | Total | Total | ||
| 2023 | 2022 | ||||
| £ | £ | £ | £ | ||
| Service Costs | 5,075 | - | 5,075 | 1,046 | |
| Cafe Expenses | 3,051 | - | 3,051 | 1,558 | |
| Christmas Tree Festival | 786 | - | 786 | 495 | |
| Employee costs | 5,383 | - | 5,383 | 8,527 | |
| Motor and travel costs | 372 | - | 372 | 360 | |
| Premises costs | 16,808 | 3,659 | 20,467 | 48,399 | |
| Amortisation, depreciation, | |||||
| impairment, profit/loss on | - | - | - | 1,978 | |
| disposal of fixed assets | |||||
| General administrative costs | 20,808 | - | 20,808 | 18,216 | |
| Legal and professional costs | 9,365 | - | 9,365 | 6,634 | |
| 61,648 | 3,659 | 65,307 | 87,213 | ||
| 10 | Net income/(expenditure) before | ||||
| transfers | |||||
| 2023 | 2022 | ||||
| This is stated after charging: | £ | £ | |||
| Depreciation of owned fixed assets | - | 1,978 | |||
| 11 | Trustee remuneration and expenses | ||||
| One or more of the trustees has been paid expenses in the current or prior | periods. | ||||
| 2023 | 2022 | ||||
| Number | Number | ||||
| Number of trustees paid expenses | 2 | 2 | |||
| The nature of the reimbursed expenses | General repairs | and printing expenditure paid for on behalf | |||
| of the charity | |||||
| £ | £ | ||||
| Total expenses reimbursed to trustees | 485 | 204 |
Page 11
The Parochial Church Council of The Ecclesiastical Parish of St Peter & St Paul, Fakenham Notes to the Accounts
12 Staff costs
| Staff costs | ||
|---|---|---|
| 2023 | 2022 | |
| Salaries and wages | 1,508 | 3,547 |
| 1,508 | 3,547 | |
| No employee received emoluments in excess of £60,000. | ||
| The average monthly number of full time equivalent employees | during the year was as follows: |
| 13 Tangible fixed assets Cost or revaluation At 1 January 2023 At 31 December 2023 Depreciation and impairment At 1 January 2023 At 31 December 2023 Net book values At 31 December 2023 At 31 December 2022 14 Debtors Trade debtors 15 Current asset investments Listed investments Market value of listed investments 16 Creditors: amounts falling due within one year Trade creditors |
2023 £ 894 894 2023 £ 226,532 226,532 226,532 2023 £ 1,494 1,494 |
Church Equipment (Unrestricte d) £ 68,520 68,520 68,520 68,520 - - |
Total £ 68,520 |
|---|---|---|---|
| 68,520 | |||
| 68,520 | |||
| 68,520 | |||
| - | |||
| - | |||
| 2022 £ 3,355 |
|||
| 3,355 | |||
| 2022 £ 192,015 |
|||
| 192,015 | |||
| 192,015 | |||
| 2022 £ 3,355 |
|||
| 3,355 |
Page 12
The Parochial Church Council of The Ecclesiastical Parish of St Peter & St Paul, Fakenham Notes to the Accounts
17 Movement in funds
| Restricted funds: Restricted income funds: Bells Fund Organ Fund Clock Fund Music Fund Entrance Fund Church Development Fund Doug Flegg CCLA Equity Total Unrestricted funds: General funds Total funds 18 Analysis of net assets between funds Net current assets 19 Reconciliation of net debt Cash and cash equivalents Net debt |
At 1 January 2023 872 54 10,000 1,040 510 80 1,211 192,015 205,782 20,817 226,599 |
Incoming resources (including other gains/losses) £ 43 111 65 - 903 1,590 - 34,517 37,229 132,340 169,569 Unrestricted funds £ 34,264 34,264 At 1 January 2023 £ |
Resources expended £ - - - - - - (3,659) - (3,659) (122,973) (126,632) Restricted funds £ 235,272 235,272 Cash flows £ |
At 31 December 2023 £ 915 165 10,065 1,040 1,413 1,670 (2,448) 226,532 |
|---|---|---|---|---|
| 239,352 | ||||
| 30,184 | ||||
| 269,536 | ||||
| Total £ 269,536 |
||||
| 269,536 | ||||
| At 31 December 2023 £ |
||||
| 34,584 | 9,020 | 43,604 | ||
| 34,584 34,584 |
9,020 9,020 |
43,604 | ||
| 43,604 | ||||
Page 13
The Parochial Church Council of The Ecclesiastical Parish of St Peter & St Paul, Fakenham Independent Examiners Report
Independent Examiner's Report to the trustees of The Parochial Church Council of The Ecclesiastical Parish of St Peter & St Paul, Fakenham
I report to the trustees on my examination of the financial statements of The Parochial Church Council of The Ecclesiastical Parish of St Peter & St Paul, Fakenham for the year ended 31 December 2023.
Responsibilities and basis of report
As the charity's trustees you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
the accounting records were not kept in respect of the charity as required by section 130 of the Act; or
-
the financial statements do not accord with those records; or
-
the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Mrs Sue Sheldrake SCS Accounting Solutions Limited Unit 5, Broadway Farm The Broadway Scarning, Dereham Norfolk NR19 2LQ 31 December 2023
Page 14