**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