THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE LESS, CAMBRIDGE
FOR THE YEAR ENDED 31 DECEMBER 2024
REGISTERED CHARITY No 1130017
ANNUAL REPORT AND FINANCIAL STATEMENTS OF THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDING 31 DECEMBER 2024
Background
The Parochial Church Council of Little St has its responsibilities to the Church vested in it by Church of England Governance Rules. These include responsibilities relating to the financial affairs of the Parish, the care, maintenance and preservation of the fabric of the church and the churchyard and to the protection by the Parish of the whole mission of the Church: pastoral, evangelistic, social and ecumenical.
The correspondence address is: The Parish Church of St Mary the Less, Trumpington Street, Cambridge CB2 1QG Tel. (01223) 366202 Registered Charity No. 1130017
Membership
The membership of the Parochial Church Council is governed by the Church Representation Rules, certain members sitting on the Council ex officio and others being elected at the Annual Parochial Church Meeting (APCM).
The Revd Dr Robert Michael Mackley Vicar The Revd Mark Andrew Bishop Associate Priest The Revd Edward David Green Assistant Curate (from Aug 2023) Churchwardens: Geoffrey Howe from APCM 2024 Josephine Mary Wibberley from APCM 2024 (Lay chairperson)
Members of Diocesan Synod: Josephine Mary Wibberley (2024-27) Richard Gareth Llewelyn Morgan (2024-27) Members of the South Cambridge Deanery Synod Francis Stephen Curtis Thomas (2023-26) resigned March 2025 Richard Gareth Llewelyn Morgan (2023-26)
| Elected Members: | Date elected: | Term expiring: |
|---|---|---|
| Ann Auger | APCM 2022 | APCM 2025 |
| (resigned March 2024) | ||
| Franco Giuseppe Giacinto Basso | APCM 2022 |
APCM 2025 |
| Patricia Pires Boulhosa | APCM 2022 | APCM 2025 |
| Patricia Elizabeth Davies | APCM 2022 | APCM 2025 |
| Robert Shaw de Wolf | APCM 2024 | APCM 2027 |
| Catherine Mary Groom | APCM 2022 | APCM 2025 |
| Richard Martin | APCM 2021 | APCM 2024 |
| Jeremy Gibson Dixon Musson | APCM 2024 | APCM 2027 |
| Lucy Rosamond McKitterick | APCM 2022 | APCM 2025 |
| Janet Eileen Nevitt | APCM 2024 | APCM 2027 (deceased 12.11.24) |
| Mark Nigel Edward Patrick | APCM 2023 | APCM 2026 |
| Heidi Louise Thomas | APCM 2023 | APCM 2026 |
| Helen Elizabeth Thompson | APCM 2023 |
APCM 2026 |
| Barbara Jean Wilcox | APCM 2023 |
APCM 2026 |
| Christine Tipple (seconded) | May 2023 | APCM 2026 |
| James West (ex officio, Assistant | Treasurer) | |
| Sept 2023 | (resigned March 2024) | |
| Kathryn Mary Jones | Co-opted June 2024 |
The PCC met 6 times in 2024. Meetings were held in January, March, May, July, September and November 2024.
Committees
The PCC operates in the main through full meetings of its members. As required by Church of England Governance Rules, there is a Standing Committee which meets regularly in order to transact the business of the PCC, subject to any direction given by the Council. Formal committees have been constituted to direct and administer particular interests of the Council as follows:
social responsibility work at home and abroad
- Management of an annual Christian Giving Review
- Administration of the Music Fund and Choir
- Social events
- Building and Maintenance
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Eco group to explore ways in which the parish can become an Eco parish.
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In addition, informal groups have been set up to:
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Represent work with children at LSM
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Maintain the churchyard garden
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Ensure that Health and Safety standards are met particularly with regard to Parish Centre lettings
Public Benefit
The PCC has considered the Charity Commission's guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion. In particular the PCC try to help people without exception to live out their faith as part of the local community by using their funds to enable
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Regular acts of worship open to the public and by administration of the sacraments. The church is open daily to visitors for quiet contemplation and prayer, and religious literature is provided.
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Offering spiritual support and friendship to any who desire it.
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Promoting the Christian faith among all people and at all levels. For example in our work with church, our choir, and providing learning resources such as Advent and Lent Groups and our initiative.
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Visiting and befriending the elderly and unwell.
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Maintaining our church fabric and garden.
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Social activities for our congregation and beyond such as providing hospitality after Sunday Masses and significant festivals, regular Parish lunches, our successful annual Parish Barbecue.
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Our Parish Centre to be available for hire by local groups & charities.
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Supporting local charities eg The Foodbank and Whitworth Trust and others through our voluntary donations and the arrangement of special fundraising events. 9. Participating in Ecumenical dialogue at a local level and beyond.
Risk Management
The major risks to which the PCC is exposed have been identified, reviewed and systems established to manage those risks.
responsibilities
The PCC members are responsible for preparing financial statements for each financial year which give a true and fair view of the state of affairs of the PCC as at the end of the financial year and of the surplus or deficit of the PCC for that period. In preparing those financial statements, the PCC members are required to:
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Select suitable accounting policies and then apply them consistently.
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Make judgements and estimates that are reasonable and prudent. 3. Comply with applicable Accounting Standards, subject to any material departures disclosed and explained in the financial statements.
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the PCC will continue in business.
The PCC members are responsible for maintaining proper accounting records that disclose with reasonable accuracy at any time the financial position of the trust and to enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the PCC and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
FINANCIAL ACCOUNTS FOR THE YEAR ENDING 31 DECEMBER 2024
THE PARISH OF SAINT MARY THE LESS, CAMBRIDGE
IN THE DIOCESE OF ELY
The accounts for year ending 31 December 2024 have shown an overall surplus, however, most importantly this position has been reached thanks to a generous donation from one individual, and the day to day expenses have been partially met by using income intended to support an Associate Vicar.
Overall, total income was £302,496 and total expenditure was £236,478, a surplus of £66,018. A large contribution to this surplus is a donation of £50,000 for the purpose of funding an additional priest, therefore without this there would be only a surplus of £16,018. Unlike in 2023 no transfers of funds have been required for general expenses, but in 2024 we have not had an Associate Vicar in post, but a Diocesan funded Assistant Curate, and we also had a Lay Parish Assistant for only 7 months of the year. Those factors explain some of the reduction in expenses compared with 2023, but also 2023 had exceptional costs associated with roofing repairs to 8 Portugal Place.
Of greater concern is that unrestricted funds have increased by £4,495, but included in that are two legacies totalling £5,000 that means that general donations are down by £505 in 2024. This should be addressed in 2025, as we cannot depend on legacies, or one off generous donations.
Our investments have all increased in value. The Waring Investment Fund (Rathbones Portfolio) was mentioned in the report for 2023 to be watched; this has also increased in value, in addition to £18,000 paid out. This is part of the money referred to as intended to fund an Associate Vicar, but in 2024 has helped daily running costs.
The net assets of the Church have increased from £1,269,867 to £1,363,946, an increase of £94,079, which includes the gift of £50,000.
During 2024, as we saw a more positive financial position than in 2023, we were able to make donations tal of £10,377 was distributed in October 2024, and additional fundraising for specific charities throughout the year resulted in LSM donating £13,068 to charities in the UK and Overseas as part of our Mission.
In conclusion, while 2024 looks a more positive year than either 2023, or indeed 2022 when our finances had not recovered from the effects of the Covid pandemic, there definitely needs to be an increase in receipts from general donations if we wish to continue our Mission of Eucharistic and Sacramental Life, to fund an Associate Vicar, and to help those in need.
Kathryn Jones
March 2025
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE LESS, CAMBRIDGE
STATEMENT OF FINANCIAL ACTIVITIES (incorporating the Income and Expenditure Account) FOR THE YEAR ENDED 31 DECEMBER 2024
| Unrestricted Designated Restricted Endowment Total Note Funds Funds Funds Funds 2024 £ £ £ £ £ Income Donations and legacies 2(a) 153,997 50,000 4,127 - 208,124 Charitable activities 2(b) 44,987 - 9,084 - 54,071 Income from investments 2(c) 3,068 27,058 10,176 - 40,302 Total income 202,052 77,058 23,387 - 302,496 Expenditure Cost of generating funds 3(a) - 6,666 - - 6,666 Charitable activities: Ministerial costs 3(b) 99,019 - 24,763 - 123,782 Costs of Church activities 3(c) 88,718 - 1,844 - 90,562 Grants 3(d) 12,370 - 698 - 13,068 Governance costs 3(e) 2,400 - - - 2,400 Total expenditure 202,506 6,666 27,306 - 236,478 Net income/(deficit) before investment gains / losses (454) 70,392 (3,919) - 66,018 Net gains on investments Unrealised (loss)/ gains on investment assets 4 - 20,386 - 7,674 28,060 Net income for the year before transfers (454) 90,777 (3,919) 7,674 94,079 Transfers between funds 8,427 (18,000) 9,573 - - Net Movement in Funds 7,973 72,777 5,654 7,674 94,079 Fund Balances b/fwd at 1 January 2024 12,001 883,060 39,281 335,526 1,269,867 Fund Balances c/fwd at 31 December 2024 19,974 955,837 44,935 343,200 1,363,946 |
Total 2023 £ 207,570 51,122 37,760 296,452 6,407 159,231 146,711 6,712 2,400 321,460 (25,008) 36,556 11,548 - 11,548 1,258,320 1,269,867 |
|---|---|
Income and expenditure is derived solely from continuing operations.
The attached notes form part of these financial statements.
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE LESS, CAMBRIDGE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1 ACCOUNTING POLICIES
1a Basis of preparation
St Mary The Less, Cambridge is a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing accounts in accordance with the Financial Reporting Standard applicable to the UK and Republic of Ireland (SORP FRS102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102), and the Charities Act 2011. The Financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. Significant accounting policies applied are set out below.
1b Going concern basis
The Trustees consider that the going concern basis is appropriate as they consider the reserves levels and expected income to be at sufficient levels to ensure that the charity can meet its financial obligations for the next 18 months.
Financial Reporting Standard 102 - Reduced disclosure exemptions
The trustees have taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102:
- the requirement of Section 7 Statement of Cash Flows.
1c Funds
General funds represent the funds of the PCC that are not subject to any restrictions regarding their use and are available for application on the general purposes of the PCC. Funds designated for a particular purpose by the PCC are also unrestricted.
Restricted funds represent amounts given to the PCC where the donor has specified that the funds are spent on a particular purpose.
1d Investments
Investments are stated at market value
1e Income
Income from planned giving and collections are recognised as received or when the PCC is notified of its legal entitlement . Income tax recoverable on covenants or gift aid donations is recognised when the related income is recognised. Grants and legacies are recognised when the amount falls due. Rents and investment income are recognised when receivable.
1f Expenditure
Expenditure is recorded when payable, and where unpaid at the year end is included in creditors.
1g Taxation
St Mary The Less, Cambridge is a registered charity and as such is not liable to taxation.
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE LESS, CAMBRIDGE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
| 2 INCOME (a) Donations and legacies: Offerings Tax reclaimed under gift aid Other donations and legacies (b) Charitable activities: Rental income from lettings Rental income from residential properties Fund raising events and other income (c) Income from Investments: Bank interest & dividends Total income 3 EXPENDITURE (a) Cost of Generating Funds Investment fees (b) Ministerial Costs Diocesan Quota Clergy expenses Other clergy expenses Pastoral assistant Music Upkeep of services Children Books (c) Costs of Church Activities Premises running costs: Light and heat Light and heat 2022 Water Insurance Repairs and maintenance Staff costs Organists Upkeep of churchyard Events Administration costs: Office costs Sundries Bookeeping Other: Expenditure on rental property (d) Grants UK Mission Overseas Mission (e) Governance Costs Accountancy Independent Examiner Total Expenditure |
Unrestricted Funds £ 100,795 26,633 26,569 153,997 12,891 22,720 9,376 44,987 3,068 3,068 202,052 Unrestricted Funds £ - - 83,702 2,733 433 - 2,819 6,598 1,693 1,040 99,019 13,281 - 857 4,494 11,980 17,086 12,955 4,027 7,028 71,709 8,171 264 5,500 3,074 17,009 88,718 5,498 6,872 12,370 1,200 1,200 2,400 202,506 |
Designated Funds £ - - 50,000 50,000 - - - - 27,058 27,058 77,058 Designated Funds £ 6,666 6,666 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 6,666 |
Restricted Funds £ 2,580 - 1,547 4,127 - - 9,084 9,084 10,176 10,176 23,387 Restricted Funds £ - - - - - 8,807 12,302 3,655 - - 24,763 - - - - - - 1,844 - - 1,844 - - - - - 1,844 698 - 698 - - - 27,306 |
Total Funds 2024 £ 103,375 26,633 78,116 208,124 12,891 22,720 18,460 54,071 40,302 40,302 302,496 Total Funds 2024 £ 6,666 6,666 83,702 2,733 433 8,807 15,121 10,253 1,693 1,040 123,782 13,281 - 857 4,494 11,980 17,086 14,799 4,027 7,028 73,553 8,171 264 5,500 3,074 17,009 90,562 6,196 6,872 13,068 1,200 1,200 2,400 236,478 |
Total Funds 2023 £ 99,136 28,438 79,996 207,570 15,688 22,380 13,055 51,122 37,760 37,760 296,452 Total Funds 2023 £ 6,407 6,407 81,301 52,016 484 13,633 1,660 8,361 671 1,105 159,231 12,313 3,059 573 4,470 20,906 16,483 15,265 5,843 7,239 86,152 6,812 471 - 53,276 60,558 146,711 2,941 3,771 6,712 1,200 1,200 2,400 321,460 |
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE LESS, CAMBRIDGE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
(f) STAFF COSTS
Expenditure includes total staff costs of £32,129 (2023 - £25,107) as shown below. The average number of staff in the year was 2 (2023 - 2).
| Gross salaries and wages Pension costs No members of the PCC received any remuneration No PCC members claimed expenses. 4 INVESTMENTS Market value at 1 January 2024 Additions Disposals Income Investment fees Withdrawals Net unrealised( loss)/gains Market value at 31 December 2024 Made up as follows: CCLA CBF Church of England Investment Fund COIF Charities Investment Fund Rathbones Investment Portfolio 5 DEBTORS Debtors 6 CREDITORS Creditors, Accruals and Deferred Income |
2024 £ 31,557 572 32,129 2024 £ 1,167,846 50,000 - 25,802 (6,666) (18,000) 28,060 1,247,042 437,898 18,363 790,781 1,247,042 2024 £ 19,447 19,447 2024 £ 11,975 11,975 |
2023 £ 24,148 959 25,107 2023 £ 1,211,840 - (80,000) 23,856 (6,407) (18,000) 36,556 1,167,846 428,100 17,957 721,789 1,167,846 2023 £ 22,391 22,391 2023 £ 12,016 12,016 |
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Lettings income is recorded as it is received. Income received at the end of 2024 for bookings in 2025 has been allocated to deferred income. Deferred income is released to income in the reporting period the letting relates to.
| Balance at the start of the reporting period Amounts added in current periods Amounts released to income from previous periods Balance at the end of the reporting period |
2024 £ 808 - (404) 404 |
2023 £ - 808 - 808 |
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE LESS, CAMBRIDGE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
7 DESIGNATED FUNDS
| Reserve Fund Vicar & Churchwardens Fund Associate Vicar Fund Discretionary Fund Waring Investment Fund |
Balance Bfwd £ 4,383 3,340 43,018 110,530 721,789 883,060 |
Income £ 233 1,023 50,000 - 25,802 77,058 |
Expenditure £ - - - - (6,666) (6,666) |
Investment Gains/(Losses) £ - - - 2,530 17,856 20,386 |
Transfers £ - - - - (18,000) (18,000) |
Balance Cfwd £ 4,616 4,363 93,018 113,060 740,781 955,837 |
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The above Funds have been designated for the following purposes: Reserve Fund - A balancing account for the General Fund Vicar & Churchwardens Fund - to be used as the discretion of the Vicar & Churchwardens Associate Vicar Fund - to be used to support the employment of an associate vicar Discretionary Fund - to be used for any purpose in line with the church's mission Waring Investment Fund - to be used for any purpose in line with the church's mission
8 RESTRICTED FUNDS
| Peck Trust Music Fund Cherry Music Fund Sally Head Garden Fund Special Donations Fund Flower Fund Lay Pastoral Assistant Fund |
Balance Bfwd £ 16,501 21,092 258 660 - 50 720 39,281 |
Income £ 7,460 11,659 522 929 698 739 1,380 23,387 |
Expenditure £ - (13,396) (750) - (698) (3,655) (8,807) (27,306) |
Investment Gains/(Losses) £ - - - - - - - - |
Transfers £ - - - - - 2,866 6,707 9,573 |
Balance Cfwd £ 23,961 19,355 30 1,589 - - - 44,935 |
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The above Funds have been restricted for the following purposes: Peck Trust - to be used for the church building, repairs and beautification Music Fund - to be used to support the choir and liturgical music life of the parish (not including organist salaries) Cherry Music Fund - to be used to enhance the organists' remuneration
Sally Head Garden Fund - to be used for the maintenance and development of the church garden Special Donations Fund - donations received to be passed onto other charities Flower Fund - to be used for the purchase of flowers for the church
Lay Pastoral Assistant Fund - to be used to support the church's Lay Pastoral Assistant scheme
9 ENDOWMENT FUNDS
| Peck Trust Vicar & Churchwardens Fund Cherry Music Fund Music Fund Flower Fund |
Balance Bfwd £ 238,183 15,378 17,957 52,408 11,600 335,526 |
Income £ - - - - - - |
Expenditure £ - - - - - - |
Investment Gains £ 5,452 351 406 1,199 266 7,674 |
Balance Cfwd £ 243,635 15,729 18,363 53,607 11,866 343,200 |
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10 ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Investments Net Current Assets Fund Balance |
Unrestricted funds £ - 19,974 19,974 |
Designated funds £ 903,842 51,996 955,837 |
Restricted funds £ - 44,935 44,935 |
Endowment funds £ 343,200 - 343,200 |
Combined Total £ 1,247,042 116,904 1,363,946 |
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE LESS, CAMBRIDGE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
11 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023
| Income Donations and legacies Charitable activities Income from investments Total income Expenditure Cost of generating funds Ministerial costs Costs of Church activities Grants Governance costs Total expenditure Net income/(deficit) before investment gains / losses Net gains on investments Charitable activities: Unrealised gains on investment assets Net income for the year |
Unrestricted Funds £ 149,502 23,488 3,823 176,813 - 95,654 83,078 542 2,400 181,674 (4,861) - (4,861) |
Designated Funds £ 44,698 22,380 24,573 91,651 6,407 53,866 53,276 - - 113,549 (21,899) 7,495 (14,402) |
Restricted Funds £ 13,370 5,254 9,364 27,988 - 9,711 10,357 6,170 - 26,238 1,750 - 1,750 |
Endowment Funds £ - - - - - - - - - - - 29,061 29,061 |
Total 2023 £ 207,570 51,122 37,760 296,452 6,407 159,231 146,711 6,712 2,400 321,460 (25,008) 36,556 11,548 |
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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE LESS, CAMBRIDGE
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE LESS, CAMBRIDGE
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2024.
RESPONSIBILITIES AND BASIS OF REPORT
my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
INDEPENDENT EXAMINERS STATEMENT
the Act. I confirm that I am qualified to undertake the examination because I a member of The Institute of Chartered Accountants in England and Wales.
I have completed my examination. I 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:
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accounting records were not kept in respect of the charity as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a
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 accounts to be reached.
N J Hedger BFP, CTA, FCA Chater Allan LLP 7 Quy Court Colliers Lane Stow-cum-Quy CB25 9AU
27 March 2025 De