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2022-12-31-accounts

PARISH OF ST MARY’S CHURCH, RUSHDEN

Charity Number 1130072

ANNUAL REPORT

AND

FINANCIAL STATEMENTS

OF THE

PAROCHIAL CHURCH COUNCIL

OF ST MARY

FOR THE YEAR ENDED 31 DECEMBER 2022

Rector:

The Reverend Tom King (Appointed 03.07.22)

Bankers: TSB

Independent Examiner:

Mr Keith Titmuss 191 Monarch Road Eaton Socon St Neots PE19 8JP

Our web site: www.stmaryschurchrushden.org

PARISH OF ST MARY, RUSHDEN

ANNUAL REPORT OF THE PCC

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022

Aim and Purpose

Rushden PCC has the responsibility of co-operating with the incumbent, in promoting in the ecclesiastical parish the whole mission of the Church, pastoral, evangelical, social and ecumenical. As well as the church itself, which is a Grade 1 Listed Building, the PCC is also responsible for maintaining the Church Halls.

Administrative Information

The Church is situated in the High Street, Rushden NN10 0QE and is part of the Deanery of Higham Ferrers, in the Diocese of Peterborough.

Members of the PCC are either ex-officio or elected by the Annual Parochial Church Meeting in accordance with the Church Representation Rules. Members of the congregation are encouraged to join the Electoral Roll and to stand for election to the PCC

PCC members who have served from the 1[st] January 2022 until the date this report was approved were:

Incumbent: Rev T King (Chairman) (From July 2022) Rev T King (Chairman) (From July 2022)
Wardens: Mr P Adams, (Chairman until June 2022)
Mrs K Woodfield
Elected Members: Mrs L Prior
 Mr P Coxon (From May 2022)
Mr G Bass Mr R Bates (From May 2022)
Mrs M Bates Mr P Brooksby
Mr M Compton Mr J Woodfield
Mr R Toosey Mrs J Bass
Mrs P Williams Mrs L Coleman
Mr M Cromwell (Until May 2022)
Ex Officio Mrs L Skinner Mrs H Allen
Readers: Mr A Smith
Mr M Bantin
Deanery Synod: Mrs B Dixon
Mrs C Wignall
Mr J Mellor
Mrs H Smedley (From May 2022)
Treasurer: Mr R Bates
Secretary Mrs J Bone
1.

The PCC members are responsible for making decisions on all matters of general concern and importance in the Parish and for all financial matters. Various committees meet during the year and report back to the PCC.

St. Mary’s PCC met 7 times in the year with an average attendance of 78%

CHURCH ATTENDANCE

There are 181 parishioners on the electoral roll of St Mary’s as at 31.12.22. The average Sunday attendances for 2022 were 96 adults & 14 children

Objectives and Activities

When planning our activities, the PCC has considered the Charities Commission’s guidance on public benefit, and in particular the specific guidance on charities for the advancement of religion, in so doing encouraging as many people as possible to worship in our church. During the year the PCC has discussed and amended the Safeguarding policy and the Privacy Policy in line with the legal requirements. At every PCC meeting a Finance report is given.

Achievements and Performance

For the first 6 months of 2022 we were without a Rector but during this Interregnum all Sunday services were taken by the retired clergy in our congregation and the Lay Readers. At the mid-week Communion services, the retired clergy were supported by the curates from St Pater’s and Whitefriars churches.

Although we have been able to hold all services without restrictions the numbers attending has not quite reached pre-covid levels. The 9.30 am service continues to be streamed. In May we welcomed our new Rector, the Rev Tom King and his family who were able to settle into their new home before his induction on 3 July.

Throughout the year there are various weekly and monthly activities. Each Monday Bumps and Babes meet in church for a short service before a playtime in the hall and numbers have gradually increased. Thursday’s T & C is a time for people from the community and church members to meet for tea and chat (and cake). This group donated two apple trees to be planted in the churchyard to commemorate Queen Elizabeth’s Platinum Jubilee. Who Let the Dads Out (WLTDO) meet monthly, the dads and carers enjoy a bacon butty while the children play. Craft and Coffee and the Ladies’ Group meet monthly. A recent new venture is the Ready, Set, Roll youth group which meets on a Sunday morning. Two children’s craft days took place during the year, at Easter and Christmas.

St Mary’s still continues to support the Rushden food bank and the Recovery House both financially and with volunteers. In conjunction with Rushden Churches Together and the Town Council we were able to provide a warm space in the church hall.

At present, under Tom’s leadership St Mary’s is going through a period of discernment and reflection to enable us to make decisions on the future work of the church. During the year 10 funerals, 6 weddings and 1 blessing were held in church.

FINANCIAL REVIEW OF THE YEAR

Total receipts on the unrestricted General Fund were £127,566, and payments from this fund totalled £133,021, giving a deficit of £5,455. As in 2021 the amount of regular giving was encouraging. Income from the Open Plate, Hall Lettings and Activities were considerably better than 2021 because there were no restrictions and the Church was open and activities took place during the whole of 2022.

Once again, we were able to give 10% of our General Income, £11,225, to home and overseas Mission. In addition to this we were able to send £15,056 from the Mission Restricted Funds to various special appeals, this includes £10,217 to support a refugee family’s accommodation. Income for 2022 was £11,000 more than the 2022 Budget, mainly due to “one off” gifts totalling £6,800 given after Stewardship Sunday and an increase in Investment interest and dividends. Overall, the Expenditure for everyday running costs was very close to the 2022 Budget but from October the gas and electricity bills increased greatly. We did receive a grant of £755 from the Diocese to help with this increase. The Parish Share of £82,673 was paid in full.

We have various funds designed to target specific areas. These are: - General Unrestricted Funds - This is the fund which we use to receive our regular voluntary giving, and other income from activities, fees, hall lettings and Investments etc. This account is used to pay all our general expenses.

Restricted Funds – By their very nature these funds are held by the PCC for use on projects which are restricted to be used only for a specific purpose. The largest by far is the Fabric Fund for Church and halls building repairs. Currently this fund has assets of £164.095 of which £95,771 is invested and yielded an annual income of £8,400.

From this fund £4,150 was used to repair the Church and Hall heating boilers of which we were able to claim a VAT Grant of £302 and will be claiming a further VAT Grant in 2023. Also, £3,444 was spent for Church and Halls electrical testing and of this we were able to claim a VAT Grant of £574. We have also received a £5,000 Warm Spaces Grant to help off set the costs of providing a warm space twice a week.

At the year end the Restricted Funds in addition to Fabric were Mission £806, Youth Work £530, Refugee Support £1,675, Warm Space Grant £4,548, Choir £159 and Ladies’ Group £413. These last two accounts have been incorporated into the main St. Mary’s Accounts due to the closure of Charity Accounts at the Nationwide Building Society.

Designated Funds – These are designated by the PCC for specific projects but are not ring fenced and can be re-directed by the PCC.

At the year end the Designated Funds were as follows: Fabric £7,712 Rushden East Outreach £6,000 Choir £294

3

INDEPENDENT EXAMINER’S REPORT

TO THE

PCC OF ST MARY, RUSHDEN NORTHAMPTONSHIRE

This report on the financial statements of the PCC for the year ended 31 December 2022 which are set out on the attached pages.

RESPECTIVE RESPONSIBILITIES OF TRUSTEES AND INDEPENDENT EXAMINER

The members of the PCC (the Trustees) are responsible for the preparation of the accounts. The Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011(the 2011 Act) and that an independent examination is needed.

It is my responsibility to:

BASIS OF INDEPENDENT EXAMINER’S REPORT

My examination was carried out in accordance with the general directions given by the Charity Commission.

An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the Church Council (the Trustees) concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in a full audit, and consequently I do not express an audit opinion on the view given by the accounts.

INDEPENDENT EXAMINER’S STATEMENT

In connection with my examination, no matters have come to my attention:

Signed …………………. Date …………………………….

K Titmuss 191 Monarch Road Eaton Socon PE19 8JP 4

.

PAROCHIAL CHURCH COUNCIL OF ST MARY, RUSHDEN

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

ACCOUNTING POLICIES

The financial statements have been prepared in accordance with the Church Accounting Regulations 2006 together with applicable accounting standards and the Charities SORP 2005.

The financial statements have been prepared under the historical cost convention. Investment assets are also recorded at their historical cost price as any capital increment in value is taken into account on the date of disposal and not on an annual basis. Market value of these investments as at the Balance Sheet date is recorded by way of a note on the accounts.

The accounts include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include the accounts of church groups that owe their main affiliation to another body.

FUNDS

General Funds represent the funds of the PCC that are not subject to any restrictions regarding their use and are available on the general purposes of the PCC. Funds designated for a particular purpose by the PCC although unrestricted have been shown separately in order to inform members of PCC decisions.

INCOMING RESOURCES

Voluntary Income and Capital Sources

Collections are recognised when received by or on behalf of the PCC.

Planned giving receivable under covenant is recognised only when received.

Income tax recoverable on covenants or gift aid donations is recognised when the income becomes due

Grants and Legacies to the PCC are accounted for when received by the PCC.

Funds raised by events and activities are accounted net.

Other Ordinary Income

Rental income from the letting of Church premises is recognised when the rental becomes due.

PAROCHIAL CHURCH COUNCIL OF ST MARY, RUSHDEN

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

Income from Investments

Dividends and interest are accounted for when receivable. Tax recoverable on such income is recognised in the same accounting year.

Gains and Losses on Investments

Realised Gains or Losses are recognised when investments are sold. Unrealised gains or losses are accounted for by way of note to the accounts. It is not the accounting policy to take such gains or losses to the Financial Activity Account until they have been physically realised.

RESOURCES USED

Grants

Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding obligation on the PCC.

Activities directly relating to the work of the Church

The Diocesan quota or parish share is accounted for when payable. Any unpaid quota at 31 December is provided for in these accounts as an operational (though not a legal) liability and is shown as a creditor in the Balance Sheet.

FIXED ASSETS

Consecrated land and buildings and movable church furnishings

Section 10(2) (a) and (c) of the Charities Act 2011 excludes consecrated and beneficial property from the Accounts.

No value is placed on movable church furnishings held by the churchwardens on special trust for the PCC and which 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 movable church furnishings, whether maintenance or improvements, is written off as expenditure in the SOFA and separately disclosed. For insurance purposes the church and contents are valued at £26,600,000.

Church Halls

These are valued for insurance purposes at £3,330,000 including contents

Investments

Investments are shown at acquisition price with a note of market value as at 31 December.

Current Assets

Amounts owing to the PCC at 31 December in respect of fees, rents or other income are shown as debtors less provision for amounts that may prove uncollectible. Short-term deposits include cash held on deposit either with the CBF Church of England funds or at the Bank.

PAROCHIALCHURCH COUNCILOF RUSHDEN
ST. MARY'S PARISH CHURCH
NOTES TO THE FINANCIALSTATEMENTS
For the year ended 31 December 2022
2 INCOMING RESOURCES
General
Funds		 Restricted
Funds		 Designated
Funds		 **Total 2022 ** Total 2021
2(a) Voluntary Income £ £ £ £ £
Planned Giving:
GiftAid 67,972 6,825 74,797 78,588
IncomeTax Recovered 18,367 1,738 20,105 20,143
Donations/Stewardship 19,219 368 19,587 22,165
Open Plate 4,453 1,024 5,477 3,533
Charity &Mission Income - 733 733 424
Miscellaneous - - - -
110,011 10,688 - 120,699 124,853
2(b) Other Voluntary Income
Legacies/Giftsin Memory 251 660 911 15,033
2('c) Gross Income from
Events & Activities
Activities,Fetes etc. 2,150 1,908 294 4,352 1,920
Bookstall 242 242 309
Church Hall Lettings 5,682 5,682 3,022
Fees 3,399 3,399 2,783
ParishOfficeReceipts 211 211 149
Magazine Sales 648 648 646
MagazineAdverts 715 715 790
13,047 1,908 294 15,249 9,619
2(d) Income from Investments
Dividends 1,440 8,400 737 10,577 8,582
Deposit/Bank Interest 1,078 758 19 1,855 70
GreenfieldBequest 874 874 1,748 1,692
3,392 10,032 756 14,180 10,344
2(e) Grants
OtherGrants 755 5,000 5,755 10,437
VATGrants 110 876 986 2,303
- -
-
TOTAL INCOMING RESOURCES 127,566 29,164 1,050 157,780 172,589

7

PAROCHIALCHURCH COUNCILOF RUSHDEN
ST. MARY'S PARISH CHURCH
NOTES TO THE FINANCIALSTATEMENTS
For the year ended 31 December 2022
3 RESOURCES USED
General
Funds		 Restricted
Funds		 Designated
Funds		 Total
2022		 Total
2021
3(a) Grants/Mission/Charities £ £ £ £ £
OverseasMissions 4,490 1,241 5,731 4,670
HomeMissions 4,490 828 5,318 4,762
UK Appeals/Donations 11,681 11,681 15,687
Relief/Developments 2,245 1,206 3,451 2,833
Misc Costs 100 100 120
11,225 15,056 - 26,281 28,072
3(b) Support Costs
Training 240 240 -
Outreach&Home Groups 164 164 64
404 - - 404 64
3('c) Church Expenses
ParishShare 82,673 82,673 82,673
Clergy/Staff Expenses 1,342 1,342 1,843
Heat &Light 7,499 7,499 3,904
Insurance 4,449 4,449 4,333
Upkeep/Repair/Replacement 3,599 6,571 10,170 26,361
Stipends/Salaries 2,815 2,815 2,455
ServicesRequirements 1,796 59 1,855 1,623
YoungerChurch 1,366 1,366 420
Music Group 312 312 -
Health& Safety 140 140 155
Misc/Donations 542 85 627 393
Publicity - -
ChildrenandFamilyWorker 375 375 6,500
106,908 6,715 - 113,623 130,660
3(d) Parish Office/Admin
Telephone 482 482 539
Photo Copying/Supplies 1,432 1,432 956
Repairs/Renewals - -
AuditFee &AdminCosts 116 116 2,456
Lease ofCopier 2,155 2,155 2,155
4,185 - - 4,185 6,106
3(e) Church Halls
GeneralUpkeep 2,511 2,511 3,274
Heat &Light 3,954 452 4,406 2,184
Water Rates 491 491 516
Insurance 1,329 1,329 1,294
General Repairs 1,116 1,416 2,532 84
9,401 1,868 - 11,269 7,352
3(f) Miscellaneous
Celebration/DayAway - 25
BankCharges 221 221 160
Magazine 457 457 442
Bookstall 220 220 315
898 - - 898 942
TOTAL RESOURCES USED 133,021 23,639 - 156,660 173,196

8

PAROCHIALCHURCH COUNCILOF RUSHDEN
ST. MARY'S PARISH CHURCH
STATEMENTOF FINANCIAL ACTIVITIES
For the year ended 31 December 2022
Note General
Funds		 Restricted
Funds		 Designated
Funds		 Total
2022		 Total
2021
£ £ £ £ £
INCOMING RESOURCES
VoluntaryIncome 2a 110,011 10,688 120,699 124,853
Legacies/Giftsin Memory 2b 251 660 911 15,033
GrossIncomefrom Events/Activities 2c 13,047 1,908 294 15,249 9,619
Incomefrom Investment 2d 3,392 10,032 756 14,180 10,344
Grants 2e 865 5,876 6,741 12,740
Total Incoming Resources 127,566 29,164 1,050 157,780 172,589
RESOURCES USED
Grants/Missions/Charities 3a 11,225 15,056 26,281 28,072
Support Costs 3b 404 404 64
Church Expenses 3c 106,908 6,715 113,623 130,660
ParishOffice/Admin 3d 4,185 4,185 6,106
Church Hall 3e 9,401 1,868 11,269 7,352
Magazine &Bookstall 3f 677 677 757
BankCharges 3f 221 221 160
Celebration/DayAway 3f - - 25
- -
- -
Total Resources Used 133,021 23,639 - 156,660 173,196
NET INCOME 5,455
-		 5,525 1,050 1,120 607
-
GROSS TRANSFER BETWEEN FUNDS
NET MOVEMENT IN FUNDS 5,455
-		 5,525 1,050 1,120 607
-
BALANCE B/F AT 1st JANUARY 2022 111,566 166,703 12,956 291,225 291,832
BALANCE C/F AT 31st DECEMBER 2022 106,111 172,228 14,006 292,345 291,225

9

PAROCHIALCHURCH COUNCILOF RUSHDEN
ST. MARY'S PARISH CHURCH
NOTES TO THE FINANCIALSTATEMENTS
**For the year ended ** 31 December 2022
Total Total
2022 2022 2021
Unrestricted Restricted Designated
£ £ £ £ £
1 INVESTMENTS
Fund
1CBF InvestmentIncomeFund 6,057 6,057 6,057
2CharitiesInvestmentManager Ltd 25,000 56,304 81,304 81,304
3 CAFGrowth InvestmentFund 39,467 39,467 39,467
4CCLACOIFCharitiesInvestmentFund 538 538 538
Totalper Balance Sheet 25,538 95,771 6,057 127,366 127,366
MarketValue of Investments at 31stDecember 2022 is £257,567(2021£273,806)Allabovefigures are
shownat cost.
2 BANK ACCOUNTS
PCCAccount 21,221
GiftAidAccount 946
Mission Account 0
DepositAccounts 145,920
Total per Balance Sheet 168,087
Less unpresented Cheques -1,143
Lodgementsnot cleared 190
167,134

10

~~1~~1
PAROCHIALCHURCH COUNCILOF RUSHDEN
ST. MARY'S PARISH CHURCH
BALANCE SHEET
**As at ** 31 December 2022
2022 2021
Note £ £
FIXED ASSETS
InvestmentAssets 1 127,366 127,366
CURRENT ASSETS
Cash in Hand/Bank/ShortTerm Deposits 2 168,087 164,231
Prepayments/Debtors 3,454 2,775
298,907 294,372
LESS CURRENT LIABILTIES
ReservedExpenses 5,609 1,375
Lodgementsnot yet cleared 190
-		 -
Unpresented Cheques 1,143 1,772
NET ASSETS 292,345 291,225
FUNDS
Unrestricted 106,111 111,566
Restricted (see below) 172,228 166,703
DesignatedFunds (see below) 14,006 12,956
292,345 291,225
RESTRICTED FUNDS
Fabric 164,095 159,964
Mission 808 2,003
Youth Work 530 530
Refugee Support 1,675 4,206
Choir 159
Ladies'Group 413
WarmSpace Grant 4,548
172,228 166,703
DESIGNATED FUNDS
Fabric 7,712 6,956
Rushden East Outreach 6,000 6,000
Choir 294
14,006 12,956
Approved by the ChurchCouncilon13th March 2023 and signed on its behalf
Signed …....................................................... Chairman
Signed …...................................................... Church Warden