**Charity registration number 1130083** **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MATTHEW, NORTHAMPTON** **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 DECEMBER 2022** **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MATTHEW, NORTHAMPTON** ## **LEGAL AND ADMINISTRATIVE INFORMATION** ## **Trustees** Mr D Cran Mr G Drinkwater Mrs P Matthews Mrs S Oughton The Revd N Setterfield Mrs M Wallis Mrs T Woolliscroft Mr D Wilson Mrs S Bell Mr A Day Mrs E Douglas Mr R Douglas Mr N Everitt (Appointed 1 February 2022) (Appointed 1 November 2022) (Appointed 1 November 2022) Mr S Franklin Mrs S Rivett ## **Charity number** **Charity number** 1130083 **Principal address** St Matthews Parish Office 27A The Drive Kingsley Northampton Northamptonshire NN1 4RY **Independent examiner** Cottons Accountants LLP Chestnut Field House Chestnut Field Rugby Warwickshire United Kingdom CV21 2PD ## **Bankers** Barclays Bank Northampton NN1 4YD **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MATTHEW, NORTHAMPTON** ## **CONTENTS** **----- Start of picture text -----**
Page
Trustees' report 1 - 5
Independent examiner's report 6
Statement of financial activities 7 - 8
Balance sheet 9
Notes to the financial statements 10 - 22
**----- End of picture text -----**
**THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MATTHEW, NORTHAMPTON** ## **TRUSTEES' REPORT** ## _**FOR THE YEAR ENDED 31 DECEMBER 2022**_ The trustees present their annual report and financial statements for the year ended 31 December 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). ## **Objectives and activities** The objectives of St. Matthew's are expressed in the following Mission Statement: We aim to nourish our love of God the Father, through Jesus Christ, under the Guidance of the Holy Spirit. Centred in Eucharist, we are developing a Faith community through prayer, education, worship and fellowship. As stewards of God's love, we strive to share our gifts and talents for the service of God and all His people. We endeavour to fulfil these objectives through the following religious activities: a) acts of public worship open to all - services are conducted daily during the week (morning prayer, mass and evening prayer) and, on Sunday, Masses at 9.00 and 10.15 and Evensong at 5.30 with occasional time variations. A welcome team is in place at each main service. Service booklets are of good quality and tailored to specific events and festivals. Informative pew sheets are also distributed; b) provision of sacred space for reflection and contemplation - apart from services, the church is open for visitors at advertised times for people to drop in for prayer and reflection, or sometimes just to view and appreciate the fine architecture and works of art housed in the church; c) pastoral work, including visiting the sick and bereaved - a pastoral team of church members meet regularly and visit and provide support to the sick, bereaved or housebound, whether in their own homes or in local care or nursing homes (pastoral visits are currently suspended due to COVID-19); d) teaching Christianity through sermons, courses and small groups and opportunities for fellowship - in addition to sermons, groups meet regularly for discussion at the parish centre adjacent to the church, and in this venue there are meetings of a weekly Mums and Tots group, Scouts and Guides, all of which are fully open to the wider community, all these alongside a wide range of social activities; e) fund-raising for other charities - one home and one overseas charity are selected each year, together with our local Hope Centre, as main beneficiaries of our mission giving and collections are made for additional charities such as Christian Aid and also in case of emergencies. ## **Public Benefit** St. Matthew's is a small charity below the audit threshold. The above religious activities conform to the guidance of the Charity Commission on charities for the advancement of religion, showing identifiable benefit to the wider public in that they are all open to any members of the public who wish to join. It is believed that they may be encouraged by means of wide publicity in the surrounding area, including advertisement in the monthly magazine and social events such as the Summer Fête and the Christmas Fayre which attract hundreds of visitors. The Church building has been inspected and passed for disabled access. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. - 1 - ## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MATTHEW, NORTHAMPTON** ## **TRUSTEES' REPORT (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2022**_ ## **Achievements and performance** Notable achievements and performance in 2022 During the year the range of activities continued to be limited in part by restrictions due to the COVID-19 pandemic, although to a lessening degree as the year progressed. Worship in church continued, subject to Government and Church of England guidelines, which PCC kept under regular review. The Parish Administrator resumed working from the Parish Centre on a gradual basis; the Director of Music remained part-furloughed for some of the year. Mass continued to be live-streamed from church using audiovisual equipment. - a) Worship – as noted above; b) Music – Tom Moore was appointed as our new Director of Music in September, succeeding Justin Miller who resigned in February. The choir continued to sing in church; - c) Pastoral work – resumed during the year; now substantially back to normal; - d) Children and families – activities gradually to returned almost to normal during the year; - e) Events – an increasing number of musical events took place during the year; f) Church building, Parish Centre and grounds – use of the Parish Centre continued to grow over the year, although still somewhat below pre-pandemic levels; - g) Charities - the PCC continued to make various charitable donations. - 2 - **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MATTHEW, NORTHAMPTON** ## **TRUSTEES' REPORT (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2022**_ ## **Financial review** ## Investment policy and objectives The Trustees have maintained their investment of £30,000 in low-risk corporate bonds and will continue to do so in the medium term. Any further investments will be made according to the guidance set by the Trustees. ## Reserves policy The reliance upon investment income to meet the PCC's regular expenditure meant that the CBF deposit account was again drawn upon during this period. PCC will continue to address the development of a fundraising strategy. ## FINANCIAL REVIEW PCC ## **Treasurer's Report** Income and expenditure were higher than in 2021, by 13% and 16% respectively. Regular giving (stewardship) remained broadly similar to 2021; general donations increased by 56%, albeit from a diminished level in 2021. A single bequest was received during the year. Income from church and Parish centre usage increased by 5% and 83% respectively, reflecting a return to normal activities after the COVID-19 pandemic. Expenditure (principally parish share, staff costs and insurance costs) remained at a level similar to 2021 other than for energy costs, which increased by 60% compared to last year. The increase in expenditure compared with income meant that the operating loss increased from 11.2% in 2021 to 16.1% in 2022. This does not take account of legacies and donations which, while naturally welcome, are one-off items which do not form a reliable basis for planning the financial future of the Parish. We continue to incur an excess of expenditure over income, a trajectory which appears set to continue, and consideration of a sustainable operating and fundraising plans for the medium term is under way. PCC wishes to record its gratitude to the Friends of St Matthews Music for their continued support of music in the Parish, particularly in the period between February and September when the Parish was without a Director of Music. No Choir tour was undertaken in 2022. The 100+ Club continues to meet a portion of the costs of the Director of Music. Investment income remained broadly similar to that realised in 2021. PCC did not have to request assistance from St. Matthew’s Northampton Trust this year. The trend in previous years thus continues, that PCC is unable to cover its normal operating costs out of regular income. Donations and legacies are, as noted, welcome, but as their receipt and amount cannot be guaranteed they do not represent a sustainable basis for financial planning. The Parish cannot continue in this situation indefinitely, and a targeted consideration of fundraising and cost control, taking into account circumstances prevailing in the Parish and in the wider Church community, will be prioritised. As in previous years, the work of managing our finances has been a shared endeavour, and sincere thanks are due to our Stewardship Recorder and Gift Aid administrator Polly Matthews, our Parish Administrator Anita Speake, and other present and past members of PCC for their continued support and guidance. ## Donald Cran PCC Treasurer It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. - 3 - ## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MATTHEW, NORTHAMPTON** ## **TRUSTEES' REPORT (CONTINUED)** ## _**FOR THE YEAR ENDED 31 DECEMBER 2022**_ ## **Structure, governance and management** The Council referred to above is commonly known as St. Matthew's PCC, or the PCC, and its members are the Trustees of the Charity in question, number 1130083. The charity was registered in May 2009, the original governing document having been issued by the Church of England in January 1957. The objects clause of the latter has not changed, encompassing religious activities, as described in the registration document. The trustees who served during the year and up to the date of signature of the financial statements were: Mr D Cran Mr G Drinkwater Mrs P Matthews Mrs S Oughton The Revd N Setterfield Mrs M Wallis (Appointed 1 February 2022) Mr N Woolliscroft (Resigned 27 May 2022) Mrs T Woolliscroft Mr D Wilson (Appointed 1 November 2022) Mrs S Bell Mr A Day Mrs E Douglas Mr R Douglas Mr N Everitt (Appointed 1 November 2022) Mr S Franklin Mrs S Rivett - 4 - **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MATTHEW, NORTHAMPTON** ## **TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2022**_ ## **Appointment of new trustees** The Trustees of the Charity are, with the exception of the ex-officio clergy members, for the most part elected at the Annual Parish Church Meeting in accordance with constitutional arrangements approved by the Church of England. They include, in addition to those elected directly on to the PCC, persons elected at the meeting to the Deanery Synod. Members already elected to Diocesan Synod who are parishioners are also Members of the PCC. Eligibility for election is dependent on the individual being on the electoral roll, aged 16 years or over, and confirmed in the Church of England. Members are expected to share ideas and take seriously their responsibilities to other members of the congregation. The term of office is three years, though in the case of resignations or vacancies, however caused, occasional elections are held at the APCM. All members of the PCC (Trustees) have an equal vote at meetings. ## **Meetings and structure** The PCC meets approximately eight times a year, though additional special meetings may be called if necessary. All significant decisions made by the Charity, including financial decisions, are the sole responsibility of the PCC. PCC has a number of committees to which other members of the wider church community may be co-opted. These committees examine and manage their specific areas of work, and make recommendations to the PCC. Amongst them is the Standing Committee whose role is to draw up the PCC agenda and manage general interim business. This committee comprises the Incumbent, the Churchwarden, the PCC Secretary and Treasurer and two additional nominated PCC members. There is also a Finance and Stewardship Committee, on which the Treasurer sits, which examines financial details, draws up plans and makes recommendations to the PCC. A firm of accountants is employed to draw up the financial statements for the consideration of the PCC on an annual basis. PCC meetings are now normally held in person, as previously. Meetings are occasionally held by Zoom. ## **Recruitment and training of new trustees** Efforts are made to recruit persons with varying backgrounds for election to the PCC, looking to their wider experience of Parish and community life to enhance decision-making on the part of the Council. There is scope for training in some aspects of responsibility at diocesan level, e.g. in finance and stewardship. At the Parish level, courses are offered to both PCC members and the congregation and wider community (and attendance is encouraged) to promote knowledge of Christian teaching, spiritual values and liturgical and pastoral issues, with an emphasis on reflexion and exchange. During the year Mr David Wilson rejoined PCC, in addition becoming a Churchwarden, and Mr Nicholas Everitt joined PCC. - 5 - # ## THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MATTHEW, NORTHAMPTON INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MATTHEW. NORTHAMPTON I report lo the trustges on my examination Df the financial statements of The Patuchial Church Coundl of thè Ecclèsiastical Parish of St. Matthew, Northampton (the tharityl for the year ended 31 December 2022. Responsibilities and basis of report As the trustees of the charity you are responsible fDr the preparation ol the financial statements in acwrdance with the requirements of the ChariliesAct 2011 Ithe 2011 Act). I report in respect of my examination of thè charity's financial statements carried out under sèction 145 Df the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llb) of the 2011 Act. Independent examiner's statement Since the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 uf the 2Ct11 Act. I confirm that l am qu81ffjied to undertake the examination because l am a member of , which is one of the listed bodies. Your attention is drawn to the fact that the charty has prepared financial statements in accordan￿ wtth Accounttng and Reporting by Charities prèparing their accounts in accordance with the Financial Reporting Standard applicable in the UK ancl Republic of Ireland IFRS 102) in preference to the Accounting and Reporting by Charities.. Ststetnenl of Recommended Practice issued on 1 April 2005 which is referred lo in the extant regulations but has now been withdrawn. l understand that this has been dor*e in order for financial stslements lo provide a true and fair view in accDrdance wÈth GenerallyAccepled Accounting Practicè effectwe fpr reporting periods bèginning on or after 1 January 2015. I have cornplelgd my examination. l Confirm that nD matters have come to my attention in connedion with thè examinab.on gNing m& Gause lo believ& that in any material respect.. accounting records were not kept in respect of the charity as rèquired by section 130 of the 2011 Act,. or the financial statements do not a¢¢ord wrth those records., or thè financial statements do not comply with the applicable requirements conceming thè fom and content of accounts sel out in the Charities (A¢￿Un￿ and Rep)rtsl Regulations 2008 other than any requirement that the aGGoun15 give a true and fair view which is not a matter ￿nsi(1erèd as part of an indèpendent examination. I have no concerns and have Come a¢r)ss no other mallers in Connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statemerjts lo be reached. Cottons Accountants LLP Chestnut Field House Chestnut Field Rugby Wa￿lek$hIre CV21 2PD United ￿ngdoM Dated.. ## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MATTHEW, NORTHAMPTON** ## **STATEMENT OF FINANCIAL ACTIVITIES** ## _**FOR THE YEAR ENDED 31 DECEMBER 2022**_ |**Unrestricted**
**Restricted Endowment**
**funds**
**funds**
**funds**
**2022**
**2022**
**2022**
**Notes**
**£**
**£**
**£**
**Income from:**
Donations and legacies
**2**
255,723
-
-
Charitable activities
**3**
-
-
-
Other trading activities
**4**
38,701
7,449
-
Investments
**5**
28,328
3,522
2,477
**Total income and endowments**
322,752
10,971
2,477
**Expenditure on:**
Charitable activities
**6**
184,847
13,477
-
Other
**9**
-
-
552
**Total expenditure**
184,847
13,477
552
Net gains/(losses) on investments
(4,460)
-
-
**Net movement in funds**
133,445
(2,506)
1,925
Fund balances at 1 January 2022
398,432
51,686
21,565
**Fund balances at 31 December 2022**
531,877
49,180
23,490|**Total Unrestricted**
**Restricted Endowment**
**funds**
**funds**
**funds**
**2022**
**2021**
**2021**
**2021**
**£**
**£**
**£**
**£**
255,723
224,620
-
-
-
4,418
-
-
46,150
22,774
9,936
-
34,327
30,266
3,402
2,210
336,200
282,078
13,338
2,210
198,324
157,914
12,421
-
552
-
-
1,200
198,876
157,914
12,421
1,200
(4,460)
(1,010)
-
-
132,864
123,154
917
1,010
471,683
275,278
50,769
20,555
604,547
398,432
51,686
21,565|**Total**
**2021**
**£**
224,620
4,418
32,710
35,878
297,626
170,335
1,200
171,535
(1,010)
125,081
346,602
471,683| |---|---|---| The statement of financial activities includes all gains and losses recognised in the year. - 7 - ## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MATTHEW, NORTHAMPTON** ## **STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2022**_ All income and expenditure derive from continuing activities. - 8 - 1st August 2023 **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MATTHEW, NORTHAMPTON** ## **NOTES TO THE FINANCIAL STATEMENTS** ## _**FOR THE YEAR ENDED 31 DECEMBER 2022**_ ## **1 Accounting policies** ## **Charity information** The Parochial Church Council of the Ecclesiastical Parish of St. Matthew, Northampton is a unincorporated charity registered in England and Wales. ## **1.1 Accounting convention** The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. ## **1.2 Going concern** At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. ## **1.3 Charitable funds** Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. ## **1.4 Income** Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. - 10 - **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MATTHEW, NORTHAMPTON** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2022**_ ## **1 Accounting policies** ## **(Continued)** Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. ## **1.5 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use. ## **1.6 Tangible fixed assets** Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Fixtures, fittings and equipment 15% reducing balance Memorial statue 1% straight line Organ restoration 2% straight line Heating equipment 25% reducing balance The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. ## **1.7 Fixed asset investments** Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred. ## **1.8 Impairment of fixed assets** At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). ## **1.9 Cash and cash equivalents** Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. - 11 - **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MATTHEW, NORTHAMPTON** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2022**_ ## **1 Accounting policies** ## **(Continued)** ## **1.10 Financial instruments** The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. ## _**Basic financial assets**_ Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. ## _**Basic financial liabilities**_ Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. ## _**Derecognition of financial liabilities**_ Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled. ## **1.11 Employee benefits** The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. ## **1.12 Retirement benefits** Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. - 12 - ## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MATTHEW, NORTHAMPTON** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2022**_ ## **2 Donations and legacies** ||**Unrestricted**|Unrestricted| |---|---|---| ||**funds**|funds| ||**2022**|2021| ||**£**|£| |Donations|28,945|18,585| |Legacies receivable|166,105|140,000| |Fundraising|1,087|1,064| |Giving|59,586|64,971| ||255,723|224,620| ## **3 Charitable activities** ||**2022**|**2021**| |---|---|---| ||**£**|**£**| |Grants|-|4,418| ## **4 Other trading activities** |**Unrestricted**
**Restricted**
**funds**
**funds**
**2022**
**2022**
**£**
**£**
Fees
9,161
-
Church hire
2,321
-
Hall lettings
14,416
-
Magazine & bookstall
121
-
Friends of St Matthews
Music
-
4,227
Sundry income
12,682
-
100+ Club
-
3,222
Other trading activities
38,701
7,449|**Total Unrestricted**
**Restricted**
**funds**
**funds**
**2022**
**2021**
**2021**
**£**
**£**
**£**
9,161
7,332
-
2,321
2,210
-
14,416
7,875
-
121
161
-
4,227
-
6,685
12,682
5,196
-
3,222
-
3,251
46,150
22,774
9,936|**Total**
**2021**
**£**
7,332
2,210
7,875
161
6,685
5,196
3,251| |---|---|---| |||32,710| - 13 - ## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MATTHEW, NORTHAMPTON** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2022**_ ## **5 Investments** |**Unrestricted**
**Restricted Endowment**
**funds**
**funds**
**funds**
**general**
**2022**
**2022**
**2022**
**£**
**£**
**£**
Rental income
18,614
-
-
Dividends
7,974
3,506
2,279
Interest receivable
1,740
16
198
28,328
3,522
2,477|**Total**
Unrestricted
Restricted
Endowment
funds
funds
funds
general
**2022**
2021
2021
2021
**£**
£
£
£
18,614
20,410
-
-
13,759
8,798
3,391
2,210
1,954
1,058
11
-
34,327
30,266
3,402
2,210|Total
2021
£
20,410
14,399
1,069| |---|---|---| |||35,878| - 14 - **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MATTHEW, NORTHAMPTON** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2022**_ ## **6 Charitable activities** ||**Charitable**|
**Charitable**| |---|---|---| ||**Expenditure**|**Expenditure**| ||**2022**|**2021**| ||**£**|**£**| |Staff costs|29,984|36,604| |Depreciation and impairment|5,633|3,486| |Events and trips|1,756|40| |Diocesan Common Fund|54,000|54,000| |Vicar's expenses|3,914|2,575| |Fees|6,173|4,799| |Church repairs|11,652|2,047| |Church gas|9,773|3,474| |Church electricity|10,925|10,855| |Church insurance|11,637|11,351| |Sanctuary and chancel|1,656|785| |Parish centre repairs|1,261|1,245| |Parish centre gas|4,972|1,625| |Parish centre electricity|1,812|1,172| |Parish centre water|-|900| |Cleaning and materials|2,740|1,976| |Printing, post & computer|6,181|6,161| |Telephone, fax and broadband|1,450|2,282| |Grounds maintenance|2,147|1,572| |Choir|382|754| |Organists fee, honoraria & music commission|1,000|750| |Organ maintenance|4,929|2,780| |Organ restoration depreciation|6,432|6,432| |Friends of St Matthews Music|5,744|5,247| |100+ Club|600|600| |Bookstall and magazine|222|145| |Sundries|1,467|254| |Subscriptions|-|360| |Director of Music|5,000|-| |Summer Fete|607|-| |PRS costs|177|63| ||194,226|164,335| |Share of governance costs (see note )|4,098|6,000| ||198,324|170,335| |**Analysis by fund**||| |Unrestricted funds|184,847|157,914| |Restricted funds|13,477|12,421| ||198,324|170,335| - 15 - **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MATTHEW, NORTHAMPTON** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2022**_ ## **6 Charitable activities** ## **(Continued)** ## **7 Trustees** There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021. ## **Trustees' expenses** There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021. Expenses paid to the Vicar are not incurred within their role as trustee. ## **8 Employees** The average monthly number of employees during the year was: ||**2022**|**2021**| |---|---|---| ||**Number**|**Number**| |Administration|1|1| |Music|1|1| |Total|2|2| |**Employment costs**|**2022**|**2021**| ||**£**|**£**| |Wages and salaries|28,886|35,101| |Other pension costs|1,098|1,503| ||29,984|36,604| There were no employees whose annual remuneration was more than £60,000. ## **9 Other** ||**Endowment**|Endowment| |---|---|---| ||**funds**|funds| ||**general**|general| ||**2022**|2021| |Sunday school & mums and tots expenses|552|1,200| ||552|1,200| ## **10 Taxation** The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. - 16 - ## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MATTHEW, NORTHAMPTON** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2022**_ |**11**
**Tangible fixed assets**
**Fixtures,**
**fittings and**
**equipment**
**£**
**Cost**
At 1 January 2022
78,033
Additions
12,799
At 31 December 2022
90,832
**Depreciation and impairment**
At 1 January 2022
56,038
Depreciation charged in the year
5,219
At 31 December 2022
61,257
**Carrying amount**
At 31 December 2022
29,575
At 31 December 2021
21,995|**Memorial**
**statue**
**Organ**
**restoration**
**Heating**
**equipment**
**£**
**£**
**£**
29,372
321,607
37,107
-
-
-
29,372
321,607
37,107
4,105
103,747
36,627
294
6,432
120
4,399
110,179
36,747
24,973
211,428
360
25,267
217,860
480|**Total**
**£**
466,119
12,799| |---|---|---| |||478,918| |||200,517
12,065| |||212,582| |||266,336| |||265,602| ## **12 Fixed asset investments** ||**St James' Place**| |---|---| ||**Unit Trust**| ||**£**| |**Cost or valuation**|| |At 1 January 2022|26,689| |Valuation changes|(4,460)| |At 31 December 2022|22,229| |**Carrying amount**|| |At 31 December 2022|22,229| |At 31 December 2021|26,689| - 17 - **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MATTHEW, NORTHAMPTON** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2022**_ |**13**
**Debtors**
**Amounts falling due within one year:**
Other debtors
Prepayments and accrued income
**14**
**Creditors: amounts falling due within one year**
Other taxation and social security
Accruals and deferred income|**2022**
**£**
5,518
194
5,712
**2022**
**£**
1,795
8,572
10,367|**2021**
**£**
2,583
194| |---|---|---| |||2,777| |||**2021**
**£**
1,086
8,604| |||9,690| ## **15 Endowment funds** Endowment funds represent assets which must be held permanently by the charity. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund. |||**Movement in funds**|**Movement in funds**|||**Movement in funds**|**Movement in funds**|| |---|---|---|---|---|---|---|---|---| ||**Balance at**|**Incoming**|**Resources**||**Balance at**|**Incoming**|**Resources**|**Balance at**| ||**1 January 2021**|**resources**|**expended**|**1**|**January 2022**|**resources**|**expended**|**31 December**| |||||||||**2022**| ||**£**|**£**|**£**||**£**|**£**|**£**|**£**| |**Permanent endowments**||||||||| |Donation on||||||||| |Permanent||||||||| |Trust|500|-|-||500|-|-|500| |Majorie||||||||| |Hartwell||||||||| |Legacy|10,000|-|-||10,000|-|-|10,000| |**Expendable**|**endowments**|||||||| |Sunday||||||||| |School|8,614|1,722|(1,200)||9,136|1,943|(552)|10,527| |Music|1,441|488|-||1,929|534|-|2,463| ||20,555|2,210|(1,200)||21,565|2,477|(552)|23,490| - 18 - **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MATTHEW, NORTHAMPTON** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2022**_ ## **16 Restricted funds** The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes: |||**Movement in funds**|**Movement in funds**|||**Movement in funds**|**Movement in funds**|| |---|---|---|---|---|---|---|---|---| ||**Balance at**|**Incoming**|**Resources**||**Balance at**|**Incoming**|**Resources**|**Balance at**| ||**1 January 2021**|**resources**|**expended**|**1**|**January 2022**|**resources**|**expended**|**31 December**| |||||||||**2022**| ||**£**|**£**|**£**||**£**|**£**|**£**|**£**| |Upkeep|13,149|527|(1,573)||12,103|544|(2,147)|10,500| |Linthwaite||||||||| |Bequest|1,559|1,889|(2,253)||1,195|1,954|(3,148)|1| |Garden|3,505|975|-||4,480|1,008|-|5,488| |Friends of St||||||||| |Matthews||||||||| |Music|13,645|9,948|(6,434)||17,159|7,465|(6,344)|18,280| |Piano|12,751|-|(2,162)||10,589|-|(1,838)|8,751| |Music||||||||| |Foundation|6,160|-|-||6,160|-|-|6,160| ||50,769|13,339|(12,422)||51,686|10,971|(13,477)|49,180| Income received has been transferred to the following funds and has been used in accordance within the terms and conditions of the bequests. ||Account
Funds
Usage| |---|---| |Hussey Residual|1019F Unrestricted
Church running expenses| |Hussey Church & Organ|1018F Unrestricted
Church running expenses| |Canon Hussey Bequest|1148S Unrestricted Church running expenses| |Sunday School|1298S Endowment See below (a)| |Linthwaite Bequest|1198S Restricted Clergy expenses| |Hussey Garden (Memorial) 1067S Restricted Grounds maintenance|| |Hussey Garden|1353S Restricted Grounds maintenance| |Hussey Music|1354S Endowment See below (b)| ## a) Sunday School This income can only be used to reimburse Sunday School expenses with special application being made to Peterborough. ## b) Hussey Music This income can only be used to commission the composition and production of a new work of church music foruse at the St Matthew Patronal Festival. In 2009 the 'Friends of St Matthews Music' fund was incorporated within the church. The fund is restricted to the use of music related activities on agreement by the Friends. During 2010 a legacy of £10,000 had been received from Mrs Marjorie Hartwell, which is to be classed as an endowment fund. The income generated by the legacy can only be used to fund expenditure on Parish Centre maintenance. Grants received from the Councillor Community Fund were in relation to expenditure incurred on the Church clock repairs and the First World War Centenary commemoration. - 19 - ## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MATTHEW, NORTHAMPTON** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2022**_ |**17**
**Analysis of net assets between funds**
**Unrestricted**
**funds**
**Restricted**
**funds**
**Endowment**
**funds**
**2022**
**2022**
**2022**
**£**
**£**
**£**
Fund balances at 31 December 2022 are
represented by:
Tangible assets
266,336
-
-
Investments
22,229
-
-
Current assets/(liabilities)
315,982
-
-
604,547
-
-|**Total Unrestricted**
**funds**
**Restricted**
**funds**
**Endowment**
**funds**
**2022**
**2021**
**2021**
**2021**
**£**
**£**
**£**
**£**
266,336
253,351
12,251
-
22,229
10,529
6,160
10,000
315,982
134,553
33,274
11,565
604,547
398,433
51,685
21,565|**Total**
**2021**
**£**
265,602
26,689
179,392| |---|---|---| |||471,683| - 20 - **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MATTHEW, NORTHAMPTON** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2022**_ ## **18 Related party transactions** Rental income of £7,456 (2021: £7,248) was received in relation to the letting of a flat in the Parish Centre to Mr Drinkwater, who is a trustee of the charity. The rent paid is at the current market rate and is reviewed annually. ## **19 Employee benefit obligations** St Matthew's (Northampton) PCC (PB 2014) participates in the Pension Builder Scheme section of CWPF for lay staff. The Scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of the Employer and the other participating employers. The Church Workers Pension Fund has a section known as the Defined Benefits Scheme, a deferred annuity section known as Pension Builder Classic and a cash balance section known as Pension Builder 2014. ## Pension Builder Scheme The Pension Builder Scheme of the Church Workers Pension Fund is made up of two schemes, Pension Builder Classic and Pension Builder 2014. both of which are classed as defined benefit schemes. Pension Builder Classic provides as pension for members for payment from retirement, accumulated from contributions paid and converted into a deferred annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Bonuses may also be declared, depending upon the investment returns and other factors. Pension Builder 2014 is a cash balance scheme that provides a lump sum that members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. This account may have bonuses added by the Board before retirement. The bonuses depend on investment experience and other factors. There is no requirement for the Board to grant any bonuses. The account, plus any bonuses declared, is payable from members' Normal Pension Age. There is no sub-division of assets between employers in each section of the Pension Builder Scheme. The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Pension Builder Scheme's assets and liabilities to specific employers and that contributions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs charged to the SOFA in the year are contributions payable 2022: £1,098 (2021: £1,503). A valuation of the scheme is carried out once every three years. The most recent valuation completed was carried out as at 31 December 2019. This revealed, on the ongoing assumptions used, a surplus. There is no requirement for deficit payments at the current time. Pension Builder 2014 will be valued in relation to the lump sum payable to members at normal pension age. There are no annual pension benefits. - 21 - ## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MATTHEW, NORTHAMPTON** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2022**_ ## **20 Share Details** As per the basis of accounting, below details the investments held, at current market value, in trust which are vested in the Diocesan Authority. ||Account|No. Shares|2022|2021| |---|---|---|---|---| ||||£|£| |HusseyResidual|1019F|164,368|224,543|259,685| |HusseyChurch and Organ|1018F|5,340|7,295|8,437| |Canon HusseyBequest|1148S|886|18,292|20,721| |SundaySchool|1298S|2,889|59,645|67,563| |Linthwaite Bequest|1198S|3,179|65,633|74,346| |HusseyGarden(Memorial)|1067S|2,096|43,274|49,019| |HusseyGarden|1353S|1,641|33,880|38,378| |HusseyMusic|1354S|820|16,930|19,177| ||||469,492|537,326| - 22 -