2023-12-31-accounts

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 2023

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 Mr D Wilson Mrs S Bell Mr A Day Mrs E Douglas Mr R Douglas Mr N Everitt Mr S Franklin Mrs S Rivett Mr P Fair OBE 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

(Appointed 1 June 2023)

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MATTHEW, NORTHAMPTON

CONTENTS

	Page
Trustees' report	1 - 5
Independent examiner's report	6
Statement of financial activities	7
Balance sheet	8
Notes to the financial statements	9 - 22

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MATTHEW, NORTHAMPTON

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees present their annual report and financial statements for the year ended 31 December 2023.

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.

Public benefit

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 2023

Achievements and performance

Significant activities and achievements against objectives

Notable achievements and performance in 2023

Worship and other Parish activities have now fully returned to normal following the COVID pandemic. The Director of Music completed his first full year in post. Mass has continued to be live streamed from church using audiovisual equipment for those unable to join in person.

a) Worship – as noted above;

b) Music – Director of Music Thomas Moore has, as noted, completed his first full year in post. A wide range of musical activities has taken place, and recruitment for the choir has continued. Parish music is now in a very healthy position;

c) Pastoral work – this continues in visits and taking communion to the sick, bereaved and housebound on the part of the clergy and licensed Eucharistic Assistants. A singing group visits four local care homes;

d) Children and families – the relationship of the Church to families has been maintained by members of the worshipping community and others, involving children and parents in Church-based activities, including the All-Age Mass, Mums and Tots and the annual Christingle service. Our ongoing relationship with the David Ross Education Trust has seen its schools continue to make use of the church for worship and musical activities. The Incumbent is closely involved with schools in the Parish, who visit and worship at St Matthew's;

e) Events - the Friends of St. Matthew's Music continues to have a good following, contributes significantly to finances and sponsors recitals and events, attracting a wider public. St Matthew's continues to be a popular venue for many different concerts during the year, including the Northampton Bach Choir, the Northampton Chamber Choir, the Northamptonshire Music and Performing Arts Trust, the Malcolm Arnold Academy and other local schools.

e) Church building, Parish Centre and grounds – the Church and the Parish Centre continue to be used for events by individuals and organised groups.

Financial review

Investment policy and objectives

The Trustees have maintained their investment of 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

Legacies in recent years have enabled us to replenish reserves in the CCLA deposit account. PCC continues actively to address the development of a fundraising strategy.

Reserves policy

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.

• 2 -

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MATTHEW, NORTHAMPTON

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

FINANCIAL REVIEW PCC

Treasurer's Report

Income remained at almost exactly the same level as 2022; expenditure increased by 15.5%, largely due to a oneoff cost for clock maintenance and to significantly increased electricity costs, which increased by 106.9% compared to last year. Donations and stewardship decreased by 25% compared to 2022. A single bequest was received during the year. Income from church and Parish Centre usage increased by 52.7% on 2022.

The increase in expenditure compared with income meant that the net operating loss increased from 19.4% in 2022 to 27.0% in 2023. This does not take account of legacies and single donations which, while naturally welcome, cannot by their nature form a reliable basis for planning the financial future of the Parish. We thus continue to incur a significant excess of expenditure over income, and PCC plans to implement a fundraising strategy in Q3 2024. PCC also has under consideration the installation of solar panels to the Parish Centre roof in 2024; this is expected to reduce our electricity costs substantially.

PCC wishes to record its gratitude to the Friends of St Matthews Music for their continued support of music in the Parish. The 100+ Club continues to meet a portion of the costs of the Director of Music.

Investment income showed a slight increase on that realised in 2022. 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 monitoring, taking into account circumstances prevailing in the Parish and in the wider Church community, has been prioritised.

As in previous years, the work of managing our finances has been a shared endeavour, and thanks are due to our Parish Administrator Anita Speake, our Stewardship Recorder and Gift Aid administrator Polly Matthews, and other present and past members of PCC for their continued support and guidance.

Donald Cran PCC Treasurer

Major risks

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.

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.

• 3 -

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MATTHEW, NORTHAMPTON

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2023

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 Mrs T Woolliscroft (Resigned 31 May 2023) Mr D Wilson Mrs S Bell Mr A Day Mrs E Douglas Mr R Douglas Mr N Everitt Mr S Franklin Mrs S Rivett Mr P Fair OBE (Appointed 1 June 2023)

• 4 -

20/05/2024

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. MArrHEW. NORTHAMPTON I report lo the trustees on my examination of thè financial statements of The P8rochig1 Church Council of tho Ecclesiastical Parish of St. M8tthew, Northampton (the charity) for the year endecf 31 December 2023. Responsibiltties and basis of report As the trustees of the chaiTty you are responsible for the preparation of the financial slalemenls in accordance with the requirernents of the CharitiesAct 2011 Ithe 2011 Act). I report in resped of my exarninalion of the charit*s financial ststements ¢aryied out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission Ltnder section 14515llbl of the 2011 Art. Independent examinefs statement sin￿ the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirni that l am qualrfied to undertake the examination because l am a member of the Institute of CharteredAGcountants in England and Wales, which is one of the listed t￿dieS. Your attention is drawn lo the fact that the charity has prepared financial slalements in ac￿rdar￿e wFth Accounting and Reporting by Charities preparing their accounts in accordan￿ wth the Financial Reporting Standard applicable in the UK and RepubliG of Ireland (FRS 1021 in preference to theAccounting and Rèporting by Chanties.- Slatemenl of Recommended Praetice issued on 1 April 2005 which is referred to in the extant regulations bul has now been thdrawn. l understand that this has been done in order for financial statements to provide a true and fair view in accordan th Generally Accepted AGcounting Practice effecttve for reporting perigds beginning on or after 1 January 2015. I have completed my examination_ I confinn that no matters have comè to my atlentian in connection wtth the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act., or the financial statements do not accord with thDS& re¢ords', or thè finaneial statements do not cornply with the applicable requirements con￿ming the fomi and content of accounts set out in the Charities (Accounts ancl RepDrtsl Regulations 2008 other than any requiremènt that the accounts give 2 true and fair view which is not a matter ￿nsidered as part of an independent examinth"on. I have no concems and have come across no other matters in connection with the examination to whiGh attention should be drawn in this report in order to enable a proper understanding of the financial staternents to be reached. Cottons A￿ountants LLP Chestnut Field House ChestnLrt Field Rugby Wamckshire CV212PD United Kingdom

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MATTHEW, NORTHAMPTON

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2023

Unrestricted Restricted Endowment funds funds funds 2023 2023 2023 Notes £ £ £ Income from: Donations and legacies 2 228,400 - - Other trading activities 3 57,107 12,051 - Investments 4 34,025 3,556 2,834 Total income and endowments 319,532 15,607 2,834 Expenditure on: Charitable activities 5 218,149 10,937 - Other 8 - - 726 Total expenditure 218,149 10,937 726 Net gains/(losses) on investments 826 - - Net movement in funds 102,209 4,670 2,108 Fund balances at 1 January 2023 531,877 49,180 23,490 Fund balances at 31 December 2023 634,086 53,850 25,598	Total Unrestricted Restricted Endowment funds funds funds 2023 2022 2022 2022 £ £ £ £ 228,400 255,723 - - 69,158 38,701 7,449 - 40,415 28,328 3,522 2,477 337,973 322,752 10,971 2,477 229,086 184,847 13,477 - 726 - - 552 229,812 184,847 13,477 552 826 (4,460) - - 108,987 133,445 (2,506) 1,925 604,547 398,432 51,686 21,565 713,534 531,877 49,180 23,490	Total 2022 £ 255,723 46,150 34,327 336,200 198,324 552 198,876 (4,460) 132,864 471,683 604,547

The statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

• 7 -

----- Start of picture text -----
20/05/2024
----- End of picture text -----

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MATTHEW, NORTHAMPTON

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

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 or grantors 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.

• 9 -

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MATTHEW, NORTHAMPTON

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

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.

• 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 2023

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.

• 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 2023

2 Donations and legacies

	Unrestricted	Unrestricted
	funds	funds
	2023	2022
	£	£
Donations	21,559	28,945
Legacies receivable	157,783	166,105
Fundraising	980	1,087
Giving	48,078	59,586
	228,400	255,723

3 Income from other trading activities

Unrestricted Restricted funds funds 2023 2023 £ £ Fees 7,073 - Church hire 5,019 - Hall lettings 20,532 - Magazine & bookstall 86 - Friends of St Matthews Music - 8,919 Sundry income 24,397 - 100+ Club - 3,132 Other trading activities 57,107 12,051	Total Unrestricted Restricted funds funds 2023 2022 2022 £ £ £ 7,073 9,161 - 5,019 2,321 - 20,532 14,416 - 86 121 - 8,919 - 4,227 24,397 12,682 - 3,132 - 3,222 69,158 38,701 7,449	Total 2022 £ 9,161 2,321 14,416 121 4,227 12,682 3,222
		46,150

• 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 2023

4 Investments

Unrestricted Restricted Endowment funds funds funds general 2023 2023 2023 £ £ £ Rental income 17,395 - - Dividends 6,590 3,526 2,292 Interest receivable 10,040 30 542 34,025 3,556 2,834	Total Unrestricted Restricted Endowment funds funds funds general 2023 2022 2022 2022 £ £ £ £ 17,395 18,614 - - 12,408 7,974 3,506 2,279 10,612 1,740 16 198 40,415 28,328 3,522 2,477	Total 2022 £ 18,614 13,759 1,954
		34,327

• 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 2023

5 Charitable activities

	Charitable	Charitable
	Expenditure	Expenditure
	2023	2022
	£	£
Staff costs	43,360	29,984
Depreciation and impairment	4,820	5,633
Events and trips	5,330	1,756
Diocesan Common Fund	55,800	54,000
Vicar's expenses	4,879	3,914
Fees	4,000	6,173
Church repairs	13,412	11,652
Church gas	7,499	9,773
Church electricity	22,603	10,925
Church insurance	12,801	11,637
Sanctuary and chancel	1,346	1,656
Parish centre repairs	7,758	1,261
Parish centre gas	4,493	4,972
Parish centre electricity	3,114	1,812
Parish centre water	334	-
Cleaning and materials	1,685	2,740
Printing, post & computer	4,989	6,181
Telephone, fax and broadband	1,750	1,450
Grounds maintenance	1,840	2,147
Choir	676	382
Organists fee, honoraria & music commission	1,000	1,000
Organ maintenance	5,345	4,929
Organ restoration depreciation	6,432	6,432
Friends of St Matthews Music	5,395	5,744
100+ Club	600	600
Bookstall and magazine	527	222
Sundries	1,735	1,467
Subscriptions	782	-
Director of Music	-	5,000
Summer Fete	869	607
PRS costs	-	177
	225,174	194,226
Share of governance costs	3,912	4,098
	229,086	198,324
Analysis by fund
Unrestricted funds	218,149	184,847
Restricted funds	10,937	13,477
	229,086	198,324

• 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 2023

6 Trustees

There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.

Expenses paid to the Vicar are not incurred within their role as trustee.

7 Employees

The average monthly number of employees during the year was:

	2023	2022
	Number	Number
Administration	1	1
Music	1	1
Total	2	2
Employment costs	2023	2022
	£	£
Wages and salaries	41,758	28,886
Other pension costs	1,602	1,098
	43,360	29,984

There were no employees whose annual remuneration was more than £60,000.

8 Other

	Endowment	Endowment
	funds	funds
	general	general
	2023	2022
Sunday school & mums and tots expenses	726	552
	726	552

9 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

• 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 2023

10 Tangible fixed assets

Fixtures, fittings and equipment £ Cost At 1 January 2023 90,832 At 31 December 2023 90,832 Depreciation and impairment At 1 January 2023 61,257 Depreciation charged in the year 4,436 At 31 December 2023 65,693 Carrying amount At 31 December 2023 25,139 At 31 December 2022 29,575	Memorial statue Organ restoration Heating equipment £ £ £ 29,372 321,607 37,107 29,372 321,607 37,107 4,399 110,179 36,747 294 6,432 90 4,693 116,611 36,837 24,679 204,996 270 24,973 211,428 360	Total £ 478,918
		478,918
		212,582 11,252
		223,834
		255,084
		266,336

11 Fixed asset investments

Cost or valuation At 1 January 2023 Valuation changes At 31 December 2023 Carrying amount At 31 December 2023 At 31 December 2022 12 Debtors Amounts falling due within one year: Other debtors Prepayments and accrued income	St James' Place Unit Trust £ 22,229 826 23,055 23,055 22,229 2023 2022 £ £ 3,276 5,518 194 194 3,470 5,712	St James' Place Unit Trust £ 22,229 826 23,055 23,055 22,229 2023 2022 £ £ 3,276 5,518 194 194 3,470 5,712
		23,055
		23,055
		22,229
		2022 £ 5,518 194
		5,712

• 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 2023

13 Creditors: amounts falling due within one year

Other taxation and social security Accruals and deferred income	2023 £ 1,765 10,371 12,136	2022 £ 1,795 8,572
		10,367

14 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.

	At 1 January	Incoming	Resources	At 31
	2023	resources	expended	December
				2023
	£	£	£	£
Permanent endowments
Donation on Permanent Trust	500	-	-	500
Majorie Hartwell Legacy	10,000	-	-	10,000
Expendable endowments
Sunday School	10,527	2,240	(726)	12,041
Music	2,463	594	-	3,057
	23,490	2,834	(726)	25,598
Previous year:	At 1 January	Incoming	Resources	At 31
	2022	resources	expended	December
				2022
	£	£	£	£
Permanent endowments
Donation on Permanent Trust	500	-	-	500
Majorie Hartwell Legacy	10,000	-	-	10,000
Expendable endowments
Sunday School	9,136	1,943	(552)	10,527
Music	1,929	534	-	2,463
	21,565	2,477	(552)	23,490

• 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 2023

15 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

	At 1 January	Incoming	Resources	At 31
	2023	resources	expended	December
				2023
	£	£	£	£
Upkeep	10,500	547	(1,840)	9,207
Linthwaite Bequest	1	1,964	(1,965)	-
Garden	5,488	1,014	-	6,502
Friends of St Matthews Music	18,280	12,082	(5,570)	24,792
Piano	8,751	-	(1,562)	7,189
Music Foundation	6,160	-	-	6,160
	49,180	15,607	(10,937)	53,850
Previous year:	At 1 January	Incoming	Resources	At 31
	2022	resources	expended	December
				2022
	£	£	£	£
Upkeep	12,103	544	(2,147)	10,500
Linthwaite Bequest	1,195	1,954	(3,148)	1
Garden	4,480	1,008	-	5,488
Friends of St Matthews Music	17,159	7,465	(6,344)	18,280
Piano	10,589	-	(1,838)	8,751
Music Foundation	6,160	-	-	6,160
	51,686	10,971	(13,477)	49,180

• 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 2023

15 Restricted funds

(Continued)

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.

16 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 General funds Previous year: At 1 General funds	January 2023 Incoming resources Resources expended Gains and losses At 31 December 2023 £ £ £ £ £ 531,877 319,532 (218,149) 826 634,086 January 2022 Incoming resources Resources expended Gains and losses At 31 December 2022 £ £ £ £ £ 398,432 322,752 (184,847) (4,460) 531,877

• 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 2023

17 Analysis of net assets between funds

Unrestricted Restricted Endowment funds funds funds 2023 2023 2023 £ £ £ Fund balances at 31 December 2023 are represented by: Tangible assets 246,233 8,851 - Investments 23,055 - - Current assets/(liabilities) 364,798 44,999 25,598 634,086 53,850 25,598 Unrestricted Restricted Endowment funds funds funds 2022 2022 2022 £ £ £ Fund balances at 31 December 2022 are represented by: Tangible assets 255,923 10,413 - Investments 22,229 - - Current assets/(liabilities) 253,725 38,767 23,490 531,877 49,180 23,490	Total 2023 £ 255,084 23,055 435,395
	713,534
	Total 2022 £ 266,336 22,229 315,982
	604,547

18 Related party transactions

Rental income of £7,560 (2022: £7,456) 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.

• 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 2023

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.

CWPF has two sections:

1. the Defined Benefits Scheme

2. the Pension Builder Scheme, which has two subsections;

3. a. a deferred annuity section known as Pension Builder Classic, and,

4. a. a cash balance section known as Pension Builder 2014.

Pension Builder Scheme

Both sections of the Pension Builder Scheme are classed as defined benefit schemes.

Pension Builder Classic provides a pension, 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. Discretionary increases may also be added, depending on investment returns and other factors.

Pension Builder 2014 is a cash balance scheme that provides a lump sum which members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. Discretionary bonuses may be added before retirement, depending on investment returns and other factors. The account, plus any bonuses declared is payable, unreduced, from age 65.

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 means 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 the contributions payable 2023: £1,602, 2022: £1,098.

A valuation of the Pension Builder Scheme is carried out once every three years. The most recent valuation was carried out as at 31 December 2019.

For the Pension Builder Classic section, the 2019 valuation revealed a deficit of £4.8m on the ongoing assumptions used. At the most recent annual review effective 1 January 2024, the Board chose to grant a discretionary bonus of 6.7% to both pensions not yet in payment and pensions in payment in respect of service prior to April 1997; and a bonus on pensions in payment in respect of post April 2006 service so that the pension increase was 5% (where usually it would be calculated based on inflation up to 2.5%). This followed improvements in the funding position over 2023. There is no requirement for deficit payments at the current time.

For the Pension Builder 2014 section, the 2019 valuation revealed a surplus of £5.5m on the ongoing assumptions used. There is no requirement for deficit payments at the current time.

The next valuation was due as at 31 December 2022. Calculations for this are currently under way but are not yet complete.

• 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 2023

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	2023	2022
			£	£
HusseyResidual	1019F	164,368	237,923	224,543
HusseyChurch and Organ	1018F	5,340	7,730	7,295
Canon HusseyBequest	1148S	886	20,028	18,292
SundaySchool	1298S	2,889	65,306	59,645
Linthwaite Bequest	1198S	3,179	71,862	65,633
HusseyGarden(Memorial)	1067S	2,096	47,381	43,274
HusseyGarden	1353S	1,641	37,095	33,880
HusseyMusic	1354S	820	18,536	16,930
			505,861	469,492

• 22 -