**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 tdieS.
Your attention is drawn lo the fact that the charity has prepared financial slalements in acrdare 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 conming 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 Aountants 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.
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20/05/2024
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**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|
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**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;
- a. a deferred annuity section known as Pension Builder Classic, and,
- 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 -