Charity registration number 1130083 (England and Walès) THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MATTHEW, NORTHAMPTON ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MArrHEW, NORTHAMPTON LEGALAND ADMINISTRATIVE INFORMATION Trustees Mr D Cran Mr G Drinkwater Mrs S Oughton The Revd N Setterfield Mr D Wilson Mr R Douglas Mr N Everitt Mr S Franklin Mr P Fair OBE Mrs H Moore Mrs S Davis Mr S Rendell Mrs M Grant (App(inted 12 May 2024) (Appointed 12 May 2024} {Appointed 12 May 2024) (Appointed 12 May 2024) Chaiity number (England and Wales) 113Q083 Principal address St Matthews Parish Office 27A The Drive Kingsley Northampton Northamptonshire NN14RY Independant examiner Cottons Accountants LLP Chestnul Field House Chestnut Field Rugby Watwickshire Unilad Kingdom CV212PD Bankers Barclays Bank Northampton NN14YD
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MAThHEW, NORTHAMPTON CONTENTS Page Trustees. report Independent examiner's report Stement of financial aclivitias Balance sheet Notes to the financial ststemants 9-23
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MATTHEW, NORTHAMPTON TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their annual report and financial statements for the year ended 31 December 2024. The financlal statements have been prepared in accordance wtth the accounting policies set out in note 1 to the financial ststements 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 app1[ble in the UK and Republic of Ireland {FRS 102)" (effeCte 1 January 2019). Objectlves and activities The objectives of SL Matthews arè expressed in the following Mission Statement: We aim to nourish our love of God the Father. through Jesus Christ, under the Guidancè of the Holy Spirit Centred in Eucharist. we are developing a Faith community through prayer. educalion. worship and fellowship. As st&wsrds of God's love. we strive to share our grfts and talents for the service of God and all His people. We end8avour to fulfil these objeclives thraugh the following religious activities- acts of public worship open ta all - services are conducted daily during the week (morning prayer. mass and evening prayer) and. on Surbday, 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 SeICe. Service bo0ets are of good quality and tailored to specific events and festivals. Infomative pew sheets are also distributed- b} provision of sacred space for reflection and contemplation - apart from seThices, the church is open for visitors at advertised times fDr people to drop In for prayer and reflection. or sometimes just to view and appreciate the fina architecture and work5 of art housed in the church,. pastoral work, including visiting the siGk and bereaved - a pastoral tsarn of church members meet regularty and visit and provide support to the sick, bereaved or housébound. whether in their Dwn homes or in local care or nursing homes (pastoral visits ar8 currently suspended due to COVID-19)'. d) teaGhing Christianity through semions, courses and small groups and opportunities fr)r fellowship - in addition to sermons, groups meet regularly for discussion at the parish centre adjacent to the church, and in this venue thare are meetings of a weekly Mums and Tots group, Scouts and Guidas, all of which are fully open to tha wider community. all thgse alongside a wide range of social activiti&s", fund-raising for other charÉbes one home and one overseas charity are salected eath year, together with our local Hope Centre, as main ben6ficiartes of our mission gtving and colleclions are mad8 for additional charities such as Christian Aid and also in case of emerg8ncies. Publlc Beneflt SL Matthew's is 8 small charity below the audit threshold. The above relig'ious activities confom 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 lo 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 Féte and the Christmas Fayre which attract hundreds of visitors. The Church building has been inspected and passed for disabled access. Public bgnefit The trustees have paid due regard to guidance issued by the Charity Commission in deciding what aclivities the charity should undertake.
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MATTHEW, NORTHAMPTON TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Achlevements and perfomiance Significant activities and achlevements agaffnst objgctives Notable achievements and performancè in 2024 Mass has continued to be live streamed from church using audiovisual equipment for those unable to join in person. Worship - as noted above., Music The Director of MusiG has continued tr) present a full and varied music program and recruitment for tha choir continues. Parish music remains in a very healthy position. Pastoral wort( fhis Gontinues in Vffsits and taknng Gommunion to the &ck, bereaved and housebound on the part of the clergy and linsed Eucharistic Assistants. A Slnging gIDUP Vl8lts four local Gare homes,. b) d) Children and families- the relationship of the Church to families has b8en maintained by members of the worshipping community and others, involving children and parents in Church-based activities. including th8 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- Events the Friends of St. Matthaw's Music continu8S to have a good following. contributes significantly to finances arjd sponsors recitals and events. attracting a wider public. St Matihew's continues to be a popular venu6 for many different concerts during the year, including the Northampton Bach Choir. the Northampton Chamber Choir. Ihe Northamptonshire Music and Perfomiing Arts Trust, the Malcolm Amold Acaderny and other local schools. Church building, Parish Centre and grounds - the Church and the Parish Centra continue to be used for events by individuals and organisad groups. Flnancial revlow Investment policy and objecltves Tha Trustees have mainlained their investment of in low-risk coOrate bonds and wll continue to do so in the medium tem. Any further investments wtll be made according to the guidance set by the Trustees. Reseryes policy Sufficient reserves remain in the CCLA deposit account. PCC continues actively to address the development of a fundraising strategy. ReseNes policy It is the policy of Ihe charity that unrestrirted funds whiGh have not been designatad for a specific use should be maintained at a level equivalent to be8n three and six month's expendiknre. The trustees consider that reserves at Ihis level will ensure that, in the event of a significant drop in funding, they will be able to Kintinua th8 charity's current 8clivrti&s while consideration is given to ways in whith additional funds may be raised. This level of reserves has been maintained throughout the year.
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MAThHEW, NORTHAMPTON TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW PCC Tr8a$urer's Report Income remained at almost exactty the same level as in 2023, net c)f a singl& legacy and a single insuTrnc& credit recVed in that year. Expenditu incre8secl by 18Y., the major factsrs in Ihis being rises in insurance (18.8%). Gleaning (618Q/o, dug to a one-off cost), music expenses (112/0) and Ghuh in7provements (137Y). Donations and st&wardship docroasgd by 18.40/0 compared to 2023. No bequests were received durin9 the year. Income from church and Parish Centre usage remained at almost tha ssme level as 2023. Tha continuing increasa in expenditure compared with income meant that tho net operating loss inGreased from 27 /0 in 2023 to 47¢/0 in 2024. This does not tske 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 oxcess of expenditure over income. To address this PCC took the first steps in a fundraising strategy in Q3 2024. this will need further development and refining in 2025. PCC also installed solar panels on the Parish Centre roof., these appear to be reducing electricity costs. bLrt by how much is not as yel clear. PCC wishes to record tts gratitude to the Friends of St Matthews Music for their continued support of music in the Parish. Th& 1 DO+ Club continues to meet a portion of Ihe costs of the Director of Music. Investrnent incom8 showed a slight incr8as8 on that realised in 2023. PCC did not have ta r8qtAest a8SiStanc8 from St. Matthew's Northampton Trust this year. The trend in previous y8ars thus cx)ntinues, thal 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 G8nnot continue in this situation indefiniteEy, and a targeted consideration of fundraising and cost monrfcoring, taking into account circumstances prevailing in Ihe Parish and in the wider Church mMunIty. 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 Antta Speake, our steWalshIp Recorder and Gift Aid administrator Polly Matthews. and other pres6nt and past members of PCC for their continued support and guidance. Donald Cran PCC Treasurer Major nsks The trustees have assessed the major risks to which the charity is exposed, and ar9 satisfied that gystems are in place to mitiga1& exposure to the major risks. S*ru¢tureJ govomanc8 and managemènt Th8 CoLJncil ref&rT8d to above is commonly known as St. Matthew's PCC, or th8 PCC. and its members are the Trustees of the Charity in question, number 1130083. The charity was r8gistered in May 2009. the original goveming document having been issued by th8 Church of England in January 1957. The objects clause of the latter has not changed. encompassing rèligious activities, as described in the registration document.
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MAThHEW, NORTHAMPTON TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The twstees who served during the year and up to the date of signature of the finan¢i21 statements were: 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 MrADay Mrs E Douglas Mr R Douglas Mr N Everitt Mr S Franklin Mrs S Rivett Mr P Fair OBE Mrs H Moor8 Mrs S Davis Mr S Rendell Mrs M Grant (Resigned 12 May 20241 (Resigned 12 May 2Q24) {Resigned 12 May 2024} (Resigned 12 May 2024) (Resigned 12 May 2024) (Rasigned 12 May 2024) {Appointed 12 May 2024) {Appointed 12 May 2024} (Appointed 12 May 2024) (Appointed 12 May 2024)
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIAsncAL PARISH OF ST. MATTHEW, NORTHAMPTON TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Re¢mhnen¥ andappolnfmenl of trustees AppOIntnTrt nf new trustees The Trustees Oi the ChzTrty are, with Ihe exception of the YA-Offic clergy member& for the mr)St part elected at th8 Annual PlSh Church Meeting in accordance with ¢onstibJtion&l 8rr8ngemenls q)proved by th8 Chureh of Erolan They hcl¢Jde. in addi&(ffi to Ilw elected direGtty on to the PCQ pet7Ms elected at tho meetirKJ to Synod Members already elected to DiOn Synod who are parishioners are 8150 Memb8r8 of Oje PCC. Eltgibilty for election is deFond8nt.on the individual being on the d8cIKwal roll, aged 16 y88rs or over, and Confed in Church of England. fvlemLws ar6 expected ts> share ideas and take s8riously their Fespon8Èbilities to rkner meMr$ of the cnngreg8tson. Th8 tem of offic8 is three yeats, though in the casè of r8swaftron6 or vacAnck& how8¥er caused. casIonal etections are h8ld at tha APCM. All members of th8 PCC (trustees} have an vote at meetings. Meetings and stru¢ture The PCC meets aPprr• e¥Jht fin$ a year, thouth additional special ItelingS may be called rf n. stgniffcarrt decisions made by the Chatsty, induding firtancÉal deosions, ere the sde responsNI Y of the PCC. PCC has a nLmber of ccvnmittees to wth'oh other metnbers of the wlder church wmmun¥ty may be Cowoptsd. These committees eKgmine and manage tt)eir spet>fic areas of worl and m8ke re0)mnall8 t> th6 PCQ AFn them is (he StandirYJ Committee whose rde ss to draw tsp the PCC agend8 8nd manage generdl inter1 business. ThÈs commFttee wmprises the Incumb( the c1wrthvrden, the PGC Sec¢etsry and Tr68sur8r and two addÈtkon nomiF PCG members. There is also a FinarrE gnd Stewardship Comnttee, on which the Tr6asur8r sts, W1 examines financial detsus, draws up pl8 and m8kes reCOmrnenQn5 to Ilte PCC. A firm of amkTrt8nts is emjoyed to draw up the fifT£ncial statements for the Gonsideralion of the PCC on an annual basis. Ro¢Nttm6nt and tralning 4)f nèw Intst5 Efforts are made to re¢ruit Pen$ wilh vathg backgrounits for eledton to ihe PCC. looking to their wider Pxpgriénoe of ParÈsh and c&)ttyTrJnity l¢f& to enhance de¢isEon-making on the pzrt cf Ihe Council, There is scope for trainkng In some aspects ié responskility at Illocosan Iwal. a.g. In and stewardship. At the Patsh level, oue$ are offered ID both PCC members and the congregation and wider comtrkuirrity {gr attend2nc8 is encouraged) to promote kno of ChFFStkan tsachmg spffibJal values and IAtiJrgica and pa8loral issu&s. ar emphasls on rellexi¢Jn aiyj oxctrÉnge. During the year Mts. S81wa Bell. Mr. Anthony Day. Polly Matttw. Mrs. SarKlra Rlv&tt and Mts. Mary Wallls stood do( from PCC and Mrs. Sue Davis. MaN8 Gran( Mrs. k4oore and Mr. Stevan Rendellioined. The trustaeg port was approved by the Board of TrLtst688. The Revd N Setterfkld Trustsg Datr. JS.: g...Z...-.............
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MArrHEW, NORTHAMPTON INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MArrHEW, NORTHAMPTON report to the trustees on my examination of the financial ststsments of The Parochial Church Council of the Eccl&siastical Parish of St. Matthew, Northampton (the charity) for the year ended 31 December 2024. Responsibilities and basis of report As Ihe trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requiréments of the Charities Act 2011. report in re5pe.cl of my examination of the charity's financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145{5){bl of th8 Charities Act 2011. Independent examinerfs statement Your a(18ntion is drawn to the fact that the charity has prepared tha financial Stsements in accordance with tha relevant version of the Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Stsndard applicable in tha UK and Republic of Ireland (FRS 102) in preference to the Accounting and R&porting by Charities". Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. l understand that this has been done in order for the financial statements to provide a true and fair view in accordan with UK Generally Accepted Accounting Practice. I have completed my examination. I cotffimi that no matters havé com8 to my att8ntion in connection with the @xamination giving me cause to beliav8 that in any material respect- accounting records were not kept in respect of the charity as required by sertton 130 of the Charities Act 2011. the financial statements do not accord with those records., or the financial statements do not comply with Ihe appliGable requirements Gonceming the torm 8nd Ixintent of financial ststsments set out in the Chariti&8 (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view. which is not a matter considered as part of an independent 8xamin8tion. I have na concems and have come across no other matters in connection with the examination to which attention should b8 drawn in this report in order to enable a proper understanding ofthe financial statements to be reached. Mr M W Palmer Bsc BFP FCA Cottons Accountants LLP Chestnut Field House Chestnut Field Rugby Warwickshire CV212PD United Kingdory Date..
THE PAROCHtAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MAThHEW, NORTHAMPTON STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 310ECEMBER 2024 Unrestricled Resthcted Endtwment nds 2W24 Tof UnrostriGtsd RestriGted Endowment fund5 fu+Lds fiJnd5 2023 2023 2023 Tolal 2024 2024 2D24 Nots$ Incotne from-. Donat and lellas CharEtabJg a¢twiti8S Inv6stments 57,579 2,769 56,305 57.579 63.376 63.280 228AOO 57.107 34.025 228.4 69.158 40,415 10,60T 3,6OQ 12,051 3,556 3.355 Totsl Income atKI 8nd0veT 166.853 14,207 s,5 184215 319.532 11fj07 2,834 337,973 ndlture on= ChaiiÈitrf6 xttvities 256,225 14,525 270.750 218,145 10.937 229,D86 Othgr 447 447 726 726 Tknl eXpenrture 256225 14,525 447 271,197 218,149 1Q,Y37 r26 229,812 Netgn$1ll0ss$6I on inve5trnents 826 Not m¢)vément In fund$ 189,6901 2,908 187,1001 102,209 4,670 2,108 108.987 Furd balaTttS at 1 January 2ts24 634.QBf 53.851) 25,598 712,534 521,877 49,180 23A90 .547 Futtd bolanG05 at31 Da¢&mbBr 2024 544,396 ,532 28,506 626,434 634,086 53.850 25,598 711534 The statementoffjTkqndal acUvtU8s Indudes 811 gains and Ic65es reG(unisl in the year. The ststernent offfinandal ac1vit5 includes sll g81ns attd10$6es recognk%od In thB year. All incotne and expenditure der*froM conunulng aLlivitie6.
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MArrHEW, NORTHAM BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Flxed assets TangiblE assets Inveslments 11 12 309,543 22,937 255,084 23.055 332,480 278,13 CuTfgrt 8$8ets Debtors Gash at bank and in hand 3.470 444,fE1 304,124 305,901 447.531 Creditors: amounts falling due wlthl one year 14 (11,947) (12.136) Net current a8sets 293,gS4 435.395 Tot21 assots Iw emnt 1kbutt5 626.434 713,534 Th8 funds of the charlty Endowm&nt fund5 RestActed Incom8 funds Unrestrtcted fid8 16 17 28.YJ6 53.532 544.3 25.598 S3.850 634.086 626,434 711534 The financlal statements were approved by the knste&s on .... MrDCra Trustoè The Revd Nsettetfiekl Trusts•
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MATTHEW, NORTHAMPTON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Charfty Infomiation The Parochial church Council of the Ecclesiastical Parish of St. Matthew, Northampton is a unincorporated charity regist8rad in England and Wales. 1.1 A¢countlng Convgntion The financial statements have been prepared in accordan with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Stsndard applicable in the UK and Republic of Ireland" {-FRS 102°) and the Chartties SORP "Accounting and Reporling by Charitles: Statement of Recommended Practice appIlble to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102}. {effective 1 January 2019}. The chaiity is a Public Benefit Entity as defined by FRS 102. The charity has tsken advantage of the provisions in the SORP for charities not to prepare a St2tement of Cash Flows. The financial statements have daparted trom the Charities (Accounts and Reports) Regulations 2008 only to Ihe extent required to provide a true and fair view. This departure has involved following tha Statément of Recommended Practice for charities applying FRS 102 rather than tha varsion of the Statement of Recommended Practice which is referred to in the Regulations but which has Sin been withdrawn. The financial statements are prepared in sterling, which is the funclional currpncy of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements hava been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern At the tima of approving the financial statements, the truslees have a reasonable expectation that the charity has adequate resources to continue in operational existenco for the foreseeable future. Thus the trustees continue to adopt the going conc8m 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 fijrtherance of th8ir charitable objectiV8S. Restricted funds are SLJbject to specific condttions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in Ihe notes to the financial statements. Endowment funds are subject to specifio condilions by donors that the capital must be maintained by the charity. 1A 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 reived. Cash donations are recognised on re[pt. Other donations ara recognised once the charity has been riotified of the donation, unless perfomance conditions require deferral of the amount. Income tax recov8rable in relation to donations recgived under Gift Aid or deeds of covenanl is recognised al the time of the donatÉon.
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MATTHEW, NORTHAMPTON NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies {Continued) L8cleS ar8 recognised on receipt or otherwise if the charity has been notrfied 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 lhe is a leg81 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 r81iably. 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 undartaking each activity. Direct costs attributable to a single activty are allocated directty to that activty. Shared costs which contribute to more than one activity and support costs whlch are not attributsble to a single activity are apportioned beeen those activilies on a basis consistent with the use of resourGes. Central staff costs are allocated on the basis of time spent. and depreciation charges are allocated on the portion of th8 asset's use. 1.6 Tanglble fixed assets Tangible fixed assets are initially measured at cost and subsequently m8asured at cost or valuation, net of depreciation and any impaim)ent losses. Depreciation is recognised so as tD Write aff the cost or valuation of assots less their residual values over their useful lives on the following bases.. Fixtures, fittings and equipmant Memorial stalue Organ restoration Heating equipment 150/• reducing balance 1 OA straight line 2Yo straight line 25Yo reducing balanc6 The gain or loss arising on the disposal of an asset is determined as the differance 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 investrnents are initially measured at transacticn price excluding transaction costs, and are subseqLJenly measured at fair value at Éach reporting date. Changes in fair value are recognised in net incomel(èxponditure) for the year. Transaction costs are &xponsed as incurred. .8 Impalrment of fixed assets At each reporting end date, the chartty review3 the carrying amounts of its tangible assets to determina whether there is any indication that Ihose assets have suffered an impaimient loss. If any such indi&?tion &xists, the recoverable amounl of the assat is estimated in order to determine th8 extent of the Impalmnt loss lif any). 1.9 Cash and cash equivalents Cash and cash aquivalents include cash in hand, deposits hald 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 liabilibas. 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 2024 Accounting policies (Continued) 1.10 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial InstnJments' and Section 12 'Olher Financial Instruments Issues, of FRS 102 to all cf its financial instruments. Financial instrum6nts are recognised in tha charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assels and liabilities are offset. wtth the net amounts presènted in the financial statements, when Ihere is a legally enforceable right to set off the recognised arnounts and there is an intention to setde on a nel 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 tnsaGti0n price including transaction Gosts arKI are subsequendy carried at amortised cost using the effeclive interest method unlass the aangement constitutes a financing transaction. where tha transaGtion is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within on8 year are not amortised. Basic financial Ilabilitles Basic financial liabilities. including creditors and bank loans are initially recognised at transadion price unless the arrangement constitutes a financing transactlDn. where the debt instrument is measured at the present value of the future payments discounted al a market rate of interesL Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsoquently canied at amortised cost, using Ihe effective interest rate m&thod. Trade creditors are obligations to pay for goods or seNices that have been acquired in the ordinary }urSe of operations from suppliers. Amounts payable are cla8stfied as current liabilities if payment is due within one year or less. If not, they are presented as nDn-currenl liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amartised cost using the effective interest method. Derecognition of r Inancial Ilabilitles Financial liabilities are d&recognised whon th6 charity's contractual obligations expire or are discharged or canlled. 1.11 Employee benefits The cost of any unusad hollday entitlement is recognised in the period in which the employee's seNices are received. Termination benefits are racognised imrnediately as an expense when the charity is damonstrably committed to terminate the employment of an ¢rnploy6e or to provide termination benefits. 1.12 Retirement benefits Payments to defin8d contribution retirement b8nefft schemes are charged as an expense as they fall due. 11
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MArrHEW, NORTHAMPTON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Donations and legacles Unrestricted Unrestrictad funds funds 2024 2023 Donations Legacies re1vable Fundraising Giving 13,798 21,559 157,783 980 48,078 825 42.956 57,579 228.400 Chantabl8 activltles 2024 2023 Weddingffuneral f8as Membership subscriptions and sponsorships Fundraislng evenls Shop income Sponsorships and Social lotteriss Other income Letting and licensing arrangments 7.379 5,503 20,051 472 19.364 2.917 7,690 7.073 5.019 20,532 86 24,397 3,132 8.919 63,3T6 69,158 Analysis by fund Unrestricted funds Restricted funds 52,769 10.607 57.107 12,051 63,376 69,158 12-
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIAST]CAL PARISH OF ST. MATTHEW. NORTHAMPTON NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Investments Unrostrictsd Ro$trict8d Endowment lund$ tund5 general 2024 Total Unr88tred Re&ridgd End01ent funth fijnds general 2023 224 2024 2023 2D23 Rent81 Inccne DfvkJends Interestrec81v8ble ,316 17,910 9,079 29.316 23,B17 10,127 17J95 6,590 10.040 17,395 12.408 10,612 3.580 20 2,327 1,D28 3.526 2.292 542 56.3 3.600 2,355 63.260 34,025 3A56 1834 40,415 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 2024 Charitable activltles Charltabl• Charltable Expenditure Expenditure 2024 2023 Staff costs Depreciation and impairment Events and trips Diocesan Common Fund Vicar's expenses Fees Church repairs Church gas Church electricity Church insurance Sanctuary and chancel Parish centre repairs Parish centre gas Parish centre electricity Parish centre water Cleaning and materials Printing, post & computer Telephone, fax and broadband Grounds maintenance Choir Organists f@9. honoraria & music commission Organ maintenance Organ restoration depreciation Friends of St Matthews Music 100+ Club Bookstall and magazin8 Sundries Subscriptions Sacristy expenses Computer maintenance Summer Fete PRS costs 43,466 15.608 3,491 56,400 4,328 4,669 18,151 8.TT8 22.782 15.204 2,824 6.249 4,682 2,174 1,286 12,103 4.914 2.037 1.581 495 1,280 3,301 6,432 8,898 600 1,516 1,914 862 3,233 4,340 693 33 43.3eo 4.820 5.330 55.800 4.879 4,000 13.412 7,499 22,603 12.801 1.346 7.758 4.493 3.114 334 1,685 4,989 1,750 1.840 676 1,000 5.345 6,432 5.395 600 527 1.735 782 869 264.324 225.174 Share of govemance costs 6,426 3,912 270,750 229,086 Analysis by fund Unrestricted funds Restricted funds 256.225 14,525 218.149 10.937 270,750 229,08 14-
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MAThHEW, NORTHAMPTON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Net movement in funds 2024 2023 The net movement in funds is ststed after Ghargingllcreditingl: Fees payable for the independent examination of tha charity's financial statements DepreGiation of owned tangible fixed assets 1,170 22,040 1.140 11,252 Truste8S Ther& were no trustees, remuneration or other benaffts for thé year éndèd 31 Decèmber 2024 nor for thè year ended 31 December 2023. Expenses paid to th8 Vicar are not incurred within their role as trustee. Employees The average monthly numbar of 8mploy88s during the year was: 2024 Number 2023 Number Administration Music Total Employment costs 2024 2023 Wag8s and salaries Other pensicn costs 41,712 1,754 41,758 1.602 43,466 43.360 There were no employees whose annual remuneration was more than £60.000. Other Endowment Endowment funds funds general general 2024 2023 Sunday school & mums and tots expanses 447 726 447 726 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 2024 10 Taxation The charity is exempt from tsxation on tts activities becaus6 all its income is applied for Charitable purposes. 11 Tanglblo fixed assets Flxturgs, fittings and oqulpment Iomorlal statu• Organ restoration Heatlng oqulpment Totsl Cost At 1 January 2024 Additsons 90,832 76,500 29.372 321,607 37,107 478.918 76.0 At 31 December 2024 167,332 29.372 321,607 37,107 555.418 Depreciation and impalrrnent At 1 January 2024 Depreciation charged in the year 65,693 15,246 4.693 294 116,612 6,432 36,837 68 223.835 22.040 At 31 Decamber 2024 80,939 4,987 123,044 36,905 245,875 Carrying amount At 31 December 2024 86.393 24.385 198,563 2Q2 309,543 At 31 December 2023 25,139 24.679 204,996 270 255,084 12 Fixed asset Investments Unlisted Investments Cost or valuation At 1 January 2024 Valuation changes 23,055 (118) At 31 December 2024 22,937 Carrying amount At 31 December 2024 22,937 At 31 December 2023 23,055 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 2024 13 Dobtors 2024 2023 Amounts falling due withln one year: Other debtors Prepayments and accrued income 1.583 194 3,276 194 1,777 3.470 14 Credttors: amounts falling due withln ona year 2024 2023 Other tsxation social sacuiity Accruals and def6rred income 1.112 10,835 1.765 10,371 11,947 12.136 15 Retlrement bonefit schames 2024 2023 Definad contrfbution schemes Charge to profit or loss in respect of defined contribution schemes 1,754 1.602 Tha charity operates a defined contiibution pension scheme for all qualtfying employees, The assets of the scheme are held separately from those of the chaiity in an Independently administered fund. 18 Endowment funds Endowment funds represent assets which must be held pemanenljy by the charity. Income arising on the endowmenÉ funds can be used in accordance with the objacts of the charity and 16 included as unrestrtcted incomè. Any caprtal gains or losses arising on the assets fomi part of the fvnd. At 1 January 2024 Incoming resources Resourcos Èxpended At31 De¢amber 2024 P8rman•nt endowments Donation on Permanent Trust Majorie Hartwell Legacy 500 10,000 500 10,000 Expèndable endowmants Sunday SGhoDI Music 12,041 3,057 2,669 686 1447) 14.263 3,743 25,598 3,355 {447) 28.506 17-
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MArrHEW, NORTHAMPTON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 Endowmont funds {Continued} Provlous year: At 1 January 2023 Incoming resources Resources expended At31 December 2023 Pern)anent endowments Donalion on Permanent Trust Majorie Hariwell Legacy 500 10,000 500 10.000 Expendable endowments Sunday School Music 10,527 2.463 2,240 594 (726) 12.041 3,057 23.490 2,834 (726) 25,598 17 Restrict8d funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subjeci to specific conditions by donors as to how they may be used. At 1 January 2024 Incoming resource5 Resources expended At31 December 2024 Upkeep Linthwaite Bequesl Garden Friends of St Matthews Music Pi8no Music Foundation 9.207 556 1,995 1,030 10,626 {1.704) (1.995) 8,059 6.502 24,792 7,189 6,160 7,532 25,920 5,861 6,160 (9,498) {1.328} 53,850 14.207 (14,5251 53.532 18-
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MAThHEW. NORTHAMPTON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 17 R8Strlcted funds (Continued) Prevlous year: At 1 January 2023 Incoming resource5 Resourc0$ expended At31 December 2023 Upkeep Linthwait& Bequest Garden Frtends of St Matthews Music Piano USIG Foundation 10,500 547 1,964 1.014 12.082 (1.840) (1.965) 9,207 5,488 18,280 8,751 6.160 6,502 24.792 7.189 6.160 (5,570) (1,562) 49,180 15,607 {10,9371 53.850 Income received has béen transferred to the following funds and has been usod in accordan within the terms and conditions of the bequests. Account Funds 1019F Unrestricted Unrestrtcted Unrestricted Endowment Restricted Restricted Restricted Endowment Usage Hussey Residual Hussey Church & Organ 1018F Canon Hussey Bequest 1148S Sunday School 1298S Linthwaite Bequest 1198S HLJSS8y Garden (Memorial) 1067S Hussey Garden 1353S Hussey Music 1354S Church nnIng expenses Church running expenses Church running expenses See below (al Clergy expenses Grounds Maintenance Grounds maintenanc6 See below (b) a) Sunday School This income can only be used to reirllburEe Sunday School expenses with special appliffdtion bèing made to Peterborough. b} Hussey Music This income can only be used to cornmission the composition and production of a new work of church music forus8 at the St Matthew Patronal F8Stival. In 2009 the 'Friends of St Matthews Music, fund was incotporated within the churth. The fund is r8stricted to th8 use of music related activities on agreement by the Friend5. During 2010 a legacy of £10,000 had been received from Mrs Maiiorie Hartwell, which is to be classed as an endowment fund. The inGome generated by th8 lagacy ¢an only be used to fund expendttur8 on Parish Centre maintenance. Grants received from the Councillor Community Fund were in relation to expenditure incurred on the Church clock rapairs and the Firsl Worfd 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 2024 18 Unrestrlctsd funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to spectfic conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestrictèd funds by the trustees for specific purposes. At q January 2024 Incoming resourcès Resources expended Galns and losses At31 December 2024 Gen8ral funds 634,086 166.653 (256.225) (118) 544.396 Previou8 year: At 1 January 2023 Incomlng Resources resources expended Gains and losses At31 December 2023 Gen8ral funds 531.877 319,532 (218,149) 826 634,086 19 Analysis of not assets between funds Unr•stricted fund5 2024 Restricted Endowment funds fund5 2024 2024 Total 2024 At 31 Dècember 2024: Tangibla assets Investments CUnI assetsl{liabilTrtes) 302.019 22,937 219,440 7,524 309,543 22,937 293.954 46,008 28,506 544,396 53,532 28,506 626,434 Unrestricted fund5 2023 Re$trict8d Endowment funds funds 2023 2023 Total 2023 At 31 December 2023: Tangible assets Investments Current assetsloiabilities) 246,233 23,055 364,798 8,851 255,084 23,055 435,395 44,999 25.598 634.086 53.850 25,598 713.534 -20-
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MAThHEW, NORTHAMPTON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 20 Related party transactions Rental income of £7,830 (2023.. £7.560} was received in relation to the letting of a flat in the Parish Cgntro to Mr Drinkwater, who is a tnjstee of tha charity. The rent paid is at the currant market rata and is reviewed annually. 21
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MArrHEW, NORTHAMPTON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 21 Employee benefit obligations St Matthews {NDrthamplonl PCC {PB 20141 participates in the Pension Builder Scheme section of CWPF for lay staff. The Scheme is administerod by the Church of England Pensions Board, which holds the assets of the schemes separately from those of thè Employer and the other participating employers. CWPF has kn sections.. the Defined Benefits Schem& 2. the Pension Builder Scheme, which has two subsections,. a deferred annuity section known as Pension Builder Classic, and, a cash balan sectton known as Pension Builder 2014. Pension Builder Scheme Both sections of the Pension Builder Schems are dassed as defined benefit schemes. Pension Builder Classic provides a pension. accumulated from contributions paid and converted into a deferred annuity during employmenl based on temis set and reviewed by the Church of England Pensions Board from time to lime. Discretionary increasas may also be added. depending on investment r8turns and other factDrs. Pension Builder 2014 is a cash balance scheme that provides a lump sum which members use to provide b@neffts at retirement. Pension contributions are recorded in an account for each member. Discretionary bonuses may be added before r8tirement, depending on investment returns and other factors. The account, plus any bonuses declared is payable, unreduced, from age 65. There is no sub-dtvision of assets belween employers in each section of the Pension Build8r Schema. 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 attribut@ the P8nsion Builder Scheme's assets and liabilrèies to specific employe and means that contributions are accounted for as rf the Sch8me w8re a defined contribution scheme. The pensions costs Gharge(I to the SOFA in tho year are Ihe contributions payable 2024: £1.754, 2023- £1,602. A valuation of the Pension Builder Scheme is carried out once every three years. The most r8cent valuation was carried out as at 31 December 2022. For the Pension BLJilder Classic section, the valuation revealed a surplus of £34.8m on the ongoing assumptions used. At the most re1 annual review effective 1 January 2025, the Board chose to grant discretionary bonus of 6.7°A to both pensions not yet in payment and pensions in payment in respect of S8rvice prior to April 1997. and a bonus on pensions in paymenl in respect of post April 2006 Servi so that the pension incr&ase was 2.7010 (where usually it would be calculated based on inflation up to 2.5%)- This followed improv8menls in the funding position ov8r 2024. There is no requir8ment for deficit payments at the urrent time. The next valuation is due as at 31 December 2025. For the Pension Builder 2014 section, th8 valuation revealed a surplus of £8.5m on thè ongoing assumptions used. There is no requirèment for defictt payments at the current time. The legal structure of the stheme is such that rf another employer falls, then the employer could become responsibl& for paying a share of the failed employer's pension liabilFties. -22-
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST. MArrHEW, NORTHAMPTON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 22 Share Dotails As per the basis of accounting, below details the investmants held. at current market value, in trust which are vested in thé Diocesan Authority. Account No. Shares 2024 2023 Hussey Residual Hussey Church and Organ Canon Husse Bequest SLJnday School Linthwaite Bequest Hussey Garden (Memorial Hussey Garden Husse MusiG 1019F 1018F 1148S 1298S 1198S 1067S 1353S 1354S 164,368 5,340 886 2,889 3,179 2,096 1,641 820 245.106 7,963 20,487 66,801 73,507 48,465 37,944 18,961 519,234 237,923 7.730 20,028 65,306 71.862 47,381 37,095 18,536 505,861 -23-