**REGISTERED CHARITY NUMBER: 1130302**
**Report of the Trustees and**
**Unaudited Financial Statements**
**for the Year Ended 31 December 2024**
## **for**
**Parish of Monkwearmouth**
TTR Barnes Limited Chartered Accountants 3-5 Grange Terrace Stockton Road Sunderland Tyne & Wear SR2 7DG
**Parish of Monkwearmouth**
## **Contents of the Financial Statements for the Year Ended 31 December 2024**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|6|
|**Independent Examiner's Report**||7||
|**Statement of Financial Activities**||8||
|**Statement of Financial Position**||9||
|**Statement of Cash Flows**||10||
|**Notes to the Statement of Cash Flows**||11||
|**Notes to the Financial Statements**|12|to|17|
|**Detailed Statement of Financial Activities**|18|to|19|
**Parish of Monkwearmouth**
## **Report of the Trustees for the Year Ended 31 December 2024**
The trustees present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of 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).
## **Background**
The PCC of the Parish of Monkwearmouth is responsible for co-operating with the clergy of the Team Ministry in promoting the whole mission of the Church within the parish - pastoral, evangelistic, social and ecumenical. It also has a responsibility for maintaining the fabric of the Priestman Hall and the church buildings in the parish.
## **Membership**
During the year 2024 (or part thereof) the following people served as members of the PCC.
**----- Start of picture text -----**
Team Rector & Chair The Revd Richard G.E Bradshaw
Team Vicar The Revd Andrew M. Watson
Assistant Curate The Revd Timothy May (Resigned with effect from 23rd
July 2024)
Minister with Permission to Officiate The Revd Dr Phillip Smithson
Licensed Reader Mrs Lillian Jordan
Reader with Permission to Officiate Mr John Pattinson
Churchwardens Ms Julie Gregory St. Andrew's, Roker
Mr Stuart Cameron All Saints', Fulwell
**----- End of picture text -----**
||Ms Anne-Marie Kemp|St. Peter's, Monkwearmouth|
|---|---|---|
|**Lay Vice Chair**|Mr John Pattinson|St. Andrew's|
|**Secretary**|Mrs Eleanor Wilson|St. Andrew's (appointed)|
|**Treasurer**|Mr Ron Marsden|St. Andrew's (co-opted)|
|**Safeguarding Officer**|Mr Bob Francis|All Saints' (co-opted)|
|**Lay Pastoral Assistant**|Miss Allison Young|St. Andrew's (co-opted)|
|**Representatives on the Deanery**|||
|**Synod**|Mrs Evelyn Nicholson|St. Peter's|
||Mr Malcolm Drummond|St. Andrew's|
||Mrs Lillian Jordan|All Saints'|
|**Elected Members**|Miss Christine Chadwick|St. Andrew's|
||Mr Steven Middleton|St. Andrew's|
||Mrs Joyce Pratt|All Saints'|
||Mrs Muriel Tully|All Saints'|
||Mrs Linda Hughes|All Saints'|
||Mr Gordon Jeffery|All Saints'|
||Mr Graham Lee|All Saints'|
||Mrs Drina Gowland|St. Peter's|
||Mr Fred Raffle|St. Peter's|
|**Co-opted Member**|Mr David Barnes|St. Peter's|
**Parochial Church Council**
Page 1
**Parish of Monkwearmouth**
## **Report of the Trustees for the Year Ended 31 December 2024**
The PCC met on 29th January, 22nd April, 8th July and 7th October, 2024.
## **Standing Committee**
This comprises the Rector, Team Vicar, Churchwardens, Lay Vice-Chair and Treasurer. The Standing Committee meets to determine the agenda for PCC meetings and has power to transact the business of the PCC between its meetings subject to any directions given by the Council.
## **District Church Councils**
Each district in the parish has a District Church Council (DCC) and at the Annual District Church Meeting (ADCM), each DCC nominates a maximum of five members to serve on the PCC for a term of three years. The DCCs are responsible for matters affecting their respective districts including mission and ministry, finance, administration and building and fabric. Each DCC typically meets four times throughout the year.
## **Parish Electoral Role Statistics**
There are 148 parishioners on the parochial roll, of whom 38 are not resident in the parish. The Electoral Role Officer for the parish is Mr Steven Hartshorne.
## **Ministerial Resources and Staffing synopsis**
The parish has had three stipendiary priests with distinct roles and responsibilities within the Team Ministry, contributing to sustaining congregational life, enhancing parish development and furthering the work of God's kingdom: the Team Rector, the Revd Richard Bradshaw, the Team Vicar, the Revd Andrew Watson and the Assistant Curate in training, the Revd Timothy May. The Revd Dr Philip Smithson continued to serve as a retired self-supporting priest with Permission to Officiate, helping to support mission and ministry through preaching, presiding at the Eucharist and as part of the Pastoral Team.
Allison Young continued to work as a Lay Pastoral Assistant. Lilian Jordan continued to work as a Licensed Reader alongside John Pattinson and David Henderson as Readers with Permission to Officiate, all of whom ministered across the whole parish. David Henderson is also licensed to conduct funerals, a ministry he shares on occasion with the clergy. Lilian Jordan has also now started to conduct occasional funeral services as a part of her Reader ministry. Malcolm Drummond was commissioned as an Authorised Lay Worship Leader on 4th August 2024. and began to assist with leading worship and preaching alongside the clergy and readers of the parish.
The bi-annual Memorial Service at All Saints' Church for those who have been recently bereaved continues and is led by lay members of the Pastoral Team. Baptism preparation has continued to be led the Revd Andrew Watson with the assistance of the Revd Tim May and Malcolm Drummond at All Saints Church on Thursday evenings on an 'as and when required' basis. John Pattinson continued to take Holy Communion into Glenholme Residential Care Home on a monthly basis.
## **Services**
## Congregational worship
Regular worship at all three churches of the parish continued throughout 2024, with some slight revision to the pattern of services provided. This was with the exception of a period during the summer months, when, the Team Rector, Revd Richard Bradshaw, was on an extended period of absence, during which, the usual pattern of worship had to be revised. Otherwise, things continued as follows, at St Andrew's, Common Worship Eucharist with sermon at 10.00 am on all Sundays of the month apart from the fourth Sunday when a new Service of the Word with sermon was introduced; at All Saints, Common Worship Eucharist with sermon at 10.30 am on all Sundays of the month apart from the second Sunday when there was a Service of the Word with sermon; at St Peter's a Common Worship Eucharist with sermon at 11.00 am on all Sundays of the month apart from the third Sunday when a new Service of the Word with sermon was introduced. On the first Sunday of each month, and on the fifth Sunday of the month where this occurred, a joint parish Common Worship Eucharist with sermon at 10.00 am, was held alternately in one of the three parish churches. The average Sunday attendance figure across the whole Parish for 2024 was approximately 48 adults.
Page 2
**Parish of Monkwearmouth**
## **Report of the Trustees for the Year Ended 31 December 2024**
Midweek services on Wednesdays continued throughout 2024 with Common Worship Eucharist with sermon taking place at 10.00 am at All Saints' Church and a Book of Common Prayer Holy Communion with sermon taking place at 11.00 am at St Peter's.
## Weddings, baptisms and funeral services
Weddings, baptisms and funeral services all took place as usual throughout 2024 with the churches of the parish hosting baptism services as follows: St Andrew's on the second Sunday, All Saints' on the third Sunday and St Peter's on the fourth Sunday of the month respectively. 20 baptisms, 5 weddings and 32 funeral services took place across the parish.
## **Deanery Synod**
Deanery Synod met on five occasions over the last twelve months. The first meeting took the form of a Eucharist along with a welcome to new members of Synod. At other meetings the topics for discussion included updating and revising the Deanery Plan. The current plan is outdated as the dynamics of the Deanery have changed significantly, especially following the Covid pandemic. This remains a work in progress. The suggestion of parishes assisting each other based on the requirements of the communities they serve rather than geographical proximity was also discussed and is to be taken forward as required by the parishes themselves as need arises. The purpose of Deanery Synod and its place and work within the wider context of the church was presented by Archdeacon Revd Bob Cooper. The outreach programme in the Millfield area was outlined and the part being played by the Church Army within this project was explained.
## **Safeguarding**
Over the last twelve months there have been no changes to the PCC Safeguarding Policy, and it was again formally adopted at the first meeting of the new PCC in April. Following their appointment, our Parish Safeguarding Officer began working through the requirements highlighted in the Parish Safeguarding Handbook, including updating contact information, which we must display in all premises, and work on Risk Assessments, however Risk Assessments are ongoing. Some tasks are due to be re-visited in the coming year. This will include an update of information on our parish website and on 'A Church Near You', which forms part of the national Church of England website. Over the last year there has been a reduction in the number of DBS checks required in the parish. This, in part, is due to changes to group activities and the closure of certain groups across the parish. There were 2 DBS checks completed in the past year, but no new volunteers came forward. There have been no issues brought to the attention of the PCC. The PCC is continually mindful of its responsibilities for safeguarding, and that, if there is a risk of immediate harm to someone people must notify the police and/or social services and make a written record of their actions and reasons that prompted them, which people should complete as soon as possible, sign and date. The PCC, along with the parish clergy and the Parish Safeguarding Officer, recognises safeguarding is everyone's responsibility and that we owe it to each other to take safeguarding seriously.
## **Finance**
2024 was, once again, a very challenging year. Buildings maintenance commitments, particularly for St. Andrew's, continued to make financial demands. The District Church Councils and Church Officers continued to work hard to see that money is given and raised, and that bills are paid. The expenditure, not least in the proper conservation and care of the church buildings of the parish, two of which are Grade 1 listed, which draw national and international interest, remains challenging.
## **Parish Share offer and payments for 2024. Diocesan Request £57937**
||**Pledged**|**Paid**|
|---|---|---|
|All Saints'|£10,000|£9,000|
|St. Peter's|£8,000|£5,000|
|St. Andrew's|£7,000|£5,000|
|Parish of Monkwearmouth (From|||
|central funds)|£5,000|£6,000|
|**Total**|**£30,000**|**£25,000**|
The Diocesan Request for 2025 is £65,642 an increase of nearly £8,000 from the previous year.
Page 3
**Parish of Monkwearmouth**
## **Report of the Trustees for the Year Ended 31 December 2024**
An agreement as to how we could make an offer which was a realistic reflection of our income was proposed at the PCC meeting on 7th October 2024 and was as follows:
|**Church**|**Total**|
|---|---|
|St. Andrew's|£5,000|
|All Saint's|£8,000|
|St. Peter's|£5,000|
|Parish of Monkwearmouth (From central funds)|£7,000|
|**Total**|**£25,000**|
The Parish of Monkwearmouth has always been committed to trying to pay the Parish Share (Pledge) in full. The parish is very aware that Parish Share underpins the costs of stipendiary ministry and other key aspects of ministry provision in the Diocese. Recent years have been especially challenging as congregation numbers and occasional offices (with their respective fees) have decreased. At the same time buildings costs have increased and, especially at St Andrew's, have at times been considerable. Whilst there remains an amount in reserve, forecasts give a very uncertain outlook as to how long this will last at the current rate of building repair expenditure. The situation at St Andrew's and St Peter's is looking increasingly unsustainable beyond the next few years. In the past few years, a number of substantial legacies have been left to All Saints' Church which have enabled them to fund any necessary repairs and renewals.
## **St. Andrew's Church**
In 2024, the church saw more ongoing repairs to the building. After advice from the Architect about water ingress to the northeast side of the tower, a proprietary facade cream was applied to the outer wall at a cost of £7,110. Two grants were obtained for this work, one from Priestman Trust for £5,000, and the other from the Diocese for £1,881 The church also had smart meters fitted to the electricity meter to monitor electricity usage.
The Priestman Hall underwent some alterations in the kitchen with the removal of one of the two boilers to reduce our carbon footprint and to make financial savings. The window in the upper room of the St Aidan's Room had plastic sheeting fitted on the outside as this is regularly broken and poses a danger to the public.
## **St. Peter's Church**
There still hasn't been any further developments or offers from the City Council with regards to the efflorescence affecting the church walls and floor. A report from the Architect, John Barnes, and the DAC, more or less stated that it was caused by the work carried out by the City Council in the grounds. The Council's position is that they don't have any money to rectify it, as such, there is no progress towards a resolution.
## **All Saints' Church**
In February 2024, a Faculty was granted to enable work to proceed on a major two-stage project at the church. Stage one permitted the replacement of the faulty and antiquated gas boiler that had served to heat the church for over fifty-years with a new 'hydrogen-ready' gas boiler as recommended by Sine Heating Consultants in their report. As part of this work radiators were removed from the chancel and replaced by electric wall-mounted radiant heaters, thus providing independent heating for that area of the church. Stage two granted approval for the re-ordering of the chancel. This involved the removal of the unused choir stalls and re-carpeting of the whole area. The introduction of chairs also required an Archdeacon's Licence for temporary re-ordering, and along with the newly installed wall heaters, allowed this space to be used for smaller congregations at midweek services, particularly during colder weather, without the need to heat the whole church. Work on the project began in May 2024 and was finally completed, after a few teething troubles, in early September.
## **Lent Course 2024**
The 2024 Lent Course was based on the "I am" sayings of John's Gospel, a series of meditations, readings and discussion points prepared by David Adam who was for a number of years Vicar of Lindisfarne. Two sessions took place each week, one on a Tuesday morning at All Saints' Church and the second in the evening at the Rectory, in lieu of the Bible study group. Across the two sessions, it was well attended by an average of 15 church members from amongst the three churches of the parish.
Page 4
**Parish of Monkwearmouth**
## **Report of the Trustees for the Year Ended 31 December 2024**
## **Parish Administration and Communication**
In 2024 the Parish Office continued to serve the whole parish, including work for PCC and DCC meetings, liturgical and educational productions, oversight of the arrangement of occasional offices, the distribution of mailings and communication with the three churches and other agencies. The production of the Parish Magazine continued throughout 2024 as an important part of our communication, as well as volunteers who from time to time assist the Parish Administrator in their tasks. Our websites and social media accounts are overseen and updated by Mr Steven Middleton.
## **Mission and Hospitality**
Hospitality and welcome are an essential part of our mission through our three churches and is expressed according to local context.
> Bede's Bakehouse continues to prove itself an excellent initiative which is sustainable, financially viable and contributes financially to St Peter's Church income. Significantly it provides a strong link between the local community including the University as well as providing welcome and physical refreshment for visitors to St Peter's from further afield.
> At All Saints' Mothers Union and Ladies' Fellowship continued to meet at All Saints's Church.
> St. Andrew's, as a community church with the adjacent Priestman Hall, continued to be a place of regular use with different groups and organisations, as well as bookings for parties and occasional social activities taking place.
## **Mission and Pastoral Care**
Other ongoing aspects of mission in 2024 included > The bi-annual Service of Remembrance and Thanksgiving.
> The ministry that takes place as part of the pastoral offices of the church through weddings, funerals and baptisms, including baptism preparation through initial contact with the Parish Administrator.
> Links with local schools, Redby Academy, Seaburn Dene Primary who have regular visits from the Open the Book team, and Fulwell Junior School. Also, on-going links with uniformed organisations.
> Pastoral work with bereaved, sick and housebound people, and involvement in residential homes by ordained and lay church members and specifically by the Pastoral Team.
> Continuing a commitment to give regularly to a variety of charities based at home and abroad as a percentage of the Parish income as well as one-off events.
## **Looking Forward**
> Developing God's vision for the future with the resources and gifts that we have been given in our mission that is Christ's calling to us all.
> Supporting development of local resources, Christian confidence, gifts and skills and Christian Stewardship
> Enhancing the churches' ministry of welcome and hospitality, especially for visiting groups.
> Continuing to make imaginative use of all our church plant and buildings on mission opportunities at our sites through music, art, history, education, architecture, pastoral care and prayer.
> Maximising the educational and mission opportunities of the St. Peter's site, responding to our corporate vision, and supporting the ministry of hospitality and prayer.
> Further encouragement of Christian discipleship, understanding and communication of Christian faith within our congregations and parish.
> Strengthening links with our neighboring parish of North Wearside
> Continuing commitment to engaging with the Deanery Development Plan and making good use of Diocesan resources. > Practical issues of care of historic buildings, site management, and maintenance will continue to be matters of significance as we seek to be good and imaginative stewards of our buildings, including the Priestman Hall.
> Financial development through teaching about giving, reviewing stewardship in the district churches, fund-raising, sponsorship, marketing our products and monitoring the overall financial activities of the parish and districts and contributions towards the Parish Share.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing document**
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
Page 5
**Parish of Monkwearmouth**
## **Report of the Trustees for the Year Ended 31 December 2024**
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 1130302
## **Principal address**
The Rectory 2A Park Avenue Sunderland SR6 9PU
## **Trustees**
S L Middleton Trustee D Gowland Trustee (appointed 21/4/2024) G Lee Trustee J G Jeffrey Trustee R M Francis Trustee J Gregory Trustee A Young Trustee M Drummond Trustee C M Chadwick Trustee A M Watson Trustee A M Kemp Trustee R G E Bradshaw R Marsden Trustee D Hall Trustee J Pratt Trustee J F Pattinson Trustee E H Nicholson Trustee M Tully Trustee D Henderson Trustee P G A Smithson Trustee S Cameron Trustee L Hughes Trustee E Wilson Trustee V A Hughes Trustee D C Barnes Trustee (appointed 21/4/2024)
## **Independent Examiner**
TTR Barnes Limited Chartered Accountants 3-5 Grange Terrace Stockton Road Sunderland Tyne & Wear SR2 7DG
Approved by order of the board of trustees on 12 May 2025 and signed on its behalf by:
A M Watson - Trustee
Page 6
## **Independent Examiner's Report to the Trustees of Parish of Monkwearmouth**
## **Independent examiner's report to the trustees of Parish of Monkwearmouth**
I report to the charity trustees on my examination of the accounts of Parish of Monkwearmouth (the Trust) for the year ended 31 December 2024.
## **Responsibilities and basis of report**
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
David Cook FCCA
TTR Barnes Limited Chartered Accountants 3-5 Grange Terrace Stockton Road Sunderland Tyne & Wear SR2 7DG
13 May 2025
Page 7
## **Parish of Monkwearmouth**
## **Statement of Financial Activities for the Year Ended 31 December 2024**
|Unrestricted
fund
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
82,236
**Charitable activities**
Church Activities
32,978
Investment income
2
6,791
**Total**
122,005
**EXPENDITURE ON**
**Charitable activities**
Church Activities
136,385
Net gains on investments
85,369
**NET INCOME/(EXPENDITURE)**
70,989
**Transfers between funds**
9
(2,106)
**Net movement in funds**
68,883
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
As previously reported
134,238
Prior year adjustment
5
53,271
**As restated**
187,509
**TOTAL FUNDS CARRIED FORWARD**
256,392|Restricted
fund
£
611
5,030
246
5,887
69,388
-
(63,501)
2,106
(61,395)
105,427
-
105,427
44,032|2024
Total
funds
as
£
82,847
38,008
7,037
127,892
205,773
85,369
7,488
-
7,488
239,665
53,271
292,936
300,424|2023
Total
funds
restated
£
108,913
42,297
7,545
158,755
134,079
-
24,676
-
24,676
268,260
-
268,260
292,936|
|---|---|---|---|
The notes form part of these financial statements
Page 8
## **Parish of Monkwearmouth**
## **Statement of Financial Position 31 December 2024**
|Unrestricted
fund
Notes
£
**FIXED ASSETS**
Investment property
6
180,000
**CURRENT ASSETS**
Debtors
7
7,263
Cash at bank
72,884
80,147
**CREDITORS**
Amounts falling due within one year
8
(3,755)
**NET CURRENT ASSETS**
76,392
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
256,392
**NET ASSETS**
256,392
**FUNDS**
9
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|Restricted
fund
£
-
-
44,032
44,032
-
44,032
44,032
44,032|2024
Total
funds
as
£
180,000
7,263
116,916
124,179
(3,755)
120,424
300,424
300,424
256,392
44,032
300,424|2023
Total
funds
restated
£
94,631
10,253
192,701
202,954
(4,649)
198,305
292,936
292,936
187,509
105,427
292,936|
|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on 12 May 2025 and were signed on its behalf by:
A M Watson - Trustee
The notes form part of these financial statements
Page 9
## **Parish of Monkwearmouth**
## **Statement of Cash Flows for the Year Ended 31 December 2024**
|Notes
**Cash flows from operating activities**
Cash generated from operations
1
Net cash used in operating activities
**Cash flows from investing activities**
Interest received
Net cash provided by investing activities
**Change in cash and cash equivalents in**
**the reporting period**
**Cash and cash equivalents at the**
**beginning of the reporting period**
**Cash and cash equivalents at the end of**
**the reporting period**|2024
a
£
(76,457)
(76,457)
672
672
(75,785)
192,701
116,916|2023
s restated
£
(33,922)
(33,922)
1,113
1,113
(32,809)
225,510
192,701|
|---|---|---|
The notes form part of these financial statements
Page 10
**Parish of Monkwearmouth**
## **Notes to the Statement of Cash Flows for the Year Ended 31 December 2024**
|**1.**|**RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM**|**OPERATING ACTIVITIES**|**OPERATING ACTIVITIES**|
|---|---|---|---|
|||2024|2023|
||||as restated|
|||£|£|
||**Net income for the reporting period (as per the Statement of Financial**|||
||**Activities)**|7,488|24,676|
||**Adjustments for:**|||
||Depreciation charges|-|(50,701)|
||Losses on investments|(85,369)|-|
||Interest received|(672)|(1,113)|
||Decrease/(increase) in debtors|2,990|(7,147)|
||(Decrease)/increase in creditors|(894)|363|
||**Net cash used in operations**|(76,457)|(33,922)|
## **2. ANALYSIS OF CHANGES IN NET FUNDS**
|**Net cash**|At 1/1/24
£|Cash flow
At 31/12/24
£
£|
|---|---|---|
|Cash at bank|192,701|(75,785)
116,916|
||192,701|(75,785)
116,916|
|**Total**|192,701|(75,785)
116,916|
The notes form part of these financial statements
Page 11
**Parish of Monkwearmouth**
## **Notes to the Financial Statements for the Year Ended 31 December 2024**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.
## **Income**
## Voluntary income and capital resources
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income can be measured reliably.
Collections and subscriptions are recognised when received by or on behalf of the PCC.
Planned giving receivable under covenant is recognised only when received.
Income tax recoverable on covenants or gift aid donations is recognised when the income is due.
Grants and legacies to the PCC are accounted for as soon as the PCC is notified of its legal entitlement and the amount due.
Funds raised by the fete, garden party and similar events are accounted for gross.
Sales of books and magazines from the church bookstall are accounted for gross.
Rental income from the letting of church premises is recognised when the rental is due.
## Income from investments
Dividends and interest are accounted for when receivable. Tax recoverable on such income is recognised in the same accounting year.
Rental income from the letting of investment property is recognised when the rental is due.
## Gains and Losses on Investments
Realised gains or losses are recognised when investments are sold. Unrealised gains or losses are accounted for on revaluation of investments at 31 December.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to the expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accrual’s basis.
## Activities directly relating to the work of the Church
The diocesan quota or parish share is accounted for when payable. Any quota unpaid at 31st December is provided for in these accounts as an operational (though not a legal) liability and is shown as a creditor in the Balance Sheet but only to the extent that the PCC has the ability to discharge the liability
## **Tangible fixed assets**
Consecrated land beneficed property is excluded from the accounts by S.96(2)(a) of the Charities Act 2011. No value is placed on moveable church furnishings held by the churchwardens on special trust for the PCC and which require a faculty for disposal since the PCC considers this to be inalienable property. All expenditure incurred during the year on consecrated or benefice buildings and movable church furnishings, whether maintenance or improvement, is written off as expenditure in the SOFA and separately disclosed.
continued...
Page 12
**Parish of Monkwearmouth**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024**
## **1. ACCOUNTING POLICIES - continued**
## **Investment property**
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
General funds represent funds of the PCC that are not subject to any restrictions regarding their use and are available for application on the general purposes of the PCC. Funds designated for a particular purpose by the PCC are also unrestricted.
The accounts include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include the accounts of Church groups that owe their main affiliation to another body nor those that are informal gatherings of Church members.
## **Going concern**
At the time of approving the financial statements. the incumbent have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the incumbent continue to adopt the going concern basis of accounting in preparing the financial statements.
## **2. INVESTMENT INCOME**
||2024|2023|
|---|---|---|
|||as restated|
||£|£|
|Rents received|6,365|6,432|
|Deposit account interest|672|1,113|
||7,037|7,545|
## **3. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 December 2024 nor for the year ended 31 December 2023.
## **4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|Unrestricted
fund
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
106,189
**Charitable activities**
Church Activities
40,363
Investment income
6,701
**Total**
153,253|Restricted
fund
as
£
2,724
1,934
844
5,502|Total
funds
restated
£
108,913
42,297
7,545
158,755|
|---|---|---|
## **EXPENDITURE ON**
continued...
Page 13
**Parish of Monkwearmouth**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024**
## **4. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**
|Unrestricted
fund
£
**Charitable activities**
Church Activities
108,442
**NET INCOME/(EXPENDITURE)**
44,811
**Transfers between funds**
(22,350)
**Net movement in funds**
22,461
**RECONCILIATION OF FUNDS**
Total funds brought forward
165,048
**TOTAL FUNDS CARRIED FORWARD**
187,509|Restricted
fund
as
£
25,637
(20,135)
22,350
2,215
103,212
105,427|Total
funds
restated
£
134,079
24,676
-
24,676
268,260
292,936|
|---|---|---|
## **5. PRIOR YEAR ADJUSTMENT**
The financial statements have been restated for the financial year 2023 due to the incorrect classification of Investment Property as Freehold Property. This resulted in a material error arising of £53,271 increasing profits due to depreciation charged on the property.
These adjustments have resulted in a total prior year adjustment of £53,271 in the 2024 financial year.
## **6. INVESTMENT PROPERTY**
|**FAIR VALUE**
At 1 January 2024
Revaluation
At 31 December 2024
**NET BOOK VALUE**
At 31 December 2024
At 31 December 2023|£
94,631
85,369
180,000
180,000
94,631|
|---|---|
Investment property has been revalued by the Trustees in the absence of a qualified professional.
continued...
Page 14
**Parish of Monkwearmouth**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024**
## **7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Other debtors
Prepayments
**8.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other creditors
**9.**
**MOVEMENT IN FUNDS**
Prior
Net
year
movement
At 1/1/24
adjustment
in funds
£
£
£
**Unrestricted funds**
General fund
134,238
53,271
70,989
**Restricted funds**
Restricted Fund
105,427
-
(63,501)
**TOTAL FUNDS**
239,665
53,271
7,488
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
122,005
(136,385)
**Restricted funds**
Restricted Fund
5,887
(69,388)
**TOTAL FUNDS**
127,892
(205,773)|2024
2023
as restated
£
£
7,263
9,764
-
489
7,263
10,253
2024
2023
as restated
£
£
3,755
4,649
Transfers
between
At
funds
31/12/24
£
£
(2,106)
256,392
2,106
44,032
-
300,424
Gains and
Movement
losses
in funds
£
£
85,369
70,989
-
(63,501)
85,369
7,488|
|---|---|
continued...
Page 15
**Parish of Monkwearmouth**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024**
## **9. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|Net
movement
At 1/1/23
in funds
£
£
**Unrestricted funds**
General fund
165,048
44,811
**Restricted funds**
Restricted Fund
103,212
(20,135)
**TOTAL FUNDS**
268,260
24,676
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
153,253
**Restricted funds**
Restricted Fund
5,502
**TOTAL FUNDS**
158,755
A current year 12 months and prior year 12 months combined position is as follows:
Prior
Net
year
movement
At 1/1/23
adjustment
in funds
£
£
£
**Unrestricted funds**
General fund
165,048
53,271
115,800
**Restricted funds**
Restricted Fund
103,212
-
(83,636)
**TOTAL FUNDS**
268,260
53,271
32,164|Transfers
between
At
funds
31/12/23
£
£
(22,350)
187,509
22,350
105,427
-
292,936
Resources
Movement
expended
in funds
£
£
(108,442)
44,811
(25,637)
(20,135)
(134,079)
24,676
Transfers
between
At
funds
31/12/24
£
£
(24,456)
309,663
24,456
44,032
-
353,695|
|---|---|
continued...
Page 16
**Parish of Monkwearmouth**
## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024**
## **9. MOVEMENT IN FUNDS - continued**
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**Restricted funds**
Restricted Fund
**TOTAL FUNDS**|Incoming
resources
£
275,258
11,389
286,647|Resources
expended
£
(244,827)
(95,025)
(339,852)|Gains and
Movement
losses
in funds
£
£
85,369
115,800
-
(83,636)
85,369
32,164|
|---|---|---|---|
## **10. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 December 2024.
Page 17
**Parish of Monkwearmouth**
## **Detailed Statement of Financial Activities for the Year Ended 31 December 2024**
|**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations, appeals & legacies
Collections (open plate) at all services
Gift aid
Gift days
Sundry income
Fêtes, Bazaars & other fundraising events
Uncovenanted
**Investment income**
Rents received
Deposit account interest
**Charitable activities**
Grants
Magazines
Fees and commissions
Church Hall lettings
Other income
**Total incoming resources**
**EXPENDITURE**
**Charitable activities**
Wages and salaries
Church property running costs
Fees
Church hall running costs
Letting of Lonsdale Road
Other costs
Diocesan Quota
Clergy & alter expenses
Architect costs
Church maintenance
Charitable giving
Freehold property
Fixtures and fittings|2024
a
£
34,726
11,145
22,994
1,180
4,399
1,520
6,883
82,847
6,365
672
7,037
5,000
913
19,385
12,710
-
38,008
127,892
15,028
20,638
6,672
29,451
562
10,967
25,150
4,707
888
74,589
3,948
-
-
192,600|2023
s restated
£
65,123
8,488
13,782
1,002
5,526
7,773
7,219
108,913
6,432
1,113
7,545
-
1,058
16,820
18,754
5,665
42,297
158,755
13,496
14,681
10,907
42,375
565
17,874
24,000
5,950
1,121
37,078
4,443
(50,905)
204
121,789|
|---|---|---|
This page does not form part of the statutory financial statements
Page 18
## **Parish of Monkwearmouth**
|**Detailed Statement of Financial Activities**
**for the Year Ended 31 December 2024**
**Support costs**
**Finance**
Bank charges
**Governance costs**
Parish admin and expenses
Postage and stationery
Accountancy and legal fees
Total resources expended
**Net (expenditure)/income**|2024
a
£
331
8,976
1,566
2,300
12,842
205,773
(77,881)|2023
s restated
£
398
7,950
1,037
2,905
11,892
134,079
24,676|
|---|---|---|
This page does not form part of the statutory financial statements
Page 19