## **THREE UNITED PARISHES OF ST MAGNUS THE MARTYR** # **WITH ST MARGARET AND ST MICHAEL** ## **REGISTERED CHARITY NO. 1130590** ## **FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31ST DECEMBER 2023** ## **THREE UNITED PARISHES OF ST MAGNUS THE MARTYR** ## **WITH ST MARGARET AND ST MICHAEL FINANCIAL STATEMENTS YEAR ENDED 31ST DECEMBER 2023** |**Contents**|**Page**| |---|---| |Members of the Parochial Church Council|1| |Professional Advisors|2| |Annual Report|3 - 7| |Independent Examiner’s Report|8| |Statement of Financial Activities|9| |Balance Sheet|10| |Notes to the Financial Statements|11 - 20| Page 1 ## **THREE UNITED PARISHES OF ST MAGNUS THE MARTYR** ## **WITH ST MARGARET AND ST MICHAEL** **Registered Charity Name:** The Parochial Church Council of the Ecclesiastical Parish of St Magnus the Martyr with St Margaret New Fish Street and St Michael Crooked Lane, London **Registered Charity Number:** 1130590 **Church location:** Lower Thames Street London EC3R 6DN **Members of the Parochial Church Council:** The Reverend P Warner SSC – Cardinal Rector (Chairman) Miss A George (Vice Chair, Safeguarding Officer until 23 Mar 2023 & DS Rep) – stood down 7 May 2023 Mr A Rayner (Vice Chair from 7 May 2023, DS Representative) Ms A Mathews (Churchwarden from 7 May 2023, Secretary & Electoral Roll Officer) Mr D Pearson (Churchwarden & Treasurer) Mr A Colam (Churchwarden) Mr J Groves (Churchwarden until 7 May 2023, thereafter PCC member) Mr E Hagger (Churchwarden) Mr Matthew King (Churchwarden) Mr D Love (Churchwarden) Mr R Austen Mr N Bird Mr M Cooper Ms S Gray (Green Energy Champion) – stood down 13 June 2023 Mr C S Harris-Fryers Dr F Keating (DS = Deanery Synod) Verger: Mr Nick Sargent Parish Clerks: Mr Michael Cooper (St Magnus the Martyr) Dr Frank Keating (St Margaret New Fish Street) Dr Colin Podmore (St Michael Crooked Lane) Safeguarding Officer: Ms Madeleine Smith (from 27 Mar 2023) Page 2 ## **THREE UNITED PARISHES OF ST MAGNUS THE MARTYR** ## **WITH ST MARGARET AND ST MICHAEL** **Professional Advisors Independent Examiner:** Knox Cropper LLP Chartered Accountants 65 Leadenhall Street London EC3A 2AD **Bankers:** HSBC Plc 1-3 Bishopsgate London EC2N 3AQ Virgin Money plc Jubilee House Gosforth Newcastle upon Tyne NE3 4PL **Investment Managers:** CCLA Investment Management Limited Senator House, 85 Queen Victoria St, London EC4V 4ET M&G Securities Limited Laurence Pountney Hill London EC4R 0HH **Architects:** Shenstone & Partners 16B Prince Arthur Rd Hampstead London NW3 6AY Page 3 ## **THREE UNITED PARISHES OF ST MAGNUS THE MARTYR** ## **WITH ST MARGARET AND ST MICHAEL** ## **Annual Report** The Parochial Church Council (“PCC”) is pleased to present its report and the financial statements of the Three United Parishes of St Magnus the Martyr with St Margaret and St Michael (“the church”) for the year ended 31st December 2023. 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). ## **REFERENCE AND ADMINISTRATIVE DETAILS** Reference and administrative details are shown with the schedule of members of the PCC and professional advisors on pages 1 and 2 of the financial statements. ## **THE CONSTITUTION OF THE PCC** The parishes of St Margaret New Fish Street and St Michael Crooked Lane were united with that of St Magnus the Martyr in 1670 and 1831 respectively. The parish is part of the City Deanery of the Diocese of London. The PCC is a body corporate (Section 3 of The Parochial Church Council (Powers) Measures 1956 (as amended)). It has a responsibility to co-operate with the Cardinal Rector, the Reverend Philip Warner, “… in promoting in the parish the whole mission of the Church, pastoral, evangelistic, social and ecumenical.” In accordance with changes introduced by the Charities Act 2006, the PCC has been registered with the Charity Commission since 17 July 2009. ## **THE PCC AND THE STANDING COMMITTEE** The method of appointment of PCC members is set out in the Church Representation Rules. The PCC also acts as the Standing Committee. PCC members are responsible for making decisions on all matters of general concern and importance to the parish including deciding on how the funds of the PCC are to be spent. The Trustees confirm that they have considered the general guidance issued by the Charity Commission in connection with public benefit in setting the objectives of the charity. ## **OBJECTIVES AND ACTIVITIES** The primary objectives of the church are to offer daily prayers to God and to worship Him in the beauty of his holiness. Through worship and prayer, we seek to know God better and to be conformed to his purposes for our lives. In partnership with others we wish to make His love known within our city and nation, and throughout the world. People who work in the City of London, or who come from further afield, can set aside their daily concerns and spend a time of peace and prayer, asking for and receiving God’s peace in their hearts. The PCC provides public benefit by: providing worship, music and a space for personal prayer; offering pastoral care, including for the sick and bereaved; maintaining the fabric of the Grade I listed church in good condition; keeping the church open for much of the week for the enjoyment of a wide range of visitors and promoting the whole mission of the Church When planning our activities for the year the Rector, Reverend Philip Warner, and the PCC has considered the Charity Commission’s guidance on public benefit and the specific guidance on charities for the advancement of religion. In particular, we try to enable ordinary people to live out their faith through: - Worship and prayer; learning about the Gospel; and developing their knowledge and trust in Jesus; - Provision of pastoral care for city workers and other visitors; - Missionary and outreach work; - Concerts, meetings and other events (such as the annual blessing of the Thames). To facilitate this work, it is important that we maintain the fabric of our Grade I listed building (designed by Sir Christopher Wren) which welcomes visitors from around the world. Page 4 ## **THREE UNITED PARISHES OF ST MAGNUS THE MARTYR** ## **WITH ST MARGARET AND ST MICHAEL** ## **ACHIEVEMENTS AND PERFORMANCE** ## _Worship and Prayer_ The PCC is keen to offer a range of services during the week and over the course of the year that our community find both beneficial and spiritually fulfilling. All are welcome to attend our regular services. Parish Mass is celebrated every Sunday at 11am and Low Mass celebrated each Tuesday, Wednesday, Thursday and Friday at 12:30pm. The church is usually open for visiting and for private prayer Tuesday to Friday 10am to 4pm. The Sunday congregation averages around 50, with this number greatly increased during special services and events. The church continues to live-stream Sunday Mass most weeks. The PCC has passed a resolution requesting the Bishop of London to provide alternative episcopal oversight of the parish by the Bishop of Fulham, under the guidelines of the House of Bishops for parishes unable to receive for theological reasons the sacramental ministry of women. The PCC is also affiliated with The Society, an ecclesial body which promotes and maintains catholic teaching and practice within the Church of England and guarantees a ministry in the historic apostolic succession. St Magnus has a strong and lively musical tradition with skilled and enthusiastic organist, Mr John Eady, and choir, the latter under the direction of Mr Edward Walters, who took over from Mr Will Davies in September 2023. Every Sunday a quartet (often augmented) enrich the parish worship by singing the propers of the day, a mass setting and a motet, frequently from less known and unjustly neglected composers. The annual Blessing of the Thames was held in January 2023. The Fraternity of Our Lady de Salve Regina has met regularly at the church during the year. Mr Craig HarrisFryers is The Warden. The Annual Festival was kept on 23 September 2023. The Fraternity and the PCC sponsor lamps in the Holy House of the Shrine of Our Lady of Walsingham. ## _Deanery Synod_ Ann George (former Vice Chairman of the PCC), sat on the City Deanery Synod until 7 May 2023, and Alex Rayner (who took over as Vice Chairman of the PCC on 7 May 2023), sat on the City Deanery Synod throughout the whole of 2023. Having this representation provides the PCC with an important link between the parish and the Diocese and wider Church. Alex Rayner was also a member of the Standing Committee of the Deanery Synod until July 2023. ## _Rectory_ The Diocese has provided a house for the Rector at 123 Calabria Road, London N5, the parish's former rectory at 39 King William Street, London, EC4 having been sold on 30 May 1921 for £8,000. ## _St Magnus the Martyr and its place in the City_ The church is built where all people crossing the old London Bridge used to enter the City, and standing on the cross roads, it has seen many important events in its 1,000-year history. The object for which the church was originally built has not changed; now as then, prayers are offered daily to God, and He is worshipped in the beauty of holiness. Now as then, people who work in the City, or who come from further afield set aside their daily concerns and spend a time of peace and prayer, asking for and receiving God's peace in their hearts. We welcome visitors from around the world, who come to marvel at the beautiful interior and to see our worldfamous 4-metre-long model of the old Bridge, old fire engine or listen to our celebrated ring of bells. Page 5 ## **THREE UNITED PARISHES OF ST MAGNUS THE MARTYR** ## **WITH ST MARGARET AND ST MICHAEL** ## **ACHIEVEMENTS AND PERFORMANCE (continued)** ## _Livery Companies and Ward Club_ St Magnus the Martyr is proud to be the Livery Church of The Worshipful Company of Fishmongers and The Worshipful Company of Plumbers, and to host their respective services. It is also the church for the Ward of Bridge and Bridge Without and welcomed the Bridge Ward Club for its annual carol service. ## _Twinning Arrangement_ St Magnus the Martyr is linked in prayer with our sister parish, the Church of the Resurrection, New York. ## _Roof Fund & Works_ St Magnus the Martyr was successful in obtaining a grant of £60,000 in March 2021 from the City Churches Grants Committee via Trust For London towards urgently needed roof repairs. This, together with individual donations and further monies raised at a hugely successful concert featuring Jools Holland hosted jointly by the Worshipful Company of Fishmongers and Worshipful Company of Plumbers in October 2021, enabled the parish to create a Roof Fund, with planning work undertaken in 2021 and the actual repairs to the nave roof in 2022. Further works were required to complete repairs to the north and south aisles, which was mostly completed by the end of 2023, with further funding of £65,165 obtained from the City Churches Grants Committee via Trust For London, along with £10,000 from Aslackby Trust, £10,000 from Garfield Weston Foundation and £3,250 from Benefact. We are grateful to all funders and donors who have enabled us to complete these works and secure the physical integrity of the building. ## _Internal Redecoration_ Having successfully raised funds and carried out urgent works to the roof, the PCC then turned its attention to the interior of the church, which has suffered from the effects of water ingress and general deterioration over the years. It has been decades since significant work has been carried out on the church’s interior, and the PCC has developed plans to create a redecoration and beautification fund to address these needs, which it will launch in earnest in 2024, with a project to raise money from funders, donors and other sources. ## _Quinquennial inspection_ Michael Poteliakhoff RIBA, the inspecting architect, completed the latest quinquennial inspection and issued his report in March 2023. ## _2030 Net Zero Target_ In 2020, to further our part in the Church of England’s target for net zero carbon by 2030, the Parish appointed a Green Energy Champion. Our supply comes from 100% renewable energy, we use energy efficient lighting wherever possible and we are undertaking a range of other measures to minimise our use of carbon. ## _Sustainable Communities, Diversity & Inclusion_ Like many City churches, almost no one actually lives in the parish, so we cannot as easily engage in person with the local community. However, we make the most of our location, history and living worship to be a mission to everyone who is part of our community, whether as City workers, domestic or overseas visitors, passers-by or those who make use of our buildings and grounds. As part of Wren 300 we undertook a number of activities to engage further with the community, including with school children, hundreds of whom visited the church during 2023 to learn about its history and place in the community, and we also continue to maximise our impact by engaging with the community online, through our website, virtual tour and live streaming of services and other events, all of which support our Living History Programme. In 2020 we appointed a Diversity & Inclusion Champion, and we are pleased to have parishioners from diverse backgrounds serving in leadership roles, on the PCC, on the serving team, as volunteers and in other capacities. All are welcome at St Magnus. Page 6 ## **THREE UNITED PARISHES OF ST MAGNUS THE MARTYR** ## **WITH ST MARGARET AND ST MICHAEL** ## **VOLUNTEERS & SUPPORTERS** We would like to thank all the volunteers who work so hard to make our church the lively and vibrant community it is. Thanks are given to the members of the PCC for their valuable contribution to our ministry and for keeping the church running. We also wish to thank the many generous donors, benefactors, funders and others who support us financially. Your kind and thoughtful contributions help us keep our parish and community alive as a “beacon of light” in the heart of the City. ## **FINANCIAL REVIEW** Net expenditure in 2023 amounted to £56,973, compared to £(97,463) in 2022. The surplus for the year included an unrealised gain on investments of £14,966 (2022: Loss of £21,825). Excluding unrealised movements on investments the surplus increased from £(75,638) in 2022 to £42,007 in 2023. Total income amounted to £306,654 compared to £195,615 for 2022. The St Michael’s Trust grant of £11,000 was fully utilised in the year and this is separately disclosed in these accounts. Expenditure amounted to £264,647 compared to £271,253 for 2022. Of this expenditure, £91,082 relates to works carried out in relation to roof repairs. The amount payable in the year for Diocesan parish share increased from £72,420 in 2022 to £75,000 in 2023. Investments showed an increase in value during the year from £212,263 to £233,959, in line with market conditions, and cash at bank increased from £35,350 to £53,373. The PCC continues to assess the need to keep funds on hand for major repairs. Total funds increased from £250,261 at 31st December 2022 to £307,234 at 31st December 2023. ## **RESERVES POLICY** It is PCC policy to build a level of unrestricted funds commensurate with medium term needs for repair and maintenance of the fabric of St Magnus the Martyr. The PCC continues to work with the architect to determine an appropriate time horizon for works assessment and prudent level of funding to preserve our Grade I listed building for the next generation. It is also PCC policy to maintain an additional amount of unrestricted funds (as far as possible) equating to at least four months’ unrestricted payments. Reserves at the year end amounted to £307,234, of which £21,566 were restricted. Page 7 THRF.E UNITED PARISHES OF ST MAGNUS THE MARTYR WITH ST MARGARET AND ST MICIL4EL RESPONSIBILITIES OF THE TRUSTELS Thc tTUStees are responsible for preparing the annual repori and f￿anCIal statements in accordance with applicablc Charity law and regulations. Under thal law, the Intstees have ¢le¢t¢d to preparc thc financial slal¢ments In accoidan¢¢ with United Kingdom Generally Accepted Accounting Ptacli¢e (United Kingdom Accouniing Standards and applicable law). The financial stat¢ments are required by law io give a tn]e and fair view of the stale of affairs of the charity and of the surplus or deficit of the charity for that period. In preparing these financial statements, th¢ truylees are required 10- Select suitable ac¢ounting policic8 and then apply them consistently. Make judg¢menis and eslimates that are reasonable and prudcnt; Prepare the financial statemcnts on thc going concern basis unless it iy inappropriatc to presume that the charity wlll continu¢ on operation. The trustees are responsible for keeping piop¢r acLoiinting r¢cords which disclose with reasonable aceurncy at any time the financial position of the charity and whi¢h enable them to ensurc thai thc financial statem¢nts omply with the Charities Act 2011. The tnL%tees are also responsible for safeguarding th¢ assets of thc charity and henLe for taking reasonable steps for the prevention and detection of fraud and otheT irregularities. ACCOUNTANYS A rcsolution lo re-appoint Knox Cropper LLP as indq)endcnt examiners for the ¢nsuiThg year ￿711 be pioposcd at the Annual Parochial Lhurch Meeting. Approved by the PCC on 5th May 2024 and sigLied on th¢ir behalf. Revd Philip W8n)¢r Cardinal Rector ll¥DFPENDFNT EXAMtNFR'S REPORT TO THE TRUSTEES OF THE THREE UNITED PARISHES OF ST MAGTrIiIS THE MARTTr]i WITH ST ￿￿RGARET AND ST MICHAEL IDdepeThdent examlner's report to the trustees of The Tbree L.nited Parishes of St Magnu$ tbe Martyr Hqth St Margarel and St Michoel I r¢port to the trustees on mv examination of thc accounts of The Three United Parish¢s of Si Magnus the Martyr with St Margaret and St Mi¢hael (the Trust) for the y¢ar ¢nded 31st December 2023. This report is made to the Tr￿le¢%, as a body, in accordance with thc tcrtns of my engagement. My work has be¢D undertaken so thai L might carry out an Indcpendent F.xamination of the financial statemenls in accordance with the General Diiections given by the Charity Cowmissioners. To the fullest extent pennittcd by law, I do not accept or assume responsibility to anyone uiher than the Charity and the Chatity's Trustees as a body for my work or for this report. Responsibilities and b#si5 01 report As the ¢harity tn￿lee8 of the Trust you are responsible for the preparation of the accounts in accordan¢¢ with th¢ requirements of the Chariiies Act 2011 ('the Act,). I report in respecl of ￿Y examination of the Trusl's a¢counts carried out Ulldcr section 145 of tbe 2011 Act and in canying out my examination I have followed all applicable DirectlODS giv¢n by th¢ Chan'ty Cammi5sion undcr section 145(5)(b) of the Act. Independent examiner's StatemeDt I hav¢ completed my examination. I confllm thkt no material mauers have come to my at1ention in conn¢ction with the examination giving me cause to believc th&t in any material respect.. accounting records were not kept in respect of the Trust as r¢quir¢d by section 130 of the Act- or the accounts do not accord with those records; or the accounts do not comply with thc appli¢able requirements concerning ibe forn] and ¢ontent or ac¢ounts set out in the Charitics (Accounis aDd Reports) Regulations 2008 other than any rcquir¢m¢nt that the accounts give a trne and fair view which is not a matter cO￿lder¢d as part of an indepeTbdent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn An this report in ordcr lo enable a proper understanding of the accounts to b¢ r¢a¢h¢d. 65 Leadenhall Street London EC3A 2AD Jamcs Jl(Illand-Leader FCA Knox Croppcr LLP charter￿ Ac¢ountat]is .2024 **THREE UNITED PARISHES OF ST MAGNUS THE MARTYR** ## **WITH ST MARGARET AND ST MICHAEL** ## **STATEMENT OF FINANCIAL ACTIVITIES** ## **FOR THE YEAR ENDED 31ST DECEMBER 2023** ||||**2023**|||**2022**|| |---|---|---|---|---|---|---|---| |||**Unrestricted**|**Restricted**||**Unrestricted**|**Restricted**|| |||**Funds**|**Funds**|**Total**|**Funds**|**Funds**|**Total**| ||**Notes**|**£**|**£**|**£**|**£**|**£**|**£**| |**INCOME FROM**|||||||| |Donations, Legacies and Collections|3|104,172|105,280|209,452|103,527|69,471|172,998| |Other Trading Income|4|69,717|-|69,717|16,681|-|16,681| |Investments|5|6,746|-|6,746|5,936|-|5,936| |Other Income|6|20,739|-|20,739|-|-|-| |||_______|_______|_______|_______|_______|_______| |**TOTAL INCOME**||201,374|105,280|306,654|126,144|69,471|195,615| |||_______|_______|_______|_______|_______|_______| |**EXPENDITURE ON**|||||||| |Raising Funds|7|1,158|-|1,158|-|-|-| |Charitable Activities|8|155,114|108,375|263,489|146,682|124,571|271,253| |||_______|_______|_______|_______|_______|_______| |**TOTAL EXPENDITURE**||156,272|108,375|264,647|146,682|124,571|271,253| |||_______|_______|_______|_______|_______|_______| |Net Gains on Investment Assets|10|14,966|-|14,966|(21,825)|-|(21,825)| |||_______|_______|_______|_______|_______|_______| |**NET INCOME/(EXPENDITURE) AND**|||||||| |**NET MOVEMENT IN FUNDS**||60,068|(3,095)|56,973|(42,363)|(55,100)|(97,463)| |**TOTAL FUNDS BROUGHT**|||||||| |**FORWARD AT 1ST JANUARY 2022**||225,600|24,661|250,261|267,963|79,761|347,724| |||_______|_______|_______|_______|_______|_______| |**TOTAL FUNDS CARRIED**|||||||| |**FORWARD AT 31ST DECEMBER 2023**||£285,668
_______|£21,566
_______|£307,234
_______|£225,600
_______|£24,661
_______|£250,261
_______| All the activities reported above represent continuing operations. THREE UNITED PAIUSHES OF ST MAGNUS I'HE.MARTYR WITH ST MARGARET AM) ST MICHAEL BALANCE SHF.LT AS AT 3J ST DECEMBER 2023 2023 2022 Notes FIXED ASSETS Inv¢stment io 233,959 212263 CURRENT ASSETS Debtors and Pr¢payments Grdnts Receivable Casli ai Bank and in Hand li 12 24,840 12.824 6,000 35,350 53,373 78,213 54,174 CREDITORS: Amounts falling due within one year 13 4.938 16,176 ET CURRENT ASSETS 73,275 37,998 NET ASSETS 307.234 £250,261 LTNBISTRICTED FUNDS 14 285,668 225,600 RESTRICTED FUiYDS 15 21,566 24,661 TOTAL FU￿,Ds 307,234 £250.261 Approved by th¢ Parochial Church Council on 5th May 2024 and signed on their behalf. Rcv¢r¢nd Philip Warner Cardinal Rector Mr l)avid Pear50n Treasurer Page 11 ## **THREE UNITED PARISHES OF ST MAGNUS THE MARTYR** ## **WITH ST MARGARET AND ST MICHAEL** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31ST DECEMBER 2023** ## **1. ACCOUNTING POLICIES** ## **a) Status of the PCC** The Three United Parishes of St Magnus the Martyr with St Margaret and St Michael is a registered Charity, No. 1130590. A description of the nature of the PCC’s activities is disclosed in the Report of the Trustees. The PCC’s registered office is stated on page 1. The presentation currency of the financial statements is the Pound Sterling (£). ## **b) Basis of Preparation and Assessment of going concern** The financial statements have been prepared under the Charities Act 2011 and in accordance with the Church Accounting Regulations 2006 governing the individual accounts of PCCs, and with the Regulations' 'true and fair view' provisions, together with the Financial Reporting Standard Applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP (FRS 102)). The accounts have been prepared under the historical cost convention with the exception of investments which are included at market value. The Charity constitutes a public benefit entity as defined by FRS 102. The Trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern. ## **c) Funds** General funds represent the funds of the PCC that are not subject to any restrictions regarding their use and are available for application to the general purposes of the PCC. Funds designated for a particular purpose by the PCC are unrestricted. Restricted Funds are funds which are used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for a particular purpose. For details of the restricted funds see note 15 in these financial statements. Page 12 **THREE UNITED PARISHES OF ST MAGNUS THE MARTYR** ## **WITH ST MARGARET AND ST MICHAEL** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31ST DECEMBER 2023** ## **(continued)** ## **1. ACCOUNTING POLICIES (continued)** ## **d) Income** 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 receivable can be measured reliably. _Donations, Legacies and Collections_ Collections are recognised when banked by or on behalf of the PCC. Giving receivable under Gift Aid is recognised only when received. Grants and legacies are accounted for when the PCC is notified of its legal entitlement and the amount due is probable. The small income from sales of books, cards, etc. is included in the church plate collections etc. Sales of choir CDs are accounted for in the Music Fund. _Other ordinary income from church activities_ Parochial fees due to the PCC for weddings, etc. are accounted for on an event by event basis. Rental income from the vestry house flat, basement office and parking is recognised only when received. ## _Income from investments_ Dividend and interest income are accounted for when received as is any income tax recoverable on such income. ## **e) Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that 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 accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. ## **f) Fixed Assets** _Consecrated land and buildings and moveable church furnishings_ Consecrated and beneficed property is excluded from the financial statements by section 10(2) to (4) 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, as the PCC considers this to be an inalienable property. All expenditure incurred during the year on consecrated land and beneficed buildings, whether maintenance or improvement, is charged to the accounts during the year, as is expenditure on moveable church furnishings. Page 13 **THREE UNITED PARISHES OF ST MAGNUS THE MARTYR** **WITH ST MARGARET AND ST MICHAEL** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31ST DECEMBER 2023** **(continued)** ## **1. ACCOUNTING POLICIES (continued)** ## **g) Investments** Investments are a form of basic financial investment and are initially recognised at their transaction value and subsequently measured at fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluations and disposals throughout the year. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. ## **h) Current Assets and Liabilities** Debtors and creditors are recognised where, at the balance sheet date, an entitlement to receive or transfer economic benefit exists and settlement is probable and can be measured reliably. Amounts are measured at the expected settlement amount, discounted for the time value of money if material. Cash at bank and in hand includes cash held on deposit either with the CBF Church of England Funds, or at the bank. ## **2. STATEMENT OF THE RESPONSIBILITIES OF THE MEMBERS OF THE PCC** The Members of the Parochial Church Council are responsible for the preparation of the financial statements. They are also responsible for ensuring that proper books of account are kept in respect of the funds of the Three United Parishes. |||**2023**|| |---|---|---|---| ||**Unrestricted**|**Restricted**|| ||**Funds**|**Funds**|**Total**| |**3.**
**COLLECTIONS**|**£**|**£**|**£**| |Collections Gift Aided|8,624|-|8,624| |Planned giving Gift Aided|28,257|-|28,257| |Contactless and PayPal|11,011|-|11,011| |Income Tax Recoverable|14,658|-|14,658| |Plate collections, boxes and votives|5,448|-|5,448| |Grants|6,240|-|6,240| |St Michael’s Trust Income|-|11,000|11,000| |Music Fund|-|-|-| |Salve – Donations etc.|-|5,865|5,865| |Donations, Appeals|29,934|-|29,934| |Roof Fund|-|88,415|88,415| ||_______|_______|_______| ||£104,172
_______|£105,280
_______|£209,452
_______| Page 14 ## **THREE UNITED PARISHES OF ST MAGNUS THE MARTYR** ## **WITH ST MARGARET AND ST MICHAEL** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31ST DECEMBER 2023** ## **(continued)** |**COLLECTIONS (continued)**
Collections Gift Aided
Planned giving Gift Aided
Contactless and PayPal
Income Tax Recoverable
Plate collections, boxes and votives
Grants
St Michael’s Trust Income
Music Fund
Salve – Donations etc.
Donations, Appeals
Roof Fund
**4.**
**OTHER TRADING INCOME**
Rental Income / Parking Fees
Parish Rate
Church Hire Income & Sundries
**5.**
**INVESTMENTS**
Dividends
Bank Interest
**6.**
**OTHER INCOME**
Other Income
VAT recoverable|**2022**
**Unrestricted**
**Funds**
**£**
**Restricted**
**Funds**
**£**
**Total**
**£**
18,133
27,602
9,193
16,940
-
-
-
-
18,133
27,602
9,193
16,940
14,065
11,996
-
-
-
5,598
-
_______
-
-
18,000
-
3,146
-
48,325
_______
14,065
11,996
18,000
-
3,146
5,598
48,325
_______
£103,527
_______
£69,471
_______
£172,998
_______
**2023**
**2022**
**Unrestricted**
**Funds**
**£**
**Restricted**
**Funds**
**£**
**Total**
**£**
**Unrestricted**
**Funds &**
**Total**
**£**
17,670
2,188
49,859
______
-
-
-
______
17,670
2,188
49,859
______
10,850
-
5,831
______
£69,717
______
£ -
______
£69,717
______
£16,681
______
6,730
16
______
-
-
______
6,730
16
______
5,928
8
______
£6,746
______
£ -
______
£6,746
______
£5,936
______
1,370
-
1,370
-
19,369
-
19,369
-
______
______
______
______
£20,739
______
£ -
______
£20,739
______
£ -
______| |---|---| Page 15 ## **THREE UNITED PARISHES OF ST MAGNUS THE MARTYR** ## **WITH ST MARGARET AND ST MICHAEL** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31ST DECEMBER 2023** ## **(continued)** ||||**2023**||**2022**| |---|---|---|---|---|---| ||||||**Unrestricted**| |||**Unrestricted**|**Restricted**||**Funds &**| |||**Funds**|**Funds**|**Total**|**Total**| |||**£**|**£**|**£**|**£**| |**7.**|**RAISING FUNDS**||||| ||Stewardship costs|-|-|-|
-| ||Advertising & events|58|-|58|
-| ||Parish Rate fees|1,100|-|1,100|
-| |||______|______|______|
______| |||£1,158|£ -|£1,158|
£-| |||______|______|______|______| ||||**2023**||| |||**Unrestricted**|**Restricted**||| |||**Funds**|**Funds**|**Total**|| |||**£**|**£**|**£**|| |**8.**|**CHARITABLE ACTIVITIES**||||| ||Charitable Giving|1,419|
-|1,419|| ||Activities Directly Related to the work of||||| ||the Church (Note 8a)|110,399|
17,293|127,692|| ||Expenditure Related to the Church (Note 8b)|
39,269|
91,082|130,351|| ||Administrative Costs (Note 8c)|4,027|
-|4,027|| |||_______|
_______|_______|| |||£155,114|
£108,375|£263,489|| |||_______|_______|_______|| ||||**2022**||| |||**Unrestricted**|**Restricted**||| |||**Funds**|**Funds**|**Total**|| |||**£**|**£**|**£**|| ||Charitable Giving|251|
-|251|| ||Activities Directly Related to the work of||||| ||the Church (Note 8a)|89,807|
29,604|119,411|| ||Expenditure Related to the Church (Note 8b)|
50,470|
94,967|145,437|| ||Administrative Costs (Note 8c)|6,154|
-|6,154|| |||_______|
_______|_______|| |||£146,682
_______|
£124,571
_______|£271,253
_______|| Page 16 ## **THREE UNITED PARISHES OF ST MAGNUS THE MARTYR** ## **WITH ST MARGARET AND ST MICHAEL** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31ST DECEMBER 2023 (continued)** |
(a) **ACTIVITIES DIRECTLY RELATED TO**
**THE WORK OF THE CHURCH**
Verger
Diocesan Parish Share
Cardinal Rector Travel Expenses
Clergy House
Entertainment and Catering
Organist and Singers
Organ Maintenance
Salve Regina

Verger
Diocesan Parish Share
Cardinal Rector Travel Expenses
Clergy House
Entertainment and Catering
Organist and Singers
Organ Maintenance
Salve Regina|**2023**
**Unrestricted**
**Funds**
**£**
**Restricted**
**Funds**
**£**
**Total**
**£**
15,597
75,000
250
-
2,215
17,337
-
-
_______
-
-
-
-
-
11,000
1,088
5,205
_______
15,597
75,000
250
-
2,215
28,337
1,088
5,205
_______
£110,399
_______
£17,293
_______
£127,692
_______
**2022**
**Unrestricted**
**Funds**
**£**
**Restricted**
**Funds**
**£**
**Total**
**£**
15,597
72,420
220
210
1,360
-
-
-
_______
-
-
-
-
-
23,482
2,513
3,609
_______
15,597
72,420
220
210
1,360
23,482
2,513
3,609
_______
£89,807
_______
£29,604
_______
£119,411
_______| |---|---| Page 17 **THREE UNITED PARISHES OF ST MAGNUS THE MARTYR** ## **WITH ST MARGARET AND ST MICHAEL** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31ST DECEMBER 2023 (continued)** ||||**2023**|||| |---|---|---|---|---|---|---| |||**Unrestricted**|**Restricted**|||| |||**Funds**|**Funds**|**Total**||| |||**£**|**£**|**£**||| |(b)|**EXPENDITURE RELATED TO THE**|||||| ||**CHURCH**|||||| ||Church Running Expenses|24,382|-|24,382||| ||General Repairs and Maintenance|14,887|91,082|105,969||| |||_______|________|_______||| |||£39,269|£91,082|£130,351||| |||_______|_______|_______||| ||||**2022**|||| |||**Unrestricted**|**Restricted**|||| |||**Funds**|**Funds**|**Total**||| |||**£**|**£**|**£**||| ||Church Running Expenses|26,759|-|26,759||| ||General Repairs and Maintenance|23,711|94,967|118,678||| |||_______|________|_______||| |||£50,470|£94,967|£145,437||| |||_______|_______|_______||| ||||**2023**||**2022**|| ||||||**Unrestricted**|| |||**Unrestricted**|**Restricted**||**Funds &**|| |||**Funds**|**Funds**|**Total**|**Total**|| |||**£**|**£**|**£**|**£**|| |(c)|**ADMINISTRATIVE EXPENSES**|||||| ||Telephone, Photocopier, Postage and|||||| ||Stationery|1,384|-|1,384|3,146|| ||Bank Charges|455|-|455||496| ||Professional Fees|484|-|484||966| ||Independent Examiner’s Fee|1,704|-|1,704|1,546|| |||______|______|______|______|| |||£4,027
______|£ -
______|£4,027
______|£6,154
______|| Page 18 **THREE UNITED PARISHES OF ST MAGNUS THE MARTYR** ## **WITH ST MARGARET AND ST MICHAEL** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31ST DECEMBER 2023** ## **(continued)** ## **9. TRUSTEES’ REMUNERATION AND BENEFITS** There were no trustees’ remuneration or other benefits for the year ended 31st December 2023 nor for the year ended 31st December 2022. ## Trustees’ Expenses Four Trustees were reimbursed expenses for the year ended 31st December 2023 amounted to £5,865.34. The nature of monies reimbursed related primarily to Church’s running costs and repairs (2022: £14,445). |||**2023**|**2022**| |---|---|---|---| |**10.**|**INVESTMENTS**|**£**|**£**| ||Balance Brought Forward|212,263|228,160| ||Additions/Accumulated Dividends|6,730|5,928| ||Disposals|-|-| ||Realised/Unrealised (Losses)/Gains for the Year|14,966|(21,825)| |||_______|_______| ||Balance Carried Forward|£233,959|£212,263| |||_______|_______| ||Investments Comprise:||| ||M & G Investments||| ||197.431 (2022: 197.431) Charifund|59,223|57,149| ||Accumulation Units||| ||CBF Church of England Investment Fund||| ||2926.22 (2022: 2926.22) Accumulation Shares|174,736|155,114| |||_______|_______| |||£233,959|£212,263| |||_______|_______| |||**2023**|**2022**| |||**£**|**£**| |**11.**|**DEBTORS AND PREPAYMENTS**||| ||Income tax recoverable|21,801|8,549| ||Sundry Debtors|457|1,173| ||VAT recoverable|2,582|3,102| |||______|______| |||£24,840|£12,824| |||______|______| |**12.**|**GRANTS/DONATIOINS RECEIVABLE**||| ||St Michael’s Trust|£ -
______|£6,000
______| Page 19 ## **THREE UNITED PARISHES OF ST MAGNUS THE MARTYR** ## **WITH ST MARGARET AND ST MICHAEL** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31ST DECEMBER 2023 (continued)** |**13.**
**SUNDRY CREDITORS**
Accruals
Independent – examiner fee|**2023**
**£**
**2022**
**£**
3,234
1,704
______
14,628
1,548
______
£4,938
______
£16,176
______| |---|---| ||||||**Realised/**||| |---|---|---|---|---|---|---|---| |||**Balance at**|||**Unrealised**||**Balance at**| |||**1/1/2023**|**Income**|**Expenditure**|**Losses**||**31/12/2023**| |||**£**|**£**|**£**|**£**||**£**| |**14.**|**UNRESTRICTED**||||||| ||**FUNDS**||||||| ||- General|£225,600|£201,374|£(156,272)
£14,966|||
£285,668| |||__________|__________|__________|
__________||__________| ||||**Balance at**|||**Balance at**|| ||||**1/1/2023**|**Income**
**Expenditure**||**31/12/2023**|| |**15.**|**RESTRICTED FUNDS**||**£**|**£**|**£**||**£**| ||- St Michael’s Trust||-|11,000|(11,000)||-| ||- Music||249|-|-||249| ||- Chair Restoration||613|-|-||613| ||- Organ Fund||4,405|-|(1,088)||3,317| ||- Salve Regina||3,677|5,865|(5,205)||4,337| ||- National Heritage Memorial||||||| ||Fund||670|-|-||670| ||- Roof Fund||15,047|88,415|(91,082)||12,380| ||||_______|_______|_______||_______| ||||£24,661
_______|£105,280
_______|£(108,375)
_______||£21,566
_______| |**16.**
**NET ASSETS BY FUND**
- Fixed Assets
- Current Assets
- Creditors|**2023**
**Unrestricted**
**£**
**Restricted**
**£**
**Total**
**£**
233,959
-
233,959
81,308
(3,095)
78,213
(4,938)
_______
-
_______
(4,938)
_______
£310,329
_______
£(3,095)
_______
£307,234
_______| |---|---| Page 20 ## **THREE UNITED PARISHES OF ST MAGNUS THE MARTYR** ## **WITH ST MARGARET AND ST MICHAEL** ## **NOTES TO THE FINANCIAL STATEMENTS** ## **FOR THE YEAR ENDED 31ST DECEMBER 2023 (continued)** |**16.**
**NET ASSETS BY FUND**
**continued)**
- Fixed Assets
- Current Assets
- Creditors|**2022**
**Unrestricted**
**£**
**Restricted**
**£**
**Total**
**£**
212,263
-
212,263
18,357
35,817
54,174
(5,020)
_______
(11,156)
_______
(16,176)
_______
£225,600
_______
£24,661
_______
£250,261
_______| |---|---| ## **17. EMPLOYEE INFORMATION** There were no employees who received employee benefits exceeding £60,000 (2022: None). The average weekly number of staff employed during the year was: ||**2023**|**2022**| |---|---|---| ||**No.**|**No.**| |Verger|1|1| ||__|__| ||**£**|**£**| |Staff costs:||| |Wages and salaries|15,325|15,325| |Pensions|272|272| ||______|______| ||£15,577
______|£15,597
______| ## **18. VOLUNTEERS** We would like to thank all the volunteers who work so hard to make our church the lively and vibrant community it is. Thanks are given to the members of the PCC who gave their considerable time and expertise to our ministry and for keeping the church running. In accordance with the SORP, due to the absence of any reliable measurement basis, the contribution of these volunteers is not recognised in the accounts.