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← The Parochial Church Council Of The Ecclesiatical Parish Of Loughton St Mary

2023-12-31-accounts

Registered Charity Number.. 1130673 THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOUGHTON TRUSTEES REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2023 BEEVER AND STRUTHERS CHARTERED ACCOUNTANTS

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOUGHTON Contents Page PCC members and advisors Report of the PCC Stalernenl of the PCC Responsibilities Report of the independent examiners Slalemenl ol Financial Activities Balance Sheet Statement ol Cash Flows Notes lo the Financial Stalemenls 10

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOUGHTON PAROCHIAL CHURCH COUNCIL MEMBERS AND ADVISORS FOR THE YEAR ENDING 31 DECEMBER 2023 Incumbent and Chair of PCC Revd Malcolm Macdonald Curate Revd Mall While Hon Curale Revd Hugh Taylor Churchwardens Michael Smith Sylvia Williams (resigned January 20241 As$lstant Churchwardens Natasha Poraj Inewly elected in 20231 Paul Curry Elected Members Richard Milne- Treasurer and Vice Chair David Dronsfield Samantha Clayfield Brenda Miller Pauline Manning Jonathan Brown Matthew Ayers Louise Kuilenberg Rob Evans Co-opted Members Amanda Hart- PCC Secretary Representallves on Ihe Deanery Synod Deborah Lake Carol Hartley Brooke Smith (newly elected in 20231 Sylvia Lambden Contact Address 201 High Road Loughton Essex IG10 16B Independent Examiners Beever and Siruihers 150 Minories London EC3N 1 LS

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOUGHTON REPORT OF THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDED 31 DECEMBER 2023 PCC Chairman's Report- 2023 Objectives The objectives of the charity are promoting the mission ol the church in the ecclesiastical parish. 2023 Reflections This has been a year ol strong recovery from the effects of the pandemic. In 2022. our allendance was 2W. stronger than 2020, bul still 100/. less than pre-pandemic 2019. Now in 2023. we saw 40 adults and 14 children and youth join Si Mary's. So we are now a larger church than we were before the pandemic. We are a growing church with a heart lo reach our community with the gospel ol JesLJS. This year we have s8en more people becoming Christlans. Plus, all the regular events that take place su¢h as pastoral visits, Hope Central, Men's Breaklasls, Newcomers Lunches, Fusion, Worship team practices, funerals, Safeguarding training, Little Lambs, Tols Time, Come Dine with Me, 88reavemenl Café, English Classes, Collee Mornings, Open Bible SILJdies, Kingdom Come Prayer rneelings, Hungry worship meetings, Hop8 Suppers, Life Groups and much more. Highlights lo give thanks for: Streams of Hope- we shared our vision lo reach our community over the year. @5 service- Having launched in 2022, this Servic8 has now grown to 40 people. Hope Central - through tough limes, Hope Central is growing and loving our 18-30s. St Mary's online - our YouTube channel has grown to 276 subscribers Café Hope: we now regularly take well over £1 k per week and reach more people. Training.. Leading Together is available online. We ran a Parenting Toens Cotjrse Ignite chlldren & youth Wo have 91 under 18s on the ignite registers. Coronation Celebrations - we did a special croam tea for the community in May. Mission opportunlties- Connect and Loughlon Day were two new opportunities. Schools work- we led Assemblies in Oaklands. Staples Rd and Davenant Schools. Baptisms- we had 19 baptisms this year and 2 conlirmalions. Welcome Area - we installed a new Welcome Area in the foyer ol the church. Alpha - we had a good sized Alpha Course in 2023 as people lind lailh in Jesus. Salurated with God - I published my second book on the church vision. 10140 Prayer- we had 70 people praying through Lent together. The Encourager- this is a new monthly publication about what has been going Dn. Access Team- we have a new team supporting inclusion lor church and community. Gift Days- the church raised nearly £80k in April, helping us lo meet our budget. LLF response- where the national church is divided, we have had real unity. Holy Spirit conferences - we have had two great practical days on the Holy Spirit. Prayer Ministry- this training is now online, so new team can be trained quickly. CTL- we have hosted leaders meetings, prayer and worship across our churches. Ignite Leadership Team- we established a new leadership team lor ignite. Refresh Service- we renewed our midweek Service with a new sense ol vision. Ordinations- six new Priests were ordained here, inclLJding our own Mall While. Light Party - we had our biggest ever Light Party, which was amazing. Christmas evenls and servlces- we had a great Christmas Calé and saw larger numbers attending our Christmas services than the last lew years. Stafflng & Leadership The PCC, which has the responsibility, together with the Vicar, lo promote the mission ol the Church within the Parish, mel gighl times during the year. The Standing Committee met five limes during the year as the executive ol the PCC. Ignite ministry is also led by a Leadership Team.. Michael Smith lyoulhl, Bo Poraj lyoulhl, Sam ClayField (pre-school ages) and Eleni Conslanlinou (primary school ages). The team includes Michelle Slanesby lignite Administratorl and Matt While Icuralel.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOUGHTON REPORT OF THE PAROCHIAL CHURCH COUNCIL FOFI THE YEAR ENDED 31 DECEMBER 2023 There were no changes lo the paid staff team in 2023. There are also a lew peoplè lo mention who are not technically on the stall team, bul are really part ol the team as lar as l am concerned. They are doing phenomenal work on a daily basis. Yvonne Merl8 and Delphine Kennedy have led Little Lambs nursery through the pandemic with such patience, care and love. Well done. Ken Bartels Diana Dodds and Julie Huff play the organ each Sunday at the 8:45am, which is very much appreciated. Public Benefit The trustees confirm that they have complied with their duty under section 17 01 the Charities Acts 2011 in respect ol pubSic bgnelil guidance published by the charity commission. Policies for the recruitment, appointment, induction and training of new staff. The following applies lo appointments made by St Mary's PCC. Clergy appointments are made by the diocese and separate arrangements apply lo these. The filling ol other posts is decided by the PCC. Vacancios are advertised internally and, il appropriate, externally as well. A job description is used for each post and selection is made using application forms, references and an interview panel. The appointment decision rests with the panel. Appointments are normally subject lo a trial period and DBS checks are undertaken as appropriate before appointment. Each employee has a formal statement ol their principal terms and conditions ol employrllenl. Line managers conduct appraisals for all our stall each year. Induction is tailored lo individual roles and needs. We have a budget for training and formal training is provided as necessary. Financial Report for 2023 I want lo underline my thanks to the church family lor continuing to give. As l am sure you will appreciate, even when closed, we have significant monthly expenses, and your generosity helps us keep going. It costs a lol to run St Mary's. Again. this year, we have had a number of factors that have drained our usual finances- Some reduction ol regular Standing Order income. Decrease ol Gill Aid. due to reduced Standing Orders. Increased costs ol utilities, as everyone has experienced. We are aware that we are always called lo be generous and sacrificial in giving. We are glad to report that we have been able to meet our essential sp8nding requirements and be generous. 11 is important to remember that as a church family we depend on the giving of God's people lo sustain mission and ministry. We paid our Payish Share in full and during the year and were able lo support St Michaels parish share signilicanlly. We also supported a significant number ol Mission Partners as well as helping people in need on a discretionary basis. Once again, I would like to thank our finance team for 2023. Once again, they have all served voluntarily and with integrity and commitment. Many thanks lo Richard Milne (Treasurer), Martin Hull IFinance Adminislralorl and Nicola Leach IPayroll Administralorl for their outstanding quality ol work in fulfilling their role ol keeping Si Mary's finances in good order. Thank you also to Zac Cook for overseeing Gill Aid and also a big thank you lo Peter Blake and Zac Cook who oversaw Sunday offerings and other cash donations. Regular checks are made (by finance team, PCC and Standing Commilleel on the spending against the budget and we are always seeking to take measures to reduce wastage. The total income received in 2023 was £414,192, with expendiluro being £479,793. These figures lake into account a £65,299 deprocialion value, an income generated by ignite ol approximately £2,794. Our Cash reserves on 31 December 2023 stood al £129,318.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOUGHTON REPORT OF THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDED 31 DECEMBER 2023 Total reserves al 31 Docember 2023 stood al £2,284,955 12022.. £2,350,556) and comprised of restricted funds of £2,071,943 12022.. £2,134,170) and unrestricted funds £213,01212022= £216,386). The Trustees review the charity's reserves policy annually and aim to hold three months of fixed stall and running costs. We do encourage every member ol Si Mary's to give generously. We are grateful lor the generosity ol the church family and know we can be confident that God will provide. Once again, thank yoij Sl Mary's lor everything in this year we will never forget. You are amazing. Praise the Lordl On behalf of the PCC of St. Mary the Virgin, Loughton Revd Malcolm Macdonald IPCC Chairl Naad

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOUGHTON STATEMENT OF THE PAROCHIAL CHURCH COUNCIL'S RESPONSIBILITIES FOR PREPARATION OF THE FINANCIAL STATEMENTS The Parochial Church Council is responsible lor preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Council to prepare financial statements lor each financial year which give a true and fair view of the stale ol allairs ol the church and of the incoming resources and application of resources of the church for that period. In preparing these financial statements, the Council is required lo: select suitable accounting policies and then apply them consistently- obseNe the methods and principles in the Charities SORP- make judgments and estimates that are reasonable and prudent. stale wh8lher applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial slalements, and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the church will continue in operation. The Council is responsible lor keeping sullicient accounting records that disclose with reasonable accuracy at any time the financial position of the church and enable them to ensure that the linaneial statements comply with the Charities Act 2011 and the Church Accounting Regulations 2006. They are also responsible for safeguarding the assets ol the church and hence lor taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOUGHTON INDEPENDENT EXAMINER'S REPORT TO THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOUGHTON I report to the charity trustees on my examination ol the accounts of the charity lor the year ended 31 December 2023 which are sel out on pages 710 21. Responsibilities and basis of report As the charity's Iruslees you are responsible lor the preparation of the accounts in accordance with the requirements ol the Charities A¢1 20111'ih& Acl'l. I report in respect of my examination ol the charity's accounts carried out under section 145 01 the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission Ljnder section 14515llbl ol the Act. Independent examlner's statement Since the charity's gross income exceeded £250,000 your examiner musl be a member ol a body listed in section 145 of the 2011 Act. I confirm that l am qualified lo undertake the examination because l am a member ol the Institute of Chartered Accounlanls of England and Wales which is one ol the listed bodies. I have completed my examination. I confirm that no material mallers have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect ol the charity as required by section 130 01 the Act., or the accounts do not accord with those records. or the accounts do not cornply with the applicable requirements concerning the form and conlenl of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fair view, which is not a matter considered as parl of an independent examination. I have no concerns and have come across no other mallers in connection with the examination lo whi¢h attention should be drawn in this report in order lo enable a proper understanding ol the accounts lo be reached. 150 Minories London EC3N 1 LS Ellzabeth Hatchman ACA Beever and Struthers Chartered Accountanls Date.. 20 March 2024

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOUGHTON STATEMENT OF FINANCIAL ACTIVITIES {INCLUDING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Unr&BIr￿i8d Restricted R8sITicled ReStr￿t&d lundB Hopg C9nlig Livlng HopB Church H￿1 Total Total Nolg Income and endowments from: Donations and legacies Charitable activities Inveslmenls Other 300.679 300,679 259,938 30.394 3,653 69,833 9,633 40,027 3,653 69,833 51,168 1,749 88,030 Total income and endowments 404,559 9,633 414,192 400,885 Expendlture on.. Raising funds Charitable activities Governance Other 45,091 344,083 3,576 11,975 45,091 419,151 3,576 11,975 40.466 388,808 4.150 49,203 21,258 18,670 35,140 Total expenditure 404,725 21,258 18.670 35,140 479,793 482.627 Transfers 13,2081 3.208 Net movement In funds 13,3741 121,2581 15,8291 135,1401 165,6011 181,742} Reconciliation ot funds: Total funds broughl forward 16 216,386 914,700 5,829 1,213,641 2,350,556 2,432,296 Total funds carried forward 16 213,012 893.442 1.178,501 2,284,955 2,350,556 All income and expenditure derive from continuing activities. The statement ol financial activities includes all gains and losses recognised during the year.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOUGHTON BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note Fixed assets Tangible assets 13 2,160,235 2,206,831 2,160,235 2,206,831 Current assets Debtors Cash al bank and in hand 14 4.855 129,318 4,469 147,307 134,173 151.776 Creditors: amounts falling due wlthin one year 15 {9,4531 18,0511 Net current assets l (liabilities} 124,720 143,725 Total assets less Current liabilities 2,284,955 2,350,556 Nel assets l (liabilities) 2,284,955 2,350,556 Charity Funds Reslricled funds Unreslricled funds 16 16 2,071,943 213,012 2,134,170 216,386 Total charity funds I Ideticit) 16 2,284,955 2,350,556 The financial statements were approved and aulhorised lor issue by the Trustees on Signed on behalf ol Ihe board ol Iruslees: Name: Malcolm Macdonald Name.. chard Milne Role.. PCC Chair Role.. PCC Treasurer Dale.. Date- lslzy 6(, lif The notes on pages 10 10 21 form part ol these financial slalemenls.

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOUGHTON

STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

Note
Cash flow from operating activities
18
Interest paid
Net cash flow from operating activities
Cash flow from investing activities
Payments to acquire tangible fixed assets
Interest received
Net cash flow from investing activities
Cash flow from financing activities
Net cash flow from financing activities
Net increase / (decrease) in cash and cash equivalents
Cash and cash equivalents at 1 January 2023
Cash and cash equivalents at 31 December 2023
Cash and cash equivalents consists of:
Cash at bank and in hand
Short term deposits
Cash and cash equivalents at 31 December 2023		 2023
£
(2,938)
-
(2,938)
(18,704)
3,653
(15,051)
-
-
(17,989)
147,307
129,318
129,318
-
129,318		 2022
£
(15,328)
-
(15,328)
(14,622)
1,749
(12,873)
-
-
(28,201)
175,508
147,307
147,307
-
147,307

9

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOUGHTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. PRINCIPAL ACCOUNTING POLICIES

Basis of accounting

The financial statements have been prepared under the historical cost convention on an accruals basis. The financial statements have been prepared in accordance with the Charities Act 2011, Church Accounting Regulations 2006 together with the Financial Reporting Standard FRS 102 and the Charity Commission Statement of Recommended Practice: Charities SORP (FRS 102). The address of the registered office is given in the charity information on page 1 of these financial statements.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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) issued on 5 October 2018 the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Accounting Practice.

Incoming resources

Giving and other voluntary income, rent, room hire and advertising income is recognised when it is receivable. Gift aid refunds were also shown on an accruals basis.

Funds raised through fetes and similar events are accounted for gross with associated expenses shown on the accounts.

Legacies

For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.

Grants receivable

Revenue grants are credited to the income and expenditure account over the period to which they relate.

Outgoing resources (expenditure)

Expenditure is recognised when it is due (accruals basis) not when it is paid. Amounts are stated inclusive of VAT as the church is unable to recover this.

Tangible assets

10

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOUGHTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1.

PRINCIPAL ACCOUNTING POLICIES (continued)

Hope Centre

The Hope Centre has been constructed and has been capitalised as expenditure was incurred. The Hope Centre will be depreciated at 2% per annum and the equipment for the Hope Centre will be depreciated at 20% per annum.

Debtors

Amounts receivable (or paid in advance) at the end of the period are included in the accounts under debtors. These include invoiced service and prepaid expenditure.

Liabilities

Amounts payable at the end of the period are included in the accounts under amounts payable within or after one year as appropriate. This includes amounts due to suppliers and accrued expenditure (due but not invoiced).

Restricted and designated funds

Funds received for specific purposes are funds restricted for use for that purpose. The Parochial Church Council may designate part of the accumulated surplus for certain purposes. In either case those funds are shown separately in the accounts.

Parochial Church Council remuneration

During the year the church employed one full-time operations manager who was a member of the PCC. However remuneration was not received in respect of their capacity as PCC member or Representative, these costs are shown under staff costs in note 10. Otherwise no PCC members received any remuneration during the year.

Staff costs

The church employed a Cleaner, a Caretaker, an Administrator and Worship Director, an Operations Manager, a Café Hope Co-ordinator, a Café Hope Missioner, a Living Hope Coordinator, a Living Hope Assistant and an Administrator for Ignite Children’s Ministry. The costs are shown in the accounts in note 11.

Clergy are paid by the Diocese and are not employees of the Parochial Church Council. Expenses incurred by the clergy on behalf of the church are reimbursed and shown in note 10 to the accounts.

11

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOUGHTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. PRINCIPAL ACCOUNTING POLICIES (continued)

Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

Judgements and key sources of estimation uncertainty

The following judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements:

Income is recognised when it is probable that it will be received at the best estimate available, e.g. Gift Aid recoverable based on donations received.

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year include:

Tangible fixed assets . Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In reassessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Financial instruments

Financial instruments such as accounts payables, accounts receivables and cash are classified either as basic or complex. All financial instruments are initially measured at their fair values at the time the transactions occur. Subsequently all basic instruments are measured at amortised cost and all complex financial instruments are measured at a fair value through the comprehensive income.

Financial instruments held by the charity are classified as follows:

12

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOUGHTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2 Income from donations and legacies

Gifts (Gift Aid)
Direct giving
Gift aid recovery
Gifts (Non Gift Aid)
Direct giving
Legacies
3
Income from charitable activities
Rent and lettings
Away weekend
Other activities
Other functions
Ignite
4
Income from investments
Bank interest and dividends
5
Other income
Church fees received
Coffee shop
Grant received		 2023
£
148,613
49,840
102,226
-
300,679
2023
£
22,977
-
243
14,013
2,794
40,027
2023
£
3,653
3,653
2023
£
1,700
42,951
25,182
69,833		 2022
£
142,425
36,959
50,494
30,060
259,938
2022
£
16,625
14,524
397
18,082
1,540
51,168
2022
£
1,749
1,749
2022
£
2,485
33,841
51,703
88,029

13

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOUGHTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

6 Analysis of resources expended

Staff Costs
Other Direct
Costs
Other
Allocated
Costs
Total
2023
£
£
£
£
Cost of generating funds
Coffee shop
21,778
23,313
-
45,091
Cost of functions
-
-
-
-
21,778
23,313
-
45,091
Charitable activities
Missionary & charitable work
-
13,270
-
13,270
Parish running cost
-
105,572
73,305
178,877
Church support cost
99,569
110,204
1,190
210,963
Youth work
9,965
2,836
-
12,801
109,534
231,882
74,495
415,911
Total charitable activity
before governance costs
131,312
255,195
74,495
461,002
Other
Church roof repairs
-
-
11,975
11,975
-
-
11,975
11,975
Total expenditure
131,312
255,195
86,470
472,977
7
Governance costs
2023
£
Trustee remuneration
-
Trustee expenses
10
3,576
Independent examiners remuneration (including expenses and
benefits in kind)
9
3,240
6,816		 Staff Costs
Other Direct
Costs
Other
Allocated
Costs
Total
2023
£
£
£
£
21,778
23,313
-
45,091
-
-
-
-		 Total
2022
£
40,466
-
21,778
23,313
-
45,091
-
13,270
-
13,270
-
105,572
73,305
178,877
99,569
110,204
1,190
210,963
9,965
2,836
-
12,801		 40,466
15,240
168,343
189,946
12,399
109,534
231,882
74,495
415,911		 385,928
131,312
255,195
74,495
461,002
-
-
11,975
11,975		 426,394
49,203
-
-
11,975
11,975		 49,203
475,597
2022
£
-
4,150
2,880
7,030

Trustees do not receive a remuneration as Trustees. They are reimbursed for incidental expenses.

8 Net income / (expenditure) for the year ending 31 December 2023

Net income / (expenditure) is stated after charging / (crediting):

2023 2022
£ £
Depreciation of tangible fixed assets 65,299 66,310

14

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOUGHTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

9 Independent examiners remuneration

The independent examiners remuneration amounts to an independent examination fee of £2,700 (2022 - £2,400) excluding VAT.

10 Trustees' and key management personnel remuneration and expenses (continued)

The reimbursement of the expenses of trustees Malcolm Macdonald and Matt White was as follows:

Number of Trustees
Subsistence		 2023
2022
2
2
2
2
2023
2022
£
£
3,576
4,150
3,576
4,150

11 Staff costs and employee benefits

The average monthly number of employees and full time equivalent (FTE) during the year ending 31 December 2023 was as follows:

2023
2023
2022
2022
Number
FTE
Number
FTE
Raising funds
2
2
2
2
Charitable activities
7
7
7
7
9
9
9
9
The total staff costs and employees benefit’s was as follows:
2023
2022
£
£
Wages and salaries
131,932
119,952
Social security
7,378
7,241
Pension
4,293
3,665
143,603
130,858		 2023
2023
2022
2022
Number
FTE
Number
FTE
2
2
2
2
7
7
7
7		 2023
2023
2022
2022
Number
FTE
Number
FTE
2
2
2
2
7
7
7
7		 2023
2023
2022
2022
Number
FTE
Number
FTE
2
2
2
2
7
7
7
7
9 9
9
9
2023
£
131,932
7,378
4,293
143,603		 2022
£
119,952
7,241
3,665
130,858

15

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOUGHTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

12 Staff costs and employee benefits

No employees received total employee benefits of more than £60,000.

13 Tangible fixed assets

Cost
At 1 January 2023
Additions
At 31 December 2023
Depreciation:
At 1 January 2023
Charge for the year
At 31 December 2023
Net book value:
At 31 December 2023
At 31 December 2022		 Church Hall
Furniture
and
Equipment
Church
Organ
Hope
Centre
Hope
Centre
Equipment
Total
£
£
£
£
£
£
1,753,630
91,851
22,115
1,062,936
20,694
2,951,226
3,412
15,291
-
-
-
18,703
1,757,042
107,142
22,115
1,062,936
20,694
2,969,929
521,377
84,418
11,793
106,113
20,694
744,395
35,141
7,425
1,474
21,259
-
65,299
556,518
91,843
13,267
127,372
20,694
809,694
1,200,524
15,299
8,848
935,564
-
2,160,235
1,232,253
7,433
10,322
956,823
-
2,206,831

14 Debtors

Gift aid recoverable – St Mary’s
Prepayments		 2023
£
3,245
1,610
4,855		 2022
£
3,503
966
4,469

15 Creditors: amounts falling due within one year

Other creditors 2023
£
9,453
9,453		 2022
£
8,051
8,051

16

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOUGHTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

16 Fund reconciliation

Unrestricted funds

Unrestricted
Total
Restricted funds
Hope Centre
Living Hope
Church Building
Total Restricted
Funds		 Unrestricted
Total
Restricted funds
Hope Centre
Living Hope
Church Building
Total Restricted
Funds		 Balance at
31
December
2022
Income
Expenditure
Transfer
Balance at
31
December
2023
£
£
£
£
£
216,386
404,559
(404,725)
(3,208)
213,012
216,386
404,559
(404,725)
(3,208)
213,012
Balance at
31
December
2022
Income
Expenditure
Transfer
Balance at
31
December
2023
£
£
£
£
£
914,700
-
(21,258)
-
893,442
5,829
9,633
(18,670)
3,208
-
1,213,641
-
(35,140)*
-
1,178,501
2,134,170
9,633
(75,068)
3,208
2,071,943

*Depreciation on the Hope Centre

**Depreciation on the church hall

Fund descriptions

a) Unrestricted funds

Funds to be used in the ordinary course of the business of the charity

b) Restricted funds

Funds received for specific purposes are funds restricted for use for that purpose. The church building fund represents the value of the building and its fixtures and fittings. The Hope Centre restricted fund was established to represent the income and expenditure relating to works to the Hope Centre which have now been completed, Hope Centre depreciation is charged through this fund. The Living Hope fund represents grant received for the specific purpose of meeting the costs of the Living Hope Project. The Parochial Church Council may designate part of the accumulated surplus for certain purposes.

17

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOUGHTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

17 Analysis of net assets between funds

Fixed assets
Cash and current investments
Other current assets / liabilities
Total		 Unrestricted
funds
Restricted
funds
Total
£
£
£
24,147
2,136,088
2,160,235
129,318
-
129,318
59,547
(64,145)
(4,598)
213,012
2,071,943
2,284,955

18 Reconciliation of net income / (expenditure) to net cash flow from operating activities

Net income / (expenditure) for year / period
Interest receivable
Depreciation and impairment of tangible fixed assets
(Increase) / decrease in debtors
Increase / (decrease) in creditors
Net cash flow from operating activities		 2023
£
(65,601)
(3,652)
65,299
(386)
1,402
(2,938)		 2022
£
(81,742)
(1,749)
66,310
2,835
(982)
(15,328)

19 Related party transactions

Related parties to be disclosed under Charity SORP 2019 is the relationship between the Chairman Malcolm Macdonald and Living Hope Coordinator Caroline Jane Macdonald.

18

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOUGHTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

19 Related party transactions (continued)

Information about related party transactions and outstanding balances is outlined below:

Outstanding
Income Expenditure balances Commitments
£ £ £ £
Sharon Milne, spouse of Treasurer and
Vice Chair Richard Milne, provided
Counselling Services
At end date 2023 - 240 - -
At end date 2022 - 210 - -

The following employees are also trustees or Representatives on the Deanery Synod. The trustees are satisfied that all salaries are either at or below market rate for similar roles in the area.

Name
Position
Amanda Hart
Operations Manager and PCC
Secretary
Total		 Gross pay
£
Employer
Pension
£
29,754
706
29,754
706

The following employees are related parties via family connections to either the trustees or key management personnel. The trustees are satisfied that all salaries are either at or below market rate for similar roles in the area.

Name
Relationship
Caroline Jane Macdonald
Spouse
of
Chairman
Malcolm
Macdonald
Total		 Gross pay
£
Employer
Pension
£
11,987
172
11,987
172

19

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOUGHTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

20
Capital and Major Repairs Commitments
2023
£
Contracted but not invoiced
-
Authorised but not contracted for
-
-
21
Financial Instruments
The Charity’s financial instruments may be analysed as follows:
Financial Assets
2023
£
Financial Assets Measured at Cost
Cash and Cash Equivalents
129,318
Financial Assets Measured at Amortised Cost
Other Debtors
4,855
Total Financial Assets
134,173
Financial Liabilities
Financial Liabilities Measured at Amortised Cost
Trade Creditors
-
Other Creditors
9,453
Total Financial Liabilities
9,453		 2022
£
-
-
-
2022
£
147,307
4,469
151,776
-
8,051
8,051

20

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOUGHTON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

22. 2022 Statement of Financial Activities

22. 2022 Statement of Financial Activities
Unrestricted Restricted Hope Restricted Living Restricted
funds Centre Hope Church Hall Total
£ £ £ £
Income and endowments
from:
Donations and legacies 300,654 - - - 300,654
Charitable activities 18,552 - - - 18,552
Investments 64 - - - 64
Other 40,218 - - 40,218
Total income and 359,488 - - - 359,488
endowments
Expenditure on:
Raising funds 27,769 - - - 27,769
Charitable activities 306,462 25,398 1,495 34,868 368,223
Governance 5,560 - - - 5,560
Total expenditure 339,791 25,398 1,495 34,868 401,552
Net movement in funds 19,697 (25,398) (1,495) (34,868) (42,064)
Reconciliation of funds:
Total funds brought forward 217,285 965,496 8,000 1,283,581 2,474,362
Total funds carried forward 236,982 940,098 6,505 1,248,713 2,432,298

21