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&BIri8d
Restricted
R8sITicled
ReStrt&d
lundB
Hopg C9nlig
Livlng HopB
Church H1
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**
- a) Consecrated and beneficed property is excluded from the accounts under Section 10 of the Charities Act 2011.
- b) No value needs to be placed on moveable church furnishings held by the Vicar and churchwardens on special trust for the PCC which requires a diocesan faculty for disposal.
- c) The Parish Centre building is held by the PCC as trustees for the Diocese of Chelmsford and the property is therefore not included as an asset of the PCC. Expenditure on repairs, renewals, maintenance and improvements for each building has been treated as revenue expenditure as incurred.
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)**_
- d) The new church hall has been constructed and has been capitalised as expenditure was incurred. The building will be depreciated at 2% per annum.
- e) Other equipment and assets used by the church has historically been charged to revenue expenditure as incurred rather than depreciated over its useful life. From 1 January 2006 expenditure above £5,000 on equipment and other assets will be capitalised and depreciated over its estimated useful life of five years.
## **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:
- Financial assets such as cash and receivables are classified as receivables and held at amortised cost using the effective interest method,
- Financial liabilities such as payables are held at amortised cost using the effective interest method.
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