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 2024 BEEVER AND STRUTHERS CHARTERED ACCOUNTANTS
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOUGHTON Contents Page PCC members and advisor5 Report of the PCC Statement of the PCC Responsibilities Report of the independent examiners Statement of Financial Activits'es Balance Sheet Statement of Cash Flows Notes to the Financial Statements 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 2024 Incumbent and Chalr of PCC Revd Malcolm Macdonald Curate Revd Matt INThite Revd Ruth How (appointed September 2024) Hon Curate Revd Hugh Taylor (deceased March 2024) Churchwardens Michael Smith Louise Kuilenberg Sylvia Williams (resigned January 2024) Asslstant Churchwardens Paul Curry Natasha Poraj (resigned 16 April 2024) Elected Members Richard Milne- Treasurer and Vice Chair David Dronsfield Samantha Clayfield (resigned 16 April 2024) Brenda Miller Pauline Manning Jonathan Brown (resigned 16 April 2024) Matthew Ayers Rob Evans (resigned 20 November 2024) Chris Elwes (appointed 16 April 2024) Joy Washington (appointed 16 April 2024> Richard Payne (appointed 16 April 2024) Phil Woolston (appointed 16 April 2024) Co-optèd Members Amanda Hart - PCC Secretary Repr6sentatlves on the Deanery Synod Carol Hartley Brooke Smith Sylvia Lambden Deborah Lake (resigned 16 April 2024) Contact Address 201 High Road Loughton Essex IG10 1BB Independent Examlners Beever and Struthers One Express 1 George Leigh Street Manchester M4 5DL
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 2024 PCC Chalrman's Report - 2024 Objectives The objectives of the charity are promoting the mission of the church in the ecclesiastical parish. 2024 Reflectlons We started the year with a vision nht called, 'Prepare the Way,. This came with a real sense of preparing ourselves for God to move among us and in the community. God is calling us to get ready for what He wants to do. This was the year of my second sabbatical while leading St Mary's. l am so grateful to Revd Matt White for his leadership of the church during my leave. He did a great jobl I felt I gained a tremendous amount from the sabbatical (May-Julyl. These happen every ten years and are a real gift. I focu5sed on 'soul work,, rest and developing my relationship with God. Highlights to give thanks for.. Hope Central- through tough times, Hope Central is growing and loving our 18-30s. St Mary's onllne.. our YouTube channel has grown to 310 subscribers Café Hope.. Ihis is busi&r than ever with income of £49,627 and expenditure of £42,420. We see hundreds of people each week coming into Café Hope, making it our single biggest hub of oulreach as a church. We have 3 parl lime staff and a team of around 16 volunteers. Growlng Hope.. our heart for accessible church has been growing and after belng assessed, St Mary's achieved a Silver Award from Growing Hope for being an accessible church for people with various access needs. Church Weekend: we had fun with over 100 people this October aswe focussed on ourchurch family and going deeper together. New patterns of supervlslon and retreat: after sabbatical l am changing by increasing my patterns of prayer, rest and retreat. l am also now receiving monthly pastoral and leadership supeNi8ion from an external and qualified Christian leadership coach. This is proving very helpful. Worshlp for Everyone: we have b8en seeking to build a team and really improve our regular all-age worship. X Collectlve: St Mary's gol funding to send 4 people, on 4 special conferences over 2 years to enable us to be an apostolic hub and prepare for revival. This is in partnership with around 30 other churches across the country. New Wlne: We took another group from St Mary's to New Wine. Church Famlly Plcnlc- this moved to Hainault Country Park this year. Harvest Cream Tea for 8:46am congregatlon.. We had an amazing tea with people from the early service. Pastoral calls: Matt and Malcolm made phone calls to Ihe entire congregation. Alllance Worklng Group.. Malcolm has been asked to join this working group with a focus on prayer for the Church of England. Alternatlve Eplscopal Oversight- In January 2024, the PCC decided to seek AEO. This is due to a loss of confidence in our Diocesan Bishop. Pete Broadbent now serves as our spiritual oversight, rather than Gull. We remain under the leadership of Adam (Bishop of Bradwell) more locally. Ignite chlldren & youth - We have 94 under 18s on the ignite registers. Schools work- we led Assemblies in Oaklands. Stsples Rd and Davenant Schools. Baptisms- we had 8 full immersion baptisms this year. Chrlstlanlty Explored- we had another exlIent course this year, with people Goming to know Christ as their Saviour. 10140 Prayer- we had over 80 people praying through Lent together. Gift Days- th& church raised nearly £60k across two seasons of giving. CTL - we have hosted leaders, meetings, prayer and worship across our churches in Loughton. Llght Party- we had our biggest ever Light Party. Over 120 people came. Chrlstmas - we welcomed over 3,800 people onto our site during late November.
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 2024 Staffing & Leadershlp The PCC. which has the responsibility, together with the Vicar, to promote the mission of the Church within the Parish, mel eight times during the year. The Standing Committe& met five times during the year as the axecutiv@ of the PCC. Ignite ministry was also led in 2024 by a Leadership Team.. Brooke Smith (youth), Sam Clayfield (pr&-school ages) and Eleni Constantinou (primary ages). The team included Michelle Stanesby (ignite Administrator), Matt White (Curate) and Malcolm Macdonald (Vicar). There were a number changes to the staff team in 2024. Revd Hugh Taylor passed away in March 2024. Hugh was a pillar of St Mary's and continues to be much missed. May Hugh resl in peace and rise in glory. Paola Rees stepped back from being Livlng Hope Assistant as she was moving to Reading and was replaced by Mandy Chastell. Brooke Smith stepped back from Café Hope Coordinator to work again for BA, and was replaced by Lieu Nguyen. Also, Karen Barber was appointed as a second Cafè Hope Missioner. Revd Ruth How was ordained a Deacon and serves as a locally deployed, self-supporting Minister here at St Mary's. We sent out Revd Deborah Lake who was ordained a Deacon and serv6s as 8 locally deployed, self- supporting Minister al St Michael's, Loughton. There are also a few people to mentlon who are not technically on the staff team but are really part ofthe team as far as l am concerned. They are doing phenomenal work on a daily basis. Yvonne Merle has stepped back from daily leadership of Little Lambs. D61phlne Kennedy and now Jenny White leads Little Lambs with such patience, care and love. Ken Bartells, Diana Dodds and Juli8 Huff play th8 organ 6ach Sunday at the 8.'45am, whlch Is very much apprecialed. Publlc Benellt The trustees confirm that they have complied with their duty under section 17 of the Charities Acts 2011 in respect of public benefit guidance published by the charity commission. Pollcles for the recrultment, appolntment, Inductlon and tralnlng of new staff. The following applies to appointments made by St Mafy's PCC. Clergy appointments are made by the diocese and separate arrangements apply to these. The filling of other posts is decided by the PCC. Vacancies are advertlS8d internally and, if 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 subj8Ct to a trial period and DBS checks are undertaken as appropriate before appointment. Each employee has a formal statement of their principal terms and conditions of employment. Line managers conducl appraisals for all our staff each year. Induction is tailored to individual roles and needs. We have a budget for training and formal training is provided a5 necessary. Financlal Report for 2024 I want to underline my thanks to the church family for 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 lot to run Sl Mary's. Again, this year, we have had a number of factors that have drained our usual finances: Some reduction of regular Standing Order income. A number of larger donors have moved on or passed away in recenl years.
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 2024 We are aware that we are alway8 called to be generous and sacrificial in giving. We are glad to report that we have been able to meet our essential spending requirements and be generous. It is important to remember that as a church family we depend on the giving of God's people to sustain mission and ministry. We paid our full cosl of ministry to the Diocese during the year and were able to support St Michaels parish share significantly. We also supported a significant number of Mission Partners as well as helping people in need on a discretionary basis. Once again, I would like to thank our finance team for 2024. They have all served voluntarily and with integrity and commitment. Many thanks to Richard Milne (Treasurer), Martin Huff (Finance Administrator) and Nicola Leach (Payroll Administrator) for their outstanding quality of work in fulfilling their role of keeping St Mary's finances in good order. Thank you also to Zac Cook for overseeing Gift Aid and also a big thank you to Peter Blake and Zac Cook who oversaw Sunday offerings. Regular checks are made (by the finance team. PCC and Standing Committee) on the spending against the budgel and we are always seeking lo take measures to reduce wastage. The total income rec8iv8d in 2024 was £402,966, with expenditure being £464,602. These figures take inio account a £82,676 depreciation value. Our cash reserves on 31 December 2024 stood at £118,556, Total reserves at 31 December 2024 stood al £2,223,319 (2023: £2,284,955) and comprised of restricted funds of £2,088,205 (2023.. £2,071,943) and unreslricted funds £135,114 (2023.. £213,012). The Trustees review th8 charity's reserves policy annually and aim to hold three months of fixed staff and runnlng cosls. We do encourage every member of St Mary's to give generously. We are grateful for the generosity of the church family and know we can be confident Ihal God will provide. Once again, thank you Sl Mary's for 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 R8vd Malcolm Macdonald {PCC Chair) 111 tsLLd- IMLQ6L
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 responsibEefor preparing the Annual Reportand the financial statements in accordan 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 ppare financial statements for each financial year which give a true and fair view of the state of affairs of the church and of the incoming resources and application of reSoUrS of the church for that period. In preparing these financial stalements, the Council is required to: select suitsble accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP. make judgments and estimates that are reasonable and prudent., slate whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements, and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the church will continue in operation, The Council is responsible for keeping suffi'cient accounting records that disclose with reasonable accuracy at any time the financial position of the church and enable them to ensure that the financial statements comply with the Charities Acl 2011 and the Church Accounting Regulations 2006. They are also responsible for safeguarding the assets of the church and hence for 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 of the accounts of the charity for the year ended 31 December 2024 which are set out on pages 7 to 20. Respectlve responsibllltles of trustees and examlner The trustees are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. The charity's gross income exceeded £250,000 and l am qualified to undertake the examination by being a qualified member. It is my responsibilily lo: examine the accounts under section 145 of the 2011 Act., to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5){b) of the 2011 Act. and to state whether particular matters have come to my attention. Basis of Independent examlner's report My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosure5 In the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do nol provide all the evidence that would be required in an aljdit and consequently no opinion is giv8n as to whether Ihe accounts present a 'true and fair view, and the report is limited lo those mallers set out in th8 next statement. Independent examlnerfs statement In connection wlth my examination, no matter has come to my attention.. 11) which glves me reasonable cause to believe that in any material respect the requirements.. to keep accounting records in accordance with section 130 of the Charities Act 2011,. and to prepare accounls which accord with the accounling records and comply wilh the accounting requirements of the 2011 Acl have not been met; or (2) to which, in my opinion, attention should be drawn in order to enable a proper underslandlng of the accounts to be reached. Helen Blnns FCA Beever and Struthers Chartered Accountants One Express 1 George Leigh Street Manchester M4 5DL Date: 25 March 2025
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOUGHTON STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Unreslrktad lunds Restricted RtnCt8rf R8StiictI R&slrfcted Centre Liwng Hop¢ hurch Hall 0tt)8r Tolal Total Note Income and endowments from: Donations and legacies Charitable aclivities Investments Other 289.261 289,261 300,679 45,574 4,399 50,144 3,375 48,949 4,399 60,367 40,027 3,653 69,833 g,613 Total Income and èndowments 389,978 3,375 9.613 402,966 414,192 Expendlture on: Raising funds Charitable activitl8S other 45,378 357,204 45,378 419,224 45,091 422,727 11,975 21,259 3,181 35,140 2,440 Total expendlture 402,582 21.259 3,181 35,140 2,440 464,602 479,793 Transfers (65,294) 42,122 22,024 1,148 Net movement In funds (77,898) 20,863 194 (13.116) 8,321 (61,636> (65,601) Reconclllatlon of funds: Total funds brought forward 15 213,012 893,442 1,178,501 2,284.965 2,350,556 Total funds carrled fonvard 135,114 914.305 194 1,165,385 8,321 2,223,319 2,284,955 All Income and expenditure derive from continuing activities. The statement of financial activities Includes all gains and losses recognised during Ihe year.
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOUGHTON BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Flxed assets Tangible assets 12 2.099,698 2,160,235 2,099.696 2,180,235 Current assets Debtors Cash at bank and in hand 13 15,638 118,556 4,855 129,318 134,194 134,173 Credltors: amounts falllng due wlthln one year 14 110,571) <9,453) Net current assets I Illabllltles) 123,623 124,720 Total assets less current Ilabllltles 2,223,319 2,284,955 Net assets I Illabllltles) 2,223,319 2,284,955 Charlty Funds Restricted funds Unrestricled funds 15 15 2,088,206 135,114 2,071,943 213,012 Total charlty funds l (deflclt) 15 2,223,319 2,284,955 The financial statements were approved and authorised for issue by the Truslees on Signed on behalf of the board of tru8tees'. Name: Malcolm Macdonald Name: Richard Milne Role.. PCC Chair Role.. PCC Treasurer Date.. Date.. 11 10 The notes on pages 10 to 20 fom part of these financial statements.
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MARY THE VIRGIN LOUGHTON STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Note Cash flow from operatlng activities 17 (13.025) <2,938) Net cash flow from operatlng actSviti8S (13,025) (2,938) Cash flow from investlng actlvities Payments to 8cquire tangible fixed assets (2,136 (18,704) Interest received 4,399 3,653 Nat cash flow from Investlng actlvltles 2,263 115,051) Cash flow from flnanclng actlvltles Net cash flow from flnanclng actlvltles Net Increase l (decrease) In cash and cash equlvalents 110,762) (17,9891 Cash and cash equlvalents at 1 January 129,318 147,307 Cash and cash equlvalents at 31 December 118.556 129,318 Cash and cash oqulvalents conslsts of: Cash at bank and in hand Short term deposits 118,556 129,318 Cash and cash equlvalents at 31 December 11 B,556 129,318
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 2024 PRINCIPAL ACCOUNTING POLICIES Basls of accountlng The financial statements have been prepared under ihe 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 Praclice.- Charities SORP IFRS 102). The address of the registered office is given in the charity infonnation on page 1 of these financial statements. The charity constitut8s 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 lo 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. Incomlng 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 feles and similar events are accounted for gross with associated expenses Shown on the accounts. Legacles 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 recelvable Revenue grants are credited to the income and eXperlture account over the period to which they relate. Outgolng r8sources (expendlture) Expenditure Is recognised when it is due (accruals basis) not when it is paid. Amounts are stat&d 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 fumishings held by the Vicar and churchwardens on special trust for Ihe 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 imFxovements for each building has baen 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 2024 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 2Yo 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 b& capitalised and depreciated over its estimated useful life of five years. Q The Hope Centre has been constwcted and has been capitalised as expenditure was incurred. The Hope Centre will b8 depreciated at 20h per annum and the equipment for the Hope Centre will be depreciated at per annum. Debtors Amounts recelvable (or paid in advance) at the end of the period are included in the accounts under debtors. These Include invoiced service and prepaid expenditure. Llabllltles ATllounts 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 invoic8d). Restrictèd and deslgnated 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. Parochlal Church Councll remunèratlon Durlng the year the church employed one full-lime operations manager and one part time Cafe Manager who were members ofthe PCC. However. remuneration was not receiv8d in respect of thelr capacity as PCC members or Representatives, these costs are shown under note 18. otheiSe, no PCC members received any remuneration during the year. Staff costs The church employed a Cleaner, a Caretaker, an Admlnistrator and Worship Director, an Operations Manager, a Café Hope CTrordinator. two Café Hope Missioners, a Living Hope Co- ordinator, a Living Hope Assistant and an Administrator for Ignite Children's Minislry. The cosls are shown in the accounts in notes 10 & 11. Clergy are paid by the Diocese and are not employees of Ihe Parochial Church Council. Expenses incurred by the clergy on behalf of the church are reimbursed and shown in note 9 to the accounts. Golng concern The financial statemerrts have been prepared on a going concem 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 monlhs 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 concem. 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 2024 PRINCIPAL ACCOUNTING POLICIES (continued) Judgements and key sources of estlmation uncertalnty 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 rec8ived. The key assumptions conceming the future and other key sources of estimation uncertainty at the reporting dale that have a significant risk of causing a material adjustment lo the carrying amounts of assets and liabilities within the next financial year include: Tanglble flxed assets. Tangible fixed assets are depreciated over their us8ful lives taking Inlo 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 re- assessing 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 valu&s. FlnanGlal 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 thelr fair values at the time the transactions occur. Subsequently all basic instruments are measured at amortlS8d cost and all comp18x financial instruments are measured at a fair value through the comprehensive income. Financial instruments held by the charity are classified as follows.. Flnancial 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 2024 Income from donatlons and legacles 2024 2023 Gifts (Gift Aid} Direct giving Gift aid recovery 137,833 49,804 148,613 49,840 Gifts (Non Gift Aid) Direct giving Legacies 101,624 102,226 289,261 300,679 Income from charltable activlties 2024 2023 Rent and lettings Away weekend Other activities Other functions Ignite 19,621 3,491 73 23,609 2.255 22,977 243 14,013 2,794 48,949 40,027 £3,375 (2023.. £9,633) of the other functions income is restricted. Income from Investments 2024 2023 Bank interest and dividends 4,399 3,653 4,399 3,653 other Income 2024 2023 Church fees received Coffee shop Grant received 1,117 49,627 9,613 1,700 42,951 25,182 60,357 69,833 £9,613 of grant received is restricled. 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 2024 Analysls of resources expended staff Costs Other Direct Costs Other Allocated Costs Total 2024 Total 2023 Cost of eneratln Coffee shop Cost of functions funds 25.390 19,988 45,378 45,091 26,390 19,988 45,378 45,091 Charltable actlvltles Missionary & charitable work Parish running cost Church support cost Governance costs Youth work 15,300 16,300 13,270 101,210 107,018 63,037 1,501 8,290 164,247 218,001 8,290 178,877 210,963 6,816 12,801 422,727 109,482 10,351 119,833 226,563 72,828 419,224 her Church roof repairs 11,975 11,975 Total expenditure 145,223 246,651 72,828 464,602 479,793 Governance costs 2024 2023 Trustee expenses Independent examiners remuneration (including expenses and benefits in kind) 4,834 3,456 3,576 3,240 8,290 6,816 Trustees do not receive a remuneration as Trustees. They are reimbursed for incidental expenses. 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 2024 Independent examlners remuneration The independent examiners remuneration amounts to an independent examination fee of £2,880 (2023 - £2.700) excluding VAT. Trustees. and key management personnel remuneratlon and expenses The reimbursement of the expenses of trustees Malcolm Macdonald, Ruth How and Matt White was 8S follows: 2024 2023 Number of Trustees 2023 2022 Subsistence 4,834 4,834 3,576 3,576 10 Staff costs and employee beneflts The average monthly number of employees during the year ending 31 December was as follows.. 2024 2023 Number Numb&r Ralsing funds Charitable activities The total slaff costs and employees benefit's was as follows: 2024 2023 Wages and salaries Social security Penslon 139,726 7,918 3,920 131,932 7,378 4,293 151,565 143,603 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 2024 11 Staff costs and employee benefits No employees received total employee benefi'ts of more than £60,000. 12 Tanglble flxed assets FuTniture and Equipment Hope Centre Equipmenl Church Hall Church Organ Hope Centre Total Cost Al 1 January 2024 Additions At 31 December 2024 1,757.042 107,142 2.136 109,278 22.115 1,062,936 20,694 2,969,929 2,136 2,972,066 1,757.042 22,115 1,062,936 20,694 Depreciation: Al 1 January 2024 Charge for the year At 31 December 2024 556.518 35,140 591,658 91,843 4,802 96,646 13,267 1,474 14,741 127,372 21,259 148.631 20,694 809,694 62,675 872,369 20,694 Net book value: At 31 December 2024 1,165,384 12,632 7,374 914,305 2,099,696 At 31 December 2023 1,200,524 15,299 8,848 935,564 2,160,235 13 Debtors 2024 2023 Gift aid recoverable - St Mary's Prepayments Accrued income 12,195 1,643 1,900 3,245 1,610 15,638 4,855 14 Credltors: amounts falllng duè wlthln one year 2023 2022 Accruals Other creditors 7,821 2,750 7,303 2,151 10,571 9,453 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 2024 15 Fund reconclllatlon Unrestrlcted funds Balance at 31 December 2023 Balance at 31 December 2024 Income Expenditure Transfer Unrestricled 213,012 389,338 (402,582) (65,294) 135,114 Total 213,012 389,338 1402.582) 165,294) 135,114 Restricted funds Balance at31 December 2022 Balance at 31 December 2023 Income Expenditure Transfer Hope Centre 893.442 {21,259) 42.122 914,305 Llving Hope 3,375 (3,181) 194 Church Bulldlng 1.178,501 {35,140) 1,185,385 Other r8Stricled 9,813 (2,440) 1.148 8,321 Total Restrlctsd Funds 2,071,943 12,988 162,019) 65,294 2,088,206 Fund descrlptions a) Unreslricted funds Funds to be used in the ordinary course of the business of Ihe charity. bl 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 fund represents the value of Ihe building and its fixtures and fittings. The Living Hope fund represents grant received for the specific purpose of meeting the costs of the Living Hope Projecl. 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 2024 16 Analysis of net assets between funds Unrestricted funds Restricted funds Total Fixed assets Cash and current investments Other current assets I liabilities 20,007 110,040 s,[7 2,079,689 8,516 2,099,696 118,656 5,067 Total 135.114 2,088,205 2,223,319 17 Reconclllatlon of net Income l (expendlture) to net cash flow from operatlng actlvlties 2024 2023 Net income l (expenditure) for year I period (61,6361 {65.601) Interest receivable Depreciation and impairment of tangible fixed assets (Increase) I decrease in debtors Increase I (decrease) in creditors (4,399) 62,676 110,784) 1,118 (3,652) 66,299 {386) 1,402 Net cash flow from operating activities (13.0251 (2,938) 18 Related party transactlon8 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 2024 18 Related party transactlons Icontinued) Information about related party transactions and outstanding balances is outlined below.. Outstanding balances Income Expenditure Commitments Sharon Milne, spouse of Treasurer and Vice Chair Richard Milne, provided Counselling Services At end dale 2024 Al end dale 2023 240 The following employees are also trustees or Representslives on the Deanery Synod. The trustees ar& satisfied that all salaries are either at or below market rate for similar roles in the area. Name Posltlon Gross pay Employèr Penslon Amanda Hart Operations Manager and PCC Secretary 30,791 737 Brooke Smith Representatlve on the Deanery Synod 11,064 194 Total 41,855 931 The following employees are related parties via family connections to either the truste8s 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 Relatlonshlp Gross pay Employer Penslon Caroline Jane Macdonald Spouse Macdonald of Chairman Malcolm 14,632 252 Total 14,632 252 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 2024 19. 2023 Statement of Flnanclal Actlvities Vnre$thctl Restslcled HopD Reslrictsd Cgnlvj Hopa Réstr¥oled funds Church Hdl Total Income and endowments from: Donations and legacies Charitable activities Investments Other 300,679 30,394 3.653 69,833 300,679 40,027 3,653 69,833 9,633 Total Income and endowments 404,559 9,633 404,659 Expendlture on: Raising funds Charitable activities Other 45,091 347,659 11.975 45,091 422,727 11,975 21,258 18.670 35,140 Total expendllur8 404,725 21,258 18,670 35,140 479,793 Transfers (3,208 3,208 Net movement In funds (3,374) (21,258) (5,829) (35,140) 165,6011 Reconclllatlon of funds.. Total funds broughl forward 216,386 914,700 5,829 1,213,841 2,350,566 Total funds carrled forward 213,012 893,442 1,178,501 2,284,965 20