OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← The Parochial Church Council Of The Ecclesiastical Parish Of St Kea, Truro

2023-12-31-accounts

Charity Registration Number - 1130762

ST KEA PAROCHIAL CHURCH COUNCIL

ANNUAL REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31[ST] DECEMBER 2023

ST KEA PAROCHIAL CHURCH COUNCIL

YEAR ENDED 31 DECEMBER 2023

CONTENTS

Page
Annual Report 1-9
Independent Examiner's Report 10
Statement of Financial Activities 11
Balance Sheet 12
Notes to the Financial Statements 13-19

ST KEA PAROCHIAL CHURCH COUNCIL

ANNUAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

Reference and Administrative Details

Church Address:

Telephone: Email: Website:

The Church Office Churchtown Killiow Truro TR3 6AE 01872 262868 office@stkea.org.uk www.stkea.org.uk

Charity Registration No:

Bankers:

Independent Examiner:

1130762 Lloyds Bank plc 7 Boscawen Street Truro TR1 2QT Nationwide Building Society Kings Park Road Moulton Park Northampton NN3 6NW D M Batten BSc. DMS Kingfisher House 14 Truro Road Lanivet PL30 5HF

The following served as members of the PCC during the 2023 calendar year:

Chair – Vicar:

Church Wardens:

Titular Warden of Old Kea*

Associate minister St Kea – All Hallows, Youth & families:

Rev. Marc Baker Martin Handford Neil Bridle Alison Brown (from APCM)

Rev. Hugh Barne

Assistant minister St Kea – Priest-in-charge St John the Evangelist:

Rev. Will Harwood

Other Trustees:

Jonny Alford (Deanery Synod Rep) Stephen Baird Peter Emms Ben Goddard (Deanery Synod Rep until APCM 2023) Siân Goddard (Deanery Synod Rep from APCM 2023) Julie Le Masurier (until APCM in April 2023) Matt Gavan (Elected at APCM in April 2023) Graham Loveland (PCC Secretary until APCM 2023) Claudia Loveland (until APCM in April 2023) Sue Sharp (Elected PCC Secretary at APCM 2023) Natalie Russell Dr. Alan Stanhope (Deanery Synod Representative) Tony Balmer (Elected at APCM 2023)

1

Ex-officio (without voting rights): February)

Vicki Cooper, Church Manager (Appointed in

2

ST KEA PAROCHIAL CHURCH COUNCIL

ANNUAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

PCC members’ report

The PCC members (trustees) present the annual report together with the financial statements of the Charity for the year ended 31 December 2023.

Overview of Kea Parish & PCC operations for 2023

St Kea’s vision is “Seeing God transform lives”. As a church, we are committed to helping everyone join in this great adventure as God transforms us into the people we were made to be. We seek to be engaged with the world around us and committed to evangelism, sharing the good news of Jesus with those who do not know him. We want to see all Christians established in - and deepening - their faith as they seek to live for Jesus. We also want to equip everyone for the unique life God calls them to live, and long for everyone who lives and works in Truro and beyond to have the opportunity to receive the gospel from someone who loves them.

In practical terms, we seek to provide high-quality Christian worship and teaching and provide a pastoral support network for the church family and those living in the communities around us. We also engage in outreach to promote the Christian faith with youth and children in the church family and in local schools and through our work with Christians Against Poverty (CAP). We support gospel partners locally and, through UK-registered charities, further afield.

Parish

The Parish of St Kea covers an area that includes Killiow, Playing Place, Calenick, Porth Kea and Coombe.

The parish has four centres of worship – the Parish Church of All Hallows (commonly known as “Kea Church”), Old Kea Church, Archbishop Benson School in Truro and CAP Lanterns congregation that normally meets at City Life Church on Tuesdays.

There were 161 people on the electoral roll of the Parish of St Kea as at the 2023 Annual Parochial Church Meeting on 27 April.

Worship & Ministry

The incumbent is The Rev. Marc Baker, who was inducted into the parish in May 2013, and became Vicar in October 2016. He was appointed Rural Dean of the Powder Deanery in July 2020.

The Rev. Hugh Barne, who was ordained Deacon in July 2017 and Priest in June 2018, joined the ministry team as Associate Minister responsible for All Hallows and Youth and families in July 2021. He was inducted into the parish in September 2021.

The Rev. Will Harwood, who joined the ministry team as Assistant Curate in July 2019, was ordained Deacon in June 2020 and Priest in September 2021, led the congregation at Archbishop Benson School in Truro until August. He was then appointed Priest-in-Charge of St John the Evangelist church in Truro and inducted in October 2022. He remains an Associate Minister at St Kea.

Sam Payne joined as a part-time youth worker in September 2022 in the absence of intern candidates, and stayed on as part time youth worker until July 2023.

Erica and Sam Payne were employed on behalf of Powder Deanery by St Kea Church as Low Income Community Support workers, providing ministry and support to those in need within the deanery.

3

ST KEA PAROCHIAL CHURCH COUNCIL

ANNUAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

Sunday worship:

Whole-church worship and ministry occurred throughout the year, with livestream broadcast of the All Hallows services on YouTube on most Sundays. Where possible, a monthly prayer and worship meeting was held once a month on Sunday evenings. The information below reflects the normal pattern of worship.

All Hallows: An informal, family-friendly service is held at 10.15 a.m. Holy Communion is celebrated once a month. A prayer and worship meeting is normally held one evening a month.

Old Kea: Services at Old Kea follow the Book of Common Prayer (1662). Services are held on the third Sunday of the month at 3.30pm with an 8.30 a.m. service on Easter Sunday and Christmas Day. Old Kea also held a candlelit carol service ahead of Christmas.

Christ Church Archbishop Benson School, Truro: An informal, family-friendly service is held at 9.30 a.m. Holy Communion is celebrated once a month. A prayer meeting is normally held one Thursday evening a month.

In 2023, six funerals and three weddings were conducted in the parish.

PCC

The statutory role of the Parochial Church Council is to co-operate with the incumbent “in promoting in the parish the whole mission of the Church, pastoral, evangelistic, social, and ecumenical”. The PCC is, by law, a body corporate and is a registered charity (Charity number 1130762). The PCC is responsible for maintaining the fabric of the churches and churchyard and other property held in trust by the parish, and for the financial affairs of the parish.

Members are elected to the PCC at the APCM (usually held in March or April) and can serve in office for a period of up to three years. Members of the St Kea electoral roll can stand again for PCC or Deanery Synod membership at the end of a three-year term.

Standing Committee

The Standing Committee has been authorised to transact items of business on behalf of the whole PCC and to develop major proposals to the point at which they are ready for discussion by the PCC meeting.

The members of the Standing Committee comprise: The Incumbent, Churchwardens, PCC Secretary, PCC Treasurer and Church Manager.

Fabric

The fabric includes the two churches - All Hallows and Old Kea - and associated churchyards, and the church hall and church cottage at All Hallows.

4

ST KEA PAROCHIAL CHURCH COUNCIL

ANNUAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

Staff

The PCC employed the following seven members of staff in seven roles during the year:

Associate minister responsible for All Hallows, Youth & Families: The Rev. Hugh Barne (full-time) Christians Against Poverty Centre Manager: Natalie Gavan (Part-time 22.5 hours per week) Christians Against Poverty Debt Coach: Steve Worts (Part-time 8 hours per week until Dec 2023) Church Administrator: Sue Sharp until March 2023, Debra Stanhope from April 2023 (Part-time 15 hours per week) Church Manager: Vicki Cooper (Part-time 12 hours per week) Leadership Assistant: Vicki Cooper (Part-time 10 hours per week) Youth Worker: Sam Payne (Part-time 10 hours per week until July 2023) Power Deanery funded LICF youth support worker: Sam Payne (22 hours per week from Jan, part time 15 hours from Sep)

Powder Deanery funded LICF family support worker: Erica Payne (22 hours per week from Jan – Sep 2023)

In addition to paid staff, St Kea offers an internship training scheme. This is not a paid role; interns can apply for bursary support funding from St Kea to support their living costs, although this is not guaranteed. Sadly, we could not find an intern for 2023 who could secure accommodation.

Review of 2023

The heart of our ministry at St Kea continues to be a deep desire to see God transforming lives. We are convinced that the good news of Jesus is good news for everyone. God meets us where we are and invites us to know more of Him. We are committed to helping everyone join in this great adventure as He transforms us together to be the people we were made to be.

We seek to be very honest and real as a church ‘Engaged’ with the world all around us. We are committed to ‘Evangelism’, sharing the good news of Jesus with those who do not know him. We want to see all Christians ‘Established’ in their faith, growing deeper as they seek to live for Jesus. Finally, we want to help everyone be fully ‘Equipped’ for the unique life God calls them to live.

If 2021 was concerned with rebuilding the life of our church following the coronavirus pandemic and 2022 focused on building plans for future growth, then 2023 was the year we sought to implement and embed those plans.

The Implementation Team continued their work developing the structures for Trinity Truro. (Trinity Truro is a partnership, working for a number of churches from across Truro under a single new benefice. This was a result of the On The Way initiative by the Diocese of Truro to reshape the nature of ministry across the diocese and focused on making ministry sustainable and fruitful.) Halfway through the year, the Implementation Team faced significant challenges as some church representatives raised substantial questions about the Deanery Plan. This has led to a pause in the Implementation Team’s work while we wait for the Deanery Implementation Team (DIT) to plot the way forward and build new confidence in the plan.

While we wait for implementation to begin again, we continue to be encouraged by much of the joint-working ‘on the ground’. We continue to be grateful for the ministry of Revd Will Harwood in leading the work at St John’s as Priest in Charge at St John’s and Associate Minister at St Kea. 2023 saw Andy Boorne ordained and become curate at St Kea, continuing his role as Local Minister at Kenwyn Parish Church. Revd Hugh Barne is now well established as Local Minister at St Kea and Revd Marc Baker continues his role as Local Minister at Christ Church, as well as overseeing the work as a whole. We continue to hold termly fellowship evenings where members from across ‘Trinity’ can gather to pray together. We are encouraged by the beginnings of jointworking in areas such as Youth Work, Women’s Ministry and ministry to the most disadvantaged.

5

Throughout 2023, we were delighted to continue welcoming new people to our different congregations. We held numbers of congregational events through the year to help new people integrate into the life of our church.

ST KEA PAROCHIAL CHURCH COUNCIL

ANNUAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

Our Small Groups remain an essential part of church life and we continued to welcome new people into the life of our Small Groups. We were able to develop the teaching material Equip and then launch Enable. Our focus on discipleship also continues in our Sunday gatherings as we undertook series in Proverbs, Acts, Ephesians, Isaiah and more.

We maintained our focus on ministry amongst children, young people and those who are most disadvantaged in our local communities. We engaged in ministry to schools, included the return of class visits to the church. We continued to run our youth activities including TNY and Ignite.

In 2023 we saw growth in our client numbers in our debt relief work through Christians Against Poverty and our additional Debt Coach meant we were able to serve more clients. Towards the end of 2023 our Debt Coach decided to step back from his current role and, towards the end of 2023, we started to look to recruit a new coach to join the team. Our midweek community to support Christians Against Poverty clients grew. We were also able to hold a very successful Christmas Appeal, raising more money than in previous years. We continued to see people released from debt and people make commitments to follow Christ.

In 2023 we were also able to support and become a home for the deanery work amongst the most deprived in our communities. This work is funded from the national church (Low Income Community Fund). We were able to provide employment and support for deanery workers, including the Team Leader, Youth Worker and (a new appointment towards the end of the year) a Community Worker. As 2023 continued, research turned to action. A partnership with St John’s saw the launch of Jericho Road and a partnership with Truro Foodbank saw the launch of a community cafe. The community cafe has now grown into a full-day drop-in cafe run from Hendra Hall every Monday.

Since the plan was agreed in the summer, we have now begun the process of implementation. Whilst there have not yet been any legal changes, significant progress has been made in a number of areas. We saw Revd Will Harwood change his role on our Staff Team, becoming the Priest in Charge at St John’s and Associate Minister at St Kea (following competitive interview). We saw Andy Boorne going to take on the role of Local Minister at Kenwyn Parish Church (and Andy will become a curate in the Benefice in 2023). We have also begun some work on the new brand for Trinity, including re-naming our congregation that meets in Truro as Christ Church. We have also started to hold termly fellowship evenings where members from across Trinity can gather to pray together.

At St Kea itself, the continued support of church members, our ability to draw on funding set aside in prior years and a grant for Old Kea meant that 2022 could be another year of essential upgrades to the fabric and fittings of our meeting spaces. This included replacing the leaking flat roofs on the church hall and church cottage in January, upgrading the bathroom in the church cottage in May and commissioning a replacement for the leaking large window in the church hall in August, although completion of the latter was delayed until early 2023. Delays and material cost increases meant that the large window came in above the budgeted cost. The same was true of the erection of a kitchen and composting WC at Old Kea, using a combination of a generous £10,000 grant from the Joseph Rank Trust and funds set aside previously. This leaves repairs to the pillars as the final project on the fabric at Old Kea, a meeting space treasured by church members and visitors alike. At year-end, the restricted Old Kea Development Fund balance stood at just over £15,000, meaning that additional funding will need to be sought from grant providers and other sources.

6

Financial review

Conservative Optimism

The 2022 forecast for 2023 set a bleak picture with downturn in giving and a resultant significant deficit. The 2023 budget was not approved in the November PCC meeting as members felt they could not approve such a significant deficit without a plan for redressing the shortfall. In the March Parochial Church Council (PCC) meeting the budget was approved on the basis that:

ST KEA PAROCHIAL CHURCH COUNCIL

ANNUAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

The net effect of the set budget was that no leeway had been added for any for any non-essential spend in any areas, and this had an impact upon the work of the church in many areas: not least it’s ability to repair and maintain its estate.

Income and Expenditure

It is first important to note that the church’s finances are divided into Restricted and Unrestricted funds. Restricted funds are those received for specified purposes whereas unrestricted funds are the opposite, forming part of the general pot and their spending is at the discretion of the PCC. It is these unrestricted funds that form the backbone of Kea Church’s finances. They pay for water in the taps, the heating oil in the boiler, our staff salaries, our Ministry and Mission fee to the Diocese, and generally everything that makes Kea Church run week to week. It is the unrestricted fund that bridges the shortfall to enable us to keep up our valuable work with Christians Against Poverty (CAP), and the Lanterns group; it is the unrestricted fund that we use to support our Gospel Mission partners. In short, it is the unrestricted funds that the PCC, elected by church members, control and allocate to attain the aims of the church.

Unrestricted giving in year was £12k above the budgeted £149k, and was some £8k higher than that of 2022 at just below £161k. Add in the all-important gift aid figure of £38k, a near seven-fold increase in bank interest payments, and other forms of income like rent, hall hire, and a much appreciated unrestricted legacy of £5,000, and the overall unrestricted income for 2023 was £218k.

Approximately 90% of our regular giving comes through the Parish Giving Scheme (PGS). PGS is the preferred route for the church to receive regular income, and it benefits the giver by being easy to set up, easy to adjust your giving, and provides a secure and convenient way to donate to the great works undertaken here at Kea.

Restricted income falls under one of three areas: giving explicitly towards the work of CAP, grants, and legacies. We received a total restricted income towards the work of CAP of £20k including £2.4k towards the work of the Debt Coach. The church received a number of restricted legacies and grants totalling £7k for use at Old Kea, and £51k towards the upkeep of the churchyard at All Hallows. A Grant was received for almost £34k from the Low Income Communities Fund (LICF) to cover the work of our LICF workers, and LICF attracted £1.5k of restricted giving. It is worth noting here that LICF forms part of our wider outreach to the people of Truro and is a cost neutral function to the congregation of Kea since all expenditure is funded by grant and directed gifts.

As a result of the forecasted budget deficit expenditure was closely monitored and all nonessential expenditure was curtailed: this has resulted in total expenditure in 2023 amounting to £224k.

Our largest area of expenditure was staff salaries and accommodation totalling £105.1k. Kea Church employs an Associate Minister full time with a package which includes accommodation, and eight part-time roles. The part time rolls are as follows:

7

The next largest area of expenditure was the Mission and Ministry Fund (MMF). All churches have to pay towards the call levied by their diocese, in Cornwall this is the MMF and is paid to the Truro Diocesan Board of Finance. Kea’s ‘call’ of £51k for 2023 was paid in full.

The following two areas of spend include associated staff salaries which are also included above within the total staffing cost. This apparent duplication serves to give a clearer picture of the division of allocation of spend by the PCC on the various functions of Kea Church.

ST KEA PAROCHIAL CHURCH COUNCIL ANNUAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

The church spent £33k on the above referenced CAP debt relief work and associated mid-week support group Lanterns, and £26k on the work with Low Income Communities (funded by the national church).

Premises costs represent the next highest area of spend at £20.8k. Valuable work was undertaken during the year to reduce our utilities bills and this is furthered by a working group focused on improving the environmental impact of the church, and that of our members. Kea church is responsible for the main parish church and hall of All Hallows in Kea and the small church at Old Kea. All Hallows is used throughout the week by church, youth, and community groups aside Sundays for the main 10:30 service. The Hall is used throughout the week, by small groups and is also the administrative office for the church. The remote tranquil church at Old Kea hosts services every 3rd Sunday but is open daily and is a registered Quiet Garden. Kea also rents accommodation in Truro at the Archbishop Benson School to host its 9:30 service, and the Lanterns Support group meet at City Life Church in Truro.

The final significant area of spend is our Gospel Partnership donations to other charities. Kea commits to donate 10% of received giving to its Gospel Partners, though in 2023 we failed to achieve this fully. This was due in part to changes in membership of the board charged with distributing the funds resulting in the budgeted discretionary payments not being allocated, and the honourable return of £5,000 donated to a partner in 2022, the total donated was £8.4k. The group has been re-formed for 2024 and commits to ensure the church tithes its giving income in line with theological principles.

Balance sheet

Our balance sheet remains strong, with net current assets of £279k, of which £101k is held in restricted funds and £16k in designated funds to cover specific expenditure in the years to come. Further details on these funds can be found on pages 12 and 16.

Reserves

At the balance sheet date, the church’s free reserves totalled £162k, which is the unrestricted portion of net current assets. Based on average monthly normal operating expenditure*, this represents eight (8) months' cover.

8

The PCC’s policy is to hold sufficient reserves to cover at least three months’ normal operating expenditure to cushion the church if income declines sharply. The minimum reserve agreed by the PCC for 2022 was £60,000 and this will be reviewed again in 2024.

Looking ahead

The PCC has approved a budget for 2024 of £228k to include various repairs to the fabric of our buildings. Based upon a conservative allowance of no growth in income this would leave a deficit of £32.5k: If the budget is achieved, amounts held in reserve would still exceed the minimum reserve agreed.

*Normal operating expenditure includes the costs of the church’s outreach and discipleship activities, its staff team, clergy, buildings, online ministry, youth and children’s ministry, its work with Christians Against Poverty, Gospel Partnerships initiatives locally and internationally, and St John’s.

9

ST KEA PAROCHIAL CHURCH COUNCIL

ANNUAL REPORT

FOR THE YEAR ENDED 31 DECEMBER 2023

Statement of PCC members’ Responsibilities

The PCC members are responsible for preparing the Annual Report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

The law applicable to charities requires the PCC members to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the PCC members are required to:

The PCC members are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. The PCC members are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The PCC confirms that the activities of the church meet the requirements of the Charity Commission in respect of Public Benefit. Details of how this is achieved are given in the section “Overview of Kea Parish & PCC Operations for 2023.”

This report was agreed by the Parochial Church Council on 28 March 2024 and signed on their behalf by:

----- Start of picture text -----
....................................................
PCC Chairman
----- End of picture text -----

10

INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF

ST KEA PAROCHIAL CHURCH COUNCIL

I report to the members of the PCC on my examination of the accounts of St Kea PCC for the year ended 31[st] December 2023, which are set out on pages 11 to 19.

Responsibilities and basis of report

As members of the PCC you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).

I report in respect of my examination of the charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the PCC as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

D M Batten BSc. DMS Kingfisher House 14 Truro Road Lanivet PL30 5HF

Date 28 March 2024

11

ST KEA PAROCHIAL CHURCH COUNCIL STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2023

Unrestricted
Restricted
Funds
Funds
Note
£
£
INCOME AND ENDOWMENTS
FROM:
Donations and legacies
7a
199,201
115,643
Other trading activities
7b
9,523
-
Investment income
7c
4,837
-
Other income
4,460
-
_
_
TOTAL
218,021
115,643
_
_
EXPENDITURE ON:
Charitable Activities
8
(163,572)
(60,470)
_
_
TOTAL
(163,572)
(60,470)
_
_
NET INCOME/(EXPENDITURE)
54,449
55,173
TRANSFERS BETWEEN
FUNDS
6a
-
-
NET MOVEMENT IN FUNDS
54,449
55,173
_
__

RECONCILIATION OF FUNDS:
TOTAL FUNDS BROUGHT
FORWARD
6a/6
b
791,512
46,187
__
___

TOTAL FUNDS C’FWD
845,961
101,360
_
______
 Total

Funds

2023

£

314,844
9,523
4,837
4,460
__
333,664
__
(224,042)
__
(224,042)
__
109,622
-
109,622
___
837,699
___
947,321
___
 Total
Funds
2022
£
401,416
11,946
663
1,912
_
415,937
_
(252,991)
_
(252,991)
_
162,946
-
162,946
_
674,753
_
837,699
____

12

ST KEA PAROCHIAL CHURCH COUNCIL

BALANCE SHEET AS AT 31 DECEMBER 2023

Note
£
FIXED ASSETS:
Tangible Assets
2
Investments
3
CURRENT ASSETS:
Debtors
4
10,080
Cash at bank and in hand
273,176
__
TOTAL CURRENT ASSETS
283,256
LIABILITIES:
Creditors: Amounts falling due within
one year
5
(3,935)
__
NET CURRENT ASSETS
TOTAL NET ASSETS
6b
THE FUNDS OF THE CHARITY:
Restricted Income Funds
6a
Unrestricted Funds
6a
661,971
Designated Funds
6a
183,990
__
TOTAL CHARITY FUNDS
6a		 2023
£
£
500,000
168,000
__
668,000
15,335
328,092
_
343,427
(5,728)
_
279,321
__
947,321
__
101,360
610,668
180,844
845,961
__
__
947,321
__		 2022
£
500,000
_
500,000
337,699
_
837,699
_
46,187
791,512
_
837,699
__

The notes on pages 13-19 form an integral part of these accounts.

These accounts were approved by the PCC on 28 March 2024 and signed on their behalf by

.................................

PCC Member

13

ST KEA PAROCHIAL CHURCH COUNCIL

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES

General

These financial statements have been prepared in accordance with the Church Accounting Regulations 2016 together with applicable accounting standards, the Charities Act 2011 and the Statement of Recommended Practice: Accounting and Reporting by Charities Financial Reporting Standard 102 (FRS 102).

The financial statements have been prepared under the historical cost convention, except for the valuation of investment assets, which are shown at bid market value. The financial statements include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include the accounts of church groups that owe their main affiliation to another body, nor those that are informal gatherings of church members.

INCOME AND ENDOWMENTS

Donations and Legacies

Planned giving receivable under Gift Aid is recognised only when received. Planned giving includes donations given and the resultant Gift Aid donated through the Parish Giving Scheme.

Collections are recognised when received by or on behalf of the PCC.

Gift Aid tax refunds and Gift Aid Small Donations Scheme (GASDS)

Income tax recoverable on Gift Aid donations and GASDS is recognised when the income is recognised.

Investment income

Income from investments is included in the year in which it is receivable.

EXPENDITURE

Expenditure is included on an accruals basis.

Charitable Activities

Comprises those costs incurred by the PCC in the delivery of its activities and services for its beneficiaries.

FIXED ASSETS

Consecrated Land and Buildings and Movable Church Furnishings

Consecrated and beneficed property is excluded from the accounts by s10 (2) (a) of the Charities Act 2011.

Movable church furnishings held by the vicar and Churchwardens on special trust for the PCC and which require faculty for disposal, are accounted for as inalienable property unless consecrated. They are listed in the church’s inventory which can be inspected (at any reasonable time). For inalienable property acquired prior to 2003 there is insufficient cost information and therefore such assets are not valued in the accounts. Items acquired since 1[st] January 2003 have been capitalised and depreciated in the accounts over the current anticipated useful economic life (initially over 4 years) on a straight line basis.

Depreciation

No depreciation is provided on the freehold properties. The PCC consider that the life of these assets is so long and their residual value is so high that their depreciation is insignificant.

Fixtures, fittings and equipment that exceed £1,000 are capitalised only if they are bought from unrestricted funds. Depreciation is provided on these tangible fixed assets so as to write off

14

the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Fixtures, fittings and equipment

25% straight line basis

Fixed asset investments

Investments held as fixed assets are revalued at bid market value at the balance sheet date and the gain or loss taken to the statement of financial activities.

ST KEA PAROCHIAL CHURCH COUNCIL

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES (continued)

Funds

Unrestricted funds represent the funds of the PCC that are not subject to any restrictions regarding their use and are available for application on the general purposes of the PCC.

Designated funds are earmarked by the trustees for specific purposes in the future. The trustees have the power to re-designate such funds within the unrestricted funds

Restricted funds represent the funds of the PCC where income has been raised for specific purposes, for individuals or special events.

Financial Instruments

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Going Concern

The trustees consider there are no material uncertainties about the charity’s ability to continue as a going concern.

2. TANGIBLE ASSETS

COST
At 1stJan 2023
Additions
As at 31stDec 2023
DEPRECIATION
At 1stJan 2023
Charge for the Year
Carried forward 31stDec 2023
NET BOOK VALUE
As at 31 December 2023
As at 31 December 2022		 Freehold
Freehold
Fixtures, Fittings
Property
Property
and Equipment
Church
Cottage
Hall
£
£
£
275,000
225,000
44,372
-
-
-
_
_
_
275,000
225,000
44,372
_
_
_
-
-
44,372
-
-
-
_
_
_
-
-
44,372
_
_
_
275,000
225,000
-
_
_
_
275,000
225,000
-
_
_
_		 Total
£
544,372
-
_
544,372
_
44,372
-
_
44,372
_
500,000
_
500,000
_

15

The freehold properties, Church hall and church cottage were valued on 28th February 2017 by Philip Martin & Co, Truro, FRCS. The valuation was made at market value assuming vacant possession.

16

ST KEA PAROCHIAL CHURCH COUNCIL

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023

3. FIXED ASSET INVESTMENTS

3.
FIXED ASSET INVESTMENTS
Cost or Valuation
As at 1stJanuary 2023
Mission Housing Limited Loan
Encashment
As at 31stDecember 2023
Net Book Value
At 1stJanuary 2023
At 1stJanuary 2023
4.
DEBTORS

HMRC – Gift Aid
Other Debtors
5.
CREDITORS: Amounts falling due within one year:

Taxation and Social Security
Trade Creditors
Other Creditors
Accruals



2023
£

1,533
8,547
_
10,080
_
2023
£

867
2,806
262
0
_
3,935
_		 2023
£
0
168,000
0
_
168,000
_
0
_
168,000
_
2022
£
1,092
14,243
_
15,335
_
2022
£
224
2,413
1,891
1,200
_
5,728
_

17

ST KEA PAROCHIAL CHURCH COUNCIL

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023

6a. TOTAL FUNDS

Fund
Balances
B/Forward
£

UNRESTRICTED FUND
Unrestricted Fund
610,668
DESIGNATED FUNDS
Associate Minister – St Johns
5,000
Gospel Partnerships
6,529
Ministers’ Accommodation Fund
169,315
_
180,844
_
Total Unrestricted Funds
791,512

_
RESTRICTED FUNDS
Belling Trust Grant
1,017
Christians Against Poverty
11,509
Legacy 1
8,841
Legacy 2
1,416
Lowest
Income
Communities
Funding
8,312
Old Kea Church Development
15,092
Trinity Website
-
_
46,187
_
837,699
_		 Other
recognised
Fund
Income
Expenditure
Transfers
gains/(losses)
Balances
C/Forward
£
£
£
£
£
201,463
(155,160)
5,000
661,971
-
-
-
-
(5,000)
-
16,000
(8,412)
-
14,117
558
-
-
169,873
_
_
_
_
_
16,558
(8,412)
(5,000)
-
183,990
_
_
_
_
_
218,021
(163,572)
-
-
845,961
_
_
_
_
_
-
(17)
-
-
1,000
22,888
(32,649)
-
-
1,748
-
-
-
-
8,841
51,231
(673)
-
-
51,974
35,244
(26,091)
-
-
17,465
5,280
(1,040)
-
-
19,332
1,000
-
-
-
1,000
_
_
_
_
_
115,643
(60,470)
-
-
101,360
_
_
_
_
_
333,664
(224,042)
-
-
947,321
_
_
_
_
_

Belling Trust Grant

For Livestream and other technical equipment and improvements

Christians Against Poverty Funds (CAP)

These funds consist of donations given towards the various works of Christians against Poverty

Legacies

These funds consist of legacies given to pay for the maintenance of a family grave and the All Hallows churchyard.

Lowest Income Communities Funding

This funding comes from the Church of England to support two community workers. St Kea is administrating this project on behalf of the Powder Deanery.

Old Kea Church Development Fund

This fund consists of donations given towards the work of developing Old Kea Church.

Trinity Website Fund

This fund consists of donations given towards the work of developing the current church website.

18

ST KEA PAROCHIAL CHURCH COUNCIL

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023

6b ANALYSIS OF FUNDS

Unrestricted
Restricted
Funds
Funds
£
£

Tangible fixed Assets
500,000
-
Investments
168,000
Current Assets
181,896
101,360
Current Liabilities
(3,935)
-
_
__
TOTAL NET ASSETS
845,961
101,360
_
____		 Total
Funds
£
500,000
168,000
283,256
(3,935)
_
947,321
_

DETAILED STATEMENT OF FINANCIAL ACTIVITIES

INCOME

Total Total
Unrestricted Restricted Funds Funds
Funds Funds 2023 2022
£ £ £ £
INCOME AND ENDOWMENTS
FROM:
7a Donations and Legacies
Planned Giving 150,927 1,080 152,007 149,164
Donations
9,856		 60,205 70,061 4,828
Sale of Donated Bungalow - -
 181,010
Grants - 33,750 33,750 28,828
Gift
Aid
tax		 refunds and 38,418 255 38,673 30,119
GASDS
CAP donations - 20,353 20,353 7,467
__ __ __ __
199,201 115,643 314,844 401,416
__ __ __ __
7b Other trading activities
Events income: Fees Weddings 3,245 - 3,245 5,853
& Funerals
Events income: Other 1,418 - 1,418 990
Cottage rental income 4,538 - 4,538 4,346
Contributions for use of hall 322 - 322 757
_ _ _ _
9,523 - 9,523 11,946
_ _ _ _
7c Investment income
Bank interest 4,837 - 4,837 663
_ _ _ _
4,837 - 4,837 663
_ _ _ _

20

ST KEA PAROCHIAL CHURCH COUNCIL

NOTES TO THE ACCOUNTS

YEAR ENDED 31 DECEMBER 2023

DETAILED STATEMENT OF FINANCIAL ACTIVITIES

EXPENDITURE

Total Total
Unrestricted Restricted Funds Funds
Funds Funds 2023 2022
Note £ £ £ £
EXPENDITURE ON:
8. Charitable activities
Salary and pension costs 9 62,891 41,153 104,044 76,658
Mission & Ministry Fund 51,052 - 51,052 68,070
Christians Against Poverty - 13,056 13,056 8,865
Church Office Costs 29,264 5,204 34,468 48,808
Energy Costs 9,240 - 9,240 7,909
Gospel Partnerships
 8 8,412 - 8,412 18,696
Cost of Bungalow Sale (2022 only) - - - 9,533
Other expenditure 1,610 - 1,610 955
Clergy & Staff expenses 1,103 - 1,103 2,822
Belling Trust funded IT Equipment - 17 17 900
Old Kea Church Development - 1,040 1,040 8,463
Depreciation - - - 112
Independent Examiner’s fee - - - 1,200
_ _ _ _
163,572 60,470 224,042 252,991
_ _ _ _

9. GOSPEL PARTNERSHIPS

The following gifts were made during the year to the organisations and individuals listed below.

Associate Minister St Johns
Barnabas Fund (Reg. 1092935)
Christian Associates UK / Communitas
(Reg. 1070351)
Churches Together in Truro
Compassion UK (Reg. 1077216)
Mercy Rescue Trust (Reg. 1121584)
Tear Fund (Reg. 265464)
Truro Foodbank (Reg. 1176281)		 2023
£
(5,000)
2,000
2,000
-
412
5,000
2,000
2,000
______
8,412
______		 2022
£
5,000
2,000
2,000
300
396
5,000
2,000
2,000
__
18,696
____

22

ST KEA PAROCHIAL CHURCH COUNCIL

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023

10. STAFF COSTS

Total employees’ remuneration for the year amounted to £104,044 for 7 employees – 1 full time and 6 part time (2022 - £76,658 for 5 employees 1 full time and 4 part time). Gross salaries amounted to £102,894. Employer’s NIC was fully reimbursed by HMRC. Pension costs amounted to £1,150.

There were no employees with remuneration above £60,000.

11. TRUSTEES’ REMUNERATION AND EXPENSES

No remuneration directly or indirectly out of the funds of the church was paid or payable for the year to any members of the Parochial Church Council or to any person or persons known to be connected with any of them. No PCC member has received reimbursement for services provided to the PCC during the year. The clergy are paid by the Diocese from the Mission and Ministry Fund (formerly Diocesan Common Fund) paid by each parish.

23