2022-12-31-accounts

Registered Charity Number: 1130813

PARISH OF ST MARY'S PORTSEA

ANNUAL REPORT

AND FINANCIAL STATEMENTS OF

THE PAROCHIAL CHURCH COUNCIL

FOR THE YEAR ENDED

31ST DECEMBER 2022

PARISH OF ST MARY'S PORTSEA

1.

ANNUAL REPORT AND FINANCIAL STATEMENTS OF THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDED 31 DECEMBER 2022

Contents

2 - 6	Annual Report
7	Statement of Responsibilities
8	Independent Examiner’s Report
9	Statement of Financial Activities
10	Balance Sheet
11 - 20	Notes to the Financial Statements

PARISH OF ST MARY'S PORTSEA

2.

ANNUAL REPORT AND FINANCIAL STATEMENTS OF THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDED 31 DECEMBER 2022

ADMINISTRATIVE INFORMATION

The Parish of St Mary, Portsea has three churches. The parish is part of the Diocese of Portsmouth within the Church of England. The correspondence address of the Parish is The Vicarage, Fratton Road, Portsmouth, Hampshire, PO1 5PA.

The three churches are situated as follows:-

St Mary’s Parish Church - Fratton Road, Portsmouth St Faith’s Mission Church - Crasswell Street, Portsmouth St Wilfrid’s Mission Church - George Street, Portsmouth

The Parochial Church Council (PCC) is a registered Charity (No.1130813).

PCC members who have served from 1[st] January, 2022 until the date this report was approved are:

Incumbent: The Revd. Canon Bob White Associate Vicar: The Revd. Dr Sam Cullen Asst Curates: The Revd. Sue Whitelock (SSM) The Revd. Marcus Collie (to June 2022) The Revd. Rajiv Sidhu (from February 2022) The Revd. Kate Marlow Licensed Reader: Fi Rosen Mandy Hollingsworth Jenny Stamp Parish Wardens: Eugene Organ Irene James Treasurer: Paul Morgan Secretary: Marie Lambert Deputy Wardens: Graham Basset Jackie Fisher Robert Rymill Jason Smith Deanery Synod: Matt Dixon Lorraine Drinkwater Irene James Maggie Moles Eugene Organ Elected Members: Alison Barnicott Stuart Butler Cis Delmege (in addition David Hambrook Sandra Harris Chris Lavis to the above) Shelly Leggat Debbie Oliver Shirley Rudder Alan Saffery Jenny Stemp Tunde Williams Bev Nicholson Sue Simms Joy Margaret Tagg (to November 2022 Arthur Tagg (to November 2022) Roger Gibbs (to November 2022) Debbie Mitchell (to November 2022) Chris Wiltshire (to November 2022)

There were parochial church council meetings (including the Annual Meeting) during the year upto the Annual Meeting in 2023. 1 of these were held online on Zoom All guidance on how to do this from Church of England and Charity Commissioners were followed. There was an average attendance of 54%.

3.

PARISH OF ST MARY'S PORTSEA

ANNUAL REPORT AND FINANCIAL STATEMENTS OF THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDED 31 DECEMBER 2022

The PCC was assisted in its work by the following staff:

Director of Music:	Brian Moles
Asst Organist (St Mary’s):	Matthew Dixon (Until September 2022)
Organist:	Debbie Mitchell (St Faith’s) Tracey Dean (St Wilfrid’s)
Parish Admin Assistants:	Claire Loveridge & Margaret Moles
Bookkeeper:	Alison Barnicott
Verger:	Rosie Francis (St Mary’s)
Organ Project Manager:	Matthew Dixon
Organ Project:	Catherine Bretnall and Philip Collins White (Until December 2022)

STRUCTURE, GOVERNANCE AND MANAGEMENT

The method of appointment of PCC members is set out in the Church Representation Rules. All church attendees are encouraged to register on the Electoral Roll and stand for election to the PCC.

OBJECTS AND ACTIVITIES

St Mary’s Parochial Church Council is responsible for all aspects of the day-to-day management of the Parish, pastoral, spiritual, social and commercial. It also has the responsibility for the maintenance and preservation of the fabric of all three churches and associated properties, i.e. St Mary’s Church, St Faith’s Church, St Wilfrid’s Church and Hall. St Mary’s Churchyard is leased to the City Council.

The PCC also supports the Vicar and Parish Wardens in the management of the Trusts listed in the Financial Statements.

Each of the three churches has a District Church Council, and there are various committees which further the work of the Parochial Church Council. The committees for 2022 were as follows:-

Standing Committee

This is the only committee required by law. It has the power to transact the business of the Parochial Church Council between its meetings, subject to any directions given by the Council.

Finance Committee

It oversees the financial dimension of the work of the Parish by maintaining the Income and Expenditure and Budgeting.

Personnel Committee

This oversees the employment of staff and other issues relating to good practice in the area of volunteers.

Buildings Committee

This has a responsibility to advise on all the Buildings for which the PCC has a responsibility, with special reference to health and safety and other legal requirements.

In addition there are a series of groups or networks which are ‘accountable’ to the PCC. These include:

Spirituality Network

This is responsible for considering and developing the role of the Church in mission and outreach, and also in supporting the development of the spirituality of individuals and groups within the Parish.

PARISH OF ST MARY'S PORTSEA

4.

ANNUAL REPORT AND FINANCIAL STATEMENTS OF THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDED 31 DECEMBER 2022

Communications Group

This reflects on the various forms of communication within the Parish and seeks to establish good practise in all areas of PR and communication.

Social Justice Group

This advises the 3 Churches on issues relating to Social Justice.

ACHIEVEMENTS AND PERFORMANCE

Church Attendance
Electoral Roll:	251	(260 in 2021)
Baptisms:	31	(24 in 2021)
Weddings:	13	(11 in 2021)
Funerals:	132	(159 in 2021)
Average Weekly Attendance:
(Adults)	153	(171 in 2021)
(Young People)	25	(30 in 2021)

Review of the Year

The full Parochial Church Council met 5 times during the year. As the Parish continued to manage the recovery form the impact of lockdowns and restrictions due to COVID no Committees other than the Standing Committee met between meetings and minutes of their meetings were received by the full Parochial Church Council and discussed where necessary.

The aims and objectives of the Council are summarised in the Parish Vision. These are reviewed annually and form the basis of setting priorities for the coming year and measuring performance for the past year. The objectives arise from our understanding of the Trinity and seek to reflect that understanding on how we seek to serve God and His world, through our individual and corporate lives. The Vision seeks to ensure we use our resources to fulfil these objectives and include within them both our financial, material and spiritual resources. The Vision is summarised as: ‘Being with God; Being with others; Being with the rest of creation’. This will continue to be developed and reflected in the life of the Parish and the Governance structures. The Parish Vision is also in line with the Diocesan Vision growing our of ‘Live, Pray, Serve’.

2022 continued to see an impact of COVID on us as a nation and community. The full consequences and long term effects have still to be fully understood, but from the Church’s perspective there was a loss of a generation of young people (particularly from the choir) and an increasing sense of weariness and mental health issues affecting all ages. Through this period we continued to work with everyone whose lives are touched through contact with our Churches and the pastoral offices. The adaptations and changes that had to be same through COVID have been reflected on and influenced some changes that have been made to our liturgy and practices. One notable development has been the use of IT and streaming of our services – we now have a social media following of over 3000 and our Sunday services are shared in by over 50 people regularly. We maintained our close co-operation with the five schools within the Parish, We supported the work of HIVE Portsmouth and Fratton Big Local in providing volunteers and support to those around us. The Church continued to play a lead role in community partnerships seeking to improve the quality of life in the area and the work of the local Community Centres and other agencies. In Fratton the Church continues to be closely involved with the process of identifying how to spend the Big Local lottery grant of £1million over 10 years (now in its 9th year). The Incumbent is the Chair of the Fratton Big Local Partnership. The Fratton Federation, under the leadership of the Incumbent, also continues to be significant for that community. We also maintain strong links with our neighbouring parishes in the Central Cluster. There is a need to review and revitalise these links between us. The Bishop’s Mission Order (Harbour Church) has now become a Team ministry and relationships with that community continue to develop.

5.

PARISH OF ST MARY'S PORTSEA

ANNUAL REPORT AND FINANCIAL STATEMENTS OF THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDED 31 DECEMBER 2022

Review of the Year (Continued)

During the year the Parochial Church Council continued its review of the resources, it has considered how best to use these in furthering the work and witness of the Church in the communities that it serves. The Parish vision and this review reflect the Deanery Plan and Diocesan developments. In association with this the DCC & PCC refer to the ‘Parish Vision, which establishes the direction in which these resources could be used. This review is continuing to consider the development and use of the buildings The formal process for tendering for the redevelopment of St Wilfrid’s building has been taking place and it is hope this will reach a conclusion in 2023. There is a possibility that this will be by releasing the building to another Christian community. It was agreed (and supported by the Bishop and Diocese) that we should case to use St Wilfrid’s as a place of worship from the end of November 2022. The pastoral care and leadership of the church community through what was a challenging period was an important aspect of the ministry of Revd Sam Cullen supported by Revd Kate Marlow and the wider Ministry Team. St Mary’s continues to work with the Architect on the upkeep of the building. 2022 saw the completion of the work of the Heritage Lottery Fund for the Organ restoration. There have been a number of associated works carried out on the building as part of the project. There has been a phase of the project focusing on community engagement which will culminate in a Heritage week on July 2023.. It was good in 2022 to see the return of the Community May Fayre – which was welcomed back with enthusiasm by all who attended.

There continues to be work developing ecumenical and interfaith partnerships. This work involves the Incumbent as Area Dean facilitating a gathering of all ‘sector ministries’ in the City and through his role as Chair of HIVE leading the review of the Interfaith Forum.

The music department has continued to seek to rebuild after the closure through COVID.. Under the leadership of Brian Moles, the choir at St Mary’s maintained the high quality of music in worship and the various recitals associated with the Organ Project saw an increasing number attending,. The use of social media has become an important aspect of our mission and witness and is for those still unable to gather at Church a lifeline. There is a streamed service on Sundays and 3 days a week from the Parish Church. There was other engagement with people through a well-established (and followed) presence on both Face Book (over 3000 followers) and Twitter. The Parish also has an established YouTube page which has been heavily used. The accumulated effect of all these activities has been an ongoing growth in membership and a maintaining of a high profile within the local communities and further afield.

The PCC review the major risks which impact the work of the Church in the parish on a regular basis. Systems have been established to mitigate the significant risks. The major ‘risk’ currently is the building at St Wilfrid’s as this is a drain on limited resources and steps have been taken to secure the closure and sale of the building.

PARISH OF ST MARY'S PORTSEA

6 .

ANNUAL REPORT AND FINANCIAL STATEMENTS OF THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDED 31 DECEMBER 2022

FINANCIAL REVIEW

The total income on ordinary unrestricted funds was £148,890 and is detailed in the Financial Statements. £174,018 was incurred to provide the Christian Ministry from the parish of St. Mary, Portsea, which included the contribution to the diocesan parish share, which largely provides the stipends and housing for the clergy. The sum that the Churches in the deanery have to find is shared between the churches according to a formula that is based mainly on a head count of congregations and an assessment of its socio economic situation.

The net unrestricted result for the year was a surplus of £48,560, including a gain on investments of £73,688, which increased the unrestricted funds brought forward at the beginning of the year of £76,383 to £124,943. There was a deficit restricted result of £3,150, including a loss on investment of £4,060, decreasing the restricted fund from £38,759 to £35,589. The Parish has endowments of £960,055 (which saw losses of £220,168 in the year).

The St. Mary’s Church Portsea Music Foundation makes regular reports to the PCC. Its work of supporting the choir and organ scholars of the parish church makes an important contribution to the ministry of the Parish as well as sharing some of the music costs of the parish church.

The parish investments are set out in note 5 of the notes to the Financial Statements. The policy of the parish is to invest in funds to maintain a balance between income yielding investments and investments that provide both income and capital growth. All investments are with the Church of England Investments Funds or the Charities Official Investment Funds as the parish believe these funds have a policy of good practice as regards social, environmental and ethical considerations in their investments.

RESERVES POLICY

It is PCC policy to maintain balances on unrestricted funds (if possible), which equates to approximately three months unrestricted payments, to cover emergency situations that may arise from time to time. The balances of £124,943 on unrestricted and unallocated funds at the year end does not exceed this target.

It is our policy to invest funds balances with the CBF Church of England Deposit Fund and CCLA Investment Funds On behalf of the Parochial Church Council

Reverend Canon R White Vicar

Date:

PARISH OF ST MARY'S PORTSEA

7.

ANNUAL REPORT AND FINANCIAL STATEMENTS OF THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDED 31 DECEMBER 2022

STATEMENT OF RESPONSIBILITIES

The members of the Parochial Church Council are required to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the PCC and of the surplus or deficit of the PCC for the period. In preparing those financial statements, the PCC are required to:

• (i) select suitable accounting policies and then apply them consistently;

• (ii) make judgements and estimates that are reasonable and prudent;

• (iii) prepare the financial statements on the going concern basis unless it is inappropriate to presume that the PCC will continue in operation.

The members of the PCC are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the PCC. They are responsible for safeguarding the assets of the PCC and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the PCC and signed on its behalf by:

Revd. Canon R C White Name

Vicar Position

Date:

INDEPENDENT EXAMINER’S REPORT

8.

TO THE PAROCHIAL CHURCH COUNCIL OF

ST MARY’S PORTSEA

This report on the accounts of the PCC for the year ended 31 December 2022 which are set out on pages 9 to 21 is in respect of an examination carried out in accordance with the Church Accounting Regulations 2006 (‘The Regulations’) and Section 145 of the Charities Act 2011 (‘The Act’).

This report is made to the members of the PCC in accordance with the terms of my engagement. To the fullest extent permitted by law I do not accept any responsibility to anyone other than the PCC for this report.

Respective responsibilities of basis of report

As the 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 have examined your charity's accounts as required under section 145 of the Charities Act 2011 ('the Act). In carrying our my examination I have followed the directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

My role is to state whether any material matters have come to my attention giving me cause to believe:

• the accounting records were not kept as required by section 130 of the Act; or

• that the accounts do not accord with those records; or

• that the accounts do not comply with the accounting requirements of the Act; or

• • that there is further information needed for a proper understanding of the accounts.

Independent examiner’s statement

I have completed my examination and have no concerns in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission I have found no matters that require drawing to your attention.

Paul Underwood

Morris Crocker Chartered Accountants Station House North Street Havant PO9 1QU

Date:

9.

PARISH OF ST MARY'S PORTSEA STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022

					2022	2021
		Unrestricted	Restricted	Endowment	Total	Total
		Funds	Funds	Funds	Funds	Funds
	Note	£	£	£	£	£
INCOME AND
ENDOWMENTS FROM
Donations and legacies	2a	78,132	193,798	-	271,930	526,532
Church activities	2b	21,894	-	-	21,894	21,902
Activities for generating funds	2c	16,018	-	-	16,018	4,467
Investment income	2d	32,846	910	-	33,756	34,674
		⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯
TOTAL		148,890	194,708	-	343,598	587,575
		⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯
EXPENDITURE ON
Raising funds	3a	-	-	-	-	-
Church activities	3b	174,018	193,798	-	367,816	696,693
		⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯
TOTAL		174,018	193,798	-	367,816	696,693
		⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯
(LOSSES)/GAINS ON
INVESTMENTS	8	73,688	(4,060)	(220,168)	(150,540)	166,516
(EXPENDITURE)/NET INCOME		48,560	(3,150)	(220,168)	(174,758)	57,398
TRANSFERS BETWEEN FUNDS	11	-	-	-	-	-
		⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯
NET MOVEMENT OF FUNDS		48,560	(3,150)	(220,168)	(174,758)	57,398
RECONCILIATION OF FUNDS:
BALANCE BROUGHT FORWARD		76,383	38,739	1,180,223	1,295,345	1,237,947
		⎯⎯⎯⎯	⎯⎯⎯-	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯
BALANCE CARRIED FORWARD		124,943	35,589	960,055	1,120,587	1,295,345
		‗‗‗‗‗‗‗	‗‗‗‗‗‗‗	‗‗‗‗‗‗‗	‗‗‗‗‗‗‗	‗‗‗‗‗‗‗

PARISH OF ST MARY'S PORTSEA

10.

BALANCE SHEET 31 DECEMBER 2022

					2022	2021
		Unrestricted	Restricted	Endowment	Total	Total
		Funds	Funds	Funds	Funds	Funds
	Note	£	£	£	£	£
FIXED ASSETS
Investment assets	8	97,728	31,437	960,055	1,089,220	1,326,533
		‗‗‗‗‗‗‗	‗‗‗‗‗‗‗	‗‗‗‗‗‗‗	‗‗‗‗‗‗‗	‗‗‗‗‗‗‗
CURRENT ASSETS
Debtors	9	15,882	-	-	15,882	5,422
Cash at bank and in hand		50,379	4,152	-	54,531	13,623
		⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯
		66,261	4,152	-	70,413	19,045
LIABILITIES: AMOUNTS FALLING
DUE WITHIN ONE YEAR	10	(39,046)	-	-	(39,046)	(50,233)
		⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯
NET CURRENT ASSETS		27,215	4,152	-	31,367	(31,188)
		⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯
TOTAL NET ASSETS		124,961	35,589	960,055	1,120,587	1,295,345
		‗‗‗‗‗‗‗	‗‗‗‗‗‗‗	‗‗‗‗‗‗‗	‗‗‗‗‗‗‗	‗‗‗‗‗‗‗
PARISH FUNDS
Unrestricted	11	124,943	-	-	124,943	76,383
Restricted	11	-	35,589	-	35,589	38,739
Endowment	11	-	-	960,055	960,055	1,180,223
		⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯
		124,943	35,589	960,055	1,120,587	1,295,345
		‗‗‗‗‗‗‗	‗‗‗‗‗‗‗	‗‗‗‗‗‗‗	‗‗‗‗‗‗‗	‗‗‗‗‗‗‗

Approved by the Parochial Church Council on ________ and signed on its behalf by:

Chairman – Revd. Canon R C White

PARISH OF ST MARY'S PORTSEA

11.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1 ACCOUNTING POLICIES

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective January 2015)’, the Charities Act 2011 and the Church Accounting Regulations 2006.

The financial statements have been prepared under the historical cost convention except for the valuation of investment assets, which are shown at market value. The financial statements include all transactions, assets and liabilities for which the PCC is responsible in law.

The PCC consider that there are no material uncertainties regarding the PCC’s ability to continue as a going concern.

Funds

General 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. Funds designated for a particular purpose by the PCC are also unrestricted. Restricted Funds are used for the purpose for which the income was given. Interest earned on restricted funds is applied firstly to the purpose for the restricted fund and any surplus is applied to general purposes of the PCC. Endowment Funds are invested to provide income for the general purposes of the PCC.

The accounts 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.

Incoming Resources

Voluntary income and capital sources

Collections are recognised when received by or on behalf of the PCC. Planned giving receivable under Gift Aid is recognised only when received. Income tax recoverable on covenants or Gift Aid donations is recognised when the income is recognised.

Grants and legacies are accounted for when the PCC is entitled to the use of the resources, their ultimate receipt is considered reasonably certain and the amounts due are reliably quantifiable.

Funds raised by the fete, garden party and similar events are accounted for gross. Sales of books and magazines from the church bookstall are accounted for gross.

Other ordinary income

Rental income from the letting of church premises is recognised when the rental is due.

Income from investments

Dividends are accounted for when declared receivable, interest as and when accrued by the payer.

Gains and losses on investments

Realised gains or losses are recognised when investments are sold.

Unrealised gains or losses are accounted for on revaluation of investments at 31 December.

Resources Used

Grants

Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding obligation on the PCC.

Activities directly relating to the work of the Church

The diocesan quota or parish share is accounted for when payable.

PARISH OF ST MARY'S PORTSEA

12.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

Fixed Assets

Consecrated land and buildings and movable church furnishings

Consecrated and beneficed property is excluded from the accounts by S.10(2)(a) of the Charities Act 2011.

No value is placed on movable church furnishings held by the churchwardens on special trust for the PCC and which require a faculty for disposal since the PCC considers this to be inalienable property. All expenditure incurred during the year on consecrated or benefice buildings and movable church furnishings, whether maintenance or improvement, is written off as expenditure in the SOFA and separately disclosed.

Other fixtures, fittings and office equipment

Equipment used within the church premises is depreciated on a straight-line basis over 4 years. Individual items of equipment with a purchase price of £5,000 or less are written off when the asset is acquired.

Financial Instruments

The charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and investments in stocks and shares. The measurement basis used for these instruments is detailed below.

Investments

Investments are stated at market value inclusive of accrued income as at the balance sheet date. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.

Realised/Unrealised gains and losses

All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sale proceeds and opening market value or purchase date if later. Unrealised gains and losses are calculated as the difference between the market value at the end of the year and opening market value, or purchase date if later. Realised and unrealised gains are not separated in the Statement of Financial Activities.

Debtors and cash at bank

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, deposits with banks and other shortterm highly liquid investments and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

PARISH OF ST MARY'S PORTSEA

13.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

2. INCOME AND ENDOWMENTS FROM

2.	INCOME AND ENDOWMENTS FROM
					2022	2021
	Unrestricted		Restricted	Endowment	Total	Total
		Funds	Funds	Funds	Funds	Funds
		£	£	£	£	£
2a.	Donations and legacies
	Planned giving:
	Gift aid donations	34,857	-	-	34,857	36,329
	Income tax recoverable	10,544	-	-	10,544	10,990
	Other planned giving	-	-	-	-	-
	Collections at all services	7,844	-	-	7,844	7,063
	Grants	-	193,798	-	193,798	466,265
	Donations, appeals, etc.	19,887	-	-	19,887	5,885
	Legacies	5,000	-	-	5,000	-
		──────	─────	─────	──────	─────
		78,132	193,798	-	271,930	526,532
		──────	─────	─────	──────	─────
	Grants received, included in the above are	as follows:
	The National Heritage Lottery Fund				166,205	378,740
	Listed Place of Worship				27,593	70,525
	Allchurches Trust				-	17,000
					──────	─────
					193,798	466,265
					──────	─────
2b.	Church activities
	Church halls lettings etc.	1,657	-	-	1,657	1,675
	Church lettings etc.	10,277	-	-	10,277	5,717
	Fees	9,960	-	-	9,960	14,510
	Magazines	-	-	-	-	-
		──────	─────	─────	──────	─────
		21,894	-	-	21,894	21,902
		──────	─────	─────	──────	─────
2c.	Activities for generating funds
	Fetes, Bazaars, other fund raising events	16,018	-	-	16,018	4,467
	Magazines (advertising fees)	-	-	-	-	-
	Stewardship	-	-	-	-	-
		──────	─────	─────	──────	─────
		16,018	-	-	16,018	4,467
		──────	─────	─────	──────	─────
2d.	Income from investments
	Dividends and interest	32,846	910	-	33,756	34,674
		──────	─────	─────	──────	─────
	TOTAL	148,890	194,708	-	343,598	587,575
		‗‗‗‗‗‗‗	‗‗‗‗‗‗	‗‗‗‗‗‗‗	‗‗‗‗‗‗‗	‗‗‗‗‗‗

PARISH OF ST MARY'S PORTSEA

14.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

3. EXPENDITURE ON

3.	EXPENDITURE ON
					2022	2021
	Unrestricted		Restricted	Endowment	Total	Total
		Funds	Funds	Funds	Funds	Funds
		£	£	£	£	£
3a.	Raising funds
	Fetes, Bazaars, other fund raising events	-	-	-	-	-
		─────	─────	─────	─────	─────
3b.	Church activities
	Missionary and charitable giving
	Home missions and other Church Societies	-	-	-	-	-
		─────	─────	─────	─────	─────
		-	-	-	-	-
	Ministry - diocesan and deanery quotas	75,116	-	-	75,116	77,783
	- other ministry costs	7,021	-	-	7,021	5,316
	Churches - running expenses	26,351	-	-	26,351	21,312
	- maintenance	26,094	193,798	-	219,892	556,253
	Sunday school and youth work	1,110	-	-	1,110	197
	Parish magazines and bookstall	-	-	-	-	-
	Church Halls - running costs	-	-	-	-	-
	Organists and choirs	10,419	-	-	10,419	10,760
	Grants payable	-	-	-	-	-
		──────	──────	──────	──────	─────
		146,111	193,798	-	339,909	671,621
		──────	──────	──────	──────	─────
3c.	Support costs
	Secretarial services	17,852	-	-	17,852	19,774
	Printing and stationery	2,741	-	-	2,741	2,055
	Renewal of office equipment	2,530	-	-	2,530	(684)
	Legal & professional fees	1,694	-	-	1,694	927
	Independent Examination fees	3,090	-	-	3,090	3,000
		──────	──────	──────	──────	─────
		27,907	-	-	27,907	25,072
		──────	──────	──────	──────	─────
	TOTAL	174,018	193,798	-	367,816	696,693
		──────	──────	──────	──────	─────

PARISH OF ST MARY'S PORTSEA

15.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

4. Support costs Secretarial services Printing and stationery Renewal of office equipment Copyright licences Independent Examination fees 5. Governance costs Independent Examination fees 6. STAFF COSTS Wages and salaries Social security costs	Unrestricted Fund £ 3,090 ──── 3,090 ────	Management £ 17,852 2,741 2,530 1,694 - ──── 24,817 ──── Restricted Funds £ - ──── - ────	Governance Total (note 5) £ £ - 17,852 - 2,741 - 2,530 - 1,694 3,090 3,090 ──── ──── 3,090 27,907 ──── ──── Endowment Total Total Funds 2022 2021 £ £ £ - 3,090 3,000 ──── ──── ──── - 3,090 3,000 ──── ──── ──── 2022 2021 £ £ 25,333 26,239 - - ⎯⎯⎯ ⎯⎯⎯ 25,333 26,239 ‗‗‗‗‗ ‗‗‗‗‗

Two (2021: Two) members of the PCC received remuneration from the parish for work either as Parish Clerks or assisting with printing and collating in the parish office. Their joint remuneration was £11,161 (2021: £7,733). No other expenses were paid to PCC members. No employee had remuneration exceeding £60,000 (2021: none).

PARISH OF ST MARY'S PORTSEA

16.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

				2021
	Unrestricted	Restricted	Endowment Total
	Funds	Funds	Funds	Funds
	£	£	£	£
INCOME AND
ENDOWMENTS FROM
Donations and legacies	77,267	449,265	-	526,532
Church activities	21,902	-	-	21,902
Activities for generating funds	4,467	-	-	4,467
Investment income	33,794	880	-	34,674
	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯
TOTAL	137,430	450,145	-	587,575
	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯
EXPENDITURE ON
Raising funds	-	-	-	-
Church activities	247,428	449,265	-	696,693
	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯
TOTAL	247,428	449,265	-	696,693
	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯
GAINS/(LOSSES) ON
INVESTMENTS	103,845	4,295	58,376	166,516
NET INCOME/(EXPENDITURE)	(6,153)	5,175	58,376	57,398
TRANSFERS BETWEEN FUNDS	-	-	-	-
	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯
NET MOVEMENT OF FUNDS	(6,153)	5,175	58,376	57,398
RECONCILIATION OF FUNDS:
BALANCE BROUGHT FORWARD	82,536	33,564	1,121,847	1,237,947
	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯
BALANCE CARRIED FORWARD	76,383	38,739	1,180,223	1,295,345
	‗‗‗‗‗‗‗	‗‗‗‗‗‗‗	‗‗‗‗‗‗‗	‗‗‗‗‗‗‗

PARISH OF ST MARY'S PORTSEA

17.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

8. INVESTMENTS

			2021				2022
		Historical	Market		Unrealised		Market
		Cost	Value	Additions	Disposals	Gains	Value
		£	£	£	£	£	£
24,222	COIF Income Shares	19,994	497,442	-	-	(57,830)	439,612
179	COIF Income Shares	1,343*	3,681	-	-	(426)	3,255
CBF Investment Fund
35,241	Income Shares	350,220	824,183	-	(86,773)	(92,129)	645,281
16	Income Shares	115*	374	-	-	(44)	330
375	Fixed Interest Shares	396	592	-	-	(80)	512
11	Charibond Shares	135	261	-	-	(31)	230
		⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯
		372,203	1,326,533	-	(86,773)	(150,540)	1,089,220
Money deposited at CBF		-	-	-	-	-	-
		⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯
		372,203	1,326,533	-	(86,773)	(150,540)	1,089,220
		‗‗‗‗‗‗‗	‗‗‗‗‗‗‗	‗‗‗‗‗‗‗	‗‗‗‗‗‗‗	‗‗‗‗‗‗‗	‗‗‗‗‗‗‗
*Value at 1st January 1996
9.	DEBTORS				2022		2021
					£		£
	Income Tax recoverable				-		-
	Other debtors				15,882		5,422
					⎯⎯⎯		⎯⎯⎯
					15,882		5,422
					‗‗‗‗‗‗	‗‗‗‗‗‗
10.	LIABILITIES: AMOUNTS FALLING DUE WITHIN ONE YEAR				2022		2021
					£		£
	Deposits received in advance				-		-
	Other creditors				39,046		50,233
					⎯⎯⎯		⎯⎯⎯
					39,046		50,233
					‗‗‗‗‗‗	‗‗‗‗‗‗

PARISH OF ST MARY'S PORTSEA

18.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

11. MOVEMENT OF FUNDS

----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Balance at|Incoming Resources|Investment Balance at| |01.01.2022|resources|Expended|Transfers|gains|31.12.2022| |£|£|£|£|£|£| |Unrestricted| |General Funds| |- Parish|(19,986)|34,123|(97,739)|340|36,774|(46,470)| |- St Mary’s Church|(44,319)|97,433|(57,525)|(130)|50,000|45,459| |- St Wilfrid’s Church|(4,344)|6,773|(3,538)|(150)|(539)|(1,798)| |- St Faith’s Church|92,264|10,561|(15,216)|(60)|(10,872)|76,677| |Parish Contingency|917|-|-|-|(866)|51| |Clergy Housing Repair| |Fund|5,177|-|-|-|-|5,177| |Crasswell Street Fund|112|-|-|-|(13)|99| |St Mary’s Church| |- CHA Fundraising|3,800|-|-|-|-|3,800| |- Bell Tower Fund|3,981|-|-|-|-|3,981| |-|Youth Work Legacy|1,478 -|-|-|- 1,478| |St Wilfrid’s Mission Church| |-Young Families Legacy|34,003 -|-|-|- 34,003| |St Faith’s Mission Church| |- Minibus Fund|3,300|-|-|-|(796)|2,504| |⎯⎯⎯⎯|⎯⎯⎯⎯|⎯⎯⎯⎯|⎯⎯⎯⎯|⎯⎯⎯⎯|⎯⎯⎯⎯| |76,383|148,890|(174,018)|-|73,688|124,943| |⎯⎯⎯⎯|⎯⎯⎯⎯|⎯⎯⎯⎯|⎯⎯⎯⎯|⎯⎯⎯⎯|⎯⎯⎯⎯| |Balance at|Incoming Resources|Investment Balance at| |01.01.2022|resources|Expended|Transfers|gains|31.12.2022| |£|£|£|£|£|£| |Restricted| |Charitable Giving|40|-|-|-|-|40| |Drake Bequest|17,100|358|-|-|(1,596)|15,862| |National Lottery Heritage|-|166,205|(166,205)|-|-|-| |Listed Places of Worship|27,593 (27,593) -|-| |St Mary’s Church| |- Assistant Organist Grant|231|-|-|-|-|231| |- Flower Fund|-|-|-|-|-|-| |St Wilfrid’s Mission Church| |- Restoration & Maintenance| |Fund|856|-|-|-|-|856| |St Faith’s Mission Church| |- Minibus Fund|19,975|552|-|-|(2,464)|18,063| |- Organ Fund|537|-|-|-|-|537| |⎯⎯⎯⎯|⎯⎯⎯⎯|⎯⎯⎯⎯|⎯⎯⎯⎯|⎯⎯⎯⎯|⎯⎯⎯⎯| |38,739|194,708|(193,798)|-|(4,060)|35,589| |⎯⎯⎯⎯|⎯⎯⎯⎯|⎯⎯⎯⎯|⎯⎯⎯⎯|⎯⎯⎯⎯|⎯⎯⎯⎯| |Balance at|Incoming Resources|Investment Balance at| |01.01.2022|resources|Expended|Transfers|gains|31.12.2022| |£|£|£|£|£|£| |Endowment| |Trust Funds and Bequests|1,180,223|-|-|- (220,168)|960,055| |⎯⎯⎯⎯|⎯⎯⎯⎯|⎯⎯⎯⎯|⎯⎯⎯⎯|⎯⎯⎯⎯|⎯⎯⎯⎯|

----- End of picture text -----

PARISH OF ST MARY'S PORTSEA

19.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

11. MOVEMENT OF FUNDS (Continued)

Comparative net movement in funds, included in the above are as follows:

Balance at	Balance at	Incoming	Resources	Investment	Investment	Balance at
01.01.2021		resources	Expended	Transfers	gains	31.12.2021
	£	£	£	£	£	£
Unrestricted
General Funds
- Parish	1,650	34,619	(146,520)	265	-	(19,986)
- St Mary’s Church	(31,793)	68,318	(88,669)	(175)	-	(44,319)
- St Wilfrid’s Church	(514)	8,060	(12,370)	(90)	570	(4,344)
- St Faith’s Church	79,201	9,233	(7,672)	-	11,502	92,264
Parish Contingency	-	-	-	-	917	917
Clergy Housing Repair
Fund	5,177	-	-	-	-	5,177
Crasswell Street Fund	98	-	-	-	14	112
St Mary’s Church
- CHA Fundraising	3,800	-	-	-	-	3,800
- Bell Tower Fund	3,981	-	-	-	-	3,981
- Youth Work Legacy	1,478	-	-	-	-	1,478
St Wilfred’s Mission Church
- Young Families Legacy	17,000	17,200	(197)	-	-	34,003
St Faith’s Mission Church
- Minibus Fund	2,458	-	-	-	842	3,300
	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯
	82,536	137,430	(247,428)	-	103,845	76,383
	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯
Balance at		Incoming	Resources	Investment		Balance at
01.01.2021		resources	Expended	Transfers	gains	31.12.2021
	£	£	£	£	£	£
Restricted
Charitable Giving	40	-	-	-	-	40
Drake Bequest	15,066	346	-	-	1,688	17,100
National Lottery Heritage	-	378,740	(378,740)	-	-	-
Listed Places of Worship	-	70,525	(70,525)	-	-	-
St Mary’s Church
- Assistant Organist Grant	231	-	-	-	-	231
- Flower Fund	-	-	-	-	-	-
St Wilfrid’s Mission Church
- Restoration & Maintenance
Fund	856	-	-	-	-	856
St Faith’s Mission Church
- Minibus Fund	16,834	534	-	-	2,607	19,975
- Organ Fund	537	-	-	-	-	537
	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯
	33,564	450,145	(449,265)	-	4,295	38,739
	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯
Balance at		Incoming	Resources	Investment		Balance at
01.01.2021		resources	Expended	Transfers	gains	31.12.2021
	£	£	£	£	£	£
Endowment
Trust Funds and Bequests 1,121,847		-	-	-	58,376	1,180,223
	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯	⎯⎯⎯⎯

PARISH OF ST MARY'S PORTSEA

20.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

11. MOVEMENT OF FUNDS (Continued)

The St Mary’s Church general fund has incurred a surplus of £39,387 and the Parish of St Mary’s Portsea general fund has incurred a deficit of £63,495. This was caused by substantial repairs carried out in the year and Bi-annual maintenance carried out on St Mary’s.

Clergy Housing Repair Fund represents amounts set aside to redecorate clergy housing on a change of occupant.

St Wilfrid’s Restoration and Maintenance Fund represent donations and fund raising for the restoration and maintenance of St Wilfrid’s Church.

The Drake Bequest represents funds given to invest and provide income for the maintenance of the minibus for members of the Old People’s Day Centre at St Faiths and St. Faith’s Minibus Fund represents donations, grants and funds raised for the replacement of the minibus for the old people’s day centre. As the centre has now closed down, the parish is using the interest on these funds to assist the elderly in transport to Parish Events.

The St Mary’s Assistant Organist fund represents a grant received to cover the cost of the assistant organist.

The St Mary’s Flower fund represents amounts set aside to cover the cost of decorating St Mary’s church throughout the year.

St Faith’s Organ fund is used to cover the cost of repairs and maintenance of the organ.

The remaining transfers from St. Mary’s, St. Faith’s and St. Wilfrid’s Unrestricted General Funds represent contributions to the Parish’s expenses.

12. TRUSTS AND BEQUESTS

The following trusts are all permanent endowments which require income to be spent on the general purposes of the parish.

St Stephen’s Parish Hall Trust St Boniface Mission Church Trust St Mary’s Mission Hall Trust St Mary’s Mission Church Trust St Mary’s Institute Francis George Brown Memorial Trust St Faith’s Mission Hall Trust St Wilfrid’s Mission Church Trust Mabel Williams Bequest

The following trusts all provide income for the poor and needy of the parish:

E.M. Claypit W. Sheppard St Stephens’s S & P Fund