THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREYWITH ST CUTHBERT, YORK (registered charity no. 1130866) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
CONTENTS Page{s) Annual Report of the Parochial Church Council Independent Auditors, Report Statement of Financial Activities 14 Balan Sheet 15 Cash Flow Statement 16 Notes to the Financial Statements 17-29
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT, YORK ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 The Parochial Church Council (PCC) has pleasure in presenting its Report and Financial Statements for the year ended 31 December 2024. The financial statements have been prepared in accordance with the Accounting and Reporting by Charities Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective 1 January 2019, the Charities Act 2011, the Church Accounting Regulations 2006 and UK Generally Accepted Accounting Practice as it applies from 1 January 2015. The PCC is a Public Benefit Entity. OBJECTIVES AND ACTIVITIES St Michael le Belfrey Parochial Church Council (PCC) is responsible with the Interim Priest-in- Charge {Andy Baker) for good governance of the church. In 2024, St Michael le Belfrey- also known as The Belfrey- maintained its vision to Serve God's Transformation of the North. Having revisited our five strategic aims this year, we have refined them as follows: Prayer and Worship, Transforming Lives, Nurturing Disciples. Developing Leaders, and Planting Churches. With prayer and worship at the centre of all we do, our strategy is shaped by a commitment to social transformation, evangelism, discipleship, leadership, and church planting. Alongside our mission statement- that we are people who pray, give, and grow- these aims have guided us as a community and shaped the work of our church. When considering the objectives of the charity, the trustees (the PCC) have referred to the guidance contained in the Charity Commission's general guidance on public benefit. This report highlights some of the public benefits of St Michael le Belfrey Church. ACHIEVEMENTS AND PERFORMANCE Church Attendance and Community St Michael le Belfrey hosts weekly congregational and small group gatherings. During 2024, we regularly hosted four services - Sundays at 9 AM, 11 AM, and 6 PM, and Wednesdays at 12:30 PM - in the De Grey Rooms, York. Our Sunday services continue to be available via livestream. and our Wednesday service regularly offers an audio recording of the teaching presented. Throughout 2024, we also offered opportunities for small group Bible study, known as Belfrey Groups. We maintained about 30 groups that are led and stewarded by members of the congregation. Through these groups, we have been able to support the work of organizations such as CAP, Besom, and other Social Transformation efforts, alongside cultivating discipleship. At the 2024 annual meeting, we had 489 members on our electoral roll (not including the congregation of G2). On average in 2024, 379 adults attended church services each week. In total, the church hosted 818 meetings. services, and events in our buildings. 287 church members were serving in at least one ministry. By the end of the year, our staff team had grown to 52 employees.
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT, YORK ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 Buildings Over the course of 2024, we firmly settled into the De Grey Rooms in York. We have found productive ways to use the building for our church and the local community by offering space for events, including weddings. This has brought more people through our doors and introduced them to our church community. Though we miss being able to be in the St Michael le Belfrey building, we have cultivated a thriving home in the heart of York. The work of the Impact Project continued to develop throughout the year, and significant strides were made in refurbishing St Michael le Belfrey Church. Simpson York Limited was appointed as the contractor for the project, and work began to remodel the interior and exterior structure. The pews and gallery were carefully removed, and Visitor's Ancestors ledger stones were uncovered. Graffiti left by 18th century workers was also found on the roof. This construction and archaeological work gave us a better understanding of the history and foundations of the church. Later in the year, the Impact Board ran events for The Belfrey and Stakeholders to showcase the on-going work and to demonstrate what the church would have looked like in earlier centuries. In St Cuthbert's Church, we re-launched the House of Prayer, now known as The Well. Three times of liturgical prayer are observed there each Thursday, with an increasing number of volunteers to help guide these meetings. The Well has proven to be a significant opportunity for outreach. On more than one occasion. people passing by the building have dropped in to ask about how the space is being used, giving members of the team opportunities to share about our church and their faith. People and Outreach Throughout 2024, we added members to our staff team in order to better senie and support the ministries of The Belfrey. In May 2024, we welcomed Claire Elwood as our new associate minister, and shortly thereafter, Sam Theobald joined us as an ordinand. In addition to these clerical roles, we also filled positions for administrative assistants, a facilities assistant. Children and Families Workers, Youth and Student Outreach Workers, and a new Social Transformation Manager. In recognition of the increasing staff team, an HR audit was conducted in the second half of the year, the results of which are guiding reforms and restructuring for better management practices. Outreach has been at the forefront of our growth as a staff team, filling existing roles and introducing new ones in order to see all generations come to know Christ. In August 2024. Liz Hunt stepped down from her role as Children and Families Worker, and in September, the position was filled by Liv Portway and Rebekah Thomas. Since then. the Children and Families ministry has continued to grow, particularly through a weekly Tuesday group called Song Stars. where parents can come with their children and spend time together in community. We also introduced Joe Harris as Youth Outreach Worker, allowing the Youth ministry to introduce a Youth Alpha course into a local school, to great success. Emily Ables was hired as Student Outreach Worker, a role which supports the continued growth of our student population at The Belfrey and in York. Zoe King, as an executive assistant with a specific focus in pastoral care, began working on new strategies to care for senior members of our congregation who may have limited access to regular community. Overall, these new additions to the staff reflect a desire for our ministries to reach across all ages in the hopes of cultivating a more inter-generational congregation.
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT, YORK ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 Mandy Smith, our Children and Families Outreach Worker, helped develop a partnership between The Belfrey and Safe Families at the beginning of 2024. This initiative provides a befriending service to local families who are experiencing a time of difficulty or vulnerability. Their mission is to improve the lives of these families offering support, hope and belonging, through creating relationships and connections. This is done by connecting families referred to us through local primary schools, with volunteers, who in turn provide love, support and friendship. Through four church engagement talks, alongside connecting with ten church leaders and networking at One Voice, Mandy recruited nine Family Friends, one Resource Partner, and 22 Prayer Partners. After completing their training and application process, all nine Family Friends were successfully approved as safe and trusted people by Safe Families. Between October and December 2024, Belfrey Safe Families received three family referrals from the two schools that signed partnership agreements with us in October. We have been able to partner with these two primary schools - Copmanthorpe and Westfield - who each have agreed to refer six families to us over this 2024- 2025 academic year, with the first three families being referred between October and December. This new partnership continues to develop and expand, and we hope to have more volunteers and connections in the coming year. The Wellspring Counselling Service was launched in May 2024 based on a desire to better care for the mental health struggles seen in the community. This service offers affordable 1-2-1 counselling services for adults in the City of York Council. Jessica Horn was brought in as Counselling Servi Manager, but while on maternity leave. her role was filled by Claudine Pelser. In addition to this role. the service consists of a senior therapist and four volunteer counsellors (two qualified counsellors and two placement volunteers). Since opening the service, we have reiVed over 70 referrals. The average donation fee clients contribute to a session is £20, and most clients attend up to 20 sessions. There are over 17 sessions weekly, meaning 17 clients are seen per week for 50 minutes. Over the course of the year, the service expanded to 5 days a week from a previous 4- day week, increasing the number of appointment hours available to clients each day. We have also been able to support a placement volunteer through to their qualification as a counsellor. and they now volunteer with us and see six clients per week for free. We also now have a Neurodiverse counselling volunteer, which means we can match them with Neurodiverse clients. The Wellspring Counselling Service continues to develop into a significant, positive resource for our church and city. Alongside meeting mental health needs, we have been implementing new ministries to meet other practical, physical needs. In February 2024, The Belfrey began to host the Foodbank. in partnership with Trussell, to advance the vision of ending hunger and providing hope to people in York. The Foodbank is open each Saturday and run by a team of 33 volunteers. Through donations received, we can provide food parcels to people in need. We also offer a space to sit and enjoy a hot drink, conversation, and prayer when appropriate. We can advise clients on where they can seek further support for anything from finances and housing to mental health and family care, and we have a sit-in advisor from the Peasholme charity who provides further advice. Since launching early in the year, we have fulfilled 417 vouchers for 790 people (556 adults and 234 children). In autumn, we had 17 large crates of supplies donated by the Belfrey congregations, as well as donations from people throughout the year. In November 2024, after a 6-month trial period, the Foodbank Partnership agreement was signed, making this service an official part of the Belfrey ministries.
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT, YORK ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 Church Planting In pursuit of our aim to plant churches, we sent Vicky Earll, a former curate at St Michael le Belfrey, and a team raised up from our congregation to revitalize a church at The Ascension in Hull. We have also continued to utilize and build up our Northern Church Planting Fund (NCPF) in order to strengthen our status as a resource church. The Northern Church Planting Group (NCPG) oversees and administers the NCPF and provides financial and other support to enable and encourage church planting in the North of England. In 2024, the NCPF made contributions totalling £378,000 to six church plants - The Ascension in Hull; St Luke's Newcastle," St Mary Magdalene in Sale, Chester; Saints Church in Sutton. Christ Church, Padgate. and York Church Table & Temple ("York Church"). We also continued to help fund The Belfrey's internship coordinator position (given that many of our interns join church plants). After making these gifts, the NCPF had a balance of £955,849.63 at the end of the year available for future grants. In addition to these larger contributions, we also launched a small grants scheme in November 2024. Known as the 'Sequoia Seed Fund., this program offers our church plants and other partner churches the opportunity to apply for financial support (up to £2500) of a new project. The goal of this funding is specifically to help cover core costs or equipment for church plant events, activities, or missional communities. We received five applications to the fund in November and awarded £5,800 in grants the following month. PLANS FOR THE FUTURE In 2025, we are instituting new specific values for The Belfrey. In consultation with Resurgo, the PCC, the Senior Leadership Team, and the staff team, we have been able to distil our core values into three key areas - holiness, generosity, and adventure. We believe these three values define how we work together and seNe our church family. These are all held in the context of prayer and worship, with our eyes fixed on Jesus, who is at the centre of everything we do. We also believe in excellence, but not in a way that demands perfection or slick outcomes. Excellence means bringing our best-our creativity, energy, and commitment-wherever we are and in whatever we do, trusting God with the results. These values will drive The Belfrey vision and strategy for 2025- 2026. Our ministries are actively praying for revival - for our church, our city, and our nation - in the coming year. As St Michael le Belfrey continues to grow, we want to see God inhabit our city like never before. Our decisions are guided by a calling to be prepared for continued expansion and strengthening of our church. CHARITY GOVERNANCE CODE As a charitable body, we fulfil the 7 principles set out in the Charity Governance Code as follows: 1. Organisational Purpose: We exist for worship and mission in the parish of St Michael le Belfrey, York. Our vision is to be serving God's Transformation of the North and for this we work and pray. To fulfil this vision our strategic emphases in 2024 were: serving York, proclaiming Christ, nurturing disciples, developing leaders and planting churches.
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT, YORK ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 2. Leadership: The church is led by the Priest-in-charge with the assistance of a Leadership Team and is governed by the PCC. Both the Priest-in-charge and Associate Minister are of incumbent status. Responsibility for much of the day-to-day life of the church is delegated to our staff and volunteers. We highly value the ministry of the whole church, with much work being done by volunteers, including small group leaders, helpers and pray-ers in all sorts of areas of church life. 3. Integrity: We are followers of Jesus who seek to live under the authority of Scripture in the power of the Holy Spirit, while recognising our imperfections and weaknesses and our need of God's grace. We take safeguarding very seriously, being ably led by our Parish Safeguarding Officer, Kirsty Mccullough, with over 200 members of our church family receiving regular safeguarding training. We seek to live with integrity, telling the truth and abiding by the law of the land. At PCC meetings we name conflicts of interest. We seek to honour each other, speak well of each other and give each other the benefrt of the doubt. We particularly value generosity, festivity, simplicity, and humility. Our supporting values include kindness, creativity, diversity and integrity. 4. Decision-making, Risk and Control: We have a number of key goals for each year which are regularly monitored. We regularly review terms of referen, policies and the risk register. Our PCC membership is refreshed annually. Our accounts are professionally audited. Our financial statements, annual reports and various publications are shared with the Diocese of York, of which we are part. All staff and volunteers are line-managed. 5. Board Effectiveness: Our PCC and Standing Committee meet in alternate months. We take advice from experts outside our church, especially in specialist HR, safeguarding or finance matters. We believe the PCC has a good mix of skills, experience, common sense and prayerfulness. New PCC members are given trustee induction and all undergo basic online safeguarding training. 6. Diversity: God's Kingdom is made up of all manner of people but, historically, our church has not fully reflected this diversity in its membership, staffing and leadership, partly because of the background and makeup of York residents. We have continued to seek to make progress towards greater diversity within the leadership and membership of this church. There is a better gender and age balance across wardens and PCC members than in most churches. We continue to support the racial diversity policy, committing ourselves to develop our recruitment processes to attract greater participation from diverse groups, and ensuring our interview panels are suitably diverse and their members have undergone unconscious bias training. 7. Openness & Accountability: Our key stakeholders are our church family. Those who belong to the Belfrey normally show this by joining our electoral roll, worshipping regularly at one of our services, joining a small group and giving regularly. Most choose to receive a weekly email which includes a Friday Message (from the Priest- in-charge and staff), as well as news items, a calendar of services and Belfrey events, links to useful resources for church members, and the latest PCC Minutes. As well as oral and video notices in our services our church provides regular information on various social media platforms, including Facebook and Instagram. We listen to feedback and take seriously all suggestions on how to improve our church life, discussing this at SLT and when necessary at PCC. We also encourage questions to be asked throughout the year. with written questions being invited on our annual report as well as oral questions at our Annual Meeting. We comply with the Data Protection Act 2018 and
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT, YORK ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 keep clear, accurate and up-to-date membership records using the safe and secure Churchsuite church management system. FINANCIAL REVIEW Total income received in 2024 was £1,686,862 and total expenditure was £2,900,287. This led to an overall deficit of £1,213,425. mostly due to expenditure of restricted funds related to the Impact project, The Northern Church planting Fund and Éhe Post-Pandemic Fund. Unrestricted income was £967,221 and unrestricted expenditure £968,933 leaving a small deficit of £1,712. Donations and legacies increased by £164,683 from 2023 the bulk of that increase was legacy income and several large one-off donations. However, expenditure also increased as we saw general price increases on every level. unrestricted expenditure increased by £175.616 from 2023. The main areas of increase were HR (salaries and audit)- £80k, Premises (utilities and maintenance) £50k, Diocese Free Will Offering - £17k, overseas and home mission - £17k The Northern Church Planting Fund approved six large grants to Church Plants in York, Liverpool, Manchester and Newcastle amounting to £378,000. The NCPG also launched a small grants fund called the Sequoia Fund where people from the Belfrey Family Network can apply for small seed grants. In 2024 £5,807.79 was granted to three churches for small mission projects. Income received towards the Impact Project was £423,971. This was made up of donations including Gift Aid - £173.517, bank interest- £117,125, Listed Places of Worship Grant- £61,925, other grants received - £53,464. sale of merchandise and furniture - £11.894. and community fundraising £6,045. With the appointment of Simpson York Ltd as the main contractor in July the spend on the project was £1.1 m. We paid £673k including VAT to Simpson in 2024. We have been able to claim 1000/0 of the VAT back from Listed Places of Worship with £79k not being received unti5 Jan 2025. Design Team fees amounted to £159k including VAT and again so far we have been able to claim 100'/0 of the VAT back. Project Team salaries amounted to £63k and rent of the DGR was £60k. Insurance costs of £53k were paid to Ecclesiastical Insurance to provide extra cover to the building during the building work. At the end of 2024 we have spent over half of the original £1 m given towards social transformation coming out of the pandemic. This saw the launch of many initiatives that we are hoping to continue once this money has all been spent. The table below shows all how the £1 m was allocated to each project and the balance left at the end of 2024. Some of these projects have income streams which will help with longevity.
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT, YORK ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 PYoJect Pro8ramme Manager CAP Debt Centre Counselling Service Children ar¥J Families Outreach Worker Family Befriendin8 Service Yotjth Ouireach Worker Mental Health N urse BelFrey Group Match Funclng Small Granrs Fund Catalyser Fund Discretionary Grants Beyond York.. Eden Byker Beyond York.. AST Hull Misc (events, consultancy) Fundraiser Social Transfomation Manager New Citywide Phase 2 Role PPF donations not specified Budget 150,01]0.00 60.000.00 ioo,000.00 96,000.00 25,000.00 90,000.00 25,000.00 5.000.00 iio,000.00 ioo.000.00 18.000.00 500C¥) 500CQ 4000 200C(> 680 290 Spent to end of Dec24 150,000.00 55,399.95 51,817.60 40,608.06 10.072.64 26573.76 Remalnlng Income rec'd Total fund 0.00 0.00 4,600.05 18.760.05 48,182.40 52502.40 55,391.94 58.309.44 14,927.36 14.927.36 63,426.24 63.426.24 25,000.00 97.0(10.00 2,487.54 2.487.54 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -1.119.89 18,060.33 62,483.20 22,935.44 7,333.12 417,105.23 14.160.00 4320.00 2,917.50 72,000.00 2512.46 iio,000.00 ioo,000.00 18,000.1)O 50,000.00 50.000.00 0.00 5,119.89 -1,119.89 1,939.67 18,060.33 5516.80 62,483.20 6,064.56 22,935.44 0.00 0.00 683,625.39 316,374.61 7,333.12 100,730.62 1,000,000.00 The Belfrey has so many amazing ministries and projects happening not only inside the church but also in the community, relying on congregational giving alone is not necessarily a sustainable model. This is why we have been pushing into applying for grants to cover not only salary costs but also ministry costs. In 2024 we received £101k from grant applications. £53k was for Impact, £36k towards foundation salaries and £1 Ok towards establishing a Growing Faith Learning Hub which will launch in 2025. We also received a few smaller grants which were used by the student team to run mini projects at the Universities. INVESTMENT POLICY The PCC took external financial advice in 2021 from CCLA Investment Management Ltd on the investment of funds restricted for expenditure on the Impact Project, taking account also of its reserves and funds held for other projects. We continued to follow this advice in 2023. In view of the likely timescale for expenditure of the bulk of these funds and uncertainty over market conditions in the meantime, it would be appropriate to avoid significant risk and keep funds in cash deposits. The PCC will authorise the opening of additional bank deposit accounts as necessary, seeking to maximise the rate of interest consistent with the security of the funds and the required availability for Impact and other expenditure. RISK MANAGEMENT The PCC acknowledges its responsibility to identify, assess and manage the major risks to which it is exposed. Major risks arise from a variety of aspects of the church's internal operations and external environment, including security, health and safety, and finance. The PCC delegates the management of risk to the Operations Manager, the Treasurer team and Finance Manager, and a designated Churchwarden. Through this group the PCC maintains a register of major risks, and continues to ensure that systems and processes are in place to mitigate exposure to these risks. The risk register is held and kept up to date by the Operations Manager. The full PCC reviews the risk register on at least an annual basis, usually every March. The Impact Project, to restore and reorder St Michael le Belfrey, holds its own separate risk register which is managed by the Impact Board under the supervision of the PCC.
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT, YORK ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 RESERVES POLICY Our policy is to keep a cash reserve equating to three months, core staffing costs. At the moment that is around £90,000. Our total unrestricted net current assets at 31 December 2024 amounted to £125,887, which includes £30,000 designated by the PCC for work wth children, families and students. Our reserves as at 31 December 2024 were £95,887. The PCC holds property and equipment valued at £969,240, which are included in the unrestricted reserves and could be converted into cash if the need arose. STRUCTURE, GOVERNANCE AND MANAGEMENT The Parish of St Michael le Belfrey, York, is a parish within the Church of England as defined by canon law. Individual parishes within the Church of England do not have a separate constitution. They work within the framework of Church of England ecclesiastical law, consisting of the Parochial Church Council (Powers) Measure 1956 and the Church Representation Rules. The Belfrey received individual charitable status on 30 July 2009. St Michael le Belfrey is governed by the PCC, the members of which are either ex officio or elected by the Annual Parochial Church Meeting (APCM) in accordance with the Church Representation Rules. In 2024, the church was led by the Interim Priest-in-charge and the Church Wardens, all assisted by a Leadership Team. A team of dedicated staff and volunteers manages day-to-day activities. We are most grateful for all that these various office-holders contribute to the life and witness of the church. The only committee of the PCC required by law is the Standing Committee. This is made up of the Priest-in-charge, Associate Minister. Church Wardens, Secretary, Treasurer, and up to IMO elected PCC members. It has power to transact the business of the PCC between its meetings, subject to any directions given by the Council. The full PCC meets bi-monthly and the Standing Committee meets in the intervening months, along with the various other sub-groups. Full PCC meetings tend to discuss bigger picture matters, agree formal matters including the annual budget, and receive a regular Safeguarding Report, whilst the Standing Committee deals with matters of more detail. The PCC has delegated some decision-making powers to the following sub-groups: the Human Resources (HR) Group for HR matters, the Impact Project Board for the reordering of St Michael le Belfrey Church, the World Mission Team for overseeing mission partners, the Social Transformation Programme Board (STPB) for social transformation and the implementation of the Love York Post Pandemic Fund, the Northern Church Planting Group for governance of the Northern Church Planting Fund, and G2 Council for governance of G2. All major governance matters are decided by the Priest-in-charge and PCC together.
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT, YORK ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 ADMINISTRATIVE INFORMATION Parish name: st Michael le Belfrey. York Church address: St Michael le Belfrey, High Petergate, York, Y017EN Office address: The De Grey Rooms, St Leonard's Place, York, Y017HB Charity working name: St. Michael le Belfrey PCC Registered number: 1130866 Principal address: The Parish Centre, 11112 Minster Yard, York, Y017HH Independent auditors: Fawley Judge & Easton, 1 Parliament St, Hull, HU12AS Financial institution.. Royal Bank of Scotland, 27 Park Row, Leeds, LS15QB PCC Members l Trustees The members of the PCC who served during the year were as follows: Clergy Andy Baker James Congreve-Horn Claire Elwood (from May 2024) Church Wardens Daniel Brookes Karen Dixon Remi Oduyemi Andrew Oldroyd Deanery Synod Daniel Brookes James Hayden John Lindley Andrew Oldroyd Tony Scott Martine Somervi15e - Attending rep at pcc Becca Tilbrook Elected representatives Lydia Baldwin (until April 2024) Katherine Bridge Joe McKeogh (until April 2024 when he was co-opted as Treasurer) Liv Portway (until July 2024) Kate Rouse (from November 2024) Fiona Simpson (from March 2024) Adam Stobert (from April 2024) Dan Tilbrook Officers Secretary: Martine Somerville Treasurer Joe McKeogh Parish Safeguarding Officer: Kirsty Mccullough Electoral Roll Officer: Amber Boydell
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT, YORK ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 STATEMENT OF RESPONSIBILITIES OF THE PAROCHIAL CHURCH COUNCIL Law applicable to charities in England and Wales and guidance issued by the Central Board of Finance of the Church of England require the members of the Parochial ChurGh Council to prepare financial statements which give a true and fair view of the Parochial Church Council's financial activities during the year. In preparing financial statements giving a true and fair view, the members of the Parochial Church Council should follow best practice and: select suitable accounting policies and then apply them consistently; make judgements and estimates that are reasonable and prudent., state whether the Church guidance, applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Parochial Church Council will continue in operation. The members of the Parochial Church Council are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Parochial Church Council and enable them to ensure that the financial statements comply with the Church Accounting Regulations 2006 and the Charities Act 2011. They are also responsible for safeguarding the assets of the Parochial Church Council and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. PROVISION OF INFORMATION TO AUDITORS In so far as the members of the PCC are aware: there is no relevant information of which the PCC'S auditors are unaware; and the members of the PCC have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. Approved by the Parochial Church Council and signed on its behalf by: Martine Somerville Secretary date knz5 10
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT, YORK INDEPENDENT AUDITOR'S REPORT Opinion We have audited the financial statements of the Parochial Church Council of the Ecclesiastical Parish of St Michael le Belfrey with St Cuthbert, York for the year ended 31 December 2024, which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102. the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). This report is made solely to the Parochial Church Council (the PCC) as the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the PCC those matters we are required to state to them in an auditors. report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the PCC as a body, for our audit work, for this report, or for the opinions we have formed. In our opinion the financial statements: give a true and fair view of the state of the Gharity's affairs as at 31 December 2024 and of its incoming resources and application of resources. for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Charities Act 2011 and the Church Accounting Regulations 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT, YORK INDEPENDENT AUDITOR'S REPORT (CONT'D) Other information The PCC is responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditors, report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial ststements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion: the information given in the financial statements is inconsistent in any material respect with the PCCS, report" or sufficient accounting records have not been kept. or the financial statements are not in agreement with the accounting records and returns; or we have not received all the information and explanations we require for our audit. Responsibilities of the Parochial Church Council As explained more fully in the statement of responsibilities of the Parochial Church Council set out on page 10, the PCC is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the PCC determines is neSSary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the PCC is responsible for assessing the ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the PCC either intends to liquidate or to cease operations, or has no realistic alternative but to do so. Auditors, responsibilities for the audit of the financial statements We have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors, 12
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT. YORK INDEPENDENT AUDITOR'S REPORT {CONT'D) report that includes our opinion. Reasonable assuran is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. We gained an understanding of the legal and regulatory framework applicable to the charity and the area in which it operates. and considered the risk of acts by the charity that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We identified the greatest potential for fraud in the following areas.. existence and timing of recognition of income and the posting of unusual journals. We discussed these risks with management and designed audit procedures as follows: to test the timing and existence of revenue, to review journals posted to key control accounts or posted around the year end. to look for potential "window dressing" as well as looking at a sample throughout the year. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uklauditorsresponsibilities. This description forms part of our auditors, report. Jonathan Leathley (Senior Statutory Auditor) for and on behalf of Fawley Judge & Easton Chartered Certified Accountants Statutory Auditor 1 Parliament Street Hull East Yorkshire HU12AS Fawley Judge & Easton is eligible for appointment as auditor of the charity I PCC by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. 13
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT, YORK STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Funds Designated Funds Restrl¢ted Funds Totsl Funds 2024 2023 Note Income and endowments frorn: Donations and legacies Income from charitable church activities Other Irading activities Investments other income 845,631 74.361 32,578 12,450 2,201 15,000 389,246 21.786 11,895 118,325 163,389 1,249,877 96,147 44,473 130,775 165,590 971,665 89,397 34,202 67.469 302,443 Total income 967,221 15.000 704.641 1,686,862 1,465,176 Expenditure on: Raising funds Charitable church activities 369 968,564 1.059 1,930,295 1,428 2.898.859 6.965 1.758.306 Total expenditure 968,933 1.931.354 2.900.287 1,765,271 Net incomellexpendlture) before oains and losses (1,712) 15,000 {1,226.713) 11,213,425) (300.095) Net gains revaluation of fixed assets Net incomel(expenditure) Transfers between funds (1.712) 15,000 {1,226,713) 11,213,425) (300.0951 Net movoment in Funds (1,712) 15,000 {1,226,713} 11,213.425) (300.095) Total funds brought forward at 1 January 2024 1.064.073 15,000 8,264,479 9,343,552 9,643.647 Total funds carried forward at 31 De¢ember 2024 17118 £1,062,361 £30,000 £ 7,037,766 £ 8.130.127 £ 9,343,552 The notes on pages 17 to 29 fom part of these financial statements. The Statement of Financial Activities includes all gains and losses in the year and all of the above amounts relate to Continuing activities.
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT, YORK BALANCE SHEEr FOR THE YEAR ENDED 31 DECEM8ÉR2024 Unrostrictgd Funds Dgsignated Funds Restricted Funds Total Funds 2024 2023 Note Fixed Asset5 Tangible fixed assets 11 966,474 2,766 969.240 974,714 966,474 2,766 969.240 974.714 Current Assets Stock Debtors Cash at bank and in hand 12 13 14 357 55.557 76.644 4.427 3,596,832 3,458,925 4,784 3,652,389 3,565.569 5,503 5,160,86S 3,240,639 30,000 Total Current Assets Current Liabilities Creditors.. amounts falling due within one year 132,558 30.000 7.060.184 7,222.742 8,407,007 15 36.671 25.184 61,855 38,169 Totsl current liabilities 36,671 25,184 61,855 38,169 Net Current Assets 95.887 30.000 7,035,000 7.160.887 8,368,838 Total assets less Current liabilities 1,062,361 30,000 7,037,766 8.130.127 9,343,552 Net Assets 1.062.361 £ 30,000 £ 7,037,766 £ 8,130.127 £ 9.343.552 The funds of the charity Unrestricted general fund Designated funds Unrestricted revaluation reserve fund Restricted funds 17 751.361 751,361 30,000 311,000 7.037,766 7S3.073 15,000 311,000 8,264,479 30,000 17 18 311,000 7,037.766 Total Charlty Funds 1,062,361 £ 30.000 £ 7,037,766 £ 8,130.127 £ 9.343.552 Approved by the Parochial Church Coun¢il on*xlxyJxxxx and signed on its behalf by= Mattine Somerville {Secretary} The notes on pages 17 to 29 fomi part of these flnanclal statements.
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT. YORK CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Cash flows from operating activities: Net income for the reporting period Adjusted for." Depreciation charges Dividends and interest from investments Revaluation of fixed assets Decreasel(increase) in stocks Decreasel(increase) in debtors Increasel{decrease) in creditors (1,213.425) {300,095) 5,474 (130,775) 5,474 (67,469) 719 1.508,476 23,686 (4.890) 1,059,106 (12,689) Net cash provided by operating activities 194,155 679,437 Cash flows from Investing activities: Dividends and interest from investments purchase of tangible fixed assets 130,775 67.469 (28.623) Net cash provided by investing activities 130,775 38,846 Change in cash and cash equivalents in the reportinq period Cash and cash equivalents at the beginning of the reportino period 324,930 718,283 3.240,639 2,522,356 Cash and cash equivalents at the end of the reporting period £ 3.565,569 £ 3,240,639 Analysis of cash and cash equivalents Cash in hand No notice and notice deposits (less than 3 months) Notice deposits (more than 3 months) 280 315,439 3,249,850 364 1.122.393 2,117,882 £ 3,565,569 £ 3,240,639 Charity law requires separate administralion of the cashflows of endowed and other restricted funds of the Charity. This constraint has not adversely affected cashflows as stated above. The notes on pages 17 to 29 form part of these flnancial statements
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT, YORK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES Basls of preparation The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective 1 January 2019, the Charities Act 2011, and the Church Accounting Regulations 2006. The financial statements include all transactions, assets and liabilities for which the Parochial Church Council ("the PCC") is responsible in law. They do not include the financial statements of church groups that owe their main affiliation to another body, nor those that are informal gatherings of church members. The PCC is a public benefit entity as defined by FRS 102. Statutory information The PCC is registered with the Charity Commission, registration number 1130866. The registered address is The Parish Centre, 11112 Minster Yard, York, Y017HH. Funds Unrestricted funds represent the general funds of the PCC that are not subject to any restrictions regarding their use and are available for application for the ordinary purposes of the PCC. Designated funds represent those unrestricted general funds which have been set aside by the PCC for a particular purpose. Restricted funds represent (a) income from trusts or endowments which may be expended only on those restricted objects provided in the terms of the trust or bequest. and (b) donations or grants received for a specific object or invited by the PCC for a specific object. The funds may only be expended on the specific object for which they were given. Any balance remaining unspent at the end of each year must be carried forward as a balance on that fund. Most of the money in restricted funds is held in separate bank and Stewardship accounts and interest that arises is allocated to those restricted funds. The remaining interest largely represents monies accrued from unrestricted funds. Income recognition All income is recognised once the PCC has entitlement to the income, there is sufficient certainty of receipt and so it is probable that the income will be received. and the amount of income receivable can be measured reliably. Planned giving, collections and donations are recognised when received. Tax refunds are recognised when the incoming resource to which they relate is received. 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 readily quantifiable. Dividends are accounted for when declared receivable, interest as and when accrued by the payer. All other income is recognised when it is receivable. Amounts received specifically for mission are dealt with as restricted funds. All incoming resources are accounted for gross. 17
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT, YORK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1. ACCOUNTING POLICIES (continued) Expenditure recognition Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the PCC to that expenditure, it is probable that settlement will be required and the amount of obligation can be measured reliably. Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding or constructive obligation on the PCC. The Diocesan Freewill Offering is accounted for when due. All other expenditure is generally recognised when it is incurred and is accounted for gross. Fixed assets Consecrated and benefice property is not included in the financial statements in accordance with section 10 (2) (a) and (c) of the Charities Act 2011. Movable church furnishings held by the Priest-in-charge and Church Wardens on special trust for the PCC and which require a faculty for disposal are inalienable property, listed in the church's inventory, which can be inspected at any reasonable time. All expenditure incurred during the year on consecrated or benefice buildings and movable church furnishings, whether maintenance or improvement, is written off. Other land and buildings held on behalf of the PCC for its own purposes are valued at market value. No depreciation is charged against such properties as they are regularly maintained to such an extent that their estimated economic lives and residual values are such that their depreciation is insignificant. At each year end an assessment is carried out to ascertain whether there is any indication that the properties should be written down (i.e. whether its carrying amount is more than its recoverable amount). If there is no indication that a property should be written down, it is not necessary to estimate the recoverable amount. Equipment used within the church premises, The Parish Centre and Church Hall are depreciated on a straight-line basis over their estimated useful life of 4 to 10 years. Individual items of equipment with a purchase price of £3,000 or less are written off in the period in which they are acquired. Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and in hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of two years or less from the date of acquisition or opening of the deposit or similar account. Creditors and provisions Creditors and provisions are recognised where the PCC has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the arnount due 18
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT, YORK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1. ACCOUNTING POLICIES (continued) 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. Financial Instruments The PCC only has financial assets and financial liabilities of a kind that qualify as basic financial nstruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Operating lease agreements Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against income on a straight-line basis over the period of the lease. Irrecoverable Value Added Tax The PCC is not registered for Value Added Tax {VAT} and accordingly expenditure is shown gross of irrecoverable VAT. The VAT incurred from time to time on certain fabric repair and maintenance expenditure can, however, be recovered under the Listed Places of Worship Grant Scheme. Going Concern The PCC has cash resources from a large generous congregation and has also started to look for and apply for grants to help support the mission of the church. These include youth work, student and 18-30s work and also grants towards the repair and reordering project (Impact). The PCC has a reasonable expectation that the church has adequate resources to continue in operational existence for the foreseeable future. The PCC continue to believe the going concern basis of accounting is appropriate in preparing the financial statements. Heritage Assets The Priest-in-charge and Church Wardens hold on special trust for the PCC silver and plate gifted to the church for ecclesiastical purposes. They date from the 17th century and therefore, there is insufficient cost information available. Due to the unique nature of these assets and their historic association with worship at the church over hundreds of years. conventional valuation techniques are not applicable and therefore have not been valued in the financial statements. The silver and plate, 38 items in total are listed in the church's inventory and are regarded by law as inalienable assets which the PCC would require a faculty for disposal. Inspection can be arranged at reasonable times where they are located. Pensions The PCC pays employer contributions into a variety of pension schemes consisting of individual employee's personal pension schemes of their choice and a workplace pension scheme to fulfil the PCC'S auto enrolment obligations (Church Workers Pension Fund). 19
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT, YORK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1. ACCOUNTING POLICIES (continued) Church Workers Pension Fund - Pension Builder 2014 St Michael le Belfrey PCC participates in the Pension Builder Scheme section of Church Workers Pension Fund for lay staff. CWPF is administered by the Church of England Pensions Board, which holds the CWPF assets separately from those of the St Michael le Belfrey PCC and the other participating employers. CWPF has two sections: 1. the Defined Benefits Scheme 2. the Pension Builder Scheme, which has two subsections. a deferred annuity section known as Pension Builder Classic, and, a cash balance section known as Pension Builder 2014. Pension Builder Scheme Both sedions of the Pension Builder Scheme are classed as defined benefit schemes. Pension Builder 2014 is a cash balance scheme that provides a lump sum that members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. Discretionary bonuses may be added before retirement. depending on investment returns and other factors. The account, plus any bonuses declared is payable, unreduced. from age 65. There is no sub-division of assets between employers in each section of the Pension Builder Scheme. The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Pension Builder Scheme's assets and liabilities to specific employers and means that contributions are accounted for as if the Scheme were a defined contribution scheme. The pension costs charged to the SOFA in the year are the contributions payable (2024: 29,218 2023: £24,827). A valuation of the Pension Builder Scheme is carried out once every three years. The most recent was carried out as at 31 December 2022. The next valuation is due as at 31 December 2025. For the Pension Builder 2014 section, the valuation revealed a surplus of £2m on the ongoing assumptions used. There is no requirement for deficit payments at the current time. The legal structure of the scheme is such that if another employer fails, St Michael le Belfrey PCC could become responsible for paying a share of that employer's pension liabilities. 20
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT, YORK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 1. ACCOUNTING POLICIES (continued) Accounting Estimates and Judgements The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The trustees believe that the following judgements are critical due to the potential material impact it has on the financial statements. Included within debtors are amounts received in respect of donations towards the Impact project, the Post Pandemic fund and Church planting. These amounts have been paid by donors to Stewardship who hold the funds on trust for the Church. The Trustee5 consider that the income recognition criteria of entitlement, probability of reIpt and measurement have all been met. The donations were therefore recognised in full in 2020 and are included in debtors at the year-end as shown in note 13. The debtor will be released as funds are received from Stewardship over the life of the projects. Property Values The trustees consider that the freehold land and buildings are valued at their fair value in the financial statements. The valuations are undertaken by an external professional valuer who carried out a revaluation at 4 October 2021 and the directors have used this valuation to review the fair value at 31 December 2021. 21
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT, YORK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED) Unrestricted Deslgnated Funds Funds Restricted Funds Total Funds 2024 2023 2. Donations and legacies Planned giving Tax recoverable Collections (open plate) Legacies Impact donations General donations 464,198 81,458 8,562 62,040 77.666 42,743 541,864 124,201 8,562 62,040 134,992 378,218 556,899 129,051 13.047 134.992 133,845 145.271 127,397 229.373 15,000 845,631 £ 15,000 £ 389.246 £ 1.249,877 £ 971.665 In 2023, income from donations and legacies amounting to £680,948 related to unrestricted funds, £15.000 related to desianated funds and £275.717 related to restricted funds. 3. Income from charitable church activities Events Other income from church activities 66,683 7.678 10.340 11,446 77,023 19.124 67,087 22,310 74,361 £ 21,786 £ 96,147 £ 89,397 In 2023, income from charitsble church activities amounting to £73,419 related lo unrestricted funds and £15,978 related to restricted funds. 4. Other trading activities Sales Hire of facilities Music 5,948 26,630 11,895 17,843 26,630 17,322 16,880 32,578 £ 11,895 £ 44,473 £ 34,202 In 2023. income from other trading aclivities amounting to £22,983 related to unrestricted funds and £11,219 related to restricted funds. 5. Investment income Dividends received Deposit interest 1,200 117,125 1,200 129,575 1,183 66,286 12.450 12,450 £ 118,325 £ 130,775 £ 67,469 In 2023, investment income amounting lo £10,748 related to unrestricled funds and £56.721 related to restricted funds. The PCC also receives income from 2,212 Charilies Official Investment Fund shares. However, the value of the shares has not been included wthin the balance sheet because, although the PCC receives the income, the legal title belongs to Iwo charities associated to the PCC. 6. Other Incoma (Xher income Grants 2.201 2,201 163,389 5.017 297.426 163.389 2.201 £ 163.389 £ 165,590 £ 302.443 In 2023. all other income related to unrestricted funds. Total Income 967,221 £ 15,000 £ 704,641 £ 1,686,862 £ 1.465,176
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT. YORK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 {CONTINUED) Unrestricted Restricted Funds Funds Total 2024 2023 7. Analysis of expenditure Raising funds 369 £ 1,059 £ 1,428 £ 6,965 Charitable church activities Missionary and charitable giving (note 8) Grants Overseas mission Home mission 489,402 2,754 12,124 489,402 50.293 32,596 223.400 38.301 25,063 47,539 20,472 68,011 193,000 92.132 177,884 3,533 15,155 353,391 26,457 1,996 3.300 30,000 3.705 504,280 3.000 177.961 888.938 572,291 196,000 270,093 1,066,822 3,533 17,148 673,740 56,930 5,297 3,300 30,000 3,705 286,764 179,544 126,563 442,515 2,703 21,212 590,315 73,118 28,672 3,300 Ministry: Diocesan free will offering Church - general upkeep and services Church - premises Music Events Staff salaries, pensions and other staffing costs Office and administration costs Finance costs Audit fee Legal & Professional fees Outsourced accountsncy. taxation and payroll 1.993 320.349 30.473 3.301 3,600 £ 968.564 £ 1.930.295 £ 2,898,859 £ 1,758,306 Total 968,933 £ 1,931,354 £ 2,900,287 £ 1,765,271 In 2023. expenditure of £793,317 related to unrestricted funds and £971,954 related to restricted funds.
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT. YORK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ICONTINUEDI Unrestricted Funds Restricted Funds Total 2024 2023 8. Misslon and charitable grants Grants Acts 435 Ukrainian refugees Church Planting Grant Hardship fund Small grants fund PPF PPF Belfrey Group Match Funding PPF Catalyser Grants PPF Charity Donations PPF Out ofyork Grants Grant to Restore One-off Restricted Donations 850 243 398.808 26 850 243 398,808 26 780 67,000 783 100,000 130 50,000 898 898 10 50,000 30,000 8,567 10 50,000 30,000 8,567 4,707 489,402 489,402 223,400 Overseas mission Blacker Support Wycliffe (Eves) Fletcher Support Homer Support Wilson International Students Missionary Discretionary Global Connections 13.103 9,276 16,622 6,120 2.040 113 13.103 9,276 19,376 6.120 2.040 113 12,260 9,000 8,364 6,120 2,040 239 13 265 2,754 265 265 47,539 2.754 50,293 38.301 Home mission Church Missions Friends International Paul Myers Mission Restore Riding Lights Yoyo mission giving Evangelism Cafes Women's Ministry Student Mission Youth Outreach Students Social Action Evangelism Ministry CommunitylFamilies Outreach Alpha G2 Alpha Student Alpha G2 Giving G2 Outreach Events Women's Charitable Gift CAP contribution Funeral Collection 6,200 2,000 2.000 1.000 3.000 1.000 6,200 2,000 2,000 1,000 3,000 1,000 20 2.000 2.000 1,000 3,000 1.000 160 1,683 338 149 165 165 45 304 52 2,440 314 2,190 250 45 231 52 2.440 314 2,190 73 53 174 2.021 250 825 2,841 60 2.920 401 2.325 5.400 590 2,920 401 2,325 5,400 590 7.200 539 20.472 12.124 32,596 25,063 68.011 £ 504.280 £572.291 £286,764 In 2023, all Grants were related to restricted funds. all Overseas Mission were related to unrestricted funds. Home Mission was made up of £12,740 relating to unrestricted funds and £12,323 relating to restricted funds.
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE 8ELFREYWITH ST CUTHBERT. YORK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED) 9. Net income for the year This is stated after charging: staff pension contribution Depreciation Auditors, remuneration audit of financial statements 29,218 5,474 3,300 24,827 5.474 3.300 10. Staff costs and emoluments Total staff costs were as follows= Wages and salaries Social security costs Other pension costs 562,731 40,171 29,218 512,534 33,820 24,827 £ 632,120 £ 571,181 During the year the PCC employed no one who earned more than £60,000. The average head count (number of staff employed) during the year was 33 (2023- 29). The average number of emDlovees calculated on the basis of full-time eauivalents was 21 (2023 - 191 The PCC considers its key management personnel to comprise only of the PCC Members (Trustees). They receive no rernuneration in their capacity as trustees but may be employed lo carry out their roles thin the church. The total of remuneration received by trustees and key management personnel for their services to the church amounted to £Nil {2023- £2.473). 11. Tangible fixed assets Freehold Land & Buildings Motor Vehicles Church Equipment Total Cost or valuation At 1 January 2024 Revaluation in year Disposal in year Additions Revaluation 950.000 12.850 112,514 1,075,364 At 31 December2024 950,000 12,850 112,514 1,075.364 Depreciation At 1 January 2024 Charoe for vear Disposal in year 12,850 87,800 5,474 100,650 5,474 At 31 December 2024 12,850 93.274 106,124 Net book value At 31 December 2024 950,000 £ £ 19.240 £ 969.240 At 31 De¢ember 2023 950.000 £ £ 24.714 £ 974.714 The freehold land and buildings, comprising 13 Hempland Drive, 28 Langdale Avenue and the Church Hall were revalued at 4th October 2021 by Stephensons Estate Agents, and are included at their revised markpt valup..s nf £4fj0.000_ £210.fJQO ¥Jnd £290.QOn rg..qnp.r.tivg.Iv. If the freehold property had not been included at valuation, they would have been included under the historical cost convention as follows: 2024 2023 Historical cost at 31 DeceTnber 2024 £ 639.000 £ 639,000
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT, YORK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ICONTINUEDI 12. Stock Impact furniture - Chopping Board Impact furniture - Holding Cross Impact furniture - Footstool Impact Merchandise- Brew Cups Impact Merchandise- Keep Cup Impact Merchandise - Chilly Water Bottle Impact Merchandise - Cookie Cutters Bookstall stock 2024 2023 80 £ 190 £ 150 £ 845 £ 1,182 £ 995 £ 985 £ 357 £ 120 170 150 883 1,252 1,409 1,006 513 4,784 £ 5,503 At 31 December 2024 £357 related to unreslricted funds and the rest restricled funds. At 31 December 2023 £513 related to unrestricted funds and the rest restricted funds. 13. Debtors Trade debtors Income tax recoverable Prepayments and accrued income Accrued incorne- Church Planling, Post Pandemic and Impacl grants within one year Accrued incorne - Church Planting and Post Pandemic more than one year 2024 5,401 7,137 152,851 2.605,000 882.000 2023 375 10.635 124,855 3,398,000 1,627.000 £ 3.652,389 £ 5,160,865 At 31 December 2024 £3,596,832 {2023 - £5.136.599.57) of debtors related to restricted funds. the balan of deblors related to the unrestricted funds. 2024 2023 14. Cash at bank and in hand Bank balances Cash balances 3,565,290 279 3,240,275 364 £ 3,565.569 £ 3,240.639 At 31 December 2024 £76,644 (2023 - £99,604) of cash and bank balances related to unrestricted funds and £30,000 12023 - £15.000) related to desiqnated fvnds £3.458.92512023 - £3.126,0331 related to restricted funds. 202+ 2023 15. Creditors: amounts falling due within one year Trade creditors Accruals and deferred income Tax and social security crèditor Pension creditors 25,260 26,704 9.705 186 5.316 22.401 10.090 362 61.855 £ 38.169 At 31 December 2024 £25.184(2023 - £6.834) of credilors related to restricted fund5, the balance of creditors related to unrestricted funds. 2024 2023 Deferred incom8 at 1 January 2024 Resources deferred during the year Amounts released from previous periods 5.684 7,108 (4.845) 5.822 5,684 (5,822) 7.947 £ 5,684 Deferred incom6 consists of grant and contract income where a time condition is included in the initial offer and it is specified as being for use after the year end. Deferred income for 2023 and 2024 was income in advance for church events where an early bird discount was offered and also rent income paid for future periods. 26
THE PAROCHIAL CHURCH COUNCIL OFTHE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT. YORK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 {CONTINUEDI 16. Commitments under operating leases Al 31 December 2024 the PCC had annual commitments under non-cancellable operdling leases as set oul below.. 2024 2023 Land and buildings Other items Land and buildings Other items Operating leases which expire Under 1 year Within 2 to 5 years After more than 5 years 67,644 32,800 1.315 67.644 32,800 1,315 100,444 £ 1,315 £ 100,444 £ 1,315 The following lease payments have been recognised as an expense in the statement of financial activities: 2024 101.169 £ 2023 Operating lease ientsls 64,954 17. Unrestricted and Designated Funds Other recognised gains and (losses) Current Year Brought forward 0110112024 Transfers Beeen Funds Carried forward 3111212024 Incoming Resources Outgoing Resources Unrestricted fund - General Unrestricted fund - Revaluation Reserve 753.073 311,000 1.064.073 967,221 1968,9331 751,361 311.000 1.062,361 967.221 1968,9331 Designated fund - students andlor children and families 15,000 15,000 30.000 Total Unrestricted and Designated Fund$ £ 1,079,073 £ 982,221 £ 1968,9331 £ 1.092,361 other recognised gains and (losses) ComparatlV8 Year Brought fotward 0110112023 Transfers Between Funds Carried foTward Incoming Resources Outgoing Resources 3111212023 Unrestricted fund - General UnStrICted fund - Revaluation Reserve 746,114 311.000 800,276 1793.3171 753.073 311.000 1,057,114 800,278 1793,3171 1.064,073 15,000 815,276 15,000 1,079.073 Total Unrestricted and Designated Funds 1,057,114 793.317
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY WITH ST CUTHBERT. YORK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ICONTINUEDI 18. Restricted Fund5 Currenl Year Brought forward 0110112024 Carried forward Transfers 3111212024 Incoming Resources Outgoing Resources G2 fund Acts 435 Church Planting fund St Wilfred Ecclesiastical Charity (COIFI Funeral Collections Grant Income - Multiply Giving Away Day Growng Faith Leaming Hub Hardship Fund Holy Communion Holyrood Sisters Grant House of Prayer Impact Project Internship Bursary Legacy for Church Silver Let's Cook One-off Collections Post Pandemic Fund Premises Legacy Raising Generations Royalities for Music Shoeboxes Sozo Fund stained Glass maintenan St Michael's Wamck Burton Stained Glass maintenan St Cuthbervs Warwck Burton The Corner Youth Outreach Ukrainian Refugees in the UK Women's Ministry Youth Donations 17,842 105.853 850 3.240 1,200 590 8,000 1102.372} (8501 1423.498} 1542) 1590) 19,333} 21.324 1,376,107 3.591 955.850 4,249 6.667 6,500 5,333 6.500 10,000 455 10,749 15.000 10,000 481 14,005 10,000 460 6.110.114 1,120 311 2.112 2,943 551.949 154,825 126) 13,2561 {10,0001 1460} 11,105,931) 15,000 423,971 5,428,155 1.120 1311) 11.4501 {41,4001 1220,6211 13,6001 11,6671 225 38,627 85.778 886 170 417.105 151,225 3,333 148 14 5.000 148 14 796 2,000 1,000 281 243 969 1796} 2.000 1,000 281 1243} 14.4061 5.304 1,000 1.867 1.000 8.264.479 704.639 11.931.351) 7,037,766 The PUTpose and use of each reslricled fund is generally explained by the name of that respective fund. The Impact Project fund is lo be used lo fulfil the plans lo renovate and renew Sl Michael le Belfrey Church building so It Can become mole fit for purpose for worship and mission in the Comina vears.
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST MICHAEL LE BELFREY VIITH ST CUTHBERT, YORK NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 ICONTINUEDI 18. Restricted Funds Comparative Year Broughl forward Incoming 0110112023 Resources Carried forward 3111212023 Outgoing Resouices Transfers G2 fund Acts 435 Church Planting fund Sl Wilfred Ecclesiastical Charity ICOIFI Funeral Collections Grant Income - Multiply Giving Away Day Hardship Fund Holy Communion Holyrood Sisters Grant House of Prayer House of Prayer People Impa¢t Project Internship Bursary Legacy for Church SilveT Leys Cook (Never Give Upl One-off Collections Post Pandemic Fund Premises Legacy Music Iroyalliesl Shoeboxes Sozo Fund stained Glass Maintenance Sl Michael's Warwick Burton stained Glass Maintenance Sl Cuthbert's W8twi¢k Burton The Corner Youth Outreach Ukrainian Refugees in Ihe UK Women's Ministry 36.620 92.341 780 1111,119} 17801 118,893} 11.5001 1539} 13,333} 17,842 1,395,000 3,908 1,376,107 3.591 1.183 539 10,000 6,667 6,500 481 14.005 10.000 460 6,500 481 23.197 19.1921 15,000} 15.000 460 10,000 6,072,254 1,120 311 2.794 245 872,497 154,825 382 14 796 2,000 1.000 281 243 2,065 110,000} 1473,612} 511,472 6,110,114 1.120 311 2,112 2,943 551.949 154,825 148 14 796 2.000 1,000 281 243 969 443 7,558 9,520 11,125} 14,8601 1330.068) 1234} 604 11.6991 b4Y,YUU IYll,Yb4} 11,2ti4,41Y 19. Analysls of net assèts byfund Unrestricted Designated Reslricled Total 2024 Current Year Tangible fixed assets Current assets Creditors= Amounts falling due within one year 966,474 132.558 2.786 7.060.184 969.240 7,222,742 30,000 136,6711 125.1841 (61.8551 £ 1.062.361 £ 30,000 £ 7,037,766 £ 8,130.127 Unrestricted Desiqnated Restricted Total 2023 Comparatsve Year Tangible fixed assets Current assets CreditOTS= Arnoun15 falling due within one year 971.026 124.382 3.688 8.267.625 974.714 8,407,007 15.000 131.3351 16,8341 {38,1691 £ 1.064.073 £ 15.000 £ 8.264,479 £ 9.343,552 20. Related partytransa¢tions No membef of the PCC received any remuneration or expenses for their servi5 to the PCC. Rev'd Andrew Baker, Revd Claire El0d and Revd James Congreve-Hom are reimbursed for parochial expenses which are necessarily incurred by them to fulfil the duties of their post in accordance with the guidelines set down by the Central Stipends Authority of the Church of England. During the year a total of £104,954 (including gift aid) {2023- £84.6901 wa5 donated to the PCC by PCC Members Itruslees). including close family mgmbers. This also indudes donations towards the Imoact prolecl. During the year expenses of £8,858.08{202344,491.371 were incurred by PCC members and close famSly towards runnlng of the church and ministry and not for services lo the PCC.