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 re￿iVed 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
ne￿SSary 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 re￿Ipt 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
Be￿een
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
Un￿StrICted 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 servi￿5 to the PCC. Rev'd Andrew Baker, Revd Claire El￿￿0d 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.