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← The Parochial Church Council Of The Ecclesiastical Parish Of Christchurch Holy Trinity

2023-12-31-accounts

Report of the Trustees And Financial Statements of the Parochial Church Council for the ended 31[st] December 2023 year

The Parochial Church Council of the Ecclesiastical Parish of Christchurch Holy Trinity Registered Charity 1130918

2023

VICAR

The Reverend Canon Charles Stewart

The Vicarage 13A Church Street Christchurch Dorset BH 23 1BW

BANKERS

National Westminster Bank PLC 57 High Street Christchurch Dorset BH23 1BB

Lloyds Bank PLC 4 Castle Street Christchurch Dorset BH23 1DU

CAF Bank Ltd

25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ

CCLA Investment Management Ltd

The CBF Church of England Funds Senator House 85 Queen Street London EC4V 4ET

STATUTORY AUDITORS

SOLICITORS

Hope Jones Chartered Accountants Suite 114 Lymington Town Hall Avenue Road Lymington SO41 9ZG

The Diocesan Registrar Batt Broadbent Solicitors LLP 42 – 44 Castle Street Salisbury SP1 3TX

ARCHITECT

Thomas Ford & Partners 177 Kirkdale London SE26 4QH

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2023

Reference & Administrative details

The registered name of the PCC is THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF CHRISTCHURCH HOLY TRINITY (the Charity). The registered number of the charity is 1130918, and statutory information regarding the Parish may be found on the Charity Commission website, which is the responsibility of the PCC to update, particularly following the Annual Parochial Church Meeting.

The Parochial Church Council of The Ecclesiastical Parish of Christchurch Holy Trinity (PCC) has responsibility for promoting within the ecclesiastical Parish the whole mission of the Church, pastoral, evangelistic, social, and ecumenical, in co-operation with the Vicar to whom day-to-day management of the Parish is delegated.

There are three Churches within the Parish. The Parish Church is Christchurch Priory, and our two daughter Churches, namely St. George's Church, Jumpers, and St. John's Church, Purewell.

Members of the PCC are the trustees of the Charity, and present their report with the financial statements of the Charity for the year ending 31 December 2023. The Trustees have adopted the provisions of the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

The Parish of Christchurch is situated in the town of Christchurch, Dorset, it is part of the diocese of Winchester within the Church of England. The correspondence address is the Priory Offices, Priory House, Quay Road, Christchurch, Dorset, BH23 1BW.

PCC Membership

Members of the PCC are ex-officio or elected in accordance with the Church Representation Rules. To qualify for election to the PCC, candidates must be on the Electoral Roll of The Ecclesiastical Parish of Christchurch.

During the period since 1st January 2023, the following served as members of the PCC:

Vicar The Reverend Canon Charles Stewart
Associate Priest : The Reverend Richard Partridge
Assistant Curate : The Reverend Samuel Duckhouse
Churchwardens : Mr Colin Bacchus Re-elected
21.05.2023
Mrs Tracy Froud Re-elected
21.05.2023
Deputy Warden St Mr Jeff Perkins
Georges

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2023

Deanery Synod Representatives

Elected at 2020 APCM retired at 2023 APCM

Mr Michael Beams Mrs Diane Wright Dr James Morton Mr Nicholas Straw Resigned November 2022 Mrs Susan Haxby

Elected at 2023 APCM to retire at 2026 APCM

Mr Michael Beams Mrs Diane Wright Mr Roger Haxby Mrs Susan Haxby Mrs Rosemary Hadland

PCC Representatives

: Elected at 2020 APCM retired at 2023 APCM

Mrs Anusha Hesketh Dr Ian Nelemans Mrs Rhoda Riddette-Wynton Mrs Rosemary Hadland Mrs Julie Mills

Elected at 2021 APCM to retire at 2024 APCM :

Mrs Pat Richards Mr Greg Rolls Mr Roger Mason Mrs Jennifer Howard Resigned 5.1.23 Mrs Penny Nelemans Appointed 3.6.21

Elected at 2022 APCM to retire at 2025 APCM

Mr Roger Haxby Resigned at 2023 APCM Mrs Joyce Davies Mrs Diana Conway-Fren:ch

Elected at 2023 APCM to retire at 2026 APCM

Dr James Morton Mrs Anusha Hesketh Mrs Julie Mills Resigned May 2023 Mr Ian Nelemans Mrs Hazel Baker

Casual Vacancies – to fill space left by early resignations of elected members Mrs Jenny Fisher To retire at 2025 APCM Mrs Carole Perkins To retire at 2025 APCM Mrs Jean Pitcher To retire at 2025 APCM Mrs Rhoda Ridette-Wynton To retire at 2024 APCM

Non-Elected Members retire annually at the Annual Parochial Church Meeting Ex-officio : Deputy Churchwardens at St George’s Mr Jeff Perkins

Co-options :

Mr Peter Boardman Co opted June 2023 Mrs Fiona Boardman Co opted June 2023 Mrs Sarah Richardson (Head of Priory School

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Co opted September 2023

2023

Committees

The Standing Committee - appointed annually by the PCC:

Appointed 06.05.2023

Appointed 06.05.2022

The Vicar The Vicar The Churchwardens The Churchwardens The PCC Secretary The PCC Secretary The Parish Treasurer Chair of Committees Director of Music

PCC Reps: Mr Roger Haxby Mr Ian Nelemans

PCC Reps: Mr Ian Nelemans

Mr Mike Beams

The Chairman of each area of work is appointed at the Meeting of the PCC immediately following each APCM:

Ministry and Discipleship Committee

Chairman : The Reverend Richard Partridge

Outreach Committee

Chairman : Mrs. Penny Nelemans resigned January 2024

Fabric Committee - incorporating the Trusts of the 1925 Repairs Committee delegated to the PCC by Resolution

Chairman : Mr Roger Mason

Finance Committee

Chairman : Mrs Julie Mills

Pilgrimage and Visitors Committee

Chairman : Mrs Patricia Richards

Children and Youth Committee

Chairman : Reverend Samuel Duckhouse

New Trustees are provided with a copy of a booklet called the Trusteeship, an introduction for PCC Members. The Booklet is a Church of England publication and issued by the Archbishop’s Council. All Trustees must undertake safeguarding training: Basic Awareness, Foundations and Raising Awareness of Domestic Abuse. They must also sign both PCC Member Trustee Eligibility Declaration and HMRC Fit and Proper Persons Declaration documents before election.

The PCC delegates the day-to-day operational management tasks of the Parish to the Vicar, with the support of the churchwardens and paid staff.

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2023

Objectives and Activities

The aims and objectives of a parish like Christchurch, with three churches, one of which is Christchurch Priory, a Grade 1 Listed Building, are necessarily complex. In part this is because the Priory Church, like other ‘Major Churches’, can be described as a ‘both/and’ church: i.e., while serving as the Parish Church of Christchurch and fulfilling all the responsibilities that go with that, it also has a number of quasi-Cathedral responsibilities.

The PCC, through its members, officers and committees, manages the affairs of our three churches and has oversight of all our ministry and mission. The ministry of our Parish focuses principally on worship, prayer, mission, fellowship, discipleship and active involvement in the local community. A key objective is to make it possible for people of all ages to engage with the Christian faith, whether in our church or in the wider community.

During the year these aims and activities were reflected in a wide range of ministry and mission across the Parish; specifically, through:

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2023

Since January 2020, the PCC’s ministry and mission has been viewed through the lens of the HeartEdge Network. HeartEdge is an ecumenical network, initiated by the congregation at St Martin-in-the-Fields, under the leadership of Prebendary Sam Wells. HeartEdge describes itself as “a movement for renewal, fuelled by people and churches sharing their assets, experience, resource and need.” It brings together people to develop their church and community, through sharing ideas and experience. Since its launch in 2017 it has grown to include churches across the UK, USA, the Netherlands and elsewhere.

The vision of HeartEdge is “for renewing the local church that is energising, realistic and practicable for small and large churches alike.” It draws deeply on Jesus’ words in John 10.10: “I came that they may have life, and have it abundantly”; and develops that to explain how we may live in this abundance with our generous God, and how we can share that abundance with those around us.

HeartEdge is based on four key principles, which resonated strongly with the aims, objectives and activities of our parish. The four HeartEdge principles are:

  1. Commerce: generating finance through enterprise, thereby raising the funds to sustain and extend mission and ministry; having commercial activities available within Church that demonstrates a wider understanding of the faith.

  2. Compassion: engaging local need and addressing social justice; being compassionate with those excluded or in trouble, in a way that enhances community.

  3. Culture: through music, art, and other performance possibilities, to make space for the imagination, self-expression, an opportunity to re-imagine the Christian narrative for the present.

  4. Congregation: by developing and encouraging the congregation, enabling us to become a community

  5. of hope and a blessing to others.

Since adopting HeartEdge, these principles have become the lens through which we view possible developments, and the benchmark to quantify and assess our objectives going forwards. We believe developing our future along these four principles will enable strong foundations to be built for future generations.

When planning our activities for the year, the Vicar and the PCC have kept in mind the Charity Commission's guidance on public benefit and the specific guidance on charities for the advancement of religion.

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2023

Achievements and Performances

January is always a time for new beginnings. For the parish, this included the arrival of Elspeth Sully as our new Chief Operations Administrator. Elspeth came with wide experience of management in the charity sector. We also continued our Winter Small Groups, exploring the principles of HeartEdge.

The January PCC meeting approved the Masterplan, which the Way Ahead Group had been working on for many months, under the chairmanship of Ian Nelemans. The Council also voted to support.

February also saw a new beginning, as the Priory’s Tea Rooms and Shop began regular Saturday opening. From the outset, this made a welcome improvement in the profitability of Christchurch Priory Enterprises Ltd. On Sunday 26[th] we held a ‘Service for Ukraine’ to mark the first anniversary of the Russian invasion. This service was profoundly moving, not least because those present heard the Ukrainians in the congregation joining in with the recording of the Ukrainian National Anthem.

At the March PCC meeting, the Council approved the new Staff Handbook and Volunteer Handbook; both documents are now in line with best practice. On Saturday 4[th] the Priory hosted a memorable ‘Cymanfa Ganu’, a festival of singing Welsh hymns. With the Priory full of enthusiastic singers, led by a professional choir, conducted by David Guest and with Professor Chris Wood as compère. This was a wonderful evening.

The following day, March 5[th] , we held the Congregational Consultation to enable parishioners to engage with the Masterplan. This was swiftly followed by a successful series of Consultation Briefings for local stakeholders, partners and colleagues, between March 9[th] and 17[th] . In preparation for these consultations a short promotional film was made and the Masterplan document prepared and put online in a dedicated webpage.

At the end of the month, the PCC met again and accepted the key findings of a report from Mr Matthew Knight (of the Cathedral and Major Church Projects Support Panel), which included separating the management of this large ‘Major Church parish’ from its governance. We agreed to set up a new Senior Management Team to deal with the day-to-day running of the parish. The PCC also decided to recruit our next Children and Families Minister, to amend the format of the Annual Report (in line with the parish’s status as a ‘large charity’), and to recruit a Fundraising Director to spearhead the fundraising for the Masterplan projects.

April began with a memorable celebration of Holy Week and Easter. Interviews were held at the Priory School for the post of Headteacher and Mrs. Sarah Richardson was appointed. The Priory welcomed back the Bournemouth Symphony Orchestra’s Benevolent Fund concert. Our Spring series of Marriage Preperation Sessions began in Priory House.

In the evening after the Coronation of King Charles III on May 6th, there was a special light display, given by Light Art Creatives, of Coronation-related images cast onto the North side of the Priory; this was attended by around 500 people. The next morning, the Priory held a special Coronation Celebration which was attended by a full church, including civic and other community leaders. This was followed by a ‘Coronation Big Lunch’ on the Monastic Lawns. On Monday 8[th] , the Priory was the focus in Christchurch for the ‘The Big Help Out Day’. From 10.00am till 4.00pm there was a ‘Volunteers Fair’ in the Priory, which gave representatives of local charities and community groups an opportunity to offer information and recruit new volunteers. At the request of Christchurch Town Council, the Priory was also the designated drop-off point for food donations to Christchurch Foodbank+. With less fanfare, the Annual Parochial Church Meetings took place on Sunday 21[st] May.

In June there were concerts in the Priory by the Bournemouth Male Voice Choir, of music by Matthew Coleridge, sung by the Priory Choir, and one given by the Bournemouth Bach Choir. On Sunday 25[th] , we made presentations to Maureen Whiles and Richard Newell after many years of faithful service to the

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2023

parish, Maureen as Parish Secretary and Richard first as Verger and then as Property Manager. Once again, we hosted the Archdeacon’s Visitation, on 28[th] .

July began with the ordination of the Revd Sam Duckhouse to the priesthood. This was a wonderful occasion, at which Sam and his family were supported by many friends, including a large contingent from the parish. The following morning, July 2[nd] , he presided at our Eucharist for the first time. The parish’s annual Summer Fayre on July 15[th] was supported by members from St George’s and the Priory, and once again with craft stalls. The day was a great success, despite having to transfer into the Priory because of bad weather. The following Monday saw the first of a new lunchtime concert series, entitled ‘Market Day Music”; these recitals were given by local artists, including student performers and professional musicians.

After a quiet August (apart from a number of weddings in the Priory), the arrival of September brought a predictable increase in parish activity. September 17[th] saw the annual Battle of Britain Service return to the Priory, attended by members of the Royal Air Force Association and other veterans groups.

In September our Small Groups also began a series of studies on the Sermon on the Mount. These were well attended and positively received. The previous week, the pattern of holding a daily Eucharist in the Priory was resumed, following a break which began with the first lockdown in March 2020. From 26[th] to 28[th] , the Vicar, Rev’d Sam and our Finance Officer, Ian Penny, attended the Major Churches’ Network Conference, held in Oxford. October, as so often, was a month marked less by major events, and more by everyone quietly getting on with the many tasks in hand. September also saw our ‘Open the Book’ team go back into local schools at the start of the Autumn Term.

Our annual All Souls’ service on November 4[th] was a moving occasion, as was the Remembrance Sunday Service on the 12[th] . At the latter, Bishop Debbie came to preach at the Priory for the last time, following the announcement of her appointment as Bishop of Peterborough. On Friday 17[th] Moorlands College came to the Priory for their annual graduation ceremony.

The month ended with two important events: first, a very successful Christmas Fayre on Saturday 25[th] . Many thanks to everyone who helped at one of the parish stalls, to the craft stall holders, to the staff and volunteers of CPEL, and to the Fayre Committee, chaired by Tracy Froud. The second was the appointment of Simpson & Brown as the architects for the proposed new building, one of the key elements in the Masterplan. Simpson & Brown have designed award-winning contemporary buildings at Lincoln Cathedral and St Alban’s Abbey.

December began with the much-loved service ‘From Darkness to Light’, which launched the season of Advent atmospherically; a wide range of music was sung by the Priory Choir, under the direction of Simon Earl. This was followed by a number of ‘external’ Carol Services and events, most of them annual events. ‘Christchurch Community Carols’ was held for the first time since the pandemic, to great success.

From Sunday 17[th] until Christmas Day, a Christingle Service was attended by many families; Carol Services were held in the Priory and in St George’s; ‘Carols in the Car Park’ on the 21[st] ; three performances of ‘The Snowman’ on Saturday 23[rd] ; two Crib Services and Midnight Mass in the Priory on Christmas Eve; and festive Eucharists on Christmas Day in both churches. Heartfelt thanks to everyone – vergers, musicians, flower arrangers, bellringers, holy dusters, servers, candle lighting team, sidesmen and ministry team colleagues – who played a part in making Christmas happen in our churches.

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2023

At this stage in the Annual Report there are many people to thank. I am glad to take this opportunity to express my gratitude to the Revd Richard Partridge, the Revd Sam Duckhouse,; to my clergy and lay preaching colleagues – (alphabetically) Will Howard, the Revd David Lund, Canon Graham Newton, the Revd Angela Newton, the Revd James Robertson, the Revd Tom Stuckey, Canon John Turpin; to Ian Penny, Elspeth Sully, Simon Earl, Andy Gilbert, Vicky Semple, Maureen Whiles, Tracy Froud, Colin Bacchus, our vergers Paul Saunders and Greg Rolls; to Rosemary Rogers, Sue Haxby, Roger Haxby; all who have trained for the Bishop’s Commission for Mission and Bishop’s Permission to Preach; and to everyone who has presided, preached, read and prayed in our services, in person and online; and for online and technical help to Pat Stewart, Roger Haxby, Will & Jen Howard – without their contribution, our ministry during the two years since the first lockdown would have been immeasurably the poorer; and, of course, to our many volunteers.

Financial Review

The total accumulated funds stand at £8,819,629 (please see page 50). The majority of our funds, 56.69% approx., are tied up in the value of the freehold land, buildings and other assets.

A further £3,780,146 is held in other funds that are restricted, held in endowment funds, or specific areas of work within the parish. This has increased by £432,462. The increase in value can be accounted for by a substantial gift that was received and restricted to start funding any projects within the Masterplan. This is a further 42.86% approximately of the accumulated funds, leaving only just over 0.75% for the Parish General Fund. The Parish General Fund is the account that covers day-to-day expenses for the parish.

As can be seen on page 50, the Parish General Fund is showing £65,787, keeping this account in surplus; This is showing an increase from the previous year; this is due to the decision not to return the small surplus to the capital development fund as it would be required within the first month of 2024. Once again, we have had to transfer funds from other unrestricted but designated accounts to be able to meet the dayto-day expenses of the parish.

Our total unrestricted funds are showing, excluding our asset funds, £815,032 and can be used to support the general account. This figure is lower by just under £309,000 on the previous year. The majority of this was transferred from the Capital Development Fund to support the Parish General Fund.

At our current rate of spending our reserves are at a level to see us through the next 32 months, with careful management. The PCC is aware that this situation cannot continue. The increased income from the surplus made by Christchurch Priory Enterprises Ltd (£29,550 this year) will go towards the deficit in the general account from 2024 onwards. It is hoped the surplus will increase year on year; even if this happens other income sources will need to be found to sustain the general account as the continued deficit will only grow if our expenditure remains the same, as inflationary pressures need to be taken into consideration.

Total Income and Endowments

A schedule of our unrestricted but designated funds and restricted funds can be found on page 19. The value of these funds including the endowment funds are listed on page 50 of this report. The PCC has delegated the management of the funds to the Finance Committee.

Our total income was £1,678,669. A detailed breakdown of our income can be seen on pages 33 and 34.

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2023

Although this looks very encouraging, we must take into consideration the large gift aided donation that we have received. Under donations and legacies note 2a on page 33, you can see in the restricted column the amount that was received This was transferred to the new Master Plan Projects CBF Fund. Once this has been considered our total income would have been £1,053,473.

Under other trading activities note 2b there is an increase of £146,991 of which £136,827 is the increased trading by CPEL. Although fund-raising activities are also showing a substantial increase the amount raised by our music activities is included in these figures and has not been separated out.

The increased income under investments note 2c is due to the interest rate rise and being passed on to us via the Church of England Deposit Fund with CCLI. It is recognised that our CBF funds meet our investment policy.

All investments with CBF Investment Fund income shares have made gains of £57,342 compared to a loss of £63,035 in 2022, please see note 4d.

Expenditure

Our total expenditure for 2023 was £1,323,573 which is approximately 41.2% higher than the previous year. The parish expenditure is explained on page 37 and Note 3 of this report.

The increase in expenditure can be attributed to the increase in the running expenses, which include gas, electricity, water and insurance. Also, expenditure for church maintenance, Priory restoration and conservation increased substantially.

The amount spent on salaries also increased substantially although specific salaries are covered by other funds until they are exhausted.

Under Raising funds (Note 3b) there has also been an increase in costs of running CPEL; these costs include stock purchase and salaries. Also, the increased cost in Events now includes the cost of musical activities. Therefore, the cost of events excluding musical activities decreased slightly on the previous year.

Christchurch Priory Enterprises Ltd (CPEL)

2023 is the first full trading year of CPEL since the completion of Priory House refurbishment in 2022. The turnover increased substantially to £227,101 net of VAT. After expenses the net profit was £29,550, just under 13% of turnover.

The profit will be transferred back to the Special Projects Fund which was agreed by the PCC when the PCC helped with cash flow last year by £35,000. The remaining £5,450 will be repaid from the 2024 profit. All other profits will be transferred to the Parish General account towards the cost of mission and ministry in future years.

It is hoped that the profit margin of just under 13% of turnover can be increased in the coming years. CPEL’s Summary of Trading and Net Assets for 2023 can be seen on page 15 of this report.

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2023

VAT

CPEL and the Parish are registered for VAT. The Parish has registered in the Churches and Cathedral Scheme and because CPEL is a subsidiary company of the PCC, we are registered as a group with one VAT registration number. This enables us to claim back 65% of the VAT we pay on many of the Parish expenses. Although we have to pay VAT on specific income, the Parish has benefited from registration.

VOLUNTARY HELP

It is acknowledged that the Parish relies on volunteer help, and it is impossible to quantify the commercial value of such assistance. It is estimated that we have a minimum of 80 hours of volunteer work a day, 29,120 hours a year. If we take the National Living Wage of £11.44 an hour (April 2024), the minimum value of our volunteers, in a normal year, must be in the region of £333,000 a year.

It is voluntary help that enables Christchurch Priory Enterprises Ltd to trade on a profitable basis. We have a considerable number of other volunteers working for the Parish as: Welcomers, Stewards, Guides, Bell Ringers, Holy Dusters, Servers, Sidesmen, Junior Church Leaders, Flower Ladies, Sewing Guild, Archivists, Choirs, Concert and Music Volunteers, Administration Office Volunteers, Property Office Volunteers, Volunteer Vergers, and not forgetting our Lay Ministry Team, Retired Clergy, Church Wardens, Deputy Wardens, Assistant Wardens and PCC members.

We also appreciate the support we receive from the Mothers Union, Friends of the Priory and many others.

ENDOWMENT FUNDS

The White-White Fund : Fabric Fund for Christchurch Priory.

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2023

The Shute Fund

TAXATION

The PCC of Christchurch enjoys charitable status for taxation purposes and is thereby exempt from Income/Corporation Tax either on its income or capital surpluses. The PCC is registered for VAT.

INVESTMENT AND RESERVES POLICY

Investment Policy:

The Finance Committee, acting in consultation with and under the authority of the PCC, continues to place funds on deposit, and these should be available on demand.

Certain long-term funds of the PCC are held in Central Board of Finance Equity Income Funds, with a view to obtaining long-term capital and income growth. The Property Fund Shares held within the Lindop Legacy were transferred into Income Shares during March 2022. Full details of investments held at 31 December 2023 may be found on pages 44 and 45 of this report.

Investments we have in the CBF Deposit funds are in keeping with our overall objectives of being social, environmental, and ethical.

Free Reserves Policy:

The free reserves of the Parish, available to meet day to day running expenses, increased to £65,787 as at 31 December 2023 (see note 14, page 50).

Apart from the Gue Legacy of £6,650, which can only be used for the benefit of St John’s, the remaining unrestricted funds of £808,382 have been designated by the PCC. There will be a need to re-designate some of these funds for general purposes.

A full summary of accumulated funds as at 31 December 2023 is on page 50 of this Report. A summary of the purpose of each fund is shown on page 19.

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2023

FUTURE PLANS

The foundation of all we do is our core mission to serve and worship God through public acts of worship and private prayer, to serve our local communities, to care for those in need, and to nurture all our members in their faith and discipleship.

At the heart of our mission and ministry will be the rolling out of the strategy developed by Harvey Gollins, our Children & Families Minister, and unanimously approved by the PCC. Another key element will be the forthcoming series of Small Groups, an intrinsic aspect of our discipleship program, already appreciated by many.

In the coming months, we shall submit an Expression of Interest to the National Lottery Heritage Fund, as we seek their support for our Masterplan projects. We shall also implement the Campaign Fundraising Strategy, in the first phase of our approaches to trusts, foundations and individuals. Now that the Way Ahead Group’s work is done, and that group has ceased to exist, the Project Board will be formed to take forward the program future works and projects set out in the Masterplan. It is also likely that we shall want to hold a new Community Consultation, with the aim of strengthening support from our local community.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Remuneration policy

We place great value on our highly talented, dedicated, and passionate staff team, without whom we could not deliver against our vision, mission and objectives. Our remuneration policy is aimed at ensuring that pay is competitive within our sector, rewards staff fairly and enables the staff team to feel valued.

Our principles are to reward staff, irrespective of seniority informed by the following:

Fairness: without discrimination and with attention to cross-entity parity Differentiation: to reflect a combination of what is achieved and the way it is achieved. Compliance: with all HMRC and Charity Commission requirements. Affordable: with good stewardship.

CHRISTCHURCH PRIORY ENTERPRISES LTD

The Financial Statements of Christchurch Priory Enterprises Ltd (Registered Company number 01883301) are fully consolidated within the PCC’s Financial Statements, in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) (FRS 102).

The PCC is the Beneficial Owner of 100% of the Issued Share Capital of Christchurch Priory Enterprises Ltd and exercises its control through nominee shareholders appointed by the PCC. All of the profits of the Company are transferred to the PCC for the benefit of Christchurch Priory.

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2023

PCC Nominee Shareholders

Mrs Julie Mills and Mr Roger Mason hold the Issued Share CPEL as nominees for the PCC.

Directors

Company Secretary

Mrs Tracy Froud Appointed Dec 2022 Mrs Elspeth Sully Appointed June 2023 Mr John Fisher Appointed April 2018

Christchurch Priory Enterprises Ltd Summary of Trading and Net Assets - 2023

Assets - 2023
Trading income
Interest received
Expenditure:
Purchases
General Expenses
Net profit/(loss)
Accumulated (loss)/profit at 1 January
Net profit/(loss) for the year
Share capital
Net liabilities at 31 December		 Shop
£
43,247
0
43,247
18,126
5,436
23,562
19,685		 Café
£
183,854
225
184,079
62,791
111,423
174,214
9,865		 Total
£
227,101
225
227,326
80,917
116,859
197,776
29,550
(46,601)
29,550
5
(17,046)		 2022
£
90,274
0
90,274
41,292
95,604
136,896
(46,622)
21
(46,622)
5
(46,596)

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2023

INCUMBENT AND CHURCHWARDENS’ CHARITABLE TRUSTS

The Incumbent of the Parish, being the Vicar, together with the Churchwardens for the time being, are the Trustees of:

The Charity of Captain William Gordon Shute Charity Commission ICW Christchurch Priory Registered Number 234102 The Charity of Mary Waterfield Charity Commission Registered Number 1055323

The Charity of Captain William Gordon Shute ICW Christchurch Priory

This Charity was deleted from the Charity Commission’s register on 11th March 2022.

The Charity of Mary Waterfield

By a Scheme sealed by the Charity Commission on 12th October 1994, the income of the Charity is to be applied to furthering the religious and other charitable work of the Church of England within defined geographical areas of benefit.

During recent years, the Waterfield income has been distributed to the Christchurch Priory General Fund.

Whilst the Shute and Waterfield Charities may be regarded as connected to the PCC by reason of their Trustees and the grants the PCC receives, nevertheless the PCC cannot control their activities and they are therefore not considered to be subsidiaries of the PCC as defined in FRS 102.

Further details of each Charitable Trust may be obtained from the Trustees, c/o The Parish Office.

CONNECTED CHARITABLE TRUSTS

Christchurch Priory Building Conservation Trust Charity Commission Registered Number 1107139

The principal objective of this Trust is the advancement of Christian religion and education for the public benefit by the conservation, repair, maintenance, restoration and refurbishment of Christchurch Priory.

Except for the ex-officio Trustees, namely the Vicar of the Parish of Christchurch and two Churchwardens of the Parish of Christchurch, other Trustees must be approved by the PCC prior to their appointment.

During 2016, the majority of the Trust’s assets were transferred to the PCC, to which it is connected by reason of the control and power vested in, and the financial benefits enjoyed by, the PCC. The Trust is thereby a wholly owned subsidiary of the PCC and accounted for accordingly as required by the Charities SORP (FRS 102).

In order to streamline administration, whilst retaining entitlement to future legacies, formal linking of this Charity to the PCC is under active consideration.

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2023

Friends of Christchurch Priory Church

Charity Commission Registered Number 1063246

The principal objective of this Charitable Trust is to assist in the repair and conservation of the Priory Church and its contents and generally to support the work of the Church.

The PCC cannot exercise control or power over the Friends of Christchurch Priory Church but the financial benefit received by the PCC results in it being regarded as connected without requiring consolidation.

Note: Donations by the Connected Charitable Trusts are fully reflected within the Financial Statements, in compliance with Church Accounting Regulations (see Note 2(a) page 33).

RISK MANAGEMENT

The PCC has a risk register which covers the major risks to which the charity is exposed; this is updated at least annually. Where appropriate, systems and procedures have been established to mitigate the risk that the church faces. Procedures are in place to ensure compliance with health and safety of staff, volunteers and visitors. The schedule of major risks and uncertainties identified by the PCC is set out on pages 20 and 21.

Financial Risk

Day-to-day management of financial risk is delegated to the Finance Committee by the PCC, and it is this Committee that is responsible to the PCC for controlling all Funds within the Parish. Detailed Budgets are prepared, and Cash Flow is kept constantly under review. Each month PCC Members receive the Minutes of the preceding Finance Meeting together with a report from the Chairman.

Reference to the Summary of Accumulated Funds (Reserves) within the Parish at 31 December 2023, page 50, reveals that the Unrestricted Free Reserves of the Parish were in surplus by £65,787. Although the parish is in surplus we will continue to work within budgets.

Reputational Risk

This can be minimised by encouraging best practice in all aspects of the Parish’s management, thereby reducing the risk of inappropriate actions which would have a damaging effect on the Parish. This extends both to Staff and Volunteers, all of whom need to be familiar with their duties and adhere to laid down procedures.

Statutory and Legal Requirements

The PCC endeavours to comply with Church of England guidelines, Charity Commission regulations, Accountancy procedures, Health and Safety requirements, and all other legislation relating to the conduct of its affairs.

PAGE 17

2023

Operational Risk

Other than the Financial Risk detailed above, the PCC believes that the Operational Risk to the Parish is relatively low. The main concern is the fabric of Christchurch Priory, but the Property Committee has the responsibility for ensuring that all relevant matters are brought to the attention of the PCC.

Social Policy

To meet our objective of compassion the PCC has a Benevolent Fund. The Benevolent Fund is able to support the poor, sick and needy within the Parish of Christchurch before parish boundary changes in 2005. It can, therefore, be deployed to those in need in the previous parishes of Christchurch and Mudeford (the latter now part of the Benefice of the River Mude).

This is a restricted fund with the initial opening balance being the merger of the Christopher Austin Legacy Fund, Historic Charities Fund and Maberley Trust. Christopher Austin Legacy Fund was always part of the parish accounts, and the other two funds were transferred to the parish accounts at the end of 2018. Regular interest payments are received from the endowments from the above funds.

The PCC has given its authority to the Vicar and Churchwardens to approve grants to be paid out from this fund.

Grants totalling £17,775 were paid out of the Parish Benevolent Fund during 2023 which included £13,615 for the food bank, being £1,770 of regular monthly contributions, £5,000 for Christmas meals and hampers, and £6,845 to support other local non-food projects. £4,160 was given to Somerford Primary School to enable children of specific classes to go on educational school trips. Many of these young people would not have been able to go on these trips as their families do not have enough income to afford such trips during the current cost of living crisis.

Fundraising policy

Due to the size of our congregation and the number of donations of all sizes that we receive each week we cannot fully investigate each donation. However, the PCC takes precautions in our fundraising to ensure the protection of the public, including vulnerable persons from unreasonable intrusive or persistent fundraising approaches, and undue pressure to donate. The Finance Administrator would take seriously any expression of dissatisfaction we may receive and would be reported to the Chair of Finance. We would aim to resolve any complaints as quickly as possible, and our policy is to escalate complaints internally to the Chief Operations Administrator. If a complaint cannot be resolved, it would be further escalated to the chair of the PCC, who will nominate an independent reviewer to consider the merits of the complaint and any resulting actions. If necessary, we will contact the Charity Commission for advice and guidance.

We did not receive any complaints in 2022 or 2023.

The PCC follows the General Data Protection Regulation (GDPR) and monitors the use of data carefully, particularly concerning donor data. Our privacy policy covers how we use donor data and gives donors the option to opt out of any contact or make a formal complaint.

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2023

A schedule of our unrestricted but designated funds and restricted funds

A schedule of our unrestricted but designated funds and restricted funds A schedule of our unrestricted but designated funds and restricted funds
Restricted Fabric Fund
Restricted for Repairs and Maintenance of Church Building.
Main income from Restricted Legacies.
Restricted Bell Restoration Fund
General Maintenance & Repairs to the Bells. Added to
Annually from the Tower Account by the Ringers
Restricted Choir General Fund
Mainly funds Choir Events e.g. Trips, BBQ Income from
contribution for above events, and unpaid Wedding Fees.
Restricted Choir Training & Education
Funded from Large donations in 2013 and specifically for
Special Choir Training Costs
Restricted 900th Organ Fund
Restricted for Costs relating to the Organ, the remains of the
900th Appeal & a Legacy
Restricted Priory Benevolent Fund
For Poor, Sick & Needy of the Parish
Restricted Priory House CBF Fund
Transfer from Priory House Funds (Priory House Control)
Restricted Christchurch Priory
Conservation Trust
Transfer from Conservation Trust Funds (Conservation Trust
Control)
Restricted St Georges Church
Restricted
Legacy for Maintenance of the Church Building
Restricted Shute Fund
Maintenance of Lady Chapel, if not required can be used for
other Fabric
Restricted Masterplan
Income received for projects agreed by PCC for Masterplan
Unrestricted funds (can be re-designated by the PCC for other purposes)
Unrestricted /
designated		 Fabric Fund
General Repairs to Priory & Priory House and Income from
some unrestricted legacies
Unrestricted /
designated		 Capital Development Fund
To be used for capital projects
Unrestricted /
designated		 Minor Capital Reserve
Non-recurring items of expenditure, Office Equipment etc.
Income from sale of Choir CDs and small unrestricted
Legacies
Unrestricted /
designated		 Phase V Conservation
Project
Unrestricted Funds allocated to Phase V Project
Unrestricted /
designated		 St John’s (Gue Legacy
Unrestricted Legacy specifically for St John’s Church
Unrestricted /
designated		 Children & Youth Ministry
Work
Youth Worker Salary & Expenses
Unrestricted /
designated		 St George’s Church
Unrestricted
For St George's Church
Unrestricted /
designated		 Parish Special Projects
To be used by the PCC for projects that will help meet the
objectives of the Parish

PAGE 19

2023

Principal Risks and Uncertainties

In delivering the objectives, the Priory faces a variety of operational, financial, and economic risks. Major risks are reviewed quarterly, and appropriate systems have been established to mitigate the likelihood and the impact of these risks occurring.

Senior staff manage risk as an integral part of their daily activities and the most significant risks are reported regularly through the Property, Finance committees and the PCC.

The following major risks were identified in 2023. The key actions to mitigate the risks are noted alongside each item.

Risk Management Action
Financial sustainability compromised as
a result of reduced income and
increased costs as we continue to
recover from the pandemic and as the
cost-of-living increases.		 Significant restructuring taken place and
review of activities and systems to
improve efficiency. Introducing new
events and activities to attract visitors.
Investment in technology to improve
efficiency.
Impact on Priory’s life as a result of
insufficient funds to enable further major
projects and managing expectation
around planned major projects.		 Wide level communications to
stakeholders and interested parties to
take place. Ensure strong project
management for future projects.
Priory taking on more activities than can
be managed.		 PCC ensuring proper prioritisation of
projects.
Regular monitoringof Project activity.
Harm comes to those in our care due to
lack of appropriate and compliant child
and vulnerable adult safeguarding
procedures.		 Safeguarding at the Priory is overseen
by the Safeguarding Officer. The Priory
works closely with the Diocese of
Winchester to ensure that it models best
practice in safeguarding.
Harm comes to visitors or staff due
to lack of appropriate and compliant
health and safety procedures.		 The Property Committee working with
the Property Manager monitors and
reports on risk areas identified.
Regular Health & Safety reporting takes
place at PCC meetings.
Staff training in key Health & Safety
procedures is ongoing.
Failure of the organisation jeopardised
due to lack of adequate succession
planning for key senior roles.		 Succession planning will be under
review with the new COO in post in
2023.
Poor decision-making and breach of
regulatory requirements due to weak or
non-compliant governance structures.		 PCC meetings and structures are being
aligned with Charity Commission and
Church Law requirements.
Conflict of interests are managed
appropriately, approved by the PCC,
and fully disclosed in the Annual
Accounts.

PAGE 20

2023

Inability to operate in the event of a
disaster due to the lack of adequate
business continuity planning.
Business Continuity compromised or
critical data lost through cyber- attack.		 Comprehensive property insurance in
place.
IT systems are backed up remotely and
can be accessed remotely.
Significant investment has been made
in 2023 to upgrade the Priory’s digital
and technology systems including
security.
Data security breach or failure to
demonstrate compliance with GDPR
requirements could result in a significant
fine or other regulatory action.		 Internal and external GDPR advisors
monitor and report on risk areas
identified.
Staff training on GDPR is ongoing.
Donations are lower than required to meet
financial and cashflow obligations due to:
•
Major repairs
•
Lower congregational
attendance
The Priory relies on God’s provision and
the generosity of the congregation to
meet its financial needs, and core
members of the congregation could be
approached to underwrite the event of a
shortfall.
Currently holding more than three
months working capital.
Strong budgetary and financial controls
in place.
Cashflow forecasts are regularly
updated and reviewed by the PCC.

Approved by the Parochial Church Council on 1[st] August 2024 signed on its behalf by:

Signed:

Reverend Canon Charles Stewart (Chairman)

PAGE 21

2023

THE PCC OF THE ECCLESIASTICAL PARISH OF CHRISTCHURCH HOLY TRINITY

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

STATEMENT OF TRUSTEE RESPONSIBILITIES APPLICABLE TO MEMBERS OF THE PCC OF THE ECCLESIASTICAL PARISH OF CHRISTCHURCH HOLY TRINITY

The Trustees are responsible for ensuring the Annual Report and Financial Statements are prepared in accordance with applicable law and regulations.

Law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the Trustees should follow best practice and:

The Trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ascertain the financial position of the charity and which enable them to ensure that the financial statements comply with applicable law and regulations. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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2023

THE PCC OF THE ECCLESIASTICAL PARISH OF CHRISTCHURCH HOLY TRINITY

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE PCC OF THE ECCLESIASTICAL PARISH OF CHRISTCHURCH HOLY TRINITY

Opinion

We have audited the financial statements of the PCC of the Ecclesiastical Parish of Christchurch Holy Trinity for the year ended 31 December 2023 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, Consolidated Cashflow Statement and the 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).

In our opinion, the financial statements:

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 Auditor’s 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 Members of the Council’s 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 PCC’s ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Members of the Council with respect to going concern are described in the relevant sections of this report.

PAGE 23

2023

THE PCC OF THE ECCLESIASTICAL PARISH OF CHRISTCHURCH HOLY TRINITY

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE PCC OF THE ECCLESIASTICAL PARISH OF CHRISTCHURCH HOLY TRINITY (continued)

Other information

The other information comprises the information included in the annual report, including the Members of the Council’s report, other than the financial statements and our auditor’s report thereon.

The Members of the Council are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Annual Report of the Council.

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:

Responsibilities of the Members of the Council

As explained more fully in the Members of the Council’s responsibilities statement set out on page 22, the Members of the Council are 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 they determine is necessary 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 Members of the Council are responsible for assessing the Charity’s 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 Members of the Council either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.

PAGE 24

2023

THE PCC OF THE ECCLESIASTICAL PARISH OF CHRISTCHURCH HOLY TRINITY

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE PCC OF THE ECCLESIASTICAL PARISH OF CHRISTCHURCH HOLY TRINITY (continued)

Our responsibilities for the audit of the financial statements

We have been appointed as auditor 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 auditor’s report that includes our opinion. Reasonable assurance 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. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Members of the Council and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

PAGE 25

2023

THE PCC OF THE ECCLESIASTICAL PARISH OF CHRISTCHURCH HOLY TRINITY

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE PCC OF THE ECCLESIASTICAL PARISH OF CHRISTCHURCH HOLY TRINITY (continued)

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.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Members of the Council, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the Members of the Council those matters we are required to state to them in an auditor’s 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 Council and Members of the Council as a body, for our audit work, for this report, or for the opinions we have formed.

HOPE JONES Chartered Accountants Suite 114 Statutory Auditors Lymington Town Hall Avenue Road 2024 Lymington,SO41 9ZG

Hope Jones Chartered Accountants are eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006.

PAGE 26

2023

THE PCC OF THE ECCLESIASTICAL PARISH OF CHRISTCHURCH HOLY TRINITY

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 31 DECEMBER 2023

Note
INCOME AND ENDOWMENTS FROM
Donations and legacies
2(a)
Other trading activities
2(b)
Investments
2(c)
Charitable activities
2(d)
Other
2(e)
TOTAL INCOME AND ENDOWMENTS
EXPENDITURE ON
Charitable activities
3(a)
Raising funds
3(b)
Other
3(c)
TOTAL EXPENDITURE
Realised gains
5(a)
Unrealised revaluation gains / (losses)
5(b)
NET GAINS/(LOSSES)
NET (EXPENDITURE) / INCOME
BALANCES AT 1 JANUARY 2023
BALANCES AT 31 DECEMBER 2023		 Unrestricted
Funds
£
241,963
398,365
36,285
49,964
4,264
730,841
736,731
274,010
40,802
1,051,543
0
7,600
7,600
(313,102)
2,500,891
2,187,789		 Restricted
Funds
£
751,704
87,645
97,680
0
2,974
940,003
247,921
3,000
13,020
263,941
0
(8,705)
(8,705)
667,357
2,684,543
3,351,900		 Endowment
Funds
£
0
0
7,825
0
0
7,825
8,089
0
0
8,089
0
25,500
25,500
25,236
3,254,704
3,279,940		 TOTAL
2023
FUNDS
2022
£
£
993,667
1,651,616
486,010
339,019
141,790
34,996
49,964
51,083
7,238
9,778
1,678,669
2,086,492
992,741
675,373
277,010
223,164
53,822
38,796
1,323,573
937,333
0
1,164
24,395
(766)
24,395
398
379,491
1,149,557
8,440,138
7,290,581
8,819,629
8,440,138		 TOTAL
2023
FUNDS
2022
£
£
993,667
1,651,616
486,010
339,019
141,790
34,996
49,964
51,083
7,238
9,778
1,678,669
2,086,492
992,741
675,373
277,010
223,164
53,822
38,796
1,323,573
937,333
0
1,164
24,395
(766)
24,395
398
379,491
1,149,557
8,440,138
7,290,581
8,819,629
8,440,138
2,086,492
675,373
223,164
38,796
937,333
1,164
(766)
398
1,149,557
7,290,581
8,440,138

The notes on page 30 to 56 form part of these financial statements

PAGE 27

2023

THE PCC OF THE ECCLESIASTICAL PARISH OF CHRISTCHURCH HOLY TRINITY

CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2023

Note
FIXED ASSETS
Tangible
Freehold land and
buildings
Fixtures and equipment
Building refurbishments
Investments
TOTAL FIXED ASSETS
CURRENT ASSETS
Stock
Debtors and prepayments
6
Bank and cash balances
LIABILITIES
Creditors and accruals
7
NET CURRENT ASSETS
NET ASSETS
REPRESENTED BY
Accumulated funds
14
Unrestricted
Restricted
Endowment
4(a)
4(b)
4(c)
4(d)		 Unrestricted
Funds
£
25,191
17,397
762,881
805,469
(56,880)
748,589
2,187,789
2,187,789
0
0
2,187,789
795,260
62,579
436,198
145,163
1,439,200		 Restricted
Funds
£
0
19,094
2,484,396
2,503,490
(12,341)
2,491,149
3,351,900
0
3,351,900
0
3,351,900
600,348
84,599
142,400
33,404
860,751		 Endowment
Funds
£
0
0
0
0
0
0
3,279,940
0
0
3,279,940
3,279,940
2,839,379
0
0
440,561
3,279,940		 TOTAL FUNDS
2023
2022
£
£
25,191
22,247
36,491
73,994
3,247,277
2,787,896
3,308,959
2,884,137
(69,221)
(92,411)
3,239,737
2,791,726
8,819,629
8,440,138
2,187,789
2,500,891
3,351,900
2,684,543
3,279,940
3,254,704
8,819,629
8,440,138
4,234,987
4,267,934
147,178
169,115
578,598
650,922
619,128
560,441
5,579,891
5,648,412		 TOTAL FUNDS
2023
2022
£
£
25,191
22,247
36,491
73,994
3,247,277
2,787,896
3,308,959
2,884,137
(69,221)
(92,411)
3,239,737
2,791,726
8,819,629
8,440,138
2,187,789
2,500,891
3,351,900
2,684,543
3,279,940
3,254,704
8,819,629
8,440,138
4,234,987
4,267,934
147,178
169,115
578,598
650,922
619,128
560,441
5,579,891
5,648,412
5,648,412
22,247
73,994
2,787,896
2,884,137
(92,411)
2,791,726
8,440,138
2,500,891
2,684,543
3,254,704
8,440,138

Approved by the PCC of the Ecclesiastical Parish of Christchurch Holy Trinity and signed on its behalf by: The Reverend Canon Charles Stewart, Chair of the PCC. Date: 1[st] August 2024 .

The notes on page 30 to 56 form part of these financial statements

PAGE 28

2023

THE PCC OF THE ECCLESIASTICAL PARISH OF CHRISTCHURCH HOLY TRINITY

CONSOLIDATED CASHFLOW STATEMENT

YEAR ENDED 31 DECEMBER 2023

YEAR ENDED 31 DECEMBER 2023
Cash flows from operating activities:
Net movement in funds for the reporting period
(as per the Statement of Financial
Activities)
Adjustments for :
Depreciation
(Profit) on sale of fixed assets
(Loss)/Surplus on revaluations
(Increase) in stocks
Decrease/(Increase) in debtors
(Increase) in creditors
Net cash provided by operating activities
Cash flows from investing activities:
Purchase of plant and equipment, building
refurbishments
Proceeds from the sale of investments
Purchase of investments
Net cash provided by investing activities
Cash and equivalents at the beginning of the reporting
period
Cash and equivalents at the end of the reporting
period		 2023
£
£
379,491
94,261
0
(24,395)
(2,944)
37,503
(23,190)
81,235
460,726
0
0
(1,345)
(1,345)
459,381
2,787,896
3,247,277		 2022
£
94,261
(1,164)
766
(1,724)
56,726
(53,404)
(816,682)
31,799
(145,130)
£
1,149,557
95,461
0
0
(1,345)		 1,245,018
(930,013)
315,005
2,472,891
2,787,896

PAGE 29

2023

THE PCC OF THE ECCLESIASTICAL PARISH OF CHRISTCHURCH HOLY TRINITY

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2023

1 ACCOUNTING POLICIES

Basis of accounting

The Financial Statements have been prepared in accordance with the Church Accounting Regulations 2006 together with applicable accounting standards and the Financial Reporting Standard applicable in the UK and Republic of Ireland Charities SORP (FRS 102).

The Consolidated Financial Statements include the Assets and Liabilities and Income and Expenditure of Christchurch Priory Enterprises Ltd (CPEL) and Christchurch Priory Building Conservation Trust (CPBCT). The statements do not include the accounts of church groups that owe their main affiliation to another body, nor those that are informal gatherings of Church members.

The Financial Statements have been prepared under the historical cost convention except for the valuation of certain Fixed or Investment Assets which have been valued on the bases disclosed in these Accounting policies. The Financial Statements include all transactions, assets and liabilities for which the PCC is responsible in law.

The Financial Statements have been prepared on a going concern basis.

Special collections (listed on page 56) are those where the PCC has discretion as to the selection of grant recipients and the timing of the payment, and so recognises the income and associated expense in the statement of financial activities.

Funds

Endowment funds are funds, the capital of which must be maintained; only income arising from the investment of the endowment may be used either as restricted or unrestricted funds depending on the purpose for which the endowment was established.

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 is carried forward as a balance on that fund.

Unrestricted funds are general funds, which can be used by the PCC for ordinary purposes, and include funds designated by the PCC.

Income and Endowments

Planned giving, collections and donations are recognised when received. Tax refunds are recognised when the incoming resource to which they relate is received. Legacies are accounted for when the PCC is legally entitled to the amounts due, the amount due is quantifiable and its ultimate receipt by the PCC is probable. Dividends are accounted for when receivable. All other income is recognised when it is receivable. All incoming resources are accounted for gross .

Grants

Income from grants is recognised when there is evidence of entitlement, receipt is probable and the amount can be measured reliably.

PAGE 30

2023

THE PCC OF THE ECCLESIASTICAL PARISH OF CHRISTCHURCH HOLY TRINITY

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2023

1 ACCOUNTING POLICIES (continued)

Expenditure

Grants or donations are accounted for when paid, or when awarded, if that creates an obligation on the PCC. All other expenditure is recognised when it is incurred and is accounted for gross. Rentals payable under operating leases are charged to the statement of financial activities on a straight-line basis over the term of the lease.

Fixed assets:

Consecrated property:

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

Freehold Land and Buildings: PCC Fund page(41) and Priory House Fund (page 42)

These freehold properties were professionally valued as at 31 December 2019 by Ms Rebecca Newton, MRICS, RICS Registered Valuer who is unconnected with the PCC. These properties do not fall to be formally re-valued until 31 December 2024. An annual review takes place internally to establish whether there has been any permanent diminution in the value of the freehold land and buildings. The Trustees are not aware of any factors which would have materially altered the freehold land and buildings values since 2022. No depreciation is provided on the basis that, considering their residual values and length of expected lives, and depreciation would be immaterial.

Basis of valuation - 31 December 2023

St George’s Church Hall has been valued on the “Depreciated Replacement Cost” basis. Depreciated Replacement Cost is defined as the current replacement cost of the hall with its modern equivalent, reduced by deductions for physical deterioration and all relevant forms of obsolescence and optimisation. An estimate of the value of the land associated with the hall is then added to obtain the current value of its freehold interest.

Residential Properties within the PCC Fund and the Priory House Fund have been valued on the basis of their market value calculated by reference to the Nationwide House Prices Index as applied to the prior year valuation.

Changes in valuation from year to year are shown as unrealised gains or losses, which are respectively credited or charged within the Statement of Financial Activities (SOFA).

Fixtures and equipment – Christchurch Priory Enterprises Ltd:

Fixtures and equipment owned by the subsidiary company Christchurch Priory Enterprises Ltd are stated at cost less depreciation.

Fixtures and equipment (including moveable church furnishings) :

Moveable church furnishings held by the Vicar and Churchwardens on special trust for the PCC, and which require a faculty for disposal, are included as inalienable property unless consecrated, and are listed in the Church’s Inventory. For inalienable property acquired prior to 2001 there is insufficient cost information available and therefore such assets are not valued in the accounts. Items acquired since 1 January 2001 are stated in the accounts at cost and depreciated at rates calculated to write off the cost on a straight-line basis over the expected useful economic lives of the assets concerned as follows:

Pipe Organ Enhancement: 20 years Building Refurbishments: 10 years Fixtures and Equipment: 4 to 7 years

PAGE 31

2023

THE PCC OF THE ECCLESIASTICAL PARISH OF CHRISTCHURCH HOLY TRINITY

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2023

1 ACCOUNTING POLICIES (continued)

All expenditure incurred in the year on consecrated or beneficed buildings, on individual items costing £6,750 or less, or on the repair of moveable church furnishings is written off in the year in which the expenditure is incurred.

Investments:

Investment asset values at 31 December 2023 are based upon the average of Bid prices published by Investment Managers in accordance with FRS 102.

Gains and losses on investments:

Realised gains or losses are recognised when investments are sold. Unrealised gains or losses are accounted for on revaluation of investments at 31 December.

Current assets:

Stock is valued at the lower of cost and net realisable value .

Amounts owing to the PCC at 31 December in respect of fees, rents or other income are shown as debtors. Short term debtors are measured at transaction price, less any impairment.

Bank balances are held with CCLA Investment Management Ltd - CBF Church of England Funds, National Westminster Bank plc, Lloyds Bank plc and CAF Bank Ltd.

Current Liabilities:

Short term creditors are measured at the transaction price.

Listed Places of Worship Grant Scheme

65% of VAT previously qualifying for a Grant under this scheme falls to be relieved, under the Charities and Cathedral Scheme, leaving just 35% to be relieved under this Scheme.

PAGE 32

2023

THE PCC OF THE ECCLESIASTICAL PARISH OF CHRISTCHURCH HOLY TRINITY

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2023

2
INCOME AND ENDOWMENTS FROM
a
Donations and legacies
Planned giving:
Gift Aid donations
Parish Giving Scheme
Tax recoverable
Other planned giving
Collections (open plate)
Gift Aid Small Donations Scheme
(GASDS)
Mary Waterfield Charity
Donations Box
Visitors Box
General donations, appeals etc
Charity of Captain W G Shute
Legacies
Friends of Christchurch Priory
Special Collections
b
Other trading activities
Christchurch Priory Enterprises Ltd
Shop
Catering
Church Hall lettings
Wickfield Avenue rent
St George's House rent
Priory House lettings
Priory House Fund
Fund-raising events
Music Fund
St Michael's Loft Museum
Floodlights
Flowers
Parish Office external charges		 Unrestricted
Funds
£
40,746
47,832
21,644
14,542
124,764
35,552
2,000
7,300
40,915
0
11,432
0
20,000
0
0
241,963
43,247
183,854
20,179
16,800
13,200
0
0
116,332
0
1,925
1,083
0
1,745
398,365		 Restricted
Funds
£
500,172
0
125,024
0
625,196
0
0
0
0
633
18,873
0
94,714
3,000
9,288
751,704
0
0
0
0
0
0
87,127
0
0
0
0
518
0
87,645		 Endowment
Funds
£
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0		 TOTAL FUNDS
2023
2022
£
£
540,918
47,370
47,832
46,173
146,668
21,703
14,542
15,814
749,960
131,060
35,552
41,260
2,000
1,921
7,300
6,200
40,915
37,327
633
1,166
30,305
11,262
0
112,911
114,714
1,293,464
3,000
3,000
9,288
12,045
993,667
1,651,616
43,247
23,808
183,854
66,466
20,179
15,213
16,800
16,800
13,200
13,200
0
825
87,127
82,818
116,332
53,510
0
62,077
1,925
429
1,083
655
518
618
1,745
2,600
486,010
339,019		 TOTAL FUNDS
2023
2022
£
£
540,918
47,370
47,832
46,173
146,668
21,703
14,542
15,814
749,960
131,060
35,552
41,260
2,000
1,921
7,300
6,200
40,915
37,327
633
1,166
30,305
11,262
0
112,911
114,714
1,293,464
3,000
3,000
9,288
12,045
993,667
1,651,616
43,247
23,808
183,854
66,466
20,179
15,213
16,800
16,800
13,200
13,200
0
825
87,127
82,818
116,332
53,510
0
62,077
1,925
429
1,083
655
518
618
1,745
2,600
486,010
339,019
131,060
41,260
1,921
6,200
37,327
1,166
11,262
112,911
1,293,464
3,000
12,045
1,651,616
23,808
66,466
15,213
16,800
13,200
825
82,818
53,510
62,077
429
655
618
2,600
339,019

PAGE 33

2023

THE PCC OF THE ECCLESIASTICAL PARISH OF CHRISTCHURCH HOLY TRINITY

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2023

2
INCOME AND ENDOWMENTS FROM
c
Investments
Bank interest
Dividend Income:
Lindop Fund (Priory - Music)
Tithe Chancel Fund (Priory - Insurance)
White-White Fund (Priory - Fabric)
Music Fund (Priory - Music)
Parish Benevolent Fund
d
Charitable activities
Parochial fees retained
Parish News
Garden of Rest
Votive Candles
e
Other
Listed Places of Worship Grant Scheme
- general
Parish energy grants
Other grants (St George's)
TOTAL INCOME AND ENDOWMENTS		 (continued)
Unrestricted
Funds
£
36,285
0
0
0
0
0
36,285
20,057
993
21,589
7,325
49,964
4,264
0
0
4,264
730,841		 Restricted
Funds
£
95,975
0
0
0
913
792
97,680
0
0
0
0
0
2,974
0
0
2,974
940,003		 Endowment
Funds
£
0
4,438
888
844
1,655
0
7,825
0
0
0
0
0
0
0
0
0
7,825		 TOTAL FUNDS
2023
£
2022
£
132,260
25,019
4,438
4,668
888
883
844
840
2,568
2,532
792
1,054
141,790
34,996
20,057
22,637
993
1
21,589
20,699
7,325
7,746
49,964
51,083
7,238
4,953
0
1,825
0
3,000
7,238
9,778
1,678,669
2,086,492

PAGE 34

2023

THE PCC OF THE ECCLESIASTICAL PARISH OF CHRISTCHURCH HOLY TRINITY

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2023

2
a
b		 INCOME AND ENDOWMENTS FROM (2022)
Unrestricted
Funds
£
Donations and legacies
Planned giving:
donations
Scheme
Gift Aid
40,852
Parish Giving
46,173
Tax recoverable
21,664
Other planned
15,814
giving
124,503
Collections (open plate)
41,260
Gift Aid Small Donations
1,921
Scheme (GASDS)
Mary Waterfield Charity
6,200
Donations Box
37,327
Visitors Box
0
General donations, appeals
etc
5,425
Charity of Captain W G
0
Shute
Legacies
69,192
Friends of Christchurch
Priory
0
Special Collections
0
285,828
Other trading activities
Christchurch Priory Enterprises Ltd
- Shop
23,808
- Catering
66,466
Church Hall lettings
15,213
Wickfield Avenue rent
16,800
St George's House rent
13,200
Priory House lettings
825
Priory House Fund
0
Fund-raising events
53,510
Music Fund
0
St Michael's Loft Museum
429
Floodlights
655
Flowers
0
Parish Office external
charges
2,600
193,506		 Restricted
Funds
£
6,518
0
39
0
6,557
0
0
0
0
1,166
3,808
0
1,224,272
3,000
12,045
1,250,848
0
0
0
0
0
0
82,818
0
62,077
0
0
618
0
145,513		 Endowment
Funds
£
0
0
0
0
0
0
0
0
0
0
2,029
112,911
0
0
0
114,940
0
0
0
0
0
0
0
0
0
0
0
0
0
0		 TOTAL
FUNDS
2022
£
47,370
46,173
21,703
15,814
131,060
41,260
1,921
6,200
37,327
1,166
11,262
112,911
1,293,464
3,000
12,045
1,651,616
23,808
66,466
15,213
16,800
13,200
825
82,818
53,510
62,077
429
655
618
2,600
339,019

PAGE 35

2023

THE PCC OF THE ECCLESIASTICAL PARISH OF CHRISTCHURCH HOLY TRINITY

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2023

2 INCOME AND ENDOWMENTS FROM (2022)

c
Investments
Bank interest
Lindop Fund (Priory - Music)
Tithe Chancel Fund (Priory - Insurance)
White-White Fund (Priory - Fabric)
Music Fund (Priory - Music)
Parish Benevolent Fund
d
Charitable activities
Parochial fees retained
Parish News
Garden of Rest
Votive Candles
e
Other
Listed Places of Worship Grant Scheme
- general
Parish energy grants
Other grants (St George's)
TOTAL INCOME AND ENDOWMENTS		 Unrestricted
Funds
£
13,787
0
0
0
0
0
13,787
22,637
1
20,699
7,746
51,083
3,787
1,825
3,000
8,612
552,816		 Restricted
Funds
£
11,232
0
0
0
908
1,054
13,194
0
0
0
0
0
1,166
0
0
1,166
1,410,721		 Endowment
Funds
£
0
4,668
883
840
1,624
0
8,015
0
0
0
0
0
0
0
0
0
122,955		 TOTAL
FUNDS
2022
£
25,019
4,668
883
840
2,532
1,054
34,996
22,637
1
20,699
7,746
51,083
4,953
1,825
3,000
9,778
2,086,492

PAGE 36

2023

THE PCC OF THE ECCLESIASTICAL PARISH OF CHRISTCHURCH HOLY TRINITY

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2023

3 EXPENDITURE ON

a
Charitable activities
Discretionary missionary and charitable
giving:
Home missions and Church societies
Priory School
Secular charities (including relief
agencies)
Special Collections
Ministry:
Common Mission Fund
Clergy allowances
Other clergy costs
Church running expenses
Church maintenance
Priory restoration and conservation
Upkeep of services
Organists, choir and music
Training costs - Education
Priory House Fund
Upkeep of:
Garden of Rest
Church Hall
Priory House
St George's House
Wickfield Avenue
Salaries
Depreciation
Professional fees:
- sundry
- audit
Miscellaneous		 Unrestricted
Funds
£
208
3,125
1,272
4,605
0
121,860
4,931
407
87,282
91,902
1,954
5,470
36,572
1,318
0
15,566
7,159
28,955
1,905
2,371
212,453
69,953
28,361
12,198
1,509
736,731		 Restricted
Funds
£
17,775
0
0
17,775
9,288
0
0
0
0
99,820
48,910
524
11,318
0
25,701
0
0
0
0
0
8,565
24,308
1,712
0
0
247,921		 Endowment
Funds
£
0
0
0
0
0
0
0
0
888
0
844
0
6,357
0
0
0
0
0
0
0
0
0
0
0
0
8,089		 TOTAL FUNDS
2023
2022
£
£
17,983
5,487
3,125
3,000
1,272
1,993
22,380
10,480
9,288
12,045
121,860
122,649
4,931
3,676
407
1,129
88,170
58,100
191,722
28,105
51,708
13,948
5,994
6,657
54,247
47,884
1,318
1,033
25,701
51,313
15,566
18,717
7,159
5,399
28,955
9,365
1,905
807
2,371
4,002
221,018
142,668
94,261
94,261
30,073
24,430
12,198
12,649
1,509
6,056
992,741
675,373		 TOTAL FUNDS
2023
2022
£
£
17,983
5,487
3,125
3,000
1,272
1,993
22,380
10,480
9,288
12,045
121,860
122,649
4,931
3,676
407
1,129
88,170
58,100
191,722
28,105
51,708
13,948
5,994
6,657
54,247
47,884
1,318
1,033
25,701
51,313
15,566
18,717
7,159
5,399
28,955
9,365
1,905
807
2,371
4,002
221,018
142,668
94,261
94,261
30,073
24,430
12,198
12,649
1,509
6,056
992,741
675,373
10,480
12,045
122,649
3,676
1,129
58,100
28,105
13,948
6,657
47,884
1,033
51,313
18,717
5,399
9,365
807
4,002
142,668
94,261
24,430
12,649
6,056
675,373

PAGE 37

2023

THE PCC OF THE ECCLESIASTICAL PARISH OF CHRISTCHURCH HOLY TRINITY

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2023

3 EXPENDITURE ON (continued)

b
Raising funds
Donations and legacies
Christchurch Priory Enterprises Ltd
- Shop
- Catering
Music Fund
St Michael's Loft Museum
Events
Miscellaneous projects
c
Other
Support costs (see Note 11)
Miscellaneous (including Priory signage)
TOTAL EXPENDITURE		 Unrestricted
Funds
£
1,127
23,622
174,154
0
0
72,569
2,538
274,010
33,765
7,037
40,802
1,051,543		 Restricted
Funds
£
0
0
0
0
0
3,000
0
3,000
0
13,020
13,020
263,941		 Endowment
Funds
£
0
0
0
0
0
0
0
0
0
0
0
8,089		 TOTAL FUNDS
2023
2022
£
£
1,127
215
23,622
35,731
174,154
101,165
0
42,729
0
0
75,569
40,766
2,538
2,558
277,010
223,164
33,765
32,245
20,057
6,551
53,822
38,796
1,323,573
937,333		 TOTAL FUNDS
2023
2022
£
£
1,127
215
23,622
35,731
174,154
101,165
0
42,729
0
0
75,569
40,766
2,538
2,558
277,010
223,164
33,765
32,245
20,057
6,551
53,822
38,796
1,323,573
937,333
223,164
32,245
6,551
38,796
937,333

PAGE 38

2023

THE PCC OF THE ECCLESIASTICAL PARISH OF CHRISTCHURCH HOLY TRINITY

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2023

3
EXPENDITURE ON (2022)
a
Charitable activities
Unrestricted
Funds
£
Discretionary missionary and charitable giving:
Home missions and Church societie
300
Priory School
3,000
Secular charities
1,993
5,293
Special Collections
Ministry:
Common Mission Fund
0
122,649
Clergy allowances
3,676
Other clergy costs
1,129
Church running expenses
57,217
Church maintenance
27,314
Priory restoration and conservation
(9,257)
Upkeep of services
6,028
Organists, choir and music
13,313
Training costs - Education
1,033
Priory House Fund
Upkeep of:
Garden of Rest
0
18,717
Church Halls
5,399
Priory House
9,365
St George's House
807
Wickfield Avenue
4,002
Salaries
133,899
Depreciation
Professional fees:
- sundry
69,953
18,943
- audit
11,449
Miscellaneous
2,418
503,347		 Restricted
Funds
£
5,187
0
0
5,187
12,045
0
0
0
0
791
22,365
629
28,279
0
51,313
0
0
0
0
0
8,769
24,308
5,487
1,200
3,638
164,011		 Endowment
Funds
£
0
0
0
0
0
0
0
0
883
0
840
0
6,292
0
0
0
0
0
0
0
0
0
0
0
0
8,015		 TOTAL
FUNDS
2022
£
5,487
3,000
1,993
10,480
12,045
122,649
3,676
1,129
58,100
28,105
13,948
6,657
47,884
1,033
51,313
18,717
5,399
9,365
807
4,002
142,668
94,261
24,430
12,649
6,056
675,373

PAGE 39

2023

THE PCC OF THE ECCLESIASTICAL PARISH OF CHRISTCHURCH HOLY TRINITY

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2023

3
EXPENDITURE
ON (2022)
b
Raising funds
Donations and Legacies
Christchurch Priory Enterprises Ltd
- Shop
- Catering
Music Fund
Events
Miscellaneous projects
c
Other
Support costs (see Note 11)
Miscellaneous
TOTAL EXPENDITURE		 Unrestricted
Funds
£
215
35,731
101,165
0
37,766
2,558
177,435
32,245
5,702
37,947
718,729		 Restricted
Funds
£
0
0
0
42,729
3,000
0
45,729
0
849
849
210,589		 Endowment
Funds
£
0
0
0
0
0
0
0
0
0
0
8,015		 TOTAL
FUNDS
2022
£
215
35,731
101,165
42,729
40,766
2,558
223,164
32,245
6,551
38,796
937,333

PAGE 40

2023

THE PCC OF THE ECCLESIASTICAL PARISH OF CHRISTCHURCH HOLY TRINITY

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2023

4 TANGIBLE FIXED ASSETS

4 TANGIBLE FIXED ASSETS
a FREEHOLD LAND AND BUILDINGS: PCC FUND
Unrestricted Restricted Endowment TOTAL FUNDS
Funds Funds Funds 2023 2022
£ £ £ £ £
CHURCH HALL
St George's Hall
1 January 345,000 0 0 345,000 345,000
31 December 345,000 0 0 345,000 345,000
Valuation at 31 December 2023 345,000 0 0 345,000 345,000
RESIDENTIAL PROPERTIES
15 Wickfield Avenue
1 January 0 611,949 0 611,949 590,023
Unrealised revaluation (loss)/gain 0 (11,601) 0 (11,601) 21,926
31 December 0 600,348 0 600,348 611,949
St George's House
1 January 458,961 0 0 458,961 442,517
Unrealised revaluation (loss)/gain (8,701) 0 0 (8,701) 16,444
31 December 450,260 0 0 450,260 458,961
Valuation at 31 December 2023 450,260 600,348 0 1,050,608 1,070,910
TOTAL AT VALUATION 795,260 600,348 0 1,395,608 1,415,910
TOTAL UNREALISED (LOSSES)/GAINS (8,701) (11,601) 0 (20,302) 38,370

PAGE 41

2023

YEAR ENDED 31 DECEMBER 2023

4 TANGIBLE FIXED ASSETS (continued)

PRIORY HOUS FUND
Priory House
1 January
31 December
Priory Cottage
1 January
Unrealised revaluation (loss)/gain
31 December
Old Stable Block
1 January
31 December
Car Park
1 January
31 December
Pleasure Gardens
1 January
31 December
TOTAL AT VALUATION
TOTAL UNREALISED (LOSSES)/GAINS
TOTAL		 Unrestricted
Funds
£
0
0
0
0
0
0
0
0
0
0		 Restricted
Funds
£
0
0
0
0
0
0
0
0
0
0		 Endowment
Funds
£
1,300,000
1,300,000
667,024
(12,645)
654,379
150,000
150,000
675,000
675,000
60,000		 TOTAL
2023
£
FUNDS
2022
£
1,300,000
1,300,000
1,300,000
1,300,000
667,024
643,125
(12,645)
23,899
600,348
611,949
150,000
150,000
150,000
150,000
675,000
675,000
675,000
675,000
60,000
60,000		 TOTAL
2023
£
FUNDS
2022
£
1,300,000
1,300,000
1,300,000
1,300,000
667,024
643,125
(12,645)
23,899
600,348
611,949
150,000
150,000
150,000
150,000
675,000
675,000
675,000
675,000
60,000
60,000
1,300,000
643,125
23,899
611,949
150,000
150,000
675,000
675,000
60,000
0
0
0
795,260		 0
0
0
600,348		 60,000
2,839,379
(12,645)
2,839,379		 60,000
2,839,379
(12,645)
4,234,987		 60,000
2,852,024
23.899
4,267,934

PAGE 42

2023

THE PCC OF THE ECCLESIASTICAL PARISH OF CHRISTCHURCH HOLY TRINITY

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2023

4 TANGIBLE FIXED ASSETS (continued) b FIXTURES AND EQUIPMENT

Unrestricted
Restricted
GENERAL
Gro
Funds
£
ss book value
Funds
£
1 January
246,468
277,096
Additions
0
0
31 December
246,468
277,096
Depreciation
1 January
168,461
185,989
Charge for the year
15,429
6,508
31 December
183,890
192,497
Net book value 31 December 2023
62,578
84,599
Net book value 31 December 2022
78,007
91,107
CHRISTCHURCH PRIORY ENTERPRISES LTD
Gross book value
1 January and 31 December
8,103
0
Depreciation
1 January and 31 December
8,102
0
Net book value 31 December 2023
1
0
Net book value 31 December 2022
1
0
TOTAL NET BOOK VALUE
31 December 2023
62,579
84,599
31 December 2022
78,008
91,107
c
BUILDING REFURBISHMENTS (Priory House and St George's Hall)
Gross book value
Unrestricted
Funds
£
Restricted
Funds
£
1 January
545,246
178,000
Additions
0
0
31 December
545,246
178,000
Depreciation
1 January
54,524
17,800
Charge for the year
54,524
17,800
31 December
109,048
35,600
Net book value 31 December 2023
436,198
142,400
Net book value 31 December 2022
490,722
160,200		 Endowment
Funds
£
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Endowment
Funds
£
0
0		 TOTAL FUNDS
2023
£
2022
£
523,564
430,128
0
93,436
523,564
523,564
354,450
332,513
21,937
21,937
376,387
354,450
147,177
169,114
169,114
97,615
8,103
8,103
8,102
8,102
1
1
1
1
147,178
169,115
169,115
97,616
TOTAL
2023
£
FUNDS
2022
723,246
0
0
723,246
723,246
723,246
72,324
0
72,324
72,234
144,648
72,234
578,598
650,922
650,922
0		 TOTAL FUNDS
2023
£
2022
£
523,564
430,128
0
93,436
523,564
523,564
354,450
332,513
21,937
21,937
376,387
354,450
147,177
169,114
169,114
97,615
8,103
8,103
8,102
8,102
1
1
1
1
147,178
169,115
169,115
97,616
TOTAL
2023
£
FUNDS
2022
723,246
0
0
723,246
723,246
723,246
72,324
0
72,324
72,234
144,648
72,234
578,598
650,922
650,922
0
0 723,246
0
0
0
0
0		 0
72,234
72,234
650,922
0

PAGE 43

2023

THE PCC OF THE ECCLESIASTICAL PARISH OF CHRISTCHURCH HOLY TRINITY

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2023

Unrestricted
Restricted
4 d
INVESTMENTS
Funds
Funds
£
£
Tithe Chancel Fund (Note 10)
CBF Investment Fund Income Shares
1 January
0
0
Unrealised gain/(loss)
0
0
Valuation at 31 December 2023
0
0
White-White Fund (Note 10)
CBF Investment Fund Income Shares
1 January
0
0
Unrealised gain/(loss)
0
0
Valuation at 31 December 2023
0
0
Garden of Rest
CBF Investment Fund Accumulation Shares
1 January
128,862
0
Unrealised gain/(loss)
16,301
0
Valuation at 31 December 2023
145,163
0
Lindop Legacy (Note 10)
CBF Investment Fund Income Shares
1 January
0
0
Investments during the year
0
0
Unrealised gain/(loss)
0
0
CBF Property Fund Shares
1 January
0
0
Investments sold during the
year
0
0
Realised gain
0
0
Valuation at 31 December 2023
0
0
Parish Benevolent Fund (Note 9)
CBF Investment Fund Income Shares
1 January
0
0
Unrealised gain/(loss)
0
0
Valuation at 31 December 2023
0
0
Shute Fund (Note 10)
CBF Investment Fund Income Shares
1 January
0
0
Investments during the year
0
0
Unrealised gain/(loss)
0
0
Valuation at 31 December 2023
0
0		 Endowment
Funds
£
29,668
2,816
32,484
28,220
2,679
30,899
0
0
0
148,302
0
14,075
0
0
0
162,377
35,417
3,361
38,778
104,600
0
9,927
114,527		 TOTAL FUNDS
2023
2022
£
£
29,668
33,652
2,816
(3,984)
32,484
29,668
28,220
32,010
2,679
(3,790)
30,899
28,220
128,862
141,973
16,301
(13,111)
145,163
128,862
148,302
134,142
0
31,799
14,075
(17,639)
0
30,635
0
(31,799)
0
1,164
162,377
148,302
35,417
40,172
3,361
(4,755)
38,778
35,417
104,600
0
0
112,911
9,927
(8,311)
114,527
104,600		 TOTAL FUNDS
2023
2022
£
£
29,668
33,652
2,816
(3,984)
32,484
29,668
28,220
32,010
2,679
(3,790)
30,899
28,220
128,862
141,973
16,301
(13,111)
145,163
128,862
148,302
134,142
0
31,799
14,075
(17,639)
0
30,635
0
(31,799)
0
1,164
162,377
148,302
35,417
40,172
3,361
(4,755)
38,778
35,417
104,600
0
0
112,911
9,927
(8,311)
114,527
104,600
29,668
32,010
(3,790)
28,220
141,973
(13,111)
128,862
134,142
31,799
(17,639)
30,635
(31,799)
1,164
148,302
40,172
(4,755)
35,417
0
112,911
(8,311)
104,600

PAGE 44

2023

THE PCC OF THE ECCLESIASTICAL PARISH OF CHRISTCHURCH HOLY TRINITY

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2023

Unrestricted Restricted Endowment TOTAL FUNDS
4 d INVESTMENTS (continued) Funds Funds Funds 2023 2022
£ £ £ £ £
Music Invested Fund (Note 10)
CBF Investment Fund Income
Shares
1 January 0 30,508 54,864 85,372 96,397
Investments during the year 0 0 1,345 1,345 420
Unrealised gain/(loss) 0 2,896 5,287 8,183 (11,445)
Valuation at 31 December 2023 0 33,404 61,496 94,900 85,372
TOTAL AT VALUATION 145,163 33,404 440,561 619,128 622,926
TOTAL UNREALISED GAINS/(LOSSES) 16,301 2,896 38,145 57,342 (63,035)
TOTAL REALISED GAINS 0 0 0 0 1,164
5 a SUMMARY OF REALISED GAINS
Unrestricted Restricted Endowment TOTAL FUNDS
Funds Funds Funds 2023 2022
£ £ £ £ £
Investments - Note 4(d) 0 0 0 0 1,164
0 0 0 0 1,164
5 b SUMMARY OF UNREALISED GAINS / (LOSSES)
Unrestricted Restricted Endowment TOTAL FUNDS
Funds Funds Funds 2023 2022
£ £ £ £ £
Freehold Land and Buildings (PCC) - Note 4(a) (8,701) (11,601) 0 (20,302) 38,370
Freehold Land and Buildings (PHF) - Note 4(a) 0 0 (12,645) (12,645) 23,899
Investments - Note 4(d) 16,301 2,896 38,145 57,342 (63,035)
7,600 (8,705) 25,500 24,395 (766)

PAGE 45

2023

THE PCC OF THE ECCLESIASTICAL PARISH OF CHRISTCHURCH HOLY TRINITY

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2023

6 DEBTORS AND PREPAYMENTS

DEBTORS AND PREPAYMENTS
Sundry debtors
Prepayments and accrued income		 TOTAL FUNDS
2023
2022
£
£
32,362
67,319
4,129
6,675
36,491
73,994

7 LIABILITIES - AMOUNTS FALLING DUE WITHIN ONE YEAR
7 LIABILITIES - AMOUNTS FALLING DUE WITHIN ONE YEAR TOTAL FUNDS
2023 2022
£ £
Sundry creditors (33,091) (66,918)
Accruals and deferred income (36,130) (25,493)
(69,221) (92,411)
8 AUDIT COSTS Unrestricted Restricted TOTAL FUNDS
Funds Funds 2023 2022
£ £ £ £
Audit of Parish accounts:
Provision for the current year 12,305 0 12,305 11,235
Under accrual from previous year (107) 0 (107) 214
12,198 0 12,198 11,449
Audit of Christchurch Priory Building Conservation Trust 0 0 0 1,200
Independent Examination CP Building Conservation Trust 0 575 575 0
12,198 575 12,773 12,649
9 STAFF COSTS TOTAL FUNDS
2023 2022
£ £
Salaries 311,431 250,563
National Insurance Contributions 20,370 15,977
Pension contributions 9,598 7,627
341,399 274,167

During the year the PCC employed a Finance Administrator, Chief Operations Administrator, Director of Music, Facilities Manager, Secretary, Organist, two Vergers and a Children and Families Worker. Christchurch Priory Enterprises Ltd employed a Catering Manager and four Catering Assistants. None earned more than £60,000 per annum. Salaries are included under the appropriate headings within the Financial Statements. The average number of employees was 15 (2022 – 13).

PAGE 46

2023

THE PCC OF THE ECCLESIASTICAL PARISH OF CHRISTCHURCH HOLY TRINITY

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2023

10 ENDOWMENT FUNDS

Following enactment of the Church Accounting Regulations 2006 the Financial Statements include both the income arising and capital values of the following:

The Lindop Legacy Trustees: Vicar and Churchwardens of the PCC The White-White Fund ) and ) Trustees: The Winchester Diocesan Board of Finance Ltd The Tithe Chancel Fund ) Music Fund Trustees: The PCC Priory House Fund (PHF) Trustees: The PCC and The Winchester Diocesan Board of Finance Ltd The Shute Fund Trustees: The PCC Parish Benevolent Fund Trustees: The PCC

The Parish Benevolent Fund incorporates permanent investments derived from the Maberley Relief In Sickness Charity and the Historic Charities ICW Christchurch Priory.

NB. Restricted accumulated income, including the Christopher Austin Legacy, is available for distribution to the poor and needy of the Parishes of Christchurch and Mudeford.

11 SUPPORT COSTS

The support costs are almost exclusively in connection with the Church activities of the Parish and any apportionment of this amount to other headings is not practicable.

The expense comprises:
Parish Office
Telephone		 2023
£
30,710
3,055
33,765		 2022
£
29,960
2,285
32,245

12 PROPERTY INSURANCES

The Parish's buildings (including contents) were insured as follows: Sums Insured
2023 2022
PCC £ £
Church Hall: St George's Hall 2,960,000 2,960,000
Residential properties: 15 Wickfield Avenue 391,158 391,158
St George's House 444,494 444,494
Priory House Fund Priory House 6,129,638 6,129,638
Priory Cottage 835,653 835,653
Old Stable Block 449,454 449,454

PAGE 47

2023

THE PCC OF THE ECCLESIASTICAL PARISH OF CHRISTCHURCH HOLY TRINITY

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2023

13 RELATED PARTY TRANSACTIONS
Members of the PCC who claimed expenses or who were paid remuneration whilst fulfilling their
duties during the year are detailed below.
2023 2022
£ £
(a) Clergy (including the Vicar, Reverend R Partridge and Reverend S Duckhouse)
During 2023 the Clergy received the following:
Reimbursements of actual expenditure (hospitality, telephones) 5,003 4,048
(b) Mr I Penny (Key Management
Personnel)
Ye Olde Eight Bells: Reimbursement and goods purchased 331 631
(c) Mr G Rolls (PCC member)
Gross salary 25,454 25,271
Employer's NIC 1,636 1,696
Pension 1,134 1,137
(d) Mrs V Semple-Khan (PCC member until 31 July 2022)
Gross salary (including CPL salary to July 2021) 0 9,800
Employer's NIC 0 305
Pension 0 441
Reimbursements of actual expenditure (telephone) 0 175
Transactions with connected persons of members of the PCC and other related parties:
(f) Key Management Personnel
Compensation
Gross salaries (none earned more than £60,000) 103,486 83,841
Employer's NIC 7,529 5,447
Pension 2,613 1,931
(g) Rent payable
Rent payable by Key Management Personnel 0 10,200

PAGE 48

2023

THE PCC OF THE ECCLESIASTICAL PARISH OF CHRISTCHURCH HOLY TRINITY

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2023

13 RELATED PARTY TRANSACTIONS (continued)

The following trustees were members of related entities:

TRUSTEE

RELATED TRUSTEESHIP

Reverend Canon Charles Stewart Christchurch Priory Building Conservation Trust
(Registered Number 1107139)
The Charity of Mary Waterfield (Registered Number
1055323)
The Charity of Captain William Gordon Shute ICW
Christchurch Priory (Registered Number 234102 –
removed from the Register of Charities 11 February,
2022)
Mr Colin Bacchus Christchurch Priory Building Conservation Trust
(Registered Number 1107139)
The Charity of Mary Waterfield (Registered Number
1055323)
The Charity of Captain William Gordon Shute ICW Christchurch
Priory
(Registered Number 234102 – removed from the Register
of Charities 11 February, 2022)
Mrs Tracy Froud Christchurch Priory Building Conservation Trust
(Registered Number 1107139)
The Charity of Mary Waterfield (Registered Number 1055323)
The Charity of Captain William Gordon Shute ICW Christchurch Priory
(Registered Number 234102 – removed from the Register of
Charities 11 February, 2022)
Mrs Joyce Davies Friends of Christchurch Priory Church (Registered Number 1063246)
(Until May 2022)
Mrs Diane Wright Friends of Christchurch Priory Church (Registered Number 1063246)

There were no related party transactions between the above trustees and any of the related trusteeships.

PAGE 49

2023

THE PCC OF THE ECCLESIASTICAL PARISH OF CHRISTCHURCH HOLY TRINITY NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 DECEMBER 2023

YEAR ENDED 31 DECEMBER 2023
14
ACCUMULATED FUNDS		 Unrestricted Restricted Endowment TOTAL FUNDS
Note Funds Funds Funds 2023 2022
£ £ £ £ £
Parish General Funds 65,787 0 0 65,787 21,100
Other Funds
Priory
Priory General No. 2 20,008 0 0 20,008 29,668
Tithe Chancel 4(d)/ 10 0 0 32,484 32,484 29,668
Lindop Legacy 4(d)/ 10 0 0 162,377 162,377 148,302
White-White 4(d)/ 10 0 0 30,899 30,899 28,220
Music Fund: Capital Investments 4(d)/ 10 0 33,404 61,496 94,900 85,372
Music Fund: Income / stock 0 0 0 0 4,320
Parish Benevolent Fund 10 0 99,232 38,778 138,010 146,411
Shute Fund 0 92,533 114,527 207,060 190,011
Fabric 21,919 172,537 0 194,456 140,200
Conservation Programme - Phase 5 19,068 0 0 19,068 13,540
Bell Restoration 0 16,321 0 16,321 14,504
Children and Youth Ministry Work 111,704 0 0 111,704 124,105
Choir General 0 2,727 0 2,727 2,415
Choir General - Trip 0 10,569 0 10,569 3,395
Choir Training and Education 0 4,981 0 4,981 4,762
Building Conservation Trust 0 1,217,798 0 1,217,798 1,166,202
Building Conservation Fund (PCC) 0 147,703 0 147,703 141,012
Pipe Organ 0 1,690 0 1,690 2,755
Capital Development 274,510 0 0 274,510 592,382
Master Plan 0 529,837 0 529,837 11,922
Minor Capital 4,368 0 0 4,368 11,922
Garden of Rest: Invested 4(d) 145,163 0 0 145,163 128,862
Priory House Fund 0 193,001 0 193,001 138,193
Special Projects 202,800 0 0 202,800 222,420
St George's Building Fund 0 2 0 2 2
St George's Fabric Fund 8,842 0 0 8,842 129
St George's- Flowers 0 968 0 968 974
St John's
Special Projects 0 1,250 0 1,250 1,250
Gue Legacy 6,650 0 0 6,650 6,356
815,032 2,524,553 440,561 3,780,146 3,347,684
Asset Funds
Freehold land and buildings 4(a) 795,260 600,348 2,839,379 4,234,987 4,267,934
Fixtures and equipment 4(b) 62,579 84,599 0 147,178 169,115
Building Refurbishments 4(c) 436,198 142,400 0 578,598 650,922
Christchurch Priory Enterprises Ltd 12,933 0 0 12,933 (16,617)
1,306,970 827,347 2,839,379 4,973,696 5,071,354
TOTAL ACCUMULATED FUNDS 2,187,789 3,351,900 3,279,940 8,819,629 8,440,138

PAGE 50

2023

THE PCC OF THE ECCLESIASTICAL PARISH OF CHRISTCHURCH HOLY TRINITY

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2023

15 FINANCIAL STATEMENTS OF THE PAROCHIAL CHURCH COUNCIL OF CHRISTCHURCH HOLY TRINITY EXCLUDING CHRISTCHURCH PRIORY ENTERPISES LTD AND CHRISTCHURCH PRIORY BUILDING CONSERVATION TRUST

STATEMENT OF FINANCIAL ACTIVITIES

STATEMENT OF FINANCIAL ACTIVITIES
TOTAL FUNDS
2023 2022
£ £
INCOME AND ENDOWMENTS FROM
Voluntary income 993,537 483,179
Activities for generating funds 258,909 248,745
Investment income 89,524 34,996
Church activities 49,964 51,083
Other income 7,238 9,778
TOTAL INCOME AND ENDOWMENTS 1,399,172 827,781
EXPENDITURE ON
Charitable activities 992,166 672,962
Raising funds 79,234 86,268
Other 53,822 38,796
TOTAL EXPENDITURE 1,125,222 798,026
Realised gain on sale of investments 0 1,164
Unrealised gain/(loss) on revaluations 24,395 (766)
NET GAINS 24,395 398
NET INCOME 298,345 30,153
BALANCES AT 1 JANUARY 2023 7,320,537 7,290,384
BALANCES AT 31 DECEMBER 2023 7,618,882 7,320,537

PAGE 51

2023

THE PCC OF THE ECCLESIASTICAL PARISH OF CHRISTCHURCH HOLY TRINITY

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2023

15 FINANCIAL STATEMENTS OF THE PAROCHIAL CHURCH COUNCIL OF CHRISTCHURCH HOLY TRINITY EXCLUDING CHRISTCHURCH PRIORY ENTERPRISES LTD AND CHRISTCHURCH PRIORY BUILDING CONSERVATION TRUST

BALANCE SHEET

Note
FIXED ASSETS
Tangible fixed assets
Freehold land and buildings
4(a)
Fixtures and equipment
4(b)
Building refurbishments
Investment in Christchurch Priory Enterprises Ltd
4(c)
5 £1 ordinary shares
Loans
Other investments
4(d)
TOTAL FIXED ASSETS
CURRENT ASSETS
Stock
Debtors and prepayments
Bank and cash balances
LIABILITIES
Amounts falling due within one year
NET CURRENT ASSETS
NET ASSETS
REPRESENTED BY
Accumulated funds
Unrestricted
Restricted
Endowment		 TOTAL FUNDS
2023
2022
£
£
4,234,987
4,267,934
147,177
169,114
578,598
650,922
5
5
35,450
65,000
619,128
560,441
5,615,345
5,713,416
3,096
4,635
40,871
20,236
2,031,836
1,670,881
2,075,803
1,695,752
72,266
88,631
2,003,537
1,607,121
7,618,882
7,320,537
2,204,840
2,547,492
2,134,102
1,518,341
3,279,940
3,254,704
7,618,882
7,320,537		 TOTAL FUNDS
2023
2022
£
£
4,234,987
4,267,934
147,177
169,114
578,598
650,922
5
5
35,450
65,000
619,128
560,441
5,615,345
5,713,416
3,096
4,635
40,871
20,236
2,031,836
1,670,881
2,075,803
1,695,752
72,266
88,631
2,003,537
1,607,121
7,618,882
7,320,537
2,204,840
2,547,492
2,134,102
1,518,341
3,279,940
3,254,704
7,618,882
7,320,537
5,713,416
4,635
20,236
1,670,881
1,695,752
88,631
1,607,121
7,320,537
2,547,492
1,518,341
3,254,704
7,320,537

PAGE 52

2023

THE PCC OF THE ECCLESIASTICAL PARISH OF CHRISTCHURCH HOLY TRINITY

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2023

16 HISTORICAL COST OF BUILDINGS

For each class of revalued tangible fixed assets, the Charity SORP FRS 102 requires disclosure of the carrying amount that would have been recognised had the assets been carried under the historical cost model. The original historical costs of St George’s Church Hall, 15 Wickfield Avenue and St George’s House are currently being researched as these costs, in the case of the hall, go back over 100 years. In the meantime, historical cost could be regarded as the market valuation as obtained in 1997. The book values for the Priory House Fund properties are known as these were acquired by the PCC on 30 November 2014.

Historical costs of revalued tangible fixed assets

Book value Valuation Total
30.11.2014 31.12.1997
£ £ £
Church Hall: St George's Hall 132,968 132,968
Residential properties: 15 Wickfield Avenue 100,000 100,000
St George's House 104,000 104,000
Priory House Fund Priory House 1,264,866 1,264,866
Priory Cottage 375,000 375,000
Old Stable Block 125,000 125,000
1,764,866 336,968 2,101,834

PAGE 53

2023

THE PCC OF THE ECCLESIASTICAL PARISH OF CHRISTCHURCH HOLY TRINITY

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2023

17 PENSIONS

Church Workers Pension Fund (CWPF) Draft FRS102 Wording - December 2023 Year End

The PCC as EMPLOYER participates in the Pension Builder Scheme section of CWPF for lay staff. CWPF is administered by the Church of England Pensions Board, which holds the CWPF assets separately from those of the Employer and other participating employers.

CWPF has two sections:

  1. the Defined Benefits Scheme

  2. the Pension Builder Scheme, which has two subsections;

  3. a. a deferred annuity section known as Pension Builder Classic, and,

  4. b. a cash balance section known as Pension Builder 2014.

Pension Builder Scheme

Both sections of the Pension Builder Scheme are classed as defined benefit schemes.

Pension Builder Classic provides a pension, accumulated from contributions paid and converted into a deferred annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Discretionary increases may also be added, depending on investment returns and other factors.

Pension Builder 2014 is a cash balance scheme that provides a lump sum which 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 pensions costs charged to the SoFA in the year are the contributions payable (2023: £9,597, 2022: £7,627).

A valuation of the Pension Builder Scheme is carried out once every three years. The most recent valuation was carried out as at 31 December 2019.

For the Pension Builder Classic section, the 2019 valuation revealed a deficit of £4.8m on the ongoing assumptions used. At the most recent annual review effective 1 January 2024, the Board chose to grant a discretionary bonus of 6.7% to both pensions not yet in payment and pensions in payment in respect of service prior to April 1997; and a bonus on pensions in payment in respect of post April 2006 service so that the pension increase was 5% (where usually it would be calculated based on inflation up to 2.5%). This followed improvements in the funding position over 2023. There is no requirement for deficit payments at the current time.

For the Pension Builder 2014 section, the 2019 valuation revealed a surplus of £5.5m on the ongoing assumptions used. There is no requirement for deficit payments at the current time.

The next valuation was due as at 31 December 2022. Calculations for this are currently under way.

The legal structure of the scheme is such that if another employer fails, the PCC as EMPLOYER could become responsible for paying a share of the failed employer’s pension liabilities.

PAGE 54

2023

THE PCC OF THE ECCLESIASTICAL PARISH OF CHRISTCHURCH HOLY TRINITY

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2023

18 POST BALANCE SHEET EVENTS

The PCC has agreed to pay the fees to Simpson & Brown Architects to produce designs for a potential New Build to accommodate the new Heritage Learning Centre, the fees for this project amounting to 7.5% of the overall cost which is estimated to be in the region of £4.2 Million plus VAT.

19 GOING CONCERN

The PCC has assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the Charity to continue as a going concern. The PCC has made this assessment for a period of at least two years from the date of approval of the financial statements. In particular, the PCC has considered the Charity’s forecasts and projections, which factor in estimated impacts arising due to building repair works. After making enquiries the PCC has concluded there is reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future, and therefore continues to adopt the going concern basis in preparing its financial statements.

PAGE 55

2023

THE PCC OF THE ECCLESIASTICAL PARISH OF CHRISTCHURCH HOLY TRINITY

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2023

20 SPECIAL COLLECTIONS

20
SPECIAL COLLECTIONS
Church Overseas:
Ukraine Appeal
Relief and Development Agencies:
DEC Earthquake Appeal
Home Missions and Other Church Societies and Organisations:
Macmillan Caring Locally
Childrens Society
Christchurch Food Bank
Priory School Bibles
Salvation Army
Secular Charities:
British Red Cross
Cancer Research
Christian Aid
Conical Sphere Music
Crisis at Christmas
Julia House
RNLI
Routes for Roots
Vita Nova		 TOTAL FUNDS
2023
2022
£
£
3,033
6,605
2,564
0
0
141
1,152
1,127
1,134
1,341
85
342
451
298
0
425
0
425
399
0
128
0
208
634
134
0
0
425
0
141
0
141
9,288
12,045
12,045

The foregoing Special Collections were received for the charities mentioned, and have been included in the income and expenditure of the PCC.

PAGE 56