St Marys PCC Radcliffe on Trent 

## **Independent Examiners Report** 

## **To the members of St Mary’s PCC, Radcliffe on Trent** 

I report on the accounts for the year ended 31 December 2024, which are set out on pages 12 to 21. 

## **Respective  responsibilities  of  the  Members  and  Independent** 

## **Examiner** 

The members of the PCC are responsible for the preparation of the accounts.  The members of the PCC consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. 

It is my responsibility to: 

- examine the accounts under section 145 of the 2011 Act; 

- follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and 

- To state whether particular matters have come to my attention. 

## B **asis of Independent Examiner’s Statement** 

My examination was carried out in accordance with the General Directions given by the Charity Commission.  An examination includes a review of the accounting records kept by the PCC and a comparison of the accounts presented with those records.  It also includes a consideration of any unusual items or disclosures in the accounts, and seeking  explanations  from  you  as  Members  concerning  any  such  matters.   The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the accounts. 

## **Independent Examiner's Statement** 

In connection with my examination, no matters have come to my attention: 

- (1) which  give  me  reasonable  cause  to  believe  that  in  any  material  respect  the requirements: 

- to keep accounting records in accordance with section 130 of the 2011 Act; 

- to prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met; or 

- (2) To which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. 

## **Richard Farnsworth.** 

55 Cropwell Road, Radcliffe-on-Trent, NG12 2JG Date: 

Annual Report and Financial Statements 2024 

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St Marys PCC Radcliffe on Trent 

## **Statement of Financial Activities** 

## **For the year ended 31 December 2024** 

||**Unrestricted**|**Restricted**|**Endowment**|**Total**|**Prior Year**|
|---|---|---|---|---|---|
|**Incoming Resources**||||||
|Donations & Legacies|106,224|2,060|0|108,284|105,930|
|Charitable Activities|30,733|223|0|30,955|27,454|
|Investments|111|0|0|111|138|
|Trading Activities|17,468|0|0|17,468|16,716|
|Total incoming<br>resources|154,536|2,282|0|156,818|150,237|
|**Resources Used**||||||
|Charitable Activities|149,172|1,979|0|151,151|155,597|
|Raising Funds|7,865|0|0|7,865|0|
|Total resources used|157,038|1,979|0|159,017|155,597|
|Net Incoming /<br>Outgoing Resources<br>(before transfers)|-2,501|303|0|-2,198|-5,359|
|Fund Transfers In|820|0|0|820|1,790|
|Fund Transfers Out|0|820|0|820|1,790|
|Net Incoming /<br>Outgoing Resources<br>(before gains/losses)|-1,681|-517|0|-2,198|-5,359|
|Investment Gains (or<br>Losses)|0|0|0|0|-150|
|Net Incoming /<br>Outgoing Resources<br>(before Asset<br>Revaluation)|-1,681|-517|0|-2,198|-5,509|
|Net Movement of Funds|-1,681|-517|0|-2,198|-5,509|
|Total Funds Brought<br>Forward|58,622|38,918|845,990|943,530|949,039|
|Total Funds Carried<br>Forward|56,941|38,401|845,990|941,332|943,530|
|**Represented By**||||||
|General (Unrestricted)|42,213|0|0|42,213|44,313|
|Youth (Restricted)|0|27,696|0|27,696|27,211|
|Audiovisual (Restricted)|0|1,722|0|1,722|1,751|
|Fabric (Restricted)|0|7,146|0|7,146|7,486|
|Flowers (Restricted)|0|352|0|352|164|
|Vicar Discretionary<br>(Restricted)|0|0|0|0|820|
|Xmas Dinner<br>(Restricted)|0|1,486|0|1,486|1,486|
|Hall (Designated)|14,728|0|0|14,728|14,309|
|Church Hall<br>Endowment<br>(Endowment)|0|0|845,990|845,990|845,990|



Annual Report and Financial Statements 2024 

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St Marys PCC Radcliffe on Trent 

## **Balance Sheet** 

## **As at 31 December 2024** 

||**Unrestricted**|**Restricted**|**Endowment**|**Total**|**Prior Year**|
|---|---|---|---|---|---|
|Current Assets||||||
|Cash|54,048|38,374|0|92,422|75,200|
|Accounts Receivable|8,320|120|0|8,440|22,890|
|Total|62,368|38,494|0|100,862|98,090|
|Non-Current Assets||||||
|Fixed Assets|0|0|845,990|845,990|845,990|
|Total|0|0|845,990|845,990|845,990|
|Non-Current Assets||||||
|Accounts Payable|5,427|92|0|5,520|550|
|Total|5,427|92|0|5,520|550|
|Non-Current Liabilities||||||
|Long Term Loan /<br>Mortgage|0|0|0|0|0|
|Total|0|0|0|0|0|
|Net Current Assets|56,941|38,401|0|95,342|97,540|
|Total Net Assets<br>(Assets Minus<br>Liabilities)|56,941|38,401|845,990|941,332|943,530|
|**_Represented By_**||||||
|General (Unrestricted)|42,213|0|0|42,213|44,313|
|Youth (Restricted)|0|27,696|0|27,696|27,211|
|Audiovisual (Restricted)|0|1,722|0|1,722|1,751|
|Fabric (Restricted)|0|7,146|0|7,146|7,486|
|Flowers (Restricted)|0|352|0|352|164|
|Vicar Discretionary<br>(Restricted)|0|0|0|0|820|
|Xmas Dinner<br>(Restricted)|0|1,486|0|1,486|1,486|
|Hall (Designated)|14,728|0|0|14,728|14,309|
|Church Hall<br>Endowment<br>(Endowment)|0|0|845,990|845,990|845,990|



## **Approved by the Parochial Church Council on 3[rd] March 2025 and signed on their behalf by:** 

Vicar - Canon Mark Tanner 

Signed ................................................. 

Churchwarden – Mr Andrew Norton 

Signed.................................................. 

Churchwarden – Mr Stephen Eastman 

Signed ................................................. 

Annual Report and Financial Statements 2024 

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St Marys PCC Radcliffe on Trent Notes to the financial statements 

## **Notes to the Financial Statements** 

## **1. ACCOUNTING POLICIES** 

The PCC is a public benefit entity within the meaning of FRS102. The financial statements have been prepared under the Charities Act 2011 and in accordance with the Church Accounting Regulations 2006 governing the individual accounts of PCCs, and with the Regulations’ “true and fair view” provisions, together with FRS102 (2016) as the applicable accounting standards and the 2016 version of the Statement of Recommended Practice, Accounting and Reporting by Charities (SORP (FRS102)). The financial statements have been prepared under the historical cost convention except for the valuation of investment assets, which are shown at market value. 

## **Funds** 

General funds represent the funds of the PCC that are not subject to any restrictions regarding their use and are for application on the general purposes of the PCC.  Funds designated for a particular purpose by the PCC are also unrestricted.  The accounts include all transactions, assets, and liabilities for which the PCC is responsible in law. They do not include the accounts of church groups that owe their main affiliation to another body or those that are informal gatherings of church members. 

## **Income and Endowments** 

## **Voluntary Income and Capital Sources** 

Collections are recognised when received by or on behalf of the PCC. Planned giving receivable under Gift Aid is recognised only when received. Income tax recoverable on Gift Aid donations is recognised when the income is recognised. Grants and legacies to the PCC are accounted for as soon as the PCC is notified of its legal entitlement, the amount due is quantifiable and its ultimate receipt by the PCC is probable. 

## **Other Income** 

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

## **Income from Investments** 

Dividends are accounted for when due and payable. Interest entitlements are accounted for as they accrue. Tax recoverable on such income is recognised in the same accounting year. 

## **Gains and Losses on Investments** 

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

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St Marys PCC Radcliffe on Trent Notes to the financial statements 

## **Expenditure** 

## **Grants** 

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

## **Activities directing relating to the work of the Church** 

The  diocesan  parish  share  is  accounted  for  when  paid.  Any  parish  share unpaid at 31 December is provided for in these accounts as an operational (though not a legal) liability and would be shown as a creditor in the Balance Sheet. 

## **Fixed Assets** 

## **Consecrated Property and Movable Church Furnishings** 

Consecrated and beneficed property of any kind is excluded from the accounts by section 10(2) (a) of the Charities Act 2011. Movable church furnishings held by the Vicar and Churchwardens on special trust for the PCC, and which require a faculty for disposal, are accounted as inalienable property unless consecrated. They are listed in the church's Inventory, which can be inspected (at any reasonable time). For inalienable property acquired prior to 2001, there is insufficient cost information available and therefore such assets are not valued in the accounts. Items acquired since 1 January 2001 have been capitalised and depreciated in the accounts over their currently anticipated useful economic life at a rate of 25% per annum on a reducing balance basis. All expenditure incurred in the year on consecrated or beneficed buildings, individual  items  under  (£5,000),  or  on  the  repair  of  movable  church furnishings acquired before 1 January 2001 is written off. 

## **Other Fixtures, Fittings and Office Equipment** 

Equipment used within the church premises is depreciated at 25% per annum on a reducing balance basis except for IT equipment, which is depreciated linearly over 5 years. Individual items of equipment with a purchase price of £5,000 or less are written off when the asset is acquired. 

## **Investments** 

No investments were held during the year. 

## **Current Assets** 

Amounts owing to the PCC at 31 December in respect of fees, rents or other income  are  shown  as  debtors  less  provision  for  amounts  that  may  prove uncollectable. 

Short-term deposits include cash held on deposit at the bank. 

Annual Report and Financial Statements 2024 

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St Marys PCC Radcliffe on Trent Notes to the financial statements 

## **2  INCOME** 

## Current Year 

||**Unrestricted**|**Restricted**|**Endowment**|**Total**|**Prior Year**|
|---|---|---|---|---|---|
|**Incoming Resources**||||||
|**Donations & Legacies**||||||
|Donations<br>Gift Aid<br>Grants|86,810|1,783|0|88,592|88,062|
||19,445|500|0|19,944|17,026|
||0|0|0|0|920|
|**Charitable Activities**||||||
|Community hall<br>Weddings and funerals|23,470|0|0|23,470|19,855|
||7,233|0|0|7,233|7,302|
|**Investments**||||||
|Bank Interest|111|0|0|111|138|
|**Trading Activities**||||||
|LINK Magazine<br>Other Income|17,468|0|0|17,468|16,716|
||0|0|0|0|220|
|Total incoming resources|154,536|2,282|0|156,818|150,237|



## Prior Year 

||**Unrestricted**|**Restricted**|**Endowment**|**Total**|**Prior Year**|
|---|---|---|---|---|---|
|**Incoming Resources**||||||
|**Donations & Legacies**||||||
|Donations|86,736|1,326|0|88,062|83,065|
|Gift Aid|17,001|25|0|17,026|16,218|
|Grants|920|0|0|920|0|
|**Charitable Activities**||||||
|Community hall|19,855|0|0|19,855|18,216|
|Weddings and funerals|7,302|0|0|7,302|8,233|
|**Investments**||||||
|Bank Interest|138|0|0|138|117|
|**Trading Activities**||||||
|LINK Magazine|16,716|0|0|16,716|16,129|
|**Other**||||||
|Other Income|220|0|0|220|545|
|Total incoming<br>resources|148,887|1,351|0|150,237|142,524|



Annual Report and Financial Statements 2024 

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St Marys PCC Radcliffe on Trent Notes to the financial statements 

## **3 EXPENDITURE** 

## Current Year 

||**Unrestricted**|**Restricted**|**Endowment**|**Total**|**Prior Year**|
|---|---|---|---|---|---|
|**Resources Used**||||||
|**Charitable Activities**||||||
|Activities|7,052|1,416|0|8,469|17,685|
|Admin|1,937|0|0|1,937|2,161|
|Community hall|23,052|0|0|23,052|20,003|
|Gifts Given|5,075|0|0|5,075|5,075|
|Parish share|83,280|0|0|83,280|80,910|
|Premises|14,321|563|0|14,884|15,626|
|Staff Costs|14,455|0|0|14,455|14,137|
|**Raising Funds**||||||
|Magazine costs|7,865|0|0|7,865|0|
|Total resources used|157,038|1,979|0|159,017|155,597|



## Prior Year 

||**Unrestricted**|**Restricted**|**Endowment**|**Total**|**Prior Year**|
|---|---|---|---|---|---|
|**Resources Used**||||||
|**Charitable Activities**||||||
|Activities|5,853|2,409|0|8,262|13,518|
|Admin|2,161|0|0|2,161|1,993|
|Community hall|20,003|0|0|20,003|15,963|
|Depreciation|0|0|0|0|720|
|Gifts Given|5,075|0|0|5,075|5,760|
|Parish share|80,910|0|0|80,910|74,268|
|Premises|14,513|1,112|0|15,626|16,603|
|Staff Costs|14,137|0|0|14,137|13,628|
|**Raising Funds**||||||
|Magazine costs|9,423|0|0|9,423|0|
|Total resources used|152,075|3,522|0|155,597|142,453|



Annual Report and Financial Statements 2024 

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St Marys PCC Radcliffe on Trent Notes to the financial statements 

|**5**<br>**STAFF COST**<br>Wages and salaries<br>Pension costs<br>**TOTAL**|**2024**<br>£<br>14,551<br>-<br>14,551|**2023**<br>£<br>12,701<br>-|
|---|---|---|
|||12,701|



During the year, the PCC employed a vicar’s PA, a hall caretaker, a church cleaner and a hall bookings officer (all part time).  A number of other people received fees for attendance as organists and vergers. The PCC is exempt from registering for a pension scheme. 

## **6 FIXED ASSETS** 

||**Computer & Office Equipment**|**Fixtures & Fittings**|**Freehold Property**|**Total**|
|---|---|---|---|---|
|**Cost**|||||
|Prior to 1st January 2024|1,264|1,440|845,990|848,694|
|Additions in financial year|0|0|0|0|
|Total as at 31st December 2024|1,264|1,440|845,990|848,694|
|**Depreciation**|||||
|Prior to 1st January 2024|1,264|1,440|0|2,704|
|Additions in financial year|0|0|0|0|
|Total as at 31st December 2024|1,264|1,440|0|2,704|
|**Net Book Value**|||||
|As at 31st December 2024|0|0|845,990|845,990|
|As at 31st December 2023|0|0|845,990|845,990|



## **7 Analysis of Net Assets Between Funds** 

## Current Year 

||**Unrestricted**|**Restricted**|**Endowment**|**Total**|**Prior Year**|
|---|---|---|---|---|---|
|Current Assets|62,368|38,494|0|100,862|98,090|
|Non-Current Assets|0|0|845,990|845,990|845,990|
|Current Liabilities|5,427|92|0|5,520|550|
|Non-Current Liabilities|0|0|0|0|0|
|Total Net Assets (Assets Minus Liabilities)|56,941|38,401|845,990|941,332|943,530|



## Prior Year 

||**Unrestricted**|**Restricted**|**Endowment**|**Total**|**Prior Year**|
|---|---|---|---|---|---|
|Current Assets|59,172|38,918|0|98,090|107,612|
|Non-Current Assets|0|0|845,990|845,990|847,930|
|Current Liabilities|550|0|0|550|6,502|
|Non-Current Liabilities|0|0|0|0|0|
|Total Net Assets (Assets Minus Liabilities)|58,622|38,918|845,990|943,530|949,039|



Annual Report and Financial Statements 2024 

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St Marys PCC Radcliffe on Trent Notes to the financial statements 

|**8**<br>**DEBTORS**<br>Gift aid recoverable<br>Other debtors<br>**9**<br>**LIABILITIES: AMOUNTS FALLING DUE**<br>**WITHIN ONE YEAR**<br>Promised gift to World Vision<br>Other creditors|**2024**<br>£<br>5,234<br>3,206<br>8,440<br>**2024**<br>£<br>5,000<br>520<br>5,520|**2023**<br>£<br>17,000<br>5,890|
|---|---|---|
|||22,890|
|||**2023**<br>£<br>-<br>545|
|||545|



Annual Report and Financial Statements 2024 

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St Marys PCC Radcliffe on Trent Notes to the financial statements 

## **10 Movement in Funds** 

Current Year 

|**Fund Name**|**Opening**<br>**Balance**|**Income**|**Expenditure **|**Fund Transfers **|**Investment Gains (or Losses) **|**Closing Balance**|
|---|---|---|---|---|---|---|
|**Unrestricted**|||||||
|General (Unrestricted)|44,313|131,066|133,986|820|0|42,213|
|Total|44,313|131,066|133,986|820|0|42,213|
|**Designated**|||||||
|Hall (Designated)|14,309|23,470|23,052|0|0|14,728|
|Total|14,309|23,470|23,052|0|0|14,728|
|Unrestricted Total|58,622|154,536|157,038|820|0|56,941|
|**Restricted**|||||||
|Youth (Restricted)|27,211|1,040|555|0|0|27,696|
|Audiovisual (Restricted)|1,751|0|29|0|0|1,722|
|Fabric (Restricted)|7,486|223|563|0|0|7,146|
|Flowers (Restricted)|164|1,020|832|0|0|352|
|Vicar Discretionary (Restricted)|820|0|0|-820|0|0|
|Xmas Dinner (Restricted)|1,486|0|0|0|0|1,486|
|Total|38,918|2,282|1,979|-820|0|38,401|
|**Endowment**|||||||
|Church Hall Endowment (Endowment)|845,990|0|0|0|0|845,990|
|Total|845,990|0|0|0|0|845,990|
|Restricted Total|884,908|2,282|1,979|-820|0|884,391|
|TOTAL|943,530|156,818|159,017|0|0|941,332|



## **Purposes of Restricted Funds** 

**Youth Fund:** to fund youth focussed activities and enhancements. **Fabric Fund:** to pay for preservation, repairs, and enhancements to the church buildings. 

**Audio Visual Fund:** to be used specifically for Audio Visual systems. **Christmas Dinner Fund:** to pay for provision of the annual Christmas Day meal. 

**Small Funds** :  the Flower Fund, which pays for flowers in the church, and the Vicar’s Discretionary Fund, which can provide small emergency grants to local people in need. 

## **Purposes of Endowment Funds** 

**Church Hall Fund:** capitalised expenditure in respect of the new church hall 

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St Marys PCC Radcliffe on Trent Notes to the financial statements 

## **11 Agent Transactions** 

The PCC acted as agent for the following in 2024: Southwell and Nottingham Diocesan Board of Finance – with a total of £4,450 being collected from wedding couples and funeral directors and passed to the Diocesan Board of Finance.  Additionally £2,308 was collected and passed on to ordained readers and retired clergy on behalf of the DBF for ministry at funerals. 

## **12 Trustee Remuneration and related party transactions** 

No trustee expenses were incurred.  No PCC member was paid any remuneration or received any other benefits from an employment with St Mary’s, other than travel expenses associated with funerals.  No material transactions, contracts or other arrangements (including grants) with any related party have occurred during the year.  All congregation members are encouraged to contribute financially to the work of St Mary’s and PCC members give in line with general congregational giving. 

## **13 Volunteers** 

In common with all congregations of the Church of England, St Mary’s benefits from the contribution made by volunteers who give their time and talents willingly for the benefit of the Church. The areas of church life which rely on the contribution of volunteers are many and varied and much of the activity would be unable to continue were it not for the commitment shown 

## **14 Independent Examiner’s Fee** 

The Independent Examiner offered his services for 2024 on a voluntary basis. 

## **15 Transfers between funds** 

£820 was transferred from the Vicar's Discretionary Fund to the General Fund at the vicar’s discretion and with PCC approval in order to approve clarity of accountability. 

## **PREPARED BY PAUL DEAN, TREASURER** 

Paul Dean          Date: 

Annual Report and Financial Statements 2024 

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