Charity re8lStration number.. 1131093 Morpeth Parochial Church Council Annual Report and Financial Ststements for the Year Ended 31 December 2024 Wellway AOuntants Limited Borough Hall Wellway Moipeth Northumberland NE61 IBN
Morpeth Parochial Church Counell Contents (eontinued) Reference and Adtnittistrative Details Trustees, Report 2to5 Statement of Tru5teeg Responsibilities Independent Examiner's Report Statement of Financial Activities 8t09 Balance Sheet io Notes to the Fin&rtcial Statements Ilto23
Morpeth Parochial Church Council Reference and Administrative Details Charity Reglstratlon Number 1131093 PriDtipg1 Office Morpeth Parish Offiee St Aidan's ChuTch Shields Road Morpeth Northumberland NE612SA Auditor Wellway A¢wuntants Limited Borough Hall Wellway Morpeth Northumberland NB61 IBN Page I
Morpeth Parochial Church Council Trustee5' Report The trustees present the atmual report together wth the financial statements of the charity for the y¢gr ¢nded 31 December 2024. Aim$ #nd purposes Morpeth PaTochial Church Council (Morpeth PCCI has the responsibility of Co-operating Mith the incumbent, the Rev. Canoti Simon White, in promoting in the ecclesiastical parish the whole mission of the chur¢h, pastoral, evan8eli5tic. social and ecujnenical. It also has the maint¢nan¢¢ responsibilities for the three local churches of St Mary. St Jam¢5 and St Aidan together with the premises at 7 Manchester Street. Objectives And activitie5 Th¢ Parish has been a centre of worship and of seNi¢e to the community of Morpeth for over 800 years. Our obje¢itve is to b¢ a worshipping and praying community, which is open to the Grace of God a¢live in Christian service and ready to reach out tn fellowship to enable people to r¢5pond to God, so that we can wntinue Christ's Work in the world. Achiev¢ments and performance Worship %nd prayer The PCC is keen to offer a range of services during the week and over the course of the year that our community find both beneficial and spiritually fulfilling. For example, evening prayers provide a quieL intimate and reliective environrttent for worship, while opportunities are provided for people to engage in more outgoing worship in a variety of styles such as our Holy ComEnunion, Simply Worship, S¢rvice of the Word, Ev¢nsong, Cafr Church inteTgener2tional ¢hur¢h services, and FEAST (Friday EYenEng And Spiritual TTtasuTesl monthly teaching and fellowship ents. We also nln hom¢ groups. All are welcome to attend our regular services. At present there are 213 parishioners on the church electoral roll. Two names were added during the year and I was removed because he left the parish. As well as our regular SetviS, we enable our community to celebrate and thank God at the milestones of the journey through life. Through baptism we thank God for the gift of lifr. in marriage, public vows are exchanged with God's blessing. through funerAI s¢Tric¢s friends and family express their grief and give that)ks for the lifr that is now complete in this world and commend the person into God's keeping. Deanery Synod Four members of the PCC sit on the Deanery Synod. This provides the PCC an important link between the parish and the wider stru¢tur¢s of the Church. The Churches The PCC use5 the recommendations in the Quinquennial reports to build a programme of works for each property. WoTk on this piogramme and our regular maintenance pro8ratnsne continue to benefit all properttes. At St Mary's Church fundraising for work on vital electrics, lighting and decoration has ¢onlinued, and a plan developed to undertake this work. We are now in a position to coinmence work in 2025. At Christtnas flooding in the cemetery due to severe storns thr¢at¢ned to flood nearby houses. The PCC took urgent aaion to engage contractors to prevent this. The cost of this extra work was unforeseen. The Wat¢hman's Hut in the churchyard was 0peTh up folli)wing previous repeated vandalism. This has deterred fvrth¢r vandalism ond protected the building. Pag¢ 2
Morpeth Paroehial Church Council Trust¢¢s' Report (continued) At St James, ChLfr¢h work ¢tsntinue5 to open llp the chh with glass d(K>rs. Falling pl&ster and internal roof panels neojed urgent action to keep parishioners safe. Investigation of the ceiling area to the North and South aisles i5 under investj8ation for progression in 2025. At St Aidan's Chur¢h only regulaT maintenance been needed this year, with servicing of the organ reinstated and ongoing PgstorAI Care Some members of OUT parish are unable to attend church due to si¢kne55 or age. Such EMberS who have requested it are visiied io celebrate communion with them eitheT at their hornes or in hospital. There i5 a rota of volunteers to visii all who are sick or unable to get out for any reasorL to keep thern in touch with church life. We have a weekly onlÉne service on out YouTube channel which is shown sn Residential Care Home5 and available for th05¢ who nTr0t make it to church through illness or tnobility issues. We have chaplains in every care home under the Anna Chaplaitss schem Mission and Evangellsm The Parish has continued throughoui the year to dev¢lop its outward looking focus and Éo invest in the community. The Parish has a mission action plan to help the parish growi in mission and evangelism. This plan has helped the parish to seek to devclop all its churches into sacred and cotnEnunity spaces and to continue to serve the wider corntnunity. As part of this plan, the Parish continue5 to progres5 the development and uses for ts property at 7 Manchester Street. Helpin8 those in need is a demonstration of OUT faith. The PCC donated £1315 to support the Mustard Tre¢ Trust including Walking Nativity, Lifepath BrinkbuTn. MaTiC Curie and Macmillan charities and provide bibles to sch¢x>l leavers at Morpeth All Saints C of E Aided First School. Partshioners raised £1842 for the Conta¢t Morp¢th, Parth¢rs in Community Action Appeal. Macmillan, Mari¢ Curie, Oswin Proje¢L AbeTd¢en UttEv¢isity Chapel Choir charities. In additiort pari5hioner5 raise furNJs informally for charities su¢h as Christian Aid atld a wide range of charities as part of their church group activities. For example the Men's and WometL'S Br¢akfa5t Groups. These funds arc sent direct and do not form part of the coUnts. The Parish Maane been a greot su¢¢ess and is distributed in the town coffee houses and public buildings. The parish has seen interest in the publicatiott grow as it has invited members of the town to contribute lo the publication making it a community asset. We distributed 300 eopies throughout the town approximately bimonthly. Ecumenical Relationships The Parish continues to work ¢los¢ly with other churche5 in the tow) and especially for joint eVts at Christmas and ¢ter. SustAill#bility In support of the Church of En8land'5 approach to Climate Chang¢, the PCC decided to offset the C8Tbon emi55ions from energy use in the Paiish bvildings, travel and other associated emissions. A project supporting cookstoves in Nigeria was ¢hos¢n. which will greatly reduce the amount of wood burn and therefore carbon emissions and improve living conditions for the local population. Page 3
Morpeth Paroehial Church Council Trustees, Report (continued) Financial Review Total receipts on unrestricted fi]nd5 were £154.649. of which £104,480 was utJJ¢stri¢kd voluntary donations, a funher £21,480 was frotn Gift Aid, £9,541 frotn Parochial Fee& £17,302 received for Church Letting atld £1.846 of interest and other income. Restricted donations of £21.606 were also received and are detailed in the financia] statements. Work is ongoing to grow planned giving through us¢ of the 'Parish Giving Scheme., It should be Femembered that giving doe5 t)ot have tts be financial. Parishioners. gifts of time and talents are just a5 impor¢ant and fully appreciated. Thss year we were able to pay our prnmi5ed Parish Share of £65.000, which has been re¢¢iYed w¢ll. This is for Clstian Ministry and largely provides the stipeods and housing for cler8y, but also for training for our clergy of tomorrow. The sum that church¢s in the deanery have to fjnd is shared between the churches according to a foTmula that is based mainly on a head count of the congresations. For full details re Parish Share please see the excelletlt Diocesan dUMent onlio¢. The net result for the year was an excess of receipts over payments of £7,532 on unrestricted funds. Adding bat and the dep05jt balance brought forward at the be8inning of the year, the balance carFLed fonvard at 31 De¢¢mber on unrestricted funds totalled £27296. Strueturt, GoYernanc¢ and Mansgement The Parochial Church Council is a corporat¢ body established by the Churth or England. The PCC operates uttder the Parochial Church Council Powers Measure. TrSt¢eS are apw>inted at the APCM, hoWr the trustees may appoint a new trustee to fill a va¢an¢y temporarity or to bring in additional skills or experience. Such a trustee will retire at the next AGM but can then be reappointed. The PCC members are responsible for making decisions on all matters of general cot)¢em and importance to the parish including dEciding on how the fijnds of the PCC are to be spent. The full PCC met 7 times during the year. Given its Thide responsibilities the PCC has a number of committee& each dealing wth a particular aspe of Parish life. All conunittees are responsible to the PCC and report back to it regularly with minut&repotts of their re¢ommend&tions. The PCC can then review, discuss atld detail the way forward Mryth forjnal proposals made as necessary. SafeguardiDg Morpeth Parish supports wholeheartedly Y¢)WdTds A Safer Church" Please see the Parish website or notice boards in church for 5t4frguarding policies. StaBnill8toll Parish The Parish of Stannington, although a parish in lis own right is now held in plurality by liev Canon Simon White who is now Priest-in-charge. This m¢ans that the role of incumbeni is now shared with Morpeth Parish. Both parishes seek to share centra] S¢Tvices with admin as well a5 5¢eking to sharE lay ministry. Pag¢ 4
Morpeth Parochial Church Couneil Trustees, Report (continued) AdmlTristratlve Informhtio St Mary's, St Jame5, and St Aidan's Chur¢hes are situated in Morpeth. This is part ofthe Dioc¢s¢ of N¢wca5tl¢ within the Church of England. Correspondence addr¢5S'. Morpeth Parish oifi¢¢, St Aidan's Church. Shields Road. Morpeth, Northumberland NE612SA Telephone number.. 01670 503326 Email address: otYKe.morpethparish@8mail.com Website: Nvivw.y4rishoth]orpeth.orguk The PCC is a body Corporate (PCC Powers Measure 1956, Chur¢h Repr¢s¢ntation Rules 20111 and registered wth the Charity Commission. Charity Commission Registration Number 1131093 PCC members who hav¢ seTved at any lime from l January 2024 until the date this report was approved are.. Ex officio members: Incurnbent.. Canon Simot) J H White {PCC Chairsnan} Clergy.. Rev Jeremy Cooper (retired NSM in Parish) Readet". Ms E Annie Newiands (Deanery Synod rep from 30.04.2023) Ward¢n'. fvfi Michael Daws WardeTh'. Dr Robert Young Ward¢n-. Dr Andrew Mowat (stood down 27.06.2024) Warden.. Ms Kathryn Irwin Eleeted member5: Mrs Pauline Ferguson {TepTesentative on Deanery Synod) Mrs Sally Keith (representative on Deanery Synod) Mrs Val Pope {representalive on Deanery Synod) Mrs J¢annett¢ war$ (Treasurer) Ms Debbie Bass-Pi¢kin {PSOI Mrs Pauline Young Mrs Rhona Dunn Mr Richard Bi5hopp Mr Andrew Cant Mr5 Carol Dixon Mr5 Julia Task¢r (stood down 14.11.20241 Mrs Sheila Short Mrs Lyndsey Phillip5 (from 07.04.2024) Dr Lindsay Giifjllan {from 07.04.2024) Mr5 Rachel Anderson (from 07.04.20241 (deputy warden) Non-trustee Parish Secx¢tary'. Mary Steventon The 8nnual report was approved by the trustee5 ofthe charity on.?. o....nd si8ned on its behalf by.. Simon J H White Trust¢e Page 5
Morpeth Parochial Church Council Statement of Trustees, Responsibilities The trustees are responsible for preparing the trustees, report atld the financial siatements in accordance with the United Kingdom Accounting Stsndards (United Kingdom G¢nerally Accepted A0tIng Practice) and applicable law and regul*ions. The law applicable to Charities requires the trustees to prepare finan¢ial ststements for each financial year which give a true and fair view of the State of affairs of the Charity and of th¢ incoming resources and application of r¢sources of the Cha[ty for that Friod. In preparing these fman¢ial Stemen th¢ trustees ar¢ required to.. sele¢t suttable accounting policies and then apply them e0Tr5iStentJy' observe the methods and principles in the Charities SORP. make judgements and estimates that are reasonable and prudent. state wheth¢r applicable accounting standaids have been follow¢d, subject to any material departures disclosed and explained in the financial staiemenis. and prepare the financial statements ¢)n the going concern b&sis unless it is inappropriate to presume that the charity will continue in business. The tru5te¢s ate responsible for keeping proper accoynt(ng records that disc105e with re&8onable accuracy at any time the fjnancial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities IAc¢ounts and Reports) Regulation5 2008. and the provision5 of the (x)nstitution. The trustee5 are a150 responsible for Safeguarding the assets of the ¢harity and henc¢ for takin8 reasonable st¢ps for the prevention 2nd detection of fraud and other irregularities. The trusttes are responsible for the maintenance and integrity of thc corporate and financial information included on the charithble company's w¢bsiie. Legislaiion governing th¢ preparation and d255etnination of financÈal statemenis may dityer from legislotion ui other jurisdictions. Approved by the trlteS of the charity on . sUaThl signed on its behalf by.. Simon J H White Trustee Page 6
Morpeth Parochial Church Couneil Independent Examiner's Report to the trustees of Morpeth Parochial Church Collncil I report to the trustees on my examinatiotl of the accounts of Moeth PaTochial Church Council for the year end¢d 31 December 2024. Responsibilities amd basi$ of report As the chatity trustees of Morpeth Parochial Church Coun¢il you are responsible for the preparation of the accounts in accordance with the requirements of the Charttie5 Act 2011 ('thc Aet'l. I report in respect of my examination of the Morpeth Parochial Church Council's a¢¢ounts ¢arried out under section 145 of the 2011 Act and in ¢anying out tny examination I have follow¢d all the applicable Diwtions given by the Charity Commission under section 145151(b} of the A¢t. Jlldepend¢nt examiner's $tatement I have completed my examillation. I confimi that no mat¢rEal matter5 have come to my attention in connection with the exatDination giving rne cause to believe that in any material respect.. l. accounting recoids were not kept in respect of Morpeth Parochial Church Council &$ required by secti( 130 of the Act. or 2. the a¢counts do not accord Mryth those records. or 3. the accouDts do not comply with the accounting requirements COn¢Thing the foTm and content of a¢eounts set out in the Charities {Accounts and RepoTts) Regulations 2008 other than any requirement that the accounts give a 'trne and fair view. which is not a matter considered as part of an independent examination. I have no con¢erns and hav¢ come across no other matters in connection with the examination to which attentiort should be drawn in this report in orderlo enable a proper understanding of the accounts to be reached. Borough Hall Wellway Moryeth Northumberland NE61 IBN 21 May 2025 Page 7
Morpeth Parochial Church Council Statement of Financial Activities for the Year Ended 31 December 2024 Unrestricted funds Restricted fund5 Total 2024 Note In¢om¢ And ElldowtNellts from: Donations and legacies Investment income Other income 135,501 1,846 17.302 21.606 2,710 157,107 4.556 17,302 Total income 154,649 24,316 178,965 Expenditure on: Charitable activities Other expenditure (l46,469) 1648) 1146,4691 (5,5821 (4,934) Total expenditure Gainsllosses on investment assets (147.117) 14,9341 1,283 Il52,0511 1,283 Net irtctsme 7,532 20,665 28.197 Net movement in thnds 7,532 20,665 28,197 Reeoneilitttion of funds Total ndS brought forwdrd 19,764 118.607 138.371 Total fund$ carried forward 16 27,296 Unrestricted fund5 139,272 Restrieted fullds 166.568 Total 2023 Not¢ Inco]Ne aDd Endowments from: Donations and legacies Investm¢nt income Other income 129,498 1,992 13,430 49.751 944 179,249 2,936 13.430 Total income 144,920 50.695 195.615 Expenditure oll: Charitsble activities Other expenditure (144.201) 7481 (274) 124.7641 {144,4751 (25.512) Total expenditure Gainsllosses on investment assets {144.949) {25,0381 4,821 {169,9871 4.821 Net{expeThdtturellineome Net movement in fijnds 29 30.478 30,449 1291 30.478 30,449 Reeonelllatlon of funds Total fitnds brought fotivard 19,793 88,129 107,922 Total fvnds ced forward 16 19,764 118,607 138,371 All of the charity* activities derÉve frotn continuing 0ratIOnS during the above tsvo p¢riods. The notes on pages I I to 23 forn) an integrdl part of these Fan]l ststem¢nts. Pag¢ 8
Morpeth Parochial Church Council Ststement of Financial Activities for the Year Ended 31 December 2024 (continued) The fund5 breakdown for 2023 is shown in note 16. The note5 on po8¢5 I I to 23 fomi an integral part of these financia] statements. Page 9
Morpeth Paroehi21 Church Council (Registration number: 1131093) Balance Sheet as at 31 December 2024 21124 2023 Note Flxed assets Tangible assets Imiesiments 741 57,345 58,086 866 56,062 56,928 12 Crrent assets Debtors Cash at bank and in hand 13 14 31,688 122,442 9,927 102,981 154,130 112,908 Creditors: Amounts falling due within one year 15 145,6481 131,465) 14et current 285et$ 108.482 81.443 Net issets 166,568 138,371 Funds of the charity: Restrlcted Income funds Restri¢t¢d funds 139,272 118,607 Unrestricted incoe fullds Unttstricted funds 27,296 Total funds 16 166 568 138.371 The fi]vancia] statements on pages 8 to 23 w¢re approved by the trustees, and auihorised for issue on ..*"3&l4nd signed on their behalf by.. Simon J H White Trustee The notes on pages I I to 23 forni an int¢gral part of these financial statements. Page 10
Morpeth Parochial Church Council Not¢s to the Financial Statements for the Year Ended 31 December 2024 l Aeeountiftg policie5 Statem¢tht ofcompliaNce The financial slatejnents have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in O¢tober 2019. the Financial Reporting Standard appli¢able in the Urtited Kingdom and Republic of Ireland {FRS 102) and the Chariti¢s A¢t 2011. Basis of prepArAtioD Morpeth Parochial Church Council meets th¢ definition of a public benefjt entity under FRS 102. The aDnIS (financial 5tatcments) have been prepaTed under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s} to these accounts. Going concern The trustee5 consider that there are no mat¢ria] uncertaintie5 about the charitys ability lo continue as a going ncern. Income and endowments Voluntary incoine including donations, gifts, legacies and grants that provide core funding or are of a g¢neral nature is re¢o£nised when the charity has entitlement to the income. it is Probable that the income will be received and the amount can be measured with sufficient reliability. Donoftons andlegacies Donations and l¢ga¢ies to the PCC are accounted for as soon as the PCC 15 notified of its le8al entitletnent, the amoynt du¢ is quantifiable and its ultimate receipt by the PCC ts reasonably ¢eTiain. Glfl uld Income tax re¢overable on Gift Aid donations is recognised when the income is received. inconie Dividends are reco8nised onrx the divid¢nd has been declared and notification has been r¢c¢iv¢d of th¢ dividend due. Expendlture Expenditure is aecounted for on an acCralS basis and has been 018S5ified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings th¢y hav¢ been allixated ¢0 activities on o basis consistent with the use of resources. Grants offered subjeci to conditions which have not been met at th¢ yvdr end date are noted as a commitment but not accrued as expenditure. RalslKgf4nds Costs of generating hnds are the cost5 of trading for fundraising purposes. Churflable aclivllies Charitable expenditure comprises those ¢osts inGurred by the charity in the delivery of its activities and s¢rvi¢¢s for its beneficiaries. It includes both costs that can be allocated dire¢tly to such activities and those Costs of an indirect nature necessary to support them. Page 11
Morpeth Parochial Church Council Notes to the Financial Statements for the Year Ended 31 December 2024 (continued) Support costs Support costs include central functions and have been allocated to activity Cost categories on a basis consistent with the use of resources for example, allocating property costs by tloor areas. or per capita, stoff costs by the time spent and other costs by theiT usag¢. Governance tosts These include the c05t5 attributable to the charity's compliance with constitutional And StatOry requirem¢nts, sncluding audit. str*egic management and trustees meetings and reimbuTsed expenses. Taxation The charity is considered to pass the tests set out in Paragraph I S¢hedul¢ 6 of the Finance Act 2010 artd therefore it meets the definition of a charitable company for UK corporation tsx poSeS. Accordingly. the charity 15 Potentially exempt from taxation in respect of inctsme or capital gains received within categories covered by Chapter 3 Part I l of the Corporation T&x Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that Such income or gains ar¢ applied exclusively to chaTltable purposes. Tangible fixed asset5 Individual fixed assets costEng £0.00 or moTe are initially Te¢ord¢d at C05t, less 3ny subsequent accumulated depreciatÉon and subsequent accumulated impairment1055es. Depreciation and imortisatlon DepTe¢iation is provided on tangible fixed assets so as to wyite off the cost or va]uatiOT4 less any estimated residual value. over iheir expected usefijl economic lift as follows.. Asset Cl5$ Fixtures and fittings D¢prt¢iation method and rdte 150/0 on reducing balance Fixed asset investments Fixed asset investments, other than progran]rne related investments, are included at market value at the balance sheet date. Realssed gains and losse5 on investments are ca]culated as the difference behveen sales proceeds and their market value at the start of the y¢ar, or their 5ubsequertt cosi. al are charged or credited to the Statement of Financial Activities in the period of disposal. Unrealised gains and Ios5e5 represent the movement in market values during the year and are credited or ¢harg¢d to the Statement ofFinancial ActiVLties based on the market value at the year end. Trade debtors Trade debtors are arnunts due from custom¢rs for merchandise sold or services perfomi¢d in the ordinary ¢ourse of business. Trade debtors are ie¢ognised initially at the transactiott pri¢e. They aff subsequently measured at amorti5ed Cost using the effective interest method, less provision for itnpairtnent. A provision for the impairment of trade debtor5 is e5tabli5hed when theTe is objective evidence that the charity will noi be able to coll¢¢t all amounts due according to the original iemis of ihe r¢¢eivables. Page 12
Morpeth Paroehi21 Church Council Notes to the Finaneial Stst¢meDts for the Year Ended 31 December 2024 {continued) Cash And tAsh equlvalent$ Cash and cash equivalents comprise cash on hand atKi eall deposits. and other short-terni highly liquid Instents that are readily conveitible to a knowi att]ount of cash and ar¢ subject to art insigrtificant risk of change in value. Trade creditors Trade creditor5 are obligations to pay for goods or services that hav¢ b¢¢n acquired in the ordinary course of business from Suppliers. Accounts payable are Classified as current liabilities if the does oot hav¢ an unconditional right, at the end of the reporting period. to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to dcfcr settlement foT at least twelve months after the reporting date, they are presented as non-current liabilitie5. Trade Creditois are recognised initj8lly at the transaction price and subsequently me&8ured * 8mortis¢d eost using the effective interest method. BorrowADgs Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-beaTing borrowings ore subsequent]y carrieil at amortis¢d ¢ost, with the difference between the proceeds, net of transaction co$W alld the aTllOUllt due on redemption being reCOls¢d as a charge to the Statement of Financial Activities over the period of the relevant borrowing. Interest expense is recognised on the basi5 Of the ¢ffec¢iv¢ interest method and is irtoluded Sn interest pay8ble and similar chaTge5. Borrowngs are classified as ¢urrent liabilitie5 unless the charity has an unconditional right to defrr settlement of the liability for at leost twelve months after the reporting date. Fund structure Unrestricted income fi]nds are geneJal funds that are available for use at the tru5tee5 discretion in rth¢rance of the objectives of the charity. Restricted incom¢ funds aTe those donated for use in a particular area or for sp¢¢ifi¢ pOSeS. the use of which is restrtcted to that area or purpose. Fin#neial instrurnents clalfiCation Financial assets and financial liabilities are recognised when the ¢harity becomes a party to the contractual PTOV15ions of the instrument. Financial liabilities and equity instTUfftellts are classified according io the substance of the wntractual arrangements ent¢r¢d into. An equity instrument is any Contract that evidences a r¢sidual interest in the &ssets of the charity after dedll¢ting all of its liabilities. Pag¢ 13
Morpeth Parochial Church Council Notes to the Financial Statements for the Year Ended 31 December 2024 (continued) Recognilion andmeusttremertt All financial assets and liabiliti¢s are initially measured at transaetion price {inclllding transaction costs), except for those finan¢i812ssets classified as at fair value through profit or loss, which are initially measured at fair value {which is nortnally the transa¢tion price excluding transaction c05ts}. unless the arrangement constiteS a fiTLan¢ing transaction. If an auangement constitutes a fjnancing transaction, th¢ flnancial asset or financial liability is measured at the present valut of the fvtur¢ payments discounted at a aFkCt rate of inteTest for a SiTnilar debt instrutllent. Finan¢ial assets and liabilities are only offset in the statement of financial position when, and onty whetl there exists a legally enforceable right to set off the recognised aTnounts and the charity intends either to settle on a net basis, or to realise the &sset and settle the liability simultaneously. Financial assets are derecowised when and otlly when al the contractual rights to the cash tlows from the financial aet expire or are settle4 b) the charity transfers to another party substantially all of the risks and rewards of ownership of the fLnan¢ial asset, or c) the charity, despite having retained some. but ttot all, signifIcant risL% al rewards of ownership. has transferred control of the asset to anotheT paTty. Financial liabilities are derecogni5ed only when the obligation specifled in the contract is discharged. cancelled or expires. Page 14
Morpeth Parochial Chureh Council Notes to the Financial Statements for the Year Ended 31 December 2024 (Continued) Debllnslruments Debt iDstrum¢nts whi¢h m¢¢t the following conditions are subsequently measured at amorti5ed cost Using the effective interest method.. {a) The contractual return to the holder is (i) a fixed amount.. (li) a p051tive fixed Tate or a P05LtiYe variable Tate- or lili) a combination of a positive or a negative fixed rate and a positive variable rate. (bl The contract may provide for repayments of the principal or the retttrn to the holder (but not both) to be lirthed to a 5ingJe relevant observable itKlex of general price inflation of th¢ cwrency in which the debt instrument is denominatcd, provided such links ar¢ not leveTaged. Ic) The contract may provide for a determinable variation of the return to the holder during the life of the instrutnent, provided that li) the new rate satisfies Condition (a) and the variation is not contingent on future events other than (11 a change of a Contractual wiable rate,. (2) to protect the holder against credit deterioration of the issu¢r'13} changes in levies applied by a central bank or arising from changes in relevant taxation or law,. or (li) the new Tate is a market rate of ir2tere5t and Satisfies condition lal. Id) There is no contractual provision that could, by its ¢¢nns, result in the holder losing the principal amount or atty interest attributable to the current period or prior periods. (e) ContractU81 provisions that permit th¢ issuer to PTepay a debt instrutnent or permit the holder to put it baGk to the i55uer before maturity are not contingent on fi]ttEre events. other ihan to protect the holder against the credit deterioration of the issuer or a change in Control of the issuer, or to protect the holdeT OT issuer against Changes in levies applied by a c¢ntral bank or arising from ¢hattges ith ielevatrt taxation or law. (O Contractual provisions may permit the extension of the term of the debt instrument, provided that the r¢turr] to the holder and any oiher contractual provi5ion5 applicable during th¢ ¢xt¢nd¢d term satisfy the conditions of paragraphs la) to (c). Debt instrutnents that are clas5Lfied as payable or receivable wit]ll"n one year on initial recognition and which Jneet the above conditions are measured at the undis¢ounted amount of the cash or other ¢onsiileratiort eApe¢ted lo be pasd or received, net of impairment. With the ¢xception of some hedging instruments, other debt instruments not meetittg these ¢ondiiions are measured at fair value through profit or loss. Commitrnents to make and receive loans which meet the ¢ottditions met)tioJJed above are m¢asured at cost (which may be nil) less impairment. Jnveslments Investments in non-convertible preference Shares and non-puttable ordinary or pref¢rence shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or los& Where fair value cannot b¢ measured reliably, investments are measured at Cost less Impairnftt. Investments in subsidiaries and associates are measured at ¢ost les5 impaimient. For investmetsts in subsidiaries cquired lor consideration including the issue of shares qualifyin8 for merger relief. cost is measured by reference to the ntsrnin value of the shares issued plu5 fair value of other considerdtÉon. Any premium i$ ignored. PBge 15
Morpeth Parochial Church Couneil Notes to the Flnanclal Statements for the Year Ended 31 December 2024 (continued) Falr value pneasurenwni The best ¢videtJce of fair value 5s a quoted price for an identical asset in an active markeL When quoted prices ar¢ unavailabl¢, the pri¢e of a recent transaction for an identical &8set provides eviden¢e of fair value as long &$ there has not been a signifjcant change in econo]nic circutnstances or a significant lapse of time since the tr2nsac¢ion took place. If the market is not activc and recent tratL5actiotLS of an identical a55et on their own ore not a 8ood e5titnate of fair value, the fair valu¢ 1$ estimated by using a valuation technique. 2 Income from donatlons and legacies Unrestricted funds General Total Donations and legacies. Planned giving Gill aid tax reGlaimed 89,982 21,480 89.982 21.480 Totsl for 2024 11,462 111.462 TotAi r(pr 2023 106,761 106,761 3 Investment income Unrestricted funds General Restrlcted runds Total funds Interest receivable and similar in¢ome,' Interest receivable Other investment itlcome 290 1,556 2.710 3,(KlO 1,556 Totsl for 2024 1,846 2,710 4.556 Total for 2023 1,992 944 2,936 4 Other intome Unrestricted fund$ General Total furtds Church hall letting 17,302 17,302 Total for 2024 17,302 17.302 Total for 2023 13.430 13,430 Page 16
Morpeth Parochial Church Council Iyotes to the Financial Statcments for the Year Ended 31 December 2024 (continued) S Expenditure ott r8i51rtg fund5 Total costs 6 Exp¢nditure on charitable Activitie5 Unrestri¢ted funds Genergl Restricted funds TotAI fun Note Mission 8iving 1,315 1.842 1,315 1,842 Depr¢ciation. amortisation and other s2milar costs Governance Costs 125 143,187 125 143,187 Totsl for 2024 146,469 146.469 Total for 2023 144.201 274 144,475 Total expendlture 7 Other expendlture Urtrestricted funds Generdl Re$tricted fvnds Total funds Note Projects Allocated support costs 265 383 4.929 5.194 388 Total for 2024 648 4.934 5,582 Total for 2023 748 24.764 25,512 8 Net incomingloutgoTng re50urce5 Net incomin8 resource5 for the year include.. 2024 2023 Depre¢iaiion of fixed assets 125 147 Pag¢ 17
Morpeth Parochial Church Council Notes to the Financial Statement5 for the Year Ended 31 December 2024 (continued) 9 Trustees remuneration alld expenses No trustees, nor atry persons connected with them, have received any remuneration from the charity dill8 the year. Page 18
Morpeth Parochial Church Counell Notes to the Financial Statements for tbe Year Ended 31 December 2024 (continued) 10 TgX8tion The ¢harity is a registeTed Gharity and 15 therefor¢ exempi from t&Kation. I l Tgngible fixed assets Furniture #Dd equipment Tot91 Cost At l January 2024 5.545 5,545 At 31 December 2024 5,545 5.545 DeprecSatlon At l January 2024 Charge for the year 4,679 125 4.679 125 At 31 December 2024 4.804 4.804 Net book value At 31 Dettmb¢r 2024 741 74l At 31 Decernber 2023 866 866 12 Fixed #sset iRvestThents 2024 2023 Other inve5tment5 57,345 56,062 Page 19
Morpeth Paroehial Church Council Notes to the Finanei21 Statements for the Year Ended 31 December 2024 (continued) Other inyestrnents Listed investmetsts TotAI Cost or Valuatlon At l January 2024 Revaluation 56,062 1,283 56,062 1283 At 31 Deeember 2024 57,345 57,345 Net book value At 31 December 2024 57.345 57.345 At 31 December 2023 56,062 56.062 13 Debtors 21124 2023 Prepayments 31,688 9.927 14 Cash and eish ¢quivAlents 2024 2023 Cash OD hand Cash at bank 267 122,175 174 102,807 122,442 102,981 IS Creditors: amounts falling due Ivitbln one year 2024 2023 Trade Creditors Olh¢r taxation and social security Other creditors Accruals 6,972 146 3,598 34,932 45,648 lJ82 36 6,929 23,118 16 Funds Page 20
Morpeth Parochial Church Council Notes to the Finaneial Ststem¢nts for the Year Ended 31 December 2024 {eontinued) Balance at 31 D¢¢ember 2024 BAlan¢e at I January 2024 Other recognised gains11105ses) Incomittg rnsourees Resources expended Unrestricted fund5 G¢n¢Tal 19.764 154.649 (147.117) 27,296 Restricted funds 118,607 24.316 14.934 1.283 139.272 Total fund$ 138,37 178,965 (152,051 1,283 166568 Balance at Balanee at I January 2023 Other recognised gain$lllosses) 31 December 2023 Ineornirte re50urtes Resources expended Unrestricted funds General 19,793 144,920 (144,949) 19,764 Restrl¢t¢d fvnds 88,129 50.695 125.0381 4.821 118.607 Total tsnd$ 107,922 195,615 1169,9871 4,821 138.371 Page21
Morpeth Paroehial Church Council Notes to the Financial Statements for the Year Ended 31 December 2024 (contlnued) The specifjc purposes for whieh the funds are to be applicd are a5 follows.. General Fund- This fund is unrestricied and can be used in xcordance with the Charitable objectives. St Mary's Fund - This filnd 15 restricted to the repair and improvement of St Mary's Church atMI curtila8e or other purp)ses to the berIt of the fabric or St Mary's Church. St James, Fund - This fund Is restricted to the rq)air and improvemertt of St James, Church and curtilag¢ or other purposes to the benefit of the fabric or St Jam¢s' Chyrch. St Aidan's Beacon Community Fund-This nd is r¢strict¢d for use on the Beacon Project St Mary's Organ Fund- This nd 15 restricted for the repair and maintenance of fhe organ in St Mary's Church or other purposes to the benefit of the organ in St Mary's Church. St Luke's Investtnent Fund-This fvnd was created from (ke s¢ of St Luke's, HepsCOtL Dark Lane Investment Fund- This futld was created from the sale of ¢hur¢h prop¢rty. Appeal Fabri¢ Fund-Thi$ fijnd is restricted to the repèir and improvement of the churches and their curtilage or other purposes io the benefit of the tabric of these Churches their curtilage. St Aidan's Fund - This fund is iestritted to the repair and improvement of St Aidan'5 Church and curtilage or other purpose5 to the benefit of the fablic or St AidaD'S Church. Manchester Street Fund- This fvnd is restricted to fjjnding the project to refurbish the property at 7 Manchesler Street. Parish Magazine Fund - ThÉs fund is restricted to filnding the costs associated with the production and printing of the Parish Magazin¢. Colin David50n and Roy Beasley Organist's Fund- This fibnd is restricted to funding a Parish organisÉ and choir master and to support the Parish's tnusic contribution in all three churches for the coming years including the provisioTh of locum organists to step in to play for service5. (Thi5 excludes Weddings and Funera15). If an excess of funds is raised then this will be used to provide musical support for the Parish such as e.g. paying for organists, music, ete. tt) provide music for services in the Morpeth Parish chh¢s., 17 Analysis of net assets between funds UNrestrieted fund5 General Total funds at 31 December 2024 Restricted funds Tangible fixed assets Fixed asset investments Current &ssets Curr¢nt liabilities 741 741 57,345 154,130 (45.649) 57.345 87,871 16,6051 66,259 (39,044) 27,956 Total net assets 138,611 166.567 Page 22
Morpeth Parochial Church Council Notes to the Financial Statements for the Year Ended 31 Deetmber 2024 (tontinued) 18 Analysis of net funds At31 Detember 2024 At l JaTtuary 2024 Ilows Cash atbank and in hand 102,981 19,461 122,442 Net debt 102.981 19.461 122.442 At31 December 2023 At l January FinantÉng c*5h 2023 flows Cash atbank and in hand 80,846 22,134 IlJ2.980 Net debt 80,846 22,134 102.980 Page 23
Morpeth Parochial Chureh Couneil Statement of Financial Activities by fund for the Year Ended 31 December 2024 Total Total Unr¢strl¢ted Unrestricted Funds FuNds 2024 2023 Income and Endowments from: Donations and legacies Investm¢nt income Other income 135.501 1,846 17,302 129.498 1.992 13.430 Total intome 154649 144,920 Expenditure oll: Charitable activities Other expenditure (146,4691 648 1144,201) 17481 Total exp¢nditure Net in¢omel(expettdire) 147,1171 1144,949) 29 Net movernent in funds 7,532 (29) Recolltiliatlon of fund$ Total fvnds brought forward 19,764 19,793 Total fvnds carried fon¥ard 27,296 19,764 This page does not form port of the st*lltory f]nancial statements. Page 24
Morpeth Parochial Church Couttcil Statement of Financial Aetiviti¢s by fund for the Year Ended 31 December 2024 (continued) Tt)tsl Restrieted Funds 2024 Total Restrieted Funds 2023 Ineome and ENdowrnent5 from: Donations and leg8¢ies fnvestment income 21.606 2.710 49,751 944 Total income 24.316 50,695 Expenditure on: Charitable aGtivitLes Other expenditure (274) 24.7641 {4,934 Total expenditure Gainslloss¢s on investment assets (4.9341 1,283 {25.038) 4,821 Net incotne 20,665 30,478 Net movem¢nt in thnds 20,665 30,478 Reconciliation of fund$ Totsl funds broughi forward 118,607 88,129 Total filnds carried forward 139,272 118,607 This page does not form part of the statutory fancIal statements. Page 25
Morpeth Parochi#l Chureh Council Detailed Statement of Financial Activities for the Year Ended 31 Deeember 2024 Total 2024 Total 2023 Ineome and Endowments from: Donations and legacies {analysed below) Investment income lanalysed below) Other income lanalysed below) 157,107 4,556 17,302 179,249 2.936 Total income 178,965 195,615 Experkditure on: Charitable activities {analysed below) Other expenditure (attalysed below) Total exp¢nditur¢ Gainsllosses on inv¢5tm¢nt a5s¢ts (analysed below) {146,4691 (5,582) {144,475} 125,5121 {152.051} 1,283 {169.987) 4.821 Net income 28,197 30,449 Net movement in funds 28,197 30.449 Reconciliation of funds Total funds broughi fo]ward 138,371 107,922 Total funds Carried for1rd 166,568 138,371 This page do¢s not form part of the ststutory fancial ststements. Page 26
Morpeth Parochial Chureh Council Detailed Statement of Financial Activities for the Year Ended 31 Deeember 2024 (eontinued) Total 2024 Tothl 21123 Donalions ond legocies Planned VIng Appea15 and donation5 - St Mary's Fund Appeals and donation5- Parish Magazine Appeals and donations- Organist Fund Appeals and donations- St James, Fund Appeals and donations - St Aidan's Futtd Appeals and donatlolls General Fund Gift Aid tax reclaitned Paro¢hial Fees Mat)¢hesier Street Fund Collection5 for Other CharitLe5 89,982 16.094 85,215 29.710 2,500 5.500 12 2.378 1.050 12,219 21 J46 8,353 14,113 2.165 12,783 21,480 9.541 1,715 157.107 179.249 Illveslmelll income Interest Received - St Mary's Fund Interest Received- Sl James, Fynd Interest Received- St Aidan's Bea¢on Interest R¢¢¢iv¢d- St Mary's Organ Fund Interest Re¢¢ived- Appeal Fabric Fund Interest Received- St Aidan'5 Fund Interest Received- MaThche5ter Strcet Interest Received - General Fund Income from other investments .436 768 551 214 173 44 174 115 93 26 48 460 .532 1,556 4.556 2.936 Oiherincome Churches and Halls, Lettings 17,302 13.430 17.302 13,430 Cli¢7rlluble acilvllles Depreciation of fixtllres and fjttings Charttable donations Ptyment of Collections for Other Charities PiSh Share Clergy Exp¢nse5 Clergy Housing Costs Water rates Light, heat and power Insurance (125) (1,315) 11,842) {65,000) {2,759) (4,761) {826) {23,4051 {14.946) (147) {1,300) 12,037) (70,000) 12,368) 14.496) 1648) (21148) (13.829) This page does not form part of the statutory financial statements. Page 27
Morpeth Parochial Church Council Detailed Statement of Finaneial Aetivities for the Year Ended 31 December 2024 (Continued) Total 2024 TotAI 2023 Halls, Running Costs Parish oifice Costs Parish oifice Costs- Unrestricted Establishment Cost Repairs and maintenance Church Altar Requisites Church Altar Requisites Church Organist& Choirs and Musi¢ {4,058) (660) (14,4891 {8.9W) 13,800) 114,640} 15,631) {2741 (5621 (2,595) (739} 11644 146 469 (144,4751 Other expendlliire Proje¢ts- St Mary's Fund Projects- St James, Fund Proje¢ts- St Mary's Organ Fund Projects- St Aidan's Fund Projects- Manchester Street Fund Projects- General Fund Bank charges- St Aid&n's Bvd¢on Proj1 Fund Bank ¢harges- Manchester Street Fund Bank ¢harg¢s- General Fund (993) 12,545) (7,420) {1.159) 1228) (2.249) (13,613) 1375) {35) (601 (373} (660) {731) {265) {5) {383) 15,5821 (25.512) Gains/losses on investmeni Jssefs Funds- investment a55ets- St Luke's Fund Funds- investment &ssets- Dark Latle Fund 539 744 2,026 2.795 This page does noi form part of the statutory fman¢ial Statements. Page 28