ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2024 The Parochial Church Council of All Saints Church, Gosforth R¢gistered Charity number.. 1131094 PAROCHIAL CHURCH COUNCIL OF ALL SAINTS CHURCH, GOSFORTH Table of Conlenl Page Nupnber Trustees Report Independent Examiners Report Statement of Financial Activities Balance Sheet io Notes to the Financial Ststement PAROCHIAL CHURCH COUNCIL OF ALL SAtNTS CHURCH, GOSFORTH Trustees Report for 2024 Aims and purposes All Saints. Parochial Chur¢h Council (PCCI has the respo￿$1b11ity of cooperating with the incumbenL the R¢verend Canon Andrew Shipton. in promoting the whole Missio￿ of the church. including pastoral, evang¢li5tÈc. social, and ecumenical aspects within the ecclesiastical parish. The PCC is also specifically respon5ibl¢ for the maintenance of the Church, the Church Centre, and two propertie5 adjacetit to the Centre. The Vicar and assistsnt curate are also responsible for the neighbouring parish of St Hugh's. G05forth, which has a separate PCC. Objectives and activities The PCC, together with the vicar, helps to guide the life of the ¢hurch iTh its mission, minÉsty, withess, and S¢Tvice within the paTish. The incumbent and PCC have responsibility for the care of all people in ihe parish. not just those who attend services. The PCC is committed to enabling a5 many pcople as possible to worship at All Saints and to become part of the parish community. Through worship. pray¢r, engagement with ihe Bible. and participation in the saeraments, Ihe church aims to be a positiv¢ force within the wider community. When planning activitie5. the PCC has taken into a¢count the Charity Commission's guidan¢e on public benefit, particlllarly the supplementary guidan¢¢ on charitie5 for the advancement of religion. In working together as a church. the vision remains to place All Saints at the hcart of the wider community. The church a5pire5 to be vibrant. inclusive, compassionate, and outward-looking, with a sensitive and thoughtflll approa¢h to faith. It aims to provide excellent pastoral care, encourage all who engage with it, welcome diversity. and offer worship that inspires individuals to transfom th¢ world. The central concern remains worship and the expression of the merci￿1 love of God in all ¢ndeavouis. To facilitste thi5 work, it is essential to maintain the fabric of All Saints Chur¢h, th¢ green. and the Church Centre. For ease of discussion and deciston-making over the mi55ion and ministy of the chur¢h, it was agreed to reduce the embership of the PCC from 24 to 20 member5, and to reduce the size of the standing committee to include the vicar, PCC vice-chair, two churchwardens. the secretary. aDd the treasur¢r. The proposal to reduce the size of th¢ PCC was agreed upon at the AGM and is set to be adopted in 2025. During th¢ year, a more business-lik¢ "n¢xt steps" approach to managing PCC meetings was introdu¢ed. Alongside the existing Fabric, Safeguarding. and Youth subcommittees, a decision was made to ¢stabli5h a Socia] and Events Committee and 8 ComTnuTrication5 Subcommittee, both of which report back to the PCC. The PCC also approved several policies during 2024. including a Trustee Confli¢t of Interest PoliGy and a Data Protectioll Poliey. Achievements and perforniance Throughout 2024, the church Commu￿lty colle¢iively endeavoured to respond to the call of God in a ¢hanging ¢ont¢xt, marked by new patterns of living and working, as well a5 emerging visible needs, especially over ihe past five year5. Considerable energy was devoted to maintaining the worshipping life of the church and upholding the com]nittnent to fostering an olltward-looksng, inclusive, nurturin8, and engaged worshippang comniunity. The mi55ion and ministy of All Saints continue to extend beyond the walls of the thllr¢h. encompassing everyone within the parish. Almost all seTViC¢5 were broadcast live on YouTube, with ea¢h setviG¢ being visited on average 35 times In th¢ followillg week. WorsbippiDg Life The PCC remains dedi¢3ted to offering a range of setvices throughout the week and over the course of the year, which the ¢ommvnity has ftsund both beneficial and inspiring. On Sundays, at le#st three different services with addresses were held. and all were conveniently available for viewing on the chiirch's YouTube channel. The website and a weekly newsletter advertised worship gPPOrtuniti¢s, and extensive programmes of worship wer¢ pr¢paied for festival times. An invitation card was delivered to homes across the parish to advertise Easter and Christmas s¢rvice5. All are wel¢ome tts attend regular service5. At present, there are 211 parishioners on the church electoral roll. of whom 106 arenon-Tesident. The average Sunday attendan¢e in the year wa5 93 adults at]d two children, with numbers increasing significantly at festivals. On Christmas Ev¢, the church welcomed 1,008 wor5hÈppers. PAROCHIAL CHURCH COUNCIL OF ALL SAINTS CHURCH, GOSFORTH The devotional life of the church was enriched for particiilar seasons of th¢ ¢hurch, for example. by the Lent course and full programm¢5 for Holy Week, Easter, and Christtnas. The Very Reverend Geoff Miller, former Dean of Newcastle, conducted the final hour on Good Friday. Th¢ church choir has gone from strength to strength, welcoming membe]5 and enhancing worship. A dedicated group of volunteers maintained the'AII Together, monthly ¢ommunion service. designed for all ag¢ groups, with a special focuson younger member5. actively involving them in vaTiOUS aspe¢ts of worship. However, in the autumn, it was decided to cotjcentraie these services on festival o¢¢asions such as Harvest, Christmas, and Good Friday. In the aututnn. the PCC Away Day proved to be a productive gathering where di5CU5sion5 focused on the therne of welcome to our worship. Over the y¢ai, fourteen church funera15 or thanksgiving services were held, along with one service at the cre￿atOriUM without a church Service and one service for the burial of ashe5. Additionally, there was a wedding and a weddsng thanksgiving. Fourteen children were baptised, and four adults were baptiscd tiefore being confiTmed by the Bishop of Newcastle in November. A thanksgiving for a birth was also held. Degnery Synod Four member5 of thc PCC sil on the Deanery Synod, providing aTh itnportant link between the parish and the wider 5truthre of the Church. Pastoral Care and Fellowship Clergy mertJb¢rs visited all church members and pari$hioners who requested it, including those Ln hospitsl. The Pastoral Care Group maintained ¢ontact with those whts were unwell. Monthly Home Communion was provtded for 51X individuals unable to attend ¢hvr¢h due to illness or age, and visits to two care homes took place each month. Fellowship lun¢hes, held monthly on Sundays in the Centre. provided valuable 5UPPOrt for ihose who wer¢ a]oThe. The Monday morning Coffee and Conversation sessions and Tuesday afternoon Sing atthe Centr¢ meetings remained popular. as did the Wednesday Sew, Knit, and Natter group. A gardening gTOUP met occasionally to help maintain the church grounds, and church meTnb¢rs opened their gardens on Sunday afternoon5 in August to offer r¢fr¢shments. The Mothers, Union, the Filtn Club. and the All Saints, Reading Group continued to meei mot)thly. Ln N0ve￿ber, a Men's Group gathered for the r￿St time. A Monthly Bible studies group at Eothen Care Hotne ¢ontinued, and a house group met for Bible s￿dY in the autumn. Young people The Youih Committee, under the ¢haimanship of the curate, met throughout the year to review progress and set objectives. Event5 and s¢rvices were planned to welcome and engage young farllilies. including a Mothering Sunday Service and a fun tvent in September. On July I Ith, Archbishop RuncieFirst School held an afternoon concert in church. Ittended by parent5. followed by an evellt on the Green for Year 4 children from local schoo15 transitioning to Middle School in September. Thi5 event in¢lud¢d activities Such as a bouncy castle and pizza. Art class¢5 were offered in the CeThtre for young people, along with 8 monthly service for younger children in the Parish Centre. Two schools were invited for RE le550T15, clergy re8ularly visited two schoo15, leading worship. with one of them receiving visit5 twice a week. The Vicar and two PCC representalives serve on the Governing Body of Archbishop Runcie Church of England S¢hool. Additionally. two independent sch(K)Is were welcomed for worship for major festivals. The Uniformed Groups continued to flourish, with the addition of a new Rainbow Group ¢otnplemtnting the Guides and BTownies. The weekly pr¢.s¢hool "Little Saints" gTOUP was also well supported. Engagement the wider community Support for a nominated charity each month was ¢ontinued, as was support for the Kenton Food BaJJk. A group of church tnembers worked with Tyneside Welcomes to provide housing and care for a Syrian refiigce family. The Amnesty Group continued its monthly correspondence on behalf of those unjustly imprisoned. PAROCHIAL CHURCH COUNCIL OF ALL SAINTS CHURCH, GOSFORTH The ¢hur¢h hosted five highly popular Famiers, Markets, which included live entertainment and a warni welcome inside th¢ ¢hur¢h. The Green was once again used in th¢ 5uinmei to host the Handlebard5' productloll of The Comedy ofErrors. T¢n prof¢55ional classical music cottcejts weTe hosted throughout the year. In November, five schwls and Com￿unIty groups contributed to the Star Festival, fjlling the church with hundreds of stars that were suspended in the nave. The ChristmasFair was onc¢ again a tr¢mendous su¢¢¢ss, btsth a5 a fundTaiser and a community event. Since November, the vicar has partifjipated in a national community organi5ing course overs¢en by Citizens L￿, with the hope of eneouragtng ¢huT¢h growth through relational culture and community ittvolvement. Church communlty life The church conllnunity mourned the loss of seveTa] devoted tnembers, including Margaret Wilkinson, Lionel Crawford, and Judith Scrivener. whose lives were honouT¢d in Keeping ip7 Touch. Buildings #nd Knfr#$trueture DuTing the year, a new carpet was fitted throughout the church, and major work wa5 urhdertaken on the organ. The PCC decided to explore proposals to develop the All Saints Centre, with an architect engaged to bring forward plans in 2025. A new PC was purchased for the office, and a large televtsion wa5 donated to the church by the family of M&Yine Peel Financial Review Unrestritted Funds Uni¢strict¢d fund5 (fund5 that are not subject to restriction regarding their usel comprise of two funds, the General Fund and a Legacy Fund whieh is cred2ted with legacies and gifts in memoriam and used primarily for major rq)airs or eapital projects. GeDerAI Fund: In¢om¢ foT th¢ yeaT atnounted to £202.38012023, £219.795). The shortfall over last yearof £17,415 was due to the settlement of an insurance claim in 2023 of £29,113 offset in part by a net in¢reas¢ in other incotne. Voluntary donation5 amounted to £143,375 12023, £135,495). PlaT￿ed giving at £97.247 was in line with last year {£97,618) Wlth a net incrvdse in stheme memb¢T5hip of 7 people. Other voluntary dollations of £18,649 came in 520/ ahead of lasi year1£12,2751 with the re¢eiptofnine individual gifts of more than £300 accounting for most of this increase together with an improvement in ¢ard donations. Incom¢ t￿ recovered of £26,63 112023, 25,4511 also benefjtted from the i*¢r¢as¢ in other voluntary donations. Grants received under the List¢d Pla¢¢s of Worship Grartt S¢hem¢ allo¢ated to th¢ G¢n¢ra] Fund provided £848 to cover VAT incurred on bllilding repairs. Activities for generating fijnds provided £48.791 (2023, £42,348). Church Centre lettings of £18,403 improved by 27/* over 2023 1£14,5331 with in¢ome from unifomied groups linked to the church a contributory factor. Rentsl income of £20,569 from th¢ n¥0 residential Properties adjacent to the Church Centre was broadly in line with 2023 {£20,3981 with both propertle5 fully occupied throughout the period. Fundraising was strong with good ¢ontributtons from musical ¢on¢erts. farmers markets and the annu81 Christmag fair. Income from investments amount¢d to £3.801 {£202?, £3740) with itnproved interest rates largely offsetting lower investment levels to maintain the oveTa]l incorne level. Two insurance claims were settled in 2024 amounting to £1,761 signifi¢antly below ihe £29,113 received in 2023 for the replacement of the chllrth caryet damaged by water ingres$. Total ¢xpeTLditure charged against the General Fund amounted to £216,310 (2023. £241.040). The cost of replacing church carpet in 2023 was significant io this fall itt expenditure. Overdll, the PCC incutred a deficit {before investh]ent gains/(losses)l on the General Fund of £13,930. L¢gacy Fund: Income for the year amounted to £7,81612023, £23,937}. During the year. the PCC received one legacy a]nounting to £2.000 {2023, £22,929). Grants received und¢rth¢ Listed Pla¢es of Worship Grant Sche￿¢ PTovided £4,763 12023, Nil). Dividend income amounted to £1,05312023. £1.0091. The stsle item of expenditure related to iestora¢ion work on the ¢hur¢h tsrgan totallirig £33.677. Overall. the PCC incurred a deficit (before investment gain￿(losSes)I of £25.861 compared to a surplus of £10,642 in 2023. PAROCHIAL CHURCH COUNCIL OF ALL SAtNTS CHURCH, GOSFORTH Restricted Fund Incojne Restri¢ted income amounted to £579 being dividends r¢ceived from the Macmahon pernianent endowment fell short of last year by £2,051 which benefitted from donations 8nd fund raising totalling £2,060. Expellditure atnoullted to £1,600 ReYaluatioN of Fixed Assets A re-valuation review of the Verger's Hou5¢ and the Old Clergy Hou5ecarried outattheend ofth¢ fJnan¢ial year indicated a marke( value for each house of £290,000. The revised valuations have been reflected in the 2024 aGcounts. Outlook Despite somt success in recruiting new rnernbe￿ to the planned giving scheme and improv¢d levels of general donation5 it has not been possible to achieve a breakeven posltion on the generaj fund. The average annual deficit for the three years to 3 IM December 2024 before tnvestment gainslllosgesl was £17,184 and with a closing ba]ance on the Gelleral Fu]]d of £10.575 the PCC reluctantly decided to reduce Parish Share to the Diocese of Newcastle by £25,000 for 2025. Reserves It is PCC policy to ty to maintait) a balance on free or Ullrestricted re5erve5 (net current assets) whi¢h equat¢s to at least three months unrestricted payments. This 15 equivalent to £54.000. It is held to smooth oui flu¢tuations in cash flow and to meet emergencies. The balance of the free reserves at the year-end was £73,113. Investment Policy Central to the PCC'S longer tern) investment policy is to place fiinds in invesknents offering a good level of distributions and long temi protection from inflation. The PCC'5 sole investment r¢5t5 With The CBF Church of England Investment Fund where the fund aims to provide a long-terni totsl return comprising groMth in capital and distributions. The PCC Currently inv¢sEs £60,814 in this fund. The PCC will from titne to time ]nake Short term d¢p051ts up tts a maximum of two years with UK bas¢d banks authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and th¢ Prudent131 Regulation Authority- As of 3 151 December 2024, the PCC held £85,000 wÉth Cambridge and Counties Balth. StructureTr governance and management The Parochial Church Councsl IPCCI is a CO￿0￿#te body ¢stablish¢d by the Church of England. The PCC operates under the Parochial Church Council Powers Measure. The PCC is a registered Charity. Th¢ method of appointment of PCC members is set out in the Church Representation Rules. At All Saints. the membership of the PCC ¢otJsists of the incumbent lour vicar), churchwardens, co4)pted members appointed by th¢ PCC a]]d metnbers elccted by those of the congregation who are on the electoral roll of All Saints. All those who attend our serviceslmember5 of the congregation are encouraged to registei on the el¢¢Èoral roll and $tatJd for election to the PCC. The PCC members we responsible for making decisions on all matters of general concern and importance of the parish, in¢luding deciding on how fvnds of the PCC are spent. The PCC ha5 nominated officers responsible for Health and Safety (including disability discrimination issues) and Safeguarding {of children at)d vulnerable adult5} who receive training and infoTmatlOD from th¢ diocese and ¢as¢ade this to the wider PCC as appropriate. These issues are standing items on the agenda of th¢ PCC. The fvll PCC m¢t six tim¢s during th¢ y¢ar with an average attendance of 780/0. GÉven its wide responsibilities the PCC has a number of Gornmitte¢5 dealing wÈth a particular aspect of parish lif¢ as follows.. The Standing Committee The Fabri¢ Committee The Safeguarding Committee The Youth Committee The Social atjd Events CoTnTnittee The Communications Committee The Standing Con]rnitt¢e cornpris¢softh¢Vi¢ar, Chur¢hward¢ns, Lay Vice-chatr, Treasurerand Secretary. The Statsding Committee dea15 Wlth routine operational issues. provides advice and inforniationtothe PCC and has the power to transact PAROCHtAL CHURCH COUNCIL OF ALL SAtNTS CHURCH, GOSFORTH business of their behalf between its rneeting5. Administrative inforniation All Saints Church is 5ltuated in Gosforth, Newcastle upon Tyne. It is part of the Dioc¢5e of N¢wca5tle within the Church of England. The correspondence address is, All Saints Parish Office, West Avenue, Gosforth. Newcastle upon Tyne, NE3 4ES. Registered Charity number I13I094. Advisors.. The IndepEnd¢ntExaminers forthe Annual Reportand Accounts 2024 were, S&W Partners Newcastle Limited. 17 Queens Street. Newcastle upon Tyne, NEI IRN. PCC membeT5 who hav¢ s¢rv¢d at any time from l January 2024 until th¢ date of this report are.. E% offi¢io members.. Incuinb¢nt Warden5'. The Reverend Canon Andr¢w Shiptt>rh (Chairnian) Mrs Christine Willoughby (until 30 April 2024) Mr Nick Glover Mrs Dana Cor50 Revd Dr Miriam Jone5 Assistani Curate Ob5¢rver Assistant Priest Revd Ruth Birnie tkanery Synod members: M5 Diane Henderson Mrs Rosamund Place Mrs Pamela Taylor Mrs Diatta Lavin Eleded M¢mb¢r5: Mr Peter Brown {until 30th April 2024} Ms Alison Wilson Mrs Marian Coulson-Cav¢ Mrs Felicity Shoes]nith lfrom 30 April 2024) Mrs Karen Parkhous¢ (until 30 April 20241 Mrs Katie Ho88 luntil 30" April 2024) Mrs Francine Bain Mrs Pauline Gallacher Mrs Val¢rie Hedley Mrs Joy¢e Jennings Lesley Ogilvie Mr Robert Golden (until 30 April 2024) Co-opted for one year.. Safeguarding Officer Treasurer Secretary Ms Kath Davies Mr Chris Bolland lunts13191 December 2024) Dr Alison Charlewood This report was approved by the PCC on 23 April 2025 and Signed on their behalf by= Andrew Shipton Vicar and Chair of the Coun¢il I I" May 2025 Independent Examiner's Report to th¢ Trustees of The Par(Khial Church Council of All Saints Church, Gosforth For the year ended 31 December 2024 I report lo the charity truslee5 on my examination of the accounts of the charity for the year ended 31 tk¢ember 2024 which are Set out on pages 9 to 20. Responsibilities •fjd ￿li• of report As the ¢harity trus1¢¢s you are respot)sible forthe prep**ion of the accounts in accordance with the rcquirements of the Chariiies Ad 20111'th¢ 2011 Act.). I report in respect of ￿Y examin*tofh of ihc rharity's accounts carried out uDder %dion 145 of the A¢t and in rarryin8 oui my examination I have followed all the ¥plicable Direction5 8iven by the Charity Commission under section 14515Mb) of the Ad. Independent ex*miner'* ￿terne￿t I have ￿mple*d my examination. l eonfTh that no tnateriai rnatters have come to my attentioD in conn¢ctiot) with the examination givin8 me cause to belÈcve that in any material respect.. accounting records were not kept in respect of the charity a5 required by 5¢ctioTh 130 of the Ac¢- OT 2. the accounts nol accord with those records. or the accounts do not comply with the applicable requirements concerning the forni CODtent of accounts ￿t out in th¢ Charitie5 (Accounts ond Reports) Regulations 2008 other than iny requirem¢nt that the a¢¢ounts Bive 'true fair vi¢w' which 15 not a matt¢r ¢¥)n$ider¢d as part of an independent ¢xamination. I have no c4)ncerns and have ¢om¢ o¢ross no other matters in connection with the examination to which att￿tion should be drnwn in this T¢POrt order to enable a proper widerstanding of the 8￿unts to b¢ reached. S&W Parthets Newustle Limittd Date 17 ¢￿en$ LaDe New¢astle upon Tyne NEI IRN Chirttred Aceoullt*nts PAROCHIAL CHURCH COUNCIL OF ALL SAtNTS CHURCH, GOSFORTH STATEMKTr4T OF FINANCIAL ACTivrriES For the year ending 3 1 D¢embw 2024 Unreslricted Re5tri¢t¢d EndoNNm¢nt TOTAL TOTAL Funds Funds Funds 2024 2023 Note Voluntary income A¢iiyilies forgenerating fijnds Jncome from investments 150.138 48.791 4.854 4.653 1.761 150,138 48,791 5,433 4,653 1.761 159,723 43,108 5,318 9,100 29,113 21bl 21¢) 21d) 21e} 579 Jncome frotn cburch activities Other incoming resour¢¢s TOTALINCOME 210,197 579 210,776 246.362 Church activities 31al 31bl 246,488 3,500 1,600 248.088 3.500 271.385 2.445 Cost of generating funds 249,988 ,600 251J88 273,830 EfNcoMWIEVbYqDITUREI 139.791} 140,8121 127,468) Net gain51llossesl on investments 857 477 1.334 4,980 NEfJNCOMEIIEXPENDII￿El 138.9341 {1.0211 477 139,4781 {22.488} Gainslllossesl on TevaiuatioD of riK¢d as8tlS 80,000 10,000 41.066 477 40,522 122,488) Total fuDd5 brought for%wd 651519 58.015 20,865 730,399 752,887 Total fund5 cBrried forward 692.585 56.994 21,342 770,921 730,399 PAROCHIAL CHURCH COtrNCIL OF ALL SAINTS CHURCH, GOSFORTH BALANCE SHEET AT 31 DECEMBER 2024 2024 2023 )l¢S FIXED ASSE]5 T•rLgibl¢ Investments 580.000 60814 500.000 58.426 640.814 558,426 D2btor5 and pr£pRym¢nts Short-terni deposit5 Casb at bank and in haDd 7,788 85,000 46,562 7.789 i i 0.000 75,692 139J50 193.481 LIAB￿llFs CreditOts-AmouDts fajlini due witihin one y¢¥r 9243 21,508 NEfcuRREKfASSETSIUABIiIIIES 130.107 171,973 770.921 730,399 Cr¢ditOTS-4mounts falling due aft¢rone ye TOTALNET ASS 770.921 730J99 PARISH Fiim down¢nt io&ii 21J42 20.865 Restrict 56,994 58,015 tJnrEstri¢itd io&ii 159,047 Rev￿￿￿10￿ Reserve io&ii 572,472 492,472 770,921 730.399 Approved by the Parochial Church Council on 23 April 2025 and signed on its behalf by- Andrew Shiptoll Vicar aThd Chair of the Council Il°May2025 10 PAROCHIAL CHURCH COUNCIL OF ALL SAINTS CHURCH, GOSFORTH NOTES TO THE FINANCIAL STA TEMENTS For the year ended 31 De¢¢mb¢r 2024 I. AccouDting Poli¢ks The signifi¢w]t accountin8 policie5 applied in the preparntion of these finoncial statements set oui below. These policies have been consiMenily applied kn all years prc5ented unless otheNise sthted. BASIS of finineial 8t#temwts The PCC is a public benefii enttty within the mearking of FRS102. The fin8t)¢ial Sthiements hav¢ beo] pi¢pared under the Charities Act 201 l and in accordan¢¢ with the Church Accounting RegulatitiTL% Act 2006 governing the individual accounts of PCCS, with the Re8ulations true and fair view" provisions. and under FRS102 {20161 ￿ the hppli¢able accounting standArd5 and the 2019 version of th¢ Siaiement of Rccommended Pra¢tÉce, Acwunting and R¢p)rtu¥ by Charities ISORPIFRS10211. The financial 5tatem¢nrs h&ve been prepared under the historical cost ¢onvention exeept for invesknetit a&scts. which are shown at market value. The financial ststements include all transactiotis, assets and liabilities for which the PCC is restM)nsible in law. Goitsg CoDrern The members of the PCC have prepared the financial statements on the basis that the PCC is a going concem. After makin8 re￿n￿b]e enquirie5. the membcr5 of the PCC do not Consider thcre are any maietial uncertainties aboui All Saints. ability ￿ continue for a period of * le&st 12 months from the date of approving these financial statem¢nts. Funds Unrestricted funds are funds that ar¢ not subject kn any restriction re8ardin8 their use and are available for application for the general purposes of the PCC. R¢stri¢ied funds are fvnds held on 5peeific trusts und¢r charity law. Th¢ specific trusts may be declared by the donor when mAking the gift or may r¢sult from the tern)s of an appeal for fund5. The Aim Ind use of each restri¢t¢d fund is 5¢t out in the notes 10 th¢ financial statements. Pernianent endowment funds af¢ restrirted funds which repres¢nt monies orotherassets giveTh withthe5pecific instruction thal only the income from them may be spent aThd that the Capital mu51 be retaiD¢d permanently. Ineome *nd EDdowments Voluntary income Planned givin8. collections and donation5 ZTe TecogDis¢d when received by or on behalf of the PCC. Ineorne thx recovernble on don8tion$ is rccogDi5ed when the donations hre received. Lega¢i¢s are accounted for soon gs the PCC is notified of its legal entitlement and the amount is quantifLabl¢ and its receipt is re&wnably ¢ertain. Trading activities Rental income from the lettin8 of ¢huT¢h premises 15 recognised on ￿ accruals bosis when the Chur¢h is entitled to th¢ rent. Income from invesiments Investment income is earned through holding assets for investmeni purposes. It includes dividends and iDtere5t. Whe it is noi practirablc to identify investmeni management costs incurred within a seh¢me with reasonabl¢ accuracy the investment income is r¢ported net of these costs. It is included when the amount Can be m¢asur¢d r¢liably. Int¢rest in¢ome ts re£o8nised using th¢ effective interest method artd dividend income is r￿)gniSed as the charity's right receive payment is establi5h¢d. Gain5 losses on inveslments R￿lI$¢d gains or Ios5e5 are recognised when investments are sold. Unrealised gains or losses are accounted for on the reV￿￿•t10n of investments at the balance sheet date. PAROCHIAL CHURCH COUNCIL OF ALL SAINTS CHURCH, GOSFORTH NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024 (continued) l. Accounting Policies (eontinued) Expendi￿re Church activities- The Diocesan Parish Share is accounted for when paid. Mission Giving and dtsnations are accounted for when paid or when awarded if that awaTd carrie5 a binding obligation ott the PCC. All other expenditure is generally r¢¢ognised when it is incurred and is accounted for gross. Fiied assets Consecrated 2nd beneficed property of any kind 15 excluded from the ac¢ounts by Chapter 2. Section 10 of the Charities A¢1 2011. Movable church ￿MiShingS held by the Vicar )nd Churchwardens on spccial trust for the PCC and which require a faculty for disposal are accounted for as unalienable property unless consecrated. It) the case of unalienable property aeguired prior to l January 2001 there is ittsufficient infomation availabl¢ and therefore such assets are not valued in the accounts. All expenditure incurred during the year OD consecrated or beneficed buildings.. individual item5 under £2000, or the T¢pair of moveable Church furnishin85 acquired before l January 2001 is written off. Other fjxtures. fittings and office equipment used within the church premise5 are norn)a]ly depretiated oll a 5traight-line ba5i5 over three years. Individual items of equiptnent with a net cost of £2,000 or less are written off when the a5S¢t is acquired. The propcrti¢s are held at fair value in th¢ accounts. Th¢ most recent valuation wa5 held at 31 December 2024. Investments are ststed in the b￿ance sheet at their market vaiu¢ on 31 December 2024. Current assets Amounts owing to th¢ PCC at the balatjce sheet date itt respect tsf fees, rent5 or other income are shown as debknrs less prov15ion for any amounts which may prove uncollectsble. Pension fund All Saints participates in the Pension Bllilder Scheme section of the Church Workers Pension Fund ICWPF) for lay staff. CWPF is administered by the Chur¢h of Englatjd Pensions Board, which hold5 the CWPF assets separately from those of All Saints artd other parti¢ipating eTnpltsy¢rs. CWPF h&s two $￿tIonS. the D¢fined Benefits Scheme and the Pension Builder Scheme which has two subsection5, a defetTed annuity se¢tion known as Pension Builder Classic. and a Cash balan¢¢ se¢tion known as Pension Builder 2014. PeDSiOll Builder Schemt Both sections of the PtEJsion Builder S¢h¢me are classed as defined benefit 5ch¢mes. PehsioN Builder Classic provjdes a pension, a¢¢umulated from contributions paid and convened into a deferred annuity during employment based on tenns 5¢t and reviewed by the Church of England Pensions Board from time ro time. Discretionary increases may a]so be added. depending on inv¢5tm¢nt returns and other factors. Pension Builder 2014 is a c&8h balArt¢¢ scheme that provides a lutnp sum which members use to provide beneflts at T¢tirement. Pension contributions are ￿cOrded in an account for each member. Discreiionary bonuses may be added befoT¢ retire￿¢￿t, depending tsn investment Tewrns and other factors. The a¢tollnt, plu5 any bonuses declar¢d is payabl¢, unredu¢ed, froTn age 65. There is no SU1￿]ViSIon of assets beNeett employers in each 5e¢tion of the Pension Builder SGh¢m¢. The scheme is consider¢d to be a multi-employer scheme as described in Section 28 of FRS 102. This isbe¢ause it is not POS5ible to attribuie the Pension Bllilder Sch¢tne's assets and liabilities to specifjc employets and means that contributions are accounted for as if the Scheme were a defin¢d contribution scheme. The pertsions costs charged to the Siatemeni of FinanGial Activities in the year are the contributions payable12024.. £1,232, 2023.. £1,207). 12 PAROCHIAL CHURCH COUNCIL OF ALL SAINTS CHURCH, GOSFORTH NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 De¢embeT 2024 (Continued) l. A¢¢oMntinE Policies (¢tsDtlllued) A v•luation of the Pension Buildu S¢h¢m¢ is caryied out once every three ye￿s. The m05t receTht valuation w&$ carried oui as ot 31 December 2022. For the Pension Builder Clas51c section. the valuation revealed a surplu5 of £34.8m on the ongoing Assumptions used, At the most recent annual revk¢w effective l January 2025. the Board chose to 8raIit a discretionary knnus of 6.V/o to ixjth pen5iofLS not yel it) paymeni and pensions in paym¢t)i in respeet of servi¢e prior to April 1997: and a bonus on pensions in payment itk Tespect of post April 2006 servi¢e so that th¢ p¢nsion increase was 2.7010 (wher¢ usually il would b¢ ¢aleulaied based on inflation up to 2.5%). Thi5 followed irnprovemcnts in the funding position over 2024. There is no requirement for deficit payments at the CUTrent time. The next valuatton is due as at 31 tkcember 2025. For the Pension Builder 2014 5e¢t10￿ the valuation rcvta1￿ a Surplus of £8.5m OD theon80ing assumptions us>J. There is no requirement for defi¢ii payments ai the ¢urr¢nt tim¢. The legal structure of the 5cherne is such that if another employer f4ils, All Saints could become responsible for paying a share of the failed employer's pension liabilities. Cash flow gti¢ement The PCC havc taken advantage of the exemption wnferrnl by FRS 102 to dispense with the requirement to prepare a Cash fiow stttternent as the income is less than £500,000. 13 PAROCHIAL CHURCH COUNCIL OF ALL SAtwrs CHURCH, GOSFORTH NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024 (continued) 2. tncome and endowments Ullrestriei¢d R¢strici¢d Endowmeni TOTAL TofAL Funds Funds Funds 2024 2023 21&1 Volunt4ry ill¢ome Planned giving Other doDatiolls 97247 18,649 26,631 2,000 5,611 97,247 18,649 26,63 1 2.000 97,618 13,725 25,451 22,929 recover&ble t£g&cies Grants 150,138 150,138 159.723 21bl Attivitits forgtDeTitin¥ fuDds Chuich CentTe lellings Ptoperty ielll&l income FundTaising 18.403 2Q.569 9.819 18.403 20.569 9,819 14,533 20,398 8,177 48,791 48,791 43,108 21c) Intom¢ from inve$tmtnts Dividends on CCIAInvestmertr Fund 1.053 3.801 579 ,632 3,801 1,578 3,740 Bank Int¢r¢si 4.854 579 5,433 5,318 21dl from church aetivitie5 Fees for weddings and fi]n¢ral8 4,653 4,653 9,1 DO 4,653 4.653 9.100 21¢) Otberilltoming ye$0￿rrel Insuran¢£ claims 1,761 1.761 29,113 (hher Income 1.761 1,761 29,113 Tot&1 imtome 210,197 579 210,776 246 J62 14 PAROCHIAL CHURCH COUNCIL OF ALL SAINTS CHURCH. GOSFORTH NOTES TO THE FtNANCIAL STATEMENTS For the year ended 3 1 December 2024 (¢ontinued) 3. Expenditure Unrcsiri¢ied Funds Restricted EJJdowment TOTAL Funds Funds 2024 2023 3191 Church activities istry Dioc¢saL parish share 111.500 ItJs00 117,000 Clergy and st*ffin CleTgy hou$illg and expenses Suppon st&ff 9,775 25,861 9.775 25 J61 8,769 25262 urch AliaTTequisit¢s and v¢stments Church running ¢xpenses.' Cleaning and general tttaiJJl¢nance Energy costs In5UTall¢e PTiniing. stationery. supplies OLher MajoT repairs Music (organ, OTgaAist, music) 1,091 1,091 1.739 5,166 4,136 9.662 6,185 4,022 33,677 7,541 880 6.046 4,136 9,662 6,185 4,022 33.677 7,541 4,128 3,388 8265 3231 29.113 8,688 Ctllir¢ *Dd Grollnds Centr¢ running Costs MajorTepaits". Calvary Cross & fjeld drainage 21,545 21.545 16,722 23,676 A$5urgll