## **Annual Report and Financial**
## **Statements**
## **Year ended 31 December 2023**
## **St Michael’s Church Tilehurst**
1
## **St Michael’s Church**
## **Annual Report and Financial Statements**
## **Contents**
||**Page**|
|---|---|
|Members of the Parochial Church Council (PCC) and Advisers|3|
|Report of the Members of the PCC|4|
|Independent Examiners Report|7|
|Statement of Financial Activities|8|
|Balance Sheet|9|
|Accounting Policies|10 to 11|
|Notes to Accounts|12 to 16|
2
## **St Michael’s Church**
## **Annual Report and Financial Statements**
## **Members of the Parochial Church Council (PCC) and Advisers**
Members of the PCC are either ex officio or elected by the Annual Parochial Church Meeting (APCM). The names of the members of the Council who have served since the commencement of the 2023 financial year and were members when the accounts were approved:
Rector Reverend Dr. Elizabeth Ratcliffe Curate The Reverend Tracy Watkins Churchwardens Mrs Liz Fagg Mrs Patricia MacDonald Treasurer Mr Patrick Woodlock Secretary Mrs Sarah (Sally) Cairns Deanery Synod Mrs Jane Masson Mr Jack Smee Miss Maxine Elvey Elected Members Ms Dee Anderson (From 2020 APCM) Dr Laurie Haseler (From 2020 APCM) Mrs Pauline Foskett (From 2020 APCM) Mrs Eileen White (From 2021 APCM) Mrs Joan Crossman (From 2021 APCM) Mrs Denise Easteal (From 2021 APCM) Mr Jack Smee (From 2021 APCM) Mr Giles Winter (From 2022 APCM) Mr Mathew Firth (From 2022 APCM) Mr Peter Shirley-Quirk (From 2022 APCM) Mr David Bardwell (From 2022 APCM) Ms Michelle Hopkins (From 2023 APCM) Mr Graeme Hamilton (From 2023 APCM) Ms Janet Fisher (From 2023 APCM) Mrs Jackie Marsh (From 2023 APCM) Mr David Stevens (From 2023 APCM)-[ Bankers Lloyds TSB, Reading Independent examiner Shahzad Niazi Suite 86 105 London Street Reading RG1 4QD Investment Advisors CCLA Senator House 85 Queen Victoria Street London EC4V 4ET Charity Commission Number 1131421
3
## **St Michael’s Church Tilehurst**
## **Trustees' Annual Report**
## **For the year ended 31 December 2023**
## **Aim and purposes**
St Michael’s Parochial Church Council (PCC) has the responsibility of cooperating with the incumbent, the Reverend Dr Elizabeth Ratcliffe, in promoting in the ecclesiastical parish, the whole mission of the Church, pastoral, evangelistic, social and ecumenical. The PCC is also specifically responsible for the maintenance of the Church, the Church Hall and Tilston Lodge.
## **Objectives and activities**
The PCC is committed to enabling as many people as possible to worship at our church and to become part of our parish community at St Michael’s. The PCC maintains an overview of worship throughout the parish and wider community and makes suggestions on how our services can involve the many groups that live within our parish. Our services and worship put faith into practice through prayer and scripture, music and sacrament.
When planning our activities for the year, we try to enable people to live out their faith as part of our parish community through:
- Worship and prayer; learning about the gospel; and developing their knowledge and trust in Jesus.
- Provision of pastoral care for our membership and people living in the parish.
- Missionary and outreach work.
To facilitate this work it is important that we maintain the fabric of the Church and the Church Hall.
## **Achievements and performance**
## **Worship and prayer**
All are welcome to attend our regular services. At present there are 155 parishioners on the Church Electoral Roll, 91 of whom are not resident within the parish.
As well as our regular services, 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 life, in marriage public vows are exchanged with God's blessing and through funeral services friends and family express their grief and give thanks for the life which is now complete in this world and to commend the person into God's keeping.
4
## **Church Hall**
The Church Hall is used by various local groups and provides the church with valuable income which amounted to £32,916 in the year. This is slightly higher than 2022 of £32,040.
## **Pastoral care**
Some members of our parish are unable to attend church due to sickness or age. Reverend Dr Liz has visited all church members who have requested it, to celebrate communion with them either at their homes or in hospital; this Ministry is supported by authorised church members who offer communion to the housebound.
## **Mission and evangelism**
Our focus has and will continue to be to improve all aspects of our worship in order to encourage new and existing members to benefit from their experience at St Michael’s.
Helping those in need is a demonstration of our faith. The Mission and charitable giving this year was some £6,412.
Our parish magazine is widely distributed and keeps our parishioners informed of the important matters affecting our Church and articles that help develop our knowledge and trust in Jesus.
## **Financial review**
Total receipts on unrestricted funds were £187,347 from voluntary donations, legacy and Gift Aid. Tilston Lodge continues to be let, which provided a net income of £8,233
Unrestricted funds decreased by 37,295 to £994,029. This decrease in unrestricted funds is primarily due to longer term reduced income due to Covid-19 and significant expenditure on church upkeep and maintenance work.
## **Volunteers**
We would like to thank all the volunteers who work so hard to make our church the lively and vibrant community it is.
5
## **Structure, governance and management**
The Parochial Church Council is a corporate body established by the Church of England. The PCC operates under the Parochial Church Council Powers Measure. The PCC is a Registered Charity with the Charity Commission, registration number 1131421.
The PCC members are responsible for making decisions on all matters of general concern and importance to the parish including deciding on how the funds of the PCC are to be spent. New members receive initial training into the workings of the PCC.
The full PCC met 10 times during the year with an average level of attendance of 70%. Given its wide responsibilities the PCC has a number of committees dealing with particular aspects of parish life. These committees are all responsible to the PCC and report back to it regularly with minutes of their decisions being received by the full PCC and discussed as necessary.
**==> picture [100 x 36] intentionally omitted <==**
## **Approved by the PCC on 4[th] March 2024**
## **and signed on their behalf by Patrick Woodlock**
6
## **Independent Examiner's Report to the PCC of St Michael’s Church, Tilehurst**
I report on the accounts for the year ended 31st December 2023 which are set out on pages 8 to 17.
## **Respective responsibilities of the PCC and Independent Examiner**
As trustees of the charity, the members of the PCC are responsible for the preparation of the accounts. They 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 Commissioners section 145(5)(b) of the 2011 Act; and
- state whether particular matters have come to my attention.
## **Basis 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 charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the management committee concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in a full 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 s.130 of the 2011 Act; or
- to prepare accounts which accord with these accounting records 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.
Shahzad Niazi Berkshire Accountants Limited Suite 86 105 London Street Reading RG1 4QD
7
## **St Michael’s Church Tilehurst**
## **Statement of Financial Activities**
## **For the year ended 31 December 2023**
|**Incoming Resources**
**Notes**
Receipts from generated funds:
Voluntary income
2a
Activities for generating funds 2b
Investment income
2c
**Total Incoming Resources**
**Resources Expended**
Church activities
3a
Cost of generating
3b
Voluntary income
Governance costs
3c
**Total Resources Expended**
Net Incoming Resources
Before recognised
Gains and losses
Movements on
Tangible Assets
5a
Gains on investment
Assets
5b
**Net Movement of Funds**
Balances brought forward
**Balances carried forward**|Unrestricted
funds
133,675
42,581
10,857
187,113
206,646
995
0
207,641
(20,528)
(17,000)
2.060
(35,468)
|Restricted
funds
445
0
0
445
0
0
0
0
445
0
0
445
|Total
2023
134,120
42,581
10,857
187,558
206,646
995
0
207,646
(20,083)
(17,000)
2,060
(35,023)
1,131,230
1,096,207|Total
2022
107,471
39,558
9,677
156,706
171,515
564
0
172,079
(-15,373)
(17,000)
(2,912)
(35,285)
1,166,517|
|---|---|---|---|---|
|||
|||
||||||
||||||
|||||
1,131,230|
8
## **St Michael’s Church Tilehurst Balance Sheet For the year end 31 December 2023**
|
**Notes**
**Fixed Assets**
Tangible
5a
Investments
5b
**Current Assets**
Cash at bank and in hand
Debtors
6
**Liabilities**
Creditors –
amounts falling due within one year
7
Net Current Assets
Creditors-
amounts falling due after one year
7
**Total Net Assets**
**Parish Funds**
Unrestricted
Restricted
8
Endowment
9
Designated
10
**Total Parish Funds**
|**2023**
£
782,000
21,903
803,903
333,221
0
333,221
2,951
330,270
0
1,134,173
984,277
78,030
21,903
49,963
1,134,173|**2022**
£
799,000
24,823
823,823
345,645
0
345,645
2,951
342,694
0
1,166,517
983,025
77,970
24,823
80,699
1,166,517|
|---|---|---|
The notes on pages 12 to 16 form part of these accounts.
These financial statements were approved by the PCC on 6[th] March 2023
The Reverend Dr Elizabeth Ratcliffe
The Treasurer Patrick Woodlock
9
## **St Michael’s Church Tilehurst Statement of Accounting Policies For the year ended 31 December 2023**
## **1 Accounting policies**
## Basis of financial statements
The financial statements have been prepared under the Church Accounting Regulations 2006 in accordance with applicable accounting standards and the current Statement of Recommended Accounting Practice Accounting and Reporting by Charities (SORP 2005).
The financial statements have been prepared under the historical cost convention except for investment assets, which are shown at market value. The financial statements include all transactions, assets and liabilities for which the PCC is responsible in law. They do not include accounts of church groups that owe their affiliation to another body, nor those that are informal gatherings of the church.
## **Fund Accounting**
Endowment funds are funds, the capital of which must be retained either permanently or at the PCC’s discretion; the income derived from the endowment is to be used either as restricted or unrestricted income funds depending upon the purpose for which the endowment was established in the first place.
Restricted funds comprise (a) income from endowments which is to be expended only on the restricted purpose intended by the donor and (b) revenue donations or grants for a specific PCC activity intended by the donor. Where these funds have unspent balances, interest on their pooled investments apportioned to the individual funds on an average balance basis.
Unrestricted funds are income funds which are to be spent on the PCC’s general purposes.
Designated funds are general funds set aside by the PCC for use in the future. Project funds are designated for particular projects for administration purposes only. Funds designated as invested in fixed assets for the PCC’s own use abated in line with assets annual depreciation charges in the SOFA. Designated funds remain unrestricted and the PCC will move any surplus to other funds.
## **Incoming Resources**
Planned giving, collections and similar donations are recognised when received. Tax refunds are recognised when the income resource to which they relate is received. Grants and legacies are accounted for when the PCC is entitled to the use of the resources, their ultimate receipt is considered reasonably certain and the amounts due are reliably, quantifiable. Dividends are accounted for when declared receivable, interest as and when accrued by the payer. All incoming resources are accounted for gross.
## **Resources expended**
Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding or constructive obligation on the PCC. The diocesan parish share expected to be paid over is accounted for when due.
All other expenditure is generally recognised when it is incurred and is accounted for gross.
10
## **St Michael’s Church Tilehurst Statement of Accounting Policies For the year ended 31 December 2023**
## **Fixed Assets**
Consecrated and benefice property is not included in the accounts in accordance with s.10(2)(a) and (C) of the Charities Act 2011.
Movable church furnishings held by the vicar and churchwarden on special trust for the PCC and which require a faculty for disposal are inalienable property, listed in the church’s inventory, which can be inspected (at any reasonable time). For anything acquired prior to these accounts there is insufficient cost information available and therefore such assets are not valued in the financial statements. Subsequently no individual item has cost more than £1,000 so all such expenditure has been written off when incurred.
The Church Hall and Tilston Lodge are included in the accounts at historic cost and have not been revalued. Both buildings are being depreciated over 50 years, their expected useful lives, from 2012.
11
## **St Michael’s Church Tilehurst**
## **Notes to the Financial Statements For the year ended 31 December 2023**
## **2 INCOMING RESOURCES**
|**2 (a)**
**Voluntary**
**Income**
Planned giving
Tax recoverable
Collections
Donations and
appeals
Other
church activities
**2 (b)**
**Activities for**
**Generating**
**Funds**
Spring Fayre
Coffee
Lent lunches
Christmas bazaar
Christmas cards
Hall lettings
Sundry
Magazine
**2 (c )**
**Investment**
**Income**
Interest
Dividends
Rent
**Total Funds**
|Unrestricted
Restricted
Endowment
Funds
Funds
Funds
£
£
£
36,475
9,731
12,052
33,020
445
10,843
-
31,549
-
133,675
445
1,954
744
1,102
3,183
190
32,916
1,898
594
-
42,581
1,970
654
8,233
10,857
187,113
445
|Total
2023
£
36,475
9,731
12,052
33,465
10,843
31,549
134,120
1,954
744
1,102
3,183
190
32,916
1,898
594
42,581
1,970
654
8,233
10,857
187,558|Total
2022
£
38,342
9,544
23.059
5,763
7,706
23,054
107,471
2,155
610
998
2,225
14
32,040
679
833
39,558
159
458
9.035
9,677
156,706|
|---|---|---|---|
12
## **St Michael’s Church Tilehurst**
## **Notes to the Financial Statements For the year ended 31 December 2023**
## **3 RESOURCES EXPENDED**
|**3 (a)**
**Church activities**
**Missionary and**
**Charitable giving**
Missionary societies
Other donations
Parish Share
Church running
Expenses
Churchyard
Hall costs
Hall repairs
Depreciation Hall
Church repairs
Clergy and staffing
**3 (b)**
**Cost of**
**Generating**
**Funds**
Depreciation Tilston
Cost of events
**3 (c )**
**Governance costs**
Card services
Blagrave Trust
Examiners Fees
|Unrestricted
Restricted
Endowment
Funds
Funds
Funds
£
£
£
4,147
1,666
63,645
68,133
2,881
12,533
1,579
10,000
36,856
15,206 -
216,646
7,000
995
7,995
0
0
0
0
|Total
2023
£
4,147
1,666
63,645
68,130
2,881
12,533
1,579
10,000
36,856
15,206
216,643
7,000
995
7,995
0
0
0
0|Total
2022
£
6,000
4,158
63,645
50,488
3,028
9,282
460
10,000
24,516
9,938
181,515
7,000
564
7,564
0
0
0
0|Total
2022
£
6,000
4,158
63,645
50,488
3,028
9,282
460
10,000
24,516
9,938
181,515
7,000
564
7,564
0
0
0
0|
|---|---|---|---|---|
||
|
|
||
|||||
|
13
## **St Michael’s Church Tilehurst Notes to the Financial Statements For the year ended 31 December 2023**
## **4 (a) STAFF COSTS**
|Wages and salaries|2023
£
12,672|2022
£
7,855|
|---|---|---|
During the year the PCC employed a church administrator part time but no payments made were large enough to attract social security costs.
## **4 (b) PAYMENTS TO PCC MEMBERS**
No payments or expenses were paid to any PCC Member or persons closely connected to them or related parties.
## **5 FIXED ASSETS**
## **5 (a) Tangible Assets**
|Church Hall
£
Cost
31 December 2022
460,000
Disposals
Additions
-
Cost 31 December 2023
460,000
Depreciation
As at 31 December 2022
0
Charge for year
10,000
As at 31 December 2023
10,000
Net book value
As at 31 December 2023450,000
As at 31 December 2022460,000
**5 (b) Investments**
Market value as at 1 January 2022
Unrealised Gain
Market value as at 31 December 2023
|Tilston Lodge
£
322,000
-
322,000
0
7,000
7,000
315,000
322,000
21,903
1,827
23,730|Total
£
782,000
-
782,000
0
17,000
17,000
765,000
782,000|
|---|---|---|
14
## **St Michael’s Church Tilehurst Notes to the Financial Statements For the year ended 31 December 2023**
## **6 CURRENT ASSETS**
|Debtors
**7 LIABILITIES**
Amounts falling due within one year
Creditors
Amounts falling due after one year
Loans
`
**8 RESTRICTED FUNDS**
Arising from donations:
Restoration projects
**9 ENDOWMENT FUNDS**
Church Pightle
Churchyard Endowment
Bishop Bequest
EF & FH Beard Trust
Total
**10 DESIGNATED FUNDS**
Designated funds|Brought
Forward
£
77,970
Brought
Forward
£
1,921
3,884
2,479
13,615
24,814
Brought
Forward
£
49,963|2023
£
0
0
2023
£
2,951
0
Incoming
Resources
£
60
Gain
£
181
365
233
1,281
(2.060)
Incoming
Resources
£
10,716|
Resources
Used
£
0
Dividends
£
57
116
74
407
654
Resources
Used
£
57,161|2022
£
0
0
2022
£
2,951
0
Carried
Forward
£
78,930
Transfer
£
(57)
(116)
(74)
(407)
(654)
Carried
Forward
£
3,518|Carried
Forward
£
2,102
4,250
2,713
14,897
23,962|
|---|---|---|---|---|---|
15
## **St Michael’s Church Tilehurst Notes to the Financial Statements For the year ended 31 December 2023**
## **11 ANALYSIS OF NET ASSETS BY FUNDS**
|Tangible assets
Investments
Current assets
Liabilities
|**Unrestricted**
**Funds**
**£**
765,000
-
228,203
(2,951)
990,252|**Restricted**
**Funds**
**£**
-
-
78,475
-
78,475|**Endowment**
**Designated**
**Funds**
**Funds**
**£**
**£**
-
-
23,962
-
-
3,518
-
-
23,962
3,518|**Total**
**£**
765,000
23,962
310,196
(2,951)
1,096,207|
|---|---|---|---|---|
||||||
## **12 CAPITAL COMMITMENTS**
There are no current capital commitments.
## **13 CONTINGENT LIABILITIES**
There were no obligations arising from events occurring before the date of the balance sheet whose existence will be confirmed only by the occurrence of events not wholly within the Church’s control.
## **14 POST BALANCE SHEET EVENTS**
There are no material post balance sheet events that require disclosure.
16