Parochial Church of St Mary the Virgin, Cottingham
Financial Statements
For the Year ended 31 December 2024
INDEX
| Page | |
|---|---|
| Information | 1 |
| Trustees Annual Report | 2-3 |
| Statement ofTrustees Responsibilities | 4 |
| Independent Examiners Report | 5 |
| Statement ofFinancial Activities | 6 |
| Balance Sheet | 7 |
| NotestotheFinancialStatements | 8-10 |
Parochial Church of St Mary the Virgin, Cottingham
‘
Information
For the Year ended 31 December 2024
Trustees
Rev Dr Nicola Bown Valerie Baxter Leslie Begg Joy Bower Jenny Dixon Sheila Fisher Yvonne Grundy Robert McMillan Sue Moody Andy Penney David Pennie Wendy Sharpe Sue Tidder Garry Tommins Margaret Wright
Address
Church of St Mary the Virgin, Cottingham Hallgate Cottingham East Yorkshire HU16 4DD
Independent Examiner Harris Lacey and Swain Suite 1 The Riverside Building Livingstone Road Hessle Hull HU13 0DZ Bankers HSBC ple 63 Market Place Beverley
Page |
Parochial Church of St Mary the Virgin, Cottingham
Trustees Annual Report
For the Year ended 31 December 2024
Objectives and Activities
St Mary's PCC has the responsibility for co-operating with the Incumbent, in promoting in the Ecclesiastical Parish, the whole, continuing mission of the Church, both pastoral ecclesiastical, social and ecumenical.
St Mary's PCC is aware of the Charity Commission's guidance on public benefit in the Advancement of Religion for the Public Benefit and have regard to it in its administration of the Charity. The PCC believes that, by promoting the work of the Church of England in the Ecclesiastical Parish of St Mary it helps to promote the whole mission of the Church more effectively, and in doing so it provides a benefit to the public by:
Providing facilities for public worship, outreach, pastoral care and spiritual, moral, and intellectual teaching and development, both for its members and for anyone who wishes to benefit from what the church offers; and
Promoting Christian values and service by members of the Church in and to their communities, to the benefit of individuals and society.
St Mary's PCC has maintenance responsibilities for the Church ( the Church Commissioners cover the majority of the cost of repairs to the Chancel), the Church Halls, Church House and the Curate's residence.
Achievements and Performance
There were 134 Parishioners on the Electoral Roll, 22 of whom were not resident within the Parish. Attendance at services has returned to a steady level with a weekly average of 108 in October. The Church continues to provide a venue for community events including concerts.
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 method of appointment of PCC members is set out in the Church Representation Rules. All Church attendees are encouraged to register on the Electoral Roll and stand for election to the PCC
The trustees meet regularly to discuss decisions that need to be made within the church. Decisions are made through a trustee making a proposal at a meeting and the other trustees voting on the proposal.
page 2
Parochial Church of St Mary the Virgin, Cottingham
Trustees Annual Report
For the Year ended 31 December 2024
Financial Review
Total receipts on the ordinary funds were £128,375 which is in line with the budget and last year. Some donors have switched from tradition methods of giving by standing order and weekly envelope to direct debit via the Parish Giving Scheme. This brings forward the Gift Aid recovery and most of these donations are index linked thus boosting ongoing revenue.
We have continued to fully contribute to the Diocese in the sum of £55,000 which provides stipends, training and housing for the clergy.
Overall the year ended 31st December 2024 resulted in a deficit of £4,202 which has reduced the Ordinary fund reserves.
It has been identified that in the near future the organ requires major maintenance which is likely to cost around £40,000. Fund raising has commenced towards this target along with investigation of specific grant opportunities to enable the historic organ to be available for generations to come.
An amount of £5,756 has been raised so far which includes an earlier legacy that is restricted to the maintenance of the organ together with specific funds raised.
Expenditure on Restricted fund includes a total of £73,824 spent on maintaining the fabric of the Church, most of which was repairing and replacing merlons on the roof. We received a Grant in the sum of £10,911 in respect of the VAT on this expenditure.
Restricted funds received a donation towards the future maintenance of the Tower including the Bells and Clock in the sum of £25,000 including Gift Aid.
St Mary's PCC are working with the wider congregation and community to identify future needs under the areas of - Accessibility, Hospitality, Flexibility and Sustainability. It is hoped this is possible using the generous legacy received in 2022 of £150,000 together with Grant funding.
Also within the Restricted funds are amounts that are specifically for Church Amenities £3,339 and Flexible Space Development including Floor Repairs and Toilets £12,271 and CCTV security £1,352.
On Restricted funds there was an excess of payments over receipts of £23,760
Reserves Policy
The PCC continue to exercise prudent financial control to maintain a level of reserves to cover emergencies, which is estimated to be 9 months worth of expenditure whilst continuing to contribute to Freewill Giving and maintain the Church for future generations. This includes preparation of an annual budget which is used to monitor progress at each Trustees meeting. Based on the 2024 finalcial year the level of reserves required is £156,262. The charity currently holds unrestricted reserves of £1,151,738.
Future Plans
The church will continue to host services and events throughout the year interacting with the local community & working with local charities.
Page 3
THE PAROCHIAL CHURCH OF ST MARY THE VIRGIN, COTTINGHAM
STATEMENT OF TRUSTEES RESPONSIBILITIES
Charity legislation requires Trustees to prepare Financial Statements for each financial year which give a true and fair view of the state of affairs of the Charity as at the end of the financial year and of the surplus or deficit for that period. In preparing the Financial Statements, suitable accounting policies have been adopted and consistently applied, to the best of the Trustees’ knowledge and belief, by reference to reasonable and prudent judgements and estimates. Applicable accounting standards have been followed.
The Trustees are responsible for maintaining adequate accounting records, for safeguarding the assets of the Charity and for preventing and detecting fraud and other irregularities. The Trustees are also required to indicate where the Financial Statements are prepared other than on the basis that the Charity is a going concern.
Page 4
INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF THE PAROCHIAL CHURCH OF ST MARY THE VIRGIN, COTTINGHAM
Independent examiner’s report to the trustees of The Parochial Church of St Mary the Virgin, Cottingham
I report to the trustees on my examination of the accounts of The Parochial Church of St Mary the Virgin, Cottingham (the trust) for the year ended 31° December 2024.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘The Act’)
I report in respect of my examination of the Trust’s accounts carried out under section 145 of The Act and in carrying out examination I have followed all applicable directions given by the Charity Commission under section 145 (5)(b) of The Act.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
e Accounting records were not kept in respect of the Trust as required by section 130 of The Act; or
-
e The accounts do not accord with those records; or
-
e The accounts do not comply with the applicable requirements concerning form and content of accounts set out in the Charities (Accounts & Reports) Regulations 2008 other than any requirement that the accounts give a true & fair view such is not a matter considered as part of an independent examination.
I confirm that there are no other matters to which your attention should be drawn to enable proper understanding of the accounts to be reached.
----- Start of picture text -----
/ SI |S
----- End of picture text -----
Richard D Lacey, FCA Harris Lacey & Swain Suite 1, The Riverside Building Livingston Road Hessle HU13 0DZ
Chartered Accountant
Page 5
Parochial Church of St Mary the Virgin, Cottingham
Statement of Financial Activities
For the Year Ended 31 December 2024
----- Start of picture text -----
||||||||||
|---|---|---|---|---|---|---|---|---|
|Note|Unrestricted|Restricted|Total|Funds|Total|Funds|
|Funds|Funds|2024|2023|
|INCOMING|RESOURCES|
|Voluntary|Receipts|from|Donors|4a|72,885.59|25,756.41|98,642.00|69,922.59|
|Other Voluntary|Receipts|4b|5,338.52|0.00|5,338.52|2,445.09|
|Income from|Activities to|Generate|Funds|4c|19,108.86|0.00|19,108.86|17,384.57|
|Receipts from|Church|Activities|4d|27,731.51|3,839.50|31,571.01|28,944.56|
|Investment|Income|4e|0.00|10,958.26|10,958.26|7,106.26|
|Other|Receipts|4f|3,310.13|11459.37|14,769.50|16,873.24|
|TOTAL INCOMING RESOURCES|~ 128,374.61|~_52,013.54|~ 180,388.15.|~|142,676.31,|
|RESOURCES|EXPENDED|
|Cost|of Generating|Funds|5a|4,087.10|0.00|4,087.10|3,573.76|
|Grants|5b|1,763.15|-|1,763.15|2,623.98|
|Activities|Directly|Related|to|the|work|
|of the|Church|5c|123,230.65|75,774.00|199,004.65|129,235.62|
|Church|Management and|Administration|5d|3,495.48|-|3,495.48|3,265.73|
|TOTAL RESOURCES|EXPENDED|~132,576.38|75,774.00|~ 208,350.38|~|138,699.09|
|NET (OUTGOING)/INCOMING|RESOURCES|(4,201.77)|(23,760.46)|(27,962.23)|3,977.22|
|NET MOVEMENT|IN FUNDS|8|(4,201.77)|(23,760.46)|(27,962.23)|3,977.22|
----- End of picture text -----
Approved by the Parochial Church Council on CjI la S)
and signed on its behalf by NiceLA DON
f«
Page 6
Parochial Church of St Mary the Virgin, Cottingham
Balance Sheet
For the Year Ended 31 December 2024
----- Start of picture text -----
Fixed Assets Note 2024 2023
Tangible Fixed Assets 6 1,134,516.00 1,134,516.00
Current Assets
Cash at Bank and in Hand 227,263.06 255,195.29
Liabilities: Amounts falling due within one year
Accruals 7 630.00 600.00
Net Current Assets 226,633.06 254,595.29
1,364,149.06 _1,389,111.29
Funds
Unrestricted 8
Church Property 1,134,516.00 1,134,516.00
Cash 17,222.25 1,151,738.25 21,424.02 1,155,940.02
Restricted Cash 8 209,410.81 233,171.27
1,361,149.06 1,389,111.29
----- End of picture text -----
Page 7
Parochial Church of St Mary the Virgin, Cottingham
Notes to the Financial Statements
For the Year Ended 31 December 2024
1. ACCOUNTING POLICIES
Basis of Accounting
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in Accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of
Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)’, Financial Reporting Standard 102 and the Charities Act 2011.
The financial statements have been prepared under the historical cost convention.
Financial reporting standard 102 — reduced disclosure exemptions
The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.
The requirements of Section 7 Statement of Cash Flows
- TRUSTEES EMOLUMENTS
None of the trustees receive any emoluments.
- TAXATION
The Church is exempt from liability to taxation on its income and capital gains.
4 INCOMING RESOURCES
Receipts are recogised as income when the funds have been received.
Legacies are included when the funds are received and the Trustees are content that the conditions of the legacy can be met.
5 RESOURCES EXPENDED
Expenditure is recorded as it is settled and is clasified under headings that aggregate all costs related to that category.
. 6 FUND ACCOUNTING
Unrestricted funds can be used in accordance with the Churches objectives at the discretion of the Trustees.
Restricted funds can be used in accordance with the Churches objectives but in accord with the donors directions or the objectives of the funds raising initiative.
7 ESTIMATES AND JUDGEMENTS
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on the Trustees best knowledge of the amount, events or actions, actual results may ultimately differ from these estimates. The Trustees do not consider there to be any material estimates and judgements.
8 FINANCIAL INSTRUMENTS
The Church only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments, including trade and other debtors and creditors are initially recognised at transaction value and subsequently measure at their settlement value.
Page 8
Parochial Church of St Mary the Virgin,Cottingham
Notes to the Financial Statements
For the Year Ended 31 December 2024
| 4.INCOMINGRESOURCES | Unrestricted Funds General |
Unrestricted Funds General |
Restricted Func Total Fabric Organ Restricted Fund Fund Funds |
Restricted Func Total Fabric Organ Restricted Fund Fund Funds |
Restricted Func Total Fabric Organ Restricted Fund Fund Funds |
Total Funds 2024 |
Total Funds 2023 |
|---|---|---|---|---|---|---|---|
| a) Voluntary Receipts from Donors Planned Giving IncomeTax Recovered OtherGiving Cash Collections |
45,051.72 12,621.08 6,527.08 8,685.71 |
5,000.00 20,000.00 |
756.41 | 0.00 5,756.41 20,000.00 0.00 |
45,051.72 18,377.49 26,527.08 8,685.71 |
43,544.18 11,198.06 7,593.49 7,586.86 |
|
| _ | 72,885.59 | i 25,000.00 756.41 |
25,756.41 | ie 98,642.00 |
69,922.59 | ||
| b) Other Voluntary Receipts Legacies Wall Box |
1,096.28 4,242.24 |
0.00 0.00 |
1,096.28 4,242.24 |
- 2,445.09 |
|||
| ee 5,338.52 |
en 0.00 0.00 0.00 |
ee 5,338.52 |
ee 2,445.09 |
||||
| c) Income from Activities to | |||||||
| Generate Funds Parish Magazine - Sales &Adverts Rents -Church Houses GiftDays |
3,983.00 15,125.86 |
0.00 0.00 0.00 |
3,983.00 15,125.86 0.00 |
4,416.00 12,968.57 0.00 |
|||
| 19,108.86 | 0.00 | 0.00 | 0.00 | 19,108.86 | 17,384.57 | ||
| d) Receipts from Church Activities Fees Halls CoffeeShop Events |
9,005.00 13,343.75 2,292.44 3,090.32 |
3,839.50 | 0.00 0.00 0.00 3,839.50 |
9,005.00 13,343.75 2,292.44 6,929.82 |
12,980.87 9,188.75 2,186.72 4,588.22 |
||
| es _ 2773tet =C00: 3,839.50 3,830.50, |
ee __31,571.01 |
eee 28,944.56_ |
|||||
| e) Investment Income Bank Interest |
10,958.26 | 10,958.26 | 10,958.26 | 7,106.26 | |||
| f) Other Receipts | |||||||
| Retiring Collections Grants Sundries Insurance claim Appeals |
1,818.83 1,491.30 3,310.13 |
548.00 10,911.37 11,459.37 |
0.00 | 548.00 10,911.37 0.00 0.00 11,459.37 |
2,366.83 12,402.67 0.00 0.00 0.00 14,769.50 |
5,516.04 8,644.40 0.00 2,712.80 - 16,873.24 |
|
| TotalIncomingResources | 128,374.61 | 47,417.63 | 4,595.91 | 52,013.54 | 180,388.15 | 142,676.31 |
----- Start of picture text -----
Parochial Church of St Mary the Virgin,Cottingham
----- End of picture text -----
Notes to the Financial Statements
For the Year Ended 31 December 2024
| | | |
.
| 5. | RESOURCES EXPENDED | |||||||
|---|---|---|---|---|---|---|---|---|
| Unrestricted Funds General |
Restricted Funds Fabric Organ Fund Fund |
_ Total Restricted Funds |
Total Funds 2024 |
Total Funds 2023 |
||||
| a) Cost of Generating Funds | ||||||||
| Magazine | 3,089.00 | - | 3,089.00 | 3,232.00 | ||||
| Other Costs of Raising Funds | 998.10 | - | 998.10 | 341.76 | ||||
| 4,087.10 | 0.00 | 0.00 | 0.00 | 4,087.10 | 3,573.76 | |||
| b) Grants | ||||||||
| Appeals | 0.00 | 0.00 | - | |||||
| Missionary and Charitable Giving | 1,763.15 | 0.00 | 1,763.15 | 2,623.98 | ||||
| 1,763.15 | 0.00 | 0.00 | 0.00 | 1,763.15 | 2,623.98 | |||
| c) Activities directlyrelated tothe | ||||||||
| workoftheChurch Freewill Giving Fees |
53,000.04 8,425.00 |
0.00 0.00 |
53,000.04 8,425.00 |
48,000.00 7,571.00 |
||||
| Working Expenses of the Rector | 3,325.85 | 0.00 | 3,325.85 | 3,309.88 | ||||
| Salary | 8,995.97 | 0.00 | 8,995.97 | 8,427.55 | ||||
| Assistant Clergy | 0.00 | 0.00 | 863.10 | |||||
| Church Heat, Light & Insurance | 24,833.90 | 0.00 | 24,833.90 | 22,919.87 | ||||
| Church Upkeep | 3,118.61 | 73,824.00 | 73,824.00 | 76,942.61 | 17,452.50 | |||
| Roof Repairs | 0.00 | 0.00 | - | |||||
| Church Services | 2,211.79 | 0.00 | 2,211.79 | 2,220.54 | ||||
| Music and Organ | 270.00 | 1,950.00 | 1,950.00 | 2,220.00 | 1,180.00 | |||
| Church Properties | 9,290.52 | 0.00 | 9,290.52 | 10,344.81 | ||||
| Church Halls | 9,371.88 | 0.00 | 9,371.88 | 6,434.73 | ||||
| Flexible Space Development | 0.00 | 0.00 | - | |||||
| Sundries | 387.09 | 0.00 | 387.09 | 511.64 | ||||
| 123,230.65 | 73,824.00 | 1,950.00 | _75,774.00 | 199,004.65 | 129,235.62 | |||
| d) Church Management and | ||||||||
| Administration | ||||||||
| Administration | 2,512.78 | - | 251258 | 2,314.62 | ||||
| Independent Examiner's Fees | 630.00 | - | 630.00 | 600.00 | ||||
| Bank Charges | 352.70 | 352.70 | 351.11 | |||||
| 3,495.48 | 0.00 | 0.00 | 0.00 | 3,495.48 | 3,265.73 | |||
| Total Resources Expended | 132,576.38 | 73,824.00 | 1,950.00 | 75,774.00 | 208,350.38 | 138,699.09 | ||
| 6. | TANGIBLE FIXED ASSETS | |||||||
| Tangible Fixed Assets are included at their | insurance values as follows: | 2024 | 2023 | |||||
| This value represents the estimated restatement value and is | considerably in excess | |||||||
| of their market value due to their listed building status. | ||||||||
| Fixed Assets for Church Use | ||||||||
| Church Halls and Church House | 1,000,000 | 1,000,000 | ||||||
| 10 Kingtree Avenue | 134,516 | 134,516 | ||||||
| 1,134,516 | 1,134,516 | |||||||
| 7. | ACCRUALS | 2024 | 2023 | |||||
| Independent Examiner's Fees | 630.00 | 600.00 | ||||||
| 630.00 | 600.00 | |||||||
| 8.ANALYSIS | ANALYSIS OF FUNDS | Unrestricted Funds General |
Restricted Funds Fabric Organ’ _—Restricted Fund Fund |
_Total Restricted Funds |
Total Funds 2024 |
Total Funds 2023 |
||
| Funds at 1 January 2024 | 1,155,940.02 | 230,061.27 | 3,110.00 | 233,171.27 | 1,389,111.29 | 1,385,134.07 | ||
| Net Movement in Funds | (4,201.77) | (26,406.37) | 2,645.91 | -23,760.46 | (27,962.23) | 3,977.22 | ||
| Increase in stated value of Fixed Assets | 0.00 | - | ||||||
| Funds at 31 December 2024 | 1,151,738.25 | 203,654.90 | 5,755.91 | 209,410.81 | 1,361,149.06 | 1,389,111.29 | ||
| Cashfundsavailableat31December2024 | 17,852.25 | 203,654.90 | 5,755.91 | 209,410.81 | 227,263.06 | 255,195.29 |