ST NICHOLAS, CHURCH WARWICK ANNUAL REPORT AND FINANCIAL STATEMEI¥4TS OV THE PCC FOR THE YEAR ENDED 31" DECEMBER 2024
St Nicholas, Church Warwick Flnancial Statements for the Year Ended 31 December 2024 Annual Report of the Parochial Church Council Independent Examiner's Report Statement of Financial Activities Ststement of Financial Position Notes to the Financial Statements 9-17
St Nicholas, Church Warwick Annual Report of the Parochial Church Councll for the Year Ended 31 December 2024 Admlnistrative Information St Nicholas, Church is situated in St Nicholas Church Street. Warwick. It is part of the Diocese of Coventry. The correspondence address is St Nicholas Church, St Nicholas Church Street, Warwick, CV34 4JD. The Parochial Church Council {PCC) is a charity Representation Rules as its governing document. registration number 1131835, with the Church PCC members. who are also trustees of the charity. who have served from 1 January 2024 until the date this report was approved (or as otherwise stated) are:_ Incumbent: Revd Linda Duckers Chair Associate Minister Revd Anits Mor an From 6th ril 2023 Curate: Revd Eira Hale To 31st Janua 2024 Wardens.. Mrs Sarah Bazin Mr Jonathan Forbes From APCM 2021 (VI chair) From APCM 2022 Secreta Noa ointment Representstives on the Deane Mr Chris Foy Mr Antoine Mitchell Re-appointed at APCM 2024 Re-a ointed at APCM 2024 Elected Members Mrs Carole Ellis Mr Roy Emmerson Mrs Anne Heaney Mrs Katie Jelfs Mr5 Pam Meale Mr Paul Onions Appointed at APCM 2024 Re-appointed at APCM 2024 Re-appointed at APCM 2024 Re-appointed at APCM 2024 Appointed at APCM 2024 Appointed at PCC December meeting 2024 Re-appointed at APCM 2024 Re-appointed at APCM 2024 Mr Robert peInS Mrs Fiona Trewick Mrs Jane Rogers Treasurer Re-appointed at APCM 2024
st Nicholas, Church Warwick Annual Report of the Parochial Church Councll for the Year Ended 31 December 2024 Structure. governance and management 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 to stand for election to the PCC. St Nicholas Church is part of the Warwick Team Ministry. Objectives and actlvlties The PCC of St Nicholas Church has the responsibility of cooperating with the Team Vicar, the Rev'd Linda Duckers, in promoting, in the ecclesiastical parish, the whole mission of the Church, pastoral, evangelistic, social and ecumenical. It also has responsibility for the Church premises at St Nicholas Church Street, Wapwick. The parish also seeks to support the Warwick Team Ministry, the Deanery and the Di0se. The Charity Trustees have complied with the duty in section 4 of the Charity's act 2006 to have due regard to the public benefit guidance published by the charity commission. Risk Revlew The PCC of St Nicholas Church has considered the major risks (both financial and OtheiSe) that could occur and has identified controls to manage those risks. The PCC will review risks and corresponding controls regularly throughout the year. Safeguarding is on the agenda at each PCC meeting. Reserves Pollcy It is the policy of the PCC to hold in general reserrfes the equivalent of six months, general running costs (approximately £42.000), to cover emergency situations that may arise. In addition to this the PCC will designate an amount to building reserves to meet future costs of maintaining the ancient building. At the end of 2024 the balances of £42,000 in general reserves, £20.000 in mission reserves, £71,194 in building reserves and £31.000 for the new west doors cover these amounts. This policy will be reviewed in twelve months, time. Future commitments New west front doors will be installad in 2025, using designated fvnds from legacies and other donations. Achievements and Perforniance Church attendance A new Electoral Roll was produced in March 2025 and there are 95 parishioners on the roll, there were also 95 in April 2024. In October 2024 the average weekly attendance at Sunday services was 49 adults and 5 Children, but this number increases considerably at festlvals, and particularly at the Christmas Nativity, Harvest Festival, Remembrance Day and Mothering Sunday services. Revlew of the year The full PCC met 10 times during the year and a majority of the members were present at each meeting. Committees met between meetings and minutes of their deliberations were reiVed by the full PCC and discussed where neSsary.
St Nicholas, Church Warwick Annual Report of the Parochial Church Council for the Year Ended 31 December 2024 Financial Revlew The accounts for 2024 show an in-year deficit of £11,850 (deficit of £103.129 in 2023). Total funds decreased by £11.850 from £275,538 to £263,688, broken down into: Unrestricted funds remained at £42,000 Designated funds decreased by £16,068 from £138,262 to £122,194 Restricted funds increased by £4,218 from £95,276 to £99,494 Points to note from the year are: Receipts from COnggatIOnal giving including income tax claims were £48,035 (£47.044 in 2023). Income from church bookings increased to £6,051 {£5,084 in 2023). Income from weddings and funerals increased to £3,698 (£1,917 in 2023). Other donations were £6,110 (£7,866 in 2023). Income from the King Henry Vlll Endowed Trust was £53,934 (£51,894 in 2023). This income is restricted for furthering the religious and other charitable work of the Church in the parish. See note 5(b) which details exactly how this grant was used in 2024. The PCC is very grateful for all Henry funding and thanks the trustees for their generosity. We are fortunate to have received a total of £35,031 from the War¥vick and Budbrooke Churches Community Outreach Pool, £25,000 towards the boiler replacement and £10,031 to cover the salary costs for our new Children & Families Worker who started in September. Building maintenance and running costs were £24,600 (£30,174 in 2023). £73.854 (includes VAT) was spent on replacement of the boiler. For this work we used a grant of £25,000 from the Warwick and Budbrooke Churches Community Outreach Pool and £25,500 from our annual income from the King Henry Vlll Trust. The rest was paid out of unrestricted funds. The VAT can be claimed from the Listed Places of Worship Scheme. By the end of 2024 the VAT had not been daimed but has been included as a debtor in the accounts. Other charitable giving was £7,000 (£6.250 in 2023). In addition to this £1,371 (£1,943 in 2023) was paid out to charities from funds raised at the Woodloes Community Café. £30,304 was paid to the Diocese (training and voluntary contribution to the support fund) (£30,113 in 2023). The Diocese receives payment for Linda's stipend, Nl, pension and housing costs directly from the King Henry Vlll Endowed Trust. Investments The market value of the Lees Bequest increased during the year by £1,638 to £73,206. Golng Concern There is no material UnrtaInty about the continuation of St Nicholas, Church for the forthcoming twelve months. Independent Examiners The Treasurer thanks Joan White, for her independent examination of the accounts. Approved by the PCC on April 6th 2025 and slgned on their behalf by Revd Linda Duckers (PCC Chalr) nda DuGke A. rfG£64-)
st. Nicholas, Church, Warwlck Independent Examinerfs Report to the Trustees For the Year Ended 31 December 2024 I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2024 which are set out on pages 3 to 17. Responsibilities and basis of report As trustees, you are responsible for the preparation of the accounts in accordan with the requirements of the Charities Act 2011 ("the Act"). I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent examinerfs 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: accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2. the accounts do not accord with those records. or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities {Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. JofLw L Joan White FCA 16 Chapel Street Waick CV34 4HL Date
St Nlcholas, Church Warwick statement of Financial Activlties for St Nicholas For the year ended 31st December 2024 Unrestricted Designated Restricted Funds Funds Funds Total Funds 2024 2023 Note INCOKE AND ENDOWMEIYTS FROM: Donations and Legacies Charitable activities Other trading activities Inveslments 4(a) 4(b) 4(c) 4(d) 68,355 68,355 88.965 9,749 5,704 110.961 71,894 6,822 5,449 88,965 9,749 3.715 1,989 TOTAL llYCOMING RESOURCES 81,819 90,954 172,773 195.126 EXPENDrruRE ON: Charitable activities 5(a) 97,887 88,374 186,262 304,409 TOTAL RESOURCES EXPENDED 97,887 88,374 186,262 304,409 NET INCOMING/(OUTGOING) RESOURCES BEFORE TRANSFERS -16,068 2,580 -13,488 -109,283 TraDsfers between funds 16,068 -16.068 NET INCOMtNGI(OUTGOING) RESOURCES BEFORE OTHER RECOGNISED GAINS -16,068 2,580 -13,488 -109283 Unrealised (loss) gain on revaluation of investtnents 1,638 1,638 6,154 Net movement in funds -16,068 4,218 -11,850 -103,129 BALANCES BROUGIrr FORWARD AT 1st JANUARY 2024 42,0(K) 138,262 95,276 275,538 378,667 BALANCES CARRIED FORWARD AT 31st DECEMBER 2024 42,0(K) 122,194 99,494 263,688 275,538
St Nlcholas, Church Warwick Statement of Financial Position For the year ended 31st December 2024 Total Fund5 2024 2023 Note FIXED ASSETS Tangible Fed Assets Investtnents 73,206 71.568 73,206 71,568 CURRENT ASSETS Debtors Short terni deposits Casb at bank and in hand 40,395 53,088 139,409 2.804 100,242 107,787 232,892 210,833 IJABILITIES Amounts falling thic within one year io 42,411 6.863 IYET CURRENT ASSETS 190,481 203,970 NET ASSETS 263,688 275,538 Unrestricted fuods Designated fiJnd8 Restricted funds 14 13 12 42,000 42,000 122,194 138.262 99,494 95,276 263.688 275,538 Approved by the PCC on 6" April 2025 and signed on its FhaIr by hair J Rogers- Treas The notes on pages 9 - 17 forni part of these accounts.
St Nicholas, Church Warwlck Notes to Financial Statements For the year ended 31st December 2024 I. GENERAL INFORMATION SL Nicholas, Church Warwick is a charity registered in England and Wales with cbarity number 1131835 and its principle place of activity is St Nicholas, Church, St Nichol&s Church StreeL Warwick, CV34 4JD. 2. STATEMENT OF COMPLIANCE The Financial Statements for the single entity St Nicholas, Church Warwick have been prepared in accordance with the Church Regulations 1997 as amended by the Church Accounting Regulations 2006 together with applicable AccountiDg Standards FRS 102 (Charities) (sn)all) and Statement of Recommended Practice for Charities 2011. The charity is a public benefit entity. 3. ACCOUNTING POLICIES Basis of Preparation The Financial Statements have been prepared under the historical cost convention with the exception of fixed asset investments which are stated at market value. The Financial Statements are prepared in sterling, which is the functional curncy of the entity and rounded to the nearest £. Judgements and Key Source8 of Estimgtion Uncertainty In preparing these financial statements the ttustees have had to make judgements, estimates and assumptions that affect the application of policies and rqK)rted amounts of assets, liabilities. income and expenses. Estimates and associated assumptions are b&sed on historic experience and various other factors including expectations of tllre events that are believed to be reasonable under the circumstances. however actual results may differ froni these estin)ates. For this reporting date there are no significant judgements. estimates and assumptions wllich have a significant risk of causing a material adjusttnent to the carrying amounts of assets and liabilities. Funds General funds rqresent the funds of the PCC that are not subject to any restrictions regarding their usc and are available for application to the general purwses of the PCC. Funds designated for a particular PUTpose by the PCC are also unrestricted. The fmartcial statements include all transactions, assets and liabilities for which the PCC is responsible. Incoming Resources Vothnlary incon Collections are recognised when received by or on behalf of the PCC. Planned giving receivable under Gift Aid is recognised onty when received. Income tax recoverable on Gift Aid donations is recognised when receive InconT01 Inves1nnts Interest entitlements are accounted for as they accrne. Resource5 p¢llded Donations Donations are accounted for when receive
St Nlcholas, Church Warwick Notes to Flnancial Statements (continued) For the year ended 31st December 2024 Governmentgrants Gov¢rnm¢nt grants are reco8llis at thc fair value of the asset reccivcd or receivable. Grants a not r¢cogtiised until th¢r¢ is T¢&80nablc assurance that the Charity will comply wtth th¢ wnditions attaching to them and thc grants will be received. Government grants ar¢ recognisl using the a¢crn41 model and the perforniance modcl. Under the a¢¢n model. government grants relatin8 to Tevcnue arc rccognised on & systenwti¢ basis ovcr the periods in which th¢ charity rccognises the relatcd costs for which the grant is intended to compensatc. Gronts that are receivable &8 comp¢nsation for expenses or losses alreY illcurred or for the purpos¢ of giving immediate fmancial support to the entity with no tUre related costs are recognis¢d in in¢om¢ in the period in which it becom<8 r¢¢eivablc. Underthc pcrfornwice modeL whcTC the grant does impose specified fjjture perf0mnce-re1ata conditions on lh¢ recipi( it 1$ rc¢ogDised in income when th¢ grant proceeds are re¢¢ivcd or receivable. Whtte thc grant does impose specified futuff p¢rfonnance-related conditions on the recipienL it is rccogDised in in¢om¢ only when the p¢rfonxwi¢e-rclatd conditions hav¢ be¢tt meL Activities directly relating io Ihe work ofihe ehurch The amounts payable to the Coventy Diocesan Board of Finance (fraining Share and Support Fund) are accounted for when paid. Curr¢nt Assets Ajnounts owing to the PCC at 31 December in respect of granty rent or other income are thown as debtors. Other current assets include short terni dq)osits and fixed term accouDls with Lloyds Bank. Fixed Assets Investsllents are nde up of a bequest which is held in income units in The CBF Church of England Inveslnient Fund. This is valued at market value. Fixtures and fittings are depreciated on a straight line basi5 varying from three to twenty years at rdtes estimated to write each asset off over its useful life. Finan¢ial instruments The charity only has basic financial instruments. Financial Assets Financial assets comprise items such &s cash at baDk and in hand and trade and other debtors. These are initialty Tecorded at cost on the date they originate, the charity considers the evidence of impairn]ent for all individual elements comprising financial assets and any subsequent impairment is recognised in profit and loss. Financial Liabilities Financial liabilities comprise items such as corporation and other taxes, bank and othu loans, aCenlS and trdde and other creditors. These are initially recorded at cost on the date they originate, net of transaction costs where applicable. the charity considers the evidence of the impairment for all individual elements comprising fllknqllcial liabilities and ally subsequent impairment is recognis¢d in profit and loss. 10
st Nicholas, Church Warwick Notes to Financial Statements (continued) For the year ended 31st December 2024 2024 Unrestricted Restricted 2023 Total Total 4. INCOME AM) FfiDOWMENTS FROM: 4(a) Donations and Legacies Planned giving Other donationslfundraising Donations towards new west doors Woodloes Community Cafe donations Myton Green donation Toddler Group incorne Messy churcb donations Income tax recovered- planned giving Collections at services LPWS claims Grants 37.963 6,110 37,963 6,110 37,620 7,866 1.300 1,845 180 461 76 9,038 386 35,190 17,000 1,363 1,363 748 99 9,177 895 12,0(M) 748 9,177 895 12,000 68,355 68,355 110,961 4(b) Charitable Activities Grant from King Henry VllI Endowed Tnt Income from Henry Outreach Pool 53,934 35,031 53.934 35,031 51,894 20.000 88.965 88,965 71,894 4(c) Other trading activities PCC Wedding fees Funeral fees Church bookings 1,878 1,820 6,051 1,878 1,820 6,051 255 1.483 5,084 9,749 9,749 6,822 4{d) Investments Invesljnent income 3,715 1,989 5,704 5,449 TOTAL INCOMING RESOURCES 81,819 90,954 172,773 195,126
St Nicholas, Church Warwlck Notes to Financial Ststements (continued) For the year ended 31st December 2024 2024 Unrestricted Rostricted 2023 Totsl Total 5. EXPENDITURE ON: 5(a) Charitable Activities Contribution to Diocese Supp)rt Fund Contribution to Diocesan Training Share Clergy expenses Church maintenance & nll)ning costs West doors Northside stonework New Boiler Children & Families Worker Children & Families Worker expenses Independent examination costs Music costs Worship expenses Office costs Insurance Children's Ministy Messy Church costs Youth Giveaway Myton Green Outreath Pause ill the Park ECO Church Ministy costs Depreciation 13,913 13,913 16,391 1,244 24,600 2,827 4,961 203,706 73,854 9,440 98 500 4,187 1,546 12,356 7,127 1,559 1,139 516 14,050 16,063 1,431 30,174 16,391 1,244 21,999 2,827 2,602 4,961 50,5(K) 9,440 23,354 98 500 4,187 1.546 11,356 7,127 1,559 500 3,574 1,385 11,647 8,415 688 1,842 408 54 470 1,000 1,139 516 260 260 1.307 I,307 1,751 57 Charitsble Donations from St Ni¢hol45 Myton Hospice Home for Good Bible Society Scripture Union Church Mission Society St Luke's Healthcare for the Clergy National Churches Tnt A Rocha British Polio Fellowship Barnabas Fund W&L Foodbank Hillcrest Water Aid Tbrive Youth Ministries NSPKU Samaritans Toilet TwiDning 353 Tnjst 1,500 1,500 1,250 1,000 1,000 1.000 750 250 150 loo 1,000 750 1250 1,000 1.000 1,000 750 250 150 loo 250 1,250 500 500 500 500 300 300 300 loo 12
St Nicholas, Church Warwick Notes to Financial Statements (continued) For the year ended 31st December 2024 2024 Unrestricted Restricted 2023 Totsl Totsl Charitsble Donations from Woodloes Community Café National Autistic Society Salvation Army Spear MDNA Fellowship Alloat 168 160 160 150 142 129 126 123 113 loo 168 160 160 150 142 129 126 123 113 loo Hearlng Dogs Yellow Wellics The Fluency Trust Ripple Effect SANDS Safeline UK World Land Tnt Parkinsons UK Scoty's Little Soldiers Warks & Solihull Blood Bikes Make a Smile Wa]k the WaIk Dogs for Good Veterdns Contact Point Fisher House UK 275 260 240 187 185 180 140 136 120 120 loo Total Cl]aritable Activities 97,887 88,374 186,262 304,409 5(b) Use of King Henry Vlll grants in 2024 Contribution to Diocesan I'raining Share CV34 Charitable donations Messy Churth Youth Giveaway Pause in the Park ECO church Northside Stonework New boiler For community use of building (energy. cleaning, administration) 16,391 1,500 1,139 516 66 260 4,961 25,500 3,602 53,934 5(c) Use of King Henry VIll Outreach Pool Funding Children & Families Worker New boiler 9,440 25,000 34,440 13
St Nicholas, Church Warwick Notes to Financial Statements (continued) For the year ended 31st December 2024 6. STAFF COSTS AND RELATED PARTY TRAIYSACTIONS The average number of employees was 3 (2023: 2) for the year. The cost of their employment was £21,275 (2023.. £11,530). Social security costs were £752 (2023: £0). No employee was paid more than £60,00. Working expenses were paid to Revd Linda Duckers and Ellie Wellicome. 7. ANALYSIS OF NET ASSETS BY FUND Total Funds 2024 Total Funds 2023 Unrestricted Designated Restricted Funds Funds Funds Fixed assets Cuffent assets Current liabilities 73,206 73,206 61,596 232,892 -35.308 -42,411 71.568 210.833 -6,863 49,102 -7,102 122,194 Fund balance 42,OIM) 122,194 99,494 263,688 275,538 Restricted funds made up of: Lees Bequest £98,903 (£25,697 of this is accumulated dividends} Unspent Ilenry fjjnding £0 Unspent Henry Outreach Pool £591 Fixed assets £0 Designated funds made up of: Mission reserves £20,000 Building reserves £71,194 West doors using legacies and donations £31,000 8. FjED ASSETS COST Fixtures and Fittin Total At 31.12.23 and 31.12.24 6,106 6,106 DEPRECIATION At31.12.23 6,106 6,106 Chorge for year At31.12.23 6,106 6,106 IYET BOOK VALUE At31.12.23 At31.12.24 14
St Nlcholas, Church Warwick Notes to Financial Statements (continued) For the year ended 31st December 2024 9. DEBTORS 2024 2023 Other debtors 40,395 2,804 40,395 2,804 10. CREDITORS: AMOUNTS FALLING DUE WITHI1¥ ONE YEAR 2024 2023 Other creditors 42.411 6.863 42,411 6,863 11. INVESTMENTS 2024 2023 Market Value at l Jan 2024 Net Gainl(Loss) on revaluation 71,568 1,638 65.414 6,154 Market Value at 31 Dec 2024 73,206 71,568 13. RESTRICTED FUNDS Restricted funds comprise the Lees Bequest and income from The King Henry VllI Endowed Trust Fund movements during the year: King Henry King Henry Project Pool Lees BeqUt Totsl Trust Opening Balalle 31112123 95276 95276 Incoming Resources Resources Expended Investment Gain 53.934 -53,934 35,031 -34,440 1,989 -88J74 1,638 1,638 CI05ing Balances 31112124 99,494 591 98.903 The Lees Bequest consists of shares held in The CBF Church of England Inveslment Full the annual income of which can be used for the repair or improvement of the fabric. furniture. fittings or ornaments of St Nicholas, Church at the discretion of the Vicar and Church Wardens. 15
St Nicholas, Church Warwick Notes to Financial Statements (continued) For the year ended 31 st December 2024 13. DESIGNATED FUNDS Opening Balances 31112123 138362 Incoming Resources Resources Expended Transfer beeell fijnds -i)8 Closing Balances 31112124 122,194 Opening Balanc£$ 31112123 42,000 Incoming Resources Resources Expended Transfer between fimds 81,819 -98,161 16,068 Closing Balances 31112124 42,0(M) 15. KING HENRY Vtll ENDOWED TRUST The churth is one of five in Warwick and Budbrooke that is the recipient of annual payments from the ThJsL which was set up in 1545. The amount to be paid to th¢ Church is set out in the TnLgt's Schune, whith is approved by the Charity Commission. All payments are Restricted and Can only be used for the prescribed purpose fix whith they are giv1. The five Anglican churches receive s/0 of the Trust's net distribution this amount is allocated in accordance with the Scheme. From this• panellts are first allocated for the payment of stipends. pensions and housing costs for nominated Clergy within the five parishes. The balance is then allocated to the PCCS and the Warwick and Budbrooke Churthes Community Outreach Pool. The PCC allocation can only be used for fiuthering the religious and other charitable Work ofthe Church of England in the five parishes. The allocation for St Nicholas was £53,934 in 2024. 16
St Nicholas. Church Warwick Notes to Flnanclal Statements (contlnued) For the year ended 31st December 2024 16. PAYMENfs TO THE DIOCESE Payments are made by The Trusi to the Diocese to cover the stipends, pension and housing costs for Linda Duckers and these are recorded in the Diocesao accounts. The payinent to the Diocese from St Nichol&s is in addition to the payment from The Trust and is made up of a contribution to the Support Fund (assisting other parishes in the Diocese) and for Diocesan training costs: 2024 2023 Stipenl pensio NI and housing costs 49,497 46,817 Paid by King Henry VItl Trnst Contribution to the Diocese (frdining Fund) 16,391 16,063 Paid by St Nicholas Contribution to the Diocese (Support Fund and Deanery costs) 13,913 14,050 Paid by St Nicholas Total received by the Diocese 79,801 76,930 17. INDEPENDENT EXAMINERS REMUNERATION 2024 2023 Fees payable to Independent Ex&o)iner for: Independent examination of the fmancial staten]ents 500 500 500 500 18. OPERATING LEASE COMMITMENTS A new photocopier lease started in 2024. The total minimum le&8e payments under tILiS noD-cancellable operntillg lease are &8 follows.. Annual cost £184 £552 £552 £552 £552 £368 £2,761 Amount remaining £2,577 £2,025 £1,473 £920 £368 £0 2024 2025 2026 2027 2028 2029 Total cost 17