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← The Parochial Church Council Of The Ecclesiastical Parish Of St. Michael, Workington

2024-12-31-accounts

CHARITY REGISTRATION NUMBER: 1131867

Workington St Michael Parochial Church Council Unaudited Financial Statements 31 December 2024

robinson+co Chartered Accountants

Workington St Michael Parochial Church Council

Financial Statements

Year ended 31 December 2024

Page
Trustees' annual report 1
Independent examiner's report to the trustees 7
Statement of financial activities 8
Statement of financial position 9
Notes to the financial statements 10

Workington St Michael Parochial Church Council

Trustees' Annual Report

Year ended 31 December 2024

The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2024.

Reference and administrative details

Registered charity name Workington St Michael Parochial Church Council Charity registration number 1131867 Principal office Workington Parochial Church Council Parish Office St Michael’s Church Falcon Place Workington CA14 2EZ

The trustees in 2024

Chair Mr Eric Martin (Appointed September 2024) The Very Revd Dr Frances Ward (Resigned September 2024) Associate Priest The Revd Dr Peter Powell (Resigned September 2024) Readers Ms Charlotte Lait Ms Rachel Rose Pioneer Minister Mrs Valerie Hallard Wardens Mr Eric Martin Mrs Wendy Kendall Secretary Mrs Julia Sharpe Treasurer Mrs Joanne Braniff Lay Chairperson Mr Eric Martin Deanery Synod Mr Brian Wilkinson (from 2020) Representatives Mrs Julia Sharpe (from 2020) Ms Charlotte Lait (from 2024) Safeguarding Officer Mrs Jan Witty, Mrs Wendy Kendall Electoral Roll Officer Mr Brian Wilkinson Gift Aid Officer Mrs Wendy Kendall

- 1 -

Workington St Michael Parochial Church Council

Trustees' Annual Report

Year ended 31 December 2024

Trustees

To serve until APCM 2025:

Mrs Clare Stilwell Mrs Wendy Kendall Miss Eleanor Wilson

to serve until APCM 2026: Mr Eric Martin Mr Stuart Edger Mrs Julia Sharpe Mr Mark Stilwell Mr Keith Beattie Mrs Helen Tinnion Mr Brian Wilkinson Mrs Sheila Clark Mr Barry Clark to serve until APCM 2027: Joanne Braniff

Committees

The PCC meets approximately eight times a year to oversee the overall direction of mission, vision and strategy, and the work of a number of committees, which meet as required between full meetings of the PCC.

Standing and Finance Committee

This committee meets occasionally as need arises or in emergency as a subcommittee of the PCC, and is comprised of the Priest in Charge, the Lay Chair, the Wardens, the Secretary, the Treasurer and any co-opted members.

Social Committee

This committee plans and co-ordinates social activities of the parish church, to develop and promote good fellowship, to fund raise for the parish and for other social causes.

Stewardship Committee

The Stewardship committee, with the help of the Diocesan support team of Sophie Hodges and John Thompson, who consulted with the PCC in June 2022, and again in July 2023, organised a Generosity Week in October 2023, which was well received and showed small increases in giving. The church currently holds a Generosity Week on an annual basis.

Safeguarding Committee

In 2024 Mrs Jan Witty holds the Safeguarding Officer role for both parishes, with the support of Mrs Wendy Kendall.

Accountants

robinson+co Chartered Accountants Oxford Chambers, New Oxford Street Workington CA14 2LR

- 2 -

Workington St Michael Parochial Church Council

Trustees' Annual Report

Year ended 31 December 2024

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 (1956) lately amended by the Church Representation Rules, 2020. The PCC became an Official Charity registered with the Charity Commission in 2009, Charity Number 1131867.

Recruitment and Appointment of Members

Members of the PCC are either ex officio or elected by the Annual Parochial Church Meeting in accordance with the Church Representation Rules.

Objectives and activities

The PCC's objectives are to provide worship and provide facilities to benefit the environment and the community at large.

Public Benefit

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities, to ensure such activities contribute to the aims and objectives.

Achievements and performance

Church attendance

At the 2024 APCM it was report that there were 218 names on the roll. 66 of those on the roll reside in the parish; 131 reside elsewhere in Workington and 21 are non-resident. A new electoral roll will be drafted for the APCM in 2025.

Attendance on normal Sundays is approximately as follows:-

9:30am at St Michael’s 30-40 Common Worship (Sung) with Sunday School 11 am at St John’s 30-40 Common Worship (Sung) with Sunday School

The midweek Eucharist on Tuesday at 11 am is followed by refreshments with approximately 12-20 communicants. (CW, said) Thursday (now monthly on 3[rd] Thursday) at 6:30pm 10-12 Common Worship (Said)

During 2024: Baptisms in Church: 29 Funerals in Church: 39 Weddings in Church: 2

- 3 -

Workington St Michael Parochial Church Council

Trustees' Annual Report (continued)

Year ended 31 December 2024

Review of the year - Chair's Report

In 2024 spirits remain high at St Michael’s, with many new initiatives fulfilling the four goals of growing younger, growing greener, growing outwards and growing closer to God. The retirement of the Rector and Priest in Charge in September 2024 has put the parish into an interregnum. Weekly services are taken by different clergy.

The conference facilities and office continue to be administrated by a team of volunteers, headed by the Church Warden, Mrs Wendy Kendall.

The two parishes of St Michael’s and St John’s are developing in their status of a united Benefice, which came into being on 1 January 2024, with the re-instatement of the ancient post of Rector of Workington.

In September 2024 the Rector, the Very Revd Dr Frances Ward, and the associate priest, The Revd Dr Peter Powell, retired from their posts.

Growing Closer to God:

o 9.30 at St Michael’s Parish Eucharist

Growing Greener:

Growing Younger:

Both churches continue to hold Sunday Schools every Sunday. The Youth Group at St. Michaels continues to meet on Thursday evenings, and the Messy Michaels session happens in church on the first Sunday in the month.

Growing outwards in the Town:

Civic services continue to be held in St. Michaels.

These things are important to both PCCs:

- 4 -

Workington St Michael Parochial Church Council

Trustees' Annual Report (continued)

Year ended 31 December 2024

The United Benefice has the following Governance:

Ministry and Worship: see above for change to the pattern of worship, as St Michael’s and St John’s parishes work more closely together. Online worship was made possible by Mr Mark Stilwell. The organist role is shared by Mr Mark Hazzard, Mr Alan Jackson, Mr Mark Stilwell and Mr Christopher Lamb.

There were joint services held with both churches, through Holy Week and Easter, at Ascension, at Remembrance Sunday in November, and over Christmas.

Vocations and training: a focus continues on lay education and encouraging a sense of vocation to licensed lay ministry, ordination and volunteering, particularly after Charlotte Lait and Rachel Rose’s licensing in November 2023, who preached increasingly often through the year.

PCC members have taken over pastoral roles, visiting parishioners on a regular basis, including monthly provision of home communion for those in need, and facilitating funerals as required in church.

Building and Maintenance : The PCC continues to be grateful to Eric Martin, in particular, for his commitment to ensure our facilities continues to be well maintained for use by the congregation and organisations throughout our community.

Throughout 2024 the Social committee , chaired by Mrs Clare Stilwell, continued to meet to plan a calendar of events and the Youth Group continued to provide some events.

The Sunday School under the leadership of Mrs Wendy Kendall, continues in good heart, for which the PCC was grateful. The Tots Group and Youth Group continues to thrive and grow, with the tots group full and with a waiting list, and the youth group increasing with approximately 12 members. Thanks to Mrs Clare Stilwell and Miss Ellie Wilson and their teams for their continued commitment, time and effort.

Planning for a secure financial future

In July the Parish Offer for 2024 was pledged at £39,500.

- 5 -

Workington St Michael Parochial Church Council

Trustees' Annual Report (continued)

Year ended 31 December 2024

The Reserves Policy:

Supported by advice from Robinsons & Co, the PCC agreed in November 2023 to consolidate its reserves and funds into three main CCLA interest generating accounts:

  1. Fabric (Restricted)

  2. Mission (Designated)

  3. General

With continuing accounts:

  1. a CCLA account that holds the (restricted to fabric) endowments of Jackson and Bowes, now to include also another endowment fund (restricted to fabric)

and other separate endowments that will remain with their own accounts:

  1. MA & N Howarth (unrestricted) endowment

  2. Shaw (unrestricted) endowment

The Fabric CCLA (Restricted) account (no. 1 above) to consolidate

GE Jones; W Jackson; Cowan; Murphy; CBF Church a/c. Into this account would go the interest from account (4) comprising the endowments of Jackson and Bowes (restricted to fabric).

The Mission CCLA (Designated) account (no. 2 above) to consolidate

A Hogarth; GE Jones; Misc. Into this account would go the interest from endowment accounts 5 and 6 above (MA & N Howarth and Shaw).

Shares are also held in the names of MA & N Howarth and Shaw. The dividends from these shares would go into the Mission Account.

The General CCLA Unrestricted Account will hold funds to generate interest, to support the current account as required.

Principal funding sources

Aside from the income generated by the church hall and conference centre lettings, the principal funding is voluntary income through planned giving, service collections and general donations.

Risk Management

During 2024, the members have continued to be mindful of the major strategic, business and operational risks which the PCC faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks. The trustees annual report was approved at the APCM on Sunday 18[th] May 2025 and signed on behalf of the board of trustees by:

Mr Eric Martin

Church Warden, Lay Chair of the PCC.

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Workington St Michael Parochial Church Council

Independent Examiner's Report to the Trustees of Workington St Michael Parochial Church Council

Year ended 31 December 2024

I report to the trustees on my examination of the financial statements of Workington St Michael Parochial Church Council ('the charity') for the year ended 31 December 2024.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity's financial statements 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 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:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the financial statements do not accord with those records; or

  3. the financial statements 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.

Darren Mewse FCA Independent Examiner

robinson+co Chartered Accountants Oxford Chambers, New Oxford Street Workington CA14 2LR

18 May 2025

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Workington St Michael Parochial Church Council

Statement of Financial Activities

Year ended 31 December 2024

2024 2024 2023
Unrestricted Restricted Endowment
funds funds funds Total funds Total funds
Note £ £ £ £ £
Income and endowments
Donations and legacies 4 38,730 – – 38,730 40,364
Charitable activities 5 8,920 – – 8,920 8,815
Other trading activities 6 35,735 – – 35,735 41,338
Investment income 7 17,045 4,527 – 21,572 16,543
-------------------------------- ----------------------- -------------- -------------------------------- --------------------------------
Total income 100,430 4,527 – 104,957 107,060
================================ ======================= ============== ================================ ================================
Expenditure
Expenditure on
charitable activities 8,9 (100,346) (14,965) – (115,311) (113,934)
-------------------------------- ---------------------------- -------------- -------------------------------- --------------------------------
Total expenditure (100,346) (14,965) – (115,311) (113,934)
================================ ============================ ============== ================================ ================================
Net gains on
investments 10 – – 1,650 1,650 6,200
-------------------------------- ---------------------------- ----------------------- -------------------------------- --------------------------------
Net expenditure 84 (10,438) 1,650 (8,704) (674)
================================ ============================ ======================= ================================ ================================
Net movement in funds 84 (10,438) 1,650 (8,704) (674)
Reconciliation of funds
Total funds brought forward 304,275 50,191 152,010 506,476 507,150
-------------------------------- ---------------------------- -------------------------------- -------------------------------- --------------------------------
Total funds carried forward 304,359 39,753 153,660 497,772 506,476
================================ ============================ ================================ ================================ ================================

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 10 to 23 form part of these financial statements.

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Workington St Michael Parochial Church Council

Statement of Financial Position

31 December 2024

2024 2023
Note £ £
Fixed assets
Tangible fixed assets 14 36,409 35,913
Fixed asset investments 15 73,755 72,105
-------------------------------- --------------------------------
110,164 108,018
Current assets
Debtors 16 14,429 22,156
Short term deposits 17 364,014 353,460
Cash at bank and in hand 23,976 30,507
-------------------------------- --------------------------------
402,419 406,123
Creditors: amounts falling due within one year 18 (14,811) (7,665)
-------------------------------- --------------------------------
Net current assets 387,608 398,458
-------------------------------- --------------------------------
Total assets less current liabilities 497,772 506,476
-------------------------------- --------------------------------
Net assets 497,772 506,476
================================ ================================
Funds of the charity
Endowment funds:
Permanent endowment funds 146,274 144,624
Expendable endowment funds 7,386 7,386
Restricted funds 39,753 50,191
Unrestricted funds 304,359 304,275
-------------------------------- --------------------------------
Total charity funds 21 497,772 506,476
================================ ================================

These financial statements were approved by the board of trustees and authorised for issue on 18 May 2025, and are signed on behalf of the board by:

Mr Eric Martin Church Warden, Lay Chair of the PCC.

The notes on pages 10 to 23 form part of these financial statements.

- 9 -

Workington St Michael Parochial Church Council

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is Workington Parochial Church Council, Parish Office, St Michael's Church, Falcon Place, Workington, CA14 2EZ.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.

The financial statements have been produced to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view'. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Disclosure exemptions

The charity has taken advantage of the exemption in FRS 102 Update Bulletin 1 from the requirement to produce a cashflow statement because it is a small charity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

- 10 -

Workington St Michael Parochial Church Council

Notes to the Financial Statements (continued)

Year ended 31 December 2024

3. Accounting policies (continued)

Judgements and key sources of estimation uncertainty (continued)

Significant judgements

The judgements (apart from those involving estimations) that the members have made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

Investment valuations

Investments held by the PCC are listed and therefore are independently valued at market value.

Impairment of tangible fixed assets

The PCC is required to review fixed assets for impairment. The members make judgments about the condition of assets and review their estimated lives. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

The useful economic life of each category of fixed asset is assessed when acquired by the PCC. A degree of estimation is occasionally used in assessing the useful economic life of assets.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Restricted funds are subjected to restrictions on their expenditure declared by the donor through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds

Incoming resources

All income is included in the statement of financial activities when entitlement has passed to the charity, it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

- 11 -

Workington St Michael Parochial Church Council

Notes to the Financial Statements (continued)

Year ended 31 December 2024

3. Accounting policies (continued)

Incoming resources (continued)

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

The diocesan quota or parish share is accounted for when payable. Any quota unpaid at 31 December is not provided for in these accounts as it is an operational (though not a legal) liability.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Consecrated and beneficed property is excluded from the accounts by s.10(2)(a) of the Charities Act 2011.

No value is placed on movable church furnishings held by the churchwardens on special trust for the PCC and which require a faculty for disposal since the PCC considers this to be inalienable property. All expenditure incurred during the year on consecrated or benefice buildings and movable church furnishings, whether maintenance or improvement, is written off as expenditure in the SOFA and separately disclosed.

- 12 -

Workington St Michael Parochial Church Council

Notes to the Financial Statements (continued)

Year ended 31 December 2024

3. Accounting policies (continued)

Depreciation

Individual items of equipment with a purchase price of £1,000 or less are written off when the asset is acquired.

Freehold property - 2% straight line Fixtures and fittings - 25% straight line

Investments

Investments held as fixed assets are revalued at mid-market value at the balance sheet date and the gain or loss taken to the statement of financial activities.

Current asset investments are at the lower of cost and net realisable value.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for fixed asset investments which are measured at fair value.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.

- 13 -

Workington St Michael Parochial Church Council

Notes to the Financial Statements (continued)

Year ended 31 December 2024

4. Donations and legacies

Unrestricted Total Funds Unrestricted Total Funds
Funds 2024 Funds 2023
£ £ £ £
Donations
Collections at all services 6,167 6,167 6,626 6,626
Planned giving 25,730 25,730 26,407 26,407
Taxes recoverable (626)
(626)		 – –
Sundry donations 7,459 7,459 5,201 5,201
Grants
Grants receivable type 15 – – 2,130 2,130
---------------------------- ---------------------------- ---------------------------- ----------------------------
38,730 38,730 40,364 40,364
============================ ============================ ============================ ============================
Charitable activities
Unrestricted Total Funds Unrestricted Total Funds
Funds 2024 Funds 2023
£ £ £ £
Fees 8,580 8,580 8,185 8,185
Magazine donations and advertising 340 340 630 630
----------------------- ----------------------- ----------------------- -----------------------
8,920 8,920 8,815 8,815
======================= ======================= ======================= =======================
Other trading activities
Unrestricted Total Funds Unrestricted Total Funds
Funds 2024 Funds 2023
£ £ £ £
Shop income 1,011 1,011 1,802 1,802
Church hall lettings 25,985 25,985 28,510 28,510
Catering and refreshments income – – 508 508
Fetes, bazaars and other fund raising 7,674 7,674 9,665 9,665
Sundry income 1,065 1,065 853 853
---------------------------- ---------------------------- ---------------------------- ----------------------------
35,735 35,735 41,338 41,338
============================ ============================ ============================ ============================

5. Charitable activities

6. Other trading activities

- 14 -

Workington St Michael Parochial Church Council

Notes to the Financial Statements (continued)

Year ended 31 December 2024

7. Investment income

Unrestricted Restricted Total Funds
Funds Funds 2024
£ £ £
Dividend income 2,863 – 2,863
Bank interest receivable 14,182 4,527 18,708
---------------------------- ----------------------- ----------------------------
17,045 4,527 21,571
============================ ======================= ============================
Unrestricted Restricted Total Funds
Funds Funds 2023
£ £ £
Dividend income 1,971 – 1,971
Bank interest receivable 10,823 3,749 14,572
---------------------------- ----------------------- ----------------------------
12,794 3,749 16,543
============================ ======================= ============================

- 15 -

Workington St Michael Parochial Church Council

Notes to the Financial Statements (continued)

Year ended 31 December 2024

8. Expenditure on charitable activities by fund type

Unrestricted Restricted Total Funds
Funds Funds 2024
£ £ £
Catering supplies 87 – 87
Wages and salaries – – –
Organist’s expenses 470 – 470
Ministry – parish offer 39,500 – 39,500
Ministry – clergy expenses 416 – 416
Insurance 8,748 – 8,748
Church running expenses 12,765 – 12,765
Church repairs and maintenance 12,243 14,965 27,208
Church hall running costs 5,866 – 5,866
Diocese fees 3,329 – 3,329
Sundry expenses 6,601 – 6,601
Depreciation of tangible fixed assets 3,344 – 3,344
Missionary and charitable giving 815 – 815
Accountancy charges 2,545 – 2,545
Legal and professional fees 816 – 816
Bank interest – – –
Telephone and internet charges 1,373 – 1,373
Printing and stationery 1,428 – 1,428
----------------------- ------------------------------ -----------------------
100,346 14,965 115,311
================================ ============================== ================================
Unrestricted Restricted Total Funds
Funds Funds 2023
£ £ £
Catering supplies 270 – 270
Wages and salaries 12,969 – 12,969
Organist’s expenses 225 – 225
Ministry – parish offer 38,000 – 38,000
Ministry – clergy expenses 414 – 414
Insurance 7,858 – 7,858
Church running expenses 12,733 – 12,733
Church repairs and maintenance 2,799 13,762 16,561
Church hall running costs 1,924 – 1,924
Diocese fees 3,090 – 3,090
Sundry expenses 7,769 – 7,769
Depreciation of tangible fixed assets 2,386 – 2,386
Missionary and charitable giving 100 – 100
Accountancy charges 2,355 – 2,355
Legal and professional fees 1,194 – 1,194
Bank interest – – –
Telephone and internet charges 1,523 – 1,523
Printing and stationery 4,563 – 4,563
----------------------- ------------------------------ -----------------------
100,172 13,762 113,934
================================ ============================== ================================

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Workington St Michael Parochial Church Council

Notes to the Financial Statements (continued)

Year ended 31 December 2024

9. Expenditure on charitable activities by activity type

Activities
undertaken Total funds Total fund
directly 2024 2023
£ £ £
Church activities 115,310 115,310 113,934
================================ ================================ ================================
Net gains on investments
Endowment Total Funds Endowment Total Funds
Funds 2024 Funds 2023
£ £ £ £
Gains/(losses) on listed investments 1,650 1,650 6,200 6,200
======================= ======================= ======================= =======================
Net expenditure
Net expenditure is stated after charging/(crediting):
2024 2023
£ £
Depreciation of tangible fixed assets 3,344 2,386
======================= =======================

10. Net gains on investments

11. Net expenditure

- 17 -

Workington St Michael Parochial Church Council

Notes to the Financial Statements (continued)

Year ended 31 December 2024

12. Independent examination fees

2024 2023 £ £ Fees payable to the independent examiner for: Independent examination of the financial statements 2,545 2,355

13. Trustee remuneration and expenses

During the current and previous year no trustee received remuneration from the PCC.

14. Tangible fixed assets

Freehold Fixtures and
property fittings Total
£ £ £
Cost
At 1 January 2024 75,000 24,917 99,917
Additions – 3,840 3,840
---------------------------- ---------------------------- --------------------------------
At 31 December 2024 75,000 28,757 103,757
============================ ============================ ================================
Depreciation
At 1 January 2024 40,500 23,504 64,004
Charge for the year 1,500 1,844 3,344
---------------------------- ---------------------------- --------------------------------
At 31 December 2024 42,000 25,348 67,348
============================ ============================ ================================
Carrying amount
At 31 December 2024 33,000 3,409 36,409
============================ ============================ ================================
At 31 December 2023 34,500 1,413 35,913
============================ ============================ ================================

15. Fixed asset investments

Listed
investments
£
Valuation
At 1 January 2024 72,105
Additions –
Fair value movements 1,650
----------------------------
At 31 December 2024 73,755
============================
Carrying amount
At 31 December 2024 73,755
============================
At 31 December 2023 72,105
============================

All investments shown above are held at valuation.

- 18 -

Workington St Michael Parochial Church Council

Notes to the Financial Statements (continued)

Year ended 31 December 2024

15. Fixed asset investments (continued)

Financial assets held at fair value

The historical cost of fixed asset investments at 31 December 2024 was £36,500 (2023: £36,500).

All fixed asset investments are held within the United Kingdom.

The above investments consisted of 3,189.75 income shares in the CBF Church of England Investment Fund. The share valuation at 31 December 2024 was £2,312.27p per share (2023 - £2,260.53p).

16. Debtors

2024 2023
£ £
Trade debtors 3,772 1,421
Prepayments and accrued income 4,623 3,552
Other debtors 6,034 17,183
---------------------------- ----------------------------
14,429 22,156
============================ ============================
Short term deposits
2024 2023
£ £
Short-term deposits brought forward 353,460 359,958
Short-term deposits additions 20,554 13,502
Short-term deposits disposals (10,000) (20,000)
-------------------------------- --------------------------------
364,014 353,460
================================ ================================

17. Short term deposits

Short-term deposits comprise short-term deposits in the CBF Church of England Deposit Fund or at the bank.

18. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 11,757 4,839
Accruals and deferred income 3,054 2,826
---------------------------- -----------------------
14,811 7,665
============================ =======================

19. Pensions and other post retirement benefits

Defined contribution plans

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £Nil (2023: £276).

- 19 -

Workington St Michael Parochial Church Council

Notes to the Financial Statements (continued)

Year ended 31 December 2024

20. Analysis of charitable funds

Unrestricted funds

At Gains and At 31 Dec
1 Jan 2024 Income Expenditure Transfers losses 2024
£ £ £ £ £ £
General funds 270,092 98,717 (100,346) – – 268,463
Designated
mission fund 34,183 1,713 – – – 35,896
-------------------------------- -------------------------------- -------------------------------- -------------- -------------- --------------------------------
304,275 100,430 (100,346) – – 304,359
================================ ================================ ================================ ============== ============== ================================
At Gains and At 31 Dec
1 Jan 2023 Income Expenditure Transfers losses 2023
£ £ £ £ £ £
General funds 267,296 102,397 (100,172) 572 – 270,092
A Hogarth fund 1,000 – – (1,000) – –
G E Jones fund 28,541 914 – (29,456) – –
Designated
mission fund – – – 34,183 – 34,183
-------------------------------- -------------------------------- -------------------------------- ---------------------------- -------------- --------------------------------
296,837 103,311 (100,172) 4,299 – 304,275
================================ ================================ ================================ ============================ ============== ================================

General funds represent the funds of the PCC that are not subject to any restrictions regarding their use and are available for application on the general purposes of the PCC. Funds designated for a particular purpose by the PCC are also unrestricted.

The PCC agreed in November 2023 to consolidate its reserves and funds which has resulted in various transfers in the year as summarised below:

Transferred into General unrestricted funds from restricted funds was £572 which comprised of some small historic restricted fund balances (VS Bowes £55, TW Jackson £468 and Youth group/parish outings £49) in 2023.

The A Hogarth Fund of £1,000 and G E Jones Fund of £29,456 were transferred into the designated mission fund, along with £3,727 transferred from ‘Miscellaneous’ restricted funds in 2023.

Restricted funds

- 20 -

Workington St Michael Parochial Church Council

Notes to the Financial Statements (continued)

Year ended 31 December 2024

At Gains and At 31 Dec
1 Jan 2024 Income Expenditure Transfers losses 2024
£ £ £ £ £ £
Fabric fund 50,191 4,527
(14,965)		 – – 39,753
---------------------------- ----------------------- ---------------------------- -------------- -------------- ----------------------------
50,191 4,527
(14,965)		 – – 39,753
============================ ======================= ============================ ============== ============== ============================
At Gains and At 31 Dec
1 Jan 2023 Income Expenditure Transfers losses 2023
£ £ £ £ £ £
Miscellaneous
Restricted Funds 33,622 1,065
–		 (34,687) – –
Fabric fund 30,881 2,684
(13,762)		 30,388 – 50,191
---------------------------- ----------------------- ---------------------------- ---------------------------- ----------------------- ----------------------------
64,503 3,749
(13,762)		 (4,299) – 50,191
============================ ======================= ============================ ============================ ======================= ============================

Restricted funds are those funds which must be spent on restricted purposes in accordance with the donors' wishes.

The fabric fund represents monies raised for the maintenance and upkeep of the Church building.

The PCC agreed in November 2023 to consolidate its reserves and funds which has resulted in various transfers in the year as summarised below:

Miscellaneous restricted funds was largely made up of different donations received in the past for the maintenance of the Church building such as the John Clark Slee maintenance fund (£11,090) G E Jones (£2,061) TW Jackson (£4,230), Cowan (£8,051) and Murphy (£4,669) as well as a small balance held in a CBF Church Hall account. These have all been transferred into the Fabric Fund. The remaining £4,299 previously held in miscellaneous restricted funds has been transferred into unrestricted funds as disclosed above in 2023.

- 21 -

Workington St Michael Parochial Church Council

Notes to the Financial Statements (continued)

Year ended 31 December 2024

20. Analysis of charitable funds (continued)

Endowment funds

At Gains and At 31 Dec
1 Jan 2024 Income Expenditure Transfers losses 2024
£ £ £ £ £ £
Elsie Shaw
Bequest 78,530 –
–		 – 904 79,434
MA & N Hogarth 66,094 –
–		 – 746 66,840
Miss V S Bowes 447 –
–		 – – 447
Revd. T W
Jackson 6,939 –
–		 – – 6,939
-------------------------------- -------------- -------------- -------------- ----------------------- --------------------------------
152,010 –
–		 – 1,650 153,660
================================ ============== ============== ============== ======================= ================================
At Gains and At 31 Dec
1 Jan 2023 Income Expenditure Transfers losses 2023
£ £ £ £ £ £
Elsie Shaw
Bequest 75,132 –
–		 – 3,398 78,530
MA & N Hogarth 63,292 –
–		 – 2,802 66,094
Miss V S Bowes 447 –
–		 – – 447
Revd. T W
Jackson 6,939 –
–		 – – 6,939
-------------------------------- -------------- -------------- -------------- ----------------------- --------------------------------
145,810 –
–		 – 6,200 152,010
================================ ============== ============== ============== ======================= ================================

The V S Bowes fund is restricted to use for the parish hall.

The T W Jackson fund is restricted to use for the church fabric.

The Elsie Shaw bequest and the MA & N Hogarth permanent fund are permanent endowments but the income can be used for general church purposes and is therefore unrestricted.

- 22 -

21. Analysis of net assets between funds

Unrestricted Restricted Endowment Total Funds
Funds Funds Funds 2024
£ £ £ £
Tangible fixed assets 36,409 – – 36,409
Investments – – 73,756 73,756
Current assets 282,761 39,753 79,904 402,418
Creditors less than 1 year (14,811) – – (14,811)
-------------------------------- ---------------------------- -------------------------------- --------------------------------
Net assets 304,359 39,753 153,660 497,772
================================ ============================ ================================ ================================
Unrestricted Restricted Endowment Total Funds
Funds Funds Funds 2023
£ £ £ £
Tangible fixed assets 35,913 – – 35,913
Investments – – 72,105 72,105
Current assets 276,027 50,191 79,905 406,123
Creditors less than 1 year (7,665) – – (7,665)
-------------------------------- ---------------------------- -------------------------------- --------------------------------
Net assets 304,275 50,191 152,010 506,476
================================ ============================ ================================ ================================

22. Related parties

The charity received donations in the year from trustees of £9,800 (2023 - £9,183).