Parochial Church Council of Newark St Mary Magdalene with St Leonard: Annual report and financial statements 2022
THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF NEWARK ON TRENT ST MARY MAGDALENE WITH ST LEONARD
Registered Charity number 1131972
ANNUAL REPORT and FINANCIAL STATEMENTS
for the financial year 1 January 2022 - 31 December 2022
page 1
Parochial Church Council of Newark St Mary Magdalene with St Leonard: Annual report and financial statements 2022
| Contents | |
|---|---|
| pages 3 - 5 | Legal and administrative information |
| pages 6 - 8 | Report of the trustees |
| page 9 | Consolidated statement of financial activities |
| page 10 | Consolidated balance sheet |
| pages 11 - 18 | Notes forming part of the financial statements |
| page 19 | Report of the independent examiner |
page 2
Parochial Church Council of Newark St Mary Magdalene with St Leonard: Annual report and financial statements 2022
Bankers
Virgin Money 11 Smithy Row Nottingham NG1 3EJ
CAF Bank Ltd 25 Kings Hill Avenue West Malling Kent ME19 4JQ
NatWest plc 1 Market Place Newark NG24 1DY
CCLA Investment Management Ltd The CBF Church of England Funds One Angel Lane London EC4R 3AB
Independent Examiner
Michelle Allen FCA, CTA Access Accounts Services Ltd Office 11 Navigation Business Centre Mill Gate Newark NG24 4TS
page 3
Parochial Church Council of Newark St Mary Magdalene with St Leonard: Annual report and financial statements 2022
Administrative Information
The parish consists of two churches: Newark St Leonard and Newark St Mary Magdalene, situated in the Deanery of Newark and Southwell, the Archdeaconry of Newark, and the Diocese of Southwell and Nottingham.
The Parochial Church Council (PCC) is a registered charity (1131972) and its members are the charity's trustees. The members are listed on the next page.
The working name as registered with the Charity Commission is Newark Team PCC.
The PCC's name as an employer registered with HMRC is Newark Team Ministry PCC.
The address for correspondence is:
St Mary Magdalene Church Church Walk Newark NG24 1JS email: office@stmnewark.org
page 4
Parochial Church Council of Newark St Mary Magdalene with St Leonard: Annual report and financial statements 2022
The following were PCC members (trustees) from 1 January 2022 through the date (11 May 2023) on which the PCC approved the 2022 report and financial statements.
Ex-officio
Rector of parish Revd Christopher Lion (chairman) Parish churchwardens Jackie Turner (St Leonard) Roy Leary (St Leonard; until 19 February 2022) Tony Roberts (St Mary Magdalene) Andrew Fearn (St Mary Magdalene) Synods Tony Yates (deanery synod) Pam Hall (deanery synod) Peter Searle (deanery synod from 19 May 2022) Elected Members Marilyn Blakeman Anne Coyne Rebekah Davison (until 12 May 2022) June Doubleday (from 19 May 2022) Sue Dutton Angela Hatter James Howlett Kate Koppana (from 19 May 2022 until 28 February 2023) Michael Leggett (from 19 May 2022) Shekaniya Matsiko Pat Mercer (until 19 May 2022) Cheryl Turner *Stephen Turner
Co-opted Member
*Dave Stanley (from 19 May 2022)
- in office at 31 December 2022
page 5
Parochial Church Council of Newark St Mary Magdalene with St Leonard: Annual report and financial statements 2022
Structure, governance and management
The parish of Newark on Trent with St Mary Magdalene with St Leonard evolved by means of four pastoral schemes made between 1980 and 2017. The Parochial Church Council (PCC) is a registered charity and is the body with legal responsibility for the church activities within the parish.
The two churches in the parish should each elect two churchwardens as required by statute. While all four wardens are legally wardens of the whole parish they exercise their functions primarily at the church from whose congregation they were appointed.
The PCC agreed that from 2022 general funds for which it is accountable would be treated as a single unrestricted fund without distinction between the two churches. 2021 comparison figures have been appropriately restated in the PCC's 2022 financial statements.
Aim and purposes
The PCC is responsible for co-operating with the Clergy in promoting in the ecclesiastical parish the whole mission of the Church, spiritual, pastoral, evangelistic, social and ecumenical.
Church buildings within the parish
The two parish churches are set in different and distinct geographical and social environments.
The building at Newark St Mary Magdalene is old and traditional and provides a venue for civic services.
The building used by Newark St Leonard is part of the Bridge Community Centre which is owned by the local authority and run by a management committee on which the St Leonard congregation has substantial representation. The 'church' part of the complex is leased by the local authority to the Diocesan Board of Finance.
The PCC is ultimately responsible for managing the fabric of its buildings (this includes a limited responsibility for costs of repairs to the external fabric of the leased area). Members of both churches are actively engaged in reviewing and implementing repairs and restorations.
page 6
Parochial Church Council of Newark St Mary Magdalene with St Leonard: Annual report and financial statements 2022
Objectives and activities
The PCC provides an office (currently in the vestry at St Mary Magdalene). The PCC continued to employ a parish administrator throughout 2022, as well as appointing a Coffee Bar Manager on a temporary contract through the summer months. In May 2022 the PCC appointed a Children and Families Team Leader (using funding from the Church of England’s Strategic Development Unit). SDU funding also facilitated payment of the costs associated with an intern from Sri Lanka, Kenan Phillips, who joined the team at the end of September. In November 2022, the Head Verger left to pursue another opportunity, and a Temporary Verger was employed pending another permanent appointment.
Churchwardens, clergy and others appointed by the PCC continue to monitor the safety of the premises and the safeguarding of children and vulnerable adults across the different activities that the church is engaged in. With the removal of covid-related restrictions services largely returned to normal in 2022, although still with one or two safety-related measures ongoing.
March 2022 saw the introduction of a new informal service and a change in Sunday morning service times at both St Mary Magdalene and St Leonard. In April St Mary’s began hosting ‘Toddle Together’, a weekly playgroup that includes Christian content and is run in partnership with Assemble Church.
The Community Café continued running at St Mary Magdalene on Monday afternoons, and during the summer months the coffee bar was open to the public on three days a week. Several fairs or similar events were held at St Leonard through the year, along with summer ‘Stay and Play’ sessions. The Christmas Tree Festival was run at St Mary Magdalene as in previous years.
During the year three lay members of the PCC sat on the deanery synod, whose purpose is to provide PCCs with an important link between parishes and the wider structures of the church. Churches Together in Newark is in good health, with ecumenical partnerships occurring in various forms throughout the year.
Achievements and performance
New staff team members have settled in well through the year. Average weekly congregations at St Mary Magdalene increased significantly between October 2021 and October 2022 (by about 35 people a week), with particular growth in the numbers of children and families. Toddle Together has also been very well-attended, with an average of around 75-80 people coming along each week.
Easter and Christmas services have continued to attract more occasional visitors to church, with ‘Messy Easter’, the Community Nativity, and Christingle being particular highlights. The Christmas Tree Festival at St Mary Magdalene again highly successful in terms of both attendance and revenue generated. Similarly, the Easter Extravaganza and Christmas Fair at St Leonard were notable successes.
In November St Mary Magdalene also had the privilege of hosting a unique service to give thanks for the lives of three Polish ex-presidents-in-exile, whose remains were being transferred from Newark cemetery to a new permanent home in Poland. The St Mary Magdalene choir sang at this service, and generally the choir continued to thrive in 2022 and to provide beautiful music to enhance our worship on a weekly basis as well as on special occasions.
page 7
Parochial Church Council of Newark St Mary Magdalene with St Leonard: Annual report and financial statements 2022
The Rector and other members of the staff team have regularly led assemblies in three of the primary schools within the parish, and in September we began regular chaplaincy work in Newark College. In 2023 we plan to run Alpha courses both in the college and in the parish more generally.
As described in the 2021 report the round 1 bid to the National Lottery Heritage Fund (NLHF) for muchneeded restoration work at St Mary Magdalene was successful and work to develop the project began early in 2022. The necessary members of a professional team were recruited and despite significant cost increases (due chiefly to inflation) the project remains on track to submit a round 2 NLHF bid in May 2023 (with building and other delivery work starting in mid-2024 if the bid is successful).
During 2022 the SDU reordering project was brought together with Reawakening under one Project Manager, and it is planned that this work will be done at the same time. In August 2022 the entrance conservatory to the main St Leonard church entrance was replaced.
Investment policy
The short-term investment policy of the PCC is to invest restricted and unrestricted reserves in the CBF Church of England Deposit Fund. Endowment funds are held in the name of the Southwell & Nottingham Diocesan Board of Finance as custodial trustee. Endowment funds are invested primarily (but not exclusively) in the CBF Fixed Interest Securities Fund. This fund aims to maximise the income whilst maintaining the value of the investment. The fund managers’ investment policy meets the ethical standards of the Church of England.
Reserves policy
In respect of St Leonard there is no specific policy as unavoidable expenditure is low.
Given its age and size and listed status the PCC believes it prudent to try to maintain in respect of St Mary Magdalene a cash balance on reserves of £50,000 to cover contingencies.
In respect of the two residential properties owned by the PCC about £40,000 is nominally reserved in general funds to cover planned and emergency maintenance.
Commitment to major projects
Over the period through 2025 the PCC has committed £50,000 from its eligible funds to each of the two major projects described above. This may impact the ability of the PCC to maintain its reserves policy.
page 8
PCC of Newark St Mary Magdalene with St Leonard: Annual Financial Statements 2022
Consolidated Statement of Financial Activities for the year ended 31 December 2022
| Notes Income and Endowments from: Donations and legacies 2 Charitable activities 3 Other trading activities 4 Investments 5 Total incoming resources Expenditure on: Raising funds 6 Charitable activities 7 Other 8 Total resources expended Net incoming resources/(resources expended) before transfers Transfers between funds 17 Net incoming resources/(resources expended) Realised and unrealised gains/(losses) on investment assets 18 Net movement in funds Fund balances 1 January 2022 (2021) Fund balances 31 December 2022 (2021) |
Unrestricted Designated Restricted Endowment Total Funds Funds Funds Funds 2022 £ £ £ £ £ 96,883 117,116 131,545 - 345,544 6,423 - - - 6,423 37,826 - - - 37,826 2,160 - 7,448 - 9,608 143,292 117,116 138,992 - 399,400 10,311 14 1,889 - 12,215 136,078 115,610 167,994 - 419,682 762 - 1,832 - 2,594 147,152 115,624 171,715 - 434,491 (3,860) 1,492 (32,723) - (35,091) (27,930) 27,930 - (31,790) 1,492 (4,793) - (35,091) 48,018 - 11 (98,412) (50,383) 16,227 1,492 (4,782) (98,412) (85,474) 311,246 (1,492) 121,567 397,368 828,689 327,473 - 116,786 298,955 743,215 |
Unrestricted Designated Restricted Endowment Total Funds Funds Funds Funds 2021 £ £ £ £ £ 114,529 - 102,541 - 217,070 7,235 - - - 7,235 35,683 - 100 - 35,783 3,224 - 8,184 - 11,408 |
|---|---|---|
| 160,672 - 110,825 - 271,497 |
||
| 13,698 - 88 - 13,786 85,295 1,492 168,059 - 254,846 821 - - - 821 |
||
| 99,813 1,492 168,147 - 269,453 |
||
| 60,859 (1,492) (57,322) - 2,044 - |
||
| 60,859 (1,492) (57,322) - 2,044 755 (15,832) (15,077) |
||
| 60,859 (1,492) (56,567) (15,832) (13,033) 250,387 - 178,135 413,200 841,722 |
||
| 311,246 (1,492) 121,567 397,368 828,689 |
page 9
PCC of Newark St Mary Magdalene with St Leonard: Annual Financial Statements 2022 Consolidated Balance Sheet as at 31 December 2022
| Notes Fixed assets Tangible assets 11 Investments 12 Current assets Debtors 13 Other current assets Cash at bank and in hand Creditors: amounts falling due after less than one year 14 Net current assets Total assets less current liabilities Creditors: amounts falling due after more than one year 15 Net assets Funds: Unrestricted funds General funds Endowment funds Restricted income funds Total funds |
Unrestricted Designated Restricted Endowment Total Funds Funds Funds Funds 2022 £ £ £ £ £ 195,000 - 17,567 - 212,567 - - 724 298,956 299,680 195,000 - 18,291 298,956 512,247 7,496 44,182 4,738 - 56,415 3,553 - - - 3,553 126,524 (12,152) 123,787 - 238,158 137,573 32,030 128,524 - 298,127 (5,099) (32,030) (29,700) - (66,829) 132,473 - 98,825 - 231,298 327,473 - 117,116 298,956 743,545 - - (330) - (330) 327,473 - 116,786 298,956 743,215 327,473 - 327,473 298,956 298,956 327,473 298,956 626,429 - 116,786 116,786 327,473 - 116,786 298,956 743,215 |
Unrestricted Designated Restricted Endowment Total Funds Funds Funds Funds 2021 £ £ £ £ £ 195,000 - 18,227 - 213,227 6,706 - 713 397,368 404,787 |
|---|---|---|
| 201,706 - 18,940 397,368 618,014 |
||
| 10,839 - 3,225 - 14,064 3,553 - - - 3,553 102,118 (1,492) 106,100 - 206,726 |
||
| 116,510 (1,492) 109,325 - 224,343 (6,971) - (5,931) - (12,902) |
||
| 109,539 (1,492) 103,394 - 211,441 |
||
| 311,246 (1,492) 122,334 397,368 829,455 - - (767) - (767) |
||
| 311,246 (1,492) 121,567 397,368 828,689 |
||
| 311,246 (1,492) 309,754 397,368 397,368 |
||
| 311,246 (1,492) 397,368 707,121 121,567 121,567 |
||
| 311,246 (1,492) 121,567 397,368 828,689 |
These financial statements were approved by the Parochial Church Council on 11 May 2023.
and signed on its behalf by Revd Christopher Lion
(signature)
page 10
Parochial Church Council of Newark St Mary Magdalene with St Leonard: Annual report and financial statements 2022: notes to the accounts
1 Accounting policies
a Basis of preparation
The financial statements have been prepared in accordance with the Church Accounting Regulations 2006 together with applicable accounting standards and the Charities Statement of Recommended Practice (SORP) (FRS102) effective January 2015.
They have been prepared under the historical cost convention, except for the valuation of investment assets, which are included at market value.
Subject to any exceptions noted below, the financial statements include all transactions and assets and liabilities for which the PCC is responsible in law. They do not include the financial statements of church groups that owe their main affiliation to another body (eg Mothers Union), nor of those that are informal gatherings of church members.
b Fund accounting
General funds are unrestricted funds of the PCC that are not subject to any restrictions regarding their use and are available for application to the general purposes of the PCC. Funds designated for a particular purpose by the PCC are also unrestricted.
Restricted funds represent (a) income from trusts or endowments which may be expended only on those restricted objects provided in the terms or bequest or (b) donations or grants received for a specific object or invited by the PCC for a specific object. The funds may only be expended on the specific object for which they were given and any balance remaining unspent at the end of each year must be carried forward as a balance on that fund. The PCC does not usually invest separately for each fund. Where there is no separate investment interest is applied to general funds.
Endowment funds are funds where the capital must be retained. Income arising from investment of the endowment may be used depending on the purpose for which the endowment was established (which may be restricted or unrestricted).
c Incoming resources
All incoming resources are accounted for gross.
Voluntary income and capital sources
Collections are recognised when received by or on behalf of the PCC.
Planned giving receivable, whether under the Gift Aid scheme or not, is recognised when it is received.
Tax recovered on Gift Aid donations is recognised in the same accounting year as the donation is recognised.
Grants are accounted for when paid over.
-
Legacies to the PCC are accounted for when:
-
the PCC is notified of its legal entitlement;
-
the amount due is quantifiable; and
the ultimate receipt by the PCC is reasonably certain.
Funds raised by fetes, garden parties and similar events are accounted for gross.
Sales of books and magazines from a church bookstall are accounted for gross.
page 11
Parochial Church Council of Newark St Mary Magdalene with St Leonard: Annual report and financial statements 2022: notes to the accounts
Income from investments
Dividends are accounted for when due and payable, and interest entitlements are accounted for as they accrue. Tax recoverable on such income is recognised in the same accounting year.
Other income
Rental income is recognised when the rental is due.
Gains and losses on investments
Realised gains or losses are recognised when investments are sold.
Unrealised gains or losses are accounted for on revaluation of investments at 31 December.
d Resources used
Activities directly relating to the work of the Church
The diocesan parish share is accounted for when paid. Any parish share unpaid at 31 December is provided for in these financial statements as an operational (though not a legal) liability and is shown as a creditor in the balance sheet.
e Tangible fixed assets
Consecrated property and movable church furnishings
Consecrated and beneficed property of any kind is excluded from the financial statements by the Charities Act 2011 s10 (2)(a).
Movable church furnishings held by the rector and churchwardens on special trust for the PCC and which require a faculty for disposal are accounted for as inalienable property unless consecrated. They are listed in the church inventory, which can be inspected at any reasonable time on application to the churchwardens.
For inalienable property acquired before 1 January 2006 there is insufficient cost information readily available and therefore such assets are not valued in the financial statements.
Inalienable property acquired since 1 January 2006 is capitalised and depreciated in the financial statements over its current anticipated useful economic life (usually 25 years) on a straight-line basis. All expenditure incurred in the year on consecrated or beneficed buildings, on individual items under £2,000, or on the repair of movable church fittings acquired before 1 January 2006 is written off.
Other fixtures, fittings and office equipment
Equipment used within the church premises is depreciated on a straight-line basis over four years. Individual items with a purchase price of £2,000 or less are written off when the asset is acquired.
f Investments
Investments are stated at market value at the balance sheet date.
g Current assets
Amounts owing to the PCC at 31 December in respect of fees, rents or other income are shown as debtors less the provision for amounts that may prove uncollectable.
Short term deposits include cash held on deposit either with the Central Board of Finance Church of England Funds or at the bank.
page 12
PCC of Newark St Mary Magdalene with St Leonard: Annual Financial Statements 2022 Notes to the accounts
| 2 Income from donations and legacies Gift Aid Donations Income Tax recoverable Planned Giving Non G/A One-off donations G/A One-off donations Non G/A Ordinary collections Wall boxes Votive candles Goodbox Sundry income Grants Magnus Charity Grants Magnus Education Foundation Grants - Other Grants - Listed Places of Worship Grants - National Lottery Heritage Fund Legacies 3 Income from charitable activities Fees 4 Income from other trading activities Coffee bar Books & postcards Hiring out Fund-raising - Other income Christmas Tree Festival - Trees Christmas Tree Festival - Other Income Christmas Tree Festival - Admission etc. Christmas Tree Festival - sponsorship Property Rent Insurance Claims 5 Income from investments Investment income Bank interest Total incoming resources |
Unrestricted Designated Restricted Total Funds Funds Funds 2022 £ £ £ £ 45,940 - 201 46,141 14,043 - 1,678 15,721 5,218 - - 5,218 4,217 - 6,512 10,729 3,986 - 4,860 8,846 5,855 - - 5,855 3,704 - - 3,704 2,267 - - 2,267 2,499 - - 2,499 252 - 50 302 - - 39,410 39,410 - - 42,475 42,475 5,690 11,045 36,358 53,093 3,215 - - 3,215 - 106,071 - 106,071 - - - - 96,883 117,116 131,545 345,544 6,423 - - 6,423 6,423 - - 6,423 8,386 - - 8,386 435 - - 435 2,497 - - 2,497 466 - - 466 2,313 - - 2,313 377 - - 377 8,851 - - 8,851 1,941 - - 1,941 12,560 - - 12,560 - - - - 37,826 - - 37,826 1,531 - 6,947 8,478 629 - 501 1,129 2,160 - 7,448 9,608 143,292 117,116 138,992 399,400 |
Total 2021 £ 41,341 14,028 3,425 8,035 13,322 7,714 2,940 1,504 2,139 1,180 32,289 36,755 30,533 - 6,410 15,456 |
|---|---|---|
| 217,070 | ||
| 7,235 | ||
| 7,235 | ||
| 9,718 396 1,961 - 2,146 - 7,490 2,192 11,880 - |
||
| 35,783 | ||
| 11,268 141 |
||
| 11,408 | ||
| 271,497 |
page 13
PCC of Newark St Mary Magdalene with St Leonard: Annual Financial Statements 2022 Notes to the accounts
| 6 Expenditure on raising funds Coffee bar Advertising Christmas Tree Festival - Trees Christmas Tree Festival - Other expenditure Fundraising expenses Music for Market costs Sundry expenses Property management House repairs House insurance 7 Expenditure on Charitable activities Parish share Clergy expenses (Rector) Clergy expenses (others) Utilities Telephone services Song School Utilities Song school telephone services Insurance Cleaning Grounds Maintenance Maintenance & minor repairs Organ maintenance Water Alarm Systems Sanctuary expenses Music & choir Music - Advertising Robes (purchasing & cleaning) Music - External professionals Chorister pay Chorister social expenditure Sheet music & hymn books Subsidised Chorister tuition Music - In-service Training Scholarship Flowers Equipment Lay training Major repairs (structures) & Equipment Major Development Employment Costs Secular Charities Pastoral - Youth ministry Pastoral - Childrens' ministry Pastoral - Baptism ministry Pastoral - General ministry Pastoral - Wellbeing Café Relief Agencies Depreciation charge External Printing Membership subscriptions Support of Parish Office Office - Stationery & Postage Office - Photocopier Office - Sundry Items |
Unrestricted Designated Restricted Total Funds Funds Funds 2022 £ £ £ £ 1,692 - 1,875 3,567 - - - - 1,906 - - 1,906 866 - - 866 81 - - 81 1,035 - - 1,035 2,125 14 14 2,153 1,591 - - 1,591 378 - - 378 639 - - 639 10,311 14 1,889 12,215 67,680 - - 67,680 687 - - 687 313 - - 313 16,232 - 648 16,880 996 - - 996 1,135 - 1,069 2,204 - - 284 284 - - 22,813 22,813 1,551 - - 1,551 460 - - 460 2,700 - 15,834 18,535 180 - 2,894 3,074 153 - - 153 70 - 4,172 4,242 816 - - 816 - - 728 728 71 - 314 385 - - 67 67 - - 554 554 - - 34 34 - - 483 483 - - 990 990 - - 5,857 5,857 - - 79 79 - - 6,711 6,711 175 - 142 317 - - - - - - 250 250 - - 12,231 12,231 36,999 115,601 - 152,600 1,962 - 90,342 92,304 150 - - 150 - - 561 561 1,437 - 8 1,445 - - - - 326 - 166 492 8 - 104 112 - - - - - - 660 660 483 9 - 492 115 - - 115 - - - - 349 - - 349 383 - - 383 648 - - 648 136,078 115,610 167,994 419,682 |
Total 2021 £ 4,778 619 1,724 625 101 1,340 837 1,426 1,772 565 |
|---|---|---|
| 13,786 | ||
| 60,516 - 16 17,990 852 63 253 23,907 1,943 367 27,850 9,577 127 7,266 1,329 588 231 14 515 626 349 1,315 4,311 - 5,273 209 2,004 - 6,742 - 77,088 361 - 20 - 343 219 180 660 434 150 1,159 - - - |
||
| 254,846 |
page 14
PCC of Newark St Mary Magdalene with St Leonard: Annual Financial Statements 2022 Notes to the accounts
| 8 Other expenditure Professional fees Accountancy Fees Bank charges Total expenditure |
2022 Unrestricted Designated Restricted Total Funds Funds Funds 2022 £ £ £ £ - - 1,832 1,832 339 - - 339 423 - - 423 762 - 1,832 2,594 147,152 115,624 171,715 434,491 |
Total 2021 £ - 387 434 |
|---|---|---|
| 821 | ||
| 269,453 |
9 Trustees' remuneration
No trustee either received or waived any emoluments during the year or during the preceding year.
10 Employment costs
The PCC employed in 2022 a director of music (SMM), an assistant organist (SMM), a verger (SMM),
a coffee bar manager (SMM) and a parish administrator.
The total employment cost during 2022 (including national insurance, pension contributions, and the advertising of jobs) was £92,304. (In 2021 job advertiisements were classified differently and the total comparative figure is £77,707).
page 15
PCC of Newark St Mary Magdalene with St Leonard: Annual Financial Statements 2022 Notes to the accounts
11 Tangible fixed assets
| Cost At 1 January 2022 Additions Disposals At 31 December 2022 Depreciation At 1 January 2022 Charge for the year At 31 December 2022 Net book value At 31 December 2022 At 31 December 2021 |
Freehold land Office and buildings equipment Total £ £ £ 195,000 26,467 221,467 - - - - - - |
|---|---|
| 195,000 26,467 221,467 |
|
| - 8,240 8,240 - 660 660 |
|
| - 8,900 8,900 |
|
| 195,000 17,567 212,567 |
|
| 195,000 18,227 213,227 |
12 Fixed asset investments
| Fixed asset investments | |
|---|---|
| Market value 1 January 2022 Additions Disposals Realised Profit/(Loss) on disposal Unrealised Profit/(Loss) in year Market value 31 December 2022 |
Unrestricted Restricted Endowment Total £ £ £ £ 6,706 713 397,368 404,787 - - 49,796 49,796 (6,149) - (98,371) (104,520) (558) - (12,132) (12,690) - 11 (37,705) (37,694) |
| - 724 298,956 299,680 |
A national savings bank investment of £6,000 (2021 - £6,000) has been included in general funds. If this had been included in Fixed Asset Investments, the total for 2022 would have been £305,680 (2021 - £410,787)
| 13 Debtors Prepayments and accrued income National Lottery Heritage Fund SDF Diocesan Grant Tax recoverable and fees 14 Creditors: amounts falling due within one year Accruals and deferred income Trade creditors Other creditors including tax and NI 15 Creditors: amounts falling due after more than one year Provision for liabilities and charges |
2022 2021 £ £ - 4,118 - - (55) - 44,365 9,946 |
|---|---|
| 44,310 14,064 |
|
| 32,458 4,333 7,080 6,372 1,273 2,197 |
|
| 40,811 12,902 |
|
| 330 767 |
page 16
PCC of Newark St Mary Magdalene with St Leonard: Annual Financial Statements 2022 Notes to the accounts
16 Fund movements
| Fund Category/Name Unrestricted fixed assets Property owned by PCC Unrestricted fixed assets Bechstein grand piano Song School choir stalls Total Unrestricted cash funds General Fund NS&I Bonds Property management Christmas Tree Festival Christmas music CD 2019 Fees for funerals and weddings Music for Market Flowers St Augustine sale Total Cash funds not owned by PCC Magnus scholarship 2021-2022 Magnus scholarship 2021-2023 Total Restricted cash funds Diocesan Grant (SDF) Organist Vergers and other lay staff Fabric (SMM) External floodlighting Roof repairs Chimes and Belfry Hospitality Lay Education Bishop White Library Youth work Music and Choir Organ Ad hoc specific Assistant Clergy Charity Church of England Charity Newark Schools St George Chapel general St George Chapel flowers Fabric (StL) Total |
Balance Balance brought Gains and carried forward Income Expense Transfers (losses) forward £ £ £ £ £ £ 195,000 - - - - 195,000 4,209 - - - - 4,209 14,018 - (660) - - 13,358 |
|---|---|
| 213,227 - (660) - - 212,567 |
|
| 47,058 109,901 (140,508) 37,569 - 54,021 6,000 - - - - 6,000 56,377 12,560 (2,608) - - 66,329 - 13,496 (2,771) (10,725) - - (53) 30 - - - (23) - 5,251 - (5,251) - - - 2,054 (1,105) (949) - - 158 - (158) - - - 56,314 - - (48,575) (7,738) - |
|
| 165,853 143,292 (147,150) (27,930) (7,738) 126,326 |
|
| 1,989 2,434 (4,422) - - - - 7,000 (2,289) - - 4,711 |
|
| 1,989 9,434 (6,711) - - 4,711 |
|
| 411 31,358 (31,192) - - 577 3,906 33,177 (35,702) - - 1,381 920 13,368 (24,800) 10,521 - 9 1,160 17,454 (41,429) 23,687 - 873 349 1,140 (1,489) - - - 17,551 100 - (6,278) - 11,373 6,661 - (190) - - 6,471 104 - (104) - - - 8,266 160 (250) - - 8,176 8,114 - (14) - - 8,100 569 - (569) - - - 19,229 18,429 (11,008) - - 26,650 5,247 226 (674) - - 4,799 - 11,600 (2,502) - - 9,098 63 25 - - - 88 436 - - - - 436 1,660 164 - - - 1,824 56 - - - - 56 3,784 69 - - - 3,853 597 4 - - - 601 21,556 2,283 (14,422) - - 9,416 |
|
| 100,639 129,558 (164,344) 27,930 - 93,783 |
page 17
PCC of Newark St Mary Magdalene with St Leonard: Annual Financial Statements 2022 Notes to the accounts
16 Fund movements (continued)
| Fund/Category name Unrestricted endowment funds SMM Unrestricted Endowments StL Mountney (Welfare) StL Newton StL Adcock Total Restricted endowment funds SMM Fabric trusts SMM Newbald SMM Church Hall Vergers and other lay staff Organist Music and Choir St George Chapel general St George Chapel flowers Lay Education Assistant Clergy Church of England Charity Chancel Repairs Ferrier (StL) Newbald (StL) Total Grant-supported projects NLHF (Reawakening) SDU reordering Total Total Fund Movements |
Balance Balance brought Gains and carried forward Income Expense Transfers (losses) forward £ £ £ £ £ £ 41,169 - - - (5,525) 35,644 420 - - - (62) 358 2,118 - - - (158) 1,961 4,168 - - - (338) 3,830 |
|---|---|
| 47,875 - - - (6,082) 41,793 |
|
| 75,335 - - - (10,111) 65,224 99,632 - - - (13,370) 86,262 853 - - - 11 864 1,837 - - - (247) 1,591 5,817 - - - (781) 5,036 11,236 - - - (1,508) 9,728 2,599 - - - (306) 2,293 164 - - - (22) 142 6,897 - - - (926) 5,972 1,066 - - - (143) 923 6,219 - - - - 6,219 1,543 - - - (84) 1,459 54,189 - - - (4,623) 49,567 33,211 - - - (4,457) 28,754 |
|
| 300,598 - - - (36,564) 264,034 |
|
| (1,000) 106,071 (105,071) - - - (492) 11,045 (10,553) - - - |
|
| (1,492) 117,116 (115,624) - - - |
|
| 828,689 399,400 (434,489) - (50,385) 743,215 |
17 Transfers between funds
The net figure (see the first part of note 16 on the previous page) essentially shows the amount by which the general fund has been used to top up various restricted funds to prevent negative year end balances on those funds (which is not allowed).
18 Realised and unrealised gains/(losses) on investment assets
The St Augustine sale fund was historically and mistakenly recorded as a restricted endowment. In 2022 the value of the fund was realised (net £48,575 after revaluation) and transferred to unrestricted general funds.
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Parochial Church Council of Newark St Mary Magdalene with St Leonard: Annual Financial Statements 2022
Independent examiner’s report to the Trustees of the Parochial Church Council
I report to the trustees on my examination of the accounts of the Parochial Church Council for the year ended 31 December 2022, which are set out on pages 9 to 18
Responsibilities and basis of the 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 Trustee’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 2011 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:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
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.
Signed: Name: Michelle Katie Allen FCA, CTA Chartered Account and Tax Advisor Address: Office 11, Navigation Business Centre Mill Gate Newark Nottinghamshire NG24 4TS Date: 8 May 2023
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