2023-12-31-accounts

Parochial Church Council of Newark St Mary Magdalene with St Leonard: Annual report and financial statements 2023

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 2023 - 31 December 2023

page 1

Parochial Church Council of Newark St Mary Magdalene with St Leonard: Annual report and financial statements 2023

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 2023

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 2023

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: [e-mail]

page 4

Parochial Church Council of Newark St Mary Magdalene with St Leonard: Annual report and financial statements 2023

The following were PCC members (trustees) from 1 January 2023 through the date (9 May 2024) on which the PCC approved the 2023 report and financial statements.

Ex-officio members

Rector of parish Revd Christopher Lion (chairman) Curate Revd Danny Marshall (from 1 July 2023) Parish churchwardens Jackie Turner (St Leonard) vacancy (St Leonard) Tony Roberts (St Mary Magdalene) Andrew Fearn (St Mary Magdalene) Synods Tony Yates (deanery synod) Pam Hall (deanery synod) Peter Searle (deanery synod) Elected Members Marilyn Blakeman (until 18 May 2023) Anne Coyne June Doubleday Sue Dutton Angela Hatter James Howlett Kate Koppana (until 28 February 2023) Michael Leggett Shekaniya Matsiko Claire Maydew (from 18 May 2023) Cheryl Turner *Stephen Turner

Co-opted Members Dave Stanley (until 18 May 2023) *Andy Hughes (from 14 September 2023)

• in office at 31 December 2023

page 5

Parochial Church Council of Newark St Mary Magdalene with St Leonard: Annual report and financial statements 2023

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 on behalf of 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.

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.

Objectives and activities

Office and Staffing

The PCC continues to provide a parish office (currently in the vestry at St Mary Magdalene). Throughout 2023, the PCC continued to employ a Parish Administrator and a Director of Music. The Assistant Organist retired in August was replaced. In February, a new Verger was appointed. (These are all permanent positions.)

In January the PCC appointed a Contemporary Worship and Youth Team Leader for an initial term of two years, and from April through October a Coffee Bar Manager was engaged on a temporary contract. From May the Children & Families Team Leader was on maternity leave and a temporary maternity cover appointment was made.

In July an Assistant Curate (not a PCC employee) joined the parish team and this is of significant benefit to the work of the PCC. Additionally, two interns were engaged for a year from September.

page 6

Parochial Church Council of Newark St Mary Magdalene with St Leonard: Annual report and financial statements 2023

Safeguarding & Activities

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.

Weekly worship continues to be foundational to the life of the parish, and 2023 saw some changes in Sunday service times. The ‘Toddle Together’ playgroup continued throughout the year, albeit on a different day (Monday) from previously. During the year both regular ‘home groups’ and weekly youth gatherings became new features of church life, along with weekly Wednesday morning prayer meetings. The parish also ran a number of ‘Alpha’ courses.

The Community Café continued running at St Mary Magdalene on Monday afternoons, and during the warmer part of the year the coffee bar was open to the public on three days a week. Several fairs or similar events were held at St Leonard, as well as summer ‘Stay and Play’ sessions. A Christmas Tree Festival was organised at St Mary Magdalene as in previous years.

St Mary Magdalene also hosted many other events: various school services, concerts (including the summer ‘Music for Market’ series), festival events, civic services, a hugely popular ‘light and sound’ installation, and a coronation dinner.

Ecclesiastical Connections

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 continues to be in good health, with ecumenical partnerships continuing in various forms throughout the year.

Achievements and performance

New staff team members have settled in well. Average weekly congregations increased significantly during the year, reaching 194 attendees in October 2023, compared with 157 for the corresponding period in 2022. Growth in attendance was particularly strong at Sunday morning services at St Mary Magdalene (and notably attendance by under 18s). The choir continued to grow in numbers and in musical excellence, and several band members were recruited to assist in leading sung worship at the informal Sunday morning service.

Toddle Together continues to be very well-attended and to form an important route for participants into the wider life of the church. A number of individuals came to faith during the year, often through Alpha, and several were baptised.

Easter and Christmas services continue to attract significant numbers of occasional worshippers to church, with the Community Nativity and Christingle being particular highlights - around 1,100 people attended these two services at St Mary Magdalene. The Christmas Tree Festival was the largest yet, and was once more highly successful in terms of both attendance and of revenue generated. Similarly, several of the social events at St Leonard were notable successes.

page 7

Parochial Church Council of Newark St Mary Magdalene with St Leonard: Annual report and financial statements 2023

The Rector and other members of the staff team have regularly led assemblies in three of the primary schools within the parish, and the team continued to offer regular chaplaincy services in Newark College. Links with the Magnus Academy developed significantly through the year, with the parish team involved in the leading and running of ‘Hope’ after-school church and regularly leading acts of worship, including a whole-school Easter communion service.

The ’Reawakening’ project made significant progress and the project board was delighted to receive confirmation, late in the year, that the National Lottery Heritage Fund (NLHF) grant application for the delivery stage of the project had been successful. Significant extra NLHF and Historic England funding was obtained with respect to ‘emergency works’, bringing the total funds raised in connection with the building projects to over £4.5m. Planning work continues, not least in support of obtaining various permissions, with construction due to start in autumn 2024.

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 2023

Consolidated Statement of Financial Activities for the year ended 31 December 2023

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 Net incoming resources/(resources expended) Realised and unrealised gains/(losses) on investment assets Net movement in funds Fund balances 1 January 2023 (2022) Fund balances 31 December 2023 (2022)	Unrestricted Designated Restricted Endowment Total Funds Funds Funds Funds 2023 £ £ £ £ £ 119,569 91,735 151,883 - 363,187 7,502 - (210) - 7,292 49,934 - 1,929 - 51,862 7,530 - 8,264 - 15,794 184,534 91,735 161,866 - 438,135 18,454 330 1,643 - 20,426 162,706 91,405 189,768 - 443,880 789 - 480 - 1,269 181,948 91,735 191,891 - 465,575 2,586 - (30,025) - (27,439) - (724) 724 - 2,586 - (30,749) 724 (27,439) - - - 18,134 18,134 2,586 - (30,749) 18,858 (9,306) 327,473 - 116,786 298,955 743,215 330,059 - 86,036 317,813 733,909 2023	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 2022
		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

page 9

PCC of Newark St Mary Magdalene with St Leonard: Annual Financial Statements 2023 Consolidated Balance Sheet as at 31 December 2023

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 2023 £ £ £ £ £ 195,000 - 16,907 - 211,907 - - - 317,813 317,813 195,000 - 16,907 317,813 529,721 9,709 1,800 23,406 - 34,915 3,433 - - - 3,433 127,108 215,915 48,454 - 391,478 140,251 217,715 71,860 - 429,826 (5,191) (217,715) (1,913) - (224,820) 135,059 - 69,947 - 205,006 330,059 - 86,854 317,813 734,727 - - (818) - (818) 330,059 - 86,036 317,813 733,909 330,059 - 330,059 317,813 317,813 330,059 317,813 647,873 - 86,036 86,036 330,059 - 86,036 317,813 733,909	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

These financial statements were approved by the Parochial Church Council on 9 May 2024.

and signed on its behalf by Revd Christopher Lion

==> picture [52 x 19] intentionally omitted <==

page 10

Parochial Church Council of Newark St Mary Magdalene with St Leonard: Annual report and financial statements 2023: 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 2023: 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 inventories for St Mary Magdalene and St Leonard and 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 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 2023 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 CAF Donate (gift aid) CAF Donate (not gift aid) 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 Tower visits Fund-raising - Other income Christmas Tree Festival - Trees Christmas Tree Festival - Other Income Christmas Tree Festival - Admission etc. Christmas Tree Festival - sponsorship Property Rent 5 Income from investments Investment income Bank interest Total incoming resources	Unrestricted Designated Restricted Total Funds Funds Funds 2023 £ £ £ £ 49,765 - 870 50,635 16,237 - 1,598 17,835 5,228 - - 5,228 4,370 - 5,528 9,898 5,759 - 2,668 8,427 6,865 - - 6,865 3,825 - - 3,825 2,468 - - 2,468 2,274 - - 2,274 70 - - 70 10 - - 10 933 - - 933 - - 49,195 49,195 - - 34,234 34,234 19,382 - 57,791 77,173 2,383 - - 2,383 - 91,735 - 91,735 - - - - 119,569 91,735 151,883 363,187 7,502 - (210) 7,292 7,502 - (210) 7,292 9,565 - - 9,565 887 - - 887 2,838 - 72 2,910 190 - - 190 5,111 - 1,557 6,667 3,363 - - 3,363 77 - - 77 12,734 - - 12,734 1,850 - 300 2,150 13,320 - - 13,320 49,934 - 1,929 51,862 643 - 6,875 7,518 6,887 - 1,389 8,276 7,530 - 8,264 15,794 184,534 91,735 161,866 438,135	Total 2022 £ 46,141 15,721 5,218 10,729 8,846 5,855 3,704 2,267 2,499 - - 302 39,410 42,475 53,093 3,215 106,071 -
		345,544
		6,423
		6,423
		8,386 435 2,497 - 466 2,313 377 8,851 1,941 12,560
		37,826
		8,478 1,129
		9,608
		399,400

page 13

PCC of Newark St Mary Magdalene with St Leonard: Annual Financial Statements 2023 Notes to the accounts

6 Expenditure on raising funds Coffee bar 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 & Choir unbudgeted 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 Lay training Major repairs (structures) & Equipment Major Development Employment Costs Secular Charities Agency work Pastoral - Youth ministry Pastoral - Childrens' ministry Pastoral - General ministry Pastoral - Wellbeing Café Pastoral - Alpha Depreciation charge External Printing Membership subscriptions Office - Stationery & Postage Office - Photocopier Office - Sundry Items Office - Safeguarding Administration	Unrestricted Designated Restricted Total Funds Funds Funds 2023 £ £ £ £ 3,627 - - 3,627 2,539 - - 2,539 557 - - 557 4,288 249 1,456 5,993 1,450 - 80 1,530 1,530 81 106 1,717 1,682 - - 1,682 2,074 - - 2,074 708 - - 708 18,454 330 1,643 20,426 67,680 - - 67,680 1,073 - - 1,073 - - - - 20,507 - - 20,507 1,189 - - 1,189 (242) - 2,218 1,976 - - 273 273 8,161 - 18,203 26,365 1,978 - - 1,978 740 - - 740 1,463 - 16,080 17,543 - - 4,391 4,391 188 - - 188 - - 1,653 1,653 1,029 - - 1,029 - - - - - - 178 178 150 - 84 234 - - 191 191 190 - 200 390 - - 954 954 - - 412 412 - - 1,295 1,295 - - 8,030 8,030 - - 162 162 - - 7,919 7,919 245 - - 245 - - 1,500 1,500 - - - - 37,027 91,146 - 128,172 12,980 - 117,532 130,512 193 - - 193 100 - 7,720 7,820 721 - - 721 1,513 - - 1,513 1,557 - 113 1,670 - - - - 686 - - 686 - - 660 660 813 165 - 978 158 - - 158 513 94 - 608 476 - - 476 1,532 - - 1,532 86 - - 86 162,706 91,405 189,768 443,880	Total 2022 £ 3,567 1,906 866 81 1,035 2,153 1,591 378 639
		12,215
		67,680 687 313 16,880 996 2,204 284 22,813 1,551 460 18,535 3,074 153 4,242 816 728 - 385 67 554 34 483 990 5,857 79 6,711 317 250 12,231 152,600 92,304 150 - 561 1,445 492 112 - 660 492 115 349 383 648 -
		419,682

page 14

PCC of Newark St Mary Magdalene with St Leonard: Annual Financial Statements 2023 Notes to the accounts

8 Other expenditure Professional fees Accountancy Fees Bank charges CAF Donate processing fees Total expenditure	2023 Unrestricted Designated Restricted Total Funds Funds Funds 2023 £ £ £ £ - - 480 480 462 - - 462 324 - - 324 3 - - 3 789 - 480 1,269 181,948 91,735 191,891 465,575	Total 2022 £ 1,832 339 423 -
		2,594
		434,491

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 2023 a director of music, an assistant organist, a verger (SMM), a coffee bar manager (SMM), a parish administrator and two pastoral roles funded by SDF (special development funding awarded by the Church of England Strategic Investment Board and administered by the diocese). Note that the assistant organist retired in August and a new appointment was made. Note too that one of the SDF-funded positions was filled by a maternity cover appointment for part of the year. The total employment cost during 2023 (including national insurance, pension contributions, and the advertising of jobs) was £134,498 (2022 - £92,304).

page 15

PCC of Newark St Mary Magdalene with St Leonard: Annual Financial Statements 2023 Notes to the accounts

11 Tangible fixed assets

Cost At 1 January 2023 Additions Disposals At 31 December 2023 Depreciation At 1 January 2023 Charge for the year At 31 December 2023 Net book value At 31 December 2023 At 31 December 2022 12 Fixed asset investments Unrestricted £ Market value 1 January 2023 - Additions - Disposals - Realised Profit/(Loss) on disposal - Unrealised Profit/(Loss) in year - Market value 31 December 2023 - 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	Unrestricted £ - - - - -	Freehold land Office and buildings equipment Total £ £ £ 195,000 26,467 221,467 - - - - - -	Freehold land Office and buildings equipment Total £ £ £ 195,000 26,467 221,467 - - - - - -
		195,000	26,467 221,467
		- -	8,900 8,900 660 660
		-	9,560 9,560
		195,000	16,907 211,907
		195,000	17,567 212,567
		Restricted £ - - - - -	Endowment Total £ £ 299,680 299,680 - - - - - - 18,134 18,134
	-	-	317,813 317,813
			2023 2022 £ £ 2,291 1,396 - 44,182 - 2,000 32,624 8,837
			34,915 56,415
			724 32,458 840 7,080 223,255 27,291
			224,820 66,829
			818 330

page 16

PCC of Newark St Mary Magdalene with St Leonard: Annual Financial Statements 2023 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 StL Mountney (Welfare) StL Newton StL Adcock Property management Christmas Tree Festival Christmas music CD 2019 Fees for funerals and weddings Music for Market Flowers Total Cash funds not owned by PCC Magnus scholarship 2022-2023 Magnus scholarship 2023-2024 Total Restricted cash funds Diocesan Grant (SDF) Organist Vergers and other lay staff Fabric (SMM) Roof repairs Chimes and Belfry Lay Education Bishop White Library 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 4,049 - - - - 4,049 13,518 - (660) - - 12,858
	212,567 - (660) - - 211,907
	see note 17 54,021 143,237 (172,346) 34,945 - 59,857 6,000 - - (6,000) - - 358 - - (358) - - 1,961 - - (1,961) - - 3,830 - - (3,830) - - 66,329 13,320 (4,464) - - 75,185 - 19,763 (3,419) (16,343) - - (23) 160 (120) - - 17 - 6,455 - (6,455) - - - 1,600 (1,600) - - - - - - - - -
	132,473 184,534 (181,948) - - 135,059
	4,711 - (4,711) - - - - 2,234 (2,234) - - -
	4,711 2,234 (6,945) - - -
	577 56,291 (56,105) - - 762 1,381 30,614 (31,966) - - 29 9 17,214 (17,214) - - 9 873 20,922 (20,933) - - 862 11,373 300 (11,000) - - 673 6,471 (210) (763) - - 5,498 8,176 135 - - - 8,312 8,100 - (90) - - 8,010 26,650 19,915 (20,005) - - 26,560 4,799 2,055 (4,391) - - 2,463 9,098 9,089 (18,188) - - - 88 21 - - - 109 436 - - - - 436 1,824 165 - - - 1,989 56 - - - - 56 3,853 69 - - - 3,921 601 3 - - - 604 9,416 3,049 (3,630) - - 8,835
	93,783 159,632 (184,286) - - 69,129

page 17

PCC of Newark St Mary Magdalene with St Leonard: Annual Financial Statements 2023 Notes to the accounts

16 Fund movements (continued)

Fund/Category name Unrestricted endowment funds SMM Unrestricted Endowments 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 £ £ £ £ £ £ 35,644 - - - 1,989 37,633
	35,644 - - - 1,989 37,633
	65,226 - - - 3,641 68,867 86,262 - - - 4,813 91,075 864 - - - 39 903 1,591 - - - 89 1,679 5,036 - - - 281 5,317 9,728 - - - 543 10,271 2,293 - - - 216 2,509 142 - - - 8 150 5,972 - - - 333 6,305 923 - - - 51 974 6,219 - - - (218) 6,001 1,459 - - - 81 1,540 49,567 - - - 4,663 54,230 28,754 - - - 1,604 30,358
	264,036 - - - 16,145 280,180
	- 91,735 (91,735) - - - - - - - - -
	- 91,735 (91,735) - - -
	743,215 438,135 (465,575) - 18,134 733,909

17 General fund transfers

During 2023 the NS&I bond holding was cashed and the three small unrestricted St Leonard endowments listed were transferred to cash by PCC resolution.

page 18

Parochial Church Council of Newark St Mary Magdalene with St Leonard: Annual Financial Statements 2023

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 2023, 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:

1. accounting records were not kept in respect of the Trust 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.

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: 3 May 2024

page 19