**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: office@stmnewark.org
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