Parochial Church Council of Newark St Mary Magdalene with St Leonard: Annual report and financial statements 2024
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 2024 - 31 December 2024
page 1
Parochial Church Council of Newark St Mary Magdalene with St Leonard: Annual report and financial statements 2024
| Contents | |
|---|---|
| pages 3 - 4 | Legal and administrative information |
| pages 5 - 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 2024
Bankers
Virgin Money NatWest plc 11 Smithy Row 1 Market Place Nottingham NG1 3EJ Newark NG24 1DY account closed May 2024
CAF Bank Ltd CCLA Investment Management Ltd 25 Kings Hill Avenue The CBF Church of England Funds West Malling One Angel Lane Kent ME19 4JQ London EC4R 3AB
Independent Examiner
Michelle Allen FCA, CTA Access Accounts Services Ltd Office 11 Navigation Business Centre Mill Gate Newark NG24 4TS
Administrative Information
There are two churches within the ecclesiastical parish boundary: Newark St Leonard and Newark St Mary Magdalene. The parish is situated in the Deanery of Newark and Southwell, in the Archdeaconry of Newark, and in 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 full name of the PCC as registered with the Charity Commission is The Parochial Church Council of the Ecclesiastical Parish of Newark on Trent St Mary Magdalene with St Leonard .
The working name as registered with the Charity Commission is Newark Team PCC . This working name is used in most legal contexts, including with CAF Bank. (The names of the individual churches have no legal standing to operate commercial contracts or undertakings.)
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 3
Parochial Church Council of Newark St Mary Magdalene with St Leonard: Annual report and financial statements 2024
The following were PCC members (trustees) from 1 January 2024 through the date (8 May 2025) on which the PCC approved the 2024 report and financial statements.
Ex-officio members
Rector of parish Revd Christopher Lion (chairman) Curate Revd Danny Marshall Parish churchwardens Jackie Turner (St Leonard) (until 16 May 2024) vacancy (St Leonard) (from 16 May 2024) vacancy (St Leonard) Tony Roberts (St Mary Magdalene) Andrew Fearn (St Mary Magdalene) Synods Tony Yates (deanery synod) Pamela Hall (deanery synod) (until 16 May 2024 vacancy (deanery synod) (from 16 May 2024) Peter Searle (deanery synod) Elected Members Anne Coyne Sue Dutton Angela Hatter James Howlett Shekaniya Matsiko Claire Maydew Cheryl Turner Stephen Turner Michael Leggett (until 16 May 2024) Sally Davies (from 16 May 2024) Rosie Smith (from 16 May 2024) *Kay Bellhouse (from 16 May 2024) vacancy Co-opted Members Andy Hughes (until 16 May 2024)
- in office at 31 December 2024
page 4
Parochial Church Council of Newark St Mary Magdalene with St Leonard: Annual report and financial statements 2024
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 all general (unrestricted) funds for which it is accountable will 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 PCC has representation. The 'church' part of the complex is leased by the local authority to the Diocesan Board of Finance and day to day management of that part devolves to the PCC.
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 of the Bridge Community Centre). Members of both churches are actively engaged in reviewing and implementing repairs and restorations.
Objectives and activities
Office and Staffing
The PCC continued to provide in the vestry at St Mary Magdalene a parish office throughout 2024, despite building work beginning in November. Additional office space was also kindly donated by Wright Vigar. Throughout the year the PCC employed a Parish Administrator, a Director of Music, an Assistant Organist, a Verger, and a Contemporary Worship & Youth Team Leader. It also employed a Children & Families Team Leader (initially as maternity cover with the permanent employee returning to post in March).
page 5
Parochial Church Council of Newark St Mary Magdalene with St Leonard: Annual report and financial statements 2024
From 1 July the PCC engaged a Heritage Interpretation and Visitor Experience Manager, followed in midSeptember by a Work Experience and Volunteer Co-ordinator. Both of these posts were initiated in connection with the Reawakening project and are fixed-term positions ending mid-2027. The two interns who started in 2023 completed their placements In summer 2024. One of these subsequently re-joined in September as a placement student in connection with a course of theological study, and another placement student also began work in November.
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.
November 2024 saw the beginning of construction work at St Mary Magdalene as part of the delivery phase of the Reawakening project. This inevitably led to disruption of church activities, and worship services were relocated (with the exception of the monthly 8am Said Eucharist). All other activities based at St Mary Magdalene were also relocated, though the vestry office continued to operate.
The PCC is enormously grateful to Hope Community Methodist Church, to Charles Street Methodist Church, and to Mount School for being willing to host worship services and other church events. The generosity of the communities based in these places has allowed church activities to continue largely without alteration except for the changed venues.
Our worship continues to be the core of the life of the parish, and in this regard 2024 saw the continuation of all previous regular services. It also saw the addition of "Beacon", a new monthly afterschool church service offered in collaboration with Charles Street Methodist Church. The "Toddle Together" playgroup was replaced by "Little Roars" music sessions, a change necessitated by St Mary Magdalene becoming unavailable. During the year regular home groups continued, along with weekly Wednesday morning prayer meetings and regular "Awaken" worship evenings. Those new to church were welcomed through termly "Newcomers’ Teas".
Young people were engaged through weekly "Hangouts" and "Ignite" sessions and monthly visits to "Fuel", a group run by Trinity Church in Nottingham. Various members of the clergy and staff team also led a variety of activities in educational institutions, including collective acts of worship, school services, courses, and heritage-related activities.
At St Mary Magdalene the Community Café continued running on Monday afternoons, moving to Hope Community Methodist Church after construction work started, 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, including the annual "Easter Extravaganza" and summer "Stay and Play" sessions. St Leonard was also one of two venues for a very popular Lent Course, the other being the Newark Palace Theatre.
St Mary Magdalene also hosted many other events, including various school and civic services, concerts (including the summer "Music for Market" series), festival events, and a pancake party; and it played an important part in town-wide events led by "Newark Creates". As part of the Reawakening project a drive to engage with hard-to-reach and other groups saw considerable success; this was achieved through storytelling sessions, speaker engagements, family fun days, and more.
page 6
Parochial Church Council of Newark St Mary Magdalene with St Leonard: Annual report and financial statements 2024
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 during the year, reaching 200 attendees in October 2024. This figure excludes the "Beacon" after-school church service which operated monthly and averaged around 65 attendees. The choir greatly enjoyed a tour to Germany in early April and continued to grow in number and in musical excellence. Several new band members were recruited to assist in leading sung worship at the informal Sunday morning service at St Mary Magdalene.
Until it was forced to pause because of the building work "Toddle Together" continued to be very wellattended and to form an important route for participants into the wider life of the church. Nevertheless, "Little Roars" seems to be working well in fulfilling a similar function. A number of individuals came to faith during the year and several were baptised, including a group of youth and young adults on one particularly memorable occasion in August.
Easter and Christmas services continued to attract significant numbers of occasional worshippers, although Christmas services were significantly disrupted by venue changes and consequently saw decreased numbers in some cases. Because St Mary Magdalene was closed the Christmas Tree Festival was successfully hosted in the Buttermarket.
As mentioned above, on-site construction work in relation to the Reawakening project began in November 2024, slightly delayed from the original plan (September) owing chiefly to the need to rework the budget and to secure an additional NLHF grant. The relocation from St Mary Magdalene of normal activity was successfully accomplished and as at the end of 2024 the building work was progressing well. (Building work is scheduled to finish before Christmas 2025, though the Reawakening project continues through 2027.)
The Rector and other members of the staff team have regularly led assemblies in two 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. At the Magnus Academy the team regularly led acts of worship (including a whole-school Easter communion service) and has been involved in the development of a worship band within the school.
In summary, 2024 was another very busy and largely successful year for the parish. It was a year that it is hoped will prove hugely significant in the long story of St Mary Magdalene, not least because it saw the start of the Reawakening project construction work. Looking ahead to 2025, we expect significant attention to turn to St Leonard as revitalisation efforts commence there.
page 7
Parochial Church Council of Newark St Mary Magdalene with St Leonard: Annual report and financial statements 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 project work
Over the period 2022-2027 the PCC has committed £146,000 from its eligible funds to the Reawakening project. (The original commitment of £100,000 was augmented firstly by £16,000 when the diocese applied for further central CoE funding in 2022 and secondly by £30,000 when the NLHF was approached for further funding in November 2024.) This may impact the ability of the PCC to maintain its reserves policy, and it is possible that further PCC funds will be needed before the project completes in 2027.
page 8
PCC of Newark St Mary Magdalene with St Leonard: Annual Financial Statements 2024
Consolidated Statement of Financial Activities for the year ended 31 December 2024
| 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 2024 (2023) Fund balances 31 December 2024 (2023) |
Unrestricted Designated Restricted Endowment Total Funds Funds Funds Funds 2024 £ £ £ £ £ 137,859 296,202 120,362 - 554,424 3,758 - - - 3,758 33,579 3,638 804 - 38,021 14,301 - 9,596 - 23,897 189,498 299,840 130,762 - 620,100 9,936 - - - 9,936 260,173 273,982 148,337 - 682,492 2,312 - 72 - 2,384 272,421 273,982 148,409 - 694,812 (82,923) 25,858 (17,647) - (74,711) 39,019 20,850 (59,869) - (43,904) 25,858 3,203 (59,869) (74,711) - - - 9,631 9,631 (43,904) 25,858 3,203 (50,238) (65,080) 330,059 - 86,036 317,813 733,909 286,155 25,858 89,240 267,575 668,829 2024 |
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 2023 |
|---|---|---|
| 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 |
page 9
PCC of Newark St Mary Magdalene with St Leonard: Annual Financial Statements 2024 Consolidated Balance Sheet as at 31 December 2024 Notes Unrestrittèd DesFBnated Re5trlcted Endowment Fund5 Funds Funds Funds Totsl 2024 Unre5trlcted Deslgnated Restricted Endowrnent Funds Funds Fund5 Funds Total 2023 Fixed assets Tangible assets Investmènts li 12 195,000 16,247 211,247 267,576 478,823 195.OCLI 16,907 211.907 317,813 529,721 267,576 267,576 317,813 317,813 195,000 16,247 195,OCM) 16,907 Current assets Debtors 13 48.578 3.421 41.962 93,962 Iso 6,463 55,191 3,421 565,684 624,296 9.709 3,433 127,108 140,251 1.800 23,406 34,91S 3,433 391,478 429,826 Other Eurrent a55ets Cash at b3nk and in hand 451,257 451,407 72.464 78.927 215,915 217,715 48,454 71.860 Crèdltors- amounts falllng due after le55 than one year 14 12.8071 1425,5491 14,9451 1433,3011 15,1911 1217,7151 11,9131 1224,8201 Net current assets 91,155 25,8S8 73.982 190,995 135,059 69.947 205,006 Totsl a55et5 less current Ilabllltle5 286.155 25,858 90,229 267,576 669,818 330,059 86,854 317,813 734,727 Credltor5.' amounts falllnl due aftèr more than one year 15 19891 19891 18181 18181 Ntt assèts 286,155 25.858 89,240 267,576 668.829 330.059 86,036 317,813 733,909 Funds.. Unrestrfcttd funds Generèl funds Endowmentfund5 286.155 25,858 312,013 267,576 579,589 89.240 330,059 330,059 317,813 647,873 86.036 267,576 267.S76 317,813 317.813 286,155 25.858 330,059 Restrlrted Income funds 89,240 86,036 Total funds 286,155 25,858 89,240 267,576 668.829 330.059 86,036 317,813 733.909 These financial statements were approved by the Parochial Church Council on 8 May 2025 and signed on its behalf by Iprint name t7ndp051tion and5ignJ Sf w,J.IA49, page 10
Parochial Church Council of Newark St Mary Magdalene with St Leonard: Annual report and financial statements 2024: 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 2024: 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 2024 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 GWD (not gift aid) GWD (gift aid) 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 2024 £ £ £ £ 63,715 - 900 64,615 19,172 16,795 530 36,498 6,490 - 100 6,590 2,363 66,681 1,225 70,269 24,552 15,701 1,525 41,778 6,747 - - 6,747 3,359 - - 3,359 2,007 - - 2,007 2,242 - - 2,242 1,707 - - 1,707 157 - - 157 75 500 - 575 45 - - 45 671 - - 671 - - 36,000 36,000 - - 40,764 40,764 2,574 77,776 39,318 119,668 1,983 - - 1,983 - 118,749 - 118,749 - - - - 137,859 296,202 120,362 554,424 3,758 - - 3,758 3,758 - - 3,758 5,867 175 - 6,042 425 - - 425 3,052 - - 3,052 372 - - 372 924 3,463 804 5,191 2,400 - - 2,400 67 - - 67 5,297 - - 5,297 1,055 - - 1,055 14,120 - - 14,120 33,579 3,638 804 38,021 770 - 7,478 8,247 13,531 - 2,119 15,650 14,301 - 9,596 23,897 189,498 299,840 130,762 620,100 |
Total 2023 £ 50,635 17,835 5,228 9,898 8,427 6,865 3,825 2,468 2,274 - - 70 10 933 49,195 34,234 77,173 2,383 91,735 - |
|---|---|---|
| 363,187 | ||
| 7,292 | ||
| 7,292 | ||
| 9,565 887 2,910 190 6,667 3,363 77 12,734 2,150 13,320 |
||
| 51,862 | ||
| 7,518 8,276 |
||
| 15,794 | ||
| 438,135 |
page 13
PCC of Newark St Mary Magdalene with St Leonard: Annual Financial Statements 2024 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 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 Heritage activities Lay training Major Development Employment Costs Secular Charities Agency work Pastoral - Youth ministry Pastoral - Childrens' ministry Pastoral - General ministry 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 2024 £ £ £ £ 2,299 - - 2,299 1,934 - - 1,934 312 - - 312 517 - - 517 1,145 - - 1,145 580 - - 580 1,778 - - 1,778 650 - - 650 720 - - 720 9,936 - - 9,936 78,000 - - 78,000 708 - - 708 1,554 - - 1,554 15,130 - - 15,130 1,308 77 - 1,385 245 - 1,522 1,767 - - 251 251 17,243 12,235 13,544 43,021 1,391 - - 1,391 810 - - 810 1,050 - 8,182 9,232 192 - 1,622 1,814 220 - - 220 - - 911 911 959 - - 959 - - 9,101 9,101 - - 197 197 - - 362 362 - - 551 551 - - 757 757 - - 442 442 - - 1,059 1,059 - - 8,451 8,451 - - 128 128 - - 6,738 6,738 100 - - 100 - 8,293 - 8,293 - - 335 335 85,410 223,085 495 308,990 46,917 28,672 92,220 167,808 162 - - 162 - - - - 1,598 - - 1,598 1,294 - - 1,294 2,244 - 810 3,053 235 - - 235 - - 660 660 723 - - 723 130 - - 130 416 - - 416 625 - - 625 1,510 1,622 - 3,132 - - - - 260,173 273,982 148,337 682,492 |
Total 2023 £ 3,627 2,539 557 5,993 1,530 1,717 1,682 2,074 708 |
|---|---|---|
| 20,426 | ||
| 67,680 1,073 - 20,507 1,189 1,976 273 26,365 1,978 740 17,543 4,391 188 1,653 1,029 178 234 191 390 954 412 1,295 8,030 162 7,919 245 - 1,500 128,172 130,512 193 7,820 721 1,513 1,670 686 660 978 158 608 476 1,532 86 |
||
| 443,880 |
page 14
PCC of Newark St Mary Magdalene with St Leonard: Annual Financial Statements 2024 Notes to the accounts
| 8 Other expenditure Professional fees Accountancy Fees Bank charges CAF Donate processing fees Sumup processing charges Goodbox processing charges GWD processing charges Total expenditure |
2024 Unrestricted Designated Restricted Total Funds Funds Funds 2024 £ £ £ £ 802 - - 802 746 - 72 818 201 - - 201 21 - - 21 47 - - 47 253 - - 253 242 - - 242 2,312 - 72 2,384 272,421 273,982 148,409 694,812 |
Total 2023 £ 480 462 324 3 - - - |
|---|---|---|
| 1,269 | ||
| 465,575 |
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 2024 a director of music, an assistant organist, a verger (SMM), a coffee bar manager (SMM, part year), a parish administrator, and two pastoral roles mostly funded by SDF (special development funding awarded by the Church of England Strategic Investment Board and administered by the diocese). Also during 2024 two heritage appointments were made (1.6 FTE) and these are funded until mid-2027 as part of the Reawakening project. The total employment cost during 2024 (including national insurance, pension contributions, and the advertising of jobs) was £168,215 (2023 - £134,498).
page 15
PCC of Newark St Mary Magdalene with St Leonard: Annual Financial Statements 2024 Notes to the accounts
11 Tangible fixed assets
| Cost At 1 January 2024 Additions Disposals At 31 December 2024 Depreciation At 1 January 2024 Charge for the year At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023 12 Fixed asset investments Unrestricted £ Market value 1 January 2024 - Additions - Disposals - Realised Profit/(Loss) on disposal - Unrealised Profit/(Loss) in year - Market value 31 December 2024 - 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 |
||
| - - |
9,560 9,560 660 660 |
||
| - | 10,220 10,220 |
||
| 195,000 | 16,247 211,247 |
||
| 195,000 | 16,907 211,907 |
||
| Restricted £ - - - - - |
Endowment Total £ £ 317,813 317,813 - - (59,869) (59,869) 2,174 2,174 7,457 7,457 |
||
| - | - | 267,576 267,576 |
|
| 2024 2023 £ £ 40,820 2,302 - - - - 14,371 32,613 |
|||
| 55,191 34,915 |
|||
| 3,298 724 426,692 840 3,312 223,255 |
|||
| 433,301 224,820 |
|||
| 989 818 |
page 16
PCC of Newark St Mary Magdalene with St Leonard: Annual Financial Statements 2024 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 Property management Christmas Tree Festival Christmas music CD 2019 Fees for funerals and weddings Music for Market Total Cash funds not owned by PCC Magnus scholarship 2023-2024 Magnus scholarship 2024-2025 Total Restricted cash funds Diocesan Grant (SDF) Organist Vergers and other lay staff Fabric (SMM) Roof repairs Chancel repairs Chimes and Belfry Lay Education Bishop White Library Music and Choir Organ 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 3,889 - - - - 3,889 13,018 - (660) - - 12,358 |
|---|---|
| 211,907 - (660) - - 211,247 |
|
| see note 17 59,857 159,923 (263,970) 39,019 - (5,171) 75,185 14,120 (3,149) - - 86,156 - 8,819 (2,433) - - 6,386 17 20 (12) - - 25 - 3,758 - - - 3,758 - 2,857 (2,857) - - - |
|
| 135,059 189,498 (272,421) 39,019 - 91,155 |
|
| - 3,266 (3,266) - - - - 2,211 (2,211) - - - |
|
| - 5,477 (5,477) - - - |
|
| see note 17 762 38,818 (38,818) - - 762 29 32,931 (32,925) - - 35 9 13,167 (14,912) 1,735 - - 862 17,543 (18,221) 939 - 1,123 673 - - - - 673 - - - 1,622 - 1,622 5,498 - (252) - - 5,246 8,312 129 (830) 6,515 - 14,126 8,010 - (542) - - 7,468 26,559 19,379 (30,529) - - 15,409 2,463 104 (1,622) - - 946 109 20 - 1,007 - 1,136 436 - - - - 436 1,989 167 - 6,257 - 8,413 56 - - - - 56 3,921 52 - 2,620 - 6,593 604 3 - 155 - 762 8,835 2,972 (3,621) - - 8,186 |
|
| 69,129 125,286 (142,272) 20,850 - 72,993 |
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PCC of Newark St Mary Magdalene with St Leonard: Annual Financial Statements 2024 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 £ £ £ £ £ £ see note 17 37,633 - - (39,019) 1,386 - |
|---|---|
| 37,633 - - (39,019) 1,386 - |
|
| see note 17 68,867 - - - 2,079 70,946 91,075 - - - 2,750 93,825 903 - - (939) 36 - 1,679 - - (1,735) 56 - 5,317 - - - 161 5,478 10,271 - - - 310 10,581 2,509 - - (2,620) 110 - 150 - - (155) 5 - 6,305 - - (6,515) 210 - 974 - - (1,007) 33 - 6,001 - - (6,257) 256 - 1,540 - - (1,622) 82 - 54,230 - - - 1,241 55,471 30,358 - - - 917 31,275 |
|
| 280,180 - - (20,850) 8,245 267,576 |
|
| - 276,140 (250,282) - - 25,858 - 23,700 (23,700) - - - |
|
| - 299,840 (273,982) - - 25,858 |
|
| 733,909 620,100 (694,812) - 9,631 668,829 |
17 Fund transfers
During 2024 the SMM unrestricted endowment and several smaller restricted endowments were sold and the proceeds were transferred to cash by PCC resolution.
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Parochial Church Council of Newark St Mary Magdalene with St Leonard: Annual Financial Statements 2024
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 2024, 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 (ICAEW No: 9246009) Chartered Accountant and Tax Advisor Address: Office 11, Navigation Business Centre Mill Gate Newark Nottinghamshire NG24 4TS
Date: 2 May 2025
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