**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|
page 17
## **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.
page 18
**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:
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 (ICAEW No: 9246009) Chartered Accountant and Tax Advisor Address: Office 11, Navigation Business Centre Mill Gate Newark Nottinghamshire NG24 4TS
Date: 2 May 2025
page 19