## **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WHICKHAM**
# **(St. Mary the Virgin, Whickham) Registered Charity Number 1132270**
## **Annual Report**
**Including Financial Statements Year ended 31[st] December 2023**
_Page 1_
The Parochial Church Council (PCC) presents its annual report for the year ended 31st December 2023, which includes the financial statements for that year.
Copies of this report/financial statements are submitted to both the Durham Diocese and the Charity Commission in order to meet regulatory requirements.
## **REFERENCE AND ADMINISTRATIVE INFORMATION**
St Mary the Virgin Church is situated in Whickham town centre. We are an Anglican Parish Church in the Gateshead West Deanery of the Diocese of Durham.
Our correspondence address is:
The Parish Office St Mary’s Centre Church Chare Whickham Newcastle upon Tyne NE16 4SH
On 22 October 2009 St Mary’s was entered in the Central Register of Charities under Charity Registration Number 1132270. Prior to this date the Church was a charity excepted by statutory instrument from registration with the Charity Commission.
## **Main Bankers:**
Barclays Bank PLC
Leicester
LE87 2BB
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
The method of appointment of PCC members is set out in the Church Representation Rules. At St Mary’s the membership of the PCC consists of the incumbent (The Rector), two churchwardens, diocesan synod members, deanery synod members and members elected by those members of the congregation who are on the electoral roll of the church. All those who attend our services and members of the congregation are encouraged to register on the Electoral Roll and stand for election to the PCC. The PCC members are also the trustees of the charity.
The PCC members are jointly responsible for making decisions on all matters of general concern and importance to the parish, including deciding on how the funds of the PCC are to be spent.
Given its wide responsibilities the PCC operates a number of committees, each dealing with particular aspects of parish life. These committees, which include Finance and Standing, Church Life and Events, and Buildings and Centre Management are all responsible to the PCC and report back to it regularly when their recommendations are discussed and agreed upon as appropriate.
_Page 2_
## **Membership of the PCC during 2023** :
|**Ex Officio members**:|Incumbent:|The Reverend Barry J Abbott (Chairman)|
|---|---|---|
||Church Wardens:|Joan Porteous|
|||Ann Wilson|
||Deanery Synod:|Jill Abbott|
|||Brian Gregory|
|||Joan Smith|
|**PCC Elected members:**||Susan Lister (PCC Secretary)|
|||William Heslop [Term ended 23 April 2023]|
|||Diana Wright [Term ended 23 April 2023]|
|||Ian Newton (PCC Treasurer)|
|||Margaret Wood|
|||Brian Wilson|
## **AIMS AND PURPOSES**
St Mary’s Parochial Church Council [PCC] has a responsibility of co-operating with the incumbent, the Reverend Barry Joseph Abbott, in promoting within the ecclesiastical parish the whole mission of the Church, encompassing pastoral, evangelistic, social and ecumenical practice.
## **OBJECTIVES**
The PCC is committed to serving all in the community and enabling as many people as possible to worship at our church and to become part of our parish community at St Mary’s. The PCC maintains an overview of worship throughout the parish and makes suggestions on how services can involve the many groups that live within our parish. Our services and worship put faith into practice through prayer and scripture, music and sacrament.
To facilitate this work it is important that we maintain the fabric or the church of St Mary the Virgin and the St Mary’s Centre buildings.
## **PUBLIC BENEFIT**
When planning our activities for the year, the incumbent and the PCC have considered the Charity Commission guidance on public benefit and, in particular, the specific guidance on charities for the advancement of religion;
- offering people the opportunity to gather together for worship, prayer and teaching at a range of services and meetings throughout the week;
- providing pastoral care in a variety of ways e.g. visiting the sick, supporting those with special needs, providing help and advice in times of joy [marriage and baptism] or sadness [bereavement];
- offering programmes of teaching to young people in conjunction with relevant events and activities;
- promoting and supporting partnerships with churches, organisations and people involved in the faith, love and hope of Christ in action at home and abroad;
- providing accommodation and facilities for the use of voluntary organisations within the locality;
_Page 3_
- Introducing and maintaining a Warm Space initiative for use by members of the local community;
- Participate actively in local events and voluntary work within our community.
## **RISK MANAGEMENT**
The PCC recognises its responsibility for identifying and managing risk.
_FINANCIAL_ - As with many charitable organisations, the majority of the PCC’s income is the result of voluntary giving, the vast majority of this coming from the generous and committed giving of St Mary’s congregation. It is recognised that church membership and the associated giving fluctuates year by year, and the PCC monitors main areas of income and expenditure through monthly budget reports and regular updates by the Treasurer at each formal PCC meeting. The pandemic significantly impacted on income levels since March 2020 which are only now beginning to recover, where necessary expenditure has been reduced accordingly and available grants claimed.
The handling of cash would normally be subject to dual control procedures where practicable with the objective of minimising potential loss or fraud. However due to the impact of the coronavirus pandemic with its significant reduction in actual cash income received, the reduction in parish office staffing, and less availability of resources, normal counting and banking arrangements have been temporarily suspended and alternative arrangements have been put in place. The closure of the local branch of Barclays has also impacted on banking arrangements with more use being made of the local branch Post Office. The PCC’s bank accounts require that two authorised signatories sign each cheque and authorise any standing orders, direct debit mandates, or on-line electronic payments. Bank debit/credit cards are used as authorised by the PCC.
The PCC’s financial transactions are recorded on a specialised church accounting software system which includes full audit trail.
As required by charity regulations the annual report and financial statements together supporting working papers are examined each year by an Independent Examiner.
_RESERVES POLICY_ – See Note 12 to the Financial Statements for details.
_MAINTENANCE_ – Essential maintenance and repair work to the church and PCC property has been carried out throughout the year. All annual inspections in respect of safety, electrical and security requirements have been undertaken as required.
_SAFEGUARDING_ –The health, safety and protection of children and young people is regarded as being of paramount importance. Formal policy and procedures are in operation within the parish in line with Diocesan guidelines.
_INSURANCE_ **–** the PCC maintains comprehensive insurance cover in respect of the Church and St Mary’s Centre and associated activities. The relevant certificates and safety notices are displayed as required.
_Page 4_
## **CHAIRMAN’S ANNUAL REPORT**
Once again, I find myself feeling thankful for the work and understanding shown by you, our members, the PCC and Committees. Your work and commitment is appreciated by all, both in and beyond, the church. It has been good to have our church activities restored following lock downs and restrictions.
That said, although we have seen many members coming back to worship, our congregation numbers have not reached pre-Covid levels and similarly many users have not returned to our Centre. The PCC have formed a pastoral team who are contacting friends we’ve yet to see return, and are beginning to think of ways of promoting the Centre throughout our Community. I would ask members to actively encourage/invite our friends to return. Reduced numbers in Church and Centre are adversely affecting our financial capabilities to cope in the areas of ministry, mission and upkeep.
Our occasional offices are increasing steadily, with bookings of Baptisms & Weddings running into next year. Funerals remain high. Schools continue to include us in their celebrations and events. We are viewed as supportive and relevant to our community. And we are pleased to have had Margaret Wood Licensed as a Reader to the Parish and Anne Robertson doing so well in her ordination training.
However, it remains quite clear to the PCC that we are in a time of re-building and re-growing our congregation. I ask your continued support in this tough time, through worship, prayer and the encouragement of others.
## **The Revd. Barry Abbott Rector of Whickham Chairman of the Parochial Church Council**
## **TREASURER’S REPORT**
This Annual Report, which includes the Financial Statements, is produced to comply with the appropriate financial, charity, and church accounting regulations; and is subject to independent examination by a suitably qualified person. Copies of this Annual Report including the report of the independent examiner are sent to the Charity Commission and the Durham Diocese each year in line with regulatory requirements.
The coronavirus pandemic has severely impacted PCC activities since March 2020 but these have been gradually reopening although there was still a significant ongoing impact on the PCC’s financial position for 2023 which makes the normal year to year comparisons impractical. Perversely the actual reopening of some activities can adversely impact on the financial position e.g. St Mary’s Centre has been particularly badly affected as costs of re-opening still have not seen a commensurate recovery of rental income which led to a deficit for the year of £5,648 [£5,037 in 2022]. In addition the energy crisis, high inflation, and adverse economic conditions have also impacted PCC activities during 2023 and continue into 2024.
The PCC is fortunate that significant numbers of planned giving donations are made by standing order as this has provided a relatively stable source of regular income to the church throughout the year.
_Page 5_
For expenditure, all reasonable steps were taken to reduce expenses, for example claiming for various grants [see Note 13] and reducing other commitments. The largest single item of expenditure was the Parish Share at £40,000 [For 2022 this was £55,000 which included an additional one off contribution of £15,000 which the parish felt able to give despite the problems of cost of living crisis, rising inflation, energy costs, and the residual effects of Covid].
There was a surplus of £ 3,503 on the day to day operating activities of the General Fund. However there was a deficit of £2,804 on designated funds leading to an overall small surplus on income and expenditure of £700. In addition the market value of investments which fell significantly in 2022 due to the depressed economic climate has partially recovered during2023 [see Note 5].
For 2024 it should be noted that the long term gas contracts currently in place terminate in July 2024 and current estimates indicate a potential increase of over 300% on existing charges. In addition the prospective above inflation increase in National Living Wage [9.8%] impacts on staffing costs. These increases and other ongoing uncertainties arising from the current national economic position make it extremely difficult to plan with any total degree of accuracy although it is hoped that there will be a continuing return to some level of “normality” during 2024.
With regard to the Centre efforts are being made to increase income with new customers being sort although it is still anticipated there will be a deficit for 2024.
The Parish Share contribution from the annual budget for 2024 will be maintained at the same level as the underlying rate for 2023 i.e. £40,000.
The Rector has announced that he will be retiring at the end of March 2024, at which point the church will enter a period of interregnum until a replacement is appointed. This could potentially impact on the income and expenditure position for 2024
However, the PCC remains confident that the charity can continue to operate as a going concern throughout 2024. The PCC continues to review the financial position on a regular basis to ensure ongoing sustainability of parish finances.
## **Ian Newton Treasurer of the Parochial Church Council**
**_______________________________________________________________________________**
## **Annual Report approved by the PCC at the meeting of 11[th] March 2024 and signed on behalf of the PCC by;**
**Dated: 11[th] March 2024**
_Page 6_
# **THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF WHICKHAM**
# **(St. Mary the Virgin, Whickham)**
## **Registered Charity Number 1132270**
**Financial Statements Year ended 31[st] December 2023**
_Page 7_
## **Statement of Financial Activities**
## **For the period from 01 January 2023 to 31 December 2023**
**----- Start of picture text -----**
Unrestricted Designated 2023 Total Prior year Total
funds funds
Income from [note 2]:
Donations and legacies 68,819 1,340 70,159 73,196
Income from charitable activities 10,568 15,640 26,208 26,223
Other trading activities 4,051 — 4,051 2,780
Investments 11,677 3,261 14,938 12,084
Other income — — — 4,260
Total income 95115 20241 115356 118543
Expenditure on [Note 3]:
Raising funds 70 — 70,159 133
Expenditure on charitable activities 91,542 23,044 114,587 120,047
Other expenditure — — — —
Total expenditure 91,612 23,044 114,657 120,180
Net income / (expenditure) for the reporting period 3,503 (2,804) 700 (1,637)
before investment gains/(losses)
Gains / losses on investment assets [Note 5] 4,221 — 4,221 (8,983)
Net income / (expenditure) resources after investment gains/(losses) 7,724 -2804 4,920 (10,620)
Transfers
Gross transfers between funds - in — 0 0 431
Gross transfers between funds - out 0 — 0 -431
Other recognised gains / losses
Gains on revaluation, fixed assets, charity's own use [Note 4] 206,514 — 206,514 151,879
Net movement in funds 214,238 -2,804 211,434 141,259
Reconciliation of funds
Total funds brought forward 2,341,046 90,676 2,431,722 2,290,462
Total funds carried forward 2,555,284 87,872 2,643,156 2,431,722
Represented by
Unrestricted
General fund 2555284 — 2,555,284 2,341,046
Designated
All Under One Roof Fund — 81,099 81,099 78,125
Flower Fund — 2,246 2,246 2,438
Play and Praise Fund — 62 62 0
Rector's and Church Wardens' Fund — 17 17 17
St Mary's Centre Fund — 4,449 4,449 10,097
Grand Total of Funds 2,555,284 87,873 2,643,156 2,431,722
**----- End of picture text -----**
There may be minor discrepancies in the above totals due to the pence figures not being shown.
_Page 8_
## **The Parochial Church Council of the Ecclesiastical Parish of Whickham - 1132270**
## **Balance sheet**
## **As at: 31 December 2023**
**----- Start of picture text -----**
General Designated At 31/12/2023 At 31/12/2022
Fund Funds £ £
Fixed assets
Tangible assets [Note 4] 2,481,045 — 2,481,045 22,745,331
Investments [Note 5] 61,982 — 61,982 57,761
Fixed assets 2,543,027 — 2,543,027 2,332,292
Current assets
Debtors [Note 6] 5,100 118 5,218 5,668
Cash at bank and in hand [Note 7] 34,998 91,637 126,518 117,329
Current assets 40,098 91,637 131,736 122,997
Liabilities
Creditors: Amounts falling due in one year [Note 8] 25,992 3,765 29,757 22,718
Net current assets less current liabilities 14,107 87,872 101,979 100,280
Total assets less current liabilities 2,557,134 87,872 2,645,006 2,432,572
Liabilities
Creditors: Falling due after more than one year [Note 9] 1,850 — 1,850 850
Total net assets less liabilities 2,555,284 87,872 2,643,156 2,431,722
Represented by
Unrestricted
Unrestricted - General fund 2,555,284 — 2,555,284 2,341,046
Designated
Designated - Play and Praise Fund — 62 62 —
Designated - All Under One Roof Fund — 81,099 81,099 78,125
Designated - Flower Fund — 2,246 2,246 2,438
Designated - Rector's and Church Wardens' Fund — 17 17 17
Designated - St Mary's Centre Fund — 4,449 4,449 10,097
Total Funds of the charity 2,555,284 87,872 2,643,156 2,431,722
**----- End of picture text -----**
There may be minor discrepancies in the above totals due to the pence figures not being shown.
Approved by the PCC at the meeting held on 11[th] March 2024 and signed on its behalf by;
_Page 9_
## **Notes to the Financial Statements**
## **Note 1 - Accounting policies**
## **General**
The members of the PCC are the Trustees of the charity. Trustees’ duties are set out in the Charities Act 2011 and Charity Trustee Act 1993. These Acts impose a duty on the trustees to direct the affairs of the charity, ensure that it is solvent, ensure that proper accurate accounting records are kept, and that statements of account which adhere to the charity law and accounting regulations are prepared in respect of each financial year.
These financial statements have been prepared in accordance with the Church Accounting Regulations 2006 together with applicable accounting standards. The current applicable Statement of Recommended Practice for Financial Reporting in Charities is FRS 102. Under the provisions of FRS 102, the PCC is not classified as a larger charity [i.e. annual gross income in excess of £500K] and therefore is not required to produce a Statement of Cash Flows.
The financial statements have been prepared under the historical cost convention except for freehold property, which is shown at insured value; and the valuation of investment assets, for which market value is used.
## **Funds**
Unrestricted funds represent those funds of the PCC that are not subject to any restrictions regarding their use and are available for application on the general purposes of the PCC. Designated funds are those which have been nominally allocated for a particular purpose by the PCC but which can be applied to other general proposes if required and are therefore also classed as unrestricted. The charity has no restricted or endowment funds.
The financial statements include all transactions, assets and liabilities for which the PCC itself is responsible in law. They do not include the financial statements of church groups that owe their main affiliation to another body, nor those that are informal gatherings of church members.
## **Incoming resources**
Voluntary income and collections are recognised when received by or on behalf of the PCC.
Planned giving donations receivable under Gift Aid are recognised only when received; tax recoverable on Gift Aid donations is recognised in the same year in which the donations are received.
Grants and legacies to the PCC are accounted for as soon as the PCC is notified of its legal entitlement, the amount due is quantifiable and its ultimate receipt by the PCC is reasonably certain.
Funds raised at fairs, concerts and similar events are normally accounted for when received and shown gross where that information is available. Sales of books are accounted for gross. Rental income from the letting of PCC premises is recognised when the rental is due. Investment income is accounted for when due and payable.
_Page 10_
## **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 using the latest market valuation available as at 31 December.
## **Resources used**
Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding obligation on the PCC.
The diocesan parish share is accounted for when due. Any parish share that is unpaid at 31 December would be provided for in these financial statements as an operational (though not a legal) liability and would be shown as a creditor in the balance sheet.
## **Fixed assets**
Consecrated and benefice property of any kind is excluded from the financial statements in accordance with s.10 (2)(a) of the Charities Act 2011.
PCC freehold property which consists of the two Halls which comprise the St Mary’s Centre, and 7a Coalway Drive is shown at latest insured value. Land on Park Drive which is occupied by the Scout building is shown at a nominal value of £1.
The piano has now been fully depreciated as indicated in Note 4.
Individual assets purchased with a value of £2,500 or less are charged direct to expenditure rather than being included in the balance sheet.
Investments are valued at market value at 31 December or the latest valuation available
## **Current assets**
Amounts owing to the PCC at 31 December in respect of fees, rents or other income are shown as debtors less provision for amounts that are considered non-collectable.
Short-term deposits include cash held on deposit either with the CBF Church of England Funds or at bank.
## **Current liabilities**
All known liabilities for which the PCC is responsible in law up to 31 December 2023 are included in the accounts.
_Page 11_
|**Note 2 - Income**
**_Donations and legacies_**
0101 - Planned giving - standing orders
0110 - Planned giving - other
0301 - Loose plate collections
0550 - Donations, appeals, etc.
0555 - Donations - candles
0565 - Donations - Play and Praise
0601 - Tax recoverable on Gift Aid
**_Donations and legacies Totals_**
**_Income from charitable activities_**
1101 - Fees for Weddings retained by PCC
1105 - Fees for Funerals retained by PCC
1220 - Bookstall sales
1240 - St Mary's Centre rentals
1250 - Parish magazine – Advertising income
1260 - Parish magazine - Sales income
1270 - Flower fund income
1335 – Misc. income
**_Income from charitable activities_**
**_Totals_**
**_Other trading activities_**
0910 - Fund Raising
0940 - Parish Breakfast
**_Other trading activities Totals_**
**_Investments_**
1020 - Investment income received
1021 - Interest Received -AUOR
1030 - Rent from lands or buildings
**_Investments Totals_**
**_Other income_**
0801 - Government and Other Grants
**_Other income Totals_**
**Income**
**Grand totals**|**Unrestricted**
**Designated**
**This year**
**Last**
**year**|
|---|---|
|||
||36,690
—
36,690
38,671
7,977
—
7,977
8,682
11,128
—
11,128
10,310
578
380
958
1,899
435
—
435
360
—
959
959
818
12,009
—
12,009
12,453|
|||
||68,819
1,339
70,159
73,195
4,041
—
4,041
2,203
3,344
—
3,344
3,840
—
21
21
—
—
15,066
15,066
16,651
300
—
300
—
2,883
—
2,883
3,021
—
542
542
420
—
11
11
87|
|||
||10,568
15,640
26,208
26,222
3,969
—
3,969
2,757
82
—
82
22|
|||
||4,051
—
4,051
2,780
1,476
287
1,763
1,366
—
2,974
2,974
518
10,200
—
10,200
10,200|
|||
||11,676
3,261
14,938
12,084
—
—
—
4,260|
|||
||—
—
—
4,260|
|||
||95,115
20,240
115,356
118,543|
|||
|**Note 3 - Expenditure**
**_Raising funds_**
1725 - Planned giving envelopes|69
—
69
132|
_Page 12_
|**_Raising funds Totals_**
**_Expenditure on charitable activities_**
1910 - Parish Share - Diocese
1912 - Parish Share [Add. Contr.] - Diocese
2001 - Pastoral Assistant costs
2010 - Verger
2015 - Choir master/organists
2056 - Centre Assistant
2060 - Centre cleaner
2061 - Church Cleaner
2062 - Centre Gardener
2063 - Handyman
2070 - Play and Praise Leader
2101 - Working expenses of rector
2130 - Rectory expenses
2135 - St Mary's House expenses
2136 - St Mary's House - repairs
2170 - Education - clergy and assistants
2205 - Children and youth activities
2207 - Play and praise activities
2210 - Church Life
2320 - Organ/piano repairs
2322 - Music, licences and choir sundries
2325 - Altar Requisites
2330 - Church maintenance
2355 - Sundry expenses
2358 - Sundry expenses - DBS checks
2360 - Administration – postage, stationery, etc.
2361 - Administration – Telecomms
2362 - Administration – computer s/ware/licence
2364 - Administration – photocopier usage
2365 - Administration – Photocopier lease
2367 - Administration - Bank charges
2380 - Baptism and confirmation
2440 - Church running - heating, light & water
2450 - Church - insurance
2501 - Magazine expenses
2515 - Flowers
2530 - Hall running - electricity
2540 - Hall running - gas
2550 - Hall running - insurance
2560 - Hall running - maintenance
2570 - Hall running - telephone
2580 - Hall running - water
2585 - Hall running - equipment
2590 - Hall running - cleaning materials
2820 - Hall + major repairs - installation
3500 - Depreciation
**_Expenditure on charitable_**
**_activities Totals_**
**Expenditure Grand totals**|69
—
69
132
40,000
—
40,000
40,000
—
—
—
15,000
300
—
300
300
1,880
—
1,880
1,726
2,316
—
2,316
2,261
3,987
3,988
7,975
12,462
—
3,979
3,979
3,901
1,866
—
1,866
1,463
—
531
531
488
534
1,063
1,597
1,464
—
898
898
1,170
3,000
—
3,000
3,000
4,740
—
4,740
4,727
670
—
670
527
—
—
—
11
300
—
300
439
270
—
270
79
—
—
—
79
294
—
294
272
900
—
900
384
544
—
544
625
1,005
—
1,005
815
8,260
—
8,260
1,816
791
—
791
402
52
—
52
61
627
12
639
767
1,019
—
1,019
832
384
—
384
157
195
—
195
203
671
—
671
—
477
—
477
493
294
—
294
—
5,204
—
5,204
5,181
4,042
—
4,042
3,503
1,907
—
1,907
1,889
—
733
733
716
—
2,620
2,620
2,560
—
2,753
2,753
3,184
—
2,990
2,990
2,784
—
1,667
1,667
1,355
—
407
407
410
—
855
855
770
—
—
—
515
—
548
548
198
5,000
—
5,000
—
—
—
—
1,046|
|---|---|
|||
||91,542
23,044
114,586
120,046|
|||
||91,612
23,044
114,656
120,179|
|**_There may be minor discrepancies in the totals as pence are shown_**||
_Page 13_
## **Note 4 - Fixed assets for use by PCC**
|**Opening book value brought forward**
**Additions during the year**
**Revaluation increase (decrease) during the**
**year**
**Depreciation charged for the year**
**Closing book value carried forward**|**Freehold**
**Land and**
**Buildings**
**Centre**
**Contents**
**Piano**
**Total**
**Prior**
**year**
**Totals**
**£**
**£**
**£**
**£**
**£**|
|---|---|
||2,274,531
0
0
2,274,531
2,123,698
0
0
0
0
0
206,514
0
0
206,514
151,879
0
0
0
0
(1,046)
**2,481,045**
**0**
**0**
**2,481,045**
**2,274,531**|
The freehold land and buildings comprise the house at 7a Coalway Drive, and the two halls known as St Mary’s Centre located at Church Chare. A direct commercial valuation is difficult; therefore the PCC includes these assets at insured value. A revaluation is carried out periodically by the insurer’s specialist staff with inflation indexation applied in years where no valuation takes place. The PCC also own the freehold land in Park Drive on which the Scout Hut [Heron House] is built; this is included at a nominal value of £1. As the freehold land and buildings are considered to have a very long remaining useful life no depreciation has been charged on those assets.
The Centre contents have largely been in use for many years and have a low recoverable value, therefore impairment was applied in 2015, and the resultant reduced residual value of £11,271 has been depreciated at the rate of 20% per annum on a straight line basis. This asset has now been fully depreciated with the final depreciation being charged in 2019.
A piano was purchased midway through 2015. Musical instruments are generally considered to have a life [for depreciation purposes] of approximately 7 years. Therefore depreciation at the rate of 14% on a straight line basis will be applied to this asset cost of £11,590 – the final depreciation was £1,046 in 2022 [£1,622 in 2021]; this asset has now been fully depreciated.
The Church, the Rectory, and the churchyard are not vested with the PCC and are not therefore included as assets in these accounts.
## **Note 5 – Investments**
|**Note 5 – Investments**||
|---|---|
|BlackRock Charities UK Bond Fund A Income [1218.09]*
BlackRock Charities UK Bond Fund A Accumulation [211.578]*
M&G Charibond Income shares [9597]*
CCLA Charinco Official Investment Fund [478]*
CCLA CBF Income Shares [947.64]
*
DDBF/CCLA CBF Turnbull Trust [281.59]
DDBF/CCLA CBF Parochial School [130]
**Total**
Less prior year valuation
**Annual Gain(Loss)**|**Cost**
**Current**
**Value #**
**Prior year**
**£**
**£**
**£**|
||2,156
1,807
1,731
5,000
9,791
8,897
10,000
10,172
10,395
484
9,486
8,675
10,000
21,422
19,565
1,000
6,365
5,814
255
2,939
2,684|
||28,895
61,982
57,761
(57,761)
(66,744)
4,221
(8,983)|
# - Valuation is as at 31[st] December 2023 market value or latest valuation available at that time
* - Uncommitted – re Note12
The book valuation of investments has partly recovered from the previous year’s fall in value.
_Page 14_
## **Note 6 – Debtors**
|**Note 6 – Debtors**|||||
|---|---|---|---|---|
||**Unrestricted**|**Designated**|**Total**|**Total**|
||**2023**|**2023**|**2023**|**2022**|
||**£**|**£**|**£**|**£**|
|Income Tax – Gift Aid|2,586|0|2,586|2,626|
|Centre|2,514|118|2,631|2,008|
|Other|0|0|0|1,034|
|**Total**|**5,100**|**118**|**5,218**|**5,668**|
|**Note 7 – Bank/Cash in hand/Cash**|**deposits**||||
||**Unrestricted**|**Designated**|**Total**|**Total**|
||**2023**|**2023**|**2023**|**2022**|
||**£**|**£**|**£**|**£**|
|Bank – General Fund|34,998|0|34,998|21,482|
|Cash in Hand – General Fund|0|0|0|129|
|Bank/cash – AUOR fund|0|81,099|81,099|78,125|
|Bank/cash – Centre fund|0|8,096|8,096|15,139|
|Bank/cash – other funds|0|2,325|2,325|2,454|
|**Total**|**34,998**|**91,520**|**126,518**|**117,329**|
|**Note 8 – Creditors**|||||
||**Unrestricted**|**Designated**|**Total**|**Total**|
||**2023**|**2023**|**2023**|**2022**|
||**£**|**£**|**£**|**£**|
|Wedding deposits/prepaid fees for 2024|1,450|0|1,450|2,200|
|Maintenance/works provision|18,951|0|18,951|9,859|
|Centre|0|3,765|3,765|5,087|
|AUOR|0|0|0|0|
|Other|5,591|0|5591|5,572|
|**Total**|**25,992**|**3,765**|**29,757**|**22,718**|
|**Note 9 – Long Term Creditors/Prepayments**|||||
||**Unrestricted**|**Designated**|**Total**|**Total**|
||**2023**|**2023**|**2023**|**2022**|
||**£**|**£**|**£**|**£**|
|Prepaid wedding deposits over 12 months|1,000|0|1,000
|250|
|Deposit – 7a Coalway Drive|850|0|850|850|
|**Total**|**1,850**|**0**|**1,850**|**1,050**|
## **Note 10 - Related Party Transactions**
PCC members as Trustees have donated a total of £6,800 during the year [2022; £8,834]. The reduction is due to there being fewer PCC members in 2023.
There have been no other related party transactions agreed during the year which require reporting [None in 2022].
_Page 15_
## **Note 11 – Personnel Costs**
|Salaries and other emoluments paid
Employers National Insurance
Pensions Costs
Total
Number of employees in post at 31 December
Average number of employees over the year|**2023**
**2022**|
|---|---|
||**£**
**£**|
||18,728
22,674
0
0
0
0|
||18,728
22,674
4
5
4.5
5|
The above salary costs for are shown gross. The play and Praise leader left mid-year and is not being replaced. The post of Parish Manager/administrator which has been vacant for some time has now been formally disestablished. There were no employees who meet the definition of “key management personnel” during the year [None in 2022].
No salary or employee benefits have been paid to Trustees in respect of their membership of the PCC [None in 2022].
The incumbent clergy’s salary is paid directly by the Durham Diocese and not by the PCC and is therefore excluded from these accounts.
## **Note 12 – Reserves Policy**
The PCC has agreed that it would be prudent to maintain a reserve at least equivalent to 3 months approved budgeted expenditure [excluding the Parish Share] from the General Fund. For 2023 this would have equated to a reserve requirement of £13,088; actual reserve held in the form of uncommitted [see Note 5] long term investments was £55,556, a cover ratio of 4.24 [2022; 4.02]. The increase in cover ratio is largely due to the improvement in investment market values in 2023.
## **Note 13 – Grants**
During 2023 the charity has not received support in the form of grants;
|Other grants:
Church of England; Energy Support
Church of England; Warm Space
ASDA Foundation; Cost of Living/cookery
Listed Places of Worship [VAT] Scheme
TOTAL|2023 2022
£
£
Nil
2,561
Nil 1,000
Nil
515
Nil
184
Nil 4,260|
|---|---|
In line with the requirements of FRS102 these grants would be shown gross as income rather than netting down appropriate expenditure.
## **Note 14 – Going Concern**
The corona virus pandemic has had a significant effect on PCC income over the past 4 years and this continues to some extent into 2024 particularly in respect of the Centre. In addition the energy crisis, high inflation, and adverse economic conditions will also continue to impact. However the Trustees are satisfied that despite the serious impact of these issues on the PCC finances, the charity will be able to continue on a going concern basis during 2024. The financial position is regularly reported to the PCC as part of risk management procedures.
_Page 16_
3L
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