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2022-12-31-accounts

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF TYNEMOUTH PRIORY HOLY SAVIOUR, TYNEMOUTH

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF

TYNEMOUTH PRIORY HOLY SAVIOUR, TYNEMOUTH

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

Registered Charity Number 01132548

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF TYNEMOUTH PRIORY HOLY SAVIOUR, TYNEMOUTH

Contents of the Financial Statements For The Year Ended 31 December 2022

Page
Charity Information 2
Report of the Trustees’ 3-7
Independent Examiners’ Report 8
Statement of Financial Activities 9
Balance Sheet 10
Notes to the Financial Statements 11-16

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF TYNEMOUTH PRIORY HOLY SAVIOUR, TYNEMOUTH

Charity Information For The Year Ended 31 December 2022

MEMBERSHIP

Members of the PCC are either ex officio or elected by the Annual Parochial Church Meeting in accordance with the Church Representation Rules.

Incumbent:

Incumbent: The Revd Stephen Dixon CA (Appointed 7 October 2018) Parish Administrator: Mr Stuart Crozier(resigned 2022) Wardens: Canon David Bilton (Resigned April 2022)) Mrs Janice Torpy (Elected April 2019) Mrs Diane Bayley (Elected April 2022) Representatives on the Deanery Synod: Mrs Linda Benneworth (Elected April 2020) Canon David Bilton (Elected December 2020) Mrs Karen Bilton (Elected December 2020) Elected Members: Mrs Debbie Baird (Re-elected 2022) Mr Michael Bayley (Re-elected 2022) Mr Christopher Benneworth (Re-elected 2022) Canon David Bilton (Elected 2022) Mr Julian Brown (Elected 2020) Mrs Carol Davison (Elected 2020) Mr Euan Duff (Elected 2021) Mr Paul Johnson (Elected 2021) Mrs Elizabeth Parr (Re-elected 2022) Mr John Pearce (Elected 2018) Mrs Liz Shipway (Resigned 2022) Other Officers: Lay Vice-Chairman Mr Christopher Benneworth (Elected 2020) Secretary Mr John Pearce (Elected 2020) Treasurer Mrs Karen Bilton (Appointed February 2018)

LEGAL STATUS

The PCC is a registered charity the full name of which is “The Parochial Church Council of The Ecclesiastical Parish of Tynemouth Priory Holy Saviour, Tynemouth” and the registered number is 01132548.

Church Address Bankers Independent Examiner The Broadway The National Westminster Bank Plc Mr John Pescott Tynemouth 18 Park View 2 Crossway North Shields Whitley Bay Tynemouth Tyne and Wear Tyne and Wear North Shields NE30 2LD NE26 2TQ Tyne & Wear NE30 2LB

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF TYNEMOUTH PRIORY HOLY SAVIOUR, TYNEMOUTH

Report of the Trustees For The Year Ended 31 December 2022

The trustees present their report and financial statements of the charity for the year ended 31 December 2022.

STRUCTURE, GOVERNANCE AND MANAGEMENT

ORGANISATION OF THE CHARITY

The Parochial Church Council is a corporate body established by the Church of England. The PCC operates under the Parochial Church Council Powers Measure.

The PCC operates through a number of committees and task groups, which meet several times a year.

Standing Committee: This is the only committee required by law. It has power to transact the business of the PCC between its meetings, subject to any directions given by the Council.

Task groups met on an ad hoc basis to deal with matters as they arise. The PCC does not control any related trusts or charities.

TRUSTEES

Details of all the Trustees who have served throughout the year are given on page 2 of this report. Appointment to the PCC is governed by and set out in the Church Representation Rules.

RECRUITMENT AND TRAINING OF PCC MEMBERS

PCC members are recruited from active parishioners by request and elected at the Annual Parochial Meeting by the parishioners qualified to attend the APM. The PCC look to ensure a broad mix of skills, diversity and Christian commitment.

Newly elected members are provided with induction training by the Incumbent, Lay Vice Chairman and Secretary and are encouraged to attend various training events organised within the Diocese.

RISK MANAGEMENT

The PCC is responsible for the identification and management of all risks. Detailed examination of the risks is delegated to the Standing Committee that works with the officers to identify risks and establish controls to mitigate them. A formal review of the risk management processes is undertaken annually.

OBJECTIVES AND ACTIVITIES

OBJECTIVES OF THE CHARITY

Holy Saviour’s PCC has the responsibility of co-operating with the incumbent in promoting in the ecclesiastical parish the whole mission of the Church, pastoral, evangelistic, social and ecumenical. It also has the maintenance responsibilities of the church, the Parish Centre and the Parish Hall in Manor Road, Tynemouth.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF TYNEMOUTH PRIORY HOLY SAVIOUR, TYNEMOUTH

Report of the Trustees (Continued) For The Year Ended 31 December 2022

STRATEGIES TO ACHIEVE THIS YEAR’S OBJECTIVES

We will continue as appropriate to draw people together to oversee specific tasks within the church.

VOLUNTEERS

The Church continues to rely upon the services of volunteers to carry out its mission. Volunteers range from those being involved in the management of the Church’s affairs to those involved in supporting initiatives of the Church. Volunteers include Church Wardens, sides-persons, altar servers, singing group and musicians, Sunday School leaders, Bible lesson readers, intercessors, uniformed group leaders, W3, church cleaners, Parish News collators, flower arrangers, gardeners, treasurer, planned giving secretary, visitors, and many more. The PCC would like to thank and acknowledge all the time, energy and work undertaken by volunteers.

GRANT MAKING POLICY

Mission - sums paid to charitable organisations from the Church’s own income amounted to £2,000 in the year (2021 - £2,000).

The Parish Share has in the past largely provided for clergy stipends and housing. However, each Diocese now has to take responsibility for Clergy Pensions and National Insurance costs from the Church Commissioners. The Diocese recently changed from a centralised levy on each Deanery to a voluntary contribution system where each parish pledges an annual amount of Parish Share. In view of the financial losses due to Covid, the Holy Saviour's PCC decided to pledge a reduced figure in the last two years which, while covering clergy costs, reflected the reduced income. The pledge for 2022 was £75,000 (2021 - £65,000) and was paid in full. We hope to increase this pledge in future years as our income recovers.

No Grants and Bursaries that are awarded on merit were made in the year (2021 - £nil)

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

It has been a tremendous blessing that the removal of Covid restriction provided a return to near normal services and use of church premises throughout 2022. Our Easter and Christmas services and events were well attended and our social and outreach events were able to resume.

While we have seen an increase in numbers attending services, the congregation is still much reduced from pre-Covid figures. Young families and children are now mostly absent from our morning services and a number of our elderly congregation can no longer attend or have died. Our usual Sunday attendance is around 20% lower than 2019. Similarly, the use for the Parish Hall and Parish Centre has not reached pre-Covid levels. Some groups folded as a result of the lockdowns and others have made a cautious return.

Both of these post-Covid trends have adversely impacted our finances, with a gradual decline in contributions from the congregation and reduced letting income. Coupled with this, high inflation and the doubling of energy costs created a difficult financial situation. Tight control of our energy use, the retirement of our Parish Administrator and continued generosity from the congregation have helped to mitigate the financial difficulties, and our losses have mainly been through the poor performance of investments.

Our plans for the repair and redevelopment of the Parish Hall have been scaled back to phase the overall project. This came after a revised costing a year on from the original planning showed a 20% increase in the projected costs for the whole scheme. This has been a protracted process which has prevented any progress with fundraising.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF TYNEMOUTH PRIORY HOLY SAVIOUR, TYNEMOUTH

Report of the Trustees (Continued) For The Year Ended 31 December 2022

While young families and children have been mainly absent from morning services, we have achieved some success with monthly children’s services on Sunday afternoons. Attendance through the early part of the year was patchy, but became more consistent after the Summer. The biennial Parade Services with the Scouting and Guiding groups are now well attended after being successfully re-timed to Sunday afternoons and to celebrate St George’s Day and Harvest.

We have experienced considerable movements of staff during the year. Revd Rosemary New became our curate after her ordination as Deacon in July. Revd Malcolm Railton completed his curacy in September, taking up the post of Interim Minister at St John’s, Shotley Bridge. Our Parish Administrator, Stuart Crozier, retired from his post at the end of November. The valuable efforts of Rosemary, Malcolm and Stuart have been much appreciated.

Of particular note were the celebrations for the Platinum Jubilee of Her Majesty Queen Elizabeth II in June and the services held to commemorate her death and service to our nation in September.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF TYNEMOUTH PRIORY HOLY SAVIOUR, TYNEMOUTH

Report of the Trustees (Continued) For The Year Ended 31 December 2022

FINANCIAL REVIEW

Total income for the year amounts to £146,034 (2021 - £120,487), of which £3,424 relates to restricted funds. The financial statements, including unrealised asset gains, show a deficit for the year of £42,395 (2021- £25,163 surplus).

Our combined reserves totalled £353,981 (2021 - £396,374), of which £291,870 is held with Brewin Dolphin and it is hoped that the income generated will assist in years when our expenditure exceeds our income.

Principal funding sources

Principal sources of funding are derived from parishioners through the annual planned giving scheme, together with plate collections, donations, grants and legacies. Fundraising performance in the current year is set out in note 2 of the accounts.

Reserves policy

The objective of the PCCs reserves policy is to ensure the provision of adequate working capital resources by monitoring the level of the PCC’s free reserves. Free reserves are funds that are not tied up in fixed assets and that are unrestricted – including designated funds that have not been committed to specific expenditure.

The PCC considers that the level of free reserves throughout the year should be a minimum of 6 months of the budgeted amount for the ensuing year for cash-based operating expenditure less investment income expected to contribute towards that expenditure from restricted funds classified as operating funds.

As at 31 December 2022, free reserves were in excess of 6 months budgeted expenditure and was therefore in line with the reserves policy.

Investment policy

The Parochial Church Council has invested with Brewin Dolphin. The objective of the Brewin Dolphin investment is to provide recurring income whilst growing the value of the portfolio to ensure that, over the medium term, income and capital can grow in real terms. In risk terms, whilst the Trustees are able to tolerate modest shortterm volatility, the main objective of the investment strategy is to avoid permanent loss of value in the portfolio. The aim of our policy is to provide supplementary income to church funds and to provide initial funding for major projects including mission work and building projects.

Investments are stated in the balance sheet at their market value. Investment performance is set out in note 5 of the accounts.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF TYNEMOUTH PRIORY HOLY SAVIOUR, TYNEMOUTH

Report of the Trustees (Continued) For The Year Ended 31 December 2022

PLANS FOR FUTURE PERIODS

Our main focus for the coming year can be divided into three areas:

It is also hoped that greater involvement from the congregation will take up the majority of the roles previously covered by the Parish Administrator post.

As the Tynemouth Deanery brings together a plan for the future which will involve a closer relationship to neighbouring Anglican churches, so we shall continue to foster a working relationship with the North Shields Team.

INDEPENDENT EXAMINERS’

Mr John Pescott was appointed as the charity’s independent examiner during the year.

Approved by the trustees on ......................................................................... 2023 and signed on their behalf by:

............................................................................ Steve Dixon, Vicar

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF TYNEMOUTH PRIORY HOLY SAVIOUR, TYNEMOUTH

Independent Examiner’s Report For The Year Ended 31 December 2022

I report on the accounts of the church for the year ended 31 December 2022 which are set out on pages 9 to 17.

Respective Responsibilities of Trustees and Examiner

The church’s trustees are responsible for the preparation of the accounts. The church’s trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

Basis of Independent Examiner’s report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

Independent examiner’s statement

Since the gross income for the year exceeds the amount provided in section 145(1) of the Act, I confirm that I am qualified to act as Independent Examiner under the provisions of that section of the Act and that my qualification is as shown below. In connection with my examination, no matter has come to my attention:

  1. which gives me reasonable cause to believe that in any material respect the requirements

  2. To keep accounting records in accordance with section 130 of the 2011 Act, and

  3. To prepare accounts which accord with the accounting records and comply with the accounting requirements of the 2011 Act have not been met; or

  4. To which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

.............................................................................................................................................................

John Pescott FCA

2 Crossway Tynemouth North Shields Tyne & Wear NE30 2LB

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF TYNEMOUTH PRIORY HOLY SAVIOUR, TYNEMOUTH

Statement of Financial Activities For The Year Ended 31 December 2022

Notes
Incoming Resources
Voluntary Income
2(a)
Church Activities
2(b)
Investment Income
2(c)
Other
2(d)
Total Incoming Resources
Resources expended
Raising Funds
3(a)
Church Activities
3(b)
Refurbishment Projects
3(c)
Total Resources expended
Net surplus/(deficit) before
Investment Gains
Net unrealised Gains on Investments
Net Movement in funds
Reconciliation of funds
Total Funds Brought Forward
Total Funds Carried Forward		 Unrestricted
Funds
Restricted
Funds
Total
2022
Total
2021
£
£
£
£
79,677
79,677
75,213
44,250
44,250
25,883
6,691
6,691
6,537
11,992
3,424
15,416
12,854
142,610
3,424
146,034
120,487
2,862
2,862
3,239
134,259
425
134,684
117,518
10,434
10,434
7,606
147,555
425
147,980
128,363
(4,945)
2,999
(1,946)
(7,876)
(40,449)
(40,449)
33,039
(45,394)
2,999
(42,395)
25,163
395,116
1,260
396,376
371,212
349,722
4,259
353,981
396,375

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF TYNEMOUTH PRIORY HOLY SAVIOUR, TYNEMOUTH

Balance Sheet As at 31 December 2022

Notes 2022 2021
Fixed Assets £ £
Investment assets 5 291,870 335,278
Current Assets
Debtors and prepayments 6 11,066 9,793
Short term deposits 105 103
Cash at Bank and in hand 54,790 55,743
65,961 65,639
Current liabilities
Amounts falling due within one year 7 (3,850) (4,543)
Net current assets 62,111 61,096
Total Assest less current liabilities 353,981 396,374
Funds
Unrestricted funds
General funds 349,723 395,115
Restricted funds
Road Closure Fund 425
Music Group 834 834
Hall Refurbishment 3,424
4,258 1,259
Total Funds 8 353,981 396,374
These financial statements were approved on behalf of the Parochial Church Council on 2023
Signed as approved Steve Dixon Chairman
Signed as approved Karen Bilton Treasurer
The notes on pages 11 to 17 form part of these accounts

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF TYNEMOUTH PRIORY HOLY SAVIOUR, TYNEMOUTH

Notes to the financial statements

For the year ended 31 December 2022

1. Accounting policies

Basis of Accounting

The PCC is a public benefit entity within the meaning of FRS102. The financial statements have been prepared under the Charities Act 2011 and in accordance with the Church Accounting Regulations 2006 governing the individual accounts of PCCs, and with the Regulations’ “true and fair view” provisions, and under FRS102 (2016) as the applicable accounting standards and the 2019 version of the Statement of Recommended Practice, Accounting and Reporting by Charities (SORP(FRS102)).

The financial statements have been prepared under the historical cost convention except for investment assets, which are shown at market value. The financial statements include all transactions, assets and liabilities for which the PCC is responsible in law.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Going Concern

The trustees consider that there are no material uncertainties about Holy Saviours’ ability to continue as a going concern. Overall, funds are still substantial despite having had significant costs in relation to refurbishment of the Church and Parish Hall.

Funds

The Parochial Church Council maintained various types of funds as follows:

Restricted funds

Restricted funds represent grants; donations and legacies received which the donor has allocated for specific purposes.

Unrestricted funds

Unrestricted funds represent unrestricted income that is expendable at the discretion of the trustees in the furtherance of the objects of the church.

The accounts include all transactions, assets and liabilities for which the Parochial Church Council is responsible in law. They do not include the accounts of church groups that owe their main affiliation to another body or those that are informal gatherings of church members.

Income

Collections

Collections are recognised when received by or on behalf of the Parochial Church Council.

Planned giving receivable under Gift Aid is recognised only when received. Income tax recoverable on Gift Aided donations is recognised when the donation is recognised.

Legacies

Grants and legacies have been recognised when the Parochial Church Council is notified of its legal entitlement, the amount due is quantifiable and its ultimate receipt is confirmed.

Donations

Donations and all other receipts from (fetes, garden parties, and similar events) are reported gross and the related fundraising costs are reported in other expenditure.

Grants

Grants and donations are accounted for when paid over, or when awarded, if that award creates a binding obligation on the Parochial Church Council.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF TYNEMOUTH PRIORY HOLY SAVIOUR, TYNEMOUTH

Notes to the financial statements (Continued) For the year ended 31 December 2022

Gifts in kind and donated goods and facilities

Donated facilities have been included at their estimated value and the corresponding expenditure included under the appropriate heading. Where there was no financial cost borne by another party for the provision of donated facilities (including donated services) then no income has been recognised.

Other income

Rental income from the letting of Church premises is recognised when an invoice has been produced.

Activities directly relating to the work of the Church

The diocesan parish share is accounted for when paid. The 2022 share was paid in full in the year.

Fixed Assets

Consecrated property and moveable church furnishings

Consecrated and beneficed property of any kind is excluded from the accounts by Chapter 2, Section 10 of the Charities Act 2011.

All expenditure incurred in the year on consecrated or beneficed buildings, individual items under £1,000 or on the repair of moveable church furnishings is written off in the period in which it is incurred. Consequently, no fixed assets are currently reflected in the Parochial Church Council accounts.

When fixed assets are recognised in the Parochial Church Council accounts they would be valued over the anticipated useful economic life of the asset and depreciated on a straight-line basis.

Other fixtures, fittings and office equipment

Individual fixtures, fittings or items of equipment are written off when the asset is acquired.

The Parochial Church Council would consider the accounting treatment of any material expenditure on fixtures and fittings. Any amounts capitalised would be valued over the anticipated useful economic life of the asset and depreciated on a straight-line basis.

Investments

Investments quoted on a recognised stock exchange or whose value derives from them are valued at market value at the year end. Other investment assets are included at PCC’s best estimate of market value.

Current assets

Any material amounts owing to the Parochial Church Council at 31 December 2022 are shown as debtors less provision for amounts that may prove uncollectable.

Short term deposits are the cash held on deposit with either the CCLA or at the bank.

Cash flow statement

The PCC have taken advantage of the exemption conferred by FRS 102 to dispense with the requirement to prepare a cash flow statement as the income is below £500,000.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF TYNEMOUTH PRIORY HOLY SAVIOUR, TYNEMOUTH

Notes to the Financial Statements (continued) For the Year Ended 31 December 2022

2
Incoming Resources
2a) Voluntary Income
Planned Giving:
- Gift Aid donations
- Income tax recoverable
- Other Planned Giving
Collections (open plate) at all services
Sundry Donations (incl Gift Aided)
Legacies
2b) Church Activities
Bookstall & Publications
Letting Income
Photocopy income
Fees for Weddings
2c) Income from Investments
Interest and Investment income
2d) Other
Magazine Sales & Advertising
Fetes, bazaars & other events
Other sundry Income
Grants
Insurance Claims
Total Income		 Unrestricted
Restricted
Funds
Funds
2022
2021
£
£
£
£
45,887
45,887
49,872
13,083
13,083
13,395
4,256
4,256
4,392
6,831
6,831
5,571
613
613
1,983
9,007
9,007
79,677
79,677
75,213
88
88
156
35,446
35,446
13,531
53
53
28
8,663
8,663
12,168
44,250
44,250
25,883
6,691
6,691
6,537
6,691
6,691
6,537
2,070
2,070
1,636
4,757
4,757
3,819
4,643
3,424
8,067
3,455
122
122
3,944
400
400
11,992
3,424
15,416
12,854
142,610
3,424
146,034
120,487

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF TYNEMOUTH PRIORY HOLY SAVIOUR, TYNEMOUTH

Notes to the Financial Statements (continued) For the Year Ended 31 December 2022

3
Resources Expended
3a) Raising Funds:
Investment Managers costs
3b) Church Activities
Donations - Grants
Ministry - Diocesan Parish Share
Clergy Expenses
Other Clergy Costs
Church - Utilities
Church - Running Expenses
Church - Maintenance
Church - Insurance
Church - Photocopying
Parish Magazine Cost & Books
Upkeep of Garden
Music Costs (including Organists Fees)
Parish Hall - Utilities
Parish Hall - Insurance
Parish Hall - Cleaning Costs
Parish Hall - Repairs & Maintenance
Parish Hall - Other Running Costs
Administrator's Salary
Other Adminstration Costs
Church Fees
Parish Centre
Goverance Costs
Audit/Accountancy
3c) Exceptional Item
Refurbishment Projects
Total expenditure
Donations to Home Missions
& other Church Societies		 Unrestricted
Restricted
Total
Total
Funds
Funds
2022
2021
£
£
£
£
2,862
2,862
3,239
2,000
2,000
2,000
288
75,000
75,000
65,000
3,813
3,813
3,480
5,807
5,807
6,510
2,637
2,637
2,764
2,035
2,035
519
4,067
4,067
4,509
1,136
425
1,561
1,784
2,690
2,690
1,418
4,513
4,513
4,381
10,128
10,128
3,249
1,165
1,165
1,127
1,920
1,920
352
99
99
229
221
221
96
7,924
7,924
9,476
723
723
1,017
5,937
5,937
7,589
644
644
924
1,800
1,800
806
134,259
425
134,684
117,518
10,434
10,434
7,606
10,434
10,434
7,606
147,555
425
147,980
128,363

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF TYNEMOUTH PRIORY HOLY SAVIOUR, TYNEMOUTH

Notes to the Financial Statements (continued) For the Year Ended 31 December 2022

4
Staff Costs
Admin Wages (incl Pension costs)
Vergers/Organists
Employers National Insurance
5
Fixed Assets - Investments
Listed Investments
Market Value at 1 January
Addditions to investments at cost
Disposals at Carrying Value
Revaluation of investments to market value
Market Value at 31 December
Cash held with investment managers
6
Debtors
Income Tax Recoverable
Prepayments & accrued interest
7
Creditors - amounts falling due within one year
Accruals		 2022
2021
8,646
10,493
4,513
4,381
13,159
14,874
2022
2021
£
£
335,278
315,136
-
-
(14,862)
(22,930)
(40,449)
33,039
279,966
325,245
11,904
10,033
291,870
335,278
2022
2021
£
£
2,793
2,813
8,273
6,980
11,066
9,793
2022
2021
£
£
3,849
2,735

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF TYNEMOUTH PRIORY HOLY SAVIOUR, TYNEMOUTH

Notes to the Financial Statements (continued) For the Year Ended 31 December 2022

8 Statement of Funds

Statement of Funds
Unrestricted Funds
General
Restricted Funds
Remembrance Day Road Closure
Music Group
Hall Refurbishment Project
Total funds		 Opening
funds
Incoming
resources
Outgoing
resources
Investment
gains
Closing
funds
£
£
£
£
£
395,116
142,610
147,554
(40,449)
349,723
425
425
834
834
3,424
3,424
396,375
146,034
147,979
(40,449)
353,981

The restricted funds comprise:

The Remembrance Day Road Closure Fund was set up with donations specifically to fund the cost of holding the Remembrance Day service on the Village green. The Music Group raised funds to fund the purchase of music and other overheads that arise through the running of this activity.

The Hall Refurbishment Project holds funds specifically raised for the purpose of funding rennovation/remedial works needed at the Parish Hall.

9 Analysis of Net Assets by Funds

Investment
Current Assets
Current Liabilities		 Unrestricted
Funds
Restricted
funds
Total
funds
£
£
£
291,869
291,869
61,703
4,258
65,961
(3,849)
(3,849)
349,723
4,258
353,981

10 Related Party Transactions

No payments or expenses were paid to any PCC member, persons closely connected to them or related parties.

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