## **The Parochial Church Council of the Ecclesiastical Parish of**
## **Braintree St Michael's**
## _Charity registration 1132702_
Financial Statements
for the year ended 31 December 2022
## **Priest in Charge**
Revd. Nigel Adams St Michael's Vicarage 10a Marshalls Road Braintree, CM7 2LL
## **Bank**
The Co-operative Bank PO Box 250 Skelmersdale, WN8 6WT
## **Independent examiner:**
## Ronald W Chivers & Co
## Accountants
61 Manor Street Braintree Essex CM7 3HP
Page 1 of 17
## _**St Michael's, Braintree PCC**_
## **Information**
Address St Michaels Lane, Braintree, Essex, CM7 1EY Website http://stmichaelsbtree.co.uk Email admin@stmichaelsbtree.co.uk
## **The Church Office address is:**
St Michael's Church House St Michaels Lane Braintree CM7 1EY Telephone: 01376 321248
The Parish of St Michael Braintree in one of four which make up the town of Braintree & Bocking in North Essex.
The population of St Michael's parish is approximately 15,696
St Michael's Church was founded and Braintree received its market charter in 1199.
## **Objects and Activities**
## **Mission Statement:**
"To know Jesus and make Him known".
St Michael's is a Gospel believing, Bible preaching Church with a concern for the wider community to which it belongs. We desire to grow as Christians by learning together from God's word.
We long that more people of all ages will come to know and love Jesus, our risen Saviour and Lord. We trust that they will find a welcome in the family of Jesus as well as with the Church family of St Michael's.
More specific information about our activities can be found in our parish profile, which is available on our website at www.stmichaelsbtree.co.uk
## **P.C.C. Members 2022-23**
## **Appointed 24th May 2022**
|**EX OFFICIO MEMBERS**
Nigel
Adams_(Vicar, Chairman)_
Cyril
Bamforth (Temporary
Churchwarden)
David
Marriott_(Churchwarden, Lay_
_Vice- Chairman)_
**(Left during 2022)**
Lin
Terris_(Churchwarden)_
David
Huxter_(Deanery Synod)_
Ade
Odupitan_(Deanery Synod)_
Lin
Terris_(Deanery Synod)_
John
Turton_(Deanery Synod)_
**(Left during 2022)**|**Appointed PCC**
December 2022
1 year from May 2022
1 year from May 2022
3 years from Oct 2020
3 years from Oct 2020
3 years from Oct 2020
3 years from Oct 2020|**To Retire**|
|---|---|---|
|||2023
2023
2023
2023
2023|
Page 2 of 17
## **ELECTED / CO-OPTED MEMBERS**
|Jo|Adams|Volunteer Pastoral Assistant|2023|
|---|---|---|---|
|Jennifer|Bailey|3 years from May 2021|2024|
|Derek|Chapman|3 years from May 2021|2024|
|Roger|Cooke|3 years from May 2021|2024|
|Lesley|Davey|Co-opted as Treasurer|2023|
|Adam|Grove Smith|3 years from Oct 2020|2023|
|Rachel|Grove Smith|Co-opted as C&Y Worker|2023|
|Richard|Hollis|3 years from Oct 2020|2023|
|Rachel|Huxter|3 years from Oct 2020|2023|
|Margaret|Kinniburgh|3 years from May 2022|2025|
|Nick|Marsh|3 years from Oct 2020|2023|
|Peggy|Wills|3 years from May 2022|2025|
## **NON-MEMBERS**
Sandra Savill ( _Electoral Roll Officer)_
## **Structure, Governance and Management**
## **Parochial Church Council (PCC)**
The PCC is a corporate body established by the Church of England. The PCC operates under the Parochial Church Council Powers Measure (1956) as amended and is a registered charity (Registered number 1132702) Membership of the PCC is constituted in accordance with the Church Representation Rules. Wardens are elected annually, Deanery Synod members triennially. One-third of elected members retire each year. The PCC may co-opt up to three members.
Page 3 of 17
## **Independent examiner’s report to the trustees of The Parochial Church Council (PCC) of the Ecclesiastical Parish of Braintree St Michael**
We report on the accounts of the charity _registration number 1132702_ for the year ended 31 December 2022.
## **Respective responsibilities of trustees and examiner**
As the charity's trustees you are responsible for the preparation of the accounts; you consider that the audit requirement of section 144 of the Charities Act 2011 (the Charities Act) does not apply. It is our responsibility to state, on the basis of procedures specified in the General Directions given by the Charity Commissioners under section 145(5)(b) of the Charities Act, whether particular matters have come to our attention.
## **Basis of independent examiner's report**
Our examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes 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 we do not express an audit opinion on the view given by the accounts.
## **Independent examiner's statement**
In connection with our examination, no matter has come to our attention:
- (1) which gives us reasonable cause to believe that in any material respect the requirements
. to keep accounting records in accordance with section 130 of the Charities Act; and
. to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Charities Act have not been met: or
(2) to which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
## **RONALD W CHIVERS & CO ACCOUNTANTS**
61 Manor Street Braintree Essex CM7 3HP
27 March 2023
Page 4 of 17
## _**St Michael's, Braintree PCC Financial statements for the year ended 31st December 2022**_
## **Statement of Financial Activities (SOFA)**
||**Unrestricted**
**Funds**|**Restricted**
**Funds**|**Training &**
**Outreach**|**Total Funds**
**2022**|**_Total Funds_**
**_2021_**|
|---|---|---|---|---|---|
|**INCOME**
Donations and Legacies
Charitable Activities
Investments
Other|£112,675.46
£13,114.11
£4,008.10
£915.58|£13,997.50
£73.00
£34.08|£427.58
£311.21|£126,672.96
£13,614.69
£4,353.39
£915.58|_£135,212.41_
£8,442.80
£3,786.72
£221.95|
|**Total Income**|**£130,713.25**|**£14,104.58**|**£738.79**|**£145,556.62**|**£147,663.88**|
|**EXPENDITURE**
Charitable Activities|£124,963.09|£18,731.68|£1,657.57|£145,352.34|£143,777.57|
|**Total Expenditure**|**£124,963.09**|**£18,731.68**|**£1,657.57**|**£145,352.34**|**£143,777.57**|
|||||||
|**Net Income(Expenditure) before Investment**
**Gains**|**£5,750.16**|**(£4,627.10)**|**(£918.78)**|**£204.28**|**£3,886.31**|
|Net Gains (losses) on investments|(£15,918.46)||(£1,387.18)|(£17,305.64)|_£18,285.41_|
|**NET INCOME/(EXPENDITURE)**|**(£10,168.30)**|**(£4,627.10)**|**(£2,305.96)**|**(£17,101.36)**|**£22,171.72**|
|Transfers between funds|(£866.01)|(£130.43)|£996.44|£0.00|_£0.00_|
|**NET MOVEMENT IN FUNDS**|**(£11,034.31)**|**(£4,757.53)**|**(£1,309.52)**|**(£17,101.36)**|**£22,171.72**|
|**Reconciliation of funds**
Total funds brought forward|£224,916.33|£201,334.49|£12,177.50|£438,428.32|_£416,256.60_|
|**TOTAL FUNDS CARRIED FORWARD**|**£213,882.02**|**£196,576.96**|**£10,867.98**|**£421,326.96**|**£438,428.32**|
|_For full details see Notes_
_Note 1_
_Note 2_
_Note 3_||||||
Page 5 of 17
## _**St Michael's, Braintree PCC Financial statements for the year ended 31st December 2022**_
## **Balance Sheet**
||**Balance Sheet**|||
|---|---|---|---|
|**FIXED ASSETS**
_(see note 7)_
_(see note 8)_
**CURRENT ASSETS (A)**
_(see note 9)_
_(see note 10)_
_(see note 10)_
_(see note 10)_
**LIABILITIES (B)**
_(see note 11)_
**UNRESTRICTED FUNDS**
**RESTRICTED FUNDS**
**ENDOWMENT FUND**||**Total Funds**
**2022**|**_Total Funds_**
**_2021_**|
||Tangible Assets|£178,480.64|_£179,233.64_|
||Investments|£130,160.66|_£147,466.30_|
|||||
||**Total Fixed Assets**|**£308,641.30**|**_£326,699.94_**|
|||||
||Debtors|£590.00|_£3,743.93_|
||Prepayments and accrued income|£4,843.86|_£523.02_|
||Short Term Deposits|£33,884.41|_£30,169.49_|
||Cash at bank and in hand|£88,660.65|_£70,819.62_|
||Short Term Loan to Bell Ringers
**Total Current Assets**
Creditors - amounts falling due in one year|£250.00
**£128,228.92**
(£15,543.27)|_£12,616.86_
**_£117,872.92_**
_(£6,144.54)_|
|||||
||**Net Current Assets= (A) less (B)**|**£112,685.65**|**_£111,728.38_**|
|||||
||**TOTAL NET ASSETS**|**£421,326.95**|**_£438,428.32_**|
||**COMPRISING**
General Fund|£35,073.89|_£36,800.24_|
||Designated Fund: Capital Projects|£178,808.13|_£188,116.09_|
||**Total Unrestricted Funds**|**£213,882.02**|**_£224,916.33_**|
|||||
||Bartram Bible|£349.01|_£528.22_|
||Manna Fund|£1,450.00|_£1,600.05_|
||Property Fund
Youth Fund|£178,480.64
£16,297.31|_£179,233.64_
_£19,972.58_|
||**Total Restricted Funds**|**£196,576.96**|**_£201,334.49_**|
|||||
||Training & Outreach Capital|£10,867.98|_£12,177.50_|
||**Total Endowment Fund**|**£10,867.98**|**_£12,177.50_**|
|||||
||**TOTAL PARISH FUNDS**|**£421,326.96**|**£438,428.32**|
Page 6 of 17
## _**St Michael's, Braintree PCC**_
## _**Notes to Financial statements for the year ended 31st December 2022**_
## **ACCOUNTING POLICIES**
The PCC is a public 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, together with FRS102 (2019a) as the applicable accounting standards and the 2019 version of the Statement of Recommended Practice - Accounting and Reporting by Charities (SORP)(FRS 102). The financial statements have been prepared under the historical cost convention except for the valuation of investment assets, which are shown at market value. The financial statements include all transactions, assets and liabilities for which the PCC is responsible by law. They do not include the accounts of church groups that owe their main affiliation to another body, nor those that are informal gatherings of church members. The PCC considers that there are no material uncertainties over their ability to continue as a going concerns
## **FUNDS**
Endowment funds are funds, the capital of which must be maintained; only income arising from investments of the endowment may be used either as restricted or unrestricted funds depending on the purpose for which the endowment was established. Restricted funds represent (a) income from trusts or endowments which may be expended only on those restricted objects provided in the terms of trust or bequest, and (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. 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 Unrestricted funds are general funds which can be used for PCC ordinary purposes and designated funds are amounts set aside by the PCC for fixed assets or a future project.
## **INCOME**
Planned giving, collections and donations are recognised when received. Tax recoverable is recognised when the income to which it relates is received. Grants and legacies are accounted for when the PCC is entitled to the amounts due. Dividends are accounted for when receivable, interest is accrued. All other income is recognised when it is receivable. All income is gross. The value of voluntary help received is not included in the accounts.
## **EXPENDITURE AND LIABILITIES**
Liabilities are recognised as soon as there is a legal or constructive obligation and settlement is probable and quantifiable. Grants and donations are accountable for when paid over, or when awarded, if that creates a binding or constructive obligation on the PCC. The diocesan parish share is accounted for when due. All other expenditure is generally recognised when it is incurred and is accounted for gross.
Unrestricted funds are general funds which can be used for PCC ordinary purposes and designated funds are amounts set aside by the PCC for fixed assets or a future project.
Page 7 of 17
## _**St Michael's, Braintree PCC**_
## _**Notes to Financial statements for the year ended 31st December 2021**_
## **FIXED ASSETS**
Consecrated and benefice property is not included in the accounts in accordance with s.10(2)(a) of the Charities Act 2011. Movable church furnishing held by the vicar (priest in charge) and churchwardens on special trust for the PCC and which require a faculty for disposal are inalienable property, listed in the Church's inventory, which can be inspected (at any reasonable time). All expenditure incurred during the year on consecrated or benefice property and movable church furnishings, whether maintenance or improvement, is written off as expenditure in the financial statements. The Church House and Hall are stated at cost. No depreciation is provided as the depreciation charge and accumulated depreciation would not be material because residual value of the assets is at least as much as their carrying amount. The solar panels on the church hall roof are depreciated on a straight line basis over 20 years.
Individual items of equipment with a purchase price of £10,000 or less are written off when the asset is acquired.
Investments are stated at market value at 31 December each year.
## **CURRENT ASSETS**
Short term deposits comprise cash held on deposit with the CBF Church of England Funds held by CCLA
Page 8 of 17
## _**St Michael's, Braintree PCC**_
## **PCC Proceedings for year 2022**
The PCC met 6 times for regular meetings, once for an extraordinary meeting and also a "Vision Refresh" Away Day. All of these meetings were chaired by Revd. Nigel Adams.
Rachel Grove-Smith, Lesley Davey and Jo Adams were co-opted as Children’s & Youth Worker, PCC Treasurer and Volunteer Pastoral Assistant respectively following the APCM.
The PCC's 2021 decision to seek the oversight of the Bishop of Maidstone (now Ebbsfleet), whilst remaining under the Bishop of Chelmsford as our Diocesan Bishop was not accepted by Bishop Guili.
## _**Financial decisions taken by PCC during 2022**_
The January meeting agreed unanimously that our current £6,000 monthly payment of Parish Share would continue and be revisited at the beginning of 2023. The intention then would be to "top up" our payment by January 2023.
It also agreed to increase the hiring rates for Church House.
In May the 2021 annual accounts were approved for presentation at the APCM.
In September our Parish Share was announced as £86,838 for 2022 and £81,285 for 2023
A Stewardship Group was suggested. It's role being to oversee and have a wider vision in Church financial affairs
The Crèche repairs resulting from the bad weather at the end of 2021 were discussed and agreed upon as was new Church House fences to replace those destroyed in the gales.
In November it was agreed that we would obtain a credit/debit card payment machine for use at all services and any other functions where donations would be encouraged.
It was noted that our present Examiner had resigned and new one was urgently to be sought.
**NB** During early 2023 Ronald Chivers & Co, Braintree was accepted as the Examiner for our accounts.
Page 9 of 17
## _**St Michael's, Braintree PCC**_
## _**Financial statements for the year ended 31st December 2022**_
## **NOTE 1**
## **Unrestricted Funds - Income and Expenditure account**
|**INCOME**
**EXPENDITURE**
_(see note 4)_
_(see note 5)_
_(see note 6)_
**INVESTMENTS**||**General Fund**|**Capital Projects**|**Total Funds 2022**|**_Total Funds 2021_**|
|---|---|---|---|---|---|
||**Donations and Legacies**
Regular Giving
Collections and donations
Appeals and Grants
Legacies|£104,153.57
£5,360.83
£711.06|£200.00
£2,250.00|£104,153.57
£5,560.83
£2,961.06
£0.00|_£101,632.34_
_£8,315.82_
_£10,277.50_
_£5,000.00_|
||**Total Donations and Legacies**|**£110,225.46**|**£2,450.00**|**£112,675.46**|**_£125,225.66_**|
||**Charitable Activities**
Magazine sales
Fees for weddings and funerals
Contribution towards Church Costs
Church House Hire
Church House activities
Car Park Fees
Feed in tariff - solar panels
Refreshments
Miscellaneous receipts
Grants
Covid Grants|£35.79
£4,629.00
£6,042.45
£240.00
£1,277.70
£613.17
£276.00||£35.79
£4,629.00
£0.00
£6,042.45
£0.00
£240.00
£1,277.70
£613.17
£276.00
£0.00
£0.00|_£59.00_
_£2,381.00_
_£0.00_
_£1,739.10_
_£0.00_
_£1,120.00_
_£1,543.87_
_£0.00_
_£195.60_
_£0.00_
_£734.13_|
||**Total Charitable Activities**|**£13,114.11**|**£0.00**|**£13,114.11**|**_£7,772.70_**|
||**Investment Income**
Dividends
Bank Interest|£91.63|£1,774.92
£2,141.55|£1,774.92
£2,233.18|_£3,451.67_
_£28.17_|
||**Total Investment Income**|**£91.63**|**£3,916.47**|**£4,008.10**|**_£3,479.84_**|
||**Other Income**
Donations to otherCharities|£915.58||£915.58|_£221.95_|
||**Total Investment Income**|**£915.58**|**£0.00**|**£915.58**|**_£221.95_**|
|||||||
||**Overall Total**|**£124,346.78**|**£6,366.47**|**£130,713.25**|**_£136,700.15_**|
||**Charitable Activities**
PCC Donations
Donation handed on to other charities
Family Purse
Vicar's Mileage (net of private use)
Church Running Costs
Church House Costs
Printing
Other MinistryCosts|£11,958.74
£790.58
£72,000.00
£148.85
£14,063.19
£19,996.27
£532.59
£4,240.92|£1,231.95|£11,958.74
£790.58
£72,000.00
£148.85
£15,295.14
£19,996.27
£532.59
£4,240.92|_£11,187.45_
_£163.60_
_£72,000.00_
_£115.25_
_£17,446.07_
_£19,318.08_
_£1,403.56_
_£3,192.40_|
||**Total Expenditure**|**£123,731.14**|**£1,231.95**|**£124,963.09**|**_£124,826.41_**|
|||||||
||**Net Income/(Expenditure) before investment**
**revaluation**|**£615.64**|**£5,134.52**|**£5,750.16**|**_£11,873.74_**|
||Revaluation||(£15,918.46)|(£15,918.46)|_£17,075.40_|
||**NET INCOME/(EXPENDITURE)**|**£615.64**|**(£10,783.94)**|**(£10,168.30)**|**_£28,949.14_**|
||Transfers between funds|(£2,341.99)|£1,475.98|(£866.01)|_(£1,297.69)_|
||**NET MOVEMENT IN FUNDS**|**(£1,726.35)**|**(£9,307.96)**|**(£11,034.31)**|**_£27,651.45_**|
||**Reconciliation of Funds**
Total Funds brought forward|£36,800.24|£188,116.09|£224,916.33|£197,264.88|
||**TOTAL FUNDS CARRIED FORWARD**|**£35,073.89**|**£178,808.13**|**£213,882.02**|**_£224,916.33_**|
Page 10 of 17
## _**St Michael's, Braintree PCC**_
_**Financial statements for the year ended 31st December 2022**_
## **NOTE 2**
## **Restricted Funds - Income and Expenditure account**
|**INCOME**
**EXPENDITURE**
**INVESTMENTS**||**Bartram**|**Manna**|**Property**|**Youth**|**Total Funds**
**2022**|**_Total Funds_**
**_2021_**|
|---|---|---|---|---|---|---|---|
||**Donations and Legacies**
Donations||||£13,997.50|£13,997.50|_£9,986.75_|
||**Total Donations and Legacies**||||**£13,997.50**|**£13,997.50**|**_£9,986.75_**|
||**Charitable Activities**
Church House Activities||||£73.00|**£73.00**|_£587.50_|
||**Total Charitable Activities**||||**£73.00**|**£73.00**|**£587.50**|
||**Investment Income**
Bank Interest|£4.93|||£29.15|£34.08|_£7.44_|
||**Total Investment Income**|**£4.93**|||**£29.15**|**£34.08**|**_£7.44_**|
||**Other Income**|||||||
||**Total Other Income**|||||||
|||||||||
||**Overall Total**|**£4.93**|||**£14,099.65**|**£14,104.58**|**£10,581.69**|
||**Charitable Activities**
Bibles & Confirmation Books
Music Licences
Property deprectiation
Donations to other charities
Church Running Costs
Other MinistryCosts|£53.76|£150.00|£753.00|£106.00
£17,668.92|£753.00
£106.00
£17,872.68|_£184.14_
_£753.00_
_£180.00_
_£16,817.87_|
||**Total Expenditure**|**£53.76**|**£150.00**|**£753.00**|**£17,774.92**|**£18,731.68**|**_£17,935.01_**|
|||||||||
||**Net Income/(Expenditure) before**
**investment revaluation**|**(£48.83)**|**(£150.00)**|**(£753.00)**|**(£3,675.27)**|**(£4,627.10)**|**(£7,353.32)**|
||Revaluation|||||||
||**NET INCOME/(EXPENDITURE)**|**(£48.83)**|**(£150.00)**|**(£753.00)**|**(£3,675.27)**|**(£4,627.10)**|**_(£7,353.32)_**|
||Transfers between funds|(£130.38)|(£0.05)|||(£130.43)|_£364.14_|
||**NET MOVEMENT IN FUNDS**|**(£179.21)**|**(£150.05)**|**(£753.00)**|**(£3,675.27)**|**(£4,757.53)**|**_(£6,989.18)_**|
||**Reconciliation of Funds**
Total Funds brought forward|£528.22|£1,600.05|£179,233.64|£19,972.58|£201,334.49|_£208,323.67_|
||**TOTAL FUNDS CARRIED FORWARD**|**£349.01**|**£1,450.00**|**£178,480.64**|**£16,297.31**|**£196,576.96**|**_£201,334.49_**|
Page 11 of 17
## _**St Michael's, Braintree PCC**_
## _**Financial statements for the year ended 31st December 2022**_
## **NOTE 3 Training & Outreach/Endowment fund - Income and Expenditure account**
|**INCOME**
**EXPENDITURE**
**INVESTMENTS**||**2022**|**_2021_**|
|---|---|---|---|
||**Donations and Legacies**
**Charitable Activities**
Donation|||
|||||
||||£82.60|
||Church House activities|_£427.58_||
||**Total Charitable Activities**|**_£427.58_**|**_£82.60_**|
||**Investment Income**
Dividends||_£149.44_
_£150.00_|
||Bank Interest|_£311.21_||
||**Total Investment Income**|**_£311.21_**|**_£299.44_**|
|||||
||**Overall Total**|**_£738.79_**|**_£382.04_**|
||**Charitable Activities**|||
||Church RunningCosts|_£540.00_|_£20.00_|
||Printing|_£546.01_|_£459.49_|
||Other MinistryCosts|_£571.56_|_£536.66_|
||**Total Expenditure**|**_£1,657.57_**|**_£1,016.15_**|
|||||
||**Net Income(Expenditure) before investment revaluation**|**_(£918.78)_**|**_(£634.11)_**|
||Revaluation|_(£1,387.18)_|_£1,210.01_|
||**NET INCOME(EXPENDITURE)**|**_(£2,305.96)_**|**_£575.90_**|
||Transfers between funds||_£933.55_|
|||£996.44||
||**NET MOVEMENT IN FUNDS**|**_(£1,309.52)_**|**_£1,509.45_**|
||**Reconciliation of Funds**
Total Funds brought forward|£12,177.50|£10,668.05|
||**TOTAL FUNDS CARRIED FORWARD**|**_£10,867.98_**|**_£12,177.50_**|
Page 12 of 17
## _**St Michael's, Braintree PCC**_
## _**Notes to Financial statements for the year ended 31st December 2022**_
## **Notes**
|**otes**|||
|---|---|---|
|_4_
**PCC DONATIONS FROM GENERAL FUND**
**_Missionary and charitable giving - overseas_**
ACTS
A Rocha
Barnabas Fund
Crosslinks (BCMS)
Open Doors
Samaritan's Purse
Stand by Me
Tear Fund
**_Missionary and charitable giving - home_**
Braintree Youth Project Charity
Christians Against Poverty
CYO Braintree
Make Jesus Known (Tim & Charissa Cooke)
SASRA
**_Accrued 10% Tithe_**
Available to be paid next year
**Overall total**|**2022**|**_2021_**|
||£200.00
£200.00
£1,255.50
£200.00
£180.00|_£200.00_
_£1,008.00_
_£200.00_
_£200.00_|
||**£2,035.50**|**£1,608.00**|
||£360.00
£200.00
£2,502.00
£1,248.00
£200.00|_£360.00_
_£2,502.00_
_£2,496.00_
_£100.00_|
||**£4,510.00**|**_£5,458.00_**|
||£5,413.24|£4,121.45|
||**£11,958.74**|**£11,187.45**|
## **GENERAL FUND**
|**GENERAL FUND**|||||
|---|---|---|---|---|
|**_Notes_**
_5_
**CHURCH RUNNING EXPENSES**
Architects Fees
Cleaning and toiletries
Insurance
Light and heat
Membership fee
Other costs
Refreshment costs
Repairs and Maintenance|**General Fund**
**2022**|**Capital Projects**
**2022**|**Total 2022**|**Total 2021**|
||£489.40
£3,130.94
£4,532.33
£3,078.59
£37.50
£800.14
£232.58
£1,761.71|£391.95
£840.00|£489.40
£3,130.94
£4,532.33
£3,078.59
£37.50
£1,192.09
£232.58
£2,601.71|£2,962.02
£4,364.70
£1,956.64
£12.50
£498.99
£7,671.22|
||**£14,063.19**|**£1,231.95**|**£15,295.14 **|**£17,466.07**|
|**_Notes_**
_6_
**CHURCH HOUSE RUNNING EXPENSES**
Cleaning and toiletries
Insurance
Light and heat
Repairs and maintenance
Software
Telephone (inc. hardware for point to point system)
Water rates|**General Fund**
**2022**|**Capital Projects**
**2022**|**Total 2022**|**Total 2021**|
|---|---|---|---|---|
||£2,996.83
£1,592.56
£1,826.91
£12,457.44
£171.86
£373.35
£577.32||£2,996.83
£1,592.56
£1,826.91
£12,457.44
£171.86
£373.35
£577.32|£2,495.13
£1,533.52
£981.81
£12,132.38
£0.00
£1,793.29
£381.95|
||**£19,996.27**|**£0.00**|**£19,996.27 **|**£19,318.08**|
Page 13 of 17
## _**St Michael's, Braintree PCC**_
## _**Notes to Financial statements for the year ended 31st December 2022**_
## **During the year, the PCC employed:**
Mrs Rachel Grove-Smith as our Youth & Children's Worker Miss Jill Jackson our part-time cleaner
The total wages - including Pension Costs - amounted to £20,834.01 (2021 £19,625.80)
Social security costs were fully covered by the Employment Allowance. Staff are on the Diocese's payroll. The costs are recharged to the PCC. The Youth & Children's Worker contributes to the Church of England pension scheme.
During 2022 no payments were made to any PCC member, persons closely connected to them, or related parties.
Page 14 of 17
## _**St Michael's, Braintree PCC**_
## _**Notes to Financial statements for the year ended 31st December 2022**_
## _**Notes**_
## **FIXED ASSETS**
- _7_ **Tangible (all restricted)**
|**COST**
Brought Forward 1st January 2022
Additions
31st December 2022
**DEPRECIATION**
Brought Forward 1st January 2022
Depreciation for the year
31st December 2022
**NET BOOK VALUE**
1st January 2022
31 December 2022
_8_
**INVESTMENTS**
Market value 1 January
Purchases at cost
Net gains (losses) on revaluation
**Market value 31 December**
**_COMPRISING:_**
**DESIGNATED FUNDS**
5,807.96 CBF Investment Fund shares
**_ENDOWMENT FUND_**
442.52 CBF Investment Fund shares
815.37 CBF Fixed Interest Securities
Fund shares|**2022**|**2022**||
|---|---|---|---|
||**Freehold land**
**and buildings**|**Solar panels**|**_Total_**|
||£169,446.64|£9,787.00|£179,233.64|
||**£169,446.64**|**£9,787.00**|**£179,233.64**|
|||£753.00|£0.00
£753.00|
||**£0.00**|**£753.00**|**£753.00**|
|||||
||**£169,446.64**|**£10,540.00**|**£179,986.64**|
|||||
||**£169,446.64**|**£9,034.00**|**£178,480.64**|
|||||
|||**2022**|**2021**|
|||£147,466.30
(£17,305.64)|£129,180.89
£18,285.41|
|||**£130,160.66**|**£147,466.30**|
|||||
||**Cost**|**Market value**
**2022**|**Market value**
**2021**|
||£80,000.00
£5,355.00
£1,339.00|£119,910.56
£9,136.22
£1,113.88|£135,829.02
£10,349.08
£1,288.20|
||**£86,694.00**|**£130,160.66**|**£147,466.30**|
Page 15 of 17
## **St Michael's, Braintree PCC**
## _**Notes to Financial statements for the year ended 31st December 2022**_
|**_Notes_**
_9_
**DEBTORS - unrestricted funds:**
Church House rental
Funeral Fees
Planned giving
Tax recoverable
_10_
Prepayments and accrued income
Short Term Deposits
Cash at bank and in hand
Short Term Loan to Bell Ringers
_11_
**LIABILITIES - unrestricted funds:**
Tithed Donations to be paid next year
Donation towards St Michael's School Book 2022
Creditors|||
|---|---|---|
||**2022**|**2021**|
||£465.00
£125.00|£34.50
£1,058.07
£2,651.36|
||**£590.00**|**£3,743.93**|
||||
||**2022**|**2021**|
||£4,843.86
£33,884.41
£88,660.66
£250.00|_£523.02_
_£30,169.49_
_£70,819.62_
_£12,616.86_|
||**£127,638.93**|**£114,128.99**|
||||
||**2022**|**2021**|
||£5,413.24
£44.00
£9,969.89|£4,121.45
£44.00
£1,979.09|
||**£15,427.13**|**£6,144.54**|
Page 16 of 17
## **Church Workers Pension Fund (CWPF)**
St Michael's PCC , Braintree participates in the Pension Builder Scheme section of CWPF for lay staff. The Scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of the Employer and the other participating employers.
The Church Workers Pension Fund has a section known as the Defined Benefits Scheme, a deferred annuity section known as Pension Builder Classic and a cash balance section known as Pension Builder 2014.
## **Pension Builder Scheme for St Michael's PCC, Braintree**
The Pension Builder Scheme of the Church Workers Pension Fund is made up of two sections, Pension Builder Classic and Pension Builder 2014, both of which are classed as defined benefit schemes.
Pension Builder Classic provides a pension for members for payment from retirement, accumulated from contributions paid and converted into a deferred annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Bonuses may also be declared, depending upon the investment returns and other factors.
Pension Builder 2014 is a cash balance scheme that provides a lump sum that members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. This account may have bonuses added by the Board before retirement. The bonuses depend on investment experience and other factors. There is no requirement for the Board to grant any bonuses. The account, plus any bonuses declared, is payable from members’ Normal Pension Age.
There is no sub-division of assets between employers in each section of the Pension Builder Scheme.
The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Pension Builder Scheme’s assets and liabilities to specific employers and that contributions are accounted for as if the Scheme were a defined contribution scheme.
A valuation of the Pension Builder Scheme is carried out once every three years. The most recent was carried out as at 31 December 2019. Please contact the Treasurer if you wish to read their full report.
For the Pension Builder Classic section, the valuation revealed a deficit of £14.2m on the ongoing assumptions used. At the most recent annual review, the Board chose not to grant a discretionary bonus, which will have acted to improve the funding position. There is no requirement for deficit payments at the current time.
For the Pension Builder 2014 section, the valuation revealed a surplus of £1.8m on the ongoing assumptions used. There is no requirement for deficit payments at the current time.
The legal structure of the scheme is such that if another employer fails, St Michael's PCC, Braintree could become responsible for paying a share of that employer’s pension liabilities.
Page 17 of 17