Charity number: 1132703
## THE PARISH OF LUDLOW SAINT LAURENCE
## UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
THE PARISH OF LUDLOW SAINT LAURENCE
## CONTENTS
||Page|
|---|---|
|Reference and administrative details of the Charity, its Trustees and advisers|1|
|Trustees' report|2 - 9|
|Independent examiner's report|10 - 11|
|Statement of financial activities|12|
|Balance sheet|13|
|Notes to the financial statements|14 - 29|
THE PARISH OF LUDLOW SAINT LAURENCE
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2022
Trustees Revd Kelvin Price Dr Ewart Carson Mr Richard Franks Mrs Lesley Harling Mr Paul Kemp (appointed 6 June 2022) Mr Stuart McLaren Mr Peter Nield Mrs Laura Peratt (appointed 6 June 2022) Mr Richard Wilkins Charity registered number 1132703 Principal office No. 2 College Street Ludlow Shropshire SY8 1AN Accountants WR Partners Belmont House Shrewsbury Business Park Shrewsbury Shropshire SY2 6LG
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THE PARISH OF LUDLOW SAINT LAURENCE
## TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
The Trustees present their annual report together with the financial statements of the Charity for the year 1 January 2022 to 31 December 2022.
## Objectives and activities
## a. Policies and objectives
St Laurence church is the parish church of Ludlow. The strategic mission goals of St Laurence are:
Goal 1 Enabling the people of God to discover and exercise their ministry by nurturing their spiritual and pastoral gifts, encouraging growth in faith among all.
Goal 2 Celebrating the richness and diversity of our worship and music by encouraging and developing our choral and liturgical tradition.
Goal 3 Standing with St Laurence and working with other faith communities by engaging with the local community and the wider world to address issues of social concern.
Goal 4 Creating a sustainable building and infrastructure for the ministry of the Church, offering a warm welcome to all who come, of all faiths and of none.
In seeking to achieve these goals we encourage all within the community, regardless of age, gender, ethnicity, disability or sexual orientation, to play their full part, thereby celebrating the diverse gifts of all the members of the body of Christ.
The PCC acknowledges with gratitude the grants and other donations made by the following organisations to St Laurence’s during the year:
All Churches Trust Ltd The Millichope Foundation Shropshire Historic Churches Trust The Conservation Trust for St Laurence Ludlow The Laslett’s Foundation Jane Higginson Charity
The PCC acknowledges with great thanks the donations of the many people who have financially supported St Laurence’s and the wider scope of St Laurence’s mission work in the community. As ever none of what we do would be possible without those individuals who have contributed their time and skills to St Laurence’s in so many and different ways.
The Conservation Trust for St Laurence Ludlow (a separate charity) has as its object the provision of support for the maintenance of the fabric of the church. The PCC is extremely grateful for the continued support of the Trust, and for its cordial working relationship with the PCC.
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THE PARISH OF LUDLOW SAINT LAURENCE
## TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
## Objectives and activities (continued)
## PCC Objectives for 2022
For 2022 and beyond, the PCC’s main objectives for St Laurence’s Church, as defined in the Church Development Plan, are as follows:
a) Establishing and training a lay ministry team to take responsibility for follow up visits in relation to occasional offices (baptisms, funerals and weddings); visits to the sick and the vulnerable (including those in hospitals and care homes), the searching and the isolated; and supporting those who provide chaplaincy services to visitors.
b) Enhancing the experience of both staff and volunteers as members of the St Laurence's community through improved support, engagement and communication, as well as opportunities for on-going training and professional development.
c) Providing facilities that create additional support for the choir and musical outreach and providing the resources that will enable lay people to be trained to reach out to young and old (in toddler groups, schools, care homes and other settings) in the provision of musical education and enjoyment of music.
d) Re-ordering the church. St Laurence’s is the largest covered community meeting space and is in the very heart of Ludlow. The opportunities this offers will generate increased income and so aid financial sustainability. Through internal and external events, including arts and music, the Space will has been made available to a wide range of people and organisations in Ludlow and beyond, whether as performers or audience.
e) Working with partners and potential partners (including Ludlow Town Council, Ludlow Assembly Rooms, Ludlow Museum, the Ludlow Art Society, the Ludlow Arts Festival and Fringe Festival, Hands Together, schools and colleges, Chamber of Trade and Commerce) in helping to create jobs and opportunities for volunteering in the tourism/heritage sector.
f) Identifying a role which enables the people of St Laurence's to participate along with its partners in Churches Together Around Ludlow (CTAL) in addressing needs identified by the Ludlow under Pressure report.
g) Creating a building that maximises its “green” credentials by embracing technologies to reduce our energy consumption and carbon footprint (working in partnership with Ludlow 21 and others). This objective could be met by 2027 as part of the 2024 NLHF bid.
h) Facilitating increased engagement, teaching and celebration of the Christian faith, in terms of the re-ordering of the building through improvements to the liturgical ordering and in our wider life by continuing to develop opportunities for adult exploration of faith, including the provision of Quiet Days, Retreats and Weeks of Accompanied Prayer.
i) Enhancing the experience of encountering the heritage of St Laurence's Church for our community and visitors (across the spectrum from West Midland schoolchildren to international visitors) by introducing interpretation that meets their needs, developing an appropriate volunteering programme and enhancing marketing and publicity.
j) Ensuring the historic fabric is conserved and secured for future generations by completing the backlog of outstanding repairs and conservation and by an on-going commitment to scheduled maintenance.
.
k) Enhancing the wide and diverse range of educational opportunities for students of all ages, working in partnership with all the local educational organisations, in particular providing opportunities to ensure that all who visit are able to appreciate the church building as a sacred space
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THE PARISH OF LUDLOW SAINT LAURENCE
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
## Objectives and activities (continued)
## PCC Working Policies
In setting objectives and planning for activities, the Trustees have given due consideration to the general guidance published by the Charity Commission relating to public benefit.
The Trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems and procedures are in place to manage our exposure to the major risks.
After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the ‘going concern’ basis in preparing the financial statements.
## Achievements and performance
## a. Review of the Year - Acheivements and performance
## 1. Mission & Worship
The Reverend Kelvin Price continued as Rector and Priest-in-charge (of the benefice of Ludlow St Laurence and St John). The Reverend Lawrence Gittins as Curate, and the Reverend Wayne Davies was ordained priest in July. We are grateful for the active help of members of Ludlow’s community of retired clergy and we thank them for that continued support in reaching those in the community in great need during the year. The working relationship with CTAL and other local support services remains very strong. The church opened every day to offer itself as an inclusive space for all.
There are 149 people on the Church Electoral Roll for St Laurence’s. The average Sunday attendance is 123 adults. The adult number includes visitors. We have held a regular midweek Holy Communion service, Friday evening Compline and a monthly Celtic prayer service. These regularly attract a congregation of 10-22. In addition new opportunities for prayer and connecting to the wider community have been used including open air worship, the Living Room, a weekly tea and toast event in the town and a monthly Open Tea event.
For festivals (Easter, Christmas, Advent etc), special services (Civic services, Remembrance etc) the numbers of those in the church can swell to between 400 and 650 in a typical year.
The full range of weekly services took place through 2022. Private prayer access to all was made available seven days a week. Live streaming of our key weekly Eucharist service enabled us to reach further into the community with over 1000 viewings for a range of broadcasts.
The Parish office lease was purchased from the diocese. Funds from a wide range of sources were raised to redevelop the Parish Office and rename it Stephen House in memory of Stephen Treasure in 2023. The Rector’s Discretionary Fund activities distributed £7,768 to local initiatives, investing in the lives of those in need in the community.
## 2. PCC
During 2022 the PCC held 10 regular meetings. The average attendance was 7.14 (79%). Matters considered by the PCC included Vision, finance and personnel together with day-to-day church administration. The PCC were kept informed of events, proposals and matters discussed by the various committees through their reports.
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THE PARISH OF LUDLOW SAINT LAURENCE
## TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
## Achievements and performance (continued)
## 3. Vision
In October 2008, a public meeting was held to launch the Vision Project (now renamed Vision for St Laurence's) for the Parish of Ludlow St Laurence. This project, expected to last 25-30 years, seeks to define and implement a new “vision” for St Laurence's Church. This will include combining its role as a place of worship with other uses appropriate to a church of its type. This has allowed the PCC to reconsider the layout of the church after each phase and identify a range of major works needed in the church to position it as the inclusive heart of the community.
Since 2011 this work has included several phases of internal reordering, replacing the lighting, removing the pews and lowering the floor of the main Nave area. The impressive new space created has led to further works in relocating the shop, extending the internal heating and adding an enhanced sound system. The Icon coffee shop opened in the NW Corner in September 2022 after a period of reordering in that area. Further works on significant repairs to the Parvis Tower and the church roof to prevent water ingress have taken place as part of the 2022 planned maintenance schedule with financial support from the Conservation Trust for St Laurence Ludlow. The relocation of the boiler house took place.
An NLHF expression of interest will be prepared in 2023 and if successful a full application prepared for submission in Q1 2024. The works in the bid would be scheduled in two phases over a five-year period (20252030).
## 4 Fabric
There have been no insurance claims in 2022.
The 2022 fabric works focused on the current Quinquennial Inspection report carried out by Arrols Architects. The total cost excluding scaffolding and VAT is £1.1M. However some £750k are significant heritage items which will be put within the Vision Stage 4 NLHF bid application. The list of items to be urgently addressed in the report has been actioned or reports commissioned in preparation for more significant works to be set in train in 2023-2024 to complete them.
The Parvis Tower was a one project given urgent status with extensive repairs being completed in Q2 2022. In Q3 the NW corner of the Nave was converted into the Icon Coffee Shop. A wide range of other minor works were completed as part of the maintenance plan including the installation of the Ludlow Bell, changing the function of the St Catherine’s chapel and some “stitch-in-time” lead works on the church roof and gutter system to prevent further deterioration and water ingress. We are most grateful for the support of the Conservation Trust for St Laurence for their financial support towards this key work.
A large St Leonard’s Churchyard wall repair was completed and the street access to the Linney was made safer by some tree limb removal.
In 2023 the focus will be on two items. First is the refurbishment of the Parish Office to become Stephen House to start in April 2023. This is fully funded and at no cost to the PCC. Secondly in the Church maintenance plan 4 key projects from the Quinquennial report have been identified and will be supported by CTSLL in Q2 and Q3.
## 5 Visitors
There were over 70,000 in 2022 ( compared to the 2021 41,000 total - in the 7 months of opening that were possible due to Covid restrictions). With the increase in the number of visitors in 2022 St Laurence's has remained one of the top ten “free to visit” attractions in the West Midlands
In welcoming so many visitors we have contributed to supporting the local economy rebuild after the recent difficult period.
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THE PARISH OF LUDLOW SAINT LAURENCE
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
## Achievements and performance (continued)
St Laurence’s needs a large steward workforce of 50 people to welcome visitors in such numbers. We are very grateful to the skilled volunteers who help us stay open every day. These are supported by a further 106 roles at St Laurence’s to conduct the services and enable the site to be “open and safe” for visitors.
External income is critical to the opening of the church 365 days a year as an inclusive safe & warm space. Donations from visitors totaled £32,500. 3,500 visitors paid almost £17,000 to visit the tower, the shop contributed a further £22,275 and the new Icon coffee shop added £7,000 in the last 5 months of the year. The Shop and Icon coffee shop are both run as “not for profit” ventures to support the church finances.
## Financial review
## a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
## b. Reserves policy
There is no change to the Policy. We are actively trying to build up reserves in line with the Charity Commission's guidelines and these are part of the Vision project objectives.
## c. Financial results
St Laurence’s Church has reported a surplus of £173,530 at 31st December 2022 (2021: £78,382) with restricted funds standing at £273,108 (2021: £70,460).
Free reserves were £37,325 (2021 £60,766), calculated as the unrestricted funds, less any designated funds and the tangible fixed assets. This falls below the three months’ worth of expenditure which is the target in the PCC’s reserves policy.
Visitor income and a successful fundraising programme in the first full year post covid have enabled the PCC to maintain the £20,000 pledge to church maintenance while engaging with and helping directly in the Ludlow community. Supported by general reserve funds and restricted grants for major works (eg Boiler House, St Leonards Churchyard wall, the Parvis Tower, installing the Ludlow Bell) we spent some £66,769 in total in maintenance and repairs to the fabric.
Congregational giving to Christian Aid, the Train-a-Priest Fund and other international emergencies was generous. Altogether this means that overall church giving was over £10,000, double the target of 10% of community stewardship income.
As a one-off gift, an additional payment of £3,500 was made in December 2022 to the Hereford Diocese Board of Finance towards the Parish Share Covenant. This is the third year in a row we have been able to do this.
## Restricted funds
Support for St Laurence’s mission / Rectors Discretionary Fund came from private donors who have ensured the clergy and pastoral team have been able to support more people in the community. £7,768 was distributed locally.
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THE PARISH OF LUDLOW SAINT LAURENCE
## TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
## The Stephen Treasure Memorial Fund
A major task for 2002 / 2023 was to raise £250,000 for the conversion of the Parish Office into a day centre & community hub which can support those in greatest need in the community. The Parish Office will be renamed Stephen House in memory of the late Stephen Treasure. With one promised payment of £25,000 to come in this target was achieved in November 2022. The current fund stands at £238,979. Architect plans were drawn up, planning permission received, and a preferred supplier identified by the PCC after studying the three submitted quotes. The work is due to start in late April 2023 and expected to take 9 months to complete.
All the income & costs related to the Stephen House project are being managed separately to the church bank accounts. The project and its ongoing development will have no financial impact on the church / PCC commitments.
## d. PCC Financial management
The Standing Committee meets to set the agenda for the next PCC meeting and to deal with any urgent matters necessary for the smooth running of the church and the parish. The PCC reviews the budget performance from the management accounts and a cash flow forecast at each of its meetings, decides on any changes to financial policy and approves both the annual budget and the report for these accounts.
## Structure, governance and management
## a. Constitution
St Laurence's Church is the Parish Church of Ludlow, situated in the heart of the town. It lies within the diocese of Hereford, within the Church of England. The correspondence address of St Laurence's is 2 College Street, Ludlow, Shropshire, SY8 1AN.
The Parish of Ludlow Saint Laurence is a charity registered with the Charity Commission, No. 1132703. PCC Members are the Trustees of the PCC charity. The charity is governed by the Parochial Church Councils (Powers) Measure 1956 as amended, and the Church Representation Rules.
## b. Methods of appointment or election of Trustees
The method of appointment of the PCC is set out in the Church Representation Rules. All church attendees are encouraged to register on the Electoral Roll and stand for election to the PCC.
The PCC has the responsibility to consult with the incumbent on matters of general concern and importance in the parish, most specifically the whole mission of the Church, pastoral, evangelistic, social and ecumenical.
The Trustees (PCC Members) have had due regard to the guidance published by the Charity Commission on public benefit when exercising any powers or duties to which the guidance is relevant, and have reported on this below as required by the Charities (Accounts and Reports) Regulations 2008.
## c. Financial risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
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THE PARISH OF LUDLOW SAINT LAURENCE
## TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
## Plans for future periods
Taking our Vision project into its fourth phase will be a £1.9m lottery bid planned for 2024. If successful, this major funding will be the catalyst for delivering the next phase to facilitate inclusive disability access and the conservation and restoration of unique heritage including the stained glass within St Laurence’s. It will provide the means to achieve carbon neutrality by 2027 by installing PV panels and building a new platform for education and visitor experiences to connect with the history of the church.
The low level of unrestricted financial reserves and/or major benefactors to the church continues to be a concern. This is compounded by the fact that as a Major Church with its extensive service provision St Laurence's incurs many additional costs, not shared by the “ordinary” parish church, and without the benefit of the additional income required to meet those costs.
The ever-increasing need for compliance means there is a continuing need for professional office staff to ensure that we keep abreast of regulations. New roles and responsibilities have been established to support this requirement. Extra hands and skills are still being sought to spread the load, which currently falls on relatively few shoulders but will be taken up by a wider group of parishioners.
## Summary
Swift action and careful husbandry of resources have enabled St Laurence’s to manage the many issues and challenges that were thrown up by Covid-19. We have proved to be a resilient organisation in 2022. Cash flow will continue to be difficult with the increased utility costs of an extra £20k in the coming year and financial controls will need to be kept tight. New fundraising actions will be explored to meet this additional cost.
The key budget objective remains to be self-sustainable in 2023 and, using the successful business model of recent times, to build on that success as a springboard for 2024 to support the launch of the NLHF bid.
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THE PARISH OF LUDLOW SAINT LAURENCE
## TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
## Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgments and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Parochial Church Council Powers Measure (1956) as ammended and Church Representation Rules as amended by Scheme dated 25 July 2016. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................ ................................................ Mr Richard Franks Mrs Lesley Harling
Date:
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THE PARISH OF LUDLOW SAINT LAURENCE
## INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2022
Independent Examiner's Report to the Trustees of The Parish of Ludlow Saint Laurence ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2022.
## Responsibilities and Basis of Report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
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THE PARISH OF LUDLOW SAINT LAURENCE
## INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022
## Independent Examiner's Statement
Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no 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 Charity as required by section 130 of the 2011 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.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed: Dated: 17/04/2023 T Lunt BA FCCA MIRPM WR Partners Chartered Accountants Belmont House Shrewsbury Business Park Shrewsbury SY2 6LG
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THE PARISH OF LUDLOW SAINT LAURENCE
## STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
|Note
Income from:
Donations, legacies and grants
3
Charitable activities
4
Other trading activities
5
Investments
6
Other income
7
Total income
Expenditure on:
Raising funds
8
Charitable activities
9
Other expenditure
10
Total expenditure
Net income/(expenditure)
Transfers between funds
19
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward|Restricted
funds
2022
£
243,533
683
5,372
900
4,342
254,830
9,682
55,311
-
64,993
189,837
12,811
202,648
70,460
202,648
273,108|Unrestricted
funds
2022
£
128,328
12,914
89,378
385
6,329
237,334
8,741
198,129
46,771
253,641
(16,307)
(12,811)
(29,118)
186,064
(29,118)
156,946|Total
funds
2022
£
371,861
13,597
94,750
1,285
10,671
492,164
18,423
253,440
46,771
318,634
173,530
-
173,530
256,524
173,530
430,054|As restated
Total
funds
2021
£
197,478
10,663
62,595
5,656
15,884
292,276|
|---|---|---|---|---|
|||||15,452
156,677
41,765
213,894|
|||||78,382
-
78,382|
|||||178,142
78,382
256,524|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 14 to 29 form part of these financial statements.
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THE PARISH OF LUDLOW SAINT LAURENCE
## BALANCE SHEET AS AT 31 DECEMBER 2022
|Note
Fixed assets
Tangible assets
15
Current assets
Stocks
16
Debtors
17
Cash at bank and in hand
Creditors: amounts falling due within one
year
18
Net current assets
Total assets less current liabilities
Total net assets
Charity funds
Restricted funds
19
Unrestricted funds
19
Total funds|426
10,974
307,718
319,118
(8,685)|2022
£
119,621
119,621
310,433
430,054
430,054
273,108
156,946
430,054|-
8,946
130,752
139,698
(7,751)|2021
£
124,577|
|---|---|---|---|---|
|||||124,577
131,947|
|||||256,524|
|||||256,524|
|||||70,460
186,064|
|||||256,524|
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................ Mrs Lesley Harling
Date:
The notes on pages 14 to 29 form part of these financial statements.
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THE PARISH OF LUDLOW SAINT LAURENCE
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
## 1. General information
St Laurence church is the parish church of Ludlow. It is registered as a charity with the Charity Commission (England & Wales), charity number 1132703.
The strategic mission goals of St Laurence are:
- Enabling the people of God to discover and exercise their ministry by nurturing their spiritual and
- pastoral gifts, encouraging growth in faith among all.
- Celebrating the richness and diversity of our worship and music by encouraging and developing our choral and liturgical tradition.
- Standing with St Laurence and working with other faith communities by engaging with the local
- community and the wider world to address issues of social concern.
- Creating a sustainable building and infrastructure for the ministry of the Church, offering a warm
- welcome to all who come, of all faiths and of none.
In seeking to achieve these goals we encourage all within the community, regardless of age, gender, ethnicity, disability or sexual orientation, to play their full part, thereby celebrating the diverse gifts of all the members of the body of Christ.
## 2. Accounting policies
## 2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Parish of Ludlow Saint Laurence meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
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THE PARISH OF LUDLOW SAINT LAURENCE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
## 2. Accounting policies (continued)
## 2.2 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.
Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
## 2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
## 2.4 Government grants
Government grants are treated as income in the year received and accounted for within the Statement of Financial Activity.
Page 15
THE PARISH OF LUDLOW SAINT LAURENCE
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
## 2. Accounting policies (continued)
## 2.5 Tangible fixed assets and depreciation
Tangible fixed assets are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
|Long-term leasehold property|-|1% straight line|
|---|---|---|
|Fixtures and fittings|-|25% straight line|
|Computer equipment|-|25% straight line|
|Musical Intruments|-|1% straight line from 2018|
## 2.6 Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
## 2.7 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## 2.8 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## 2.9 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
Page 16
THE PARISH OF LUDLOW SAINT LAURENCE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
## 2. Accounting policies (continued)
## 2.10 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## 2.11 Pensions
The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.
## 2.12 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
## 3. Income from donations and legacies
|Donations
Legacies
Grants
Government grants - Job Retention Scheme
Total 2021|Restricted
funds
2022
Unrestricted
funds
2022
£
£
232,006
115,328
-
3,000
11,527
10,000
-
-
243,533
128,328
71,361
126,117|Total
funds
2022
£
347,334
3,000
21,527
-
371,861
197,478|Total
funds
2021
£
190,106
500
1,832
5,040
197,478|
|---|---|---|---|
|||||
Page 17
THE PARISH OF LUDLOW SAINT LAURENCE
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
## 4. Income from charitable activities
|Weddings, Marriage banns, funerals and
similar
Other income from church activities
Total 2021|Restricted
funds
2022
Unrestricted
funds
2022
£
£
683
6,378
-
6,536
683
12,914
-
10,663|Total
funds
2022
£
7,061
6,536
13,597
10,663|Total
funds
2021
£
7,201
3,462
10,663|
|---|---|---|---|
|||||
5. Income from other trading activities Income from fundraising events
|Fundraising
Shop and Cafe
Total 2021|Restricted
funds
2022
Unrestricted
funds
2022
£
£
5,372
60,028
-
29,350
5,372
89,378
8,716
53,879|Total
funds
2022
£
65,400
29,350
94,750
62,595|Total
funds
2021
£
43,722
18,873
62,595|
|---|---|---|---|
|||||
6. Investment income
|Investment income
Total 2021|Restricted
funds
2022
Unrestricted
funds
2022
£
£
900
385
4,950
706|Total
funds
2022
£
1,285
5,656|Total
funds
2021
£
5,656|
|---|---|---|---|
|||||
Page 18
THE PARISH OF LUDLOW SAINT LAURENCE
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
## 6. Investment income (continued)
7. Other incoming resources
|Other incoming resources
Total 2021|Restricted
funds
2022
£
4,342
11,000|Unrestricted
funds
2022
£
6,329
4,884|Total
funds
2022
£
10,671
15,884|Total
funds
2021
£
15,884|
|---|---|---|---|---|
||||||
8. Expenditure on raising funds
- Costs of raising voluntary income
|Costs of raising voluntary income
Total 2021|Restricted
funds
2022
Unrestricted
funds
2022
£
£
9,682
8,741
3,194
12,258|Total
funds
2022
£
18,423
15,452|Total
funds
2021
£
15,452|
|---|---|---|---|
|||||
Page 19
THE PARISH OF LUDLOW SAINT LAURENCE
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
## 9. Analysis of expenditure on charitable activities
## Summary by fund type
|Charitable activity
Total 2021 as restated|Restricted
funds
2022
Unrestricted
funds
2022
£
£
55,311
198,129
26,449
130,228|Total
2022
£
253,440
156,677|As restated
Total
2021
£
156,677|
|---|---|---|---|
|||||
Some prior year expenses have been moved between expenditure classifications to better represent the purpose of the expense.
## 10. Other expenditure
|Unrestricted
funds
2022
£
Wages and salaries
45,927
Employer Pension costs
844
46,771
Total 2021 as restated
41,765|Total
funds
2022
£
45,927
844
46,771
41,765|As restated
Total
funds
2021
£
41,192
573
41,765|
|---|---|---|
||||
Some prior year expenses have been moved between expenditure classifications to better represent the purpose of the expense.
Page 20
THE PARISH OF LUDLOW SAINT LAURENCE
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
## 11. Analysis of expenditure by activities
|Charitable activities
Total 2021 as restated|Activities
undertaken
directly
2022
£
231,896
136,646|Support
costs
2022
£
21,544
20,031|Total
funds
2022
£
253,440
156,677|As restated
Total
funds
2021
£
156,677|
|---|---|---|---|---|
||||||
Analysis of direct costs
|Depreciation
Church activities
Clergy and staff expenses
Mission and evangelism costs
Church running expenses
Utility bills
Major repairs
Occasional musicians, organists and similar
Other expenditure
Maintenance and repairs
Write off of old debtor
Total 2021 as restated|Direct costs
2022
£
7,132
51,621
6,739
7,497
51,131
22,348
4,239
4,520
8,774
66,769
1,126
231,896
136,646|Total
funds
2022
£
7,132
51,621
6,739
7,497
51,131
22,348
4,239
4,520
8,774
66,769
1,126
231,896
136,646|As restated
Total
funds
2021
£
6,588
29,406
3,298
3,743
41,544
19,249
5,528
3,385
8,557
15,348
-
136,646|
|---|---|---|---|
|||||
Page 21
THE PARISH OF LUDLOW SAINT LAURENCE
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
## 11. Analysis of expenditure by activities (continued)
## Analysis of support costs
|Staff costs
Governance costs
Total 2021|Direct costs
2022
£
19,744
1,800
21,544
20,031|Total
funds
2022
£
19,744
1,800
21,544
20,031|Total
funds
2021
£
17,455
2,576
20,031|
|---|---|---|---|
|||||
## 12. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £1,500 (2021 - £1,405).
## 13. Staff costs
|Wages and salaries
Contribution to defined contribution pension schemes|2022
£
65,671
844
66,515|2021
£
58,647
573|
|---|---|---|
|||59,220|
The average number of persons employed by the Charity during the year was as follows:
||2022|2021|
|---|---|---|
||No.|No.|
|Employees|7|7|
No employee received remuneration amounting to more than £60,000 in either year.
## 14. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL).
Page 22
THE PARISH OF LUDLOW SAINT LAURENCE
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
## 14. Trustees' remuneration and expenses (continued)
During the year ended 31 December 2022, no Trustee expenses have been incurred (2021 - £NIL).
## 15. Tangible fixed assets
|Cost or valuation
At 1 January 2022
Additions
At 31 December 2022
Depreciation
At 1 January 2022
Charge for the year
At 31 December 2022
Net book value
At 31 December 2022
At 31 December 2021
16.
Stocks
Goods for resale|Long-term
leasehold
property
£
57,816
-
57,816
578
578
1,156
56,660
57,238|Fixtures,
fittings &
equipment
£
21,793
1,176
22,969
8,310
5,743
14,053
8,916
13,483|Computer
equipment
£
-
1,000
1,000
-
250
250
750
-|Musical
Instruments
£
56,100
-
56,100
2,244
561
2,805
53,295
53,856
2022
£
426|Total
£
135,709
2,176
137,885|
|---|---|---|---|---|---|
||||||11,132
7,132
18,264|
||||||119,621|
||||||124,577|
||||||2021
£
-|
Page 23
THE PARISH OF LUDLOW SAINT LAURENCE
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
## 17. Debtors
|Due within one year
Trade debtors
Prepayments and accrued income
Creditors: Amounts falling due within one year
Trade creditors
Pension fund loan payable
Other creditors
Accruals and deferred income|2022
£
-
10,974
10,974
2022
£
1,148
-
-
7,537
8,685|2021
£
858
8,088|
|---|---|---|
|||8,946|
|||2021
£
1,786
145
523
5,297|
|||7,751|
## 18. Creditors: Amounts falling due within one year
Page 24
THE PARISH OF LUDLOW SAINT LAURENCE
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
## 19. Statement of funds
Statement of funds - current year
|Statement of funds - current year||||
|---|---|---|---|
|Balance at 1
January
2022
£
Unrestricted funds
Designated funds
Sound
721
General funds
General Funds
185,343
Total Unrestricted funds
186,064
Restricted funds
No 2 College Street Fund
15,716
Flowers
(94)
Arts @ St Laurence
8,217
Life & Learning
3,516
Clock
50
Rector's Discretionary
17,092
National Heritage Lottery Fund
1,073
St Leonard's Church Wall
877
Ship Bell
500
Virtual Reality
4,613
Boiler House
18,648
Festival Flowers
-
War Memorial
200
Fabric
52
Bells
-
Organ repair and maintenance
-
Mission Coffee Area
-
70,460
Total of funds
256,524|Income
£
Expenditure
£
-
-
237,334
(253,641)
237,334
(253,641)
228,658
(4,495)
672
(594)
8,414
(7,749)
-
-
-
-
3,062
(7,224)
-
-
-
(2,478)
-
-
-
-
7,000
(27,412)
57
-
-
-
6,697
-
250
-
20
-
-
(15,041)
254,830
(64,993)
492,164
(318,634)|Transfers
in/out
£
(721)
(12,090)
(12,811)
(900)
21
(4,195)
-
-
-
-
1,601
(500)
(21)
1,764
-
-
-
-
-
15,041
12,811
-|Balance at
31
December
2022
£
-|
||||156,946|
||||156,946|
||||238,979
5
4,687
3,516
50
12,930
1,073
-
-
4,592
-
57
200
6,749
250
20
-
273,108|
||||430,054|
Page 25
THE PARISH OF LUDLOW SAINT LAURENCE
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
## 19. Statement of funds (continued)
Statement of funds - prior year
|Unrestricted funds
Designated funds
Railings
Sound
General funds
General Funds - all funds
Total Unrestricted funds
Restricted funds
Pew Sheets, Tower Mag,
Parish Publications
No 2 College Street Fund
Flowers
Arts @ St Laurence
Life & Learning
Clock
Rector's Discretionary
National Heritage Lottery Fund
St Leonard's Church Wall
Carillion
Ship Bell
Virtual Reality
Boiler House
Festival Flowers
War Memorial
Fabric
Bells|Balance at
1 January
2021
£
65
721
786
104,942
105,728
5,761
18,696
19
8,490
5,106
50
8,173
1,073
335
50
500
4,613
19,548
-
-
-
-|Income
£
-
-
-
196,249
196,249
4,987
59,950
-
3,848
-
-
12,750
-
14,216
-
-
-
-
-
200
76
-|Expenditure
£
-
-
-
(184,251)
(184,251)
(836)
(730)
(218)
(1,371)
(1,590)
-
(8,539)
-
(13,674)
-
-
-
(900)
(900)
-
(24)
(861)|Transfers
in/out
£
(65)
-
(65)
68,403
68,338
(9,912)
(62,200)
105
(2,750)
-
-
4,708
-
-
(50)
-
-
-
900
-
-
861|Balance at
31
December
2021
£
-
721
721
185,343
186,064
-
15,716
(94)
8,217
3,516
50
17,092
1,073
877
-
500
4,613
18,648
-
200
52
-|
|---|---|---|---|---|---|
Page 26
THE PARISH OF LUDLOW SAINT LAURENCE
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
## 19. Statement of funds (continued)
Statement of funds - prior year (continued)
|Total of funds|Balance at
1 January
2021
£
72,414
178,142|Income
£
96,027
292,276|Expenditure
£
(29,643)
(213,894)|Transfers
in/out
£
(68,338)
-|Balance at
31
December
2021
£
70,460|
|---|---|---|---|---|---|
||||||256,524|
Page 27
THE PARISH OF LUDLOW SAINT LAURENCE
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
## 19. Statement of funds (continued)
## Restricted Funds -
The purpose of Restricted Funds is to separate out money given to the PCC for a specific purpose and to ensure that it is used for that purpose.
Pew Sheets, Tower Mag, Parish Publications - for the sponsorship of pew sheets and publications and contributions towards the cost of the parish magazine.
Arts @ St Laurence - to separate out the income and expenditure of the annual summer Arts Festival.
Fabric - The Fabric Fund is a repair fund and includes specific projects such as the Vision. The purpose of Vision is explained in detail in the Trustees report.
No 2 College Street Fund - relates to the property at that address in Ludlow.
Organ repair & maintenance - for the upkeep of the organ.
Flowers - donations towards church flowers and the payment thereof.
Life & Learning - to separate out the income and expenditure of the annual series of Life & Learning lectures.
Nave Altar & Reordering - to separate out the income and expenditure towards the re-ordering of the Nave. Nave projects have been ongoing from 2017 and new phases are going through in 2022-23. All the changes in the church come in under our ongoing "Vision Project” - a 25 year innovative church project to get St Laurence’s back to its former glory and positioned at the heart of the community. Depending on when and how a project starts and is funded the timing of income and expenditure can cross accounting periods.
Rector's Discretionary - to reach the poorest in the local community and provide financial help when most needed.
NLHF - our bid for lottery heritage funding application (made Feb 2020). Waiting for the outcome so we can fund raise to start large works in the church in 2020 - 2024.
St Leonards Church Wall - Old churchyard for burials in Ludlow that is full and is the responsibility of / maintained by St Laurence’s.
Boiler House - Towards the creation of a permanent boiler house by the south wall of the Church.
Virtual Reality - Fund to develop the pilot scheme to prove the merits of augmented reality as the medium to engage new visitors to the heritage site.
Page 28
THE PARISH OF LUDLOW SAINT LAURENCE
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
## 20. Analysis of net assets between funds
## Analysis of net assets between funds - current year
|Tangible fixed assets
Current assets
Creditors due within one year
Total|Restricted
funds
2022
Unrestricted
funds
2022
£
£
-
119,621
273,108
46,010
-
(8,685)
273,108
156,946|Total
funds
2022
£
119,621
319,118
(8,685)
430,054|
|---|---|---|
Analysis of net assets between funds - prior year
|Tangible fixed assets
Current assets
Creditors due within one year
Total|Restricted
funds
2021
£
-
70,460
-
70,460|Unrestricted
funds
2021
£
124,577
69,238
(7,751)
186,064|Total
funds
2021
£
124,577
139,698
(7,751)
256,524|
|---|---|---|---|
## 21. Pension commitments
The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the Charity to the fund and amounted to £844 (2021 - £573) Fom this amount, £nil was payable to the fund at the balance sheet date and are included in creditors (2021: £145).
## 22. Related party transactions
The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 31 December 2022.
Page 29