PAROCHIAL CHURCH COUNCIL OF ST. PAARY AND ST. NICOLAS, SPALDING CHARI COMMISSION REGISTERED NUMBER 1132847 ANNUAL REPORT AND FINANCIAL STATEMENTS OF THE PAROCHIAL CHURCH COUNCIL For the year ended 31st December 2022 Incumb•nt: The ReTr/d J D Bennett The Parsonage 1 Halmer Gate Spalding PE112DR Independent examinor: Andrew Smrth FCA Salway and Wright 32 The Crescent Spalding PE11 1AF
THE PARISH OF MARY AND ST NICOLAS SPALDING ANNUAL REPORT OF THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDED 31Fr DECEMBER 2022 Mlsslon Statement We alm to be a loving ond welcoming Christion community-. honouring God in worship, following Christ in our lives and porticipating in his Mission. Administrative infonnation The parish church of St Mary and St Nicolas is situated in Church Street, Spalding. It is part of the Deanery of Elloe West within the Diocese of Lincoln within the Church of England. The correspondence address is The Parish Office, l Halmer Gate, Spaldin& PEII 2DR. The Parochial Church Councll IPCCI of the Ectlesiastlcal Parish of St Mary & St Nicolas Spalding is a registered charity (Registered number 11328471- PCC members who have seNed from l January 2022 until the date of the Annual Parochial Church Meeting are: Incumbent.. The Revd John Bennett (Choir) Other clergy.. The Revd Aileen Workman IAssociate Vicor) Readers.. Or Peter Gorton, Mrs Sue Slater Wordens.. Mrs Jean Hill (L¢iy vice choir) and Mr5 Penny Adams Generolsynod representotive.. Mrs Sue Slater Representatives on the Elloe West Deonery Synod elerted October 2020.. Mr David Clements and Mrs Sue Slater Elected member5.' Retired In 2022 Mrs Ann Howard and Mr Adriaan van Egmond Retiring in 2023 Mr Robert Molson and Mr Nicholas Pitts Retlrlng In 2024 Mr Rlchard Chadd (RIP November2021), Mrs Valerie Fairbanks, Mr John Holmes and Mrs Julie Laithwatte Retlrlng In 2025 Mrs Wendy Chew Co-opted member Mrs Robyn Firth The ParSsh Admlnlstrator. Dr Sarah Chadd, acts as the Secretoryto the PCC. Strurture govemance and management The method of appointment of PCC members is Set out in the Church Representation Rule5. Representatives of the parishioners are elected for three yeats, with a third retirin8 each year land being eligible for relertionl- All church attendees are encouraged to register on the Electoral Roll and stand for election to the PCC. The PCC has ultimate responsibillty for such matters as compllance with health and safety, disability discrlmlnatlon legislation and safeguarding: these matters are kept under review by the PCC through its committees and staff. The PCC operates through a number of committees and teams including: l. The Standing Committee is the only committee required by law. It has power to transad the business of the PCC between its meetings. subject to any dirertions given by the Council. It meets before each PCC lo agree an agenda Z. The Finance Team manages, rnonitors and reports the finances of the PCC The Property Committee manages, maintains and develops PCC property including the church buildin& churchyard and boundaries, with oversight of St Nicolas Church Hall. The Vista The Hall Monogement sub-committee adminssters all aspects of the upkeep and running of the Church Hall. It oversees the public and church use of the h311. The list of members of the various committees and teams. the scheme of delegation to each committee and the terms of refence are available from the Parish Office to any member of the Elertoral Roll who requests a copy. Objectives and activtties The PCC has the responsibility of ccFoperatin8 With the Vicar in promoting in the ecclesiastical parish the whole mission of the Church. pastoral, evangelistic, social and ecumenical. It also has maintenance responsibilities for the parish church and for the St Nicolas Church Hall in The Vista.
The parish is part of the Deanery of Elloe West. It is a member of the Spalding group of parishes. with St Paul's and St john the Baptist. The church is now also a member of the 5palding Local Mission Partnership, which also includes churches in the Glen, Gosberton and Weston 8roups. The PCC cooperates with joint ecumenical activlties. Connected charity The PCC acknowledges the signrficant SUPPOrt received from the Spalding Rectory Feoffees, a registered charity. A number of members of the PCC serve as Feoffees Itrusteesl. The Feoffees pay the stipend of and provide the accommodation for the incumbent. In addition. they pay the stipend of the part-time post of the Associate Vicar which includes the provision of housing. They own The Parsonage, 18 Maple Grove and 6 Charnbers Court Ipreviou51y leased to the 010$e and occupied by the curate but now a private let). They also own the Parish Office lin the gmunds of the Parsonage). In recent years, they have been able to make an annual donation to the PCC plus additional 8rants to the Church Hall. As Patrons. the Feoffees present a new incumbent to the bishop. Achievements and perfomiance Church attendance Following the revSsion of the Elertoral Roll in 2022, there were 160 people on the Electoral Roll. A number of those on the Roll were not resident within the parish. The Electoral Roll will be revised in advance of the 2023 APCM. Attendan throughout the year continued to improve following the impact of the Coronavirus pandemlc. Measures to minlmise the risk of transmission have gradually been removed. There is a Service at 10.30am on a Sunday morning which continues to be livestreamed as well as belng available afterwards on line and Evensong at 6.30pm. Average weekty attendance, is estimated to be 75 adults and 15 under 16's. Previously Sunday attendance at 4 seNices w3$ 140 adufts with an average of 35 children and young people mainly due to the number of boys in the tholr. The number of people regularly enga8in8 wlth the livestreamed/recorded worship is e51imated to be about 6 but the livestreams are accessed by a larger number of people. Review of the year The impact of the Coronavirus pandemic and measures to control this have tontlnued to have an Impact. There are no aspects of church Ilfe that remain unaffected although actlvlties have contlnued to resume throughout the year. 2 Church meetings have contlnued and attendance was good. The PCC visited Edenham Regional House for a planning day in September and with the help of Bishop Nicholas, used the time to begin a review of the Parish Mission Plan. 3 The PCC has continued to engage with the Dlocese of Lincoln's Time to Change Together, initiat¢ve which alms to develop sustainable church. The PCC previously identified itself as a Type 2 Local Mission church and agreed to Covenant a Parish Share of £20,LKM) p.a. for the next 3 years. When setting a budget for 2023, thls was reviewed and increased to £25,IXIO. This covers the cost of ministry as well as contributing to the common fund. The Parlsh Is working alongside other parishes in the development of Local Misslon Partner5hip5. Aileen Workman contlnues as Associate Vicar. This part-time post is funded by the Feoffee5. Revd Michael Bullock assists when he is not ministering in the Diocese of Europe. Mrs Sue Slater continues to preach and lead worshlp as a Reader in the parlsh. Dr Peter Gorton's health continues to restrict his role as a Reader. Porish loy ministers 5 Jean HS11 (Parish visitor) continues as an Authorised Lay Minister and Sue Houghton as the Baptism Co- ordinator. The lifting of Coronavirus restridions has enabled Claire Dickens to resume a more active role as head server. The church building, its development, mointenonce ond ornoments 6 Essential routine maintenance and repair has continued. The remodelling of the existing shop to create a fully accesslble shop and toilet was completed in March 2022 and a5 hoped, has proven to be a valuable addition to the welcome offered. The PCC is now focussing on the heating of the building. The existing system has become a concern, with the gas boilers becoming more unreliable and parts more difFicult to source. In addition, there have been a number of signrficant leak5 in underAoor pipework. Works to restore a number of floor ledgers and clean the Elizabeth Johnson memorial and plans for beswke storage for church linen and altar frontals have been delayed. Thi5 was partly because of Covid and partly to enable the financing of the shop to be settled before committing to future expenditure. The Friends of Spalding Parish Church,, which has SUPPOrted the church for many years, was wound up in 2022 and the remaining funds transferred to the PCC to contribute to this work alongside the Brassington Legacy. In addition to the above, the Quinquennial Inspection is due and
there will be work arising from this. The PCC is fortunate in having a substantial fund for much of this work thanks to the generosity of previous generations who have left endowed funds and grants will be sought for the larger repair costs. 7 St Nicolas Church Hall The Hall continues to be a popular venue and hosts a variety of exercise. dance and martial arts da55es as well as social groups and societles. Remedial work to rewire areas of the IlIdIng required following the EICR {fve yearly inspection of the installationl was completed as was the refvrbishment of the kitd)en. Metsl framed wlndows in the kitchen and Main Hall were replaced. The Feoffees generously provided a grant of f25,0(Kl for this and a further grant of £5,CKJO was also secured from Morden College which was recefved in early 2023. In addition to the Feoffees, grant, letting income for the year was £18.358. There was expendlture of £48.130 resuhing in a deficit of £4.772 for the period. The year-end balance was £23.032. There are plans to repla further metal framed windows in 2023 to improve enew efficiency as well as the safety and appearance of the building. Ministry amongst children ond young people 8 The PCC is committed to offering music as a means of outreach to children, young people and their families. The men and boys Choir continued to recover through04Jt the year. Girls have been recruited to the Cholr and Alexandra Stacey appointed as the Girls. Choir Dlrector. Flowerfestivol 9 The Queen's Platinum Jubilee was celebrated wrth a flower festival in June 2022, the first sinte 2019. Ottoslon¢71 offices 10 Opportunities for pastoral contact with people from Spaldin8 through the regular ministry at baptisms1331, marria8e$171 and funerals115 in church and a further 21 at Crematorla or the Cemetery) tontinue. Relotlonship wlth schools 11 We welcomed groups from various schools In the district for educatlonal visits and. for the flrst tlme slnce December 2019. Spaldin8 sthools came to the church for Christmas serViS durln8 December 2022. Cler8Y resumed attendance and leading Collective Worship at Spalding Parish Church School and AysCQU8hfee School. The relatlonship wilh Spalding Parish Church School remains important. Since the school jolned the Lincoln Angllcan Academy Trust In 2020, the PCC does not appoint any governors. Revd John Bennett and Revd Alleen Workman were members of the local council in 2022, until resiqnaticln. Ecumenlcol relatlons 12 St Mary and St Nicolas has been a member of Spaldlng and Dlstrlct Churches Together for many years. All CTSD events were Caft1]ed in 2020 and the group has not resumed althou8h events, such as the Gijod Friday walk of witness, still otcur. Members of our church have continued to assist with the A8ape Food Bank throughout 2022. The chijrch has continued to make significant financial contributions lo this project as part of its mission 8iving. Other matters considered ty the PCC 13 Dr Sarah Chadd tontinued to provlde admlnlstrative. secretarlal and flnanclal/accountlng support to the PCC and its sub-committees in her role as Parish Administrator. Dawn Allen, who was workin8 in the ofFice 8 hours a week left in April to work as Church Manager in St John, Spaldin8. After a revlew, It was declded that there would be great benefit to having someone to work as a volunteer co-ordinator. Maxine Arnott was appointed In February 2023 and as well as working wrth volunteers. she. Julie Laithwaite and Sarah Chadd cover Mondav, Tuesday, Wednesday and Friday mornings in the office. 14 Safe8uardin8 The PCC continues to implernent House of Bishop's Safeguarding Policies and Practrce Guidance. This year the Parish has coniinued to develop and improve prattl. There iq a dedicated mobile phone number as well as an e-mail a(Idress for confidential reporting. During the year, the Vicar and Safeguardirbg Officer have continued to work with the Diocese and local pollce followltTrg the report of a serlous inadenL There i8 ongoing work with the Diocesan Safeguardin8 team to manage a number of Safer Churches Weernerrt& The Parish ts very grateful for this support, the ongoing advice and help with Safeguarding.
15 Finonciol review Total receipts on ordinaryi unrestricted funds were £102,05912021 £102,521) and are detailed in the attached financial statements. Total Planned Giving was £56,38412021 £56,830). The Gift Aid recovered on all eligible donations was £10,215 12021 £12,034). The majorTty of the remaining income comprised a grant of £15.000 12021 £15,000) from the Spalding Rectory Feoffees and fees of £5.28812021 £7,6781- The agreed Parish Share for 2022 of £20,( was paid in full. The comparable figure for 2021 was £54,450. A total of £5,760 was distributed from the Mission Fund to various projects. Locally the work of Agape foodbank. nationally- the Children's Society and internationalty Mothers, Union. CMS, USPG together with £2,000 donated in response to appeals made by the DSterS Emergenry Committee. The net result for the year was a surplus of income over expenditure in the unrestricted fund of £14,89012021 deficit £15,007). There was an excess of expenditure over income on the restricted funds of £57,46712021 £3,723) and there was a deficit of income over expenditure on the endowment funds of £9,26612021 surplus £13,5901. Fabric Fund reserves continued to fund the rtrordering of the West End of the Church durlng 2022, Reserves policy The Reserves Policy gives a statement as to the value of funds held and those that are allocated for future planned expenditure. The Policy is updated annuallv. It Is PCC pollcy to maintain a working balance on unrestrirted funds. The PCC recognises the need to increase income in order to tover routlne rut)ning expenses. The PCC decision to redefine certain trusts held within the Fabric Fund as restricted funds and to leave those funds, where the capital can never be used, as endowment funds has been Implemented. The PCC has agreed to utilise the Fabric Fund to undertake all of the works identified in the Qulnquennial Inspectlon report. Fund balances are held in the CBF Church of En8land Deposit Fund and in other approved investments Idetalls of whlch are available on request). The PCC last reviewed its investments in 2013 and declded to retaln the current arrangements as producing the best return. In conclusion We are grateful to all those who have contributed in so many drfFerent ways to enhancln8 the mlssion and mlnlstry of the church In this parlsh throughout this year of gradual retovery. On behalf of the PCC, Revd John Bennett Vicar 2151 April 2023
PAROCHIAL CHURCH COUNCIL OF ST. MARY AND ST. NICOLAS, SPALDING INDEPENDENT EXAMINER'S REPORT TO THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDED 31ST DECEMBER 2022 I report on the accounts of the PCC for the year ended 31 December 2022 which are set out on pages 6 to 16. Responslbllltles and basls of report As the PCC'S memb8rs, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ("thè Act"). I report in respect of my examination of the PCC'S accounts carried out under section 145 of the Act and in carrying OLrt my examination I have foll0vd all the applicable Directions given by the Charity Commission under section 145{5)(b) of the Act. Independent examlnerf8 Statsment I have completed my examination. I confirm that no material matters have come to my attention in Connection wth the examination giving me cause to b81ieve that in any material respect: 1. accounting records were not kept in respect of the charity as required in section of the Act; or 2. the accounts do not accord wrth those records: or 3. the a¢UnIS do not comply wth the applicable requirements cOnrning th8 fom and content8 of the accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fairf, view which is not a matter consKlered as part of an independent examinats'on. I have no concerns and have come across no other matters in connection wrth the examination to which attention should be drawn in this report in order to enable a proper understanding of the acwunts to be reached. Andrew Smrth FCA Salway and Wright 32 The Crescent Spalding PE11 1AF 5.1., L/ii Date.. 2nd May 2023 Page 5
PAROCHIAL CHURCH COUNCIL OF ST. MARY AND ST. NICOLAS, SPALDING STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31st December 2022 Unrestrlcted Restrfcted Endowmgnt Fund8 Fund8 Fund8 TOTAL FUNDS 2022 2021 Notè INCOME AND ENDOWMENTS: Donations and legacies 2a 93,520 31,490 125,010 132,295 other voluntary incoming resources 2b 750 750 2,500 Charitable and ancillary trading 2c 7.789 25,487 33,276 22,379 Investment income 2d 5,358 3,794 9,152 10,135 Other Inrne 2e 17,670 17,670 TOTAL 102,059 80,005 3,794 185,858 167,309 EXPENDITURE Costs of raising funds Charrtable activities 3b 81,409 127.013 208,422 190,813 Grants 5,760 5,760 5,135 TOTAL 87,189 127,013 214,182 195,948 {LOSSES}IGAINS ON INVESTMENTS unrealised (10,459) (13,060) {23.519) 23,499 NET INCOMEIEXPENDrruRE 14,890 (57.467) (9,266) (51,843) (5,140) Transfers betsveen funds 3,794 (3,794) NET MOVEMENT IN FUNDS 14,890 (53,673) {13,060) 151,843) {5,140) RECONCILIATION OF FUNDS TOTAL FUNDS AT 1ST JANUARY 2022 3,515 260,278 150,242 414,035 419,175 TOTAL FUNDS AT 31ST DECEMBER 2022 18,405 206.605 137.182 362,192 414,035 Page 6
PAROCHIAL CHURCH COUNCIL OF ST. MARY AND ST. NICOLAS. SPALDING BALANCE SHEET as at 31st December 2022 2022 2021 FIXED ASSETS Tangible fixed assets 4a 17,300 17,300 Investment assets 4b 252,399 269,699 315,919 333,219 CURRENT ASSETS Stock 1,154 1,654 Debtors 3,479 8,156 Cash at bank and in hand 88,461 99,693 93,094 109,503 LIABILITIES: AMOUNT FALLING DUE WITHIN ONE YEAR 601 28,687 NET CURRENT ASSETS 92,493 80,816 NET ASSETS 362,192 414.035 FUNDS Unrestricted Restricted Endowment 18,405 206,605 137,182 362,192 3,515 280,278 150,242 414,035 9b Approved by the Parochial Church Council on 30th April 2023 and signed on its behalf by.. Rev'd John Bennett (Chairman) Melvyn Price (Treasurer) Pa3e 7
PAROCHIAL CHURCH COUNCIL OF ST. MARY AND ST. NICOLAS. SPALDING NOTES TO THE ACCOUNTS for tho year ended 31st December 2022 I ACCOUNTING POLICIES The nature of the charity's operations and principal aCtsw"ts 1$ the provi8ion of the Church of England religious services to the ¢ommunty wrthin its parish boundaries. Ba$ls of preparation of flnanclal $tstem6nts The charty constitutes a public b&nefft entity as defined by FRS 102. The financial statements have been prepared in accordance ¥Mth Accountsng and Reporting by Charities.. Statement of RerArymmended Pr8Ctice applicable to charities preparing their accounts in accordance wth the Financlal Reportlng Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 Juty 2014 las updated through Update Bulletin 1 published on 2 February 20161, th8 Financial Reporting Standard appIable In the United lQngdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. The financial statements are prepared on a going concem basis under thè histoal cost convention, modified to include certain iterns at fair value. The financial statements are presented In stedlng which 18 the functional currency of the chanty. The snIficant accounting poliCS applled in the preparation of these financial statements are set out below. These policies have been consistenty appld to all years presented unle$$ othe16e Stated. Incom• recognltlon All incomlng resources are included in the Statsment of Finan¢ial A¢lNities ISOFA) when the charity is legally entitled to the income after any perfom18nce CQndrtnS have teen met. the amount can measured reliably and rt is probable that the Income wll b8 receNed. For donations to be recognised, the charity will have teen notsfied of the amounts and the setuernent dale in writing. If there are ¢onditions attached to Ihe donatn and this requires a level of perfomiance beforè entitlement can be obtained then income Is deferred until those o)nditrons are fully met or the fulfilment of those conditsons 1$ within the control of the chaTty and It Is probable that they will be fulfilled. Donated facilities and donated professional services are recognised in income at fair value when their economic benefrt is probable, rf( can be measured relb and the chanty has control over the item. Fair value is determined on the basis of the value of the gift to the charity. For example the amount the charity would be willing to pay in the open market for sud) facilities 8rMd Services. A ry)rresponding amount is recognised in expenditur8. No amount is included in the financial statements for volunteer ts'me in line with the SORP (FRS 1021. Further detail Is given in the Trusteès, Annual ReFQrt. Page 8
PAROCHIAL CHURCH COUNCIL OF ST. MARY AND ST. NICOLAS, SPALDING NOTES TO THE ACCOUNTS for the yéar ended 31st December 2022 1 ACCOUNTING POLICIES (eontlnuedl In¢omo rocognltlon Icontinugd) Where pwlicable, gifts in kind doned for distribution to the benefia"aries of tr ¢hanty are included in stock and donat'ons in the financial stalements uwn receipl. If it is impracb"cable to assess the Pdir value at receipt or if the costs lo undertake such a valuation OUe1gh any benefrts. then the fair value is recognised as a comrx)nent of donations when it is distributed and an equivalent amount recognised as charitabte expenditure. Fixgj asset gifts in kind are recognised when recervable and are included at falr value. They are not deferred over the lifé of the asset, For legacies, entitlement is the eadier of the charty being notified of an impending distribution or the legacy being received. At this point, income Is recognised. On occasion legacEs will be nots'fied to the charity when il is not possible to measure the amount expected to te distn"buled. On these ocCaSn$, the leg8Cy is treated as a contingent a&9et and disclosed. Investment income Is eamed through holding assets frjr inStMent purpjsés such as shares. It Includes dividends and interest. Where rt is not practicable to entty investment management Costs incurred withln a scheme wrth reasonable accuracy the investment Income is reported net of these costs. It is Included when tho amount can bo measured reliabty. Inter08t income is recognised using the eflective interest method and dividend income is recogntsed as the Chantls right to receive payment is establish•J. Expendlture Meognltlon All exFendtture is accountsd for on an aTual$ basis and has been cLgssffied under headings that aggregate all costs related to the category. Expenditu is recognised where there is a legal or constructive obligation to make payments lo third partiès, it is probable thal the settlement will be required and the amount of the obligation can be measured reliably. Grants Payab to third parkn.es are thin the chantabfe obJectNes. V4lhere unCOndrtnal grants are off&r8d, this is accrued as soon as the recIpnt is notrfth of the grant. as this gives rise to a reasonable expectation that the recipient will re1ve the grant. Where grants are conditional relating to performance then the grant is only a¢¢ru8d when any unfuffilw eondrtions are outswje of the control of the charity. Support cost allocallon Charitable expenditure comprises those costs incurred by the charity In the delivery of rts acb'vities and S8rvic8s for its benoficiartes. Govemance costs Include those costs a$srated with meeting the ConstitLrtnal and statutory requirements of Ihe charity and include accountancy fees and costs linked to the strategic management of the charity. Pw9
PAROCHIAL CHURCH COUNCIL OF ST. MARY AND ST. NICOLAS. SPALDING NOTES TO THE ACCOUNTS for the year ended 31st December 2022 1 ACCOUNTING POLICIES {contlnued) Support cost allocation Icontinuedl Support costs include all those overhead costs for uts'lty servtes and other services and costs which are In support of th8 activty. They have been allocated to actsvty Cost categories on a basis consistent with the use of resources. Tanglblo fix auot8 Con8ecratod land and bulldings and moveablè church furnl8hlng• Consecratèd Pfopety is excluded from the accounts by s10121{a} of the Chanties Act 2011. No value is placed on moveable church fvmishings held by the church wardens on special trust for the PCC and whKh require a faculty for disposal since the PCC consKlers this to bg inalienable propaty. All expandilure incurred during the year on consecrated buildings and moveable church fvmishings. whether maintenancè or improvement, is written off as expenditure in the Statement of financi81 activit and separatety disc108ed. Othor bulldlng8 In the absence of a professional valuation. the church hall has b8én included in the xcounts at ils origlnal nel cost and has not been depreaaled as it 18 nsIdered by the truglees to have a ugeful life at 31 Décemb8r 2022 in excess of So years. Horftago a880ts Hertsge assets only 8rise when donated to the ¢hanty or, if on acqulsrtfi, it is believed that they will further the charitys obieclives. Once acquired they wll be preserved by the charity in order to keep their historical. artr'stic, scienb'fic, lechnologul. geophysical or environmental qualrties to such a high level as lo contribute to knoedge and cu51ure. Heritsge assets are lo be held for the foreseeable future. Where infonnation on the cost or valuabon of heritage assets is not availabl8 or the cost of providing such infomialion Signthcantly Outsveh8 any tenefft to the users of the &Unts then heritage assets are not recognised on the balan¢x sheet The charity holds several heritage assets induding a brass eagle lectem, a brass Candelabra and a grand piarso and other rtems wth historical qualits.es that are hekl and maintained principalty for their contribution to knoedge and Culture. due to informalion on the cost or valualion of these rf(ems not b8ing available nor able to obtained at a cost commensurate wth the benefft to the users of the accounts and to the charity for rts own stewardship pUrPs, the assets are purety noted in the accounts with no value attributed to them. Page10
PAROCHIAL CHURCH COUNCIL OF ST. MARY AND ST. NICOLAS. SPALDING NOTES TO THE ACCOUNTS for the year ended 31 st Decembor 2022 1 ACCOUNTING POLICIE5 (contlnuedl Fund accountlng Unrestricted funds are available for use at the diSCretn of tt)e trustees in furtherance of the general objectives of the charity and have not been desnatj for other purrw)ses Restrfcted funds are fijnds which are to b8 in ac(xrdance wth speafic restrictions Imposed by donors or whlch have been ralsed by the Charity for partlcular puOseS. The cost of raising and administering such funds are Charged against the Specific fijnd. The aim and use of each restricted fund is set out In the notes to the financial statements. Endowment funds represent pemanent end(Avments. The ¢apit81 of these funds can never be expended. Investmonl income generatod on the charity's end¢)wment funds is available to be spent on maintenance of the church fabric and is transferred each year to the restn.ctéd fabric fijnd. Dfrbtor• and credltor• r•colvabWpayabh wlthln ono yoar Dèbtors and cr8dilors wth no slated interest rate and receivable or payabb wilhin one year are recorded at transaction pric&. Any losses arising from impaiment are recognised in expenditure. Golng eonc•rn The financ¢al statements have been prepared on a going o)ncem basis as the trustees believe thal no materi81 uncertainties exist. The trustees have considered the kvel of funds held and the expected levol of in¢ome and expenditure for the 12 months from authorising these financial statements. The budgeted income and expenditure 1$ Sufficient wrth the18vel of reserves for the chanty to bg abbe to operate as 8 going concern. Judgomgnts and koy 8ourco8 of estlrnatlon unurtalnty The preparation of the financial statements requires managernent to make judgements, ests"males and assumptions that affect the amounts reFOrted. These estimates and judgements are continually rev1wd and are based on experience and other faclors, including expectations of future events that are believed to be reasonable under the circumstances. Page 11
PAROCHIAL CHURCH COUNCIL OF ST. MARY AND ST. NICOLAS. SPALDING NOTES TO THE ACCOUNTS for the year ended 31st December 2022 2 INCOME AND ENDOWMENTS Unrestrlcted Restrletsd Endowmènt Funds Funds Fund8 TOTAL FUNDS 2022 2021 2a Donations and legacies Planned giving Envelopes Bankers orders Income tax recovered Plate collections at seprfices Legacies Sundry donations 6,999 49,385 10.215 3,986 6,900 49,930 12.034 2,882 19,140 41,409 132,295 49.385 10.215 22,935 93,520 31,490 31,490 54,425 125,010 2b Other voluntary income Grants Fetes and other fund raising events 750 750 2,500 750 750 2,500 2¢ Charitable and ancillary trading income Shop, tidings and 200 Club Choir fund Church Hall lettings Fees 2,501 1,721 5,408 18,358 4,222 5,408 18,358 5,288 33,276 2,518 10,427 9,434 22,379 5,288 7.789 25.487 2d Income from investments Dividends and interest Realised gains 5,358 3,794 9,152 10,135 5,358 3,794 9,152 10,135 2e Other income Value Added Tax recovered 17,670 17,67Q 17,670 17,670 TOTAL INCOME 102,059 80,005 3,794 185,858 167,309 Page 12
PAROCHIAL CHURCH COUNCIL OF ST. MARY AND ST. NICOLAS. SPALDING NOTES TO THE ACCOUNTS for the year endod 31st December 2022 3 EXPENDITURE UnTOStrl¢ted Re8trlcted Endowmènt Funds Funds Fund8 TOTAL FUNDS 2022 2021 3a Costs of raising funds Fetes and other fund raising events 3b Charitable activities Directly relating to the work of the church Ministry.. parish share clergy travelling expenses Church running expenses Church maintenance Fabric fund expenditure Children and youth groups Shop expenditure Church yard maintenance Church Hall running costs Organist and choir master Sacristan 20,000 720 20,473 628 20,000 720 20,473 628 72,108 10,454 500 360 48,130 7,776 327 181,478 $4,450 483 19,316 705 66,052 3,801 72,108 5,735 4.719 500 360 1,763 9,184 8,023 1,034 184,811 48,130 7,776 327 55,503 125,973 Management and administration Printing, stationery and copier Printing tidings Postage Parish office assistants Parish administrator Telephone Subscriptions Parish office running expenses Refuse collection Miscellaneous expenses 200 Club prizes Use of Hall Independent examine¢s fee 1,986 1,931 1,714 1,626 119 6,834 9,265 1,601 358 493 155 1,541 1,320 720 256 26,002 1,931 5,415 9,651 1,773 291 5,415 9,651 1.773 291 980 252 2,543 1,040 720 288 26,946 252 2,543 720 288 25,906 1,040 81,409 127,013 208,422 190,813 3c Grants Missionary and Gharitable giving 5.760 5,760 5,135 TOTAL EXPENDITURE 87,169 127,013 214,182 195,948 Page13
PAROCHIAL CHURCH COUNCIL OF ST. IAARY AND ST. NICOLAS, SPALDING NOTES TO THE ACCOUNTS for the year endod 31st December 2022 4 FIXED ASSETS 4a Tangibl8 fix8d assets The tangible fixed assets comprise the church hall which is shown at original net cost. The value for insurance purposes at 31st Decemb8r 2022 is £2,960,000 (2021 £2,475,000). 4b Investments Investments are shovm at market value. The historical cost of investments held at 31 st December 2022 is £82,552 {2021 £94,743). 6 ANALYSIS OF NET ASSETS BY FUND Unreslrlcted Re8trkted Endowment Funds Fund• Fund8 TOTAL FUNDS 2022 2021 Fixed assets Current assets Current liabilrtie8 132,517 74,088 137.182 269,699 333,219 93,094 109,503 16011 (28,687) 19,006 (601) Fund balance 18,405 206,605 137,182 362,192 414,035 6 DEBTORS 2022 2021 Income tax recoverable Prepayments and accrued income 1,631 1,848 1,650 6,506 3,479 8,156 7 LIABILITIES: AMOUNTS FALLING DUE IN ONE YEAR 2022 2021 Accruals 601 28,687 601 28,687 Page 14
PAROCHIAL CHURCH COUNCIL OF ST. MARY AND ST. NICOLAS, SPALDING NOTES TO THE ACCOUNTS for the year ended 31st December 2022 8 EMPLOYEE EMOLUMENTS 2022 2021 Salaries 20,844 20,844 19,949 19,949 During the year the PCC employed a parish administrator, two parish office assistants and a church hall Gleaner. Organists and sacristan were s81f-employed 9 FUND MOVEMENTS 2022 Balanc• Funds 011011022 added Funds Investments Fund• Balanc• used transferred 3111212022 Unrestrlcted PCC general Festival 3,189 328 3,515 102,059 (87,169) 18,079 326 18,405 102,059 87,169 b Restrlcted Church Hall Fabric School building reserve Vicar, vRrden8, organ, legacie8 Belfry Choir 200 Club 27,804 186.286 4.037 37,417 281 2,932 1,521 260.278 43,358 25,125 (48,130) (70,958) 23,032 133,788 4,039 40,898 41 2,605 2,202 206,605 (10,459) 3,794 3,481 910 5.408 1,721 80,005 (1.150) (5,735) 1,040 127,013 10,459 3,794 c Endowment Fabric Richardson Trust 148,242 2,000 150,242 3,794 (13,060) (3,794) 135,182 2,000 137,182 3,794 13,060 3,794 Combln8d funds total 414,035 185,858 (214,182) (23,519) 362,192 Page15
PAROCHIAL CHURCH COUNCIL OF ST. MARY AND ST. NICOLAS, SPALDING NOTES TO THE ACCOUNTS for the year ended 31st Decembor 2022 9 FUND MOVEMENTS 2021 Balance 011011021 Funds added Funds Investments Funds Balance used transferred 3111212021 a Unreslrlcted PCC general Festival 18,196 326 18,522 102,521 (117,528) 3,189 326 3,515 102,521 117,528 b R08trlctsd Church Hall Fabric School building reserve Vicar, wardens, organ, leg8cie8 Belfry Choir 200 Club 20,741 210,010 4,035 23.738 70 2,568 2,841 264,001 16.247 29,258 {9,184) {82,891) 27,804 186,286 4,037 37,417 281 2,932 1,521 260,278 9,909 15,015 931 3,335 (1.334) {720) (2,971) 1,320 78,420 64,788 9,909 c Endowmont Fabric Richardson Trust 134,852 2,000 136,652 13,590 148,242 2,000 150,242 13,590 Comblned funds total 419,175 167.309 {195,9481 23,499 414,035 Page 16