PAROCHIAL CHURCH COUNCIL OF ST. MARY AND ST. NICOLAS, SPALDING CHARITY CONIMISSION REGISTERED NUMBER 1132847 ANNUAL REPORT AND FINANCIAL STATEMENTS OF THE PAROCHIAL CHURCH COUNCIL For the year ended 31st December 2023 Incumbent: The Rev'd J D Bennett The Parsonage 1 Halmer Gate Spalding PE112DR Indepèndent examiner: Andrew Smith FCA Salway and Wright 32 The CreSnt Spalding PE11 1AF
THE PARISH OF ST MARY AND ST NICOLAS SPALDING ANNUAL REPORT OF THE PAROCHIAL CHURCH COUNCIL FOR THE YEAR ENDED 31ST DECEMBER 2023 Misslon Statement We to be a loving ond welcoming Christian community.. honouring God In worship.following Christ in our lives and purticipoting in his Mission. Admlnistratlve infurmatlon The parish church of St Mary and St Nicolas is sltuated 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, Spalding, PEII 2DR. The Parochial Church Council IPCCI of the Ecclesiastical Parish of St Mary & St Nicolas Spalding is a registered charity (Registered number 11328471. PCC members who have served from l January 2023 until the date of the Annual Parothial Church Meeting are: Incumbent.. The Revd John Bennett (choir) Other clergy.. The Revd Aileen Workman (Associate Vi¢or, retiredJonuory 2024) Reuder.. Mrs Sue Slater Wordens.. Mrs Jean Hill (Lay vice chair) and Mrs Penny Adams IresAgned Morch 2024) Generolsynod representative.. Mrs Sue slater Representatives on the Elloe West Deonerysynodelected October2020 retired 2023.. Mr David Clements Icurrently no elected representatives),. Mrs Sue Slater lex ojyicioj Elerted members.. Retired in 2023 Mr Robert Molson and Mr Nicholas Pitt5 Retiring in 2024 Mrs Valerie Fairbanks, Mr john Holmes and Mrs Julie Laithwaite Retiring in 2025 Mrs Wendy Chew Retiring in 2026 Dr Sarah Chadd, Mrs Robyn Firth, Mr Nicholas Pitts and Mrs Melanie Sharp The Parish Administrator, Dr Sarah Chadd, acts as the Secretury to the PCC. Stru¢ture. governance and management The method of appointment of PCC members 15 set out in the Church Representation Rules. Representatives of the parishioners are elected for three years, Wlth 3 third retiring each year land being eligible for re-election). All church attendees are encouraged to register on the Electoral Roll and stand for election to the PCC. The PCC has ultimate responsiblllty for such matters as compliance with health and safety, disability distrimination 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 Stunding Committee is the only committee required by law. It ha5 power to transart the business of the PCC between it5 meetings, subject to any directions given by the Council. It meets before each PCC to agree an agenda 2. The Fint7nce Teum manages, monitors and repDrts the finances of the PCC 3. The Property Committee manages, maintains and develops PCC property including the church building, churchyard and boundaries, with oversiBht of St Nicolas Church Hall, The Vista The Hall Mancigement su&committee administers all aspects of the upkeep and running of the Church Hall. It oversees the public and church use of the hall. The list of members of the variou5 committees and teams. the scheme ol delegation to each committee and the terms of reference are available from the Parish Office to any member of the Electoral Roll who requests a copy. Oblertlves and artlvltles The PCC has the responsibility of co-operating with the Vicar in promoting in the ecclesiastical parish the whole mlsslon of the church, pastoral, evangelistic. social and ecumenical. It also has maintenance re5pon5ibilities 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 parishe5, Wlth St Paul's and 5t John the Baptist. The church is now also a member of the Spalding Local Mission Partnershipi which alsr) includes churches in the Glen, Gosberton and Weston groups. Page I
The PCC cooperates with joint ecumenical artivities. Connected charity The PCC acknowledges the significant support recelved from the Spalding Rectory Feoffees, a registered charity. 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 Chambers Court (previously leased to the Diocese and occupied by the curate but now a private letl. They a150 own the Parish Office lin the grounds of the Parsonage). In recent years, they have been able to make an annual donation to the PCC plus additional grants to the Church Hall. As Patrons, the Feoffees present a new incumbent to the bishop. Achievements and performance Church attendonce Following revision in 2023, there were 161 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 2024 APCM. Attendance throughout the year has continued to improve following the impact of the Coronavirus pandemic. There is service at 10.30am on a Sunday morning which continues to be livestreamed as well as being available afterwards on line and Even50ng at 6.30pm. Average weekly attendance, is estimated to be 138175 in 20221 adults and 24115 Sn 20221 under 16,5. The number of people continuing to regularly engaging with the livestreamedlrecorded worship is estimated to be about 6 but the1ivestreams are acce55ed by a lèrger number of people. Review of the yeor l The Church has continued to recover after the impact of the Coronavirus pandemic and the report reflect5 this. Church meetings have continued and attendance was good. 3 The PCC has continued to engage wlth the Diocese of Lincoln'5 'Time to Change Togetherf initiative. The PCC reviewed and confirmed its decision to identify a5 a Type 2 Local Mission church. The Parish paid a Covenant pledge of £25,000 p.a and this covers the cost of ministry as well as contributing to the common fund. The Parish is working alongside other parishes in the development Df Local Mission Partnerships. 4 Aileen Workman continued as Associate Vicar but retired at the end of january 2024. This part-time post was funded by the Feoffees. Revd Michael Bullock assilts when he Ss not mlnlstering in the Diocese of Europe. Mrs Sue Slater renewed her PermissiDn to Officiate to preach and lead worship as a Reader in the parish. DLEe to health issues Dr Peter Gorton has ceased to hold PTO as a Reader. Porish layministers lean Hill IParish visitor) continues as an Authorised Lay Minister, Sue Houghton as the Baptism Co-ordinator and claire Dickens as head Server. The church building. its development, muintenance and ornuments 6 Essential routine maintenance and repair has continued. Long planned work to clean the Elizabeth Johnson memorial and undertake conservation of a number of floor ledgers was completed. The cleaning of the Johnson memorial was funded out of the Brassington legacy. The remainder of thi5 legacy will be used to fLFnd bespoke storage for church linen and altar frontals. With further problems with the boilers, gas supply pipes and water pipe leaks, planning for a replacement heating system is a priority. The DAC heating has advised that a Building Services Consulting Engineer be appointed to carry out a heat loss calculation, provide budget prices and energy usage figures. In addition to the above, the Quinquennial Inspection has been carried out with the report is pending 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 previou5 generations who have left endowed funds and grants will be sought for the larger repair costs. The Vista Hull 7 The Hall continue5 to be a popular venue and hosts a variety of regular exercise and martial arts classes as well as social groups and socleties. The H311 is also available to hire for private parties. Improvement work has continued with metal framed windows in the Green room and smaller high-level window5 in the Main Hall replaced. This work was completed earlier than planned due to a generous grant to cover the costs from the Spalding Rectory Feoffees. In addition to the Feoffees, grant, letting income for the year was £25,746 with expendlture of £27.518. The year- end fund balance was £36,260. Page 2
The Hall Committee will continue to refurbish the building 25 funds allow. The future of the heating system will be considered alongside that of the church. Ministry omongst children ond young people 8 The PCC is committed to offering muslc as a means of outreach to children, young people and their families. In addition, to the recruitment of Alexandra Stacey as Direttor of the Girls, choir, Mr David Bishop was appointed as Assistant Organist. Following visits to four local primary schools in September, over 50 boys and girls were newly recruited to the Choir. After the initial influx this has settled at 30. The Choir, comprising a total of over 70 men, women, boys and girls sing every Sunday at the 10.30am Eucharist Service and at Evensong. Several families of Children in the choir attend worship and this has resulted in the ongoing increase in attendance. ThÈ associated Choir Club which runs every Wednesday afternoon provides a range of activities and outings throughout the year. The Church Is very grateful to the team of volunteers who supervise at the club. Discipleship 9 An open discussion group, 'Godly Conversations, was held in church during Lent. The weekly meetings were well attended and muth appreciated. alk around the Table, was a new initiative at Choir Club enabling the youn8 people to ask questions about faith. A total of 4 adults lincluding sorne choir parent51 and 3 children were confirmed in October. Outreach 10 For the first time in over 10 years, the town held a Flower Parade in May. This event which occurred a week after the Coronation was very well attended and the church was decorated and offered a welcome to many visitors. A garden party wa5 held in August and despite, in fact perhaps because of, terrible weather was a great success with hospitality (refreshments and artivitiesl offered to a large nLtmber of both church members and passers-by. An event (Christ the Kingl was held in Church to coincide with activities in the town associated with the switching on of the Christmas lights in late November. The Church was decorated with greenery including 3 large Christmas treè, nativity sets and lights and offered refshMentS and family craft activities. Occu5ional offices 11 Opportunities for pastoral contact with people from Spalding through the regular ministry at baptisms1351, marriages1613nd funerals19 in Chrch and a further 15 at Crematoria or the Cemetery) continue. There has been a decline in the number of funerals conducted by clerEY since the pandemic. RelatlOlJ5hip with schools 12 We welcomed groups from various schoo15 in the district for educational visits and Spalding schools came to the church for Christmas service5 during December 2023. Over 2,900 students, staff and parents attended these services. Clergy attended and led Collective Worship at Spalding Parish Church School and Ayscoughfee School. The relationship with 5palding Parish Church School remains important. Ecumenicol relotions 13 St Mary and St Nicolas has been a member of SpaldSng and District Churches Together for many years but the group has not resumed its meetings following the pandemic although events, such as the Good Friday walk of witness, still occur. Members of our church have continued to assist with the Agape Food 8ank throughout 2023. The church has continued to make significant financial contributions to this project as part of its mission givinB. Other matters considered by the PCC 14 During 2023, the decision was made to stop the publScatSon of the parish magazine, Tidlngs. This was due to increasing costs, dwindling subscriptions and a lack of people to create and edit content as well to to-ordinate distribution and management of the finances. The Parish continues to produce a weekly notice sheet as well as having an up to date web51te and gcN)d social media IFacebookl presence. The Vicar will produce a bi-monthly round-up of Informatlon and news as "Notes from the Par50nage". 15 Dr Sarah Chadd continued to provide administrative, secretarial and financial/accovnting 5UPPOrt to the PCC and its sub-committees in her role as Parish Administrator. Maxine Arnott was appointed in February 2023 to work in the Parish Office and as well as with volunteers. As a result, an event to thank the 90 + volunteers has been held as well Page 3
as an open day for people to explore the volunteering opportunities. A number of new people have becomè involved in a vèriety of activities including, cleaninB, churchyard maintenance, hospitality and the church shop. Plans are in place for 2024 enablSng sttjdents from local primary and secondary schools to get involved in developing an area of the church yard for wildlife. Maxine Arnott, Julie Laithwaite and Sarah Chadd cover Monday* Tuesday, Wednesday and Friday mornings in the office. 16 Safeguardin8 The PCC continue5 to implement House of Bishop's Safeguarding Policies and Practice Guidance. This year the Parish has continued to develop 2nd improve practice. There is a dedicated mobile phone number as well as an e-mail address for confidential reporting. Durlng the year, the Vicar and Safeguarding Officer have continued to work with the Diocese and local police following the report of a serious incident in 2022. There is ongoing work with the Diocesan Safeguarding team to manage a number of Sèfer Churches Agreements. The Parish is very grateful for thls support, the ongoing 3dvice and help with Safeguarding. 17 Finonciol review Total receipts on ordinary, unrestricted funds were £94,601 12022 £102,059) and are detailed in the attached financial statements. Total Planned Giving w35 £44,304 12022 £56,384I. The Gift Aid recovered on all eligible donations was £11,65112022 £10,2151. The majority of the remaining income comprSsed a grant of £15.00012022 £15,0001 from the Spalding Rectory Feoffees and fees of £5,28912022 £5,2881- The agreed Covenant Pledge for 2023 of £25,000 was paid in full. A total of £6,500 was dlstrlbuted from the Mlsslon Fund to variDUS projerts. Locally the work of Agape foodbank; nationally- the Children's Society and internationally Mothers, Union, CMS, USPG together with £1,000 donated to Christian Aid in response to appeals made by the Disasters Emergency Committee and a further £1,000 out of the Mission Fund. The net result for the year was a deficit of income over expenditure in the unrestrlcted fund of £14,57512022 surplus £14,890). There was an surplus of income over expenditure on the restrirted funds of £14,88012022 deficit £57,467) and there wa5 a surplus of income over expenditure on the endowment funds of £10,69912022 deficit £9,266). Reserves policy The Reserves Policy glves a statement as to the value of funds held and those that are allotated for futLtre planned expenditure. The Policy is updated annually. It is PCC policy to maintain a working balarkcè on unrestricted funds. The PCC recognises the need to increase income in order to cover routine running expenses. The PCC decision to redefine certain trusts held within the Fabric Fund as restricted funds and to leave only those funds, where the capital can never be used, as endowment funds has been implemented. The PCC ha5 agreed to utili5e the Fabric Fund to undertake all of the works identified in the Quinquennial Inspection report. Fund balances are held in the CBF Church of En8land Deposlt Fund and in other approved investments Idetails of which are available on request). The PCC last reviewed it5 investments in 2013 and decided to retain the current arrangements as prodijcing the best return. In concluslon We are grateful to all those who have contributed in so many different ways to enhancing the mi55ion and ministry of the church in this parish, and we are confident that this will continue and grow during the forthcoming Vacancy. On behalf of the PCC, Revd john Bennett Vicar 28th April 2024 Page 4
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 2023 I report on the accounts of the PCC for the year ènded 31 December 2023 which are set out on pages 6 to 16. Responsibilities and basls of report As the PCC'S members, you are responsible for the preparation of Ihe accounts in accordance with the requirements of the Charities Act 2011 ("the Act"). I report in respect of my examination of the PCC'S arKounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by Ihe Charity Commission under section 145{5)(b) of the Act. Independent examiner's statement I have compleled my examination. I confirm that no material matters have Come to my attention in connection with the examination giving me cause lo beli8v8 that in any material respect: accounting records were not kept in respect of the charity as required in sèction of the Act- or 2. the accounts do not accord with those records. or 3. the accounts do not comply with the applicable requirements conceming the form and contents of the 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 examinalion. I have no Concerns and have Come across no other matters in connection with the examination to which altenlion should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Andrew Smith FCA Salway and Wright 32 The Crescent Spalding PE111AF Date.. 30th April 2024 Page 5
PAROCHIAL CHURCH COUNCIL OF ST. MARY AND ST. NICOLAS, SPALDING STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31st December 2023 Unrestrlcted Restricted Endowment Funds Funds Funds TOTAL FUNDS 2023 2022 Note INCOME AND ENDOWMENTS.. Donations and lega¢ies 2a 83,812 15,030 98,842 125,010 Other voluntary incoming resources 2b 3,329 3,329 750 Charitable and ancillary trading 2c 7,460 30,519 37,979 30.336 Investment income 2d 3,588 7,058 10,646 9,152 other income 2e 1,291 1,291 17,670 TOTAL 94,601 50,428 7,058 152,087 182,918 EXPENDITURE Costs of raising funds Charitable activities 3b 102,676 42,544 145,220 205,482 Grants 6,500 6,500 5,760 TOTAL 109,176 42,544 151,720 211,242 (LOSSESIIGAINS ON INVESTMENTS unrealised 6,996 3,641 10,637 {23,519) NET INCOMEIEXPENDITURE (14,575) 14,880 10,699 11,004 (51,843) Transfers between funds 7,058 {7,058) NET MOVEMENT IN FUNDS (14,575) 21,938 3,641 11,004 (51,8431 RECONCILIATION OF FUNDS TOTAL FUNDS AT 1ST JANUARY 2023 18,405 206,605 137,182 362,192 414,035 TOTAL FUNDS AT 31ST DECEMBER 2023 3,830 228,543 140,823 373,196 362,192 Paoe 6
PAROCHIAL CHURCH COUNCIL OF ST. MARY AND ST. NICOLAS, SPALDING BALANCE SHEET as at 31st December 2023 2023 2022 Note FIXED ASSETS Tangible fixed assets 4a 17,300 17,300 Inveslment assets 4b 263,036 280,336 252,399 269,699 CURRENT ASSETS Stock 854 1,154 Debtors 5,495 3,479 Cash at bank and in hand 90,446 88,461 96,795 93,094 LIABILITIES: AMOUNT FALLING DUE WITHIN ONE YEAR 3,935 601 NET CURRENT ASSETS 92,860 92,493 NET ASSETS 373,196 362,192 FUNDS Unrestricted Restricted Endowmenl 9a 9b 3,830 228,543 140,823 373,196 18,405 206,605 137,182 362,192 Approved by the Parochial Church Council on 28th April 2024 and signed on ils behalf by.. Revd John Bennett (Chairman) Melvyn Price (Treasurer) Page 7
PAROCHIAL CHURCH COUNCIL OF ST. MARY AND ST. NICOLAS, SPALDING NOTES TO THE ACCOUNTS for the year ended 31st December 2023 1 ACCOUNTING POLICIES The nature of the charivs operations and principal activities is the provision of the Church of England religious services lo the community within its parish boundaries. Basls of preparatlon of financial statements The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practi¢e applicable lo charities preparing their ac¢ounls in accordan with the Financial Reporting Standafd applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2 February 2016). the Financial ReFy)rting Standard 8ppIic8ble In the United Kingdom and Reptjblic of Ireland IFRS 1021 and the Charib'es Act 2011. The finar¢cial statements are prepared on a going concern basis under the historical cost (x)nvenlion, modified lo include certain items at fair value. The financial statements are presented in stsrling which is the functional currency of the charity. The signifi'cant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otheiSe sL8t6d. Income recognltlon All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity 15 legally entitled to the income after any performance conditions have been mel, the amount can be measured reliably and it is probable Ihat the Income will be received, For donations lo be recogni5ed. the charity will have been notified of the amounts and the $elllemenl date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income Is deferred until those conditions are fully m6t or the fulfilment of those conditions is within the control of the Charity and11 Is probable that they will be fulfilled. Donated fa¢illtles and donated professional services are recognised in income at fair value when their economic benefit is probable, it can be measured reliably and the charity has control over the item. Fair value is determin on the basis of the value of the gift lo the charity- For example the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure. No amount is included in the financial statements for volunteer time in line with the SORP {FRS 1021. Further detail Is given in the Trustees, Annual ReporL Page 8
PAROCHIAL CHURCH COUNCIL OF ST. MARY AND ST. NICOLAS, SPALDING NOTES TO THE ACCOUNTS for the year ended 31st December 2023 1 ACCOUNTING POLICIES (continued) Income recognition {¢ontinuedl Where practicable. gifts in kind donated for distribution to the beneficiarie5 of the charity are included in slcck and donations in the financial statements upon receipt. If it is impracticable to assess the fair value at Teceipt or if the costs to undertake such a valuation OUe19 any benefit5, then the fair value is Tecognised as a component of donations when il is distributed and an equivalent amount COgniSed as charrtable expenditure. Fixed asset gifts in kind are recognised when receivable and are included at fair value. They are not deferred over the life of the asset, For legacies, enlillemenl is the earlier of the charily being notified of an impending distribution or the legacy being received. At this point, income is recognised. On occasion legacies will be notified lo the charity when it is not possible lo measure the amount expect to be distributed. On these OCGa5ion5, the legacy is Irealed as a conlingenl asset and disclosed. Investment income is earned through holding assets for investment purposes Such as shares. It includes dividends and interest. Where it is not practicable lo identify investment management costs incurred within a scheme with reasonable accuracy the investment income Is reported nel of these costs. It is Included when the amount can be measured reliably. Infrrest income is recognised using the effects've interest method and dividend income is recognised as the charity's right to receive payment is established. Expenditure recognltlon All expenditure is accounted for on an accrua15 basis and has been classified under headings that aggregate all costs retated lo the ¢alegory. Expenditure is recognised where there is a legal or conslructive obligation to make payments to third parties, Il is probable that the seltlement will be required and the amotjnt of the obligation can be measured reliably. Grants payable to third parties are within the charitable objectives. Where unconditional grants a oflerecl, this is accrued as soon as the recipient is notified of the grant, as this gives rise trj a reasonable expectalton that the recipient will receive the grant. Wheie grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity. Support Go$t allo¢atlon Charitable expenditure comprises those cosls incurred by the charity In the delivery of its acts'vilies and services for its beneficiaries. )vernance costs Include those costs associated with meeting the constitutional and statutory requiremenls of the charity and include attcountancy fees and costs linked to the straleglc management of the charity. Page 9
PAROCHIAL CHURCH COUNCIL OF ST. MARY AND ST. NICOLAS, SPALDING NOTES TO THE ACCOUNTS for the year ended 31st December 2023 I ACCOUNTING POLICIES Iconllnuedl Support CO8t allocatlon (contlnuedl Support costs include all those overhead costs for uts'lity ServIS and other services and costs which are in SLJPPOrt of the activity. They have been allocated to activity Gost categories on a basis consistent with the use of reSoUrs. Tangible fixed assots Consecrated land and bulldlngs and moveable church furnlshlngs Consecraled property is excluded from the accounts by $1012)lal of the Charities Act 2011. No value is placed on moveable church fvrnishingg held by the church wardens on special trust for the PCC and whi¢h require a faculty for disposal since the PCC considers this lo be inalienable propety. All expenditure incurred during the year on consecrated buildings and moveable church fumishings, whether maintenance or improvement, Is written off as expenditure in the statement of financial acb'vilies and separately disclosed. Other bulldlng8 In the absence of a professional valuation, the church hall has been lftcluded in the a¢UnIS al its oroinal nel cost and has not been depreciated as it is considered by the trustees to have a useful life at 31 December 2022 in excess of So years. Heritage assets Heritage assets only arise when donated lo the charity or, if on acquisition, it is believed that they will lurther the charity's objectives. Once acquired they will be preserved by the charity in order to keep their historical, artistsc, scientific, technological, geophysical or environmental qualities lo such a high level as to contribute to knowledge and culture. Heritage assets are to be held for the foreseeable fulure. Where information on the cost or valuation of heritage assets is not available or the cost of providing such information significantly 0e1ghS any benefll to the users of the accounts then heritage assets are not recognised on the balance sheet The charity holds several heritage assets including a brass eagle lectern, a brass candelabra and a grand piano and other items with historical qualitie5 that are held and maintained principally for their contribution lo knowledge and culture, due lo information on the cost or valuation of these items not being available nor able to be obtained at a cost commensurate with the benefit lo the users of the accounts and to the charity for its own stewardship purposes. the assets are Purely noted in the accounts with no value attributed to them. Page 10
PAROCHIAL CHURCH COUNCIL OF ST. MARY AND ST. NICOLAS, SPALDING NOTES TO THE ACCOUNTS for the year ended 31st December 2023 1 ACCOUNTING POLICIES {continugd> Fund accounting Unrestricted fLsnds are available for use al the discretion of the trustees in furtherance of the general objeclwes of the chality and have not been designated for other purpose5. Restricted funds are funds which are lo be used in a¢¢ordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each reslriclod fund is set out In Ihe nDles to the flnanclal statements. Endowment funds represent permanent endowments. The capital of these funds can never be expended. Investment income generated on the charity's endowment funds is available lo be spent on maintenance of the church fabric and is transferred each year lo the reslricled fabric fund. Debtors and credltors receivablelpayable wlthln one year DebtOTS and creditors with no slated interest rate and recoivable or payable within one year are recorded at transaction pr. Any losses arising from impairment are rewgnised in expenditure. Going concern The financi21 statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for the 12 months from aulhorising these financial slatements. The budgeted income and expenditure is sufflent wrth the level of reserves for the charity lo be able lo operate as a going concem. Judgements and key 50ur¢?s of estimation uncertalnty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and JudgemeIS are continually reviewed and are based on experience and Dlher factors, including expectations of future events thal are believed lo be reasonable under the circumstances. Page11
PAROCHIAL CHURCH COUNCIL OF ST. MARY AND ST. NICOLAS, SPALDING NOTES TO THE ACCOUNTS for the year ended 31st December 2023 2 INCOME AND ENDOWMENTS Unrèstricted Restrlcted Endowment Funds Funds Funds TOTAL FUNDS 2023 2022 2a Donations and legaGies Planned giving Envelopes Bankers orders Income tax recovèred Plate collections at services Legacies Sundry donations 7,437 36,867 11,651 4,742 7,437 36,867 11,651 4,742 6,999 49,385 10,215 3,986 23,115 83.812 15,030 15,030 38,145 98,842 54,425 125,010 2b Other voluntary income Grants Fetes and other fund raising events 3,329 3,329 750 3,329 3,329 750 2c Charitable and ancillary trading income Shop, tidings and 200 Club Choir fund Church Hall lettings Fees 2,171 1,413 3,295 25,746 65 30,519 3,584 3,295 25,746 5,354 37,979 4,222 2,468 18,358 5,288 30,336 5,289 7,460 2d Income frorn investments Dividends and interest Realised gains 3,588 7,058 10,646 9,152 3,588 7.058 10,646 9,152 2e Other income Value Added Tax recovered 1,291 1,291 1,291 1,291 17,670 17,670 TOTAL INCOME 94,601 50,428 7,058 152,087 182,918 Pagè 12
PAROCHIAL CHURCH COUNCIL OF ST. MARY AND ST. NICOLAS, SPALDING NOTES TO THE ACCOUNTS for the year ended 31st December 2023 3 EXPENDITURE Unrestrlctgd Restricted Endowment Funds Funds Funds TOTAL FUNDS 2023 2022 3a Costs of raising funds Fetes and other fund raising events 3b Charitable activilies Directly relating to the work of the church Ministry.. parish shar8 clergy travelling expenses Church running expenses Church maintenance Fabric fund expenditure Children and youth groups Shop expenditure Church yard maintenance Church Hall running costs Organists and choir masters Sacristan 25.000 583 24,572 198 25,000 583 24,572 198 11,892 7,589 300 3,480 27,518 11,959 360 113,451 20,000 720 20,473 628 72,108 7.514 500 360 48,130 7,776 327 178,536 11,892 2,359 5,230 300 3,480 27,518 11,959 360 71,682 41,769 Management and administration Printing, stationery and copier Printing tidings Postage Parish office assistants Parish administrator Telephone Subscriptions Parish offiGe running expenses Refuse Gollection Miscellaneous expenses 200 Club prizes Use of Hall Independent examiner's fee 1,859 2,080 79 8,516 10,571 2,019 312 1,885 490 2,158 1,859 2,080 79 8,516 10,571 2.019 312 1,885 490 2,158 775 720 305 31,769 1,966 1,931 96 5,415 9,651 1,773 291 980 252 2,543 1,040 720 288 26,946 775 720 305 30,994 775 102,676 42.544 145,220 205,482 3G Grants Missionary and ¢harilable giving 6,500 6,500 5,760 TOTAL EXPENDITURE 109.176 42,544 151,720 211,242 Page 13
PAROCHIAL CHURCH COUNCIL OF ST. MARY AND ST. NICOLAS, SPALDING NOTES TO THE ACCOUNTS for the year ended 31st Decembèr 2023 4 FIXED ASSETS 4a Tangible fixed assets The tangible fixed assets comprise the church hall which is shown at original net cost. The value for insurance purposes at 31st December 2023 is £1,973,000 (2022 £2,960,000). 4b Investments Investments are shown at market value. The historical cost of investments held at 31 st Dember 2023 is £82,552 (2022 £82,552). 5 ANALYSIS OF NET ASSETS BY FUND Unrestricted Restricted Endowmgnt Fund5 Funds Funds TOTAL FUNDS 2023 2022 Fixed assets Curr8nl ass8ts Current liabilities 139,513 89.030 140,823 280,336 96,795 (3,935) 269.699 93.094 1601) 7,765 13,935) Fund balance 3,830 228,543 140,823 373,196 362,192 6 DEBTORS 2023 2022 Income tsx recoverable Prepayments and accrued income 1,634 3,861 1,631 1,848 5,495 3,479 7 LIABILITIES: AMOUNTS FALLING DUE IN ONE YEAR 2023 2022 Accruals 3,935 601 3,935 601 Page 14
PAROCHIAL CHURCH COUNCIL OF ST. MARY AND ST. NICOLAS, SPALDING NOTES TO THE ACCOUNTS for the year endod 31st December 2023 8 EMPLOYEE EMOLUMENTS 2023 2022 Salaries 24,763 24,763 20,844 20,844 During the year the PCC employed a parish administrator, two parish office assistants and a church hall cleaner. Organists and sacristan were self-employed. g FUND MOVEMENTS 2023 Balance 011011023 Funds added Funds Investments Funds Balance used transferred 3111212023 a Unrestricted PCC general 18,405 18,405 94,601 94,601 109,176 109,176 3,830 3,830 b Restricted Church Hall Fabric School building reserve Vicar, wardens, organ, legacies Belfry Choir 200 Club 23,032 133,788 4,039 40,898 41 2,605 2,202 206,605 40,746 2,879 180 1,820 95 3.295 1,413 50.428 (27,518) (11.892) 36,260 138,829 4,219 42,718 136 3,541 2,840 228,543 6,996 7,058 (2,359) 775 (42,544) 6,996 7,058 c Endowment Fabric Richardson Trust 135.182 2,000 137.182 7,058 3,641 (7,058) 138,823 2,000 140.823 7,058 3,641 7,058 Combined funds total 362,192 152,087 (151,720) 10,637 373,196 Pagp15
PAROCHIAL CHURCH COUNCIL OF ST. MARY AND ST. NICOLAS, SPALDING NOTES TO THE ACCOUNTS for the year ended 31st December 2023 9 FUND MOVEMENTS 2022 Balanc& 011011022 Funds added Funds Investments Funds Balance used transferred 3111212022 a Unrestricted PCC general 3,515 3,515 102,059 102,059 {87,169 87,169) 18,405 18,405 b Restricted Church Hall Fabric School building reserve Vi¢ar, wardens, organ, legacies Belfry Choir 200 Club 27,804 186,286 4,037 37,417 281 2,932 1,521 260,278 43,358 25,125 (48,1301 (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) (3,7941 135,182 2,000 137,182 3,794 (13,060 3.794} Combined funds total 414,035 185,858 {214,182) (23,519) 362,192 P8ue 16