PAROCHIAL CHURCH COUNCIL OF ST. MARY AND ST. NICOLAS, SPALDING CHARITY COMMISSION REGISTERED NUMBER 1132847 ANNUAL REPORT AND FINANCIAL STATEMENTS OF THE PAROCHIAL CHURCH COUNCIL For the year ended 31st December 2024 Incumbent: "In Vacancy" The Parsonage 1 Halmer Gate Spalding PE112DR Independent examiner: Andrew Smith FCA Salway and Wright 32 The Crescent Spalding PE11 1AF
THE PARISH OF sr MARY AND sr NICOLAS SPALDING ANNUAL REPORT OFTHE PAROCHIAL CHURCH COUNCIL FOR THEYEAR ENDED 31DECEMBER 2024 Mission Statement We aim to be o loving ond welcoming Christion community.. honouring God in worship, following Christ in our lives ond porticipoting in his Mission. Administrative information 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, I Halmer Gate, Spalding, PEII 2DR. The Parochial Church Council IPCC} 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 2024 until the date of the Annual Parochial Church Meeting are- Incumbent.. The Revd John Bennett {Choir, retiredjune 2024) Other clergy.. The Revd Aileen Workman (Associote Vicor, retiredJGnuary 2024) Reoder.. Mrs Sue Slater Wordens.. Mrs Penny Adams (resigned Morch 2024), Mrs Valerie Fairbanks, Mrs Jean Hill (Lay vice chair) Generol Synod representative.. Mrs Sue Slater Representatives on the Elloe West Deonery Synod elected Moy 2024 retiring 2026.. Mrs Melanie Sharp; Mrs Sue Slater lex officio) Elected member5.' Retired in 2024 Mrs Valerie Fairbanks, Mr John Holmes and Mrs Julie Laithwaite Retiring in 2025 Mrs Wendy Chew, Mr Paul Coleman and Mr John Holmes Retiring in 2026 Dr Sarah Chadd, Mrs Robyn Firth and Mr Nicholas Pitts Retiring in 2027 Mr Oliver Abrams, Mrs Ann Cadwallader. Mrs Julie Laithwaite and Mr lan Wright The Parlsh Administrator, Dr Sarah Chadd, acts as the Secretaryto the PCC. Structurei governance and management The method of appointment of PCC members is set out in the Church Representation Rules. Representatives of the parishioners are elected for three years, with a 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 responsibility for such matters as compliance with health and safety, disability discrimination 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 transact the business of the PCC between its meetings, subject to any directions given by the Council. 2. The Finance Team manages, monitors and reports the finances of the PCC 3. The Property Committee manages, maintains and develops PCC property including the church building, churchyard and boundaries, with oversight of The Vista Hall The Hall Managementsub-committee administers all aspects of the upkeep and running of the Vista Hall. It oversees the public and church use of the hall. The list of members of the various committees and teams, the scheme of 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. Objectives and activities The PCC has the responsibility of co-operating with the Vicar in promoting in the ecclesiastical parish the whole mission of the Church, pastoral, evangelistlc, 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 15 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 Spalding Local Mission Partnership, which also includes churches in the Glen, Gosberton and Weston groups. The PCC cooperates with joint ecumenical activities. Page I
Connected charity The PCC acknowledges the significant support receNed 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 (previously occupied by the Associate Vicar but now a private letland 6 Chambers Court (previously leased to the Diocese and occupied by the curate but now a private let). They also 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. Achlevements and perfomiance Church attendance Following revision in 2024, there were 163 people on the Elertoral Roll. A number of those on the Roll were not resident within the parish. The Electoral Roll will be renewed in advance of the 2024 APCM. There is a Parish Eucharist at 10.30am on a Sunday morning which continues to be livestreamed as well as being available afterwards online and Sung Evensong at 6.30pm. Average weekly attendance, is estimated to be 105 adults and 35 under 16's. The number of people regularty engaging with the livestreamedlrecorded worship is estimated to be about 6 but the livestreams are accessed by a larger number of people. Review of the year l The Church has continued to develop, and the report reflects this. 2 Church meetin8s are held regularlyi and attendan was good. The PCC has continued to engage with the Diocese of Lincoln's Tlme to Chan8e Togetherf initiative. The PCC reviewed its previous decision to be a Type 2- Local Mission church and in June 2024 and revised this to become a Type l - Key Misslon Church. The Parish paid a Covenant pledge of £25,(X)O 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 of Local Mission Partnerships. 4 Aileen Workman retired as Associate Vicar at the end of January 2024. This part-time post was funded by the Feoffees. 5 Revd John Bennett retired at the end of June 2024 after servln8 in the Parish for lust over 14 years. On the th morning of 30 June there was service to celebrate Revd John Bennetys 40 anniversary of ordination, followed later in the day by tea and a farewell Evenson8 service. The Parish will miss both John and his wife, Mary's contributions to parish life and wishes them well in their retirement. 6 During the resulting interregnum, the Parish has been generously supported by local retlred clergy Revd Michael Bullock, Revd lan Walters and Revd Pat Willson as well as Revd Greg Bannister and Revd Richard Knowles from Spalding, St John. In Ortober 2024, Revd Canon Darren McFarland was appointed as Interim Minister on a part- time basis. The PCC are very grateful to the Diocese, particularly Bishop Nicholas for facilitating this as well as the Spalding Rectory Feoffees for funding this appointment. 7 The process of appointing a new Vicar of Spalding began in March 2024 with a meeting with Bishop Nicholas. Over the following months a Parish Profile was produced, the vacancy was advertised in September with interviews in November. In January 2025, it was announced that the Revd Robert Parker-McGee had been appointed. Currently working as rector of the Box River Benefice in the Diocese of St Edmundsbury and Ipswich, he will be licensed at a service on 22. July 2025. The Parish is exctted to begin working with the new incumbent, Mrs Sue Slater renewed her Permission to Officiate to preach and lead worship as a Reader in the parish but due to health issues has not been able to assist in recent months. Dr Peter Gorton, who was a Reader in the Parish for over 30 years sadly died in September 2024. Porish loy ministers 9 Jean Hill (Parish 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 mointenance and ornaments 10 Essential routine maintenance and repair has continued. Planning for a replacement heating system is Still a priority. In addition to the above, the Quinquennial Inspection was carried out and the report received identifies the need for significant work to the spire as well as more routine maintenance of exterior stonework and roofing. 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. Page 2
The Visto Hall 11 The Hall continues to be a popular venue and hosts a variety of regular exercise, rnartial arts, dance and sports classes as well as social groups and societies. The Hall is also available to hire for private parties and events. The PCC thanks, Mr Jim Lloyd for his work as volunteer caretaker. This year has seen only routine maintenance and repair work, but further refurbishment work is being planned for 2025 and beyond. Letting income for the 12 months of 2024 was £23.012 with expenditure of £23,401 resulting in a small deficit on the year. The Hall Management Committee paid for its share of the insurance premium (£1,000) and waived the PCC contribution for the use of the Hall for Church activities. The year-end fund balance was £20.193. Ministry amongst children and young people 12 The PCC is committed to offering music as a means of outreach to children, young people and their families. This work is led by Nicholas Pitts, Direttor of Music who is supported by Alexandra Stacey (Director of the Girls, choir) and David Bishop (Assistant Organist). The Choir, comprising a total of over 70 men, women, boys and girls sing every Sunday at the 10.30am Parish Eucharist seniice and at Evensong. Several families of children in the choir attend worship. The associated Choir Club which runs every Wednesday afternoon provides a range of artivities and outings throughout the year for the approximately 40 boys and girls. These artivities are funded in full to enable everyone to participate. The Church is very grateful to the team of volunteers who supervise at the club. Discipleship 13 An open discussion group, 'Godly Conversations, was held in church again during Lent. The weekly meetings were well attended and much appreciated. Outreach 14 Once again, the town held a Flower Parade in May. This event was very well attended, and the church was decorated and offered a welcome to many visitors. 15 The volunteer co-ordinator role was introduced in 2023 to give volunteering opportunities to people of all ages and backgrounds to support them in their personal and career development and to broaden what the church can offer to the wider community. Over the past year existing teams, such as the church shop, cleaners and flower arrangers have gained some new recruits. Plans to create a wildlife area in the church grounds, have given additional opportunities to work with schools and young people undertaking Duke of Edinburgh awards. We have also created monthly Tea and Cake dropin sessions and a Card Making Craft Group which gives people a warm, safe and supportive environment in which to come and share skills. 16 St Mary & St Nicolas was selected to h05t one of the Royal Foundation Carols Services in December 2024. Occasional offices 17 Opportunities for pastoral contact with people from Spalding through the regular ministry at baptisms1261, marriages13) and funerals (13 in church and a further 3 at Crematoria or the Cemetery) continue. There has been an ongoing decline in the number of funerals condurted by clergy. Relationship with schools 18 We welcomed groups from various schools in the district for educational visits and Spalding schools came to the church for Christmas seNices during December 2024. Over 3.4 students, staff and parents attended these services. Clergy attended and led Collective Worship at Spaldin8 Parish Church School (until June 2024) and Ayscoughfee School (until January 2024). These links are important and it is hoped that they will continue once the new incumbent in in post. Ecumenicol relations 19 St Mary and St Nicolas participated in the Good Friday walk of witness. Members of our church have continued to assist Wbth the Agape Food Bankthroughout 2024. The church has continued to make significant financial contributions to this project as part of its mission giving. Other motters considered by the PCC 20 We have a dedicated membership of 20 members of the Mothers, Union managed by Branch Leader, Jean Hill. Members meet on the second Monday of each month in The Vista Hall. Each meeting begins with prayers followed by a visiting speaker. There is a meal once a year usually in January and Afternoon Tea in September. Page 3
- The Parish continues to produce a weekly notice sheet as well as having an up-to-date website and good social media {Facebook) presence. The Vicar produced a bi-monthly round-up of information and news as "Notes from the Parsonage" and the Churchwardens have continued to produce something similar, as required, during the vacancy. 22 Dr Sarah Chadd continued to provide administrative, secretarial and financial/accounting support to the PCC and its sub-committees in her role as Parish Administrator. Julie LaÉthwaite takes the lead on weddings and baptisms as well as being key in managing Hall bookings. Maxine Arnott, Julie Laithwaite and Sarah Chadd cover Monday, Tuesday, Wednesday and Friday mornings in the office and provide administrative support to Spaldin& St Paul as well as St Mary & St Nicolas. 23 Safeguarding The PCC continues to implement House of Bishop's Safeguarding Policies and Practice Guidance. This year the Parish has continued to develop and improve practice. There is a dedicated mobile phone number as well as an e- mail address for confidential reporting. During the year, the Vicar and Safeguarding Officer have continued to work with the Diocese to manage a SafeguardingAgreement arisingfrom a serious incident in 2022. A disclosure received in late 2024 resulted in action being taken with the assistance of the Diocesan Safeguarding Team. The Parish is verygrateful forthis support, the ongoing advice and help with Safeguarding. 24 Financial review Total receipts on ordinary, unrestricted funds were £99,65912023 £94,601) and are detailed in the attached flnancial statements. Total Planned Giving was £41,488 (2023 £44,304). The Gift Aid recovered on all eligible donations was £11,229 (2023 £11,651). The majority of the remaining income comprised a grant of £25,00012023 £15,000) from the Spalding Rectory Feoffees and fees of £4,768 (2023 £5,289). The agreed Covenant Pledge for 2024 of £25,IXM) was paid in full. A total of £5,500 was distributed from the Mission Fund to various projects. 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 surplus of incorne over expenditure in the unrestricted fund of £2,15212023 deficit £14,575). There was a deficit of income over expenditure on the restricted funds of £17,00412023 surplus £14,880} and there was a surplus of income over expenditure on the endowment funds of £12,94512023 surplus £10,699}. 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 annually. It is PCC poliry to maintain a working balance 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 has agreed to utilise the Fabric Fund to undertake all of the works identified in the Quinquennial Inspection report, Fund balances are held in the CBF Church of England Investment Fund and in other approved investments (details of which are available on request). The PCC last reviewed its investments in 2013 and decided to retain the current arrangements as producing the best return. In conclusion We are grateful to all those who have contributed in so many different ways to enhancing the mission 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, Mrs Jean Hill {Lay Vice chairl 2fh April 2025 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 2024 I report on the accounts of the PCC for the year ended 31 Dember 2024 which are set out on pages 6 to 16. Responsibilities and basis of report As the PCC'S members. you are responsible for the preparation of the accounts in accordan with the requirements of the Charities Act 2011 ("the Act"). I report in respect of my examination of the PCC'S accounts carried out under section 145 of the Act and in carying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent examinerfs statement I have completed my examination. I confimi that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the charity as required in section of the Act; or 2. the accounts do not accord with those cOrds. or 3. the accounts do not comply wth the applicable reqU1MentS 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 fairf, view which is not a matter considered as part of an independent examination. I have no concems 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 rea A,1. s. Il, Andrew Smith FCA Salway and Wright 32 The Crescent Spalding PE11 1AF Date: 28th April 2025 Page 5
PAROCHIAL CHURCH COUNCIL OF ST. MARY AND ST. NICOLAS, SPALDING STATEMENT OF FINANCIAL ACTIVITIES for the year ended 31st December 2024 Unrestrlcted Restricted Endowment Funds Funds Funds TOTAL FUNDS 2024 2023 INCOME AND ENDOWMENTS: Donations and legacies 2a 93,677 267 93,944 98,842 Other voluntary incoming resources 2b 750 750.. 3,329 Charitable and ancillary trading 2c 5,232 33,176 38,408 37,979 Investment income 2d 5,670 10,325 15,995 10,646 Other income 2e 1,234 1,234 1,291 TOTAL 99,659 40,347 10,325 150,331 152,087 EXPENDITURE Costs of raising funds Charitable activities 3b 92,007 59,977 151,984 145,220 Grants 5,500 5,500 6,500 TOTAL 97,507 59,977 157,484 151,720 (LOSSES)IGAINS ON INVESTMENTS unrealised 2,626 2,620 5,246 10,637 NET INCOMEIEXPENDITURE 2,152 (17,004) 12,945 (1,907) 11,004 Transfers between funds 10,325 {10,325) NET MOVEMENT IN FUNDS 2,152 (6,679) 2,620 (1,907) 11,004 RECONCILIATION OF FUNDS TOTAL FUNDS AT 1ST JANUARY 2024 3,830 228,543 140,823 373.196 362,192 TOTAL FUNDS AT 31ST DECEMBER 2024 5,982 221,864 143,443 371,289 373,196 Page 6
PAROCHIAL CHURCH COUNCIL OF ST. MARY AND ST. NICOLAS. SPALDING BALANCE SHEET as at 31st December 2024 2024 2023 Note FIXED ASSETS Tangible fixed assets 4a 17,300 17,300 Investment assets 4b 268,282 285,582 263,036 280,336 CURRENT ASSETS Stock 854 854 Debtors 7,070 5.495 Cash at bank and in hand 81,914 90,446 89,838 96,795 LIABILITIES: AMOUNT FALLING DUE WITHIN ONE YEAR 4,131 3,935 NET CURRENT ASSETS 85,707 92,860 NET ASSETS 371,289 373,196 FUNDS Unrestricted Restricted Endowment 9a 9b 5.982 221,864 143,443 371,289 3,830 228,543 140,823 373,196 Approved by the Parochial Church Council on 27th April 2025 and signed on its behalf by: Jean Hill (Lay WI Chair) Melvyn Price (Treasurer) Page 7
PAROCHIAL CHURCH COUNCIL OF ST. MARY AND ST. NICOLAS. SPALDING NOTES TO THE ACCOUNTS for the year ended 31 st December 2024 1 ACCOUNTING POLICIES The nature of the charity's operations and principal activities is the provision of the Church of England religious services to the communty within Èts parish boundaries. Basls of preparatlon of financlal statements The chanty constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounts'ng and Reporting by Charits'es.. 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) issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2 February 2016), the Financial ReportÉng Standard applicable In the United Kingdom and Republic of Ireland (FRS 102) and the Charits'es Act 2011. The financial statements are prepared on a going concem basis under the historical cost convents'on, modified to include certain rtems at fair value. The financial statements are psented in sterling which is the functional currency of the charity. The signifi'cant accounting policies applied in the preparation of these financial ststements are set out below. These policies have been consistently applied to all years presented unless otherwise ststed. Income recognltlon All incoming resources are included in the Statement of Financial Activrties (SOFA) when the charity is legally entitled to the income after any perfomance conditions have b*n met, the amount can be measured reliably and it is probable that the Income will be received, For donations to be recognised, the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donats'on and this requires a level of performance before entitlement can be obtained then income Is deferred until those Condib'ons are fully met or the fulfilment of those conditions is within the control of the charity and It Is probable that they will be fulfilled. Donated facilities and donated professional serVIS 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 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 such facilittes and SerVis. A COrspOndIng amount is recognised in expenditure. No amount is included in the financial statements for volunteer ts'me in line with the SORP (FRS 102). Further detail Is given in the Twstees, Annual Report. Page 8
PAROCHIAL CHURCH COUNCIL OF ST. MARY AND ST. NICOLAS. SPALDING NOTES TO THE ACCOUNTS for the year ended 31st December 2024 1 ACCOUNTING POLICIES (contlnued) Income recognition (continued) Where practicable, gifts in kind donated for distributs'on to the beneficiaries of the charity are included in stock and donations in the financial statements upon reipt. If it is impracticable to asse&s the fair value at receipt or if the costs to undertake such a valuation outweigh any benefits, then the fair value is recognised as a component of donations when it is distributed and an equivalent amount recognised as charitsble 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, entitlement is the earlier of the charty being notEfied of an impending distribution or the legacy being reoived. At this point, income is recognised. On occasion legacies will be notified to the charity when it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed. Investment income is eamed through holding assets for investment purposes such as shares. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy the investment income is reported net of these costs. It is Included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend income is recognised as the chantys right to receNe payment is established. Expendlture rncognitlon All expenditure is accounted for on an accruals basis and has been classffied under headings that aggregate all costs related to the category. Expenditure is recognised wheE there is a legal or constructive obligation to make payments to third parties, it is probable that the Settrnent will be required and the amount of the obligation can be measured reliably. Grants payable to third parties are within the charitsble objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is nob'fied of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grant. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled condib'ons are outside of the control of the charity. Support cost allocation Charitable expendrture compnses those costs incurred by the charity In the delivery of rts activrti.es and seniices for its beneficiaries. Govemance costs Include those costs associated th meeb'ng the constitub'onal and statutory requirements of the charity and include accountancy fees and costs linked to the strategic management of the charity. Page g
PAROCHIAL CHURCH COUNCIL OF ST. MARY AND ST. NICOLAS, SPALDING NOTES TO THE ACCOUNTS for the year ended 31st December 2024 1 ACCOUNTING POLICIES {contlnued) Support cost allocation (continued) Support costs include all those overhead costs for utility services and other services and costs which are in support of the activity. They have been allocated to activity cost categories on a basis consistent with the use of resources. Tangible flxed a880ts Consecrated land and bulldlngs and moveable church furnlshlngs Consecrated property is excluded from the accounts by s10(2)(a) of the Charits'es Act 2011. No value is placed on moveable church fumishings held by the church wardens on special trust for the PCC and which require a faculty for disposal Sin the PCC consKlers this to be inalienable property. All expenditure incurred during the year on consecrated buildings and moveable church fumishings, whether maintenance or improvement, is written off as expenditure in the ststement of financial activities and separately disclosed. Other bulldlng8 In the absence of a professional valuation. the church hall has been included in the accounts at its original net cost and has not been depreciated as it is consKlered by the trustees to have a useful life at 31 December 2024 in excess of 50 years. Herltsge assets Heritage assets only arise when donated to the charity or, rf on acquisition, it is believed that they will further the charity's objectives. Once acquired they wllll be presep4ed by the charity in order to keep their historical, artistic, scientific, technological, geophysical or environmentsl qualities to such a high level as to contribute to knowledge and culture. Herrtage assets are to be hekl for the foreseeable future. Where information on the cost or valuab'on of heritage a&%ets is not available or the cost of providing such infomiation significantly ouhveighs any benefit to the users of the accounts then heritage assets are not recognised on the balan sheet The charity holds several heritage assets including a brass eagle lectem, a brass candelabra and a grand piano and other items with historical qualities that are held and maintained principally for their contribution to knowledge and culture, due to infomation on the cost or valuation of these items not being available nor able to be obtained at a cost commensur* with the benefft to the users of the accounts and to the charity for its own stewardship purposes. the assets are puty 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 2024 I ACCOUNTING POLICIES Icontinued) Fund accounting Unrestricted funds are available for use at the discreb'on of the trustees in furtherance of the general objectives of the charity and have not been designated for other purposes. Restricted funds are funds which are to be used in accordan 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 restn'cted fund is set out In the notes to the financial statements. Endowment funds represent pemanent endowrnents. The capital of these funds can never be expended. Investment income generated on the chartys endowment funds is available to be spent on maintenance of the church fabric and is transferred each year to the restricted fabiic fund. Debtors and credltors recelvablelpayable wlthln one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impaiment are recognised in expenditure. Golng concern The financial statements have been prepared on a going concem basis as the trustees believe that no material UnrtaIntieS exist. The trustees have considered the level of funds held and the expected level of income and expendrture for the 12 months from authorising these financial ststements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to operate as a going concem. Judgements and key sources of e8tlmation un¢ertalnty The preparats.on of the financial ststements requires management to make judgements. estimates and assumptions that affect the amounts reported. These eskn'mates and judgements are conts'nually reviewed and are based on experience and other factors, including expectabons of future events that are believed to be reasonable under the circUmstans. Page11
PAROCHIAL CHURCH COUNCIL OF ST. MARY AND ST. NICOLAS, SPALDING NOTES TO THE ACCOUNTS for the year ended 31 st December 2024 2 INCOME AND ENDOWMENTS Unrestricted Restricted Endowment Fund¥ Funds Funds TOTAL FUNDS 2024 2023 2a Donations and legacies Planned giving Envelopes Bankers orders Income tax recovered Plate collections at ServIS Legacies Sundry donations 6,812 34,676 11,229 5,268 6,812 34,676 11,229 5,268 7,437 36,867 11,651 4,742 35,692 93,677 267 267 35,959 93,944 38,145 98,842 2b Other voluntary income Grants Fetes and other fund raising events 750 750 3,329 750 750 3,329 2c Charitable and ancillary trading income Shop and Heating fund Choir fund Church Hall lettings Fees 799 6,088 26,269 20 33,176 1,263 6,088 26,269 4,788 38,408 3,584 3,295 25,746 5,354 37,979 4,768 5,232 2d Income from investments Dividends and interest Realised gains 5,670 10,325 15,995 10.646 5,670 10,325 15,995 10,646 2e Other income Value Added Tax recovered 1,234 1,234 1,234 1.234 1,291 1,291 TOTAL INCOME 99,659 40,347 10,325 150,331 152,087 Page 12
PAROCHIAL CHURCH COUNCIL OF ST. MARY AND ST. NICOLAS. SPALDING NOTES TO THE ACCOUNTS for the year ended 31st December 2024 3 EXPENDITURE Unrestricted Restrfcted Endowment Funds Funds Funds TOTAL FUNDS 2024 2023 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 expenditu child n and youth groups Shop expenditure Church yard maintenance Church Hall running costs Organists and choir masters Sacristan 25.000 1,915 7,960 567 25,000 1,915 18,698 567 17,830 10,479 460 3,822 25,495 17,393 363 122,022 25,000 583 24,572 198 11,892 7,589 300 3,480 27,518 11,959 360 113,451 10,738 17,830 5,584 4.895 460 3,822 25,495 17,393 363 62,375 59,647 Management and administration Printing, stationery and copier Printing tidings Postage Parish office assistants Parish administrator Telephone Subscriptions Parish office running expenses Refuse collection MISlIaneOuS expenses Computer and softwa Heating fund prizes Use of Hall Independent examinerfs fee 1,754 1,754 1,859 2,080 79 8,516 10,571 2,019 312 1,885 490 1,438 720 775 720 305 31,769 52 9,984 11,683 1,469 328 1,013 146 2,102 1,101 52 9,984 11,683 1,469 328 1,013 146 2,102 1,101 330 330 29,632 330 29,962 92,007 59,977 151,984 145,220 3c Grants Missionary and charitable giving 5,500 5,500 6,500 TOTAL EXPENDITURE 97.507 59,977 157,484 151,720 Page 13
PAROCHIAL CHURCH COUNCIL OF ST. MARY AND ST. NICOLAS. SPALDING NOTES TO THE ACCOUNTS for the year ended 31st December 2024 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 2024 is £2.036,000 (2023 £1,973,000). 4b Investments Investments are shown at market value. The historical cost of investments held at 31 st December 2024 is £82,552 (2023 £82,552). 5 ANALYSIS OF NET ASSETS BY FUND Unrestricted Restrl¢tsd Endowment Funds Funds Funds TOTAL FUNDS 2024 2023 Fixed assets Current assets Current liabilities 142,139 79,725 143,443 285,582 280,336 89,840 96,795 (4,133) (3,935) 10,115 (4,133) Fund balance 5,982 221,864 143,443 371,289 373,196 6 DEBTORS 2024 2023 Income tax cOVerable Prepayments and accrued income 1,618 5,452 1,634 3,861 7.070 5.495 7 LIABILITIES: AMOUNTS FALLING DUE IN ONE YEAR 2024 2023 Accruals 4,131 3,935 4,131 3,935 Page 14
PAROCHIAL CHURCH COUNCIL OF ST. MARY AND ST. NICOLAS, SPALDING NOTES TO THE ACCOUNTS for the year ended 31st December 2024 8 EMPLOYEE EMOLUMENTS 2024 2023 Salaries 27,870 27,870 24,763 24,763 During the year the PCC employed a parish administrator, two parish office assistants and a church hall cleaner. Organists and sacristan were self-employed. 9 FUND MOVEMENTS 2024 Balance Funds 011011024 added Funds Investments Funds Balance used transferred 3111212024 a Unrestricted PCC general 3,830 3,830 99,659 99,659 97,507 97,507 5,982 5,982 b Restrlcted Church Hall Fabric Youth work Belfry Choir Heating fund 36,260 181,547 4,219 136 3,541 2,840 228,543 26,269 6,618 286 287 6.088 799 40,347 (25,495) (28,568) 37,034 172,548 4,505 423 4,045 3,309 221,864 2,626 10,325 {5,584) 330 59,977 2,626 10,325 c Endowment Fabric Richardson Trust 138,823 2,000 140,823 10,250 75 10,325 2,620 (10,250) 75 10,325 141,443 2,000 143,443 2,620 Comblned funds totsl 373,196 150,331 (157,484) 5,246 371,289 Page 15
PAROCHIAL CHURCH.COUNCIL OF ST. MARY AND ST. NICOLAS, SPALDING NOTES TO THE ACCOUNTS for the year ended 31 st December 2024 9 FUND MOVEMENTS 2023 Balance Funds 0110112023 added Funds Investsnents 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 Youth work Belfry Choir Heating fund 23,032 174,686 4,039 41 2.605 2,202 206,605 40,746 4,699 180 95 3,295 1,413 50,428 (27,518) (11,892) 36,260 181,547 4,219 136 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 6,998 60 7,058 3,641 (6,998) 60 7,058 138,823 2,000 140,823 3,641 Comblned funds total 362.192 152,087 (151,720) 10,637 373,196 Page 16