Charity number 1132856 DIOCESF, OF I.,IVL,7IPOOI, Liverpool Parish Church (Our Lady and St Nicholas) Annual Report of the Parochial Church Council st Year ending 31 December 2024 Annual Report for the Year Ended 31st Decenibey 2024 Administrative informution Our Lady & St Nicholas, Qld Churchyard, Chapel Street. Liverpool. L2 8TZ Official correspondence to the Parish Administrator, Church Office at the above address. I)CC Memljer. During the year the following served as members of the PCC: Rector., The Revd Canon Dr Crispin Paillng (Chair) (until June 2024) Assislant Priest: The Revd Michelle Montrose Assistant Priest.. The Revd Canon Bill Addy Assistant Priest- The Revd Jennifer Brady Assistsnt Priest: The Revd Dr Steven Shakespeare (from May 2024) Wardens: Mrs Sarah Wrightson Dr Clare Ledingham Deanery Synod Representatlves: Ms Victoria Ekpo Mrs Emily Ridgway Ms Kelly Montana-williams Mr Stephen Derringer (from April 2024) Secretary: Mrs Pauline Addy Treasurer: Dr James Wrightson in attendance Other Elected Members: Dr Rebecca Selman Mrs Pauline Addy Mr Nick Ledingham Mr Martyn Cull (until April 2024) Dr Sarah-Jane Cull (until April 2024) Mrs Elaine Price Mr Peter Summerfield (Lay Vice-chair) Mr Rupert Litherland MrAlastair Ha1V￿0d Mr Andrew Derringer Mrs Sian Loftus (from April 20241 Mrs Cassel Mathews (from April 2024) Ms Laura Hutcheon (from April 20241 In Attendance: Mr Derby Guerrier (Parish Asslstant) (until August 2024) Mr Stephen Derringer (Buildings Manager) (until April 2024) Page12 Pai'ish Advisor.9 Bankers: Bardays Bank PLC, Liverpool City Business Centre, 48b-50 Lord Street, Liverpool L2 1 TD Investment Managers.. Oliver Hall, Rathbones Investment Management, Port of Liverpool Building, Pier Head, Liverpool L3 1 NW Archltect: Mike Danvell, John Coward Architects. 3 Unsworth's Yard, Ford Road, Cartmel, Grange over Sands, Cumbria LA116PG Indep•ndent Examiner., Susan Buckley, SBA Accounting Limited, Gladstone House. 2 Church Road, Llverpool L15 9EG Day to day management control of the Church is exercised by the Rector and Churchwardens, contsctable via the Church Office on 0151236 5287 Structure, Manaaement and Governance Our Lady & St Nicholas PCC operates under the Parochial Church Council Powers Measure 1956. The PCC has been a Registered Charity since 2009: No. 1132856. Members of the PCC are either ex-officio or elected by the Annual Parochial Church Meeting (APCM) in accordance with the Church Rep￿Sen￿tIOn Rules. All Church members are encouraged to register on the Electoral Roll and are welcome to stand for election to the PCC. The APCM in 2016 resolved that members should be elected to the PCC for annual terms. Other related ¢rusts." Liverpool Bllts Memorial Fund- registered charty 1081035. There are four trustees, including the incumbent, (N.B. This trust is currently being wound up, all resources having been exhausted.) OLSN Educational Fund - registered charity 1068147. All members of the PCC are trustees and applications are managed by the World Action Group. Sub-commlttees The Stsndlng Commlttee - the only committee required by law. It meets at least once in the interval bemieen scheduled PCC meetings to implement PCC resolutions, to transact other business on behalf of the PCC and to set future agendas. Membership comprises the Rector, Churchwardens, Treasurer and PCC Secretsry. The Investm•nt Commlttee meets bi-annually to advise the Treasurer and Council on Parish investments. Membership comprises the Investment Advisor, the Rector. at least one other member of PCC andlor the congregation (currently Nick Ledingham, John Mason. and Kelly Montsna-williams), and Mr Andrew Lovelady (Accountant). Worfd Actlon Group- coordinates charitable giving through the Church and other activities such as Food Bank collections. The Safeguardlng Committee- Conducts an annual review of our Safeguarding policies. The committee supports the incumbent and the Safeguarding Coordinators in their work. Financial Position at Year E-nd The headline surplus for 2024 is very large due mainly to the receipt of 2 legacies, one exceptionally generous. Significant expenditure was required this year to repair the roof of the Lodge at Walton Park Cemetery, to upgrade the CCTV security system and to instsll solar panels on the church roof. Grant funding vrfas obtained to offset some solar panels, expenditure and the costs wll be spread over future accounts.ng years. We expect our future energy consumption costs to reduce as a result. Our investments continued to benefit from market gains and rose modestly this year. Our cash reserves far exceed our policy targets and PCC will be asked to consider further unrestrided investments to generate additional future Income Page13 Objectives and Activities The PCC (Powers) measure 1956 states the PCC °is to c&operate with the minister in promoting in the parlsh the whole mission of the Church, pastoral, evangelistic. social and ecumenical. SafeÉ7uarding The PCC considers safeguarding at every meeting and reviews and re-adopts the Safeguarding Policy (for children and vulnerable adults) in September of each year. Members of the PCC are subject to a check from the Disclosure and Barring Service and a policy of Safer Recruiting is followed for all Church appointments (paid and voluntary). The PCC has complled with the duty to have 'due regard" to the House of Bishops, guidance in relation to safeguarding and all PCC members have undertaken safeguarding training. Reserves Policy The PCC aspires to maintain reseNes of a sum equivalent to approximately 3 months normal income and a cash flow reserve of £10,000. This amounts to a total of approximately £70,000. The cash flow reserve is currently in place and we hope to establish a larger unrestricted reseNe over the course of the next few years to fund clergy housing. Investmeiit Policy The main investments are managed by Rathbones Investment Management Limited and overseen by the Investment Committee. The current Investment Policy Statement was adopted by the Parochial Church Council on 31st March 2016 and is reviewed annually by the Investment Committee. Our objective5for 2024 were.. Misslon & worshlp Our outreach work with Lauda and Change Liverpool needs greater articulation In and ownership by the PCC and congregation. We need to address how we connect with new members of the congregation and draw them into the Church community. Enhancement and development of Church buildings We have applied for planning permission for solar panels and will insta51 them on the lower south roof as soon as planning permission and a faculty have been granted. As well as improving our carbon footprint, this will also reduce eleclricity bills. Some remedial work is needed at points around the buildlng. In particular, repolnting the clerestory stonework on the south side, and also work is required on all the external doors. The Quinquennial Inspection is due in autumn 2024. Finance, Giving and Fundralslng INhilst our giving ha8 kept pace with inflation, olher costs have risen. We need to ensure that our income is matching our required expenditure. We have had many new people join the congregation in 2023: we need to ensure that this yearfs stewardship campaign reaches these new people effectively. We responded to these objectives in thefollowing ways." Although progress has been made against many objectives, priorities were rearranged after the announcement ofthe Rector's departure. Many responsibilities had to be reassigned to cover the interregnum as well as inStiating the formal recruitment process (compiling a Parish Profile, appointing Parish representatives, advertising the vacancy etc.) Misslon & worshlp We have maintalned the momentum of congregational lifeloutreach dLtring interregnum and attendance has remained strong throughout Page14 Lauda: Guy Barker ha8 acted as liaison with the Project Worker and Sponsor,. management processes have been improved; an unsuc¢ess)iJl funding bid was submitted but as the project is now based outslde our Deanery, PCC considered whether n¢w is the time to transfer responsibility to St Lukes in the City. Sunday School numbers have grown and leadership responsibilities are now shared with a number of parents Sunday attendances remain strong (against trends): diversity and inclusion are important features of our congregation Enhancement and development of Church bulldings Solar panels were successfully installed and commissioned" we are already seeing a reduction in electricity costs from our supplier in addition to the 'green energy. benefits of the project Many building repalrsfimprovements have been completed, including refinishing doors, stonework repairs, Dockerfs Cross repalr. We invested in additional CCTV cameras for enhanced security monitoring Quinquennial inspection deferred into 2025 by Diocese- we expect that there will be a major repointing requirement Finance, Giving and Fundralsing Although some planned giving has been lost through the deaths of parishioners, Ihere have also been new donors this year. Gift Aid continues to represent a very important income source. A new stewardship campaign was overtaken by the Rector's departure - our focus shifted to maintaining the support ofthe congregation during interregnum Two legacies were received this year, one extremely generous, which will allow for the investment of further funds to generate additional income. Investment management is now undertaken by Rathbones after their merger with Investec. Wa￿On Park Cemetery Lodge had to be re-roofed this year. however, our intention is to sell the propety in 2025 which wll more than recover the repair costs. Plans Jor thefuture In 2025 we have planned the following in addition to existing activities and projects; Following a re-advertisement of the Rectors vacancy, it 1$ hoped to appolnt a new Rector to be in post as early as possible in 2025. At that point, the new Rector will begin to shape priorities for the future. Before hislher appointment, our plans include the following: Mlsslon & worship PCC to engage with the Fit for Mission process as it is evaluated in this Deanery and to consider ts possible future impacts on the Parish To complete the transition of the Lauda Project to its new home at St Lukes Community building wlth wedding couples and their families Further development of Sunday School provision Confirmation preparation Enhancoment and developmont of Church bulldlngs Qulnquennlal Inspaction to be carried out and necessary improvements identified Essential repointing of the church tower, Resolution of Walton Park Cemetery Lodge tenancylsale Further enhancements of CCTV, sound system and office IT provision Finance, Glving and Fundralslng Seek new Rectorfs leadership of a renewed Stewardship campaign Evaluale the need for additional clergy housing Invest surplus funds to generate further unrestricted income Page15 When planning our activities for the year, we have considered the Charity Commission's guidan￿ on public benefft. Liverpool Blitz Memorial Trust (Charity J081035J The Twst completed its distribution of available funding during 2023 and its activities during 2024 were limited to prelirninary steps towards wnding up the Trust. During 2025 application will be made to the Charity Commission to deregister the Trust as a charity. Declaration The trustees declare that they hav• approved the trustee5' report above. Signed on behalf of the charity's trustees Peter Summerfield, PCC Lay Vice-chair Date 27 March 2025 Page16 Independant Examinerfs Report Report to the Parochlal Church Council (PCC) of Our Lady and St Nicholas. Liverpool on the accounts for the year ended 31st December 2024, as set out on pages 8 to 16. Respectlve responslblllties of Trustses and Examiner The PCC are responsible for the preparation of the accounts. They consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed. It is my responsibility to., examine the accounts under section 145 of the Charities Act, to ft)Ilow the procedures laid down in the general Directions given by the Charity Commission {under section 145(5)(b} of the Charities Act), and to state whether particular matters have come to my attention. Basis of Independent Examiner's statement The PCC'S gross income exceeded £260,000 and l am qualified to undertake the examination by being a qualified member of The Institute of Chartered Accountants in England and Wales. My examination was carried out in accordance with general Dlrections glven by the Charity Commission. An examination includes a review of the accounting records kept by the PCC and a comparison of the accounts presented with Ihose records. It also includes consideration of any unusual items or di8closures in the accounts. and seeking explanations from the PCC concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a Yrue and fair. view and the report is limited to those matters set out in the statement below. Independant Examlner's statement In connection with my examination, no matter has Gome to my attention.. 1) which gives me cause to believe that in, any material respect.. accounting records were not kept in accordance with section 130 of the Charities Act; the ac¢ounts do not accord with accounting records 2) I have come across no other matters in connection with the examination to which attention should be drawn in order to enable a proper understsnding of the accounts lo be reached Date.. 8 May 2025 Susan Buckley FCA SBA Acwunting Limited Gladstone House 2 Church Road Liverpool L159EG Page17 ¢0 Ujrtr rA) v ¢Jl ¢DO Ec>¥> i 010 ltsplo rop Parochlal Church Council of Our Lady and St Nlcholas Balance Sheet For the year ended 31 Docember 2024 Notos 2024 2L123 Flxed Assets Tangible Investrnenl Sub Total 51al 51bl 62,537 713,751 776,288 31,618 667.032 698,650 Current Assets St¢xk Debtors Cash at bank and Sn haNI Sub Total 13.926 247.722 261,648 13,060 156,999 170,059 Llabllltles Creditors- amounts falllng due < 1 year 809 12.849 Net Current Assetsl {Liabilitie8) Toial assets195s ¢uThenl liabiliiies 260.839 157,210 TOTAL NET ASSET8 1,037,127 855,860 Unrestricte(r Restricted Endowment 364,176 78,256 594,695 215,031 74.170 566,659 TOTAL PARISH FUNDS 1,037.127 855.8 Approved by the Parochial Church Council on 27th March 2025. Mr Peter Summerfield Lay Chair of the Parochial Church Council Dr Jim Wrightson Treasurer The notes on pages 1019 16 fo￿ part of these accounts Page19 Notes to the financlal statements For the year ended 31 December 2024 l Basis of Preparntion These accounts have been prepared under the historical cost convention with ilems recognised at ￿91 or transaction value unless othémise slated in the relevant notelsl to these aoxounts. These accounts have been prepared in accordan￿ vthh the Ststement of Recommended Practice.. Accounling and Repotling by Charibes preparing their accounts in accordancewith the Financial ReF)Orting Standard applicable in the UK and RepubliG of Ireland IFRS 102) issued on 16 July 2014, and with the Charities Act 2011. 2. Incomè RecTr3nition of income.. These are included in the Statement of Financial Activities (SOFA) when: The charity becom&8 entitled to the resoUr￿S., It is more likely than not Ihal the trustees will receive the resourL%S', and The monetary value can be measured ￿th sufficient reliabilty. There has been no offsetting of assets and liabilities. or income and expenses, unless required or pemitted by the FRS 102 SORP or FRS 102. Grants and donations are only induded in the SOFA when the general income recognition criteria a￿ met (5.10-5.12 FRS 102 SORPI. In the case of perfomiance related grants. income must only be recognised to the extent that the charity has provided the specified goods or seTvirRs as entillernent to the grant only ocGurs when the perf0mlan￿ related conditions are met {5.16 FRS 102 SORPI Offsetting: Grants and Donations". Legacies.. Legacies are induded in Ihe SOFA when receipt is probable, that is, when there has been grant of probate, thè executors have estsblished that there are sufficient assets in the eslate and any conditions attached to the legacy are either within the rA*ntrol of the charity or have been met. Gift Aid receivable is induded in income when there is a valid dedaration from the donor. Any Gift Ald amount recovered on a donation is considered to part of that gift and is I￿ated as an addition to the same fund as the initial donation unless the donor or the temis of the appeal have spe¢ified otherwise. Tax reclaims.. Support costs: The charity has incurred expenditure on support costs. The value of any voluntary help received is not included in Ihe accounts but 1$ described in the trustees, annual repo Volunteer help.. Intsrest, dividends e Income from interest, royallies and dividends is included in the accounts when re￿Ipt is probable and the amounl re￿1vable Can measured reliably. Investment gainsllosses This includes any realised or unrealised gains or losses on the sale of inveslments and any gain or10s8 resulting [￿M revaluing investments to mart ri￿0￿￿0￿ ) ¢0 oj￿0￿ rj 0> ¢0 o v) ¢3) ow Il! 4. Staff Costs ￿ageS & SalaklwJl Office Supprt Cleanlng, Securfty and Organist Tax & Nalional insurance Pension8 £29.030 3,193 343 Total £32.666 hèad Count of employees durfng the year was S (all part-timèl for office Support. deanirvJ, security, LAUDA project offic*r and organlsl. All employees have had the opportunlty to 18ke annu81 leave towhich they are entttled, so there 1$ no fin8nGlal provision needed for QLtstaThYirnJ leave. PCC m¢mlJ•rn' exptrns During the year £2,739 was reimbursed lo 7 PCC members for exFtnses Ilw incurrgd on behalf of the Church PCC memb•rs' donatlons Tru$lee5 ¢On￿￿J18d a tDt81 of £9,798 to the charity during 2024. 510) FIXED ASSETS Tanglble (Unr•strlctodl Freehold land & building Church equlpment Totsl Actual l Deemell cost As at 111 Dispos81 Additions al co* As at 31112 81.030 61,030 39.481 120,511 39,481 120,511 Depreciatson As al 111 Wlhdrawn on disp0s815 Charge foryear As*31112 49,412 49,412 8,562 67.974 8,562 57,974 Nel 8ook Val As at 31112 62,537 62,537 61b) Invutments 2024 2023 GLADSTONE FUND Hislorfc81 w81 ma￿01 value 183,817 208,0 175,275 197,324 HAMPSON AND SUNDRY BEQUESTS Historic81 Gosl Market value 264.310 296,675 252,414 282,684 INVESTEC Income Accounl Historlcal cost Mathel value 56.051 56,051 42,037 42,037 OLSN EDUCATIONAL FUND Hlstorical cosl Market value Accrued Interest 19.902 34,407 9,018 19.902 33,637 7,667 MUSIC ENDOM4ENT FUNO Ilnvesle¢) Hlstorlcal cosl Market value 54.862 55.517 $4,806 53,410 BAThLE OF THE ATLA￿lc MEMORIAL (In￿SleC) Historfcal cost Martel value 50,373 53.987 50.000 50,292 TOTALS Historical cost Market valug + Accn*d Interest 629,515 713.751 594,434 667,031 Page | 14 The value a$ ot 31 D¢¢omb•r rvpmonts Inv¢stmont8 for: Unrestsl￿ed fijnds Restricted fvnds Endowfflenl fufflJ$ 56,051 63,005 594,695 The Gladstone Fund was estsbllshed following Ihe sale of 62 Rodney StreeL Llverpool, the birthplace of W.E.Gladstone. The capital cannot be spent bul up lo 415 of the fund can be borrowed interest free towards the costs of a new Rectory for the Parish Churth. The Incoffle from the fund Is availa1￿9 to the PCC without restriction and 1$ currently accumulating in an Investec cash account. The Ham on and Sund Be ests is the jcint tlue forthe fund which contslns the legacy given under Ihe will of John Henry Hampson as well as an earlier b￿Uest Ilhe James Cross Fund), lo which has beèn added the formerfy separate Sundry Endowments Fund. With ihe ￿eSIgnatIOn of the sm811 ￿n￿S￿l¢ted sums as endowment funds, Ihe two funds were mergeil duriThJ 2020 and are now reported as a single enbty. The Our Lad & Sl Nicholas Educational Fund was established in 1998 wilh the proc4eds of the sale of the fomer church school in Va￿hall. The incomo from Ihi5 lund 1$ lo be used to assi51 the education of both the young people asswated with the Church andlor live in Ihe parish. The Music Endowment Fund was fornially establishe(1 garly In 2020, following a generous donation late in 2019 which was Initially described a¥ restricted. 11 is intended to support the provision of rnu5ic in worship in the Parish Churth ol Our Lady and St Nicholas. Funds donated arg inve51ed as endowment but the income from this fund is available lo I1￿ church as unrestricted lo apply lo rnusi¢al purposes. 6. DEBTORS 2024 2023 Tax recoverable Other debtors Total 10.537 3,390 13,927 10,059 3,001 13.060 7.LIABILITIES (Amounts falllng du• In one y•ar) 2024 2023 Credito Total 12,849 12.849 8. FUNDS Balanca at 111 Incomlng re30urcos Resources expendèd Fund Transfers Investment galnsl Ilossosl Balanc at 31112 unrnstr1ct￿ fund movemonts Inv*c tkniidend5 42.037 14.014 56,051 Accumthated Funds 172,994 330,854 195,347 1376) 308.125 Total 215,031 3¥868 195,347 1376) 364,176 Rè8trlcted fund m0￿m•￿ts Batue ofthg Allanlic Fund 50,292 3,695 53.987 OLSN EdUCa￿On81 Fund 7.667 1.351 9,018 Humby Tnjst (Gardens & Watton Pa￿> 16,215 960 15.255 Totsl 74170 960 78,266 Page | 15 . OTHER FEES Th• followlng •mounts have also beèn rec¢fv•d and subs•quonty pald out but whlch ar• not Included In th• a¢counts fr*r th• yèar: F￿5 forweddlngs. funerals and speclal se￿1¢ IV¢ryor. OrganlB( Cholr, Bgllringor8, Solol8ts. Lfvestreaml 9.735 Specio1 Colf•¢tlon¥: Strok? A￿O¢latIOn IFungral colle¢tlonl Llverpool Seafar•rs' Centre IMN Day lacmlllan Can¢•r Support LCVS (Lord Mayorf8 S•r41ce} DEC (Middlo Éast) RDadp¢ace18peclal s¢tvlcol KIND (HSBC Carols) Communlty Foundation IPollce Carol8} Flre S?Ni¢g Charity IMFRS Caro581 290 290 375 270 162 133 460 150 Page | 16