Sequestrators report 2024
This year the report is compiled by the Church Wardens as Sequestrators of the church as Rev. Michael Eden retired in October 2024. Michael had been in post for 21 years and had overseen many changes in the church building and congregation. His lasting legacy will the re-organisation of the West End to provide a café and meeting space.
A good partnership has developed and with the “Osier Cafe in Church” we now have a community Cafe that opens Tuesday to Saturday 9:00am - 3:15pm. There is a ‘pay forward’ scheme where customers can put money behind the counter to pay for drinks and meals for those who can't afford it. There is also a ‘Kindness Shelf’ from which people can help themselves to toiletries and other daily essentials. During the winter months, there have also been winter coats for those who need them.
We noticed how important the café, and in particular the children’s area, is to those in the town, when it we had to close the area due to the window being broken in October. Glass had covered everything and worked its way into all the nooks and crannies. But there was much excitement and joy when the new toys and furniture were brought in, families returned and stayed. This is an incarnational expression of being Church in the town centre and welcoming people in and helping to meet their needs. It is a living, practical expression of our mission statement, “Letting people know about the love of Jesus Christ”
Worship and prayer are central to the life of the Church and in 2024 we continued with the pattern of one service on Sunday mornings at 10:00am and we have continued serving refreshments afterwards. The lunchtime communion service continues to be well attended on although a difficult decision was made to return to alternate Thursdays at noon.
Over the year the Church has held 158 services. Of those: 88 were Communion services
19 services were held in Care Homes and one was a home communion. 70 were Morning Worship Services and Family Services (some with baptisms) And, of the total, 4 were weddings, 7 were funerals,
10 were non-communion services at Care Homes, 11 were Evening Praise services, 10 were miscellaneous other services i.e. Remembrance, Bells Rededication, Churches Together Advent Service, Good Friday Walk and Meditations, Bell Ringers’ Evensong, D-Day 80th Anniversary at the Memorial Gates and the Battle of Britain Service and there were 2 Carol Services
The Electoral Roll was renewed this year and lists 70 members.
The Clergy, Readers, and Preachers continue to meet once a month for discussion and planning.
Four Home groups meet for study, prayer and pastoral support and covered seasonal material linked to Lent and Advent as well as a J John course covering The Ten Commandments.
St Mary's Hall is the venue for our successful St Peter and St Mary's Pre-school which continues to meet week days in term time. With funding now available for 2-year-olds the staff made the decision to open for longer to accommodate increasing numbers.
Our children's work continued with Little Fishes meeting fortnightly in St Peter's Hall and our Boys Brigade and Girls Association Company continue to meet on Tuesday evenings.
The Church relies on all the good work done by the volunteers in the Church Office and we thank Jane Stretch, Pat Wells, and Charlotte Whyte for all the hard work they do keeping the office open 4 days a week
We have good relationship with other Christian denominations through Churches Together, getting together for the Week of Prayer for Christian unity, the Good Friday Walk of Witness and supporting the Foodbank and Pop-up Shop.
There was less emphasis on fundraising but did have a Plant Sale. We opened up for the Town Food and Drinks Festival although the event was curtailed by terrible weather. There are also book, CDs and DVDs for sale in Church at good value prices.
The 20th Christmas Tree Festival went ahead and was opened by Charlie Haycock. Many thanks go to Charlotte Whyte who yet again coordinated the festival with the help of her team, the Town Festival ran in partnership with the Town Council, Red Gables and Maxwell Brown Property Agent.
Michelle Compton -Large and Marion Gray were elected as Churchwardens at the APCM and have overseen the activities and workload of the Parish when Michael retired in October.
PCC met 10 times through the year to oversee the business of the Church.
Buildings and Finance act as the Standing committee of the PCC and met 12 times through the year. Oher committees discussed the Ministry and Worship, the Mission and Outreach of the church and brought proposals to PCC meetings. Michelle and Charlotte Whyte took on the Safeguarding oversight of the church and made sure that all volunteers are update with the appropriate level of training and we are inline with the latest legislation and good practice.
We always aim to improve ways in which we are inclusive as an Open Church and offer an Open Invitation to all in the service of Jesus Christ and that all are safe and supported in our activities and worship. We continue to reach out to those who can’t get to the Church using the new technologies that are now available online. We use Facebook and Twitter and our website to publicize our activities and our YouTube channel allows us to Livestream our Sunday Morning Services, which are also available afterwards. YouTube records how many people access the live streams and recordings, which averages around 40 views each week. Our thanks go to Martin Gray and Greg Figuiere who act as our technical experts. And you can be assured that the latest Safeguarding, Data Protection and Copyright legislation is kept up to date.
Prayer is brought to all Church activities in a real desire to put into practice the will of God and develop as a Church that is a true expression of His Kingdom here on Earth. As we do so we are seen to be fulfilling our ‘mission statement’ of LETTING PEOPLE KNOW ABOUT THE LOVE OF JESUS CHRIST.
ANNUAL FINANCIAL REPORT AND STATEMENTS For the year ended 31st December 2024
The Parochial Church Council of the Ecclesiastical Parish of St Peter and St Mary Stowmarket
Financial Report for the Year ended 31st December 2024
The Parochial Church Council of St Peter & St Mary, Stowmarket
Financial Review
Total incoming resources in the year amounted to £252654 (2023: £272,882), with total expenditure incurred at £253053 (2023: 291,892). Overall, the net movement in funds, when taking account of investments gains, was a net inflow of £493 (2023: net outflow of £15,633). The net assets of the PCC at the balance sheet date were £460,231 compared with £459,738 in the previous year.
The Church’s finances once again showed improvement this year from last, largely due to tight control of expenditure. Giving showed an increase at the start of the year but finished the year significantly down and below budget. An appeal to the congregation to review their giving was made at the beginning of lent 2025 and has received a favourable response. There is still a deficit in the revenue budget of income over expenditure, which continues to be covered by payments from the church charity. These are due to decrease in the coming years and it is anticipated that additional fundraising will be required. It is proposed that a regular program of events which would take place annually, in the same way as the Christmas Tree Festival, should be considered by the PCC at an early opportunity.
Investment policy and performance
There is no intention to retain funds over the longer term and cash not immediately required is placed on deposit with the Church of England. The Finbow Endowment Fund is an investment held and administered by the Diocese. Long Term Investment funds have been created to hold legacies, proceeds from the sale of Café 52 and monies for longer term projects. These funds have been invested by the Diocese on the church’s behalf in a mix of property and equity-based funds managed by CCLI.
Reserves Policy
The PCC has drawn up and agreed a reserves policy in 2024. The General Fund is intended to carry two months balance to provide for contingencies in the coming year and to provide sufficient cash flow to cover the regular transactions. At the year end the balance on the General Fund amounted to £5549. This is lower than is desired but reflects the drop in giving towards the end of the year. The Trustees will continue to closely monitor this balance in 2025 in conjunction with incoming resources and expenditure to meet its reserves policy going forwards.
The 3Rs balance will vary according to the expenditure on projects currently in progress and planned for the near future. The policy provides for a balance of £30,000 to be held in the 3Rs fund. The PCC considers that this is prudent considering the age of the building and the constant need for maintenance. This requires ongoing review by the Trustees year on year to ensure that the reserve held is sufficient for upcoming projects. Currently the Balance of the 3Rs fund stands at £32,435, £12,500 of which are restricted funds.
The balance carried forward on the Pre-school account is being retained for the future use of the Pre-school. Sufficient reserves are maintained in order to allow for fluctuations in the numbers of children attending the pre-school and variations in Government funding. A reserve fund, currently £23,709, and increased annually, is held in the Church accounts, to cover the eventuality of redundancies among the pre-school staff.
Funds arising from certain legacies currently remain unspent. The PCC is taking the prudent view that this money should remain invested until there is greater certainty about future income and expenditure.
Jenny Hauk Treasurer
Financial Report and Statements 2024 Page 2 of 12
Independent Examiner’s Report Year Ended 31[st] December 2024
The Parochial Church Council of St Peter & St Mary, Stowmarket
Independent Examiner’s Report
Financial Report and Statements 2024 Page 3 of 12
The Parochial Church Council ofNotes to the Financial Statements for theStatement of Financial Activities for the St Peter & St Mary, Stowmarketyearended 31 December 2017year ended 31st December 2024
________________
Statement of Financial Activities for the year ended 31 December 2024
Financial Report and Statements 2024 Page 4 of 12
The Parochial Church Council ofNotes to the Financial Statements for theStatement of Financial Activities for the St Peter & St Mary, Stowmarketyearended 31 December 2017year ended 31st December 2024
________________ Statement of Financial Activities for the year ended 31 December 2024
Balance Sheet as at 31st December 2024
==> picture [528 x 625] intentionally omitted <==
----- Start of picture text -----
||||||
|---|---|---|---|---|
|Balance Sheet as at 31 December 2023|
|2024|2023|
|Notes|£|£|£|£|
|Fixed Assets|
|226,24|231,26|
|Tangible Assets|3|7|
|Investments|39,853|38,961|
|266,09|270,22|
|Total Fixed Assets|8|6|8|
|Current Assets|
|Stock|0|0|
|Debtors|9|24,839|33,660|
|135,51|114,61|
|Short term deposits|2|8|
|Cash at bank and in hand|40,746|52,486|
|201,09|200,76|
|Total Current Assets|7|4|
|Liabilities|
|Creditors: amounts falling|
|due|
|within one year|10|6,962|11,254|
|Marion Gray – Churchwarden|Michelle Compton-Large - Churchwarden|
----- End of picture text -----
Financial Report and Statements 2024 Page 5 of 12
The Parochial Church Council ofNotes to the Financial Statements for theStatement of Financial Activities for the St Peter & St Mary, Stowmarketyearended 31 December 2017year ended 31st December 2024
Notes to the Financial Statements for the year ended 31 December 2024
1. Accounting Policies
a) Basis of preparation
cost of transaction value unless otherwise stated in the relevant note(s) to the accounts.
Reports)
Standard applicable in the UK and Republic of Ireland (FRS 102) Issued on 16[th] July 2014 and update February 2016 rather than the Accounting and Reporting by Charities: Statement of Recommended P effective from 1 April 2005 which has since been withdrawn.
The Charity constitutes a public benefit entity as defined by FRS 102.
as a going concern.
b) Fund Accounting
available for application to the general purposes of the charity.
Some of the other funds are similarly unrestricted, some are designated, and some are restricted. Designated funds are those that have been earmarked for a purpose but could still be used for gene PCC decided to do so.
Restricted funds may only be used for the purpose for which they are given. The purpose of any designated and restricted funds are available from the treasurer The PCC does not invest separately
Financial Report and Statements 2024 Page 6 of 12
The Parochial Church Council ofNotes to the Financial Statements for theStatement of Financial Activities for the St Peter & St Mary, Stowmarketyearended 31 December 2017year ended 31st December 2024
nome ________________ j20241 1 1 1 1
Financial Report and Statements 2024 Page 7 of 12
The Parochial Church Council ofNotes to the Financial Statements for theStatement of Financial Activities for the St Peter & St Mary, Stowmarketyearended 31 December 2017year ended 31st December 2024
Expenditures ________________ |2o241 f tted Fad Posted Fac
Financial Report and Statements 2024 Page 8 of 12
The Parochial Church Council ofNotes to the Financial Statements for theStatement of Financial Activities for the St Peter & St Mary, Stowmarketyearended 31 December 2017year ended 31st December 2024
Financial Report and Statements 2024 Page 9 of 12
The Parochial Church Council ofNotes to the Financial Statements for theStatement of Financial Activities for the St Peter & St Mary, Stowmarketyearended 31 December 2017year ended 31st December 2024
Financial Report and Statements 2024 Page 10 of 12
The Parochial Church Council ofNotes to the Financial Statements for theStatement of Financial Activities for the St Peter & St Mary, Stowmarketyearended 31 December 2017year ended 31st December 2024
Financial Report and Statements 2024 Page 11 of 12
The Parochial Church Council ofNotes to the Financial Statements for theStatement of Financial Activities for the St Peter & St Mary, Stowmarketyearended 31 December 2017year ended 31st December 2024
12 Fund analysis and Descriptions continued
Endowm
ent
The endowment amount relates to a legacy received from Mrs H Finbow, the capital of which is held by the Diocese.
Transfer
s
Transfers which have occurred during the year above have been detailed further in Note 5 of the financial
Financial Report and Statements 2024 Page 12 of 12
ANNUAL FINANCIAL REPORT AND STATEMENTS For the year ended 31st December 2024
The Parochial Church Council of the Ecclesiastical Parish of St Peter and St Mary Stowmarket
Financial Report for the Year ended 31st December 2024
The Parochial Church Council of St Peter & St Mary, Stowmarket
Financial Review
Total incoming resources in the year amounted to £252654 (2023: £272,882), with total expenditure incurred at £253053 (2023: 291,892). Overall, the net movement in funds, when taking account of investments gains, was a net inflow of £493 (2023: net outflow of £15,633). The net assets of the PCC at the balance sheet date were £460,231 compared with £459,738 in the previous year.
The Church’s finances once again showed improvement this year from last, largely due to tight control of expenditure. Giving showed an increase at the start of the year but finished the year significantly down and below budget. An appeal to the congregation to review their giving was made at the beginning of lent 2025 and has received a favourable response. There is still a deficit in the revenue budget of income over expenditure, which continues to be covered by payments from the church charity. These are due to decrease in the coming years and it is anticipated that additional fundraising will be required. It is proposed that a regular program of events which would take place annually, in the same way as the Christmas Tree Festival, should be considered by the PCC at an early opportunity.
Investment policy and performance
There is no intention to retain funds over the longer term and cash not immediately required is placed on deposit with the Church of England. The Finbow Endowment Fund is an investment held and administered by the Diocese. Long Term Investment funds have been created to hold legacies, proceeds from the sale of Café 52 and monies for longer term projects. These funds have been invested by the Diocese on the church’s behalf in a mix of property and equity-based funds managed by CCLI.
Reserves Policy
The PCC has drawn up and agreed a reserves policy in 2024. The General Fund is intended to carry two months balance to provide for contingencies in the coming year and to provide sufficient cash flow to cover the regular transactions. At the year end the balance on the General Fund amounted to £5549. This is lower than is desired but reflects the drop in giving towards the end of the year. The Trustees will continue to closely monitor this balance in 2025 in conjunction with incoming resources and expenditure to meet its reserves policy going forwards.
The 3Rs balance will vary according to the expenditure on projects currently in progress and planned for the near future. The policy provides for a balance of £30,000 to be held in the 3Rs fund. The PCC considers that this is prudent considering the age of the building and the constant need for maintenance. This requires ongoing review by the Trustees year on year to ensure that the reserve held is sufficient for upcoming projects. Currently the Balance of the 3Rs fund stands at £32,435, £12,500 of which are restricted funds.
The balance carried forward on the Pre-school account is being retained for the future use of the Pre-school. Sufficient reserves are maintained in order to allow for fluctuations in the numbers of children attending the pre-school and variations in Government funding. A reserve fund, currently £23,709, and increased annually, is held in the Church accounts, to cover the eventuality of redundancies among the pre-school staff.
Funds arising from certain legacies currently remain unspent. The PCC is taking the prudent view that this money should remain invested until there is greater certainty about future income and expenditure.
Jenny Hauk Treasurer
Financial Report and Statements 2024 Page 2 of 12
Independent Examiner’s Report Year Ended 31[st] December 2024
The Parochial Church Council of St Peter & St Mary, Stowmarket
Independent Examiner’s Report
Financial Report and Statements 2024 Page 3 of 12
The Parochial Church Council ofNotes to the Financial Statements for theStatement of Financial Activities for the St Peter & St Mary, Stowmarketyearended 31 December 2017year ended 31st December 2024
________________
Statement of Financial Activities for the year ended 31 December 2024
Financial Report and Statements 2024 Page 4 of 12
The Parochial Church Council ofNotes to the Financial Statements for theStatement of Financial Activities for the St Peter & St Mary, Stowmarketyearended 31 December 2017year ended 31st December 2024
________________ Statement of Financial Activities for the year ended 31 December 2024
Balance Sheet as at 31st December 2024
==> picture [528 x 625] intentionally omitted <==
----- Start of picture text -----
||||||
|---|---|---|---|---|
|Balance Sheet as at 31 December 2023|
|2024|2023|
|Notes|£|£|£|£|
|Fixed Assets|
|226,24|231,26|
|Tangible Assets|3|7|
|Investments|39,853|38,961|
|266,09|270,22|
|Total Fixed Assets|8|6|8|
|Current Assets|
|Stock|0|0|
|Debtors|9|24,839|33,660|
|135,51|114,61|
|Short term deposits|2|8|
|Cash at bank and in hand|40,746|52,486|
|201,09|200,76|
|Total Current Assets|7|4|
|Liabilities|
|Creditors: amounts falling|
|due|
|within one year|10|6,962|11,254|
|Marion Gray – Churchwarden|Michelle Compton-Large - Churchwarden|
----- End of picture text -----
Financial Report and Statements 2024 Page 5 of 12
The Parochial Church Council ofNotes to the Financial Statements for theStatement of Financial Activities for the St Peter & St Mary, Stowmarketyearended 31 December 2017year ended 31st December 2024
Notes to the Financial Statements for the year ended 31 December 2024
1. Accounting Policies
a) Basis of preparation
cost of transaction value unless otherwise stated in the relevant note(s) to the accounts.
Reports)
Standard applicable in the UK and Republic of Ireland (FRS 102) Issued on 16[th] July 2014 and update February 2016 rather than the Accounting and Reporting by Charities: Statement of Recommended P effective from 1 April 2005 which has since been withdrawn.
The Charity constitutes a public benefit entity as defined by FRS 102.
as a going concern.
b) Fund Accounting
available for application to the general purposes of the charity.
Some of the other funds are similarly unrestricted, some are designated, and some are restricted. Designated funds are those that have been earmarked for a purpose but could still be used for gene PCC decided to do so.
Restricted funds may only be used for the purpose for which they are given. The purpose of any designated and restricted funds are available from the treasurer The PCC does not invest separately
Financial Report and Statements 2024 Page 6 of 12
The Parochial Church Council ofNotes to the Financial Statements for theStatement of Financial Activities for the St Peter & St Mary, Stowmarketyearended 31 December 2017year ended 31st December 2024
nome ________________ j20241 1 1 1 1
Financial Report and Statements 2024 Page 7 of 12
The Parochial Church Council ofNotes to the Financial Statements for theStatement of Financial Activities for the St Peter & St Mary, Stowmarketyearended 31 December 2017year ended 31st December 2024
Expenditures ________________ |2o241 f tted Fad Posted Fac
Financial Report and Statements 2024 Page 8 of 12
The Parochial Church Council ofNotes to the Financial Statements for theStatement of Financial Activities for the St Peter & St Mary, Stowmarketyearended 31 December 2017year ended 31st December 2024
Financial Report and Statements 2024 Page 9 of 12
The Parochial Church Council ofNotes to the Financial Statements for theStatement of Financial Activities for the St Peter & St Mary, Stowmarketyearended 31 December 2017year ended 31st December 2024
Financial Report and Statements 2024 Page 10 of 12
The Parochial Church Council ofNotes to the Financial Statements for theStatement of Financial Activities for the St Peter & St Mary, Stowmarketyearended 31 December 2017year ended 31st December 2024
Financial Report and Statements 2024 Page 11 of 12
The Parochial Church Council ofNotes to the Financial Statements for theStatement of Financial Activities for the St Peter & St Mary, Stowmarketyearended 31 December 2017year ended 31st December 2024
12 Fund analysis and Descriptions continued
Endowm
ent
The endowment amount relates to a legacy received from Mrs H Finbow, the capital of which is held by the Diocese.
Transfer
s
Transfers which have occurred during the year above have been detailed further in Note 5 of the financial
Financial Report and Statements 2024 Page 12 of 12