DocuSign Envelope ID: 71B270C6-B408-46E3-B5BE-BDAF5E5EB7CB
CHARITY REGISTRATION NUMBER: 1132864
The Parochial Church Council of the Ecclesiastical Parish of Alveston
Unaudited Financial Statements
31 December 2023
AGP
Chartered accountants Sycamore House Sutton Quays Business Park Sutton Weaver Runcorn Cheshire WA7 3EH
DocuSign Envelope ID: 71B270C6-B408-46E3-B5BE-BDAF5E5EB7CB
The Parochial Church Council of the Ecclesiastical Parish of Alveston
Financial Statements
Year ended 31 December 2023
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent examiner's report to the trustees | 5 |
| Statement of financial activities | 6 |
| Statement of financial position | 7 |
| Notes to the financial statements | 8 |
| The following pages do not form part of the financial statements | |
| Detailed statement of financial activities | 21 |
DocuSign Envelope ID: 71B270C6-B408-46E3-B5BE-BDAF5E5EB7CB
The Parochial Church Council of the Ecclesiastical Parish of Alveston
Trustees' Annual Report
Year ended 31 December 2023
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2023.
Reference and administrative details
Registered charity name The Parochial Church Council of the Ecclesiastical Parish of Alveston Charity registration number 1132864 Principal office 26 Kineton Road Wellesbourne Warwick Warwickshire CV35 9LQ The trustees D Johnston J Dale S Coton S Richardson A Richardson T Lloyd-Adams N Johnson R Lane J Lucas K Harbottle Rev L McDermott P Kemp H Lucas Ministry Team Vicar Rev. Linda McDermott Treasurer David Johnston Parish Safeguarding Officer Erica Johnston Music Organist & Choirmaster Matthew Smallwood Independent examiner Simon McLean FCA AGP Chartered Accountants Sycamore House Sutton Quays Business Park Sutton Weaver Runcorn Cheshire WA7 3EH
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The Parochial Church Council of the Ecclesiastical Parish of Alveston
Trustees' Annual Report (continued)
Year ended 31 December 2023
Structure, governance and management
Governing document
The charity is controlled by its governing document, Parochial Church Council Powers Measure (1956) as amended, church representation rules and constitutes an unincorporated charity.
Charity constitution
Members of the PCC are either ex officio or elected by the Annual Parochial Church Meeting (APCM) in accordance with the Church Representation Rules. All regular Church attendees are encouraged to register to be on the Electoral Roll and stand for election to the PCC.
Under the terms of Section 3 of the Parochial Church Council (Powers) Measure 1956 the PCC is a body corporate and is a charity registered with the Charity Commission as required by the Charities Act 2011.
Objectives and activities
Objectives and aims
Alveston PCC has responsibility for co-operating with the Vicar, for promoting in the parish, the whole mission of the church, evangelistic, pastoral, social and ecumenical. The PCC has met six times during the year.
Public benefit
The PCC has complied with the requirement of the Charities Act 2011 to have due regard to public benefit guidance published by the Charities Commission; the PCC considers that the charity meets the public benefit requirements of the Act by carrying out its normal activities some of which are outlined in this report.
Achievements and performance
Charitable activities
The primary purpose of the charity is the promotion of the whole mission of the church in the Parish of Alveston. In the diocese of Coventry our mission focuses us on Worshipping God, making new disciples and transforming communities.
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DocuSign Envelope ID: 71B270C6-B408-46E3-B5BE-BDAF5E5EB7CB
The Parochial Church Council of the Ecclesiastical Parish of Alveston
Trustees' Annual Report (continued)
Year ended 31 December 2023
Financial review
Total incoming resources this year were £142,417 (2022: £105,440). This was helped by donations towards the new heating and the transfer of £11,000 from the now de-registered Alveston in Relief Charity fund.
Congregational giving did not meet the Parish Share for St Peters and St James. Regular giving Gift Aid envelopes and gift aid rebates amounted to £66,472 (2022: £64,027). Reduced pre-covid giving in the "plate" reflects the Church attendances not being what they were. Collections at both services amounted to £6,919 (2022: £2,291) at 10.30 and £590 (2022: £503) at the 9.15 St. Peters Service. Some of the increase is attributed to cash donations towards the new heating.
Disappointingly, again, the number of members enrolling into the Parish Giving Scheme (1) was offset by 3 people leaving the scheme and no new standing order contributions were established in 2022. Of those paying by monthly Standing Orders there were no increased contributions. The only increases came from inflation additions on the PGS where payments were donors had indicated their wish for these to be applied.
Revenues from the hire of St Peter's have and continue to do improve, we appear to be especially popular with local Theatre Groups who use the Hall for rehearsals. Income increased to £13,134 (2022: £8,915). The improvement must also be seen in the light of increased costs, especially utilities and I have gone into more details further in the report.
Investment income received was steady in the year at £5,131 (2022: £4,921) helped by the increase in our investment portfolio during 2022 however £20,000 will need to be withdrawn in January to cover charges relating to the installation of the heating. The valuation of investments held during the year has increased by £14,681 (2022: -£21,756) as a result of positive stock market movements.
Expenditure in the year was £206,044 (2022: £149,506). The main expenditure during the year was the cost for the new heating system and also the Parish share of £60,894 (2022: £60,894). The major saving came from not replacing the Youth and Families worker but there were also large increases in Utility Bills and at St Peters where we paid over £2,000 for the repairs to the roof and for additional electrical work. I also need to point out that the Heating System supplier has agreed to our paying the cost of the actual heating system in instalments of £1,381 per month for 48 months and this is additional expenditure that need to be met.
I have outlined below a breakdown of the Church utility bills below.
Church Utility Bills
| St. James Gas Electricity Water Total St. Peters Gas Electricity Water Total Old Church |
2023 2022 + / - Comment 205 763 -73% Gas system condemned in 2022 6,119 2,626 133% Direct electric heating 0 723 -100% Water leak repair in 2022 6,324 4,112 54% 1,293 1,431 -10% Better use of Hive and rebate for smart meter installation 769 794 -3% 201 223 -10% 2,263 2,448 -8% 314 201 56% Increased daily charge |
|---|---|
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DocuSign Envelope ID: 71B270C6-B408-46E3-B5BE-BDAF5E5EB7CB
The Parochial Church Council of the Ecclesiastical Parish of Alveston
Trustees' Annual Report (continued)
Year ended 31 December 2023
Financial review (continued)
The ongoing running costs of the new Halo Heating system (when in use) is in excess of £620 per month with more in December due to the higher number of evening services.
The principal risk associated with charity activities is the sustainability of giving from the congregations at St Peter's and St James'. This is uppermost in the minds of the PCC who had set up a Sustainability Group with a remit to consider how to maximise the assets of the charity, to access grants and funding to support charity activities particularly our outreach work, and to encourage sustainable giving from the congregation. This work is now even more urgently needed.
The accounts show a deficit for 2023 of £48,946 (2022 deficit £65,822).
Reserves policy
It is the policy of the Trustees to hold no less than six months expenditure in cash reserves, currently the reserves do not provide this cover. This policy is regularly reviewed and is thought to be sufficient. The reserves currently total £261,993 (2022: £310,939) with £115,941 (2022: £121,057) of restricted reserves. Our cash and investments amount to £201,448 (2022: £196,653). These are held currently in Barclays Bank and in the CCLA Church of England Deposit Fund.
Risk management
The PCC keep under regular review the risks to which the charity is exposed and seek to limit their impact by adopting appropriate measures and controls and monitoring their implementation.
Plans for future periods
The trustees do not foresee any changes to the charitable activities.
The trustees' annual report was approved on 11 June 2024 and signed on behalf of the board of trustees by:
==> picture [97 x 37] intentionally omitted <==
D Johnston Trustee
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DocuSign Envelope ID: 71B270C6-B408-46E3-B5BE-BDAF5E5EB7CB
The Parochial Church Council of the Ecclesiastical Parish of Alveston
Independent Examiner's Report to the Trustees of The Parochial Church Council of the Ecclesiastical Parish of Alveston
Year ended 31 December 2023
I report to the trustees on my examination of the financial statements of The Parochial Church Council of the Ecclesiastical Parish of Alveston ('the charity') for the year ended 31 December 2023.
Responsibilities and basis of report
As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm 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 by section 130 of the Act; or
-
the financial statements do not accord with those records; or
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the financial statements do not comply with the applicable requirements concerning the form and content of 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 examination.
I have no concerns 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 reached.
==> picture [93 x 37] intentionally omitted <==
Simon McLean FCA Independent Examiner
AGP Chartered Accountants Sycamore House Sutton Quays Business Park Sutton Weaver Runcorn Cheshire WA7 3EH
11 June 2024
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DocuSign Envelope ID: 71B270C6-B408-46E3-B5BE-BDAF5E5EB7CB
The Parochial Church Council of the Ecclesiastical Parish of Alveston
Statement of Financial Activities
Year ended 31 December 2023
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | (restated) | |||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 5 | 78,848 | 38,117 | 116,965 | 81,455 |
| Charitable activities | 6 | 20,321 | – | 20,321 | 19,064 |
| Investment income | 7 | 5,116 | 15 | 5,131 | 4,921 |
| -------------------------------- | ---------------------------- | -------------------------------- | -------------------------------- | ||
| Total income | 104,285 | 38,132 | 142,417 | 105,440 | |
| ================================ | ============================ | ================================ | ================================ | ||
| Expenditure | |||||
| Expenditure on charitable activities | 8,9 | 157,100 | 43,248 | 200,348 | 108,819 |
| Other expenditure | 10 | 5,696 | – | 5,696 | 40,687 |
| -------------------------------- | ---------------------------- | -------------------------------- | -------------------------------- | ||
| Total expenditure | 162,796 | 43,248 | 206,044 | 149,506 | |
| ================================ | ============================ | ================================ | ================================ | ||
| Net gains/(losses) on investments | 11 | 14,681 | – | 14,681 | (21,756) |
| -------------------------------- | ---------------------------- | -------------------------------- | -------------------------------- | ||
| Net expenditure and net movement in | |||||
| funds | (43,830) | (5,116) | (48,946) | (65,822) | |
| ================================ | ============================ | ================================ | ================================ | ||
| Reconciliation of funds | |||||
| Total funds brought forward as previously | |||||
| reported | 224,649 | 121,057 | 345,706 | 376,761 | |
| Prior year adjustment | (34,767) | – | (34,767) | – | |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total funds brought forward as restated | 189,882 | 121,057 | 310,939 | 376,761 | |
| -------------------------------- | -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total funds carried forward | 146,052 | 115,941 | 261,993 | 310,939 | |
| ================================ | ================================ | ================================ | ================================ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 8 to 19 form part of these financial statements.
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DocuSign Envelope ID: 71B270C6-B408-46E3-B5BE-BDAF5E5EB7CB
The Parochial Church Council of the Ecclesiastical Parish of Alveston
Statement of Financial Position
31 December 2023
| 2023 | 2022 | ||
|---|---|---|---|
| (restated) | |||
| Note | £ | £ | |
| Fixed assets | |||
| Tangible fixed assets | 16 | 104,923 | 109,652 |
| Investments | 17 | 167,140 | 152,460 |
| -------------------------------- | -------------------------------- | ||
| 272,063 | 262,112 | ||
| Current assets | |||
| Debtors | 18 | 9,462 | 10,436 |
| Cash at bank and in hand | 34,348 | 44,193 | |
| ---------------------------- | ---------------------------- | ||
| 43,810 | 54,629 | ||
| Creditors: amounts falling due within one year | 19 | 53,880 | 5,802 |
| ---------------------------- | ---------------------------- | ||
| Net current liabilities | (10,070) | 48,827 | |
| -------------------------------- | -------------------------------- | ||
| Total assets less current liabilities | 261,993 | 310,939 | |
| -------------------------------- | -------------------------------- | ||
| Net assets | 261,993 | 310,939 | |
| ================================ | ================================ | ||
| Funds of the charity | |||
| Restricted funds | 115,941 | 121,057 | |
| Unrestricted funds | 146,052 | 189,882 | |
| -------------------------------- | -------------------------------- | ||
| Total charity funds | 21 | 261,993 ================================ |
310,939 ================================ |
These financial statements were approved by the board of trustees and authorised for issue on 11 June 2024 and are signed on behalf of the board by:
==> picture [97 x 37] intentionally omitted <==
D Johnston Trustee
The notes on pages 8 to 19 form part of these financial statements.
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DocuSign Envelope ID: 71B270C6-B408-46E3-B5BE-BDAF5E5EB7CB
The Parochial Church Council of the Ecclesiastical Parish of Alveston
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 26 Wellesbourne, Warwick, Warwickshire, CV35 9LQ.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The trustees consider the charity to be a going concern. Whilst congregational giving does not meet all day to day running costs, the deficit can be met by the reserves held by the charity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
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DocuSign Envelope ID: 71B270C6-B408-46E3-B5BE-BDAF5E5EB7CB
The Parochial Church Council of the Ecclesiastical Parish of Alveston
Notes to the Financial Statements (continued)
Year ended 31 December 2023
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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legacy income is recognised when receipt is probable and entitlement is established.
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income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
-
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
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expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
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DocuSign Envelope ID: 71B270C6-B408-46E3-B5BE-BDAF5E5EB7CB
The Parochial Church Council of the Ecclesiastical Parish of Alveston
Notes to the Financial Statements (continued)
Year ended 31 December 2023
3. Accounting policies (continued)
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Consecrated and benefice property is not included in the accounts in accordance with the Charities Act 2011. Movable church furnishings held by the vicar and churchwardens on special trust for the PCC and which require a faculty for disposal are inalienable property, listed in the PCC’s inventory, which can be inspected. Assets are capitalised if they are greater than £1,000.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 25 years straight line Fixtures and fittings - 20% straight line
The trustees have made a change to the accounting policy regarding the depreciation of the freehold property. The freehold property is to be depreciated over the useful economic life of 25 years. As this is considered to be a change in accounting estimate, the change will be applied to the financial statements prospectively.
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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DocuSign Envelope ID: 71B270C6-B408-46E3-B5BE-BDAF5E5EB7CB
The Parochial Church Council of the Ecclesiastical Parish of Alveston
Notes to the Financial Statements (continued)
Year ended 31 December 2023
3. Accounting policies (continued)
Impairment of fixed assets (continued)
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Taxation
The charity is exempt from tax on its charitable activities.
Debtors
Debtors (including trade debtors and loans receivable) are measured on initial recognition at settlement amount after any trade discounts or amount advanced by the charity. Subsequently, they are measured at the cash or other consideration expected to be received.
Creditors
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at the carrying value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
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DocuSign Envelope ID: 71B270C6-B408-46E3-B5BE-BDAF5E5EB7CB
The Parochial Church Council of the Ecclesiastical Parish of Alveston
Notes to the Financial Statements (continued)
Year ended 31 December 2023
4. Prior period error
A prior year adjustment has been made to the 2022 financial statements. The pieta statue, that had previously been included within fixed assets, is actually an un-moveable statue within a consecrated building and so has now been removed from fixed assets.
In addition, St Peter's Church (which is dedicated, but not consecrated) has been included within restricted assets rather than unrestricted assets on the basis that the PCC is not free to sell the asset and spend the proceeds for general purposes.
5. Donations and legacies
| Unrestricted | Restricted | Total Funds | ||
|---|---|---|---|---|
| Funds | Funds | 2023 | ||
| £ | £ | £ | ||
| Donations | ||||
| Donations and gifts | 54,253 | – | 54,253 | |
| Grants and donations | 11,376 | 38,117 | 49,493 | |
| Gift aid | 12,219 | – | 12,219 | |
| Legacies | ||||
| Legacies | 1,000 | – | 1,000 | |
| ---------------------------- | ---------------------------- | -------------------------------- | ||
| 78,848 | 38,117 | 116,965 | ||
| ============================ | ============================ | ================================ | ||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2022 | ||
| (restated) | ||||
| £ | £ | £ | ||
| Donations | ||||
| Donations and gifts | 49,674 | – | 49,674 | |
| Grants and donations | – | 15,826 | 15,826 | |
| Gift aid | 14,353 | – | 14,353 | |
| Legacies | ||||
| Legacies | 1,602 | – | 1,602 | |
| ---------------------------- | ---------------------------- | ---------------------------- | ||
| 65,629 | 15,826 | 81,455 | ||
| ============================ | ============================ | ============================ | ||
| Charitable activities | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
| Funds | 2023 | Funds | 2022 | |
| (restated) | ||||
| £ | £ | £ | £ | |
| Hire of St. Peter's | 13,290 | 13,290 | 9,070 | 9,070 |
| Fees and other income | 5,261 | 5,261 | 8,440 | 8,440 |
| Hire of St. James | 1,770 | 1,770 | 1,554 | 1,554 |
| ---------------------------- | ---------------------------- | ---------------------------- | ---------------------------- | |
| 20,321 | 20,321 | 19,064 | 19,064 | |
| ============================ | ============================ | ============================ | ============================ |
6. Charitable activities
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DocuSign Envelope ID: 71B270C6-B408-46E3-B5BE-BDAF5E5EB7CB
The Parochial Church Council of the Ecclesiastical Parish of Alveston
Notes to the Financial Statements (continued)
Year ended 31 December 2023
7. Investment income
| Unrestricted | Restricted | Total Funds | |||
|---|---|---|---|---|---|
| Funds | Funds | 2023 | |||
| £ | £ | £ | |||
| Income from investments | 5,116 | 15 | 5,131 | ||
| ======================= | ============== | ======================= | |||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2022 | |||
| (restated) | |||||
| £ | £ | £ | |||
| Income from investments | 4,915 | 6 | 4,921 | ||
| ======================= | ============== | ======================= | |||
| 8. | Expenditure on charitable activities | by fund type | |||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2023 | |||
| £ | £ | £ | |||
| Promotion of the Church within the Parish | 156,200 | 43,248 | 199,448 | ||
| Support costs | 900 | – | 900 | ||
| -------------------------------- | ---------------------------- | -------------------------------- | |||
| 157,100 | 43,248 | 200,348 | |||
| ================================ | ============================ | ================================ | |||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2022 | |||
| (restated) | |||||
| £ | £ | £ | |||
| Promotion of the Church within the Parish | 91,208 | 16,711 | 107,919 | ||
| Support costs | 900 | – | 900 | ||
| ---------------------------- | ---------------------------- | -------------------------------- | |||
| 92,108 | 16,711 | 108,819 | |||
| ============================ | ============================ | ================================ | |||
| 9. | Expenditure on charitable activities | by activity type | |||
| Activities | |||||
| undertaken | Support | Total funds | Total fund | ||
| directly | costs | 2023 | 2022 | ||
| £ | £ | £ | £ | ||
| Promotion of the Church within the | |||||
| Parish | 199,448 | – | 199,448 | 107,919 | |
| Governance costs | – | 900 | 900 | 900 | |
| -------------------------------- | -------------- | -------------------------------- | -------------------------------- | ||
| 199,448 | 900 | 200,348 | 108,819 | ||
| ================================ | ============== | ================================ | ================================ |
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DocuSign Envelope ID: 71B270C6-B408-46E3-B5BE-BDAF5E5EB7CB
The Parochial Church Council of the Ecclesiastical Parish of Alveston
Notes to the Financial Statements (continued)
Year ended 31 December 2023
10. Other expenditure
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2023 | Funds | 2022 | ||
| (restated) | |||||
| £ | £ | £ | £ | ||
| Loss on disposal of tangible fixed | |||||
| assets | – | – | 34,767 | 34,767 | |
| Assigned fees to Diocese | 1,027 | 1,027 | 1,420 | 1,420 | |
| Honoraria | 4,669 | 4,669 | 4,500 | 4,500 | |
| ----------------------- | ----------------------- | ---------------------------- | ---------------------------- | ||
| 5,696 | 5,696 | 40,687 | 40,687 | ||
| ======================= | ======================= | ============================ | ============================ | ||
| 11. | Net gains/(losses) on investments | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2023 | Funds | 2022 | ||
| (restated) | |||||
| £ | £ | £ | £ | ||
| Realised gains/losses on fixed asset | |||||
| investment | 14,681 | 14,681 | (21,756) | (21,756) | |
| ============================ | ============================ | ============================ | ============================ | ||
| 12. | Net expenditure | ||||
| Net expenditure is stated after charging/(crediting): | |||||
| 2023 | 2022 | ||||
| (restated) | |||||
| £ | £ | ||||
| Depreciation of tangible fixed assets | 4,729 | 356 | |||
| Loss on disposal of tangible fixed assets | – | 34,767 | |||
| ======================= | ============================ | ||||
| 13. | Independent examination fees | ||||
| 2023 | 2022 | ||||
| (restated) | |||||
| £ | £ | ||||
| Fees payable to the independent examiner for: | |||||
| Independent examination of the financial | statements | 900 | 900 | ||
| ============== | ============== | ||||
| 14. | Staff costs | ||||
| The total staff costs and employee benefits for the reporting period are analysed as | follows: | ||||
| 2023 | 2022 | ||||
| (restated) | |||||
| £ | £ | ||||
| Wages and salaries | – | 20,946 | |||
| Employer contributions to pension plans | – | 396 | |||
| -------------- | ---------------------------- | ||||
| – | 21,342 | ||||
| ============== | ============================ |
14
DocuSign Envelope ID: 71B270C6-B408-46E3-B5BE-BDAF5E5EB7CB
The Parochial Church Council of the Ecclesiastical Parish of Alveston
Notes to the Financial Statements (continued)
Year ended 31 December 2023
14. Staff costs (continued)
The average head count of employees during the year was Nil (2022: 1).
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
15. Trustee remuneration and expenses
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
There were no trustees' expenses for the year ended 31 December 2023 nor for the year ended 31 December 2022.
16. Tangible fixed assets
| Freehold | Fixtures and | ||
|---|---|---|---|
| property | fittings | Total | |
| £ | £ | £ | |
| Cost | |||
| At 1 January 2023 (as restated) and | |||
| 31 December 2023 | 109,295 | 6,226 | 115,521 |
| ================================ | ======================= | ================================ | |
| Depreciation | |||
| At 1 January 2023 | – | 5,869 | 5,869 |
| Charge for the year | 4,372 | 357 | 4,729 |
| -------------------------------- | ----------------------- | -------------------------------- | |
| At 31 December 2023 | 4,372 | 6,226 | 10,598 |
| ================================ | ======================= | ================================ | |
| Carrying amount | |||
| At 31 December 2023 | 104,923 | – | 104,923 |
| ================================ | ======================= | ================================ | |
| At 31 December 2022 | 109,295 | 357 | 109,652 |
| ================================ | ======================= | ================================ | |
| Investments | |||
| Listed | |||
| investments | |||
| £ | |||
| Cost or valuation | |||
| At 1 January 2023 | 152,460 | ||
| Additions | – | ||
| Fair value movements | 14,680 | ||
| -------------------------------- | |||
| At 31 December 2023 | 167,140 | ||
| ================================ | |||
| Impairment | |||
| At 1 January 2023 and 31 December 2023 | |||
| Carrying amount | |||
| At 31 December 2023 | 167,140 | ||
| ================================ | |||
| At 31 December 2022 | 152,460 | ||
| ================================ |
17. Investments
All investments shown above are held at valuation.
15
DocuSign Envelope ID: 71B270C6-B408-46E3-B5BE-BDAF5E5EB7CB
The Parochial Church Council of the Ecclesiastical Parish of Alveston
Notes to the Financial Statements (continued)
Year ended 31 December 2023
17. Investments (continued)
Financial assets held at fair value
The fixed asset investments have been valued at their market value at the year end.
18. Debtors
| 2023 | 2022 | |
|---|---|---|
| (restated) | ||
| £ | £ | |
| Trade debtors | 3,462 | 4,212 |
| Prepayments and accrued income | 6,000 | 6,224 |
| ----------------------- | ---------------------------- | |
| 9,462 | 10,436 | |
| ======================= | ============================ | |
| Creditors: amounts falling due within one year | ||
| 2023 | 2022 | |
| (restated) | ||
| £ | £ | |
| Trade creditors | 52,760 | 4,842 |
| Accruals and deferred income | 1,120 | 960 |
| ---------------------------- | ----------------------- | |
| 53,880 | 5,802 | |
| ============================ | ======================= |
19. Creditors: amounts falling due within one year
20. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £Nil (2022: £396).
At the year end, there was an amount of £Nil (2022: £123) due to be paid to the fund. This is included within trade creditors.
16
DocuSign Envelope ID: 71B270C6-B408-46E3-B5BE-BDAF5E5EB7CB
The Parochial Church Council of the Ecclesiastical Parish of Alveston
Notes to the Financial Statements (continued)
Year ended 31 December 2023
21. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | ||||||||
|---|---|---|---|---|---|---|---|---|
| Gains and | Prior year | At | ||||||
| At | 1 Jan 23 | Income | Expenditure | Transfers | losses | adjustments | 31 Dec 23 | |
| £ | £ | £ | £ | £ | £ | £ | ||
| General funds | 224,649 | 104,285 | (162,796) | – | 14,681 | (34,767) | 146,052 | |
| ================================ | ================================ | ================================ | ============== | ============================ | ============================ | ================================ | ||
| Gains and | Prior year | At | ||||||
| At | 1 Jan 22 | Income | Expenditure | Transfers | losses | adjustments | 31 Dec 22 | |
| £ | £ | £ | £ | £ | £ | £ | ||
| General funds | 364,120 | 89,608 | (132,795) | (109,295) | (21,756) | – |
189,882 | |
| ================================ | ============================ | ================================ | ================================ | ============================ | ============== | ================================ |
17
DocuSign Envelope ID: 71B270C6-B408-46E3-B5BE-BDAF5E5EB7CB
The Parochial Church Council of the Ecclesiastical Parish of Alveston
Notes to the Financial Statements (continued)
Year ended 31 December 2023
21. Analysis of charitable funds (continued)
Restricted funds
| Restricted funds | |||||||
|---|---|---|---|---|---|---|---|
| Gains and | Prior year |
At | |||||
| At 1 Jan 23 | Income | Expenditure | Transfers | losses | adjustments |
31 Dec 23 | |
| £ | £ | £ | £ | £ | £ | £ | |
| St Peter’s Church | 109,295 | – | (4,372) | – | – | – |
104,923 |
| Bells fund | 4,535 | 15 | – | – | – |
4,550 | |
| Old Church fund | 7,227 | – | (759) | – | – | – |
6,468 |
| Major building work | – | 35,021 | (35,021) | – | – | – |
– |
| Other restricted funds | – | 3,096 | (3,096) | – | – | – |
– |
| -------------------------------- | ---------------------------- | ---------------------------- | -------------- | -------------- | -------------- | -------------------------------- | |
| 121,057 | 38,132 | (43,248) | – | – | – |
115,941 | |
| ================================ | ============================ | ============================ | ============== | ============== | ============== | ================================ | |
| Gains and | Prior year |
At | |||||
| At 1 Jan 22 | Income | Expenditure | Transfers | losses | adjustments |
31 Dec 22 | |
| £ | £ | £ | £ | £ | £ | £ | |
| St Peter’s Church | – | – | – | 109,295 | – | – |
109,295 |
| Bells fund | 4,529 | 6 | – | – | – | – |
4,535 |
| Old Church fund | 8,112 | – | (885) | – | – | – |
7,227 |
| Youth & families worker | – | 15,826 | (15,826) | – | – | – |
– |
| ---------------------------- | ---------------------------- | ---------------------------- | -------------------------------- | -------------- | -------------- | -------------------------------- | |
| 12,641 | 15,832 | (16,711) | 109,295 | – | – |
121,057 | |
| ============================ | ============================ | ============================ | ================================ | ============== | ============== | ================================ |
Purpose and restrictions on funds
St Peter’s Church is held as a restricted fund on the basis that the PCC is not free to sell the asset and spend the proceeds for general purposes.
Bells fund is for the maintenance and replacement of the bells at St James.
The Old Church fund is to cover expenses for the upkeep of the Old Church.
18
DocuSign Envelope ID: 71B270C6-B408-46E3-B5BE-BDAF5E5EB7CB
The Parochial Church Council of the Ecclesiastical Parish of Alveston
Notes to the Financial Statements (continued)
Year ended 31 December 2023
22. Analysis of net assets between funds
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2023 | |
| £ | £ | £ | |
| Tangible fixed assets | – | 104,923 | 104,923 |
| Investments | 167,140 | – | 167,140 |
| Current assets | 32,792 | 11,018 | 43,810 |
| Creditors less than 1 year | (53,880) | – | (53,880) |
| -------------------------------- | -------------------------------- | -------------------------------- | |
| Net assets | 146,052 | 115,941 | 261,993 |
| ================================ | ================================ | ================================ | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2022 | |
| £ | £ | £ | |
| Tangible fixed assets | – | 109,652 | 109,652 |
| Investments | 152,460 | – | 152,460 |
| Current assets | 43,224 | 11,405 | 54,629 |
| Creditors less than 1 year | (5,802) | – | (5,802) |
| -------------------------------- | -------------------------------- | -------------------------------- | |
| Net assets | 189,882 | 121,057 | 310,939 |
| ================================ | ================================ | ================================ | |
| Financial instruments | |||
| The carrying amount for each category | of financial instrument is as follows: | ||
| 2023 | 2022 | ||
| (restated) | |||
| £ | £ | ||
| Financial assets measured at fair value through income and expenditure | |||
| Financial assets measured at fair value through income and | |||
| expenditure | 167,140 | 152,460 | |
| ================================ | ================================ |
23. Financial instruments
24. Related parties
No further transactions with related parties were undertaken such as are required to be disclosed.
19
DocuSign Envelope ID: 71B270C6-B408-46E3-B5BE-BDAF5E5EB7CB
The Parochial Church Council of the Ecclesiastical Parish of Alveston
Management Information (continued)
Year ended 31 December 2023
The following pages do not form part of the financial statements.
20
DocuSign Envelope ID: 71B270C6-B408-46E3-B5BE-BDAF5E5EB7CB
The Parochial Church Council of the Ecclesiastical Parish of Alveston
Detailed Statement of Financial Activities
Year ended 31 December 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Income and endowments | ||
| Donations and legacies | ||
| Donations and gifts | 54,253 | 49,674 |
| Grants and donations | 49,493 | 15,826 |
| Gift aid | 12,219 | 14,353 |
| Legacies | 1,000 | 1,602 |
| -------------------------------- | ---------------------------- | |
| 116,965 | 81,455 | |
| -------------------------------- | ---------------------------- | |
| Charitable activities | ||
| Hire of St. Peter's | 13,290 | 9,070 |
| Fees and other income | 5,261 | 8,440 |
| Hire of St. James | 1,770 | 1,554 |
| ---------------------------- | ---------------------------- | |
| 20,321 | 19,064 | |
| ---------------------------- | ---------------------------- | |
| Investment income | ||
| Income from investments | 5,131 | 4,921 |
| ----------------------- | ----------------------- | |
| -------------------------------- | -------------------------------- | |
| Total income | 142,417 | 105,440 |
| ================================ | ================================ |
21
DocuSign Envelope ID: 71B270C6-B408-46E3-B5BE-BDAF5E5EB7CB
The Parochial Church Council of the Ecclesiastical Parish of Alveston
Detailed Statement of Financial Activities
Year ended 31 December 2023
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Expenditure | ||
| Expenditure on charitable activities | ||
| Promotion of the Church within the Parish | ||
| Activities undertaken directly | ||
| Staff costs | – | 20,946 |
| Pension costs | – | 396 |
| Recruitments costs | – | 1,044 |
| Ministry costs | 1,438 | 1,006 |
| Parish share | 60,894 | 60,894 |
| Cost of services | 1,353 | 2,528 |
| Charitable giving | 199 | 223 |
| St. Peter's running costs | 8,601 | 5,163 |
| Property maintenance | 108,110 | 2,631 |
| Church running expenses | 2,143 | 2,570 |
| Utilities | 6,324 | 4,112 |
| Insurance | 3,624 | 4,159 |
| Outreach | 626 | 494 |
| Choir and bellringers | 647 | 256 |
| Old Church | 760 | 885 |
| Bus | – | 252 |
| Depreciation | 4,729 | 356 |
| Sundry expenses | – | 4 |
| -------------------------------- | -------------------------------- | |
| 199,448 | 107,919 | |
| -------------------------------- | -------------------------------- | |
| Governance costs | ||
| Independent examination fee | 900 | 900 |
| -------------- | -------------- | |
| -------------------------------- | -------------------------------- | |
| Expenditure on charitable activities | 200,348 | 108,819 |
| ================================ | ================================ | |
| Other expenditure | ||
| Loss on disposal of tangible fixed assets | – | 34,767 |
| Assigned fees to Diocese | 1,027 | 1,420 |
| Honoraria | 4,669 | 4,500 |
| ----------------------- | ---------------------------- | |
| 5,696 | 40,687 | |
| ----------------------- | ---------------------------- | |
| -------------------------------- | -------------------------------- | |
| Total expenditure | 206,044 | 149,506 |
| ================================ | ================================ | |
| Net gains/(losses) on investments | ||
| Realised gains/losses on fixed asset investment | 14,681 | (21,756) |
| -------------------------------- | -------------------------------- | |
| ---------------------------- | ---------------------------- | |
| Net expenditure | (48,946) | (65,822) |
| ============================ | ============================ |
22