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← The Parochial Church Council Of The Ecclesiastical Parish Of St Nicholas, Durham

2024-12-31-accounts

The Parochial Church Council of the Ecclesiastical Parish of St Nicholas, Durham

Report and Accounts Year ended 31 December 2024

1 Lamb's Passage, London EC1Y 8AB www.stewardship.org.uk

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST NICHOLAS, DURHAM

CHARITY INFORMATION

FOR THE YEAR ENDED 31 DECEMBER 2024

Members of the Parochial Church Council

Ex-officio members Incumbent Revd Dr Will Foulger
Self-supporting Minister Revd Baroness Maeve Sherlock (resigned July 2024)
Wardens Mary Anne Freer (resigned April 2024)
Alan Smith (resigned April 2024)
Louise Harvey (appointed April 2024)
Peter Clark (appointed April 2024)
General Synod Angus Goudie
Jamie Harrison
Deanery Synod Tim Packer
Emma Clements
Elected Members PCC Secretary Naomi Stevens
Sarah Alsop
Sam Chapman
Fiona Courtman
Fiona Cuthill
Phil Dawson
Toby Donegan-Cross
Elaine Duddy
Jane Ghosh
Wendy Hughes (resigned April 2024)
Christopher Stokes
Abi Taylor
Amy Tharakan
Richard Swann (resigned April 2024)
Charity Registration Number 1133809
Principal Address St Nicholas' Church
Market Place
Durham
DH1 3NJ
Independent Examiner Sarah Crispin ACA
Stewardship
1 Lamb's Passage
London
EC1Y 8AB
Contents Page
Charity Information 1
Annual Report of the Members of the Parochial Church Council 2-8
Independent Examiner's Report 9
Statement of Financial Activities 10
Balance Sheet 11
Notes to the Accounts 12-20
Detailed Statement of Financial Activities with Comparatives 21

Page 1

St Nicholas' Church, Durham

Members' Annual Report

Year ended 31 December 2024

The members present their report and the unaudited financial statements of the Parochial Church Council for the year ended 31 December 2024.

Objectives and activities

The objectives of St Nicholas Church (known to all as ‘St Nics’) continue to be those of a citycentre Church of England church: to be a Christ-centred community that grows in discipleship, service and number. It seeks to achieve this through a vison focused around Discipleship, Evangelism, Justice and Service, under the broad rubric of being ‘a church for everyone’. St Nics is also a designated ‘resource church’ for the wider Diocese of Durham. The church welcomed a new Vicar (from Sept 2023), Revd Dr Will Foulger, who has led us in a period of ’40 weeks’ of waiting and discernment before we begin any new initiatives. He initiated a vision and strategy process in 2023, and this is due to be completed in June 2025, at which point we will have a new set of priorities as an institution for the coming 10 years.

The PCC has the responsibility of co-operating with the incumbent in promoting in the parish all aspects of the mission of the church – pastoral, evangelistic, social and ecumenical.

In attempting to achieve its objectives, St Nics undertakes a number of different ministries, including:

Ministry as a Parish Church: We resource our members of all ages through regular Sunday services that include biblical preaching and teaching, worship, and the celebration of Holy Communion. Alongside these we hold daily prayer services (Tue - Fri at 8am), a wide range of midweek small groups for the cultivation of Christian discipleship, and many other ministries, including student work, dedicated children’s and youth provision, music and worship ministry.

We have continued our established pattern of Sunday services – three Sunday services at 9am, 11am and 6.30 pm, as well as a once-per-month 4pm afternoon service on the fourth Sunday of every month, known as ‘The 4’, and which is open to those for whom our weekly services may not be convenient. We have continued to stream one service on a Sunday, aware that our online ‘congregation’ often numbers 50–100 views. If we include online numbers, we average a connection with 350 people every Sunday.

Other special events through the year include a children’s holiday club, an introductory course to the Christian faith (Alpha) student weekend away, Christmas events, youth summer camp, and other social events.

The Diocese of Durham has been encouraging all its churches to consider the possibilities for starting new worshipping congregations in Durham, whether as additional services (such as ‘The 4’ – see above) or in other locations in addition to the church building. St Nics has been actively involved in exploratory conversations about this possibility through 2024, with a view to discerning whether there is scope to do this in the years ahead.

Sunday Worship In 2024 we appointed a worship and discipleship pastor (30hrs p/w), who oversees our sung worship on a Sunday and helps plan and deliver services and other events (e.g. Christmas). This role is paid for by Strategic Development Funding and the role runs until the funding cutoff at the end of 2025.

Small Groups Those who are involved in the life of the church are encouraged to join one of a network of Small Groups (SGs), hosted in members' homes. These groups play an important role in pastoral care, facilitating personal growth and encouraging an outward focus to our

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St Nicholas' Church, Durham

Christian lives. The group leaders meet periodically for training and support. Our small group ministry is overseen by volunteer leaders, who in turn oversee a team of small group volunteer leaders.

Ministry Experience Volunteers (formerly Ministry Assistants): The Internship scheme at St Nics was started in the summer of 2010, and provides an opportunity for people to explore God's call in their lives while serving the church. The MEVs serve in various ministries in the church, as well as undertaking a course of accredited study at first year degree level through the local Lindisfarne College of Theology.

In September 2016, our Internship program became part of the Durham Diocese Church of England Ministerial Experience Scheme. This year we have had one MEV with us, Abi West.

Ministry with students: Our Student Ministry aims to welcome, integrate and disciple students as well as providing pastoral care. In 2024 we appointed a 15 hour p/w student worker, Phoebe Turner, paid for through SD Funding through the diocese of Durham. Phoebe has built on the excellent work done by Tim Riman last year and we have continued to provide a weekly student night where students eat, study the bible, and pray together.

Ministry with international students (‘Amigos’): This ministry aims to encourage the churches in Durham to welcome and befriend international students whatever their faith, helping those who are Christians to find fellowship and grow in their faith, and taking the opportunity to share the Good News of Jesus with any who express an interest. ‘Amigos’ hosts a weekly regular meeting in addition to other activities. The group is staffed by volunteers.

Ministry with children and families: In the context of Durham Diocese where fewer than 6 churches are in regular contact with more than half a dozen children and young people, St Nics is privileged to work with a large number of children under the oversight of our Children and Families Worker, Kate Swann. We have over 100 children under 16 in some degree of regular attendance on a Sunday, and Kate Swann provides support to them and to their families by resourcing their Christian discipleship. An annual holiday club – this year undertaken during one half-term break in the year –attracted children who have no previous involvement in our church life. St Nics runs courses for parents on aspects of raising children in contemporary culture and informed by Christian faith.

Last year we restarted a toddler group – ‘Little Stars’ – which is held weekly here in church. This group has grown and now welcomes over 20 families each week.

Ministry with young adults Our Youth Missioner, Hannah Wilkinson, has continued her work with the Durham Sixth Form Centre that is located in our parish. As well as continuing to develop excellent relationships with staff, and maintain an innovative ‘Big Questions’ group for interested sixth formers, she has developed a wide-ranging mentor scheme. This draws in volunteers from the wider church membership who can offer expertise and reflection in a range of subject areas. This year also saw the establishment of a Christian Union in the school, which Hannah co-leads with a young person who is a student at the Sixth Form centre.

Hannah maintains a range of activities for young adults (11-18) already attending church including Sunday morning worship materials for those 11—13 and Sunday meetings for 13-18 year olds. We have seen a growth in the numbers of young people in the past year, with now on average 20 young people attending our 6.30pm Sunday service. Hannah’s post is funded by the Diocese of Durham and the Church of England’s Strategic Development Fund. Supplementary funding from St Nics has permitted members of the youth organisation to go on a summer camp – satellites - with youth from many other churches, as part of helping them to have a sense of the wider world of church possibilities. The Teenaid Fund shown in the financial statements receives income from the interest on the Patterson Fund, a bequest made to the church a number of years ago. The fund gives grants for activities that ‘encourage the spiritual growth of young people in the church.’

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St Nicholas' Church, Durham

Mission Giving: The church supported mission activities in 2024. This year total support came to £7.8k and included the Bible Society, the Church Missionary Society, Church Army, VDM (Manasseh & Catrin Tuyizere), Mission Aviation Fellowship and the Latvia Biblical Centre. We had visits from representatives of 4 of the projects we are supporting in 2024.

The International Mission Committee keeps our contacts with the international societies under review and reports back to PCC periodically. The congregation was involved through meeting and praying for a number of mission partners throughout the year, a regular monthly prayer meeting, intercessions for mission partners as part of the morning service and through the Church's monthly prayer diary.

Buildings : As a resource for the community we serve, the church buildings are available for hire for a number of specified purposes and this income is included in the accounts. In 2024 we appointed a volunteer buildings manager, Andy Bosomworth, to oversee our properties and their maintenance.

Regional Mission: Our role as a parish church in the Diocese of Durham and part of the Anglican Communion continues to be an essential part of our church life. The clergy regularly attend Deanery Synod and Deanery Chapter meetings. Tim Packer, and Emma Clements served on the Deanery Synod, since the APCM of 2024, and will continue for another year. Jamie Harrison and Angus Goudie continue to serve on General Synod.

The Parish Offering is our contribution to the costs of mission for the Church of England in the Diocese of Durham. It pays for the stipend and employment cost of our clergy, provision of Diocesan resources such as the use of a house for our MEVs, and other aspects of church life. St Nics has made a net contribution to the share over and above the cost of these provisions, the level of contribution is reviewed every year and may go up or down depending on Church priorities and capacity to pay. The Parish Share is used to support mission and ministry throughout the Diocese. We give according to the Diocese’s suggested ‘guided pledge’ and we have sought to give up to the suggested amount. In 2024 we gave £126k in Parish Offering and PCC continues to see the importance of helping to sustain mission in parts of our region that cannot at present support it on their own. The full £126k is included as an expense in the 2024 SOFA.

The Trustees have complied with the duty to have due regard to the public benefit guidance published by the Charity Commission.

Financial review

During the year, the PCC of St Nics made a surplus of £36.2k vs. a surplus in 2023 of £34.8k.

Donations including gift aid (excluding grants and legacies), increased by 7% compared to 2023 (£278.7k 2024 vs. £260.8k 2023). During the year there was a sermon series on giving over a number of weeks to encourage one off giving as part of the church’s regular “Gift Day” but also to increase regular giving or start giving for those who were regular attendees. The aim in future is to give Gift Day a specific mission focus as it is present again in the 2025 budget. Our situation in 2024 was significantly improved by the receipt of a legacy to the value of £60.7k from the Elizabeth Hannah Coney Will Trust. We are extremely grateful for this form of giving, which allows the Church to benefit and continue transforming lives well after the donor has left.

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St Nicholas' Church, Durham

It should be noted that the response to the Gift Day showed great generosity with £17343 raised in one-off donations and an increase of £13827 within 2024 from changes to regular donations. Additional to these donations will be the Gift Aid claimed amounting to £4575 in the year. These amounts are incorporated into “Donations of cash and similar” in 2024 rather than separated out as they were in 2023.

Rental income in 2024 was less than half of that received in 2023 (£9.9k in 2024 vs. £20.5k in 2023) and could be seen as a significant opportunity to grow in 2025.

The majority of costs incurred as part of Discipling Church are reimbursed by the Strategic Development Fund, via the Diocese, once a claim has been submitted. This income totalled £67.8k in 2024 (vs. £65.8k in 2023) whereas the costs incurred totalled £66.5k in 2024 (vs. £70.0k in 2023). Staff funded by the SDF include the Youth Missioner, the Tech Coordinator and the Mission Experience Volunteer (MEV). Also, and new for 2024, the Worship Pastor and the Student Worker. This funding will end in December 2025 and time has been spent in collaboration with the Diocese as to how this money is best spent during the remainder of the funding period to ensure the costs currently funded are sustained beyond that.

The Parish Offering for 2024 increased by £6k from 2023 to £126k as agreed by PCC. This represented a 5% increase on the previous year and was in line with the suggested amount proposed by the Diocese.

During the year the PCC was not awarded any significant grants. Of the £43.5k awarded in previous years towards transforming the Churchyard space into a Community Garden, £22.1k has been spent with the remainder committed to the replacement of the gates and gateposts and dropping the kerb to allow easier access. This will be seen as unbudgeted spend in 2025 but is covered by the grants.

Building works were much higher in 2024 compared with 2023 (£28.9k in 2024 vs. £8.9k in 2023), reflecting the significant number of urgent repairs required in the year and was expected after the Quinquennial Report in 2022.

Fixed Assets were added to at the end of the year by the purchase of a park bench for the Churchyard, the cost of which is covered by the grant but it will begin its depreciation in 2025.

During 2023 the café closed and so the income recognised in accounts as £9.7k in 2023 did not appear in 2024.

Reserves Policy

“It is the intention of PCC to try and maintain a balance on the designated “Reserve Fund” of approximately £50,000 to cope with unforeseen expenditure and ongoing cash flow management.”

At the year end, the church was above this figure (see balance sheet).

Acknowledgements

The PCC is very grateful to all those members of the congregation who give freely of their time and abilities in many different ways - assisting in the various activities mentioned above.

Thank you too for your financial gifts which enable St Nic’s to bring people to Jesus in so many different ways. We are most grateful for your support.

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St Nicholas' Church, Durham

Grateful thanks as regards the finances are due to Kate Dawson, our Church Operations Manager, Elaine Duddy, our former treasurer who remains extremely valuable as a source of advice and good practice and Sarah Alsop who manages our SDF claims.

It has been very helpful to have the support of the Finance Committee over the past year. Thank you all for your support, the Finance Committee, the Standing Committee and to PCC.

Structure, governance and management

PCC: The Parochial Church Council (PCC) is a corporate body established by the Church of England. The PCC operates under the Parochial Church Council Powers Measure. The PCC registered in September 2009 with the Charity Commission.

The method of appointment of PCC members is set out in the Church Representation Rules. All regular Church attendees are encouraged to register on the Electoral Roll and stand for election to the PCC. Members of the PCC are either ex-officio, elected by the APCM or co-opted by the PCC.

The PCC operates through a number of committees. These meet formally and informally between full meetings of the PCC and are served by members of the PCC and other members of the church. The Standing Committee (comprising the incumbent, wardens, deputy wardens, treasurer, PCC lay chairperson and PCC secretary) is the only committee required by law. It has the power to transact the business of the PCC between meetings, subject to any directions given by the Council.

In 2024 the PCC met on 9 occasions. In addition to regular reports covering ministry, finance, property, safeguarding and eco issues, the PCC continued to make prayer a regular and core part of its meetings.

In addition to the staff team and the PCC the church is blessed to have a team of retired and licensed clergy in addition to readers. At the end of 2024 this team included: Revd David Day, Revd Peter Johnson, Revd Steve Muneza, Revd Colin Patterson, Revd Philip Brookes, Revd Josh Cockayne, Revd Gavin Wakefield, Revd Fran Wakefield, Ruth Stokes, Andrew Trigger and Jamie Harrison. Baroness Sherlock of Durham ended her role as associate minister in 2024.

Staff team: By the end of 2024, the staff team reporting to the vicar and directly employed by the church, included: Kate Dawson (Church Operations Manager), Janet Dawson (Administrative Assistant), Kate Swann (Children and Families Worker), and Claire Morley (part-time cleaner).

The church staff includes further roles funded by the Strategic Development Fund money from the Church of England: these are Hannah Wilkinson (Youth Missioner), Chris Massa (Tech Coordinator) and Phoebe Turner (Student Worker) and Jess Riman (Worship and Discipleship Pastor)

Risk management: The PCC is of the opinion that the management structure, as detailed above, keeps under review and manages the various risks which the church faces. Risk in this context might be defined as "the threat that an event or action will adversely affect an organisation's ability to achieve its objectives and execute its strategies". These may be:

 Financial risk often seen as the most common category of risk. We manage this through budgets, internal financial controls and management accounts. Also, we are currently subject to an annual independent examination.

 Statutory and legal requirements for example, health and safety regulations, employment law and child and vulnerable adult safety regulations. We aim for the highest standards in these areas and they are kept under review by the Church Wardens, the Safeguarding Officer, the Operations Manager, the Treasurer and others with specific areas of knowledge.

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St Nicholas' Church, Durham

 Operational risk this would threaten the church's ability to deliver its objectives owing to, for example, damage to the church building or loss of key personnel. With regard to the former, the church wardens liaise with property experts, fire safety officers and others. As regards personnel, the type of team ministry this church operates reduces the risks associated with one member of staff leaving.

 Reputational risk for example, unwelcome publicity would hinder the mission of the church. This is managed at many different levels e.g. by the staff team, PCC members and small group leaders.

 With regard to the PCC's obligations to safeguard children and vulnerable adults, the members of the PCC confirm that they have complied with their duties under section 5 of the Safeguarding and Clergy Discipline Measure 2016.

In line with current legislation, PCC subjects the annual accounts to an independent examination.

Administrative information

St Nicholas Church is situated in the Market Place, Durham. It is part of the Diocese of Durham within the Church of England. The correspondence address is Church Office, St Nicholas Church, Market Place, Durham DH1 3NJ. The website of the church can be accessed at www.stnics.org.uk

We are registered with the Charity Commission under the name of "The Parochial Church Council of the Ecclesiastical Parish of St Nicholas, Durham"; the registration number is 1133809.

Statement of Responsibilities of the Members of the Parochial Church Council

The PCC is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Charity law requires the PCC to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charity as at the balance sheet date and of its incoming resources and application of resources for the financial year. In preparing these financial statements, the PCC are required to:

  1. select suitable accounting policies and apply them consistently;

  2. observe the methods and principles in the Charities SORP;

  3. make judgements and estimates that are reasonable and prudent;

  4. state whether the applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

  5. prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The PCC is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the Charity (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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St Nicholas' Church, Durham

Approval

This report was approved by the PCC and signed on their behalf by:

Revd. WJ Foulger

Revd. WJ Foulger (May 2, 2025 07:56 GMT+1)

Revd Dr Will Foulger

Date: May 2, 2025

Page 8

INDEPENDENT EXAMINER'S REPORT

TO THE MEMBERS OF THE PAROCHIAL CHURCH COUNCIL OF

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST NICHOLAS, DURHAM ('the Charity')

I report to the members of the PCC (who are also the charity's trustees) on my examination of the accounts of the Charity for the year ended 31 December 2024 on pages 10 to 21 following, which have been prepared on the basis of the accounting policies set out on pages 12 and 13.

Responsibilities and basis of report

As members of the PCC you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Charity’s accounts carried out under section 145 of the 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

Since the Charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England & Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts 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.

Sarah Crispin

Sarah Crispin (May 6, 2025 16:38 GMT+1)

Sarah Crispin ACA Institute of Chartered Accountants in England and Wales

Stewardship 1 Lamb's Passage London EC1Y 8AB

Date: May 6, 2025

Page 9

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST NICHOLAS, DURHAM

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31 DECEMBER 2024

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
Total income and endowments
EXPENDITURE ON:
Charitable activities
7
Raising funds
8
Total expenditure
Net income/(expenditure)
Transfers between funds
16
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
16		 Unrestricted
Funds
£
329,181
71,534
9,726
6,661
417,101
379,680
47
379,727
37,374
108
37,482
250,953
288,435		 Restricted
Funds
£
14,250
6,590
-
1,381
22,221
23,407
-
23,407
(1,186)
-
(1,186)
71,674
70,488		 Endowment
Funds
£
-
-
-
108
108
-
-
-
108
(108)
-
5,073
5,073		 Total
Funds
2024
£
343,431
78,124
9,726
8,150
439,430
403,088
47
403,135
36,296
-
36,296
327,700
363,996		 Total
Funds
2023
£
311,266
69,971
30,057
5,640
416,934
369,815
12,337
382,152
34,782
-
34,782
292,917
327,699

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing operations.

The notes on page 12-20 form part of these accounts.

Page 10

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST NICHOLAS, DURHAM

BALANCE SHEET

AS AT 31 DECEMBER 2024

Note
FIXED ASSETS
Tangible assets
11
CURRENT ASSETS
Debtors
12
Cash at bank and in hand
13
CREDITORS: Amounts falling
due within one year
14
Net current assets / (liabilities)
Total assets less current liabilities
TOTAL NET ASSETS
FUND BALANCES
16
Unrestricted Funds
General funds
Designated funds
Restricted Funds
Endowment Funds		 Unrestricted
Funds
£
93,616
93,616
18,499
194,728
213,227
(18,408)
194,819
288,435
288,435
163,207
125,228
288,435
-
-
288,435		 Restricted
Funds
£
2,209
2,209
-
68,280
68,280
-
68,280
70,488
70,488
-
-
-
70,488
-
70,488		 Endowment
Funds
£
-
-
-
5,073
5,073
-
5,073
5,073
5,073
-
-
-
-
5,073
5,073		 Total
Funds
2024
£
95,825
95,825
18,499
268,080
286,580
(18,408)
268,171
363,996
363,996
163,207
125,228
288,435
70,488
5,073
363,996		 Total
Funds
2023
£
99,931
99,931
20,316
223,407
243,723
(15,955)
227,768
327,699
327,699
127,300
123,652
250,952
71,674
5,073
327,699

The financial statements were approved by the members of the PCC and were signed on its behalf by:

Revd. WJ Foulger Revd. WJ Foulger (May 2, 2025 07:56 GMT+1) --------------------------------------Revd Dr Will Foulger May 2, 2025 Date: ____

Charity number: 1133809

The notes on page 12-20 form part of these accounts.

Page 11

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST NICHOLAS, DURHAM

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1 Statutory Information

The Parochial Church Council of St Nicholas, Durham is a charity registered with the Charity Commission in England & Wales. The charity's registered number and principal address can be found on the Charity Information page.

2 Accounting Policies

These financial statements are prepared on a going concern basis, under the historical cost convention. The financial statements include all activities for which the PCC is legally responsible; the activities of informal gatherings of church members and groups that owe their main affiliation to another body and are excluded.

These financial statements have been prepared in accordance with The Church Accounting Regulations 2006, the 'Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)' ("the Charities SORP"), with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland ("FRS 102") and with the Charities Act 2011. The charity meets the definition of a public benefit entity as set out in FRS 102.

The Charities (Accounts and Reports) Regulations 2008 (the '2008 Regulations') requires charities to prepare their accounts in accordance with 'Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005' but this accounting standard has since been withdrawn and has been replaced by the Charities SORP mentioned in the preceding paragraph. The charity has prepared these financial statements in accordance with the new Charities SORP; this departure from the 2008 Regulations is believed to be necessary for these financial statements to give a 'true and fair view'.

The principles adopted in the preparation of the financial statements are set out below.

a) Going concern

The PCC have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The PCC have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the PCC have considered the charity's forecasts and projections and the possible implications should projected income and / or expenditure vary unexpectedly. The PCC have concluded that there is a reasonable expectation that the charity has adequate resources to continue to operate for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

b) Income

Income from donations and legacies includes:

The charity relies on volunteers to carry out many of its activities. However, in accordance with the SORP, the value of these services has not been included in these financial statements as they cannot be reliably measured.

Income from charitable activities represents income receivable from goods, services and facilities supplied in furtherance of the charity's charitable objects. It includes income from the Strategic Development Fund via Durham Diocese to fund costs incurred as part of Discipling Church.

Income from other trading activities represents income receivable from activities undertaken to generate funds for the charity. It includes income from letting the church building & halls, and from the café.

Investment income represents income generated by the charity's assets and includes bank interest income.

c) Expenditure

Expenditure, including irrecoverable VAT, is recognised when it is incurred or, if earlier, when a legal or constructive obligation for a payment arises provided that it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Contributions in respect of the diocesan parish share are included in the Statement of Financial Activities for all amounts agreed to being payable for the financial year. Any contributions that have not been paid over by the year end are included as a creditor.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST NICHOLAS, DURHAM

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2 Accounting Policies (cont.)

The charity makes grants to other institutions and individuals to further its charitable objectives. Grants payable are recognised as constructive obligations arise, which is generally when the charity expresses a commitment to the recipient that can be measured reliably and then only to the extent that any conditions associated with the grant are outside of the control of the charity.

Expenditure on raising funds comprises the costs incurred on running the café.

Governance costs, which are included in expenditure on charitable activities but are identified separately in the notes to the accounts, includes costs associated with the independent examination of the financial statements, compliance with constitutional and statutory requirements and any other expenditure incurred on the strategic management of the charity.

e) Tangible fixed assets

Consecrated and beneficed property is not included in these financial statements by virtue of s.10(2) of the Charities Act 2011. All expenditure on consecrated or beneficed buildings is written off in the year in which it is incurred.

Movable church furnishings held by the incumbent and Churchwardens on special trust for the PCC and which require a faculty for disposal are capitalised in accordance with the policy set out below. These items are regarded as inalienable property and are listed in the church's inventory which can be inspected at any reasonable time. Inalienable property acquired prior to 2000 has not been capitalised as there is insufficient cost information available.

For inalienable property acquired prior to 2001 there is insufficient cost information available and therefore such assets are not valued in the accounts.

Items purchased or donated for the charity's own use since 1 January 2001 are capitalised when the cost of purchased items, or the fair value of donated items, is more than £2,000 and the item is expected to benefit the charity over more than one accounting period. Depreciation is charged on a straight line basis so as to write down the value of each asset to its estimated residual value (if any) over its expected useful economic life. To achieve this objective the following rates of depreciation are charged:

Youth Centre renovation Over 50 years Fixtures & fittings Over 4 years Equipment Over 4 years Office Equipment Over 4 years

The carrying values of tangible fixed assets are reviewed for impairment in periods when events or changes in circumstances indicate that the carrying value may not be recoverable.

f) Pension scheme arrangements

The charity contributes to the Church Workers Pension Fund, which is a multi-employer defined benefits pension scheme as described in Section 28 of FRS 102. The charity is not able to identify its share of the Scheme's assets and liabilities and, therefore, as permitted by FRS 102, the Scheme is accounted for as if it were a defined contribution pension scheme. Contributions to the Scheme are charged to the Statement of Financial Activities as they become payable. Futher information about the Scheme is disclosed in note 16 'Pension Commitments'.

g) Taxation

h) Financial instruments

The charity's financial assets and financial liabilities all qualify as basic financial instruments, as defined by FRS102. Except for loans, creditors and debtors are measured at their expected settlement value (normally the amount of cash that the charity expects to pay or receive). The charity recognises liabilities for the principal of those loans that remains outstanding at the year end (i.e. the liabilities exclude any interest chargeable on the loans in future years).

i) Exemption from preparing a cashflow statement

The charity has taken advantage of an exemption conferred by the Charities SORP and has not prepared a cash flow statement.

Page 13

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST NICHOLAS, DURHAM

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

3 Donations and legacies

Donations of cash and similar
Gift Day donations
Other grants receivable
Legacies receivable
Gift aid recoverable
4
Income from charitable activities
Discipling Church income
PCC Activities
Fees retained by PCC (Weddings & Funerals)
Children's & Youth events
Miscellaneous income
5
Income from other trading activities
Café income
Rental income
6
Investment income
Bank interest
Rental income
7
Charitable expenditure
a
Costs incurred directly on specific activities
Ministry expenses:
Parish share
Ministry staff employment costs
Clergy expenses
Home Ministry
Discipling Church
Property expenses:
Operational costs for church
Operational costs for Youth Centre
Grants payable (note 7c)		 2024
£
238,984
-
3,947
60,737
39,762
343,431
2024
£
67,754
875
2,325
6,729
441
78,124
2024
£
-
9,726
9,726
2024
£
7,990
160
8,150
2024
£
126,000
16,119
2,186
20,858
66,452
231,614
84,120
3,297
87,416
7,870
326,900		 2023
£
196,506
21,267
50,496
-
42,997
311,266
2023
£
65,774
1,711
54
2,380
52
69,971
2023
£
9,705
20,352
30,057
2023
£
5,480
160
5,640
2023
£
120,000
37,764
2,145
17,882
71,171
248,962
38,707
3,123
41,830
7,840
298,632

Page 14

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST NICHOLAS, DURHAM

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

7 Charitable expenditure (cont.)

7
Charitable expenditure (cont.)
b
Costs incurred on support & administration
Governance costs
Independent examiner's fee
Other
Administrative & support staff employment costs
Church administration costs
Depreciation of tangible fixed assets
Total expenditure		 2,832
753
3,585
46,924
19,364
6,315
76,188
403,088		 2,250
301
2,551
45,476
16,064
7,092
71,183
369,815

Total expenditure

c Grants payable

Grants for UK and overseas mission
The comparatives for the previous year are as follows:
Grants for UK and overseas mission
The charity's principal grants to institutions comprised:
Church Missionary Society
Bible Society
Latvia Biblical Centre
Church Army (Friends of Bungokho)
Vereinigte Deutsche Missionshilfe (Manasseh & Catrin Tuyizere)
Mission Aviation Fellowship
Grants to institutions for less than £1,000 each
Cost of raising funds
Café costs		 Institutions
£
7,870
7,870
Institutions
£
7,840
7,840		 Individuals
£
-
-
Individuals
£
-
-
2024
£
2,000
1,500
1,800
1,000
1,000
540
30
7,870
2024
£
47
47		 2024
£
7,870
7,870
2023
£
7,840
7,840
2023
£
2,000
1,500
1,800
1,000
1,000
540
-
7,840
2023
£
12,337
12,337

8 Cost of raising funds

9 Analysis of staff costs, the cost of key management personnel and trustee remuneration and expenses

The average monthly number of employees during the year was 7.3 (2023: 9.7). Most of the charity's activities are carried out by volunteers.

No staff received salaries at a rate of more than £60,000 per annum.

The charity's key management comprise the members of the PCC. No member of the PCC received employment benefits in either the current or preceding year.

Revd Dr Will Foulger (who was a clergy member of the PCC) received a stipend from the Diocese and so he is not an employee; some of the Parish Share paid to the Diocese is used to help meet the cost of this stipend. The Diocese also provided him with accommodation (which is customary for clergy). The charity reimbursed expenses to Revd Dr Will Foulger; these costs are disclosed in note 7 'Charitable Expenditure' under the heading 'Clergy expenses'.

Page 15

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST NICHOLAS, DURHAM

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

10 Acting as agent

On occasion the charity receives money on behalf of other charities, which it banks and then pays out to these charities. This income is received as agent for these other charities and the income, and the related payments, are excluded from the Statement of Financial Activities; any money that has not been distributed by the year end is recognised as a creditor.

During the year the charity acted as agent for the Janet Foster fund and, in that capacity:

11 Tangible fixed assets

Cost
At 1 January 2024
Additions
At 31 December 2024
Accumulated depreciation
At 1 January 2024
Charge for the year
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Youth
Centre
£
149,558
-
149,558
58,422
2,991
61,413
88,145
91,136		 Fixtures &
Fittings
£
11,103
-
11,103
9,316
894
10,210
893
1,787		 Equipment
£
12,151
2,209
14,360
6,984
1,568
8,552
5,807
5,167		 Office
Equipment
£
7,901
-
7,901
6,060
862
6,922
979
1,841		 Total
2024
£
180,713
2,209
182,922
80,782
6,315
87,097
95,825
99,931

12 Debtors

Falling due within one year:
Tax recoverable
Other debtors
Prepayments and accrued income
h at Bank and in Hand
Cash at bank with immediate access
itors: liabilities falling due within one year
Trade creditors
Pension liability
Accruals
Janet Foster fund
Grant obligations		 2024
£
12,151
2,120
4,228
18,499
2024
£
268,080
268,080
2024
£
80
2,063
5,179
2,796
8,290
18,408		 2023
£
12,010
2,599
5,707
20,316
2023
£
223,407
223,407
2023
£
-
-
7,049
4,796
4,110
15,955

Page 16

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST NICHOLAS, DURHAM

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

15 Pension commitments

The Church Workers Pension Fund (CWPF)

The PCC participates in the Pension Builder Scheme section of CWPF for lay staff. The Scheme is administered by the Church of England Pensions Board, which holds the assets of the schemes separately from those of the PCC and the other participating employers.

The Church Workers Pension Fund has a section known as the Defined Benefits Scheme, which comprises a deferred annuity section known as Pension Builder Classic and a cash balance section known as Pension Builder 2014.

Pension Builder Classic provides a pension for members for payment from retirement, accumulated from contributions paid and converted into a deferred annuity during employment based on terms set and reviewed by the Church of England Pensions Board from time to time. Bonuses may also be declared, depending upon the investment returns and other factors.

Pension Builder 2014 is a cash balance scheme that provides a lump sum that members use to provide benefits at retirement. Pension contributions are recorded in an account for each member. This account may have bonuses added by the Board before retirement. The bonuses depend on investment experience and other factors. There is no requirement for the Board to grant any bonuses. The account, plus any bonuses declared, is payable from members’ Normal Pension Age.

There is no sub-division of assets between employers in each section of the Pension Builder Scheme. The scheme is considered to be a multi-employer scheme as described in Section 28 of FRS 102. This is because it is not possible to attribute the Pension Builder Scheme’s assets and liabilities to specific employers and contributions are accounted for as if the Scheme were a defined contribution scheme. The pension contributions payable for the year, which have been charged to the Statement of Financial Activities, were £8,904 (2023: £10,514).

A valuation of the Pension Builder Scheme is carried out once every three years. The most recent valuation was carried out as at 31 December 2022.

For the Pension Builder Classic section, the 2022 valuation revealed a surplus of £34.8m on the ongoing assumptions used. At the most recent annual review effective 1 January 2024, the Board chose to grant a discretionary bonus of 6.7% to both pensions not yet in payment and pensions in payment in respect of service prior to April 1997; and a bonus on pensions in payment in respect of post April 2006 service so that the pension increase was 5% (where usually it would be calculated based on inflation up to 2.5%). This followed improvements in the funding position over 2023. There is no requirement for deficit payments at the current time.

For the Pension Builder 2014 section, the 2022 valuation revealed a surplus of £8.5m on the ongoing assumptions used. There is no requirement for deficit payments at the current time.

The legal structure of the Scheme is such that if another employer fails, the PCC could become responsible for paying a share of that employer’s pension liabilities.

Page 17

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST NICHOLAS, DURHAM

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

16 Funds

During the year the movements in the charity's funds were as follows:

Designated Funds
Reserve Fund
Ministry Assistants' Fund
St Nicholas' Estate Fund
Teen Aid
Maintenance Fund
Legacy
General Unrestricted Funds
Total Unrestricted Funds
Restricted Funds
Bells
Flower Fund
International Student Fund
Other restricted funds
SNACS - Main account
St Nic's Puppet Ministry
Vicar's Fund
Insulation of Upper Hall
Recovery Group
Churchyard
Streetlights
Satelites
Youth & Children
International Mission Council
Student Ministry
Big Question - Sixth Form Centre
Endowment Funds
Permanent
Patterson Endowment Fund
Aggregate of funds		 Opening
balance
2024
£
52,297
1,000
1,672
1,238
30,848
36,597
123,652
127,301
250,952
366
164
1,256
975
4,806
1,067
2,923
6,127
4,914
39,562
1,753
-
7,414
-
-
347
71,674
5,073
5,073
327,699		 Incoming
resources
2024
£
-
-
36
-
655
778
1,469
415,633
417,101
-
-
4,112
-
60
-
62
130
104
527
37
6,590
158
4,085
6,356
-
22,221
108
108
439,430		 Outgoing
resources
2024
£
-
-
-
-
-
-
-
(379,727)
(379,727)
-
(22)
-
-
-
-
-
-
-
(14,948)
-
(8,438)
-
-
-
-
(23,407)
-
-
(403,135)		 Transfers
in the year
2024
£
-
-
-
108
-
-
108
-
108
-
-
-
-
(2,002)
-
-
-
-
-
-
2,002
-
-
-
-
-
(108)
(108)
-		 Gains and
losses
2024
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Closing
balance
2024
£
52,297
1,000
1,707
1,346
31,503
37,374
125,228
163,207
288,435
366
142
5,368
975
2,863
1,067
2,985
6,258
5,018
25,141
1,790
155
7,571
4,085
6,356
347
70,488
5,073
5,073
363,996

The transfers referred to above were made for the following reasons:

a) From the SNACS & General Fund to the Satelites fund to subsidise the Youth trip to the Satelites event. This event meets the criteria of the SNACS fund.

b) Interest received by the Patterson Endowment Fundwas transferred to the Teenaid Fund in line with the endowment policy.

Page 18

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST NICHOLAS, DURHAM

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

16 Funds (cont.)

Analysis of net assets by fund

The assets and liabilities of the various funds were as follows:

ysis of net assets by fund
assets and liabilities of the various funds were		 as follows: as follows:
Unrestricted Funds
General Designated Restricted Endowment
funds funds funds funds 2024
£ £ £ £ £
Tangible fixed assets 93,616 - 2,209 - 95,825
Debtors 18,499 - - 18,499
Cash at bank and in hand 69,500 125,228 68,280 5,073 268,080
Creditors falling due within one year (18,408) - - - (18,408)
163,207 125,228 70,488 5,073 363,996

In the previous year the movements in the charity's funds were as follows:

Designated Funds
Reserve Fund
Ministry Assistants' Fund
St Nicholas' Estate Fund
Teen Aid
Maintenance Fund
Legacy
General Unrestricted Funds
Total Unrestricted Funds
Restricted Funds
Bells
Flower Fund
International Student Fund
Other restricted funds
SNACS - Main account
St Nic's Puppet Ministry
Vicar's Fund
Insulation of Upper Hall
Recovery Group
Churchyard
Streetlights
Satelites
Youth & Children		 Opening
balance
2023
£
50,860
1,000
1,626
1,071
-
35,591
90,148
172,059
262,207
366
182
1,268
975
6,174
1,067
2,843
5,959
4,779
2,000
-
-
-
25,613		 Incoming
resources
2023
£
1,437
-
46
-
848
1,006
3,336
359,480
362,817
-
-
-
-
132
-
80
168
135
41,337
1,827
2,380
7,414
53,974		 Outgoing
resources
2023
£
-
-
-
-
-
-
-
(372,545)
(372,545)
-
(19)
(12)
-
-
-
-
-
-
(3,775)
(75)
(5,574)
-
(9,607)		 Transfers
in the year
2023
£
-
-
-
167
30,000
-
30,167
(31,694)
(1,527)
-
-
-
-
(1,500)
-
-
-
-
-
-
3,194
-
1,694		 Gains and
losses
2023
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Closing
balance
2023
£
52,297
1,000
1,672
1,238
30,848
36,597
123,652
127,301
250,952
366
164
1,256
975
4,806
1,067
2,923
6,127
4,914
39,562
1,753
-
7,414
71,674

Page 19

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST NICHOLAS, DURHAM

NOTES TO THE ACCOUNTS

FOR THE YEAR ENDED 31 DECEMBER 2024

16 Funds (cont.)

Endowment Funds

Permanent
Patterson Endowment Fund
Aggregate of funds		 5,097
5,097
292,917		 143
143
416,934		 -
-
(382,152)		 (167)
(167)
-		 -
-
-		 5,073
5,073
327,699

Analysis of net assets by fund

In the previous year, the assets and liabilities of the various funds were as follows:

Unrestricted Funds Unrestricted Funds
General Designated Restricted Endowment
funds funds funds funds 2023
£ £ £ £ £
Tangible fixed assets 99,931 - - - 99,931
Debtors 18,866 - 1,450 - 20,316
Cash at bank and in hand 24,458 123,652 70,224 5,073 223,407
Creditors falling due within one year (15,955) - - - (15,955)
127,300 123,652 71,674 5,073 327,699

Restricted funds

Fund restrictions are included in the fund titles where possible. Where this is not clear, descriptions are given below:

Other restricted funds relates to other one off donations received for specific appeals.

The SNACS funds is for events which met the following criteria: a) a Christian ethos/ element b) an outdoor "education" element c) a residential element

The Vicar's Fund was money given during COVID specifically to help those suffering from financial hardship The Streetlights Fund was transferred to St Nic's for the work carried out by this team.

The Satelites Fund was to subsidise the costs of a youth trip to the Satelites event

Designated funds

The Reserve Fund represents three months worth of essential costs and is set aside to ensure the charity is meeting its reserves policy

Ministry Assistants' Fund is designated for / set aside to fund ministry assistants

The St Nicholas' Estate Fund relates to Church Estates entity

The Teen Aid is to enable & encourage Christian growth of young people at St Nics by providing finance for Christian Centred activities.

The Maintenance Fund was designated to hold funding for any large amount of expenditure needed for the building.

The Legacy fund is a legacy left to St Nics in 2022 and is designated as such to allow a specific purpose to be designated for it by the PCC

Endowment funds

The Patterson Endowment Fund is part of the Church Estate entity and cannot be used. The interest received on this is transferred to the Teenaid fund as a requirement of the fund.

17 Transactions with related parties

During the year the charity:

During the year the charity also made the following payments to, or for, related parties:

Page 20

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF ST NICHOLAS, DURHAM

DETAILED STATEMENT OF FINANCIAL ACTIVITIES WITH COMPARATIVES

FOR THE YEAR ENDED 31 DECEMBER 2024

Note
INCOME AND ENDOWMENTS FROM:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
Total income and endowments
EXPENDITURE ON:
Charitable activities:
7
Raising funds
8
Total Expenditure
Net income/(expenditure)
Transfers between funds
16
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
26		 General
2024
£
329,181
71,534
9,726
5,192
415,633
379,680
47
379,727
35,906
-
35,906
127,301
163,207
Unrestric		 Unrestric Designated
2024
£
-
-
-
1,469
1,469
-
-
-
1,469
108
1,576
123,652
125,228
ted funds		 Restricted
2024
£
14,250
6,590
-
1,381
22,221
23,407
-
23,407
(1,186)
-
(1,186)
71,674
70,488		 Endowment
2024
£
-
-
-
108
108
-
-
-
108
(108)
-
5,073
5,073		 Total
2024
£
343,431
78,124
9,726
8,150
439,430
403,088
47
403,135
36,296
-
36,296
327,700
363,996		 General
2023
£
261,487
67,591
30,057
345
359,480
360,208
12,337
372,545
(13,065)
(31,694)
(44,759)
172,059
127,301
Unrestric		 Unrestric Designated
2023
£
-
-
-
3,336
3,336
-
-
-
3,336
30,167
33,504
90,148
123,652
ted funds		 Restricted
2023
£
49,779
2,380
-
1,815
53,974
9,607
-
9,607
44,367
1,694
46,061
25,613
71,674		 Endowment
2023
£
-
-
-
143
143
-
-
-
143
(167)
(24)
5,097
5,073		 Total
2023
£
311,266
69,971
30,057
5,640
416,934
369,815
12,337
382,152
34,782
-
34,782
292,917
327,699

Page 21