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2021-12-31-accounts

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF GOSFORTH ST NICHOLAS

REPORT AND FINANCIAL STATEMENTS For the year ended 31 December 2021

Charity Number 1133837

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF GOSFORTH ST NICHOLAS

ANNUAL REPORT AND FINANCIAL STATEMENTS

For the year ended 31 December 2021

Contents Page
Trustees annual report 1 to 10
Independent examiners report 11
Statement of Financial Activities (including 12
income and expenditure account)
Balance sheet 13
Notes to the financial statements 14 to 23

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF GOSFORTH ST NICHOLAS

TRUSTEES ANNUAL REPORT For year ended 31 December 2021

The trustees are pleased to present their annual report together with the financial statements of the charity for the period ended 31 December 2021. The financial statements comply with the Charities Act 2011, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: 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) (effective 1 January 2019).

1. Objectives and Activities

St Nicholas Parochial Church Council (PCC) has the responsibility of cooperating with the incumbent – the Reverend Jane Nattrass, until 30 September 2021 - in promoting in the ecclesiastical parish, the whole mission of the Church, pastoral, evangelistic, social and ecumenical.

The PCC is committed to enabling as many people as possible to worship at our church and to become part of our parish community at St. Nicholas. The PCC maintains an overview of worship throughout the parish and makes suggestions on how our services can involve those who live within our parish. Our services and worship put faith into practice through prayer and scripture, music and sacrament.

When planning our activities for the year, we have considered the Commission’s guidance on public benefit and, in particular, the supplementary guidance on charities for the advancement of religion.

In particular, we try to enable ordinary people to live out their faith as part of our parish community through:

To facilitate this work, it is important that we maintain the fabric of the Church of St. Nicholas and our church hall and annex.

2. Achievements and Performance

2021 was another difficult year with Covid restrictions on indoor gatherings curtailing social and outreach activities. Having parishioners partaking in Sunday communion by Zoom was a real focus for many during the challenging times. As restrictions eased there were many, for whom the risks in returning to even a socially distanced church service and Zoom continued to be important. We are grateful for the support of many individuals for making the church community a constant focus of support during these times.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF GOSFORTH ST NICHOLAS

TRUSTEES ANNUAL REPORT For year ended 31 December 2021

Two members of the PCC sit on the deanery synod. This provides the PCC with an important link between the parish and the wider structures of the church.

The church is a member of Churches Together in Gosforth and supports joint activities when these are able to take place.

3. Planning for the future

As we look forward to an eventual return to “normal” in 2022 we remain conscious that for many elderly parishioners and especially those with health issues this will be an extended period of transition during which we will continue to support them. We also look forward to a return of weddings and baptisms as more guests are able to attend these milestone services.

4. Reference and administrative details of the charity, its trustees and advisors

Charity Name The Parochial Church Council of the
Ecclesiastical Parish of Gosforth St
Nicholas
Registered Charity 1133837
Number
Operational 23 Ilford Road
address Newcastle upon Tyne
NE2 3NX
Trustees Gill Mitchell - Churchwarden
K Wake
K F Gibson
E L Vickers
A J Thirlaway
S Ritchie
R Tait
K M Proudfoot - Churchwarden Treasurer
H Harrison Safeguarding officer
L Robertson
T Peto
N Beale
D Hunter - Churchwarden
O Black
G P Barnard
C Holmes
L Robertson
C T Tait
D Young - Churchwarden
D W Oliver

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF GOSFORTH ST NICHOLAS

TRUSTEES ANNUAL REPORT For year ended 31 December 2021

Independent Philippa Gardiner
Examiner Connected Voice Business Services Ltd
One Strawberry Lane
Newcastle upon Tyne
NE1 4BX
Bankers Barclays
Investments Brewin Dolphin

5. Structure, Governance and Management

Governing documents

The Parochial Church Council of the Ecclesiastical Parish of Gosforth St Nicholas is a registered charity, number 1133837, registered 28 January 2010.

Appointment of Trustees

Trustees are appointed by election at the Annual Parochial Church Meeting they can also be co-opted during the year to fill a casual vacancy or skills gap.

Risk management

The charity is aware of the Commission's guidance on risk management including the development of a policy, identifying risks, assessing and evaluating the action(s) to be taken, review, monitor and assess periodically. Trustees will be working with the new incumbent, when appointed, to ensure the continuing monitoring of risks.

6. Financial Review

The Parochial Church Council of the Ecclesiastical Parish of Gosforth St Nicholas is primarily funded by donations. The total income for the year was £128,373 (2020: £130,196). This income is allocated across respective funds on the Statement of Financial Activities in accordance with the Statement of Recommended Practice.

The Statement of Financial Activities for the year ended 31 December 2021, shows a surplus across all funds of £3,757 (2020: £157,534).

The Balance Sheet at 31 December 2021 shows total funds carried forward of £739,089 (2020: £735,331) of which there are £689,509 unrestricted funds (2020: £687,981) and £49,580 endowment funds (2020: £47,351).

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF GOSFORTH ST NICHOLAS

TRUSTEES ANNUAL REPORT For year ended 31 December 2021

Reserves policy

The trustees have reviewed the charity’s reserves policy. It is the policy of The Parochial Church Council of the Ecclesiastical Parish of Gosforth St Nicholas to retain liquid funds in current account and on short-term deposit adequate to meet 3 months of financial activity. Longer-term investments held can be realised safely without undue cost within that time frame.

7. Public Benefit Statement

The Trustees have referred to the Charity Commission's guidance on public benefit when reviewing the charity's objectives and planning its future activities. The trustees have also reviewed the charitable purposes of The Religious Society of Friends (Quakers) in Britain Northumbria Area Meeting, and the external environment, to make sure the Charity is still relevant and needed. This annual report will aim to demonstrate the link between our charitable activity and how this benefits our service users.

8. Related Party

The vicar and churchwardens made the following donations to church funds in 2020 and 2021:

Name of the
trustee or
related party
Relationship
to charity
Description of the
transaction
Rev Jane
Nattrass
Vicar
Unrestricted donation
David Young
Trustee
Unrestricted donation
Dale Hunter
Trustee
Unrestricted donation
Keith
Proudfoot
Trustee
Unrestricted donation		 2021
£
930
540
660
1,040
3,170		 2020
£
1,000
644
660
980
3,284

9. Insurance

The charity’s insurance policy does not cover and provide trustee indemnity cover.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF GOSFORTH ST NICHOLAS

TRUSTEES ANNUAL REPORT For year ended 31 December 2021

10. Report from the incumbent

Much has happened during the year despite the lockdown and restrictions caused by the Covid 19 pandemic. The ability to return to church combined with the continued use of Zoom has grown the church family. It is pleasing to note that some who cannot attend church in person could make use of Zoom. This will continue.

Members have had outlined the aims of the five year Mission Action Plan which is being prepared, to be published when complete and start in September if possible. The six areas are:- high standard of worship; service to the community, including use of the church hall and churchyard; safeguarding for a safer church; growing the church family through pastoral work, bible study, refreshment and connecting with the social calendar through following the liturgical year; generous giving; and care for the environment.

The work of the parish relies on many volunteers giving their time and expertise, we would particularly wish to thank Hilary Harrison for her work on safeguarding, which has led to us achieving level 2 and starting the highest level 3, and setting a standard for other churches. In future volunteers in any role will have to agree and sign a template produced by the diocese.

Social events are being planned. The showing of the film Chocolate and the discussions, which followed, were successful in Lent. Generous giving remains something we still have not managed to achieve and as a result is a continuing problem for our finances. This needs to be looked at and there is a deanery approach to this aspect of discipleship planned for the autumn.

11. Report on the PCC

The Parochial Church Council (PCC) is a charity which works in co-operation with the incumbent to promote the whole mission of the church, evangelistic, pastoral, social and ecumenical which in the parish. In the absence of an incumbent since September 2021 the PCC under its elected secretary has authority to deal with the financial affairs of the church including the collection and administration of all money raised, also responsible for the care and maintenance of the churchyard in co-operation with Newcastle City Council.

The PCC has met seven times. The average attendance was ten.

The PCC has conducted the business of managing the church’s finances and the maintenance of the church and church hall. These subjects are discussed in separate reports.

During the vacancy caused by the departure of Reverend Jane Nattrass in September David Young, Lay Chair and Secretary to the PCC, has chaired the PCC.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF GOSFORTH ST NICHOLAS

TRUSTEES ANNUAL REPORT For year ended 31 December 2021

12. PCC Members

Lay Chair

David Young Ex Officio Canon R Black Reader Mrs O Black Reader Dr C Pacitti Reader Mr D Hunter Churchwarden (elected 2019 completed 3[rd] year) Mr G Mitchell Churchwarden (elected 2011 completed 11[th] year) Mr K Proudfoot Churchwarden (elected 2020 completed 2[nd] year) Mr D Young Churchwarden (elected 2009 completed 13[th] year) Ms E Vickers Deanery Synod representative Mr G Barnard Deanery Synod representative

Elected Members

Mr P Ryder Completed 5[th] year Mr C Tait Completed 2[nd] year Mr A Thirlaway Completed 3[rd] year Mr N Beale Completed 4[th] year Mr B Coulson Completed 4[th] year Mr D Oliver Completed 3[rd] year Mrs O Black Completed 2[nd] year Mr H Harrison Completed 3[rd] year Mrs T Peto Completed 4[th] year Mr R Tait Completed 2[nd] year Mrs L Robertson Completed 4[th] year Dr C Pacitti Completed 5[th] year

13. Electoral Roll Report

The numbers entered on the church Electoral roll at 8th April 2022 is 216. Leslie Robertson, Electoral roll officer

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF GOSFORTH ST NICHOLAS

TRUSTEES ANNUAL REPORT For year ended 31 December 2021

14. Churchwardens’ Fabric Report

In the main the fabric of the church has been satisfaction so apart from general maintenance there has been very little work carried out on the main building. Mr. Tim Bailey was appointed as the church architect and from Diocesan Advisory Committee approved list as his replacement. Tim will acquaint himself with quinquennial report and advise the Church Wardens on the level work to be carried out.

As part of the Health and Safety programme the annual fire extinguishers, testing has been carried out in both the church and church hall. The annual test of the lighting conductor on the church tower has been carried out.

An inspection on both the North and South areas of the roof to try to find areas water ingress into the church. Although it was not obvious where the rain is getting into the church some of the flashing and the pointing around the roof ridge tiles and copping stones need replacing.

There was very little putty still remaining around the circular windows in the main roof. Work carried out on behalf of the church by Regent Roofing seems to have solved this problem. There has been no water coming into church for at least four months.

Work has been carried out by Classic Masonry Limited to resolve the crack in the South wall with included the removal of an area of the plasterwork. Classic Masonry have produced a report on the state of the wall and any necessary remedial work required. The report is given below.

The church hall booking are made up of regular groups and we are continuing to maintain a high level of cleanliness as part of COVID measures. We no longer hire out the hall for children’s parties and one off events apart from church use.

15. Deanery Synod Report

The Revd Rachel Wood has been installed as Archdeacon of Northumberland. Bishop Christine retired on October 31[st] with Bishop Mark Wroe as acting bishop.

16. Junior Church Report

Since September, Sunday school has met in person, moving into the church hall to give us more room. We have an average of 8 primary school children from new borns to aged 10.

We continue to use Roots, an online support website that helps with ideas linked to the readings. We broadly follow the Gospel reading of the day with occasional variations (sometimes intentionally when the message is hard for little ones and sometimes by accident!)

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF GOSFORTH ST NICHOLAS

TRUSTEES ANNUAL REPORT For year ended 31 December 2021

Sunday school aim to be back in church in time to share communion. The children enjoy gathering at the little table at the back to continue colouring.

17. Eco Church Report

Revd Jane Nattrass has approached Ella Vickers to become Parish and Central Deanery Environmental Champion.

Environmental report and Environmental Policy below.

18. Health and Safety Report

Churches are covered by the-statutory legislation in the Health and Safety at work, Act 1974 and are classified as being of low risk' Under the H&S Act where a church employs less than five people a written Health and Safety plan is not required.

The church Health and Safety policy is implemented using information available from the Ecclesiastical insurance company as posted on the Diocese of Newcastle website. Health and Safety is an item on the PCC agenda.

The Health and Safety policy is reviewed annually using the current documentation on the Church of England website.

19. Safeguarding Policy Report

Report for Safeguarding

The Safeguarding Action Plan is produced by "safeguarding Dashboards,, and monitored by the parish Dashboards Team, Newcastle Diocese and based on update reports presented to the PCC.

Handbook and Policy

The PCC agreed on 16.3.21 to have "due regard" to the House of Bishops, guidance safeguarding' in relation to safeguarding. This includes both the handbook (which includes procedures, roles, training, reports and church activities) and the policy statement.

Areas of Concern

Safeguarding training

DBS checks

Sunday School and Safeguarding

Hire of church hall facilities

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF GOSFORTH ST NICHOLAS

TRUSTEES ANNUAL REPORT For year ended 31 December 2021

20. Church Flowers Report

As covid restrictions lifted, we went back to the weekly flower arranging rota, which works well with all of us coming together for special occasions. We had a good display of flowers for Harvest Festival, which was much admired. We had extra helpers for Christmas flowers, which was very welcome.

On Mothering Sunday, we had bunches of daffodils for everyone and with the weather being good and refreshments served in the Annexe it seemed that we were getting back to normal at last.

Easter flowers looked lovely. The cross outside survived the weather this year, thanks to Derek who made us a new flower container. The Easter garden outside was made by the Sunday school. The flowers are very much a collective effort, and we enjoy our mornings of chat and coffee alongside the flower arranging.

I would like to thank all whom those who give for so generously for flowers during the year and to the flower team for all their support.

21. Music Report

The more observant among you will have noticed that of late our choir numbers have been diminishing. This is for understandable reasons eg: family, health, employment issues ect. However, if we are to maintain our enviable choral tradition, we will need new choir members. This is therefore an appeal to you to consider joining us.

The level of commitment is modest - Sunday Parish Eucharist, the monthly Hail Gladdening Light service and occasional additional services.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF GOSFORTH ST NICHOLAS

TRUSTEES ANNUAL REPORT For year ended 31 December 2021

22. Statement of Trustee Responsibilities

The charity trustees are responsible for preparing a trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The charity trustees are required to prepare financial statements for each year, which give a true and fair view of the state of affairs of the charitable company and of incoming resources and application of resources. In preparing financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity. 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.

Approved by the Trustees on 19.06.2023 and signed on their behalf by:

K M Proudfoot Treasurer

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF GOSFORTH ST NICHOLAS

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES

For the year ended 31 December 2021

I report on the financial statements of The Parochial Church Council of the Ecclesiastical Parish of Gosforth St Nicholas for the year ended 31 December 2021, which are set out on pages 12 to 23.

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 ("the Charities Act) and that an independent examination is needed.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

Basis of independent examiner's statement

My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no material matters have come to my attention which give me cause to believe that in, any material respect:

have�I�come�across�no�other�matters�in�connection�withhe�examinationt which�o�t attention�should�be�drawi n� his�report�t in order to enable a proper understanding of the accounts to be reached.

Philippa Gardiner Connected Voice Business Services Ltd One Strawberry Lane Newcastle upon Tyne NE1 4BX Date: 20.06.2023

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF GOSFORTH ST NICHOLAS

STATEMENT OF FINANCIAL ACTIVITIES

For the year ended 31 December 2021

----- Start of picture text -----
Unrestricted Restricted Total Total
Funds Funds 2021 2020
£ £ £ £
Income from:
Giving, tax relief and investment 6 84,193 - 84,193 88,815
Income from operating activities 7 4,408 - 4,408 3,345
Fundraising income 8 18,169 - 18,169 16,092
Investment income 9 21,603 - 21,603 21,945
Total income 128,373 - 128,373 130,197
Expenditure on:
Donations 10 805 - 805 975
Activities relating to the work of the 11 124,913 - 124,913 123,297
church
Expenditure to generate funds 12 7,189 - 7,189 11,327
Church management and 13 13,438 - 13,438 7,479
administration
Total expenditure 146,345 - 146,345 143,078
Net income/(expenditure) before ( 17,972 ) - ( 17,972 ) ( 12,881 )
investment gains/(losses)
Unrealised gains on investment
- - - 165,000
properties
Net gains/(losses) on investments 19 19,500 2,229 21,729 5,416
Net movement of funds 1,528 2,229 3,757 157,535
Reconciliation of funds
Total funds brought forward 687,981 47,351 735,332 577,797
Total funds carried forward 689,509 49,580 739,089 735,332
Notes
----- End of picture text -----

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 14 to 23 form an integral part of these accounts.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF GOSFORTH ST NICHOLAS

BALANCE SHEET

----- Start of picture text -----
Charity Number 1133837
As at 31 December 2021
Restated
Total Total
2021 2020
£ £ £ £
Fixed assets
Tangible assets 18 350,374 355,951
Investments 19 316,630 297,519
Total fixed assets 667,004 653,470
Current assets
Debtors 20 26,727 36,906
Cash at bank and in hand 21 47,377 45,933
Total current assets 74,104 82,839
Creditors: amounts falling due within
one year 22 ( 2,019 ) ( 977 )
Net current assets 72,085 81,862
Total assets less current liabilities 739,089 735,332
Total net assets or liabilities 739,089 735,332
Funds of the charity
Unrestricted funds 508,138 510,430
Designated fund 16,371 12,551
Revaluation surplus 165,000 165,000
Restricted fund 49,580 47,351
Total funds 739,089 735,332
Notes
----- End of picture text -----

The notes on pages 14 to 23 form an integral part of these accounts.

These financial statements were approved by the Board on:

19.06.2023

and are signed on its behalf by:

K M Proudfoot Treasurer

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF GOSFORTH ST NICHOLAS

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2021

1 Accounting Policies

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

2 Basis of accounting

2.1 Basis of preparation

These accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

The accounts have been prepared in accordance with Accounting and Reporting by Charities: 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) (effective 1 January 2019) – Charities SORP (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The Parochial Church Council of the Ecclesiastical Parish of Gosforth St Nicholas meets the definition of a public benefit entity under FRS 102.

2.2 Preparation of the accounts on a going concern basis

The charity reported total unrestricted funds at the year end of £739,089 and has already secured a significant amount of funding for the current year. The trustees are of the view that the immediate future of the charity for the next 12 to 18 months is secure and that on this basis the charity is a going concern.

3 Income

3.1 Recognition of income

Income is recognised when the charity has entitlement to the resources, any performance conditions attached to the item(s) of income have been met, it is more likely than not that the resources will be received and the monetary value can be measured with sufficient reliability

3.2 Offsetting

There has been no offsetting of assets and liabilities, or income and expenses, unless required or permitted by FRS102 SORP or FRS102.

3.3 Grants and donations

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of the provision of a specified service is deferred until the criteria of income recognition are met.

3.4 Volunteer help

The value of volunteer help received is not included in the accounts but is described in the trustees' annual report.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF GOSFORTH ST NICHOLAS

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2021

3.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

3.6 Investment gains and losses

This includes any realised or unrealised gains or losses on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.

3.7 Fund accounting

General funds represent the funds of the PCC that are not subject to any restrictions regarding their use and are available for application on the general purposes of the PCC. Funds designated for a particular purpose by the PCC are also unrestricted.

Donations received for particular purposes are designated, unrestricted funds, as is the attendant expenditure.

The accounts include all transactions, assets and liabilities for which the PCC is responsible in law.

3.8 Endowment fund

Over many years donations have been given to the church with the specific intention to help the clergy in their role within the parish, such funds are classed as "Restricted and Designated". The income generated from the Endowment Fund assets - stocks and shares - is applied to the specific purpose of the fund. In accordance with the practice of many years the income is applied as follows: 25% to the General Fund to meet the requirements of the Newcastle Diocesan Board of Finance, the balance to the incumbent to help meet expenses of the office.

It would be disproportionately expensive to have the endowment fund managed separately to the other investments. £1,400 has been calculated as the appropriate proportion of the income, at present, to go to the expenses of the incumbent. The amount is reviewed annually against the performance of the investments as a whole. This is shown in note 7 Invstment Income from Dividends.

4 Expenditure and liabilities

4.1 Liability recognition

Liabilities are recognised when it is more likely than not that there is a legal or constructive obligation committing the charity to pay out resources and the amount of the obligation can be measured with reasonable certainty.

4.2 Charitable activities

Expenditure on charitable activities includes the costs of grant offerings and other activities undertaken to further the purposes of the charity and their associated support costs.

4.3 Governance and support costs

Support costs have been allocated between governance cost and other support. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice.

4.4 Creditors

The charity has creditors which are measured at settlement amounts less any trade discounts.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF GOSFORTH ST NICHOLAS

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2021

4.5 Provisions for liabilities

A liability is measured on recognition at its historical cost and then subsequently measured at the best estimate of the amount required to settle the obligation at the reporting date.

5 Assets

5.1 Tangible fixed assets for use by the charity

Individual fixed assets costing £2,000 or more are capitalised at cost and are depreciated over their estimated useful economic lives on a straight line basis, the charity does not currently have any tangible fixed assets:

Organ Straight line over 40 years Church houses No depreciation Other tangible fixed assets Straight line over five years

Concecrated and beneficed property of any kind is excluded from the accounts by virtue of s96 (2)(a) of the Charities Act 1993.

Movable church furnishings held by the vicar and Churchwardens on special trust for the PCC, and which require a faculty for disposal, are accounted as inalienable property unless concecrated. They are listed in the church's inventory which can be inspected at any reasonable time.

The Nicholson organ, acquired in 2000, has been capitalised and is being depreciated in the accounts over its currently anticipated useful life of 40 years on a straight line basis.

All expenditure incurred in the year on consecrated or beneficed buildings, individual items under £2,000 or on the repair of movable church furnishings is written off.

Other tangible fixed assets includes equipment with an original cost of over £2,000 and are depreciated on a straight line basis over 5 years, starting in the year of acquisition.

5.2 Investments

Fixed asset investments in quoted shares, traded bonds and similar investments are valued at initially at cost and subsequently at fair value (their market value) at the year end. The same treatment is applied to unlisted investments unless fair value cannot be measured reliably in which case it is measured at cost less impairment.

Investments held for resale or pending their sale and cash and cash equivalents with a maturity date of less than 1 year are treated as current asset investments.

Short term deposits include cash held on deposit either with the CBF Church of England Funds or at the bank.

The investment properties are included at valuation, any change in market value over cost is reflected in these accounts.

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF GOSFORTH ST NICHOLAS

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2021

Analysis of income

Unrestricted
Designated
Restricted
Funds
Funds
Funds
£
£
£
6
Giving, tax relief and investment income
Planned giving & other
58,609
-
-
Income tax received and
13,241
-
-
Grants & Fundraising activities
-
-
-
Donations & Legacies
11,000
1,343
-
82,850
1,343
-
7
Income from operating activities: to further the objectives of the PCC
Fees
2,600
1,808
-
2,600
1,808
-
8
Income from operating activities: to generate funds
Church Hall Lettings & Grants
17,671
-
-
Donations to flowers
-
390
-
Sundry income (Easy
Fundraising)
108
-
-
17,779
390
-
9
Income from investments
Rental income from investment
properties
7,304
7,696
-
Dividends
4,406
1,400
-
Interest received
11
786
-
11,721
9,882
-		 Total
2021
£
58,609
13,241
-
12,343
84,193
4,408
4,408
17,671
390
108
18,169
15,000
5,806
797
21,603		 Total
2020
£
63,132
17,599
5,000
3,084
88,815
3,345
3,345
15,732
360
-
16,092
14,811
6,307
827
21,945

Income was £128,373 (2020: £130,196) of which £128,373 was unrestricted or designated (2020: £130,196) and £nil was restricted (2020: £nil).

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THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF GOSFORTH ST NICHOLAS

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2021

Analysis of expenditure on charitable activities

Unrestricted
Funds
£
10 Donations
Children's Society
-
Alzheimer's Society
-
NSPCC
-
St Oswald's
-
RNLI
-
People's Kitchen
-
Christian Aid
-
-
11 Activities relating to the work of the church
Parish Share
82,545
Diocesan fees
-
Clergy & worship expenses
8,498
Utilities, insurance & repairs
15,716
Junior church
104
Organ, organists and choir
8,294
Mission, outreach & events
125
Depreciation
5,577
120,859
12 Expenditure to generate funds
Parish Hall
6,290
Flowers
480
6,770
13 Church management and administration
Investment property repairs and
other costs
-
Investment portfolio manager's
fees
2,171
Printing & stationery - copier
1,753
Bank charges, less rebate
380
Gifts & sundry expenses
9
Independent examiner's fees
for reporting on the accounts
924
5,236		 Designated
Funds
£
165
-
-
-
120
500
20
805
-
1,808
1,460
786
-
-
-
-
4,054
29
390
419
7,696
456
50
-
-
-
8,202		 Restricted
Funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Total
2021
£
165
-
-
-
120
500
20
805
82,545
1,808
9,958
16,502
104
8,294
125
5,577
124,913
6,319
870
7,189
7,696
2,627
1,803
380
9
924
13,438		 Total
2020
£
500
100
125
250
-
-
-
975
82,545
1,956
7,059
20,563
17
5,295
284
5,577
123,297
11,147
180
11,327
3,095
2,127
1,676
514
67
-
7,479

Expenditure on charitable activities was £146,345 (2020: £143,078) of which £146,345 was unrestricted or designated (2020: £143,078) and £nil was restricted (2020: £nil)

18

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF GOSFORTH ST NICHOLAS

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2021

14 Fees for examination of the accounts

Independent examiner's fees for reporting on the accounts

----- Start of picture text -----
2021 2020
£ £
924 -
924 -
----- End of picture text -----

There were no other fees paid to the examiner (2020: £nil).

15 Analysis of staff costs and the cost of key management personnel

The charity currently does not employ any paid staff.

No employee received remuneration above £60,000 (2020: £nil)

The key management personnel of the charity, comprise the Trustees. The total employee benefits of the key management personnel of the charity were £nil.

16 Transactions with trustees

None of the trustees have been paid any remuneration or received any other benefits from an employment with their charity or a related entity.

Trustees' expenses

No trustee expenses have been incurred in the year.

Transaction(s) with related parties

The vicar and churchwardens made the following donations to church funds in 2020 and 2021:

Rev J Nattras
Vicar
David Young
Trustee
Dale Hunter
Trustee
Keith Proudfoot
Trustee
Unrestricted donation
Unrestricted donation
Unrestricted donation
Name of the trustee or related
party
Description of the
transaction
Relationship
to charity
Unrestricted donation		 2021
£
930
540
660
1,040
3,170		 2020
£
1,000
644
660
980
3,284

17 Corporation Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objectives.

19

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF GOSFORTH ST NICHOLAS

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2021

18 Tangible fixed assets
Cost
Balance brought forward
Additions
Disposals
Balance carried forward
Depreciation
Basis
Rate
Balance brought forward
Depreciation charge for year
Disposals
Balance carried forward
Net book value
Brought forward
Carried forward
19 Fixed asset investments
Listed Investment
Carrying (fair) value at the beginning of period
Management & dealing costs
Realised gains & losses for year
Unrealised gains & losses for year
Carrying (fair) value at end of year
Newcastle Diocesan Social Investments
Bulcher/McMahon bequest
487 shares
Butcher bequest
836 shares
Church hall
Church hall investment account
TOTAL		 Nickolson
organ
£
223,068
-
-
223,068
SL
2.5%
117,117
5,577
-
122,694
105,951
100,374
2021
£
257,622
( 2,627 )
12,129
5,723
272,847
2021
£
11,405
19,578
30,983
2021
£
12,800
12,800
316,630		 Church
Houses
£
250,000
-
-
250,000
SL
0.0%
-
-
-
-
250,000
250,000
2020
£
256,088
( 2,127 )
4,547
( 886 )
257,622
2020
£
9,977
17,127
27,104
2020
£
12,793
12,793
297,519		 Total
£
473,068
-
-
473,068
117,117
5,577
-
122,694
355,951
350,374

20

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF GOSFORTH ST NICHOLAS

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2021

20 Debtors and prepayments (receivable within 1 year)
21 Cash at bank and in hand
Investment community account
General fund community account
Church hall community account
Church active saver account
Prepayments
Gift aid claim
Dividends		 2021
£
26,500
-
227
26,727
2021
£
576
9,932
26,868
10,001
47,377		 2020
£
28,500
8,246
160
36,906
2020
£
417
5,215
29,287
11,014
45,933
22 Creditors and accruals (payable within 1 year)
Trade creditors
Independent examination of accounts
Accruals		 2021
£
1,095
924
2,019		 2020
£
977
-
977

23 Events after the end of the reporting period

No events (not requiring adjustment to the accounts) have occurred after the end of the reporting period but before the accounts are authorised which relate to conditions that arose after the end of the reporting period.

21

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF GOSFORTH ST NICHOLAS

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2021

24 Analysis of charitable funds

For the year ended 31 December 2021

Unrestricted funds
General funds
Designated funds
Revaluation surplus		 Fund
balances
brought
forward
£
510,430
12,551
165,000
687,981		 Income
resource
£
114,950
13,423
-
128,373		 Resources
expended
£
( 132,865 )
( 13,480 )
-
( 146,345 )		 Transfers
£
-
-
-
-		 Gains /
(losses)
£
15,623
3,877
-
19,500		 Fund
balances
carried
forward
£
508,138
16,371
165,000
689,509

For the year ended 31 December 2020

Unrestricted funds
General funds
Designated funds
Revaluation surplus		 Fund
balances
brought
forward
£
521,165
9,281
-
530,446		 Income
resource
£
119,960
10,235
-
130,195		 Resources
expended
£
( 134,355 )
( 8,721 )
-
( 143,076 )		 Transfers
£
-
-
-
-		 Gains /
(losses)
£
3,660
1,756
165,000
170,416		 Fund
balances
carried
forward
£
510,430
12,551
165,000
687,981

Purpose of unrestricted funds

General unrestricted fund Designated funds Revaluation surplus

The 'free reserves' after allowing for designated funds Funds designated for a particular purpose by the PCC Revaluation reserve for the church houses.

Sanderson Young provided a valuation in 2020 for the houses that had been included in the accounts at historical cost: £85,000. The increase of £165,000 to the valuation of £250,000 is shown separately within unrestricted funds.

Analysis of charitable funds

For the year ended 31 December 2021

Restricted funds
Endowment fund		 Fund
balances
brought
forward
£
47,351
47,351		 Income
resource
£
-
-		 Resources
expended
£
-
-		 Transfers
£
-
-		 Gains /
(losses)
£
2,229
2,229		 Fund
balances
carried
forward
£
49,580
49,580

22

THE PAROCHIAL CHURCH COUNCIL OF THE ECCLESIASTICAL PARISH OF GOSFORTH ST NICHOLAS

NOTES TO THE FINANCIAL STATEMENTS

For the year ended 31 December 2021

24 For the year ended 31 December 2020
Fund
balances
brought
forward
Restricted funds
£
Endowment fund
47,351
47,351		 (continued) )
Income
resource
£
-
-		 Resources
expended
£
-
-		 Transfers
£
-
-		 Gains /
(losses)
£
-
-		 Fund
balances
carried
forward
£
47,351
47,351

Purpose of restricted funds

Restricted funds represent income resources used for a specific purpose within the charity as identified by the donor

Endowment fund

Over many years donations have been given to the church with the specific intention to help the clergy in their role within the parish, such funds are classed as "Restricted and Designated". The income generated from the Endowment Fund assets - stocks and shares - is applied to the specific purpose of the fund. In accordance with the practice of many years the income is applied as follows: 25% to the General Fund to meet the requirements of the Newcastle Diocesan Board of Finance, the balance to the incumbent to help meet expenses of the office. It would be disproportionately expensive to have the endowment fund managed separately to the other investments.

25 Capital commitments

As at 31 December 2021, the charity had no capital commitments (2020: £nil).

26 Analysis of net assets between funds

Tangible fixed assets
Investments
Current assets
Liabilities
Current assets
Liabilities
Investments
Tangible fixed assets		 Unrestricted
Funds
£
350,374
267,050
57,733
( 2,019 )
673,138
Unrestricted
Funds
£
355,951
250,168
66,468
( 977 )
671,610		 Designated
Funds
£
-
-
16,371
-
16,371
Designated
Funds
£
-
-
16,371
-
16,371		 Restricted
Funds
£
-
49,580
-
-
49,580
Restricted
Funds
£
-
47,351
-
-
47,351		 Total
2021
£
350,374
316,630
74,104
( 2,019 )
739,089
Total
2020
£
355,951
297,519
82,839
( 977 )
735,332

23