THE PAROCHIAL CHURCH COUNCIL of ST. NICHOLAS, EAST DEREHAM (REGISTERED CHARITY NO. 1133960) FINANCIAL STATEMENTS for the Year Ended 31 st December 2024 ST. NICHOLAS PARISH CHURCH DEREHAM Contents Administrative Information Independent Examiners Certificate Statement of Financial Activities (SOFA) Balance Sheet Notes to the Financial Statements Administrative Information PCC Members during year ended 31 December 2024 Chalr & Incumbent: The Reverend Canon Paul Cubitt Churchwardens: Marion Morgan Zane Martin Hajee Members of PCC: Sheila Hanmer (Secretary) Tim Eccleshall (Treasurer) Julie Benstead Thomas Cross Anne Eccleshall Lynn Hearn Roger Hodson Robert Lake Tracy Lea Mark Thorpe Susanne Warner Contact Informatlon: Church Office, Church House, Church Street, Dereham, Norfolk NR19 1DN Telephone 01362 693143 Email: arish.office.dereham mail.com Principal Bankers: Co-operative Bank plc P.0. Box 101 1 Balloon Street M60 4EP CCLA Fund Managers Ltd Manager of the COIF Charities Deposit Fund One Angel Lane London EC4R 3AB CHARITY (OMMISSION FOR ENGLAND AND WALES Independent examiner's report on the accounts Section A Independent Examiner's Report Report to the trustees The Parochial Church Council of St Nicholas, East Dereham On accounts for the year ended 31 December 2024 Charity no 1133960 Set out on pages I report to the trustees on my examination of the accounts of the above charity ("the Trust") for the year ended 31 December 2024. Responsibilities and basis of report As the charity's trustees, 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 rny examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination (other than that disclosed below ') which gives me cause to believe that in, any material respect: the accounting records were not kept in accordance with section 130 of the Charities Act; or the accounts did not accord with the accounting records; or the accounts did not comply with the applicable requirements concerning the fom 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 concems 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. Pleas te the words in the brackets rf they do not apply. Signed: Date: 25- Name: Relevant professional qualification{s) or body J•4frif¢¢r& OF Address: IAery Statement of Financial Activities (SOFA) for the year ended 31 December 2024 Note Unre8trlcted Deslgnated Restrlcted Endowment Funds Funds Funds Fund8 2024 Balance 2023 Balance Income Voluntary Incom8 Income Generation Other Income Income from Investmenls 89,551 4,187 12,046 3,115 17,448 4,399 1,497 106,999 8,586 13,543 4,092 102.610 13,243 11.455 2,424 978 Tolal Income 108,898 23,345 978 133,220 129,733 Expenditure Parish Share Cowper R¢)om - Building Project C￿rgY Charrtabk GNing Office Mus¢ Church Fund Rais￿9 Costs Governance Costs Finance Costs DepreCiat￿n 73.200 73,200 13,744 4,732 73,464 11,492 13,744 4.732 379 12,073 4,701 16,071 2,201 894 12,849 4,423 12,849 4,943 12,493 520 1,122 6.802 474 474 749 749 Total expondlture 102,659 6,802 15,386 124,847 126,144 N•t •urplu• l (Deflcltl GalnlLos8 on Investment A88et• Bell Rlngern. Account- Clo•ed Trnnsfern between Funds - In Trnnsfers between funds - out Addltlons to Flxed A88e18 Balances at 1 January 2024 6,239 -8,802 7,959 978 8,373 3,589 -903 -887 7,081 -7,081 90 -7.6¢)J 20,()JO 40.456 7,690 -7,69) -90 2,004 35,586 37,511 115,557 113,759 Balances at 31 Decombor 2024 59,185 2,712 43.545 38.489 143,930 115,558 BALANCE SHEETas at 31st December 2024 Note 2024 2023 Balance Balance Fixed Assets Tangible Fixed Assets Office Equipment Less Depreciation Sound System Less De reciation Total Tangible Assets £1,434 £0 £0 £0 £0 £0 £20,000 -£666 £20,685 Current Assets Cash at bank and in hand Cash in Hand £25 £19,355 £65,377 £84,756 £185 £19,152 £58,710 £78,046 Current Account (co￿peratiVe) Savin CCLAICOI F Total Cash at bank and In hand Investments East Dereahm COE Middle Scholl Fund Total Investments £38,489 £38,489 £37,511 £37,511 Net Current Llabllltles Creditor5 & Accruals Totsl Current Liabilities £0 £0 £0 £0 Total Assets less Ilabilities £143,930 £115,557 PARISH FUNDS Represented by Unrestricted Funds Designated Funds Restricted Funds Restricted Endowment Fund £59,184 £2,712 £43,545 £38,489 £40,456 £2.004 £35,586 £37,511 TOTAL FUNDS £143,930 £115.557 Unrestrlcted Reserves Cash on hand cO￿p Current Account Unrestricted CCLA Account Fixed Assets £25 £19,355 £19,120 £20,685 £59,184 £185 £19,152 £21,120 £0 Total Unrestricted Reserves £40,456 The financial statements were approved by the Parochial Church Council on 11 March 2025 and are signed on its behalf by: The Reverend Canon Paul Cubitt Tim Eccleshall (freasurer) NOTES TO THE FINANCIAL STATEMENTS 1. ACCOUNTING POLICIES These financial statements have been prepared under the Charities Act 2011 and in accordance with the Church Accounting Regulations 2006 governing the individual accounts of PCCS. 1.1 ASSETS 1.1.2 Consecrated and benefice property In so far as consecrated and benefice property of any kind is excluded from the statutory definition of 'charity' by Section 10(2)(a) and (c) of the Charities Act 2011 such assets are not capitalised in the financial statements. 1.1.2 Moveable church furnishings No such items have been purchased that require capitalisation at cost and depreciation. All items are included in the Church's inventory in any case, 1.1.3 Tangible fixed assets for use by charity All such items costing £1,000 or more, have been capitalised and appropriate depreciation applied. 1.1.4 Investments Investments quoted on a recognised stock exchange or whose value derives from them is valued at market value at the year end. 1.1.5 Short term deposits These are the cash held on deposit with the CCLA. 1.2 FUNDS 1.2.1 Unrestricted Funds These represent the remaining income funds of the PCC that are available for spending on the general purposes of the PCC, including amounts designated by the PCC for fixed assets for its own use or for spending on a future project and which are therefore not included in its 'free reserves, as disclosed in the trustees, report. 1.2.2 Restricted Funds These are income funds that must be spent on restricted purposes and details of the funds held are shown in the notes to the accounts. 1.2.3 Endowment Funds These are restricted funds that must be retained as trust capital. 2. INCOME 2024 Unrestrfcted Restrfcted Restricted Funds Funds Endowment 2024 Total 2023 Total . Voluntary Income Planned Grrfing Collections Donations Appeals Tax recovered Grants In Memoriam Donations & Le acEs Sub Total £54,332 £11,034 £2,090 £6,643 £13,863 £0 £1,589 £89,551 £120 £128 £5,336 £0 £406 £0 £11,458 £17.448 £0 £0 £0 £0 £0 £0 £0 £0 £54,452 £11,162 £7,426 £6,643 £14,269 £0 £13,047 £106,999 £56,180 £4,619 £10,688 £12,870 £15,779 £2,475 £0 £102.610 b. Incomo Generatlon Fundraising Events Organ Recrtals Christmas Tree Festival Sale of Refreshments Sub Total £4,074 £0 £112 £0 £4,186 £0 £2,400 £2,000 £0 £4,400 £0 £0 £0 £0 £0 £4,074 £2,400 £2,112 £0 £8.586 £10,642 £0 £0 £2,601 £13,243 c. Other Incomo Towards admin expenses Rent for PL3ying Field Refvnds & Recoveries Use of Church Adm#iistration Income Ministry Fees Misc Recei Sub Total £7,409 £0 £95 £160 £0 £4,145 £237 £12,046 £0 £1,497 £0 £0 £0 £0 £0 £1,497 £0 £0 £0 £0 £0 £0 £0 £0 £7,409 £1,497 £95 £160 £0 £4,145 £237 £13,543 £5,248 £1,440 £199 £185 £472 £3,911 £11,465 d. Investment Income £3,115 £3,115 £0 £0 £978 £978 £4,092 £4,092 £2,424 £2,424 Sub Total INCOME TOTAL £108 898 £23 345 £978 £133 220 £129 733 3. Expenditure 2024 Unrestricted Designated Restricted Funds Funds Funds 2024 Total 2023 Total Parish share Parish share £73,200 £0 £0 £73,200 £73,464 Clergy Clergy expenses Other Ministry Costs Church Costs £4,732 £238 £0 £0 £0 £95 £4,732 £333 £4.419 £448 Gas & Electricty Insurance Repairs & Maintenance Securty Cameras Other Costs £2.869 £0 £451 £540 £0 £0 £6,802 £0 £0 £0 £0 £0 £1,027 £0 £0 £2,869 £6.802 £1,478 £540 £0 £6,051 £6,661 £1.198 £1,751 £410 Music Director of MUS￿ (incl. bcums) Organ & Piano Maintenance Other music expenses £3,924 £499 £0 £0 £0 £0 £0 £520 £0 £3.924 £1,019 £0 £3,879 £430 £392 Offlce Benefice Administrator Salary Office Costs £7.623 £5.298 £0 £0 £0 £0 £7,623 £5,298 £7,655 £4,419 Charftable Glvlng PCC Donations Fund Ralslng Costs £1,069 £0 £0 £1,069 £379 Misc £0 £0 £0 £0 £2,201 Other Parlsh Expenses Other expenses Cowper Room project Professional Fees £0 £0 £0 £0 £394 £0 £0 £13,744 £13,744 £11,492 Govemance Examiner's Fee £474 £0 £0 £474 £500 Flnance Co8t8 Operating Lease Payments Deprecltatlon charge De reciation Sub Total £994 £0 £0 £994 £0 £749 £102,660 £0 £6,802 £0 £15,386 £749 £124.848 £0 £126,143 4.1 STAFF COSTS & FEES PAID During the year the PCC paid for the services of a parish administrator and a Director of Music. 2024 2023 £11,502 £11,533 Wages and Fees Av. No. Employees The Clergy team were paid travel, other agreed expenses and other ministry costs. 2024 2023 £4,732 £4,868 Clergy Expenses & Other Ministry Costs The PCC will pay for these accounts to be examined. 2024 £474 2023 £500 Independent Examiner's Fees 4.2 Security Cameras During the year to 12 December 2023, the PCC were charged £1,120 for the provision of security cameras that did not function. The supplier since agreed to a refund which was received on 14 January so will be reflected in the accounts to 31 December 2025. 5. FIXED ASSETS 5.1 Tangible Fixed Assets The following two tangible fixed assets were purchased during the year: Date of Purchase Value carried forward Asset Cost Depreciation Chubb 3420 Safe JBL Sound system Total Values Feb-24 Sep-24 £1,434.00 £20,000.00 £21,434.00 £83.65 £665.71 £1,350.35 £19,334.29 £20,684.64 £749.36 The purchase of the sound system was made possible by a gift of £20,000 from the family of former church members. Depreciation has been provided at 100/0 Par anum for the Safe and 20,/0 per anum for the Sound System, both being on a straight-line basis. 5.1.1 Land on the corner of Westfield Road and School Lane Toftwood. This is rented from the Church by Dereham Town Council for use as a play area. 5.2 Investments Fixed Assets l (See also . 9 Restricted Endowment Find) Value at 31.12.24 £38,489 Value at 31.12.23 £37,511 E Dereham COE Middle School Fund This Restricted Endowment Fund is held in trust for the sole benefit of The Dereham Church of England Junior Academy and is administered by the Diocese. Dividends are paid direct to the Trustees for the benefit of the school 6. DEBTORS & PREPAYMENTS 2024 2023 7. LIABILITIES: 2024 2023 8, Fund Movement Summary Balance al Incomlng 01.01.24 Resourcgs Outgoing Resources Net Transfers Capital Receipt Net Gains I L058e¥ Balance at 31.12.24 The PCCEndowment lund: Dereham COE Klddle Sch £37,511 £37,511 £978 £978 £0 £0 £0 £0 £0 £978 £978 £38,489 £38 489 Th¥ PCC Restrlcted funds: Bell and Tower Fund Buildmg Project Fund Childrens Minislnes Fund Fabric Fund FelkJw5hip Account Fk)￿rA¢counI Music Fund Organ Fund Rector & Churthwardens Sanctuary Flowers Fund In memjriam £1,017 £13,382 £652 £7,611 £158 £262 £1,388 £4,613 £6,325 £180 £0 £0 £1,504 £35,586 £23.345 £150 £19,726 £28 £1,497 £220 £219 £0 £0 £0 £0 £0 £0 £150 £1,167 £19,064 £680 £8,081 £378 £386 £1,388 £4.393 £6,325 £180 14,044 £0 1.027 £0 -£95 £0 4220 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £5,682 £28 £470 £220 £124 £0 220 £0 £0 £1,504 £7,959 £0 £0 15,386 £0 £0 £0 £0 £0 £0 £43,545 Th• PCC Deslgnat•d lund: Insurance Fund Fb￿r Accounl £1,914 £90 £2,004 £0 £0 £0 6,802 £0 £7,600 90 £7,510 £0 £0 £0 £798 -£90 £708 £2,712 £0 £2,712 Tanglbl• ￿•￿tI Sound System Donalkjn Fixed asset Safe Depreciation £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £0 £1,434 84 £20,000 £0 616 £20,000 £1,434 749 £20,685 £20,000 £1,434 749 £0 £0 £1,350 666 £20,685 Th• PCC Unre$trlct•d Fund•: General Fund £40,456 £108,898 102,660 6,860 £660 £0 £38,500 Totali Fund• £115 557 £133 221 4124 848 £21,434 £143 930 8.1 Insurance Fund The PCC saves money into this designated fund to pay the annual insurance premium. 8.2 Investment Gains The 2024 investment gains from all funds in the CCLA COIF account have been added to the General Fund. 10. CHARITIES SUPPORTED IN 2024 Payments were made to the following charities: Royal British Legion Bishop's Gaza Appeal Children's Society £243 £669 £400 Further, the PCC paid £2,119 to Dereham Cancer Care, a local charity providing support, friendship and information to cancer patients, their families and carers. Of this. £119 was raised at a special service. with the balance of £2.000 being half the proceeds raised at the Christmas Tree Festival in the Church in November and December 2024 11. ASSOCIATED CHARITIES Ther8 are two independent charities associated with St. Nicholas both of which are registered with the Charity Commission. 11.1 The Friends of St Nicholas This charity was revived in 2023 with the aim of raising money for the Church. 11.2 The Church Estate and Headborough Charlty This charity is administered by a Management Committee on behalf of the Trustees. The trustees are the members of the PCC. Church House, Church Cottage and the Garden Allotments are held in trust for the Charity. The PCC uses Church House free of charg8 for all its activities including the Parish Office, meeting rooms and Church Hall for social events, fund raising activities and meetings. The PCC pays a contribution towards energy costs.